Digihost’s Hashrate Doubles to 2EH/s as of January 1st 2024
02 Enero 2024 - 4:00AM
Digihost Technology Inc. (“
Digihost” or the
“
Company”) (Nasdaq: DGHI; TSXV: DGHI), an
innovative U.S. based blockchain technology and computer
infrastructure company, is pleased to announce its Bitcoin (“BTC”)
mining hashrate has reached 2 EH/s, more than doubling production
capacity in just one year, and provides unaudited comparative
Bitcoin production results for the month ended December 31, 2023,
combined with an operations update. All monetary references are
expressed in USD unless otherwise indicated.
Key Highlights
- Achieved a Bitcoin mining hashrate
of 2 EH/s, representing an increase of 180% on a year-over-year
basis.
- Presently, Digihost’s consolidated
operating capacity across its three sites represents approximately
90MW of available power. Coupled with the strategic plan of
obtaining new generation miners in 2024 through either purchase or
engaging in joint ventures, the Company’s management projects to be
over 6 EH/s of hashrate by the end of 2024.
Monthly Production Highlights for
December 2023
- Mined approximately 82 BTC. Daily
BTC mined during the month increased by 44% compared to December of
the previous year, as on a year-over-year basis the Company has
enhanced its mining operations by virtue of infrastructure
buildouts and hosting agreements.
- The Company held cash, BTC and cash
deposits of approximately $2.8 million as of December 31, 2023
(based on a BTC price of $42,265 as of December 31, 2023 per
CoinMarketCap), as compared to Digihost’s cash, BTC and cash
deposits of $2.1 million as of November 30, 2023 (based on a BTC
price of $37,713 as of November 30, 2023 per CoinMarketCap).
- Spent approximately $0.3 million on
capital expenditures, mining infrastructure support equipment and
collateral deposits. Digihost continues to monitor its capital
expenditures closely with self-funding to limit equity dilution for
its shareholders.
- Consistent with management’s
ongoing commitment to minimize equity dilution for its
shareholders, the Company has continued to monetize a portion of
its BTC production to fully fund its energy costs.
- The Company did not purchase or sell
any miners during the month.
Alabama Site
Phase 1 build-out at the Company’s site in
Alabama was completed in the first half of 2023. The Alabama Site
has a total potential power capacity of 55 MW. The Company is
presently working on the design of Phase 2 for the Alabama Site,
which could provide Digihost with an additional 33 MW of power.
North Carolina Expansion
Digihost owns 25 acres of graded land in North
Carolina with a potential power allocation of up to 200 MW. The
Company expects to commence development of the North Carolina site
in Q2 of 2024.
Community Solar
Digihost is the Anchor Subscriber on 5MW
community solar project located in Angola, NY. This project is
designed to generate enough renewable energy to power more than
2,000 households. Digihost signed a long-term agreement which
anchors and enables the development and economic feasibility of the
project. A ribbon cutting for the project is scheduled for late Q1
or early Q2 of 2024. The project was pushed back slightly due to
utility interconnection delays, but it is now set to begin
generating clean electricity in April 2024.
In addition to the environmental benefits of the
project, it is believed that it will also bring economic benefits
to Digihost and has the potential to further reduce the Company’s
already low cost of mining.
Carbon Capture
The Company is currently exploring carbon
capture initiatives to undertake as it maintains its focus on
performing its operations in an environmentally conscious
manner.
About Digihost
Digihost is a growth-oriented technology company
focused on the blockchain industry. The Company operates from three
sites in the U.S. and, in addition to managing its own operations,
provides hosting arrangements at its facilities.
For further information, please contact:
Digihost Technology
Inc.www.digihost.caMichel Amar, Chief Executive
Officer T: 1-818-280-9758Email: michel@digihost.ca
Cautionary Statement
Trading in the securities of the Company should
be considered highly speculative. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Except for the statements of historical fact,
this news release contains “forward-looking information” and
“forward-looking statements” (collectively, “forward-looking
information”) that are based on expectations, estimates and
projections as at the date of this news release and are covered by
safe harbors under Canadian and United States securities laws.
Forward-looking information in this news release includes
information about potential further improvements to profitability
and efficiency across mining operations, including, as a result of
the Company’s expansion efforts, potential for the Company’s
long-term growth, and the business goals and objectives of the
Company. Factors that could cause actual results to differ
materially from those described in such forward-looking information
include, but are not limited to: future capital needs and
uncertainty of additional financing, including the Company’s
ability to utilize the Company’s at-the-market offering program
(the “ATM Program”) and the prices at which the Company may sell
securities in the ATM Program, as well as capital market conditions
in general; share dilution resulting from the ATM Program and from
other equity issuances; risks relating to the strategy of
maintaining and increasing Bitcoin holdings and the impact of
depreciating Bitcoin prices on working capital; regulatory and
other unanticipated issues that prohibit us from declaring or
paying dividends to our shareholders that are payable in Bitcoin;
continued effects of the COVID19 pandemic may have a material
adverse effect on the Company’s performance as supply chains are
disrupted and prevent the Company from operating its assets;
development of additional facilities and installation of
infrastructure to expand operations may not be completed on the
timelines anticipated by the Company, or at all; ability to access
additional power from the local power grid; a decrease in
cryptocurrency pricing, volume of transaction activity or
generally, the profitability of cryptocurrency mining; further
improvements to profitability and efficiency may not be realized;
the digital currency market; the Company’s ability to successfully
mine digital currency on the cloud; the Company may not be able to
profitably liquidate its current digital currency inventory, or at
all; a decline in digital currency prices may have a significant
negative impact on the Company’s operations; the volatility of
digital currency prices; and other related risks as more fully set
out in the Annual Information Form of the Company and other
documents disclosed under the Company’s filings at www.sedar.com.
The forward-looking information in this news release reflects the
current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about: the current
profitability in mining cryptocurrency (including pricing and
volume of current transaction activity); profitable use of the
Company’s assets going forward; the Company’s ability to profitably
liquidate its digital currency inventory as required; historical
prices of digital currencies and the ability of the Company to mine
digital currencies on the cloud will be consistent with historical
prices; the ability to maintain reliable and economical sources of
power to run its cryptocurrency mining assets; the negative impact
of regulatory changes in the energy regimes in the jurisdictions in
which the Company operates; the ability to adhere to Digihost’s
dividend policy and the timing and quantum of dividends based on,
among other things, the Company’s operating results, cash flow and
financial condition, Digihost’s current and anticipated capital
requirements, and general business conditions; and there will be no
regulation or law that will prevent the Company from operating its
business. The Company has also assumed that no significant events
occur outside of the Company's normal course of business. Although
the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainties therein.
Digihost Technology (TSXV:DGHI)
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Digihost Technology (TSXV:DGHI)
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