Digihost Announces 215 Bitcoins Mined in the First Half of 2021
July 06 2021 - 7:00AM
Digihost Technology Inc. (“
Digihost” or the
“
Company”) (TSXV: DGHI; OTCQB: HSSHF) is pleased
to announce that the Company has increased its mined Bitcoin
(“
BTC”) holdings during the month of June 2021 by
38.22 BTC, bringing the Company’s total BTC balance to 351.36.
During the first six months of 2021, Digihost mined a total of
215.24 BTC, with 109.98 BTC mined during Q2 2021 and 105.26 BTC
mined during Q1 2021.
During the second quarter, the Company also
received BTC in consideration for the sale of older generation
miners and used BTC to purchase Ethereum (“ETH”).
At the end of June 2021, the Company held a balance of 351.36 BTC
and 563.89 ETH.
Digihost is also pleased to report that the
Company has continued to build on the momentum of the first quarter
of 2021, and has achieved many more significant milestones during
the second quarter of 2021 in its evolution as a top tier
blockchain technology company, including:
- filed its Form 40-F with the U.S.
Securities and Exchange Commission, fulfilling a significant
milestone for a listing on Nasdaq;
- closed approximately $70 million in
total equity financings during the first half of 2021;
- acquired 9,900 BTC miners from
Northern Data AG to increase Digihost’s hashrate by 925PH;
- formed a strategic collaboration
with Bit Digital USA, Inc. to increase the Company’s combined
hashrates by 400PH;
- announced industry leading green
energy consumption with over 90% of the energy consumed by the
Company originating from sources that create zero carbon emissions
and more than 50% of the energy consumed by the Company generated
from renewable sources;
- announced the launch of the
DigiGreen initiative to create sustainable, environmentally and
economically sound in-house practices for BTC mining that will
distinguish the Company as an industry leader in maintaining
profitability, while lowering or eliminating its carbon
footprint;
- became a signatory to the Crypto
Climate Accord, an initiative modeled on the Paris Climate
Agreement, which aligns with the Company’s own DigiGreen
initiative;
- appointed a new Chief Renewable
Energy Officer to oversee the management of the Company’s DigiGreen
initiative;
- diversified the Company’s business
strategy to include ETH as part of its cryptocurrency holdings;
and
- engaged international audit firm
Raymond Chabot Grant Thornton LLP, and appointed a new CFO.
Michel Amar, the Company’s CEO, stated: “We are
extremely pleased to report the continued success achieved by
Digihost during the second quarter of 2021. Having mined an
additional 110 BTC during the second quarter, we have increased the
balance of BTC and ETH held by the Company to a total 351.36 BTC
and 563.89 ETH at the end of June, which is a testament to our
efficient operations and highly skilled operations team. While
there can be no guarantee of future market conditions, we are
optimistic that our BTC output rate will increase considerably over
the next several months as a result of the recent and significant
reduction in mining difficulty rates, combined with the delivery
and deployment of our recently acquired BTC miners. The significant
milestones achieved during the second quarter of 2021 are an
indication that as a company, we continue to explore every
opportunity to expand our BTC mining operations through the
acquisition of new miners, vertical integration, improved
operational efficiencies, and ensuring that the Company is always
in a position to attract the financial resources to achieve these
goals.”
About Digihost Technology
Inc.
Digihost Technology Inc. is a growth-oriented
blockchain technology company primarily focused on Bitcoin mining.
The Company's mining facilities are located in Upstate New
York, and are equipped with 78.7 MW of low-cost power with the
option to expand to 102MW. The Company is currently hashing at a
rate of 205 with potential to expand to a rate of 3EH upon the
completion of the previously announced acquisition of a 60MW power
plant.
For further information, please contact:
Digihost Technology
Inc.www.digihost.caMichel Amar, Chief
Executive Officer Email: michel@digihost.ca
Cautionary StatementTrading 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 StatementsExcept for the
statements of historical fact, this news release contains
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking information”) that is based on
expectations, estimates and projections as at the date of this news
release. Forward-looking information in this news release includes
information about listing on the Nasdaq, effectiveness of the
Company’s Form 40-F, hashrate expansion, diversification of
operations, potential further improvements to profitability and
efficiency across mining operations, potential for the Company’s
long-term growth, and the business goals and objectives of the
Company. Factors that could cause actual results, performance or
achievements to differ materially from those described in such
forward-looking information include, but are not limited to: risks
relating to the Nasdaq listing process, risks relating to the
effectiveness of the Company’s Form 40-F, 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; 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; 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 uncertainty therein.
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