Digihost Reports 45% Y/Y Increase in Bitcoin Production and Provides Mining Operations Update
March 08 2022 - 7:00AM
Digihost Technology Inc. (“
Digihost” or the
“
Company”) (Nasdaq: DGHI; TSXV: DGHI), an
innovative U.S. based Bitcoin self-mining company, is pleased to
provide unaudited Bitcoin (“
BTC”) production
results for the month ended February 28, 2022. All amounts are
expressed in USD unless otherwise indicated.
Year-Over-Year Monthly
Comparison
The Company mined approximately 50.85 BTC in
February 2022, an increase of 15.83 BTC, or 45%, compared to
February 2021. Using the February 28, 2022 and February 28, 2021
closing BTC prices (from CoinDesk) the value of the Company’s BTC
mined in February 2022 increased by $615,631, or 39%, compared to
February 2021.
Figure 1. Year-over-year Monthly BTC
Production
|
|
|
|
|
Feb-21 |
Feb-22 |
YoY Increase |
Mined
BTC |
|
35.02 |
|
50.85 |
|
|
15.83 |
Approximate BTC value |
$45,138 |
$43,193 |
|
($1,945) |
Value |
$1,580,733 |
$2,196,364 |
|
$615,631 |
|
|
|
|
Production Highlights for February
2022:
- Mined 50.85 BTC during the month,
contributing to total holdings of 737.66 BTC valued at
approximately $31.87 million as of February 28, 2022 based on a BTC
price of $43,200.
- Total Ethereum
(“ETH”) holdings of 1,000.89 ETH valued at
approximately $2.9 million as at February 28, 2022 based on an ETH
price of $2,900.
- Total digital asset inventory value
consisting of BTC and ETH of approximately $34.77 million as of
February 28, 2022.
- The Company deployed miners during
the week of February 28, 2022 expanding its computing power by 20%
to approximately 500PH.
Michel Amar, the Company’s CEO, commented: “At
the end of February and into the first week of March, Digihost
continued to execute on its strategy of increasing the Company’s
operating capacity by deploying new miners and expanding our
hashrate by 20% to approximately 500PH. The Company anticipates
further expansion of computing power in the months ahead as all
Bitcoin miners received to-date, plus those in transit, are
deployed. We are very pleased with the 45% increase in the number
of Bitcoins mined in February compared to the same month in 2021 as
Digihost continues to expand its operations while being almost
completely carbon neutral.”
Miner Receipt and Deployment
Update
As of February 28, 2022, the Company has
received 9,000 of its technologically advanced, high-performance
M30 Bitcoin Miners (the “Miners”) from its 2021
order of 9,900 Miners with the remaining 900 Miners currently in
transit to Digihost’s data center. Digihost continues to deploy the
Miners received to-date.
About Digihost Technology
Inc.
Digihost is a growth-oriented blockchain
technology company primarily focused on Bitcoin
mining. Through its self-mining operations and joint venture
agreements, the Company is currently hashing at a rate of
approximately 500PH.
For further information, please contact:
Digihost Technology
Inc.www.digihost.caMichel Amar, Chief Executive Officer
Email: michel@digihostblockchain.com
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 news
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 are based on expectations, estimates and
projections as at the date of this news release and are covered by
safe harbors under U.S. and Canadian securities laws.
Forward-looking information in this news release includes
information about hashrate and infrastructure 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: 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; the ability to establish new facilities for the purpose of
cryptocurrency mining; receipt of Public Service Commission
approval or other regulatory or board approvals; the ability to
establish new facilities for the purpose of research &
development; a decrease in cryptocurrency pricing, volume of
transaction activity or generally, the profitability of
cryptocurrency mining; delivery of mining rigs for self-mining and
for hosting may not be realized in the number anticipated, or at
all, or on the schedule anticipated, and resulting hashing power
may materially differ from that anticipated; 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. Except
as expressly required by applicable securities laws, the Company
undertakes no obligation to update or revise any forward-looking
information, whether as a result of new information, changed
circumstances or future events or for any other reason.
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