Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.

Digihost Announces Quarterly Bitcoin Production Up 52% ​​YoY, Provides Operational Update, The Canadian Business Journal

This news release constitutes a “designated news release” for the purposes of supplementing the company’s prospectus dated March 4, 2022 to the short form base shelf prospectus dated February 23, 2022.

TORONTO, October 4, 2022 (GLOBE NEWSWIRE) — Digihost Technology Inc.desi host” or “Company) (Nasdaq: DGHI; TSXV: DGHI), a revolutionary US-based Bitcoin (“Bitcoin”) The Mining Company is pleased to provide unaudited comparative BTC production results for the month and quarter ended September 30, 2022, combined with operational updates. All currency references are in US dollars unless otherwise stated.

We are pleased to report that we have mined approximately 591 BTC in the first nine months of 2022, exceeding our full-year 2021 BTC production by approximately 14%.

September 2022 Production Highlights

  • Based on mining 69.84 BTC and a BTC price of $19,432 as of September 30, 2022, the total holdings at the end of September would be 160.86 BTC, equivalent to approximately $3.13 million.
  • Based on the ETH price of $1,328 on September 30, 2022, Ethereum (“ETH”) holdings of 1,000.89 ETH at the end of September equates to approximately $1.33 million.
  • As of September 30, 2022, total digital asset inventory consisting of BTC and ETH is approximately $4.46 million. Additionally, the Company held approximately $3 million in cash as of September 30, 2022. As of September 30, 2022 cash and liquid assets totaled approximately $7.46 million.
  • To avoid stock dilution for shareholders, management sold some of its BTC production during September to fund energy costs.
  • The Company is debt free as of September 30, 2022.
  • As we continue to support the power needs of our communities, we reduced our overall energy consumption throughout the third quarter of 2022, operating primarily during off-peak hours.

Year-on-year monthly comparison

We mined approximately 32.17 more BTC in September 2022 compared to September 2021. This represents an increase of about 85%.

Figure 1. Monthly BTC Production YoY

September 22nd September 21st Month-on-month increase
Mined BTC 69.84 37.67 32.17
Approximate BTC value $19,432 $43,791 ($24,359)
production value $1,357,131 $1,649,607 ($292,476)

Year-on-year quarterly comparison

We mined an additional 69.76 BTC in Q3 2022 compared to Q3 2021. This represents a quarterly increase of 52% year-over-year.

Figure 2. Quarterly BTC production

Q3 2022 Q3 2021 YoY increase
Mined BTC 202.78 133.02 69.76
Approximate BTC value $19.432 $43,791 ($24,359)
production value $3,940,421 $5,825,079 ($1,884,658)

Update on Acquisition of North Tonawanda Power Plant

Digihost is pleased to announce that it has received approval from the New York Public Service Commission for our first announced acquisition of a 60 MW power plant in North Tonawanda on March 24, 2021. to complete the acquisition of the power plant in the fourth quarter of 2022.

With the power plant running at 50 MW, the company will be able to increase its current operational capacity by about 150%, boosting Dighost’s hash rate to about 1.6 EH.

Alabama site expansion

The company is pleased to announce that construction and construction work for Phase 1 of its Alabama facility is on schedule and on budget. Digihost is building the infrastructure necessary to provide the facility with 22 MW of power capacity during the fourth quarter of 2022 and a total of 55 MW of power capacity by the end of the first quarter of 2023. Additional working capacity of 550 PH.

In Q3 2022, Digihost was approved by the Public Service Commission for economy rider discounts. This discount, combined with direct energy cost savings negotiated with Alabama Power, translates into an overall reduction in operating costs for the company. The Alabama Power deal will provide the company with highly competitive power costs in today’s inflationary environment and further strengthens Digihost’s strategic decision to expand and diversify its business into Alabama.

north carolina extension

As previously disclosed, the company announced earlier this year that it would acquire 25 acres of land in North Carolina, develop it for use in the third or fourth quarter of 2023, and request a power allocation of up to 200MW. Did.

About Digihost

Digihost is a growth-oriented blockchain technology company primarily focused on BTC mining. Through its own mining operations and joint venture agreements, the company is currently hashing at a rate of around 650 PH/s.

All hosting fees and joint venture profit sharing are treated as production costs in our consolidated financial statements.

For more information, please contact:

Digihost Technology Co., Ltd.
Michel Amar, Chief Executive Officer
Phone: 1-818-280-9758
Email: [email protected]

Trading in our securities should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein. Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

Forward-Looking Statements
Except for 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 of the date hereof. “) contained. It is a news release and is subject to safe harbor under the securities laws of Canada and the United States. Forward-looking information in this news release includes information regarding the potential for further improvements in the profitability and efficiency of our overall mining operations. This includes the company’s long-term growth potential and the company’s business goals and objectives as a result of the company’s expansion efforts. Factors that could cause actual results to differ materially from those set forth in such forward-looking information include the uncertainty of future capital requirements and additional funding. , but not limited to: (“ATM Program”) and the prices at which the Company may sell securities in his ATM Program and general capital market conditions. Stock dilution resulting from ATM programs and other stock issuances. Strategies for maintaining and increasing bitcoin holdings and the risks associated with the impact of falling bitcoin prices on working capital. Regulations and other unforeseen issues prohibiting the declaration or payment of dividends to shareholders paid in Bitcoin. The continued impact of the COVID19 pandemic could have a material adverse effect on our operating results as our supply chains are disrupted and we are unable to operate our assets. Development of additional facilities to expand operations in Alabama may not be completed within the timelines anticipated by the company, or may not be completed at all. Acquisition of the North Tonawanda, New York facility will be closed in a timely manner or in its entirety. Ability to access additional power from the local power grid. a decrease in cryptocurrency pricing, volume of trading activity, or cryptocurrency mining profitability in general; further improvements in profitability and efficiency may not be realized. Digital currency market; our ability to successfully mine digital currency on the cloud. We may not be able to liquidate our current digital currency inventory favorably or at all. A decline in digital currency prices could have a material adverse effect on our business. digital currency price volatility; and other related risks detailed in our Annual Information Form and other documents disclosed in our filings at www.sedar.com. The forward-looking information in this news release reflects our current expectations, assumptions and/or beliefs based on information currently available to us. In connection with the forward-looking information contained in this news release, we assume the following: Profitable use of company assets going forward. Our ability to profitably liquidate our digital currency inventory when necessary. Historical prices of digital currencies and our ability to mine digital currencies on the cloud will match historical prices. Ability to maintain a reliable and economical power source for running cryptocurrency mining assets. adverse effects of regulatory changes to the energy regime in the jurisdictions in which we operate; our ability to comply with Digihost’s dividend policy and the timing and amount of dividends, based, among other things, on our operating results, cash flow and financial condition, Digihost’s current and projected capital requirements, and general business conditions; Also, there are no regulations or laws that impede our business operations. We also assume that no material events will occur outside of our normal course of business. Although we believe that the assumptions inherent in forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and, therefore, is subject to inherent uncertainties. Undue reliance should not be placed on such information.

CBJ Newsmaker

Digihost Announces Quarterly Bitcoin Production Up 52% ​​YoY, Provides Operational Update, The Canadian Business Journal

Source link Digihost Announces Quarterly Bitcoin Production Up 52% ​​YoY, Provides Operational Update, The Canadian Business Journal

Related Articles

Back to top button