Digihost Announces 105.26 Bitcoins Mined in the First Quarter of 2021 and Provides Operations Update
April 06 2021 - 6:00AM
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 March 2021 by
36.54 BTC, bringing the Company’s total BTC balance to 256.26.
Based on an approximate current BTC price of US$59,000, the total
value of BTC in the Company’s possession is approximately
US$15,119,000. During the first quarter of 2021, Digihost mined a
total of 105.26 BTC, broken down by month as follows:
January 2021 |
33.70 BTC |
February 2021 |
35.02 BTC |
March 2021 |
36.54 BTC |
At the end of March 2021, the Company was mining
BTC at a hashrate of approximately 190PH and at an all-in cost of
approximately US$15,000 per BTC for the month of March.
Digihost is also pleased to report that during
the first quarter of 2021, the Company achieved many significant
milestones in its evolution as a top tier blockchain technology
company, including:
- closed approximately $29 million in
equity financings;
- upgraded its exchange listing in
the U.S. from the OTC Pink Sheets to the OTCQB;
- increased the Company’s potential
hashrate capacity to 3EH through the conditional acquisition of a
60MW power plant in Upstate New York;
- acquired 700 S17+ 76TH BTC miners,
projected to be fully operational by mid-April; and
- repayment of all debt in the
aggregate amount of US$3,975,000.
Michel Amar, the Company’s CEO, stated: “We are
extremely pleased to report the success achieved by Digihost during
the first quarter of 2021. Having mined 105.26 BTC during the
quarter, and consistently increasing the rate of output
month-over-month, we have increased the balance of BTC held by the
Company to a total 256.26 BTC, which is a testament to our
efficient operations and highly skilled operations team. We are
also excited to deploy an additional 700 BTC miners this month,
which will aid in furthering our goal of continuously increasing
the level of BTC mined and held by the Company and providing growth
and value for our shareholder base. 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 190PH 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 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” within the
meaning of the applicable Canadian securities legislation 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 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
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; 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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