Digihost Announces a 34% Increase in Month Over Month Bitcoin Production and Provides Mining Operation Results for July
August 03 2021 - 6:30AM
Digihost Technology Inc. (“
Digihost” or the
“
Company”) (TSXV: DGHI; OTCQB: HSSHF), an
innovative North American based Bitcoin self-mining company, is
pleased to provide unaudited Bitcoin (“
BTC”)
production updates for July 2021. All amounts are expressed in USD
unless otherwise indicated.
Corporate Highlights for July 31,
2021:
- Produced 51.28 BTC during the
month, increasing total holdings to 402.1 BTC representing a fair
market value of approximately $16.7 million as at July 31,
2021.
- Total Ethereum
(“ETH”) holdings of 563.89 ETH representing a fair
market value of approximately $1.4 million as at July 31,
2021.
- Total digital asset inventory value
consisting of BTC and ETH of approximately $18.1 million at the end
of July.
- Cash on hand at July 31st was
approximately $18.8 million, and total cash and digital asset
holdings was approximately $36.9 million.
- Year-to-date investment in
infrastructure pertaining to core business operations of
approximately $23.5 million.
Bitcoin Mining Update
For the seven-month period ended July 31, 2021,
the Company’s mining fleet produced 266.51 BTC, with production
broken down as follows:
- Quarter 1, 2021: 105.26 BTC
- January: 33.70
- February: 35.02
- March: 36.54
- Quarter 2, 2021: 109.97 BTC
- April: 37.52
- May: 34.26
- June: 38.19
- Quarter 3, 2021: 51.28 BTC
Month-Over-Month Comparison
In comparison to June 2021, the Company mined an
additional 13.09 BTC during July 2021, representing an increase of
34%. Based on July 31, 2021 BTC prices in comparison to the prior
month (based on June 30, 2021 BTC prices), the fair market value of
the Company’s BTC mined increased by approximately $796k month over
month.
Figure 1. Month-over-month BTC
Mininghttps://www.globenewswire.com/NewsRoom/AttachmentNg/0f2fe03e-6935-4194-b030-cd290f2b781c
Year-Over-Year Monthly
Comparison
Compared to July of 2020, the Company mined
approximately 38.18 more BTC in July of 2021, representing an
increase of 291%. Based on July 31, 2021 BTC prices compared to
July 31, 2020 and the increase in production of BTC mined, the fair
market value of the Company’s BTC mined in July 2021 increased by
approximately $2.0 million.
Figure 2. Year-over-year BTC
Mininghttps://www.globenewswire.com/NewsRoom/AttachmentNg/16d97ff5-6bc2-4b17-a2f2-710bc4268087
Management Commentary
Michel Amar, the Company’s CEO, stated: “We are
extremely pleased by the tremendous growth in our mining
operations, illustrated by the substantial increase in bitcoins
mined on both a month-over-month and year-over-year perspective.
The fact that these bitcoins are being mined from an operational
hub in which over 90% of the energy consumed is from zero carbon
emission sources and more than 50% of the energy consumed is
generated from renewable sources is a great source of pride for the
Company, as we strive to maintain our focus on being an industry
leading ESG company and on achieving the objectives of our
DigiGreen initiative. We are steadfast in our intent to be an ESG
leader in the cryptocurrency mining space and in continuing being
one of the cleanest green bitcoin mining operations in the United
States.”
About Digihost Technology
Inc.
Digihost Technology Inc. is a growth-oriented
blockchain technology company primarily focused on Bitcoin mining.
The Company is currently hashing at a rate of 200PH with plans to
expand to a hashrate of 3.6 EH by the end of the first half of
2022.
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 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
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: 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 research & development; a decrease in
cryptocurrency pricing, volume of transaction activity or
generally, the profitability of cryptocurrency mining; delivery of
mining rigs for hosting may not be realized in the number
anticipated, or at all, 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.
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