This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 4, 2022 to its short form base shelf prospectus dated February 23, 2022
TORONTO, March 08, 2022 (GLOBE NEWSWIRE) -- 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.ca
Michel Amar, Chief Executive Officer
Email: michel@digihostblockchain.com
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 news 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 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.
