This information launch constitutes a “designated news release” for the needs of the Company’s prospectus complement dated March 4, 2022 to its quick kind base shelf prospectus dated February 23, 2022.
TORONTO, Oct. 04, 2022 (GLOBE NEWSWIRE) — Digihost Technology Inc. (“Digihost” or the “Company”) (Nasdaq: DGHI; TSXV: DGHI), an modern U.S. based mostly Bitcoin (“BTC”) mining firm, is happy to supply unaudited comparative BTC manufacturing outcomes for the month and quarter ended September 30, 2022, mixed with an operations replace. All financial references are expressed in USD except in any other case indicated.
The Company is happy to report that it mined roughly 591 BTC in the primary 9 months of 2022, exceeding full 12 months 2021 BTC manufacturing by roughly 14%.
Production Highlights for September 2022
- Mined 69.84 BTC, ensuing in whole holdings of 160.86 BTC on the finish of September valued at roughly $3.13 million based mostly on a BTC value of $19,432 as of September 30, 2022.
- Ethereum (“ETH”) holdings of 1,000.89 ETH on the finish of September valued at roughly $1.33 million based mostly on an ETH value of $1,328 as of September 30, 2022.
- Total digital asset stock worth, consisting of BTC and ETH, of roughly $4.46 million as of September 30, 2022. In addition, the Company held money of roughly $3.0 million as of September 30, 2022. Cash and liquid property as of September 30, 2022 totalled roughly $7.46 million.
- To keep away from fairness dilution for its shareholders, administration bought a portion of its BTC manufacturing throughout September to fund its power prices.
- The Company stays debt free as of September 30, 2022.
- In persevering with its assist of the ability wants of the area people, the Company lowered its general power consumption all through Q3 of 2022 with its operation working predominantly at off-peak hours.
Year-Over-Year Monthly Comparison
The Company mined roughly 32.17 extra BTC in September 2022, in comparison with September 2021, representing a rise of roughly 85%.
Figure 1. Year-over-year Monthly BTC Production
| Sep-22 | Sep-21 | MoM Increase |
||
| Mined BTC | 69.84 | 37.67 | 32.17 | |
| Approximate BTC worth | $19,432 | $43,791 | ($24,359) | |
| Production Value | $1,357,131 | $1,649,607 | ($292,476) | |
Year-Over-Year Quarterly Comparison
The Company mined an extra 69.76 BTC in the course of the third quarter of 2022 in comparison with the third quarter of 2021, representing year-over-year quarterly improve of 52%.
Figure 2. Quarter-over-quarter BTC Production
| Q3 2022 | Q3 2021 | YoY Increase |
||
| Mined BTC | 202.78 | 133.02 | 69.76 | |
| Approximate BTC worth | $19.432 | $43,791 | ($24,359) | |
| Production Value | $3,940,421 | $5,825,079 | ($1,884,658) | |
North Tonawanda Power Plant Acquisition Update
Digihost is happy to announce that it has acquired approval from the New York Public Service Commission for the acquisition of the 60 MW energy plant in North Tonawanda initially introduced by the Company on March 24, 2021. Digihost is at present transferring ahead expeditiously with different closing issues in order to finish the acquisition of the ability plant in This fall 2022.
With the ability plant working at 50 MW, the Company will be capable to improve its present working capability by roughly 150%, rising Dighost’s hash price to roughly 1.6 EH.
Alabama Site Build-Out
The Company is happy to announce that it continues the event of the amenities Phase 1 build-out and development work in Alabama on schedule and on price range. Digihost is constructing the mandatory infrastructure to supply the property with energy capability of twenty-two MW in the course of the fourth quarter of 2022 and a complete of 55 MW by the tip of the primary quarter of 2023. Completion of the Phase 1 construct will present the Company with roughly 550 PH of extra working capability.
During Q3 2022, Digihost acquired Public Service Commission approval for an financial rider price low cost. This low cost, coupled with the decrease direct power prices it has negotiated with Alabama Power, will result in an general discount in the Company’s working prices. The Alabama Power agreements present the Company with very aggressive energy prices in at present’s inflationary setting, additional reinforcing Digihost’s strategic determination to develop and diversify its operation to Alabama.
North Carolina Expansion
As beforehand disclosed, earlier in the 12 months the Company introduced that it acquired 25 acres of land in North Carolina and shall be growing it to be used in Q3 or This fall of 2023 with a request for allocation of as much as 200MW of energy.
About Digihost
Digihost is a growth-oriented blockchain expertise firm primarily centered on BTC mining. Through its self-mining operations and three way partnership agreements, the Company is at present hashing at a price of roughly 650 PH/s.
All internet hosting charges and three way partnership revenue sharing are handled as manufacturing prices in the Company’s consolidated monetary statements.
For additional data, please contact:
Digihost Technology Inc.
www.digihost.ca
Michel Amar, Chief Executive Officer
T: 1-818-280-9758
Email: [email protected]
Cautionary Statement
Trading in the securities of the Company must be thought of extremely speculative. No inventory trade, securities fee or different regulatory authority has accepted or disapproved the data contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that time period is outlined in the insurance policies of the TSX Venture Exchange) accepts duty for the adequacy or accuracy of this launch.
Forward-Looking Statements
Except for the statements of historic reality, this information launch accommodates “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) which are based mostly on expectations, estimates and projections as on the date of this information launch and are coated by secure harbors underneath Canadian and United States securities legal guidelines. Forward-looking data in this information launch consists of details about potential additional enhancements to profitability and effectivity throughout mining operations together with, because of the Company’s growth efforts, potential for the Company’s long-term development, and the business targets and aims of the Company. Factors that might trigger precise outcomes to vary materially from these described in such forward-looking data embody, however aren’t restricted to: future capital wants and uncertainty of extra financing, together with the Company’s skill to make the most of the Company’s at-the-market providing program (the “ATM Program”) and the costs at which the Company might promote securities in the ATM Program, in addition to capital market circumstances in common; share dilution ensuing from the ATM Program and from different fairness issuances; dangers regarding the technique of sustaining and rising Bitcoin holdings and the affect of depreciating Bitcoin costs on working capital; regulatory and different unanticipated points that prohibit us from declaring or paying dividends to our shareholders which are payable in Bitcoin; continued results of the COVID19 pandemic might have a cloth hostile impact on the Company’s efficiency as provide chains are disrupted and forestall the Company from working its property; improvement of extra amenities to develop operations in Alabama is probably not accomplished on the timelines anticipated by the Company, or in any respect; the acquisition of North Tonawanda, New York amenities closing on well timed foundation, or in any respect; skill to entry extra energy from the native energy grid; a lower in cryptocurrency pricing, quantity of transaction exercise or usually, the profitability of cryptocurrency mining; additional enhancements to profitability and effectivity is probably not realized; the digital forex market; the Company’s skill to efficiently mine digital forex on the cloud; the Company might not be capable to profitably liquidate its present digital forex stock, or in any respect; a decline in digital forex costs might have a big detrimental affect on the Company’s operations; the volatility of digital forex costs; and different associated dangers as extra totally set out in the Annual Information Form of the Company and different paperwork disclosed underneath the Company’s filings at www.sedar.com. The forward-looking data in this information launch displays the present expectations, assumptions and/or beliefs of the Company based mostly on data at present accessible to the Company. In reference to the forward-looking data contained in this information launch, the Company has made assumptions about: the present profitability in mining cryptocurrency (together with pricing and quantity of present transaction exercise); worthwhile use of the Company’s property going ahead; the Company’s skill to profitably liquidate its digital forex stock as required; historic costs of digital currencies and the flexibility of the Company to mine digital currencies on the cloud shall be per historic costs; the flexibility to take care of dependable and economical sources of energy to run its cryptocurrency mining property; the detrimental affect of regulatory adjustments in the power regimes in the jurisdictions in which the Company operates; the flexibility to stick to Digihost’s dividend coverage and the timing and quantum of dividends based mostly on, amongst different issues, the Company’s working outcomes, money movement and monetary situation, Digihost’s present and anticipated capital necessities, and common business circumstances; and there shall be no regulation or regulation that may forestall the Company from working its business. The Company has additionally assumed that no important occasions happen exterior of the Company’s regular course of business. Although the Company believes that the assumptions inherent in the forward-looking data are affordable, forward-looking data will not be a assure of future efficiency and accordingly undue reliance shouldn’t be placed on such data as a result of inherent uncertainties therein.
