Digihost Provides Update on Bitcoin Mining Capacity VANCOUVER, British Columbia, Aug. 19, 2020 (GLOBE NEWSWIRE) -- Digihost Technology Inc. (“Digihost” or the “Company”) (TSXV: DGHI; OTCPK: HSSHF) is pleased to report that it is prepared to expand its total Bitcoin mining capacity to 164.44 Petahash per second (“P/H’s”), making it one of the largest publicly listed Bitcoin miners in North America. The Company currently has installed miners mining at 141 P/H’s, and expects to bring on-line its other uninstalled mining equipment, representing an additional 23.44 P/H’s in the coming months for a total mining capacity of 164.44 P/H’s. NASDAQ listed Bitcoin miner, Marathon Patent Group, Inc., reported on July 29, 2020 a total mining capacity of 294 P/H’s with a market capitalization of approximately US$110 million at the close of market on August 14, 2020 representing a market capitalization per P/H’s of approximately US$374,150. In comparison, Digihost had a market capitalization of approximately US$5.5 million at the close of market on August 14, 2020 representing a market capitalization per P/H’s of approximately US$33,450.
Currently Digihost holds 80 Bitcoin in its inventory from mining, which at the current approximate Bitcoin price of C$15,851 per Bitcoin values the Bitcoin at approximately C$1,268,080. The strategy has been to hold Bitcoin in order to gain any potential appreciation in value of the Bitcoin held.
Bitcoin has experienced a recent increase in price which may be representative of the increased volatility of the global financial markets, as well as the recent Bitcoin halving event on May 11, 2020. A Bitcoin halving event is when the Bitcoin rewards for each block in the chain mined is cut in half, which also cuts in half the rate at which new Bitcoins enter circulation making Bitcoin scarcer. This event occurs every 4 years. After the first halving event, the Bitcoin block reward was 25, then 12.5, and on May 11th, 2020 was halved again to 6.25 Bitcoins per block.
In the past, Bitcoin halvings have correlated with massive surges in Bitcoin's price. The first halving in November of 2012 saw an increase in Bitcoin prices from approximately US$12 per Bitcoin to nearly US$1,150 per Bitcoin within a year of the halving.
About Digihost Technology Inc.
Digihost Technology Inc. is a growth-oriented blockchain company primarily focused on bitcoin mining. The Company's mining facility is located in Buffalo, N.Y., with a 18.7MVA 115,000-kilovolt-ampere outdoor substation with an option to increase the power output to 42MVA. Currently the Company has mining capacity of 164.44 P/H’s.
Additional Information
For further information, please contact:
Digihost Technology Inc.
Michel Amar, Chief Executive Officer
Email: michelamar@me.com
T: 917-242-6549