DGHI Announces a 34% Increase in Month Over Month Bitcoin TORONTO, Aug. 03, 2021 (GLOBE NEWSWIRE) -- 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 Mining
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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 Mining
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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.ca
Michel Amar, Chief Executive Officer
T: 1-818-280-9758
Email: michel@digihost.ca