DGHI Provides Mining Operation Results for August TORONTO, Sept. 07, 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 August 2021. All amounts are expressed in USD unless otherwise indicated.
Corporate Highlights for August 31, 2021:
- Produced 44.07 BTC during the month, increasing total holdings to 446.2 BTC representing a fair market value of approximately $21.0 million as at August 31, 2021.
- Total Ethereum (“ETH”) holdings of 563.89 ETH representing a fair market value of approximately $1.9 million as at August 31, 2021.
- Total digital asset inventory value consisting of BTC and ETH of approximately $22.9 million at the end of August.
- Cash on hand at August 31st was approximately $18.9 million, and total cash and digital asset holdings was approximately $41.7 million.
- Year-to-date deposits on equipment and infrastructure to be completed in Q4 2021 pertaining to the Company’s core business of approximately $24.1 million.
Bitcoin Mining Update
For the eight-month period ended August 31, 2021, the Company’s mining fleet produced 310.58 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: 95.35 BTC
- July: 51.28
- August: 44.07
Quarter-Over-Quarter Comparison
The Company mined approximately 23.57 more BTC in the first two months of Q3 2021 (July and August 2021) compared to the first two months of the previous quarter (April and May 2021), representing an increase of 33%. Based on the BTC prices in these respective quarters and the increase in production of BTC mined, the fair market value of the Company’s BTC mined on a quarter over quarter basis increased by approximately $821k.
Figure 1. Quarter-over-quarter BTC Mining
| | | | |
| | Apr. & May | Jul. & Aug. | QTD Increase |
| | 2021 | 2021 | |
| Mined BTC | 71.78 | 95.35 | 23.57 | |
| Approximate BTC value | $47,542 | $44,396 | ($3,145) | |
| Value | $3,412,565 | $4,233,159 | $820,594 | |
| | | | |
Year-Over-Year Monthly Comparison
Compared to August of 2020, the Company mined approximately 28.58 more BTC in August of 2021, representing an increase of 185%. Based on August 31, 2021, BTC prices compared to August 31, 2020, and the increase in production of BTC mined, the fair market value of the Company’s BTC mined in August 2021 increased by approximately $1.9 million.
Figure 2. Year-over-year Monthly BTC Mining
| | | | | |
| | 8/31/2020 | 8/31/2021 | MoM Increase | |
| Mined BTC | 15.49 | 44.07 | 28.58 | |
| Approximate BTC value | $11,681 | $47,167 | $35,486 | |
| Value | $180,939 | $2,078,650 | $1,897,711 | |
| | | | | |
Management Commentary
Michel Amar, the Company’s CEO, stated: “We are proud of the tremendous growth in our mining operations, as we are on track to mine a higher fair market value of Bitcoin in Q3 compared to any previous quarter to-date. The expansion of our mining production is exemplified by the substantial increase in Bitcoins mined on a year-over-year basis. Consistent with the Company’s objective to maintain continuous ESG compliance, we are pleased to report that we voluntarily gave up peak hours of mining for five days during the month of August in the middle of the heatwave, providing our power to the grid in order to sustain air conditioning for the local community. Maintaining environmentally responsible operations remains one of our top priorities as part of our DigiGreen Initiative, which includes a focus on being a responsible corporate neighbor. We are proud to partner with the local utility through their on demand program to ensure that our community is able to sustain constant power during critical events such as heat waves, and we will continue to commit to making power available as needed.”
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@digihostblockchain.com