Mr. Michel Amar reports
DIGIHOST ANNOUNCES INFRASTRUCTURE BUILDOUT OF 55 MW SITE IN ALABAMA AND PROVIDES MONTHLY BITCOIN PRODUCTION UPDATE
Digihost Technology Inc. has provided unaudited comparative bitcoin (BTC) production results for the month ended July 31, 2022, combined with an operations update. All monetary references are expressed in U.S. dollars unless otherwise indicated.
Production highlights for July, 2022:
Mined 64.17 BTC, resulting in total holdings of 220.09 BTC at the end of July valued at approximately $5.14-million based on a BTC price of $23,337 as of July 31, 2022;
- Ethereum (ETH) holdings of 1,000.89 ETH at the end of July valued at approximately $1.68-million based on an ETH price of $1,681.52 as of July 31, 2022;
- Total digital asset inventory value, consisting of BTC and ETH, of approximately $6.82-million as of July 31, 2022. In addition, the company held cash of approximately $4.5-million and derivative instruments of approximately $500,000 as of July 31, 2022. Cash and liquid assets as of July 31, 2022, totalled approximately $11.82 million;
To avoid equity dilution for its shareholders, management sold a portion of its BTC production during the month to finance its energy costs;
- The company is debt-free as of July 31, 2022;
- To support the power needs of the local community, the company reduced its overall energy consumption during the month of July, 2022, with its operation running predominantly at off-peak hours.
Year-over-year monthly comparison
The company mined approximately 13.69 more BTC in July, 2022, compared with July, 2021, representing an increase of approximately 26.7 per cent.
Year-over-year year-to-date comparison
The company mined approximately 160.46 more BTC on a year-to-date basis as of July 31, 2022, as compared with the same period ended July 31, 2021, representing an increase of approximately 46.7 per cent.
Alabama site buildout
Digihost is pleased to announce that it has commenced construction and the development of the facilities buildout in Alabama. The company is building out the necessary infrastructure with the goal of bringing the property to a hashing capacity of 28 megawatts by the end of the third quarter of 2022 and a total of 55 MW by the end of the first quarter of 2023.
In support of its infrastructure expansion the company will transfer a portion of its existing mining fleet from New York State to the site in Alabama to allow Digihost to benefit from the lower direct energy costs it has negotiated with Alabama Power, which will lead to an overall reduction in Digihost's operating costs.
Since inception, Digihost's strategic growth sustainability plan has been the accessing of clean sources of energy while also being agreeable to on-demand programs with its utility providers that allow the company to provide urgent power needs for local communities during extreme weather conditions. The company is pleased to report that during July, 2022, Digihost ran its BTC mining operation primarily at off-peak hours in support of the energy needs of the surrounding neighbourhoods with over 90 per cent of the energy consumed by its operations derived from sources that create zero-carbon emissions.
Additionally, during the month of the July, CPower Energy Management was selected as a Top Project of the Year winner by the elite Environment and Energy Leader Awards Program for its program with Digihost. CPower is a natural energy solutions provider and works in concert with the company to reduce its environmental impact through demand response. Digihost is rewarded on a quarterly basis for making its site's electrical load available to help balance the grid when called upon, supporting the broader sustainability commitments of net-zero emissions from electricity consumption by 2030 and 100-per-cent-renewable-powered blockchains.
About Digihost Technology Inc.
Digihost is a growth-oriented blockchain technology company primarily focused on BTC mining. Through its self-mining operations and joint venture agreements, the company is currently hashing at a rate of approximately 650 petahashes per second.
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