Digihost Expands Bitcoin Mining Operations with 11,000 S21s Increasing Hashing Rate to 3.2 EH/s
11 Giugno 2024 - 12:00PM
Digihost Technology Inc. (“
Digihost” or the
“
Company”) (Nasdaq / TSXV: DGHI), a cutting-edge
U.S.-based blockchain technology and computer infrastructure
company, is thrilled to announce it has entered into a
transformative profit-sharing agreement with a strategic partner.
This collaboration will harness the Company’s robust infrastructure
to accommodate new digital currency mining servers. All financial
references herein are in USD unless stated otherwise.
Under the executed agreement, Digihost will
integrate 11,000 state-of-the-art S21 miners (200/TH) (the
“S21 Miners”) into its facilities, translating to
approximately 44MW of hosting. This deal also includes a
profit-sharing component, whereby Digihost will receive 60% of the
daily Bitcoin mining rewards earned from the S21 Miners in exchange
for providing the agreed upon capacity and electrical
infrastructure support.
Alec Amar, President of Digihost, expressed,
“This agreement marks another milestone for Digihost, structured to
enable us to diversify our revenue streams, solidify our financial
standing and enhance our hashing capacity. Our goal is to scale our
computing power while staying debt-free, ultimately transitioning
our fleet to the latest generation of miners and achieving a
targeted hash rate of 5 EH/s by the end of 2024. Remarkably, we are
increasing our hash rate by nearly 50% without increasing our
energy consumption. Additionally, we are very excited to be
developing our first Tier 3 site for high-performance computing,
further expanding our technological capabilities. The Company will
be utilizing its existing infrastructure in this endeavor, which we
expect will provide cost efficiencies.”
The deployment of these next-generation,
energy-efficient miners will be completed phases, with an expected
hash rate increase of 1.2 EH/s, to a targeted total of 3.2 EH/s, by
the end of Q3 2024.
Sustainability Update
Luke Marchiori, the Company’s Chief
Sustainability Officer, stated, “The Company remains committed to
environmental stewardship as well as demonstrating real
decarbonization efforts in accordance with our DigiGreen
initiative. In addition to the 93% zero-emissions power that is
already physically supplied to our East Delevan Facility, in 2024
Digihost will be procuring Renewable Energy Certificates to offset
the additional 7%, to achieve 100% carbon-free energy. This is
in addition to the Company’s long-term commitment to be the anchor
subscriber to a 5MW community solar project in Angola, New York,
which is expected to go live this month. New York State has
some of the most ambitious renewable energy and GHG goals in the
country. The Company is excited to be operating in a state that has
such abundant zero carbon resources, while still offering reliable
and low-cost electricity.”
Operations Update
Presently, Digihost’s consolidated operating
capacity across its three sites represents approximately 90MW of
available power, and Digihost is mining at hashrate of 2 EH/s.
About Digihost
Digihost is a growth-oriented technology company
focused on the blockchain industry. The Company operates from three
sites in the U.S. and, in addition to managing its own operations,
provides hosting arrangements at its facilities.
For further information, please contact:
Digihost Technology
Inc.www.digihost.caMichel Amar, Chief Executive
Officer T: 1-818-280-9758Email: michel@digihost.ca
Cautionary Statement
Trading in the securities of the Company should
be considered highly speculative. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Except for the statements of historical fact,
this news release contains “forward-looking information” and
“forward-looking statements” (collectively, “forward-looking
information”) that are based on expectations, estimates and
projections as at the date of this news release and are covered by
safe harbors under Canadian and United States securities laws.
Forward-looking information in this news release includes
information about potential further improvements to profitability
and efficiency across mining operations, including, as a result of
the Company’s agreements with strategic partners, expansion
efforts, potential for the Company’s long-term growth, and the
business goals and objectives of the Company. Factors that could
cause actual results to differ materially from those described in
such forward-looking information include, but are not limited to:
future capital needs and uncertainty of additional financing; share
dilution resulting from equity issuances; risks relating to the
strategy of maintaining and increasing Bitcoin holdings and the
impact of depreciating Bitcoin prices on working capital;
regulatory and other unanticipated issues that prohibit us from
declaring or paying dividends to our shareholders that are payable
in Bitcoin; effects on Bitcoin prices as a result of the most
recent Bitcoin halving; development of additional facilities and
installation of infrastructure to expand operations may not be
completed on the timelines anticipated by the Company, or at all;
delivery of miners pursuant to the Company’s hosting agreements
many not be completed on the timelines anticipated by the Company,
or at all; ability to access additional power from the local power
grid; a decrease in cryptocurrency pricing, volume of transaction
activity or generally, the profitability of cryptocurrency mining;
further improvements to profitability and efficiency may not be
realized; the digital currency market; the Company’s ability to
successfully mine digital currency on the cloud; the Company may
not be able to profitably liquidate its current digital currency
inventory, or at all; a decline in digital currency prices may have
a significant negative impact on the Company’s operations; the
volatility of digital currency prices; and other related risks as
more fully set out in the Annual Information Form of the Company
and other documents disclosed under the Company’s filings at
www.sedarplus.ca and www.SEC.gov/EDGAR. The forward-looking
information in this news release reflects the current expectations,
assumptions and/or beliefs of the Company based on information
currently available to the Company. In connection with the
forward-looking information contained in this news release, the
Company has made assumptions about: the current profitability in
mining cryptocurrency (including pricing and volume of current
transaction activity); profitable use of the Company’s assets going
forward; the Company’s ability to profitably liquidate its digital
currency inventory as required; historical prices of digital
currencies and the ability of the Company to mine digital
currencies on the cloud will be consistent with historical prices;
the ability to maintain reliable and economical sources of power to
run its cryptocurrency mining assets; the negative impact of
regulatory changes in the energy regimes in the jurisdictions in
which the Company operates; the ability to adhere to Digihost’s
dividend policy and the timing and quantum of dividends based on,
among other things, the Company’s operating results, cash flow and
financial condition, Digihost’s current and anticipated capital
requirements, and general business conditions; and there will be no
regulation or law that will prevent the Company from operating its
business. The Company has also assumed that no significant events
occur outside of the Company's normal course of business. Although
the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainties therein.
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