TORONTO, June 10, 2021 (GLOBE NEWSWIRE) — Digihost Technology Inc. (“Digihost” or the “Company”) (TSXV: DGHI; OTCQB: HSSHF) is pleased to announce that the Company has entered into a strategic co-mining agreement (the “Agreement”) with Bit Digital USA, Inc. (“BTBT”) (Nasdaq: BTBT). Pursuant to the terms of the Agreement, the Company will provide certain premises (the “Premises”) to BTBT for the purpose of the operation and storage of a 20 MW Bitcoin mining system (the “Miners”) to be delivered by BTBT, and the Company will also provide services to maintain the Premises for a term of two years. The collaboration between Digihost and BTBT is expected to generate an increase in hashrate of approximately 400 PH between the companies.
Under the terms of the Agreement, Digihost will provide power for the operation of the Miners and will also provide management services necessary to maintain 95% uptime on the Miners. In consideration for these services, after paying Digihost a very competitive rate for power, Digihost and BTBT will participate in a profit sharing arrangement based on a fixed distribution formula. It is expected that the Miners will be delivered and installed during the fourth quarter of this year.
Michel Amar, the Company’s CEO, stated: “We are extremely pleased by this strategic collaboration with Bit Digital which, based on current Bitcoin metrics, is expected to deliver significant results through the increase in hashrate of 400 PH between the two companies. Our business strategy continues to be growth through the expansion of our mining infrastructure, vertical integration of low-cost and green sources of energy, strategic partnerships with leading companies in the blockchain sector, and geographic diversification in North America to strategically operate our business in regions where minimal or no carbon footprint is generated.”
Bryan Bullett, BTBT’s CEO, stated: “We are extremely pleased by this strategic collaboration with Digihost which marks our ongoing expansion in North America, as we continue to transition our mining fleet here. Our business strategy continues to encompass growth through the expansion of strategic partnerships with institutional-quality hosting providers with aligned economic interests, to secure efficient access to power and hosting. We look forward to a successful partnership with Digihost.”
About Digihost Technology Inc.
Digihost Technology Inc. is a growth-oriented blockchain technology company primarily focused on Bitcoin mining. The Company’s mining facilities are located in Upstate New York, and are equipped with 78.7 MW of low-cost power with the option to expand to 102MW. The Company is currently hashing at a rate of 200PH with potential to expand to a rate of 3EH upon the completion of the previously announced acquisition of a 60MW power plant.
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