• Sun. May 19th, 2024

Digihost’s October Bitcoin Production Value Increases 1,486% Over October 2020

 Up 56% From September

TORONTO, Nov. 15, 2021 (GLOBE NEWSWIRE) — Digihost Technology Inc. (“Digihost” or the “Company”) (TSXV: DGHI; Nasdaq: DGHI), an innovative North American based Bitcoin self-mining company, is pleased to provide an unaudited Bitcoin (“BTC”) production update for the month ended October 31, 2021. All amounts are expressed in USD unless otherwise indicated. The Company is also pleased provide a reminder that trading on the Nasdaq Capital Market is expected to commence on the date hereof, under the symbol “DGHI.”

Corporate Highlights for October 2021:

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  • Produced 41.84 BTC during the month, increasing total holdings to 494.08 BTC representing a fair market value of approximately $30.3 million as of October 31, 2021.
  • Total Ethereum (“ETH”) holdings of 1,000.89 ETH representing a fair market value of approximately $4.3 million as at October 31, 2021.
  • Total digital asset inventory value consisting of BTC and ETH of approximately $34.6 million at the end of October.
  • Cash on hand at October 31st was approximately $9.7 million, and total cash and digital asset holdings was approximately $44.3 million.
  • Year-to-date deposits on equipment and infrastructure targeted to be installed in Q4 2021 and H1 2022 pertaining to the Company’s core business of approximately $30.8 million.
  • During October, the Company received 4,932 new, technologically advanced, high-performance M30 Bitcoin miners (the “Miners”), with over 1,000 additional Miners in transit to the Company’s data center.
  • The Company’s current hashrate is approximately 400PH and is expected to increase to approximately 500PH by the end of November, representing an increase of approximately 150% since September of 2021.

Bitcoin Mining Update

For the ten-month period ended October 31, 2021, the Company’s mining fleet produced 390.09 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: 133.02 BTC
    • July: 51.28
    • August: 44.07
    • September: 37.67
  • Quarter 4, 2021: 41.84 BTC
    • October: 41.84

Year-Over-Year Monthly Comparison

The Company mined approximately 30.10 more BTC in October of 2021, compared to October 2020, representing an increase of approximately 256%. Using the October 31, 2021 and the October 31, 2020 closing BTC prices (per CoinDesk) plus the increase in BTC mined in October 2021, the value of the Company’s BTC mined in October 2021 increased by approximately $2.4 million, or 1,486% over October 2021.

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Figure 1. Year-over-year Monthly BTC Production

Oct-20 Oct-21 MoM Increase
Mined BTC 11.74 41.84 30.10
Approximate BTC value $13,781 $61,319 $47,538
Value $161,789 $2,565,587 $2,403,798

Month-Over-Month Comparison

The Company mined an additional 4.17 BTC during October 2021 compared to September 2021, representing an increase of 11%. Based on October 31, 2021and September 30, 2021 closing BTC prices plus the increase in BTC mined in October, the value of the Company’s BTC mined in October increased by approximately $0.9 million, or 56%, month over month.

Figure 2. Month-over-month BTC Production

Sep-21 Oct-21 MoM Increase
Mined BTC 37.67 41.84 4.17
Approximate BTC value $43,791 $61,319 $17,528
Value $1,649,725 $2,565,587 $915,980

Management Commentary

Michel Amar, the Company’s CEO, stated: “The increase in BTC production in October 2021 signifies continued operational success for Digihost and demonstrates the preliminary incremental mining rewards being generated as result of the arrival and deployment of new advanced machines at our data center. With additional miners expected to arrive in the weeks ahead, we will focus on optimizing our mining fleet as older machines are cycled out of production and replaced with cutting-edge models, which should enable us to substantially grow our hashrate and continue our strategy of increasing monthly coin production.”

About Digihost Technology Inc.

Digihost is a growth-oriented blockchain technology company primarily focused on Bitcoin mining. Through its self-mining operations and joint venture agreements, the Company is currently hashing at a rate of approximately 400PH with plans to expand to a hashrate of 3.6 EH by the end of 2022.

For further information, please contact:

Digihost Technology Inc.www.digihost.caMichel Amar, Chief Executive OfficerEmail: [email protected]

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Kevin Moore - E-Crypto News Editor

Kevin Moore - E-Crypto News Editor

Kevin Moore is the main author and editor for E-Crypto News.