Digihost Technology Inc. (“Digihost” or the “Company“) (TSXV: DGHI; OTCQB: HSSHF) is pleased to announce that the Company has increased its mined Bitcoin (“BTC“) holdings during the month of June 2021 by 38.22 BTC, bringing the Company’s total BTC balance to 351.36. During the first six months of 2021, Digihost mined a total of 215.24 BTC, with 109.98 BTC mined during Q2 2021 and 105.26 BTC mined during Q1 2021.
During the second quarter, the Company also received BTC in consideration for the sale of older generation miners and used BTC to purchase Ethereum (“ETH“). At the end of June 2021, the Company held a balance of 351.36 BTC and 563.89 ETH.
Digihost is also pleased to report that the Company has continued to build on the momentum of the first quarter of 2021, and has achieved many more significant milestones during the second quarter of 2021 in its evolution as a top tier blockchain technology company, including:
- filed its Form 40-F with the U.S. Securities and Exchange Commission, fulfilling a significant milestone for a listing on Nasdaq;
- closed approximately $70 million in total equity financings during the first half of 2021;
- acquired 9,900 BTC miners from Northern Data AG to increase Digihost’s hashrate by 925PH;
- formed a strategic collaboration with Bit Digital USA, Inc. to increase the Company’s combined hashrates by 400PH;
- announced industry leading green energy consumption with over 90% of the energy consumed by the Company originating from sources that create zero carbon emissions and more than 50% of the energy consumed by the Company generated from renewable sources;
- announced the launch of the DigiGreen initiative to create sustainable, environmentally and economically sound in-house practices for BTC mining that will distinguish the Company as an industry leader in maintaining profitability, while lowering or eliminating its carbon footprint;
- became a signatory to the Crypto Climate Accord, an initiative modeled on the Paris Climate Agreement, which aligns with the Company’s own DigiGreen initiative;
- appointed a new Chief Renewable Energy Officer to oversee the management of the Company’s DigiGreen initiative;
- diversified the Company’s business strategy to include ETH as part of its cryptocurrency holdings; and
- engaged international audit firm Raymond Chabot Grant Thornton LLP, and appointed a new CFO.
Michel Amar, the Company’s CEO, stated: “We are extremely pleased to report the continued success achieved by Digihost during the second quarter of 2021. Having mined an additional 110 BTC during the second quarter, we have increased the balance of BTC and ETH held by the Company to a total 351.36 BTC and 563.89 ETH at the end of June, which is a testament to our efficient operations and highly skilled operations team. While there can be no guarantee of future market conditions, we are optimistic that our BTC output rate will increase considerably over the next several months as a result of the recent and significant reduction in mining difficulty rates, combined with the delivery and deployment of our recently acquired BTC miners. The significant milestones achieved during the second quarter of 2021 are an indication that as a company, we continue to explore every opportunity to expand our BTC mining operations through the acquisition of new miners, vertical integration, improved operational efficiencies, and ensuring that the Company is always in a position to attract the financial resources to achieve these goals.”