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Digihost Provides October 2024 Production Update

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Digihost Technology (Nasdaq/TSXV: DGHI) released its October 2024 production update. The company reported holding approximately $9.0 million in cash, BTC, and cash deposits as of October 31, 2024, compared to $9.2 million in September. Mining operations produced about 38 BTC in October, marking a 10% increase from the previous month. The company invested $0.4 million in capital expenditures and infrastructure. Currently operating at 90MW capacity with a 2 EH/s hashrate, Digihost aims to reach 3 EH/s by December 2024. The company is also developing its first Tier 3 data center, scheduled for completion by end-2025 or Q1 2026.

Digihost Technology (Nasdaq/TSXV: DGHI) ha pubblicato il suo aggiornamento sulla produzione di ottobre 2024. L'azienda ha riportato di detenere circa 9,0 milioni di dollari in contante, BTC e depositi in contante al 31 ottobre 2024, rispetto ai 9,2 milioni di dollari di settembre. Le operazioni di mining hanno prodotto circa 38 BTC in ottobre, segnando un incremento del 10% rispetto al mese precedente. L'azienda ha investito 0,4 milioni di dollari in spese per capitali e infrastrutture. Attualmente opera con una capacità di 90MW e un hashrate di 2 EH/s; Digihost mira a raggiungere i 3 EH/s entro dicembre 2024. L'azienda sta inoltre sviluppando il suo primo data center di livello 3, il cui completamento è previsto per la fine del 2025 o il primo trimestre del 2026.

Digihost Technology (Nasdaq/TSXV: DGHI) lanzó su actualización de producción de octubre de 2024. La empresa informó que mantiene aproximadamente 9,0 millones de dólares en efectivo, BTC y depósitos en efectivo al 31 de octubre de 2024, en comparación con 9,2 millones de dólares en septiembre. Las operaciones de minería produjeron alrededor de 38 BTC en octubre, lo que representa un aumento del 10% respecto al mes anterior. La empresa invirtió 0,4 millones de dólares en gastos de capital e infraestructura. Actualmente opera a una capacidad de 90MW con una tasa de hash de 2 EH/s; Digihost tiene como objetivo alcanzar los 3 EH/s para diciembre de 2024. La empresa también está desarrollando su primer centro de datos de nivel 3, programado para completarse a finales de 2025 o en el primer trimestre de 2026.

Digihost Technology (Nasdaq/TSXV: DGHI)가 2024년 10월 생산 업데이트를 발표했습니다. 회사는 2024년 10월 31일 기준으로 약 900만 달러의 현금, BTC 및 현금 예치금을 보유하고 있다고 보고했으며, 이는 9월의 920만 달러와 비교됩니다. 채굴 작업은 10월에 약 38 BTC를 생산하여, 이전 달에 비해 10% 증가했습니다. 회사는 자본 지출 및 인프라에 40만 달러를 투자했습니다. 현재 90MW 용량으로 2 EH/s 해시레이트로 운영되고 있으며, Digihost는 2024년 12월까지 3 EH/s에 도달할 계획입니다. 또한 2025년 말 또는 2026년 1분기까지 완공될 예정인 첫 번째 Tier 3 데이터 센터를 개발 중입니다.

Digihost Technology (Nasdaq/TSXV: DGHI) a publié sa mise à jour de production d'octobre 2024. L'entreprise a déclaré détenir environ 9,0 millions de dollars en espèces, BTC et dépôts en espèces au 31 octobre 2024, contre 9,2 millions de dollars en septembre. Les opérations minières ont produit environ 38 BTC en octobre, marquant une augmentation de 10 % par rapport au mois précédent. L'entreprise a investi 0,4 million de dollars dans des dépenses d'investissement et des infrastructures. Actuellement, elle fonctionne à une capacité de 90MW avec une puissance de hachage de 2 EH/s; Digihost vise à atteindre 3 EH/s d'ici décembre 2024. L'entreprise développe également son premier centre de données de niveau 3, prévu pour être achevé d'ici fin 2025 ou au premier trimestre 2026.

Digihost Technology (Nasdaq/TSXV: DGHI) hat sein Produktionsupdate für Oktober 2024 veröffentlicht. Das Unternehmen berichtete, dass es zum 31. Oktober 2024 etwa 9,0 Millionen Dollar in Bargeld, BTC und Bargelddepots hält, verglichen mit 9,2 Millionen Dollar im September. Die Mining-Operationen produzierten im Oktober etwa 38 BTC, was einem Anstieg von 10 % gegenüber dem Vormonat entspricht. Das Unternehmen investierte 0,4 Millionen Dollar in Investitionsausgaben und Infrastruktur. Derzeit wird mit einer Kapazität von 90MW und einer Hashrate von 2 EH/s betrieben; Digihost strebt an, bis Dezember 2024 3 EH/s zu erreichen. Das Unternehmen entwickelt auch sein erstes Tier-3-Rechenzentrum, das bis Ende 2025 oder im ersten Quartal 2026 fertiggestellt werden soll.

Positive
  • 10% increase in monthly Bitcoin production to 38 BTC
  • Significant hashrate expansion planned from 2 EH/s to 3 EH/s by December 2024
  • Substantial operating capacity of 90MW across three sites
Negative
  • Cash and BTC holdings decreased from $9.2M to $9.0M month-over-month

Insights

Digihost's October operational update reveals mixed performance metrics. The company's cash and BTC holdings slightly decreased from $9.2 million to $9.0 million despite BTC price appreciation from $63,900 to $71,000. Mining production increased 10% to 38 BTC, while capital expenditure remained modest at $0.4 million.

The planned expansion to 3 EH/s by year-end 2024 and the Tier 3 data center development signal growth initiatives, but current operations at 2 EH/s and 90MW capacity indicate room for operational optimization. The self-funding approach helps maintain shareholder value but may limit growth velocity compared to peers using more aggressive financing strategies.

HOUSTON, Nov. 01, 2024 (GLOBE NEWSWIRE) -- Digihost Technology Inc. (“Digihost” or the “Company”) (Nasdaq / TSXV: DGHI), an innovative U.S. based blockchain technology and computer infrastructure company, is pleased to provide unaudited comparative Bitcoin (“BTC”) production results for the month ended October 31, 2024, combined with an operations update. All monetary references are expressed in USD unless otherwise indicated.

Monthly Production Highlights for October 2024

  • The Company held cash, BTC and cash deposits of approximately $9.0 million as of October 31, 2024 (based on a BTC price of $71,000 as of October 31, 2024 according to CoinMarketCap), as compared to $9.2 million as of September 30, 2024 (based on a BTC price of $63,900 as of September 30, 2024 according to CoinMarketCap).
  • Between self-mining and hosting agreements, miners at the Company’s facilities mined approximately 38 BTC during the month of October, representing an increase over the prior month of approximately 10%.
  • The Company spent approximately $0.4 million on capital expenditures, mining infrastructure support equipment, and deposits. Digihost continues to monitor its capital expenditures closely, using self-funding to limit equity dilution for its shareholders when commercially viable.

Operations Update

Presently, Digihost’s consolidated operating capacity across its three sites represents approximately 90MW of available power, and Digihost is mining at a hashrate of 2 EH/s. Following the completion of ongoing site maintenance, the Company anticipates mining at a hashrate of 3 EH/s by the end of December 2024.

Tier 3

The Company is in the process of building its initial Tier 3 data center with a target completion date at the end of 2025 or Q1 2026.

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.ca
Michel Amar, Chief Executive Officer
T: 1-818-280-9758
Email: 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 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; 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; 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; development of additional facilities to expand operations may not be completed on the timelines anticipated by the Company; ability to access additional power from the local power grid; an increase in natural gas prices may negatively affect the profitability of the Company’s power plant; 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; 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. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.


FAQ

How many Bitcoins did Digihost (DGHI) mine in October 2024?

Digihost mined approximately 38 Bitcoins in October 2024, representing a 10% increase from the previous month.

What is Digihost's (DGHI) current hashrate and target for December 2024?

Digihost's current hashrate is 2 EH/s, with plans to increase to 3 EH/s by the end of December 2024.

When will Digihost (DGHI) complete its Tier 3 data center?

Digihost expects to complete its initial Tier 3 data center by the end of 2025 or Q1 2026.

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