Digihost (TSXV:DGHI) announces a 60 per cent increase in Bitcoin production in 2022

• The company mined approximately 832 BTC during the year ended December 31, 2022
• Mined 56.96 BTC, resulting in total holdings of 111.32 BTC during the month of December
• Ethereum holdings of 800.89 ETH at the end of December
• Digihost is a blockchain technology company primarily focused on Bitcoin mining
• Digihost Technology Inc. (DGHI) opened trading at C$0.465 per share

Digihost Technology (DGHI) has announced unaudited comparative BTC production results for the month, quarter and year ended December 31, 2022.

The company mined approximately 832 BTC during the year ended December 31, 2022, exceeding 2021 annual production of 521 BTC by approximately 60 per cent.

Monthly production highlights for December 2022:

• Mined 56.96 BTC, resulting in total holdings of 111.32 BTC during the month of December, valued at approximately $1.84 million
• Ethereum (ETH) holdings of 800.89 ETH at the end of December, valued at approximately $0.96 million
• Total digital asset inventory value, consisting of BTC and ETH, of approximately $2.8 million as of December 31, 2022.  
• Cash and liquid assets as of December 31, 2022, totalled approximately $4.62 million.
• The company sold a portion of its BTC production in December to fully fund its energy costs.
• The only debt Digihost carries as of December 31, 2022, in addition to normal trade payables, is a vendor-take-back mortgage on its Alabama facility in the amount of $934,500.

Year-Over-Year quarterly comparison

The company mined an additional 18.24 BTC during the fourth quarter of 2022 compared to the fourth quarter of 2021, representing a year-over-year quarterly increase of 11 per cent.

Figure 2. Quarter-over-quarter BTC Production

Year-Over-Year full-year comparison

On a year-over-year basis, the company mined approximately 311.64 more BTC during the year ended December 31, 2022, compared to the year ended December 2021, representing an increase of approximately 60%.

Figure 1. Year-over-year FY BTC Production

In December 2022, the company received approval for the power plant acquisition from the Federal Energy Regulatory Commission. The acquisition is expected to close in Q1 of 2023. The power plant will provide a computing capacity of approximately 1.3 EH. Upon closing the acquisition, the company will immediately be able to utilize all 50MW of power for its mining infrastructure, which has already been installed on the property immediately adjacent to the power plant. When combined with Digihost’s current New York State operations, the total computing capacity from the company’s NYS operations is projected to be approximately 1.7 EH.

Alabama Site

The Alabama Site Phase 1 build-out continued on schedule and on budget, with an initial mining capacity of 100 PH/s coming online during the month of December. Phase 1, scheduled for completion in Q1 of 2023, will provide 22 MW of power, resulting in a total mining capacity of approximately 550 PH/s.   The Alabama Site has a total potential power capacity of 55 MW. 

Digihost’s total operating capacity, including the company’s existing NYS operations, the mining capacity from the NT power plant and Phase 1 of the Alabama Site build-out, is projected to be approximately 2.2 EH by the end of Q1 of 2023.

North Carolina expansion

As announced earlier this year, the company acquired 25 acres of land in North Carolina with a potential power allocation of 200 MW. Development of the North Carolina site is expected to begin in Q1 of 2024.

Digihost is a blockchain technology company primarily focused on Bitcoin mining.

Digihost Technology Inc. (DGHI) opened trading at C$0.465 per share.