- Digihost Technology (DGHI) has announced it has entered into an agreement with Bit Digital USA
- Under the agreement, the collaboration is expected to generate a hash rate increase of 400 PH between the two companies
- Digihost will be the provider of power for the operation of the miners in addition to management services to maintain 95 per cent uptime on the miners
- The companies will then engage in a profit-sharing agreement based on a fixed distribution formula
- Miners will be delivered and installed by the fourth quarter of the year, Digihost says
- Shares of Digihost are down 0.56 per cent to C$1.78 as of 2:05 p.m. EDT
Digihost Technology (DGHI) has announced it has entered into an agreement with Bit Digital USA.
Under the terms of the agreement, Digihost will provide to Bit Digital certain locations in order to operate and store a 20 MW bitcoin mining system.
Digihost will also provide a range of services in order to maintain the location for a two-year term.
As such, it is expected the collaboration will generate an increase in hashrate of roughly 400 PH.
“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," Michael Amar, CEO of Digihost, said in a release.
He also said the company's business strategy continues to be growth through expanding its mining infrastructure, vertical integration of low-cost and clean energy and strategic partners with companies in the blockchain industry among others.
"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," Bryan Bullett, CEO of Bit Digital, said in the release. "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."
With its office headquarters in Toronto, Digihost is primarily focused on bitcoin mining and has its mining facilities located in Upstate New York.
The facilities are equipped with 78.7 MW of low-cost power and has the option to expand that to 12 MW.
Shares of Digihost are down 0.56 per cent to C$1.78 as of 2:05 p.m. EDT.