Digihost Technology Held 10M In Cash And Bitcoin, Up 11% MoM

Author: Benzinga Newsdesk | December 02, 2024 06:12am

Digihost Technology Inc. ("Digihost" or the "Company") (TSXV:DGHI), an innovative energy infrastructure company that develops cutting-edge data centers, is pleased to provide unaudited comparative Bitcoin ("BTC") production results for the month ended November 30, 2024, combined with an operations update. All monetary references are expressed in USD unless otherwise indicated.

Monthly Production Highlights for November 2024

• The Company held cash, BTC and cash deposits of approximately $10.0 million as of November 30, 2024, which represents a roughly 11% MoM increase over the previous month (based on a BTC price of $97,200 as of November 30, 2024 and $71,000 as of October 31, 2024, per CoinMarketCap).
• Between self-mining and hosting agreements, miners at the Company's facilities produced approximately 37 BTC during the month of November.
• The Company invested approximately $0.4 million in November in capital expenditures, mining infrastructure support equipment, and deposits, bringing year-to-date CAPEX deployment to a total of nearly $5 million. This significant investment underscores Digihost's commitment to long-term growth while maintaining a disciplined approach to capital allocation, prioritizing self-funding to minimize equity dilution for shareholders wherever possible.
  
   

Operations Update

Presently, Digihost operates with approximately 100MW of available power across its three sites and has access to an additional 300MW of allocated power for future development. One of the Company's flagship plants was temporarily taken offline earlier in the quarter for scheduled multi-year maintenance and is expected to resume operations by the end of December 2024. The full utilization of this power capacity is projected to drive substantial revenue growth beginning in Q1, 2025.

The Company is currently contracted with a leading multi-billion dollar global engineering and consulting firm to initiate the pilot phase (up to 20MW) of its Tier 3 data center expansion in Alabama. It expects to complete the project by the end of 2025 or early 2026.

ESG Efforts & Update

Digihost is pleased to announce the successful deployment of the 5MW community solar project in Angola, NY, where the Company is the anchor subscriber. Located 30 miles from Digihost's East Delevan facility, the project now produces renewable electricity sufficient to power more than 2,500 homes annually. Over 50% of the energy utilized in Digihost's operations is currently sourced from zero-emission resources. This milestone underscores the Company's commitment to sustainability by supporting renewable energy development, adding clean energy to the grid and reducing electricity costs.

Posted In: DGHI TSXV:DGHI