Digihost Announces a 35% Month-Over-Month Increase in Bitcoin Production and Provides May 2023 Operational Update

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 4, 2022 to its short form base shelf prospectus dated February 23, 2022.

HOUSTON, June 01, 2023 (GLOBE NEWSWIRE) -- Digihost Technology Inc. (“Digihost” or the “Company”) (Nasdaq: DGHI; 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 May 31, 2023, combined with an operations update. All monetary references are expressed in USD unless otherwise indicated.

Monthly Production Highlights for May 2023

• Mined approximately 101 BTC, representing an increase of 35% in comparison to the previous month. The month-over-month growth in production was primarily driven by the efficiency of the Company’s mining operation and infrastructure setup at its most recently acquired site.
  
  
• Of the 101 BTC mined, approximately 77 were self-mined with the remainder under JV hosting partnerships.
  
  
• Production of BTC mined is expected to continue to ramp up over the remainder of the year as the Company finalizes the infrastructure setup at its most recently acquired site. Infrastructure installation has been completed at the Company’s other two sites.
  
  
• The Company held cash, BTC and cash deposits of approximately $2.7 million as of May 31, 2023 (based on a BTC price of $27,151 as of May 31, 2023 per CoinMarketCap), which was in line with Digihost’s cash and crypto holdings of $2.7 million as of April 30, 2023 (based on a BTC price of $29,269 as of April 30, 2023 per CoinMarketCap).
  
  
• During the month of May, the Company spent approximately $0.5 million on capital expenditure and mining infrastructure support equipment. Digihost continues to monitor its capital expenditures closely with self-funding to avoid equity dilution for its shareholders.
  
  
• Consistent with management’s ongoing commitment to avoid equity dilution for its shareholders, the Company has continued to monetize a portion of its BTC production to fully fund its energy costs.
  
  
• The Company did not purchase or sell any miners during the month.
  

Operations Update

As a result of the Company’s recent site acquisition in Q1 2023, Digihost’s consolidated operating capacity across its three sites has increased to approximately 100MW, representing approximately 2 EH of computing power.