Digihost’s Hashrate Doubles to 2EH/s as of January 1st 2024

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, Jan. 02, 2024 (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 announce its Bitcoin (“BTC”) mining hashrate has reached 2 EH/s, more than doubling production capacity in just one year, and provides unaudited comparative Bitcoin production results for the month ended December 31, 2023, combined with an operations update. All monetary references are expressed in USD unless otherwise indicated.

Key Highlights

• Achieved a Bitcoin mining hashrate of 2 EH/s, representing an increase of 180% on a year-over-year basis.

• Presently, Digihost’s consolidated operating capacity across its three sites represents approximately 90MW of available power. Coupled with the strategic plan of obtaining new generation miners in 2024 through either purchase or engaging in joint ventures, the Company’s management projects to be over 6 EH/s of hashrate by the end of 2024.

Monthly Production Highlights for December 2023

• Mined approximately 82 BTC. Daily BTC mined during the month increased by 44% compared to December of the previous year, as on a year-over-year basis the Company has enhanced its mining operations by virtue of infrastructure buildouts and hosting agreements.
  
  
• The Company held cash, BTC and cash deposits of approximately $2.8 million as of December 31, 2023 (based on a BTC price of $42,265 as of December 31, 2023 per CoinMarketCap), as compared to Digihost’s cash, BTC and cash deposits of $2.1 million as of November 30, 2023 (based on a BTC price of $37,713 as of November 30, 2023 per CoinMarketCap).
  
  
• Spent approximately $0.3 million on capital expenditures, mining infrastructure support equipment and collateral deposits. Digihost continues to monitor its capital expenditures closely with self-funding to limit equity dilution for its shareholders.
  
  
• Consistent with management’s ongoing commitment to minimize 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.
  

Alabama Site

Phase 1 build-out at the Company’s site in Alabama was completed in the first half of 2023. The Alabama Site has a total potential power capacity of 55 MW. The Company is presently working on the design of Phase 2 for the Alabama Site, which could provide Digihost with an additional 33 MW of power.