Digihost Announces 60% Month-Over-Month Increase in Cash and Crypto Position and Provides March 2024 Production Update

HOUSTON, April 01, 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 provide unaudited comparative Bitcoin (“BTC”) production results for the month ended March 31, 2024, combined with an operations update. All monetary references are expressed in USD unless otherwise indicated.

Monthly Production Highlights for March 2024

• The Company held cash, BTC and cash deposits of approximately $6.2 million as of March 31, 2024 (based on a BTC price of $71,200 as of March 31, 2024 per CoinMarketCap), as compared to $3.9 million as of January 31, 2024 (based on a BTC price of $61,198 as of February 29, 2024 per CoinMarketCap), representing an increase over the previous month of approximately 60%.
  
  
• The increase in the Company’s ending cash, BTC, and cash deposits position over the previous month is partially due to the execution of a multi-year hosting agreement with one of the world’s leading manufacturers of digital currency mining servers that it announced on March 5, 2024. Under the executed agreement, Digihost received an upfront deposit along with 4,640 S19 XPs (21.5W/TH), which equates to approximately 14MW of hosting. The Company plans to deploy these next generation, highly energy efficient and high-performance miners prior to the next Bitcoin halving. The deployment will result in an expected hash rate increase of approximately 700 PH/s, bringing Digihost’s total hash rate to 2.4 EH/s.
  
  
• Mined approximately 91 BTC during the month of March, representing a decrease of Daily BTC mined during the month decrease of 2% compared to February 2024, as overall BTC difficulty increased by approximately 5% during the month due to the continued rise in prices of certain cryptocurrencies during the month of March. Despite the increase in mining difficulty, the Company’s ending BTC position increased over the previous month by approximately $1.4 million.
  
  
• During the period, the Company paid off in the full the remaining balance owed on a BTC loan payable.
  
  
• Spent approximately $0.2 million on capital expenditures and mining infrastructure support equipment. 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.