Digihost Reports 18% Growth in Crypto Holdings and Updates June Production

Digihost Technology Inc. reported an 18% increase in cash and crypto position for June 2024, with a total of $7.1 million. The company produced approximately 45 BTC through self-mining and hosting, and entered a new agreement to integrate 11,000 S21 miners, expecting to increase hash rate to 3.2 EH/s by Q3 2024. Capital expenditures for the month were around $0.4 million.

In the dynamic world of cryptocurrency mining, Digihost Technology Inc. (Nasdaq / TSXV: DGHI) has been making waves with its robust cash and crypto position and ambitious expansion plans ([1]). With a total cash, Bitcoin (BTC), and cash deposit value of approximately $7.1 million as of June 30, 2024, the company has experienced a notable 18% increase compared to the previous month ([1]).

The Texas-based blockchain technology and computer infrastructure company generated roughly 45 BTC through self-mining and hosting during June 2024. This production figure underscores Digihost's commitment to enhancing its BTC mining capabilities, as the company continues to explore strategic opportunities to diversify its revenue streams ([1]).

One such strategic move includes the integration of 11,000 state-of-the-art S21 miners, which are expected to increase Digihost's hash rate to approximately 3.2 Exahashes per second (EH/s) by the end of Q3 2024 ([1]). This expansion aligns with the company's goal of minimizing equity dilution for its shareholders, as it deploys these next-generation, energy-efficient miners in phases ([1]).

Capital expenditures for June 2024 amounted to around $0.4 million, which covered mining infrastructure support equipment, deposits, and other expenses. This figure highlights Digihost's commitment to monitoring its capital expenditures closely and using self-funding to limit equity dilution for its shareholders ([1]).

As of June 30, 2024, Digihost's consolidated operating capacity across its three sites represented approximately 90 Megawatts (MW) of available power, with a mining hashrate of 2 EH/s. This operational efficiency positions Digihost favorably as it continues to navigate the competitive cryptocurrency mining landscape.

In conclusion, Digihost Technology Inc.'s strong cash and crypto position, strategic expansion plans, and operational efficiency make it a compelling player in the ever-evolving world of cryptocurrency mining. With its commitment to minimizing equity dilution for shareholders and enhancing BTC production capabilities, Digihost is well-positioned for continued success in the industry.

References:
[1] Digihost Technology Inc. "Digihost Announces 18-Month Over Month Increase in Cash and Crypto Position and Provides June 2024 Production Update." July 2, 2024. https://www.globenewswire.com/news-release/2024/07/02/2907256/0/en/Digihost-Announces-18-Month-Over-Month-Increase-in-Cash-and-Crypto-Position-and-Provides-June-2024-Production-Update.html