Digihost Announces Audited Year End 2020 Financial Results
TORONTO, May 03, 2021 (GLOBE NEWSWIRE) -- Digihost Technology Inc. (“Digihost” or the “Company”) (TSXV: DGHI; OTCQB: HSSHF) announces its results for the year ended December 31, 2020 (all amounts in U.S. dollars, unless otherwise indicated), and provides a 2021 year-to-date operations update. The Company’s audited consolidated financial statements and management’s discussion and analysis (“MD&A”) thereon for years ended December 31, 2020 and 2019 have been filed and made accessible under the Company’s continuous disclosure profile on SEDAR at www.sedar.com.
Michel Amar, CEO of Digihost, stated: “Although 2020 was a challenging year for all crypto currency miners including Digihost, during the last few months of the year, and through the first four months of 2021, we have embarked upon a transformative period for our Company.”
Beginning in 2021, the Company achieved many significant milestones in its evolution as a top tier blockchain technology company, highlighted by the following achievements:
Michel Amar commented: “We are extremely excited about the potential for the remainder of the year as we continue to build on our Company’s momentum established during the first four months of 2021. Having recently raised a significant amount of capital, combined with our inventory of 309 bitcoins, Digihost has the liquidity to allow us to capitalize on opportunities that would significantly expand our Bitcoin mining operations through the acquisition of new miners and the continued growth of Digihost’s hashing capabilities, thereby creating increased value for our shareholders.”
Fiscal Year 2020 Highlights
Michel Amar also stated: “After closing our reverse takeover transaction with HashChain Technology Inc. and full vertical integration of our operations in February of last year, the outbreak of COVID-19 had a negative impact on the Company and resulted in a temporary shut down of our Bitcoin mining operations for a portion of the year. The May 2020 Bitcoin halving event also had an expected negative impact on some of our key financial metrics for the year as the expected rise in the price of Bitcoin was delayed until the fourth quarter of 2020.”
Highlights of fiscal 2020 are as follows:
About Digihost Technology Inc.
Digihost Technology Inc. is a growth-oriented blockchain technology company primarily focused on Bitcoin mining. The Company's mining facilities are located in Upstate New York, and are equipped with 78.7 MW of low-cost power with the option to expand to 102MW. The Company is currently hashing at a rate of 190PH with potential to expand to a rate of 3EH upon the completion of the previously announced acquisition of a 60MW power plant.
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