Digihost Completes Acquisition of 55 MW Site in Alabama
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.
TORONTO, June 22, 2022 (GLOBE NEWSWIRE) -- Digihost Technology Inc. (“Digihost” or the “Company”) (Nasdaq: DGHI; TSXV: DGHI), an innovative U.S. based Bitcoin (“BTC”) mining company, is pleased to announce that it has completed its previously announced transaction with Grede II, LLC to acquire property in the state of Alabama in order to expand the Company’s current operational capacity. The total cash consideration paid for the property by the Company was $1.5 million, with an additional $1.25 million to be paid in 25 equal monthly installments of $50,000 per month. All monetary references in this press release are expressed in USD unless otherwise indicated.
“The successful acquisition of our new site in Alabama marks a significant milestone in Digihost’s history, firmly establishing the Company as a leading Bitcoin mining platform operating with jurisdictional diversification,” said Michel Amar, Chairman and CEO of Digihost. “With Digihost’s capability to build out the existing infrastructure in place at the property and implement best-in-class construction, development, and operational excellence, the Company is well-positioned to increase the scale and scope of its operations with this new site while utilizing clean and renewable energy sources in the process.”
Digihost plans to immediately commence construction and the development of the facilities in Alabama with the goal of bringing the property to a hashing capacity of 28 MW by the end of the third quarter of 2022 and a total of 55 MW by the end of the first quarter of 2023. In line with this capacity expansion, the Company’s intention is to send a portion of its existing mining inventory to Alabama to allow Digihost to capture significant synergies, which, in concert with the lower direct energy costs it is procuring from Alabama Power, will help reduce the Company’s overall operational costs.
Digihost is a growth-oriented blockchain technology company primarily focused on BTC mining. Through its self-mining operations and joint venture agreements, the Company is currently hashing at a rate of approximately 650 PH/s.
All hosting fees and joint venture profit sharing are treated as operating expenses in the Company’s consolidated financial statements.
For further information, please contact:
Digihost Technology Inc.
Email: [email protected]