Digihost Technology, an innovative U.S. based blockchain technology and computer infrastructure company, is pleased to provide an update on its operational sustainability initiatives along with delivering unaudited comparative Bitcoin (“BTC”) production results for the month ended June 30, 2023, combined with an operations update. All monetary references are expressed in USD unless otherwise indicated.
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A cornerstone of Digihost’s business strategy is to continue to mine BTC in an efficient and environmentally conscious manner, thereby minimizing the Company’s carbon footprint. The Company is pleased to report the following Green Energy milestones:
- The New York Independent System Operator (“NYSIO”) Power Trends 2023 reports that “Upstate New York” production is now 93% emissions free.
- Six months earlier than anticipated, the Company’s East Delevan facility is now the anchor subscriber to a community solar project in National Grid territory that generates more than 5MW’s of renewable energy into the National Grid system. This commitment aids in the development of future renewable energy development, as well as helps lower the costs of operations.
- Digihost entered into an additional NYISO-level curtailment program that demands fast acting curtailment of load. The Company’s flexible electricity load and proprietary software allows for rapid response to signals sent by the system operator, which then provides reliability and price stability to the grid during times of need.
Luke Marchiori, the Company’s Chief Sustainability Officer, stated: “Developing facilities with access to abundant renewable and zero-emissions electricity has always been paramount during site selection. Participating in the rapid response NYISO curtailment program, as well as being the anchor subscriber of a Community Solar project, not only conveys our commitment to environmental stewardship, but also lowers our cost of BTC production.”
Digihost continues to assess several alternatives including the purchase of carbon credits to reduce its already low carbon footprint. The Company’s long-term plans for growth include vertical integration of power production from low-cost, clean and renewable sources of energy.
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Monthly Production Highlights for June 2023
- Mined approximately 70 BTC. Of the 70 BTC mined, approximately 54 were self-mined with the remainder under JV hosting partnerships.
- Production of BTC mined is expected to continue to ramp up over the remainder of the year as the Company finalizes the infrastructure setup at its most recently acquired site. Infrastructure installation has been completed at the Company’s other two sites.
- The Company held cash, BTC and cash deposits of approximately $2.3 million as of June 30, 2023 (based on a BTC price of $30,477 as of June 30, 2023 per CoinMarketCap), which was in line with Digihost’s cash and crypto holdings of $2.7 million as of May 31, 2023 (based on a BTC price of $27,151 as of May 31, 2023 per CoinMarketCap).
- During the month of June, the Company spent approximately $0.4 million on capital expenditure and mining infrastructure support equipment. Digihost continues to monitor its capital expenditures closely with self-funding to avoid equity dilution for its shareholders.
- Consistent with management’s ongoing commitment to avoid 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.
Operations Update
As a result of the Company’s recent site acquisition in Q1 2023, Digihost’s consolidated operating capacity across its three sites has increased to approximately 100MW, representing approximately 2 EH of computing power.
The Company projects that total capacity will be fully deployed by the end Q3 2023. The plant will continue flexible operations to ensure that 24/7 dispatchable electrical supply is made available to upstate New York area residents, businesses and industry to mitigate impacts of power interruptions.
Digihost is a growth-oriented technology company focused on the blockchain industry. The Company operates from three sites in the U.S. and, in addition to managing its own operations, provides hosting arrangements at its facilities.
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