Crypto Miner Digihost Posts 671% Rise in y-o-y Bitcoin Production in November
Digihost Technology Inc. (TSXV: DGHI; Nasdaq: DGHI), a forward-thinking Bitcoin self-mining firm situated in North America, is delighted to give an unaudited Bitcoin production report for the month ending November 30, 2021. Digihost is a blockchain technology business that is largely focused on Bitcoin mining. The Company is now hashing at a rate of roughly 415PH via its self-mining activities and joint venture partnerships, with aspirations to develop to a hashrate of 3.6 EH by the end of 2022.
Produced 69.01 BTC throughout the month and received 10.67 BTC in profits from the sale of earlier generation unutilized miners, bringing total holdings to 570.95 BTC worth at about $32.7 million as of November 30, 2021, based on a BTC price of $57,350. Based on an ETH price of $4,750, total Ethereum holdings of 1,000.89 ETH were worth roughly $4.8 million as of November 30, 2021.
As of November 30, 2021, the total digital asset inventory value comprised of BTC and ETH was roughly $37.5 million. The total amount of cash and digital assets held was roughly $43.8 million. Year-to-date deposits of approximately $32.8 million on equipment and infrastructure slated for installation in Q4 2021 and Q1 2022 for the Company’s main business.
The Company got 2,700 new, technologically sophisticated, high-performance M30 Bitcoin miners for use in its mining activities in November. The present hashrate of the company is roughly 415PH, which is planned to expand to approximately 1.2EH by the end of Q1 2022. In November 2021, the Company mined about 42.86 more BTC than in November 2020, or a 164 percent gain. Using the November 30, 2021 and November 30, 2020 closing BTC prices (per CoinDesk), plus the rise in BTC produced in November 2021, the Company’s BTC mined in November 2021 grew by about $3.4 million, or 671 percent, over November 2020.
In November 2021, the Company mined an extra 27.17 BTC compared to October 2021, indicating a 65 percent increase. Based on the closing BTC prices on November 30, 2021 and October 31, 2021, plus the rise in BTC mined in November, the value of the Company’s BTC mined in November grew by roughly $1.4 million, or 54%, month over month. The Company’s strategic co-mining deal with Bit Digital USA, Inc (Nasdaq: BTBT) is in the works, with the deployment of BTBT miners at Digihost’s facilities scheduled to be completed by the end of Q2 2022.
The Company’s CEO, Michel Amar, commented, “November proved to be an exceptionally fruitful month for our mining business, as we raised our Bitcoin output by 54% over the previous month. This was the single biggest quantity of Bitcoin generated by the company in any given month in the company’s history, and with shipments of previously bought miners expected to accelerate in the coming months, we anticipate our Bitcoin output to grow even bigger as we expand.”