DGHI - Digihost's Bitcoin production grows 35% in May

2023-06-01 06:45:07 ET

Digihost Technology ( NASDAQ: DGHI ) said it mined ~101 Bitcoin ( BTC-USD ) in May, a growth of +35% M/M.

The growth was mainly due to the efficiency of the company's mining operation and infrastructure setup at its recently acquired site, Digihost noted.

Of the 101 BTC mined, ~77 were self-mined, while the remaining were under a JV partnerships.

Digihost added that production of BTC mined is expected to continue to ramp up in the rest of the year as it finalizes the infrastructure setup at the recently acquired site.

Infrastructure installation has been completed at the other two sites, according to DGHI.

As of May 31, the company had cash, BTC and cash deposits of ~$2.7M, in line with cash and crypto holdings of $2.7M as of April 30.

Digihost noted that it did not buy or sell any miners in May.

The company spent ~$0.5M on capital expenditure and mining infrastructure support equipment. Digihost added that it has continued to monetize a part of its BTC production to fully fund its energy costs.

Digihost said that due to the site acquisition in Q1 its operating capacity across its three sites has grown to ~100MW, representing ~2 EH of computing power.

The total capacity is expected to be fully deployed by the end Q3.

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