Digihost and Bit Digital Announce Expansion of Strategic Collaboration to Further Increase Combined Hashrates by 2 EH
26 Julho 2021 - 08:00AM
Digihost Technology Inc. (TSXV: DGHI; OTCQB: HSSHF)
(“
Digihost”) and Bit Digital, Inc. (Nasdaq: BTBT)
(“
Bit Digital”) (together, the
“
Companies”) are pleased to announce that the
Companies have entered into a second strategic co-mining agreement
(the “
Agreement”). Pursuant to the terms of the
Agreement, Digihost will provide certain premises (the
“
Premises”) to Bit Digital for the operation of a
100 MW Bitcoin mining system (the “
Miners”) to be
delivered by Bit Digital for a term of two years. This expanded
collaboration between Digihost and Bit Digital is expected to
facilitate an additional increase in hashrate of approximately 2 EH
between the companies, and a total increase in hashrate between the
two companies of approximately 2.4 EH including the initial
collaboration agreement that was previously announced on June 10,
2021.
Under the terms of the Agreement, Digihost will
provide power and management services for the operation of the
Miners. In consideration for these services, after paying Digihost
a competitive rate for power, Digihost and Bit Digital will
participate in a profit-sharing arrangement based on a fixed
distribution formula. It is expected that the Miners will be
delivered and installed beginning in January 2022.
Michel Amar, Digihost’s CEO, stated: “We are
committed to build on and expand our strategic collaboration with
Bit Digital, which based on current Bitcoin metrics, is expected to
deliver significant results through the overall increase in
hashrate of 2.4 EH between the two companies. Our business strategy
continues to be growth through the expansion of our mining
infrastructure, vertical integration of green sources of energy and
tactical partnerships with leading companies in the blockchain
sector, while striving to maintain our focus on being an industry
leading ESG company. We are also excited to share with the
marketplace that we are currently in the process of establishing a
research and development facility in Houston, Texas, which will
serve as the technology headquarters for the Company from where we
plan to explore cloud computing, artificial intelligence and deep
learning applications. The expansion into Texas fits with our
objective of geographic diversification and access to top tier
human resources in the technology sector. We look forward to
providing further updates on these most recent developments.”
Bryan Bullett, Bit Digital’s CEO, stated: “By
signing this agreement, we believe that Bit Digital has secured
power and hosting sufficient to complete the migration of our
current fleet to North America in full, and additional capacity to
accommodate expected miner purchases. As previously announced, we
anticipate significant purchase activity in the coming months, due
to spot market dislocation in China and our unique access to that
market. This agreement with Digihost secures a key component of
activating this opportunity, and is expected to enable rapid
deployment of newly purchased miners. We are delighted to build on
our existing collaboration with Digihost, and look forward to
continued successes together.”
About Digihost Technology
Inc.
Digihost Technology Inc. is a growth-oriented
blockchain technology company primarily focused on Bitcoin mining.
The Company is currently hashing at a rate of 200PH with plans to
expand to a hashrate of 3.6 EH by the end of the first half of
2022.
About Bit Digital, Inc.
Bit Digital, Inc. is a bitcoin mining company
with one of the largest currently-owned fleets among US-listed
bitcoin miners at over 1.9 EH. Headquartered in New York with
offices in Miami Beach, Bit Digital’s mining operations are in the
United States and Canada. For further information, please
contact:
Digihost Technology
Inc.www.digihost.caMichel Amar, Chief Executive
Officer T: 1-818-280-9758Email: michel@digihost.ca
Bit Digital, Inc.
www.bit-digital.comSam Tabar, Chief Strategy
OfficerT: +1 (917) 854-6357Email: sam@bit-digital.com
Cautionary Statement
Trading in the securities of the Company should
be considered highly speculative. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Except for the statements of historical fact,
this news release contains “forward-looking information” and
“forward-looking statements” (collectively, “forward-looking
information”) that is based on expectations, estimates and
projections as at the date of this news release. Forward-looking
information in this news release includes information about
hashrate expansion, diversification of operations, potential
further improvements to profitability and efficiency across mining
operations, potential for the Company’s long-term growth, and the
business goals and objectives of the Company. Factors that could
cause actual results, performance or achievements to differ
materially from those described in such forward-looking information
include, but are not limited to: continued effects of the COVID19
pandemic may have a material adverse effect on the Company’s
performance as supply chains are disrupted and prevent the Company
from operating its assets; the ability to establish new facilities
for the purpose of research & development; a decrease in
cryptocurrency pricing, volume of transaction activity or
generally, the profitability of cryptocurrency mining; delivery of
mining rigs for hosting may not be realized in the number
anticipated, or at all, and resulting hashing power may materially
differ from that anticipated; further improvements to profitability
and efficiency may not be realized; the digital currency market;
the Company’s ability to successfully mine digital currency on the
cloud; the Company may not be able to profitably liquidate its
current digital currency inventory, or at all; a decline in digital
currency prices may have a significant negative impact on the
Company’s operations; the volatility of digital currency prices;
and other related risks as more fully set out in the Annual
Information Form of the Company and other documents disclosed under
the Company’s filings at www.sedar.com. The forward-looking
information in this news release reflects the current expectations,
assumptions and/or beliefs of the Company based on information
currently available to the Company. In connection with the
forward-looking information contained in this news release, the
Company has made assumptions about: the current profitability in
mining cryptocurrency (including pricing and volume of current
transaction activity); profitable use of the Company’s assets going
forward; the Company’s ability to profitably liquidate its digital
currency inventory as required; historical prices of digital
currencies and the ability of the Company to mine digital
currencies on the cloud will be consistent with historical prices;
and there will be no regulation or law that will prevent the
Company from operating its business. The Company has also assumed
that no significant events occur outside of the Company's normal
course of business. Although the Company believes that the
assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty therein.
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