Digihost Announces 45% YoY Increase in Bitcoin Mined And Provides February 2024 Production Update
$DGHI
Finance: Consumer Services
Finance
- The Company held cash, BTC and cash deposits of approximately $3.9 million as of February 29, 2024 (based on a BTC price of $61,198 as of February 29, 2024 per CoinMarketCap), an increase compared to Digihost's cash, BTC and cash deposits of $3.7 million as of January 31, 2024 (based on a BTC price of $42,583 as of January 31, 2024 per CoinMarketCap).
- Mined approximately 95 BTC. Daily BTC mined during the month decreased by 11% compared to January 2024, as overall BTC difficulty increased by approximately 16% during the month due to the surge of prices of certain cryptocurrencies during the month of February. Despite the increase in mining difficulty, the Company's ending BTC position increased over the previous month by approximately $0.3 million.
- On a year-over-year basis, the Company increased its daily BTC mined by 45% compared to February 2023.
- Spent approximately $1.3 million on capital expenditures, mining infrastructure support equipment, energy credits and collateral deposits, an increase of 333% over January 2024. Digihost continues to monitor its capital expenditures closely with self-funding to limit equity dilution for its shareholders.
- Consistent with management's ongoing commitment to minimize equity dilution for its shareholders, the Company has continued to monetize a portion of its BTC production to fully fund its energy costs.