VANCOUVER, British Columbia, Sept. 08, 2020 (GLOBE NEWSWIRE) -- Digihost Technology Inc. (“Digihost” or the “Company”) (TSXV: DGHI; OTC Pinks: HSSHF; Frankfurt: 1NQ1) is pleased to report revenue from digital currency mining of $1,089,877 for the three months ended June 30, 2020 compared to $838,310 for the three months ended March 31, 2020, representing a quarter over quarter increase of 30%.
Additional highlights for the three and six month periods ended June 30, 2020 as disclosed on SEDAR on August 31, 2020 are as follows:
The Company generated earnings before interest, taxes, depreciation, amortization and non-cash related stock based compensation of $399,604 for the quarter ended June 30, 2020 compared to a loss of $97,589 for the quarter ended March 31, 2020, representing an improvement of $497,193.
Gross margin on mining digital currency for the six months ended June 30, 2020 was 17%.
Professional fees for the quarter ended June 30, 2020 were $36,583 compared to $201,959 for the quarter ended March 31, 2020, representing an 82% decrease quarter over quarter. Professional fees for the three months ended March 31, 2020 included one-time contractual fees paid to previous directors and officers on change of control. The Company maintains a low monthly administrative cost for mining digital assets and currently none of the officers or directors of the Company receive salary or fees as the Company looks to improve profitability. Working capital as at June 30, 2020 was $1,206,029 compared to a working capital deficit of $274,713 as at December 31, 2019.
Michel Amar, Chairman and CEO, commented, “The most recent quarter proves we are working diligently on improving digital currency mining revenue and profits since our recent merger. Digital currency is continuously gaining momentum with the recent increase in the price of Bitcoin compared to the prior year. The Company has increased its mining capacity to accommodate this increase in the Bitcoin price and will continue to do so in the coming months.”
About Digihost Technology Inc.
Digihost Technology is a growth-oriented blockchain company primarily focused on bitcoin mining. The Company's mining facility is located in Buffalo, N.Y., with an 18.7-millivolt-ampere 115,000-kilovolt-ampere outdoor substation with an option to increase the power output to 42 MVA. Currently the Company has mining capacity of 164.44 P/Hs.
Additional Information For further information please contact:
Digihost Technology Inc. Michel Amar, Chief Executive Officer Email: michelamar@me.com T: 917-242-6549
News 
Market Data 
Discover 
