- Digihost Technology (DGHI) has completed a transaction with Grede II to acquire property in the state of Alabama
- The acquisition is meant to expand Digihost’s current operational capacity
- The total cash consideration paid for the property by the company was US$1.5 million
- An additional $1.25 million will be paid in 25 equal instalments of $50,000 per month
- Digihost is a blockchain technology company primarily focused on BTC mining
- Digihost Technology Inc. was down 5.66 per cent, trading at C$1.50 at 11:30 AM ET
Digihost Technology (DGHI) has completed a transaction with Grede II to acquire property in the state of Alabama.
The acquisition is for the purposes of expanding Digihost’s current operational capacity.
The total cash consideration paid for the property by the company was US$1.5 million. An additional $1.25 million will be paid in 25 equal instalments of $50,000 per month.
“The successful acquisition of our new site in Alabama marks a significant milestone in Digihost’s history, firmly establishing the company as a leading Bitcoin mining platform operating with jurisdictional diversification,” noted Michel Amar, Chairman and CEO of Digihost.
“With Digihost’s capability to build out the existing infrastructure in place at the property and implement best-in-class construction, development, and operational excellence, the company is well-positioned to increase the scale and scope of its operations with this new site while utilizing clean and renewable energy sources in the process,” he added.
Digihost plans to immediately commence construction and the development of the facilities in Alabama with the goal of bringing the property to a hashing capacity of 28 MW by the end of the third quarter of 2022 and a total of 55 MW by the end of the first quarter of 2023.
In line with this capacity expansion, the company’s intention is to send a portion of its existing mining inventory to Alabama to allow Digihost to capture significant synergies, which, in concert with the lower direct energy costs it is procuring from Alabama Power, will help reduce the company’s overall operational costs.
Digihost is a blockchain technology company primarily focused on BTC mining.
Digihost Technology Inc. was down 5.66 per cent, trading at C$1.50 at 11:30 AM ET.