- Cryptocurrency miner, Digihost Technology Inc (TSXV:DGHI) has outlined new plans to move into the medical mask and personal protective equipment sector
- Due to the ongoing COVID-pandemic, the company has decided to begin sourcing and selling personal protective equipment, which is currently in high demand
- However, the company’s mining operations will remain ongoing in conjunction with the new venture
- Digihosts may continue selling personal protective equipment after the pandemic subsidies, if increased demand from governments and institutions remains high
- Digihost Technology Inc (DGHI) is up 13.6 per cent, with share trading at C$0.25 and a market cap of $2.5 million
Cryptocurrency miner, Digihost Technology Inc (TSXV:DGHI) is now moving into the medical mask and personal protective equipment sector.
After reviewing its operations, the company has determined it has the capacity to begin importing, selling and eventually manufacturing medical masks, during the ongoing COVID-19 pandemic.
The company may continue to operate in the personal protective equipment sector after the pandemic subsidies.
Digihost believes that increased demand for the products, from governments and institution hoping to protect against further outbreaks, is likely to extend past the pandemic’s immediate affects.
Digihost Technology will continue its cryptocurrency mining operations alongside the new venture. Warehouse space at Digihost’s New York facility will be utilised for storage and as a base of operations.
Michel Amar, CEO, stated he’s pleased to be part of the worldwide effort to combat novel coronavirus.
“Our Company is eager to put the availability of our resources to use in combatting the spread of the COVID-19 virus and are happy to assist the global efforts to stop this virus in any way we can.
“We believe that as a result of COVID-19, a new reality now exists that will require healthcare providers and governments to have adequate PPE inventories and comprehensive strategic plans to protect people in the future against inevitable viral outbreaks,” he said.
Digihost’s mining operations in New York were temporarily halted last month, due to health concerns as the state’s coronavirus cases began to rise sharply.
On April 7, the company announced it was recommenced its operations at 75 per cent of capacity, while continuing to maintain health and safety precautions.
Digihost Technology did not state whether the recent instability in the price of bitcoin motivated the company’s new direction.
Digihost Technology Inc (DGHI) is up 13.6 per cent, with share trading for C$0.25 at 9:40am EST.