Digihost Technology Inc., an innovative U.S. based blockchain technology and computer infrastructure company, is pleased to provide unaudited comparative Bitcoin (“BTC”) production results for the month ended May 31, 2024, combined with an operations update. All monetary references are expressed in USD unless otherwise indicated.
Monthly Production Highlights for May 2024
- The Company held cash, BTC and cash deposits of approximately $6.0 million as of May 30, 2024 (based on a BTC price of $68,500 as of May 30, 2024 per CoinMarketCap), as compared to $6.7 million as of April 30, 2024 (based on a BTC price of $60,970 as of April 30, 2024 per CoinMarketCap).
- Between self-mining and hosting agreements, miners at the Company’s facilities produced approximately 50 BTC during the month of May, as the full impact of the Bitcoin halving event that occurred during the month of April, which reduced the rewards available for mining, were experienced this month.
- Spent approximately $2.2 million on capital expenditures, mining infrastructure support equipment and deposits. 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.
NASDAQ Notification
On May 24, 2024, the Company received a notice (the “Notice”) from The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of not having timely filed its Annual Report on Form 20-F (the “Form 20-F”) for the fiscal year ended December 31, 2023 (“Fiscal Year 2023”), the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of all required periodic reports with the U.S. Securities and Exchange Commission.
The Company does not expect that the Notice will have any immediate impact on the listing of the Company’s securities, which are expected to continue to trade on Nasdaq, subject to the Company’s compliance with the other continued listing requirements of Nasdaq. Under the Nasdaq Listing Rules, the Company has 60 calendar days from the date of the Notice to submit a plan of compliance to Nasdaq. If Nasdaq accepts the plan, Nasdaq can grant the Company an exception of up to 180 calendar days from the original due date of the Form 20-F to regain compliance. However, there can be no assurance that Nasdaq will accept the Company’s plan to regain compliance or that the Company will be able to regain compliance within any extension period granted by Nasdaq. If the Company fails to timely regain compliance with the Nasdaq Listing Rules, the securities of the Company may be subject to delisting from Nasdaq.
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