Crypto Miner Digihost's December Bitcoin Production Falls 11%

The miner has signed agreements with Bit Digital and Northern Data to boost its hashrate.

AccessTimeIconJan 12, 2022 at 1:59 p.m. UTC
Updated Jan 12, 2022 at 2:02 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Nasdaq and TSX listed crypto miner Digihost (DGHI) saw a drop in bitcoin production in December 2021, according to a press release on Wednesday.

  • The company mined 61.53 bitcoin in December, down 11% compared to 69.01 in November, according to the statement.
  • Mining difficulty on the bitcoin network has been increasing since a July low, as more miners are coming online.
  • The number brings Digihost's total bitcoin mined for the fourth quarter to 172.4, its highest on record. The December yield took its total bitcoin holdings to 631.9 ($27.4 million).
  • In May, Digihost bought 10,000 machines from Northern Data, which have been gradually shipped to its facilities. The remaining 3,400 mining rigs will arrive at its data center by the end of February, the company said.
  • In July, it also signed a co-mining deal with Bit Digital for a 100 megawatt facility. It expects the mining machines to be deployed in Q2 2022.
  • The miner has also received "all planning board permits and compliance approvals" to ramp up the development of a 60MW power plant in New York, which it expects to be completed by mid-February. However, it is still waiting for the final approval from utilities regulator, Public Service Commission, for the acquisition of the building.
  • Digihost also changed its Q3 earnings statement to account for a $1,498,085 deferred tax provision as an expense, turning a reported Q3 2021 profit of $762,931, to a loss of $771,154.

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Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.