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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.