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DGHI Digihost sees N.Y. regulator get sued over power plant

Canada StockWatch  


    Digihost Technology Inc (2) (TSX-V:DGHI)

    Shares Issued 27,988,013

    Last Close 1/19/2023 $1.47

    Friday January 20 2023 - News Release

    Mr. Michel Amar reports


    Digihost Technology Inc. has provided an update on its previously disclosed acquisition of a 60-megawatt power plant in North Tonawanda, N.Y. As previously announced, the company has received all state and federal regulatory approvals required to complete the acquisition, including approval of the acquisition from the Federal Energy Regulatory Commission and the New York Public Service Commission (PSC). The company is finalizing closing documentation with the vendors, and management anticipates that the acquisition will close within the next 30 days.

    Once the Acquisition is closed, the power plant will provide the Company with computing capacity of approximately 1.3 EH based upon an initial power generation run rate for the plant of approximately 50 MW, which the Company will be immediately able to utilize for its digital asset infrastructure which has already been engineered and set up on property immediately adjacent to the power plant. The recent decline in natural gas prices which commenced in Q3 2022 will contribute to lower input costs for the Company's blockchain data center network. The Company believes that year round, the plant will continue to provide electrical power to the grid on demand in order to meet customers needs during extreme weather conditions and will also continue to run the plant as a peaker plant. The acquisition of the NT power plant is expected to bring the Company's total computing power to approximately 2.0 EH and would add to the Company's diversified portfolio of blockchain network infrastructure, including sites located in New York, Alabama and North Carolina.

    The Company also notes that it has been made aware that a legal proceeding has been filed by the Sierra Club and the Clean Air Coalition of Western New York against the PSC, challenging the PSC's decision to approve the sale of the NT power plant. The Company is of the view that the proceeding is not material to the closing of the Acquisition, as the Company believes that the PSC acted within its legislative authority and took all appropriate steps and measures in granting the approval. The Company will provide further updates as more information becomes available.

    About Digihost Technology Inc.

    Digihost is a growth-oriented blockchain technology company primarily focused on the production of BTC. Through its digital asset infrastructure which also includes hosting joint venture agreements, the Company is currently hashing at a rate of approximately 715 PH/s.

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