Digihost Announces Launch of the DigiGreen Initiative
07 June 2021 - 9:30PM
Digihost Technology Inc. (“
Digihost” or the
“
Company”) (TSXV: DGHI; OTCQB: HSSHF) is pleased
to announce the launch of its new DigiGreen Initiative, an industry
leading plan to reduce the Company’s already low carbon footprint.
In addition to achieving technological and economic excellence,
since inception, the Company has focused on being a good corporate
citizen and operating its business in an environmentally and
socially responsible way. As part of this mandate, the Company
located its cryptocurrency mining farm in Upstate New York to take
advantage of the low carbon emission energy profile of that area.
The Company believes that more can be done to further reduce its
carbon footprint, while maintaining its industry leading efficient
cryptocurrency mining operations, and is therefore pleased to share
with the marketplace information on the new DigiGreen Initiative.
DigiGreen Initiative
DigiGreen Initiative will focus on four
immediate steps designed to create sustainable, environmentally and
economically sound in-house practices, which will distinguish the
Company as an industry leader in maintaining profitability, while
lowering or eliminating its carbon footprint:
a. Corporate Leadership:
Recognizing the need for top-down leadership, the Company has
commenced a search for a Chief Renewable Energy Officer
(“CREO”). The CREO will report directly to the CEO
and the President of the Company and help to advise the Board of
Directors on the progress of short-term goals and the development
of a sustainable long-term renewable energy plan. The CREO will
also be responsible for creating and supporting dynamic educational
outreach programs with research institutions to test, prove-out,
and onboard future fuel technology options;
b. Engage in “Bridge” and Renewable
Energy Sources: Digihost previously reported in a press release
that over 90% of the energy currently consumed by the Company in
its Bitcoin mining operations is from sources that create zero
carbon emissions and more than 50% of the energy consumed by the
Company is generated from renewable sources. As the Company intends
to purchase and bring online its own power generation facilities,
it will focus on powering these facilities using “bridge” power
sources, meaning low-carbon, or renewable sources of energy where
available. For example, sourcing renewable natural gas
(“RNG”), a natural gas developed from the
collection and conditioning of organic waste, lowers carbon not
just at the point of use but across the entire system, removing
waste that would otherwise sit in fields (cattle and dairy farms)
or in landfills. The end result is a fuel that is lower-carbon than
natural gas, requires no infrastructure redevelopment in plants
already designed for natural gas, and removes a large source of
carbon (methane derived from waste) from the environment.
The CREO will be responsible for
sourcing RNG for the Company’s North Tonawanda facility, as well as
designing 100% renewable energy strategies for powering North
Tonawanda as well as new power facilities to be acquired by the
Company;
c. Develop In-House Standards of
Measuring Climate Impact: Initial research has already commenced on
developing proprietary standards for measuring the Company’s carbon
impact. The CREO, in conjunction with the CEO and the President,
will be empowered to use this standard as an environmental audit
tool for the various operating units of Digihost, to generate
accountability reports, and to advise Directors and Shareholders on
efforts to minimize the Company’s the carbon footprint. We believe
this standard will eventually become an industry standard and
provide a template for industry colleagues, regulators, and others
to better understand the climate impact of blockchain technology
moving forward; and
d. Explore Alternative Ways to
Reduce Overall Carbon Footprint: In the short-term, DigiGreen
Initiative will focus internally, creating best practices standards
and securing bridge and renewable energy sources to reduce the
Company’s already low carbon footprint. Long-term goals will
incorporate a broader view of improving the geographic areas that
the Company operates in and the sector as a whole, and the CREO
will explore new ways to achieve these goals by:
- Exploring green space initiatives
to improve the communities that the Company operates in and create
offsets as we lower our overall carbon footprint, helping to ensure
and protect green space and resources;
- Partnering with research
institutions, to pioneer, develop, and implement new renewable fuel
options, such as hydrogen power, to bring these technologies to
market sooner; and
- Collaborating with industry
colleagues to maximize the positive impact companies can have as a
whole, while also helping to establish guidelines, standards, and
best practices for new market entrants.
Michel Amar, the Company’s CEO stated, “We are
pleased to share our plan to introduce the new DigiGreen
Initiative, which is intended to provide additional transparency
and useful information on our Company’s efforts to minimize its
impact on the global environment. The addition of the newly created
role of Chief Renewable Energy Officer to our management team is a
positive step forward for Digihost as we continue our growth
trajectory and create shareholder value in an environmentally and
socially responsible way.”
About Digihost Technology
Inc.
Digihost Technology Inc. is a growth-oriented
blockchain technology company primarily focused on Bitcoin mining.
The Company's mining facilities are located in Upstate New
York, and are equipped with 78.7 MW of low-cost power with the
option to expand to 102MW. The Company is currently hashing at a
rate of 200PH with potential to expand to a rate of 3EH upon the
completion of the previously announced acquisition of a 60MW power
plant.
For further information, please contact:
Digihost Technology Inc.Michel Amar, Chief
Executive Officer www.digihost.caT: 1-818-280-9758
Email: michel@digihost.ca
Cautionary StatementTrading in
the securities of the Company should be considered highly
speculative. No stock exchange, securities commission or other
regulatory authority has approved or disapproved the information
contained herein. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements
Except for the statements of historical fact, this news release
contains “forward-looking information” and “forward-looking
statements” (collectively, “forward-looking information”) that is
based on expectations, estimates and projections as at the date of
this news release. Forward-looking information in this news release
includes information about listing on Nasdaq, hashrate expansion,
diversification of operations to include Ethereum technology,
potential further improvements to profitability and efficiency
across mining operations, potential for the Company’s long-term
growth, and the business goals and objectives of the Company.
Factors that could cause actual results, performance or
achievements to differ materially from those described in such
forward-looking information include, but are not limited to: risks
relating to completion of the Nasdaq listing process, continued
effects of the COVID19 pandemic may have a material adverse effect
on the Company’s performance as supply chains are disrupted and
prevent the Company from operating its assets; a decrease in
cryptocurrency pricing, volume of transaction activity or
generally, the profitability of cryptocurrency mining; further
improvements to profitability and efficiency may not be realized;
the digital currency market; the Company’s ability to successfully
mine digital currency on the cloud; the Company may not be able to
profitably liquidate its current digital currency inventory, or at
all; a decline in digital currency prices may have a significant
negative impact on the Company’s operations; the volatility of
digital currency prices; and other related risks as more fully set
out in the Annual Information Form of the Company and other
documents disclosed under the Company’s filings at www.sedar.com.
The forward-looking information in this news release reflects the
current expectations, assumptions and/or beliefs of the Company
based on information currently available to the Company. In
connection with the forward-looking information contained in this
news release, the Company has made assumptions about: the current
profitability in mining cryptocurrency (including pricing and
volume of current transaction activity); profitable use of the
Company’s assets going forward; the Company’s ability to profitably
liquidate its digital currency inventory as required; historical
prices of digital currencies and the ability of the Company to mine
digital currencies on the cloud will be consistent with historical
prices; and there will be no regulation or law that will prevent
the Company from operating its business. The Company has also
assumed that no significant events occur outside of the Company's
normal course of business. Although the Company believes that the
assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of
future performance and accordingly undue reliance should not be put
on such information due to the inherent uncertainty
therein.
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