Digihost Raises $4 Million in Private Placement

IconCryptoNewsTerminal Staff16 Aug, 2024

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Digihost Raises $4 Million in Private Placement

Digihost Technology Inc., a Canadian bitcoin mining company, has closed a non-brokered private placement financing for gross proceeds of $4 million. The funds will be used for general corporate purposes and infrastructure expansion. The company plans to use the funds to expand its operations and increase its hashrate, which is a measure of the computational power used to mine bitcoin. Digihost currently operates a mining facility in North Bay, Ontario, and plans to open a second facility in Quebec in the near future. The private placement was led by Canaccord Genuity Corp. and included participation from a number of institutional investors. This is the second private placement financing that Digihost has completed in the past year. In March 2021, the company raised $5 million in a similar financing. The proceeds from both financings will be used to support Digihost's growth plans. The company is targeting a hashrate of 1 exahash per second (EH/s) by the end of 2022.

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