Digihost Technology Inc. has announced that its revenues from digital currency mining hiked 30% on a quarter-on-quarter (QoQ) basis.
The company’s revenues reached $1.089m in Q2 of 2020, compared to $838,310 in Q1 of 2020.
Digihost gained earnings before interest, taxes, depreciation, amortisation and non-cash related stock-based compensation of $399,604 during Q2 2020.
It comes after the company recorded a loss of $97,589 in Q1 2020. This represents an improvement of $497,193, according to Bloomberg.
The company added in a statement that its gross margin on mining digital currency hit 17% during the first half of 2020.
Professional fees for the quarter ended 30 June were $36,583, compared to $201,959 for the quarter ended 31 March.The statement read
The company clarified that the decrease was 82%.
It added that professional fees during Q1 of 2020 included one-time contractual fees paid to previous directors and officers on change of control.
According to the statement, Digihost maintains a low monthly administrative cost for mining digital assets. Currently, none of the directors of the Company receive salary or fees as the Company looks to improve profitability.
Moreover, working capital as at June 30, 2020 was $1,206,029 up from a deficit of $274,713 by end of 2019.
The most recent quarter proves we are working diligently on improving digital currency mining revenue and profits since our recent merger.Chairperson and CEO Michel Amar
Amar added that digital currency is continuously gaining momentum with the recent increase in the price of Bitcoin compared to the prior year.
Digihost has increased its mining capacity to accommodate this increase in the Bitcoin price and will continue to do so in the coming months.Michel Amar
More about Digihost Technology
Digihost Technology operates as a blockchain company. It focuses on validation through mining, hosting solutions, and blockchain software solutions.
Digihost’s mining facility is located in Buffalo, N.Y., with an 18.7-millivolt-ampere 115,000-kilovolt-ampere outdoor substation. It has an option to increase the power output to 42 MVA. Currently the Company has mining capacity of 164.44 P/Hs, according to the statement.