Mr. Michel Amar reports

DIGIHOST REPORTS POSITIVE ADJUSTED EBITDA FOR Q2 2023

Digihost Technology Inc. has provided a summary of its unaudited financial results for the second quarter ended June 30, 2023. All amounts reported herein are presented in United States dollars, unless otherwise indicated. The company's unaudited consolidated financial statements, and management's discussion and analysis (MD&A) for the three- and six-month period ended June 30, 2023, have been filed and made accessible under the company's continuous disclosure profile on SEDAR and are also accessible on the U.S. Securities and Exchange Commission's EDGAR website.

Comparative financial highlights for the three-month period ended June 30, 2023:

• Revenue from digital currency mining and sale of energy of $5.9-million reported for the three-month period ended June 30, 2023, compared with $7.5-million for the three-month period ended June 30, 2022. The decrease in revenue is primarily driven by the period-over-period decline in the price of bitcoin (BTC).
• The company mined approximately 191 BTC for the three-month period ended June 30, 2023, at an average BTC price of approximately $28,021 (calculated from BTC prices per CoinMarketCap), compared with the three-month period ended June 30, 2022, in which the company mined approximately 252 BTC at an average price of bitcoin of approximately $33,032 (calculated from BTC prices per CoinMarketCap).
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) for the three-month period ended June 30, 2023, of $1.43-million, an increase of approximately 92 per cent from the company's reported adjusted EBITDA for the three-month period ended March 31, 2023.
• Total assets of $50.8-million as at June 30, 2023 (Q1 2023: $51.9-million).
• Cash and cash equivalents of $3.4-million as at June 30, 2023 (Q1 2023: $3.4-million).
• Property, plant and equipment, consisting primarily of the company's BTC miners and mining infrastructure, of $40.3-million (Q1 2023: $41.3-million).
• During the quarter, the company spent approximately $1.5-million on capital expenditure and mining infrastructure support equipment. Digihost continues to monitor its capital expenditures closely, with self-financing to avoid equity dilution for its shareholders.

The company achieved significant milestones year-to-date 2023:

• The company mined approximately 359 BTC;
• Digihost has acquired approximately 2,000 high-performance BTC miners;
• The company completed an all-cash acquisition of a 60 MW (megawatt) power plant in North Tonawanda, N.Y.;
• The company is currently mining at a rate of approximately one EH (exahash);
• Consistent with management's continuing commitment to avoid equity dilution for its shareholders, the company has continued to monetize a portion of its BTC production to fully finance its energy costs.

At-the-market financing update

On March 4, 2022, the company entered into an offering agreement with H.C. Wainwright & Co. LLC as agent, pursuant to which the company established an at-the-market equity program. From the commencement of the ATM program through March 31, 2023, the company issued 235,566 subordinate voting shares in exchange for gross proceeds of $383,059, at an average share price of $1.66, and received net proceeds of $367,601 after paying commissions of $11,492 to the agent and incurring $3,965 of other transaction fees.

During the quarter ended June 30, 2023, the company issued 45,579 subordinate voting shares in exchange for gross proceeds of $80,481, at an average share price of $1.77, and received net proceeds of $76,679 after paying commissions of $2,414 to the agent and incurring $1,388 of other transaction fees.

About Digihost Technology Inc.

Digihost is a growth-oriented technology company focused on the blockchain industry. The company operates from three sites in the United States and, in addition to managing its own operations, provides hosting arrangements at its facilities.

We seek Safe Harbor.