Digihost Technology Inc. (OTCMKTS: HSSHF) has entered a second strategic co-mining agreement with Bit Digital Inc. (NASDAQ: BTBT). According to the terms of the agreement, Digihost will offer certain premises to Bit Digital to run a 100 MW Bitcoin mining system expected to be delivered within two years by Bit Digital.
Digihost and Bit Digital expand the agreement
The expanded strategic partnership between the companies will facilitate more hashrate increase by around 2 EH between Bit Digital and Digihost. A total hashrate increase between the companies of 2.4 EH includes the first partnership agreement announced on June 10, 2021.
As per the agreement terms, Digihost will offer management and power services for the miners’ operation. In exchange for the service, after compensating Digihost for the power, the companies will engage in a profit-sharing agreement that depends on a certain distribution formula. The delivery of the miners and their installation will be in January 2022.
Digihost CEO Michel Amar said, “We are committed to build on and expand our strategic collaboration with Bit Digital, which based on current Bitcoin metrics, is expected to deliver significant results through the overall increase in hashrate of 2.4 EH between the two companies. Our business strategy continues to be growth through the expansion of our mining infrastructure, vertical integration of green sources of energy and tactical partnerships with leading companies in the blockchain sector, while striving to maintain our focus on being an industry leading ESG company.”
Agreement to enable rapid deployment of miners
Bryan Bullett, the Bit Digital CEO, commented, “By signing this agreement, we believe that Bit Digital has secured power and hosting sufficient to complete the migration of our current fleet to North America in full, and additional capacity to accommodate expected miner purchases This agreement with Digihost secures a key component of activating this opportunity, and is expected to enable rapid deployment of newly purchased miners.”
