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Disputed Power Plant Acquisition by Bitcoin Miner Digihost Completed, Doubling Energy Capacity

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Disputed Power Plant Acquisition by Bitcoin Miner Digihost Completed, Doubling Energy Capacity


Bitcoin mining company Digihost (DGHI) claimed it has finished the acquisition of a natural gas power plant in the state of New York, nearly two years after initially announcing its intention to do so. 

According to CEO Michel Amar, the Toronto-based company avoided taking on debt and diluting the stock of current shareholders by paying for the facility with cash. The business announced in March 2021 that it will pay $4.25 million in cash and equity. By the time of publication, it still hadn't replied to inquiries regarding the final pricing.

Digihost may better manage its energy expenses and sell power to the grid during periods of high demand by procuring a power producing asset. However, the changing cost of natural gas will affect input costs.

With the plant's 60 MW capacity, the company will have a total energy capacity of 100 MW, or around 2 exahashes per second (EH/s) of mining computational power. It stated in a statement from January that the initial operating rate for power generation will be around 50 MW. 

Concerning the acceptance of the power plant sale, environmental organizations have launched a lawsuit. They contend that because the plant will run continuously, its greenhouse gas emissions will increase by up to 3,500% even as the rest of New York attempts to significantly cut its pollution.

The January statement from Digihost stated that the company "believes that year-round, the plant would continue to produce electrical power to the grid on demand in order to fulfill customers' needs during extreme weather conditions and will also continue to run the plant as a peaker plant." Peaker plants, which typically run on fossil fuels, are activated when energy demand is high.

Article Credit: CoinDesk

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