Almost two years after first announcing the planned acquisition of a natural gas power plant in the state of New York, bitcoin mining firm Digihost (DGHI) said it has completed the purchase.

The Toronto-based firm was able to pay for the plant with cash, so avoided taking on debt or diluting existing shareholders' equity, CEO Michel Amar said in a Wednesday press release. In March 2021, the company said it would pay $4.25 million in cash and stock. It hadn't responded to requests about the final price by publication time.

By securing a power generation asset, Digihost can better control its energy costs and sell power to the grid at times of peak demand. However, input costs will depend on the variable cost of natural gas.

(By Eliza Gkritsi)