Canadian Bitcoin miner Digihost remains debt-free and cash flow positive despite a wider downturn across the crypto mining industry.Read MoreCoinDesk
Canadian Bitcoin miner Digihost (DGHI) remains debt-free and cash flow positive despite a wider downturn across the crypto mining industry, according to a press release.
The Nasdaq-listed company mined 74.58 bitcoin (BTC) in October, a 78% increase compared to October last year when it mined 41.84 bitcoin.
The crypto mining industry has been thrust into uncertainty this year due to soaring energy prices and an overall crypto market downtrend. Several companies have felt the squeeze including Core Scientific (CORZ), which said that it may have to explore bankruptcy if its financial situation fails to improve.
Digihost, meanwhile, now holds approximately $2.45 million worth of bitcoin and $1.29 million of ether based on crypto prices on Oct. 31. It also holds $3.42 million in cash.
In order to remain cash flow positive, Digihost sold a portion of its bitcoin holdings in October to cover energy costs.
“Despite current volatile economic conditions, Digihost has been able to maintain good liquidity levels of cash and crypto holdings on a month-to-month basis relative to the size of our operations and of equal importance, the company continues to be debt free,” said Michel Amar, Chairman and CEO of Digihost.
“We have maintained these liquidity levels while internally funding 100% our infrastructure development and securing bonds for electric service,”
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