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Digihost Bucks Bearish Trend Among Bitcoin Miners, Remains Cash-Flow Positive
The company remains debt free despite soaring energy prices and a stagnant crypto market.
Updated May 9, 2023, 4:01 a.m. Published Nov 1, 2022, 11:10 a.m.
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 from the company on Tuesday.
The Nasdaq-listed company mined 74.58 bitcoins (BTC) in October, a 78% increase from last October, when it mined 41.84 bitcoins.
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The crypto-mining industry has been thrust into uncertainty this year because of soaring energy prices and a market downtrend. Bitcoin miners have felt the squeeze, including Core Scientific (CORZ), which said that it may explore bankruptcy if its financial situation fails to improve.
Digihost, meanwhile, now holds about $2.45 million worth of bitcoin and $1.29 million of ether (ETH) 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," CEO Michel Amar said in the release.
"We have maintained these liquidity levels while internally funding 100% our infrastructure development and securing bonds for electric service," he added.
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