Digihost Shows Positive Effect Of Cash Flow Amid Bitcoin Miner's Recession
In October, the firm mined 74.58 Bitcoins, a 78% increase over the previous month’s total of 41.84 Bitcoins.
Digihost liquidated a chunk of its Bitcoin assets in October to cover energy expenditures to remain cash-flow positive.
Based on October 31 crypto values, Digihost now has about $2.45 million in Bitcoin and $1.29 million in Ether (ETH). It also has $3.42 million in cash on hand.
Because of skyrocketing energy prices and a market decline, the crypto-mining business has been thrown into disarray this year. Bitcoin miners have felt the pinch, notably Core Scientific, which has stated that if its financial condition does not improve, it may file for bankruptcy. Argo Blockchain is another notable example.
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