Bitcoin

Digihost Shows Positive Effect Of Cash Flow Amid Bitcoin Miner’s Recession

Digihost Shows Positive Effect Of Cash Flow Amid Bitcoin Miner's Recession

According to a press statement issued by Canadian Bitcoin (BTC) miner Digihost on Tuesday, the firm is debt-free and cash-flow positive despite a general decline in the crypto-mining industry.

Digihost Shows Positive Effect Of Cash Flow Amid Bitcoin Miner's Recession 2

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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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.