Toronto-based bitcoin miner Digihost said it remains debt free and cash flow positive, bucking the bearish trend in the crypto mining industry. Reporting by oknightcrypto.
The Nasdaq-listed company mined 74.58 bitcoin 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 , which said that it may have toDigihost, 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,"
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Argo Blockchain shares fall 50% as Bitcoin miner faces negative cash flowArgo Blockchain previously had plans to raise £24 million ($27 million) via a subscription deal with a strategic investor earlier in October.
Baca lebih lajut »
Argo Blockchain Equity-Infusion Plan Collapses, Bringing Future Into QuestionBitcoin miner joins competitors in distress as crypto winter rolls on.
Baca lebih lajut »
Oil giant Saudi Aramco's quarterly profit surges 39% on higher pricesThe Saudi state oil giant also reported a record $45 billion in free cash flow.
Baca lebih lajut »
Bitcoin Price: “Uptober” Lives Up to ExpectationsMany market participants bought into “Uptober” optimism, with Bitcoin remaining above the $20,000 level
Baca lebih lajut »
Copper prints three-day downtrend around $3.40 on China-inspired fears, firmer DXYCopper remains bearish for the third consecutive day as sellers approach the $3.4000 psychological magnet heading into Monday’s European session, near
Baca lebih lajut »