Bitcoin Mining Firm Digihost Remains Debt Free Amid Bearish Market
01 Noviembre 2022 - 12:43PM
NEWSBTC
Many Crypto and Bitcoin mining firms have recorded huge losses in
2022 due to the ongoing bear market and extreme economic
conditions. As a result, some have packed up, while others declared
bankruptcy amid the crypto winter. However, not all the crypto
firms got severely affected during the crisis. Some have managed to
rise from danger, while others are still struggling. A recent press
release revealed that Digihost, a Canadian Bitcoin mining firm
remains free from debts. The firm has managed to maintain a
positive cash flow despite the downtime facing the entire
crypto-mining sector. Related Reading: Trick Or Treat For Bitcoin
On Halloween Night? | BTCUSD Analysis October 31, 2022 Digihost has
its headquarters in Toronto, Canada. The firm mines cryptocurrency
in a low-cost and low-energy consumption data center. Digihost
Defies Financial Downtime Among Bitcoin Miners Digihost mined 74.58
BTC, a 78% increase in productivity compared to the 41.84 BTC it
mined last year. When other crypto miners are recording bearish
returns, Digihost experienced a boost in productivity. The past
months in the crypto industry had many uncertainties because of
high energy prices and market downtime. Many mining firms, like
Core Scientific (CORZ), the highest Bitcoin miner, took the hit.
Core Scientific may lean towards bankruptcy if its financial
condition remains down. Core Scientific’s shares continued downward
in the last month and plummeted by 15% on Friday, October 28. The
firm warned its investors about the impending danger of bankruptcy
if conditions do not improve. However, Digihost currently holds
Bitcoin worth about $2.45 million and ether worth $1.29 million
following market prices as of October 31. The firm also holds $3.42
million in cash. Following the financial crisis, Digihost had to
sell a portion of its Bitcoin holdings to cover October’s energy
cost and remain afloat. Digihost Will Remain Afloat Despite
Economic Volatility and Bearish Trends, Says CEO Chairman and CEO
of Digihost, Michel Amar, said the firm maintains good liquidity
and crypto holdings from month to month despite the economic
volatilities. According to Amar, their operation size matches the
liquidity cash level and amount of crypto holding. In addition, he
noted that Digihost would continue to maintain a debt-free record.
The CEO further said the firm maintained its liquidity while
internally funding its infrastructure development. He also said
they have been securing bonds for electric services. Related
Reading: The Inverted Bitcoin Chart Bears Don’t Wanna See | BTCUSD
Analysis October 27, 2022 Furthermore, Digihost CEO said they
expect to maintain positive cash flow despite the current market
conditions, hashing difficulty, and high energy costs. Digihost
seeks to continue funding its existing development initiatives and
would adhere to its debt-free policy regardless of the bearish
conditions. Amar said he is happy to inform Digihost’s shareholders
that he acquired shares in the open market as CEO in October. While
comparing the firm’s year on performance, its mining added 32.74
BTC in October 2022. Digihost also announced that it received
notification of its shares listing on the Nasdaq Stock market.
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