Due to extreme economic conditions and the bear market, many crypto and bitcoin mining companies have suffered huge losses for 2022. Many have closed their doors and declared bankruptcy in the crypto snow. The crisis did not affect all of the cryptocurrency firms. While some have risen from the brink of disaster, others remain in dire straits.
Digihost is a Canadian Bitcoin mining business that was just released a press release revealing that they are still debt-free. Despite all the difficulties facing crypto-mining, Digihost has maintained a positive cashflow.
Digihost’s headquarters is located in Toronto Canada. Digihost mines cryptocurrency from a data center that is low-cost and uses very little energy.
Digihost Defies Financial Downtime Among Bitcoin Miners
Digihost mined 74.8 BTC, an increase of 78% compared with the 41.84 BTC mined last year. Digihost’s productivity soared when other crypto miners report bearish returns.
High energy costs and market volatility caused many uncertainty in the cryptocurrency industry over recent months. Core Scientific (CORZ), the biggest Bitcoin miner, was one of the many to take the blow. Core Scientific (CORZ) may go bankrupt if the company’s financial situation does not improve.
Core Scientific’s shares continued downward in the last month and plummeted by 15% on Friday, October 28. Core Scientific warned investors that they could face bankruptcy if the conditions are not improved.
Digihost has Bitcoin worth $2.45 million, and ether worth $1.29 Million according to current market prices. Digihost also has $3.42million 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.
CEO of Digihost says Digihost will remain afloat in the face of economic volatility and bearish trends
Michel Amar (CEO and Chairman of Digihost) stated that Digihost maintains strong liquidity and cryptocurrency holdings throughout the month, despite fluctuations in the economy. Amar said that the operation’s size is comparable to their liquidity cash and cryptocurrency holdings. He also noted that Digihost would maintain an unencumbered record.
He stated further that the company maintained its liquidity, while funding infrastructure development internally. They have also been using bonds to finance electric services.
Digihost’s CEO stated that they plan to continue maintaining positive cash flows despite current market conditions and hashing difficulties, as well as high energy prices. Digihost intends to finance its current development programs and will remain debt-free, even in bearish markets.
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 announced it had been notified of its share listing on Nasdaq Stock Market.
Pixabay featured Image, Charts from Tradingview
