Digihost Bucks Bearish Trend Among Bitcoin Miners, Remains Cash-Flow Positive

The company remains debt free despite soaring energy prices and a stagnant crypto market.

AccessTimeIconNov 1, 2022 at 11:10 a.m. UTC
Updated May 9, 2023 at 4:01 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Canadian bitcoin miner Digihost (DGHI) remains debt free and cash-flow positive despite a wider downturn across the crypto-mining industry, according to a press release from the company on Tuesday.

The Nasdaq-listed company mined 74.58 bitcoins (BTC) in October, a 78% increase from last October, when it mined 41.84 bitcoins.

  • Why Presidential Candidate Vivek Ramaswamy Is So Pro-Crypto
    1:00:39
    Why Presidential Candidate Vivek Ramaswamy Is So Pro-Crypto
  • Bitcoin Ecosystem Developments in 2023 as BTC Hits Fresh 2023 High
    08:42
    Bitcoin Ecosystem Developments in 2023 as BTC Hits Fresh 2023 High
  • Bitcoin Extends Rally as $1B in BTC Withdrawals Suggests Bullish Mood
    01:10
    Bitcoin Extends Rally as $1B in BTC Withdrawals Suggests Bullish Mood
  • Bitcoin's Triangular Consolidation Offers Bullish Outlook: Technical Analysis
    01:10
    Bitcoin's Triangular Consolidation Offers Bullish Outlook: Technical Analysis
  • The crypto-mining industry has been thrust into uncertainty this year because of soaring energy prices and a market downtrend. Bitcoin miners have felt the squeeze, including Core Scientific (CORZ), which said that it may explore bankruptcy if its financial situation fails to improve.

    Digihost, meanwhile, now holds about $2.45 million worth of bitcoin and $1.29 million of ether (ETH) 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," CEO Michel Amar said in the release.

    "We have maintained these liquidity levels while internally funding 100% our infrastructure development and securing bonds for electric service," he added.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.