Bitcoin miner beats the bears, registers 78% increase in mining figures

Bitcoin miner in profit

Canada-based Bitcoin miner Digihost has managed to maintain a good cash flow and debt-free position, according to the company’s latest press release. The Nasdaq-listed firm mined 74.58 BTC in October 2022. That’s a 78% increase compared to October 2021.

The miner currently holds $2.45 million in BTC, going by BTC’s price on 31 October 2022.

Despite existing market volatility, Digihost CEO Michel Amar pointed out, the miner could maintain decent cash and crypto-based liquidity, month-on-month. He also added that the company remains debt-free to date.

Why this Bitcoin miner development is important

At a time when bearish headwinds are impacting the cryptocurrency mining space, Digihost has managed to spell some hope for the mining community. Most crypto miners have been feeling the heat of spiking energy costs and the lowest possible hash prices in recent times. Hash rates are an indication of mining difficulty, and Bitcoin’s current rate is pretty high—at 271.89 EH/s.

Just yesterday, speaking to online news company Tech Crunch, Nick Hansen, CEO of crypto-mining company Luxor, said that miners are struggling at the moment with the miner revenue sitting at an all-time low.

Addressing the causes for the current state of crypto mining, Christopher Perceptions, CEO of NoCodeClarity, also said, to Tech Crunch, that rising inflation, looming global recession, and soaring electricity prices are some of the reasons for the precarious state of crypto mining.

Other factors include mining expansion, increased miner competitiveness, and the inflow of ETH miners into the BTC mining space.

Digihost seems to have bucked every bearish trend in the book to remain cash-positive. The news should therefore give some confidence to other Bitcoin miners.

How is Digihost managing this?

Digihost has managed to maintain its cash flow by selling off a portion of its BTC holdings last month. The sale was meant to cover its energy costs.

The CEO explained that they have maintained the liquidity levels by “internally funding 100%” of the company’s infrastructure development and “securing bonds for electric service.”

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