A number of bitcoin miners are going through a “cryptozyma” difficult, but there are financially prominent companies.
Digihost, a U.S.-based bitcoin mining company, shows with its reporting that there are companies in this field that show an example of financial sustainability. Digihost, for example, has bitcoin mining volume rose in October was up about 78 percent from the same month a year ago, from 41.84 to 74.58 BTC.
The total amount of bitcoins on the balance sheet of the organization, whose shares are traded on the U.S. Nasdaq and the Toronto Stock Exchange, rose to 118.16 BTC, equivalent to $2.45 million, based on a BTC price of $20,705,000 as of Oct. 31, 2022. Ethereum reserves on Digihost’s balance sheet are valued at 800.89 ETH, equivalent to $1.29 million based on an ETH price of $1.62k at the end of October. The company has chosen to hold most of its liquid funds in these cryptocurrencies ($3.74 million) rather than in dollar cash ($3.42 million).
Digihost noted that in October it was able to negotiate a price reduction of 25% with the supplier of natural gas, which generates electricity for the company’s mining equipment in the United States.
In addition, the company noted that it has no debt and that “despite fickle economic circumstances, Digihost has been able to achieve a good level of liquidity in the form of cryptocurrencies and cash dollars in line with our operating activities.” It was emphasized that the company only provides funding for its own infrastructure with its own funds.
Commenting on the business outlook, Digihost said that given the current performance hash rate, bitcoin mining challenges, and bitcoin prices, “the company expects to continue to generate positive cash flow from operations, while planning to maintain a zero debt burden.”