Digihost Technology Inc., a cutting-edge Bitcoin (“BTC”) mining business with a U.S. base, is happy to present unaudited comparative Bitcoin production results for the month, quarter, and year ended 2022, as well as an operations update. All references to money, unless otherwise specified, are in US dollars.
The Company is happy to report that it produced 832 BTC during the year that ended on December 31, 2022, which is an increase of about 60% over the annual production of 521 BTC in 2021.
A total of 111.32 BTC were held at the end of December, valued at about $1.84 million based on the BTC price of $16,547 as of that date. Mining 56.96 BTC achieved this.
800.89 Ethereum (“ETH”) holdings at the end of December were valued at about $0.96 million based on an ETH price of $1,197.
As of December 31, 2022, the value of the total digital asset inventory, which consists of BTC and ETH, was about $2.8 million. Furthermore, as of December 31, 2022, the Company had $1.82 million in cash on hand. Cash and liquid assets totaled approximately $4.62 million as of December 31, 2022.
Focus On The Volatility
At the beginning of 2023, volatility is being closely examined because traders are dissatisfied with the lack of noticeable movements in BTC/USD.
However, according to analytics resource Econometrics, there is no need for concern because Bitcoin is becoming more stable over time, which is a feature rather than a bug. BTC was described as “deep in a bear market” in a chart showing the average one-month realized volatility distribution for the cryptocurrency.
Data revealed that volatility began to decline at the same points in each four-year halving cycle, making the year 2022 a solid fit for the trend of volatility declining more in each year of a bear market.