Cathedra Bitcoin Unveils Plans for Off-Grid Bitcoin Mining in Texas

On Friday, Cathedra Bitcoin Inc. introduced a partnership with 360 Mining, revealing plans to deploy cell knowledge facilities and application-specific built-in circuit (ASIC) bitcoin miners at 360 Mining’s off-grid location in Texas.

360 Mining and Cathedra Bitcoin Announce Texas Bitcoin Mining Venture

According to Cathedra Bitcoin (CBIT), the agency shall be deploying bitcoin miners at 360 Mining’s off-grid Texas campus. CBIT pays $55.00 per megawatt hour for energy consumed, plus 10% of gross bitcoin mined on the web site, the announcement particulars. The deal provides CBIT the rights to 2 megawatts of mining capability which might produce an estimated 0.054 exahash per second (EH/s) or 54 petahash per second (PH/s) of capability.

If needed and its “economically advantageous to take action,” the corporate can abstain from bitcoin mining and promote the pure gasoline on the open market. “We are excited to start working with 360 Mining, an organization run by bitcoiners who’ve put within the proof-of-work to develop off-grid mining experience,” Cathedra’s chairman and president, Drew Armstrong said. “This partnership is a crucial step for Cathedra.”

Armstrong added:

With the onset of the bitcoin bear market final yr, we had been pressured to pause our Rover manufacturing efforts and pursuit of off-grid vitality to deal with maximizing near-term working money circulation.

Cathedra plans to deploy its personal cell bitcoin mining knowledge facilities, known as “Rovers,” to start out with. These Rovers shall be outfitted with older fashions of mining machines, particularly the Whatsminer M31S and M32S, which Cathedra obtained via its partnership with Great American Mining in 2021-2022. The agency goals to optimize these machines utilizing its underclocking expertise, with the purpose to make them extra energy-efficient.

“Upon completion of any subsequent deployments, the Company expects the total 2.0 megawatts of bitcoin mining capability underneath the partnership to supply no less than 54 PH/s of incremental hash price,” Cathedra’s announcement particulars. Cathedra’s collaboration with 360 Mining comes within the wake of quite a few bitcoin mining firms expanding their operations and acquiring thousands of ASIC machines for his or her fleets. Despite the challenges confronted by bitcoin miners throughout the crypto bear market of 2022, 2023 has introduced important enhancements for BTC mining individuals.

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