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Cathedra Bitcoin Cuts Two-thirds Payroll Because Of The Bear Market

In an effort to combat market headwinds that have decreased the price of Bitcoin (BTC) this year, Bitcoin mining company Cathedra Bitcoin has reduced its employment by roughly two-thirds.

The miner claimed that the uptime of their computers had reached 98% on average. As of November 11, 2022, the company still sold almost all of the daily Bitcoin it had produced and had $2.5 million in cash and cash equivalents.

AJ Scalia, CEO of Cathedra Bitcoin, stated:

“Our primary aim is to ensure the survival of Cathedra during this challenging period, so that shareholders can benefit from the next Bitcoin bull cycle. We thank our shareholders for their continued support.”

Cathedra is one of several Bitcoin miners trying to make a profit since the value of their payouts is falling while running costs are rising due to rising power prices. One of the largest hosting businesses in the world, Compute North, filed for bankruptcy in September, and other major players in the industry, such as Argo Blockchain and Core Scientific, are experiencing cash flow problems.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.