Cathedra Announces A Partnership With 360 Mining To Promote Bitcoin Mining
- Cathedra Bitcoin intends to set up shop in 360 Mining’s Texas facility.
- The company also said it could stop mining Bitcoin to sell natural gas.
- The arrangement includes 2 megawatts of mining capacity, with a 0.3-megawatt deployment to begin within the next 60 days.
Cathedra Bitcoin has engaged in an off-grid Bitcoin mining partnership with 360 Mining.
Cathedra will build mobile data centers and Bitcoin mining equipment for 360 Mining’s off-grid facility in Texas under the terms of the deal. 360 Mining will offer natural gas and power-generating infrastructure to power Cathedra’s Bitcoin mining equipment.
The deal calls for a total supply of 2 megawatts of mining capacity, with a 0.3-megawatt deployment to begin within the next 60 days. Cathdera announced Friday that the site is expected to provide at least 54 petahash per second (PH/s) additional hashrate when fully operational.
Cathedra, located in Vancouver, will pay the Austin, Texas-based firm $55 per megawatt hour of electricity utilized, plus 10% of the total Bitcoin produced at the location.
Cathedra’s Chairman and President, Drew Armstrong, stated:
“This partnership is an important step for Cathedra. With the onset of the bitcoin bear market last year, we were forced to pause our Rover manufacturing efforts and pursuit of off-grid energy to focus on maximizing near-term operating cash flow. As part of this focus on profitability, we pioneered the use of underclocking techniques on latest-generation machines to improve efficiency and operating margins.”
Cathedra said that the agreement increases its operational footprint to a fourth U.S. state, making it the first publicly traded Bitcoin miner to use both on- and off-grid energy sources. Off-grid energy allows Bitcoin miners to avoid some of the accusations that they are disrupting the electrical system owing to the power consumption required while simultaneously having the option of selling power to the grid if it is beneficial.
The company also said that if it is economically beneficial, they may forego mining Bitcoin in order to sell natural gas to the market.
Cathedra will first deploy one of its bitcoin mining “Rovers,” which are mobile bitcoin mining data centers that Cathedra created and furnished with old Whatsminer M31S and M32S machines from its relationship with Great American Mining. The business hopes to use its industry-leading underclocking skills on these machines to reach an efficiency of about 37 joules per terahash, which is up to a 30% increase over the machines’ factory efficiency.
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