Cathedra Bitcoin Unveils Plans for Off-Grid Bitcoin Mining in Texas – Cathedra Bitcoin Inc. and 360 Mining have partnered to establish mobile data centers and application-specific integrated circuit (ASIC) bitcoin miners at 360 Mining’s off-grid location in Texas, as announced on Friday. As per Cathedra Bitcoin (CBIT), they will be deploying bitcoin miners at 360 Mining’s off-grid campus in Texas.
The agreement states that CBIT will pay $55.00 per megawatt hour for the electricity consumed, along with receiving 10% of the total bitcoin mined at the site. This partnership grants CBIT access to two megawatts of mining capacity, which is projected to generate approximately 0.054 exahash per second (EH/s) or 54 petahash per second (PH/s) of capacity.
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If necessary and its “economically advantageous to do so,” the company can abstain from bitcoin mining and sell the natural gas on the open market. “We are excited to begin working with 360 Mining, a company run by bitcoiners who have put in the proof-of-work to develop off-grid mining expertise,” Cathedra’s chairman and president, Drew Armstrong stated. “This partnership is an important step for Cathedra.”
Armstrong added: “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.” Cathedra intends to initiate the deployment of its mobile bitcoin mining data centers, referred to as “Rovers.” Initially, these Rovers will be equipped with older models of mining machines, namely the Whatsminer M31S and M32S.
Cathedra acquired these machines through its partnership with Great American Mining during the period of 2021-2022. The company’s objective is to enhance the efficiency of these machines by leveraging its underclocking technology, thereby making them more energy-efficient. “Upon completion of any subsequent deployments, the Company expects the full 2.0 megawatts of bitcoin mining capacity under the partnership to produce at least 54 PH/s of incremental hash rate,” Cathedra’s announcement details.
Cathedra’s partnership with 360 Mining has emerged as a response to the growing trend of bitcoin mining companies scaling up their activities and procuring large numbers of ASIC machines to bolster their mining fleets. While the cryptocurrency bear market of 2022 posed significant challenges for bitcoin miners, the year 2023 has witnessed remarkable advancements for participants in BTC mining.
In recent times, the bitcoin mining industry has experienced a notable shift as companies seek to capitalize on the increasing demand for digital currencies. In line with this trend, Cathedra, in collaboration with 360 Mining, has recognized the potential for growth and profitability in this sector and forged a partnership to enhance their mining capabilities. One of the key strategies employed by mining companies is the acquisition of vast numbers of application-specific integrated circuit (ASIC) machines, which are specifically designed for mining bitcoins.
These powerful devices offer superior computational capabilities, enabling miners to solve complex mathematical algorithms and validate transactions on the bitcoin network more efficiently. Although the bear market of 2022 created a difficult environment for bitcoin miners, characterized by declining cryptocurrency prices and increased competition, the landscape has significantly transformed in 2023. As the market stabilizes and shows signs of recovery, mining participants are witnessing a resurgence in profitability and operational efficiency.