CA - Cathedra 360 Mining team up for off-grid Bitcoin mining

2023-06-02 07:38:38 ET

Cathedra Bitcoin ( OTCQX:CBTTF ) entered an off-grid Bitcoin ( BTC-USD ) mining collaboration with 360 Mining.

Under the agreement, Cathedra will deploy mobile data centers and bitcoin mining machines at 360 Mining's off-grid site in Texas.

Natural gas and power generation infrastructure will be supplied by 360 Mining to provide electricity to Cathedra's bitcoin mining equipment.

Cathedra will pay 360 Mining $55 per megawatt hour for power consumed, plus 10% of gross bitcoin mined at the site.

The companies added that they have the option to abstain from mining bitcoin to sell the natural gas to market if it is economically advantageous. The collaboration gives Cathedra the rights to 2.0 megawatts of power capacity, with an initial deployment of 0.3 megawatts, which is expected to be completed in the coming 60 days.

Cathedra noted that the partnership expands its operating footprint to a fourth U.S. state and it becomes the only publicly listed bitcoin miner with operations using both on- and off-grid energy sources.

Initially, Cathedra will deploy one of its bitcoin mining "Rovers," mobile bitcoin mining data centers which it designed, outfitted with legacy Whatsminer M31S and M32S machines from its partnership with Great American Mining.

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