The mining firm is cutting down costs amid the market downturn.Read MoreCoinDesk
Bitcoin mining firm Cathedra Bitcoin (CBIT) slashed its payroll by almost two-thirds as it tries to tackle market headwinds that have cut the price of bitcoin (BTC) by more than 60% this year.
The Canadian company is one of many bitcoin miners struggling to break even as the dollar value of their rewards declines while surging power prices increase operational expenditures. Compute North, one of the biggest hosting firms, filed for bankruptcy in September, while other majors like Argo Blockchain (ARBK) and Core Scientific (CORZ) are facing a liquidity crunch.
Cathedra has been cutting costs in the last two months through a “combination of lay-offs and salary reductions, canceling real estate leases, and eliminating significant other general and administrative costs,” the firm said in a press release Monday.
The miner said its machines have been running with average uptime of 98% and it has been consistently liquidating its mined bitcoin.
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Crypto expert Michaël van de Poppe recently revealed that he had sold all his Bitcoin…
According to data from CoinMarketCap, Bitcoin rose by 2.9% on Friday to trade above $67,000…
The cryptocurrency market has been on a hot streak in the past few days, with…
Crypto expert Willy Woo has predicted that Bitcoin will still make significant moves to the…
According to Ki Young Ju, CEO of CryptoQuant, the Bitcoin current market dynamics suggest a…
Point72, the $34 billion hedge fund of billionaire and owner of the New York Mets,…