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.
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