Cathedra Joins Forces with 360 Mining to Promote Bitcoin Mining

Cathedra Bitcoin and 360 Mining have begun working together to develop an off-grid Bitcoin mining operation.

Cathedra Joins Forces With 360 Mining To Promote Bitcoin Mining

Cathedra, a Vancouver-based company, will construct mobile data centers and Bitcoin mining apparatus for 360 Mining’s off-grid facility in Texas, per the terms of the agreement. 360 Mining will provide Cathedra’s Bitcoin mining equipment with natural gas and electricity infrastructure in exchange.

The deal stipulates a total mining capacity of 2 megawatts, with a scheduled initial deployment of 0.3 megawatts within the next 60 days. When fully operational, the site is anticipated to contribute at least 54 petahash per second (PH/s) of additional hashrate.

Cathedra will pay $55 per megawatt-hour of electricity consumed, in addition to 10% of all Bitcoins generated at the site, to 360 Mining.

Drew Armstrong, the company’s chairman, and president, explained the significance of this agreement:

“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.”

According to Cathedra, this partnership establishes Cathedra as the first publicly traded Bitcoin miner to use both on-grid and off-grid energy. Using off-grid energy enables Bitcoin miners to avoid accusations of disrupting the electrical grid due to high power consumption while also allowing them to sell excess power to the grid for mutual benefit.

Cathedra Joins Forces With 360 Mining To Promote Bitcoin Mining

In addition, Cathedra mentioned that, if economically advantageous, they may prioritize natural gas sales over Bitcoin mining. Initially, Cathedra intends to deploy one of its mobile bitcoin mining data centers, dubbed “Rovers,” which will be outfitted with refurbished Whatsminer M31S and M32S machines acquired through a partnership with Great American Mining.

The company intends to utilize its exceptional underclocking capabilities to achieve an efficiency of approximately 37 joules per terahash, representing an improvement of up to 30 percent over the machines’ factory efficiency.