TORONTO–(BUSINESS WIRE)–$CBIT #Bitcoin–(Block Height: 763,073) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Cathedra” or the “Company”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, today announced the following operations updates.
In the last 60 days, the Company has implemented additional measures to reduce operating expenses and increase cash flow, cutting payroll by over 60% through a combination of lay-offs and salary reductions, canceling real estate leases, and eliminating significant other general and administrative costs.
Notwithstanding the decline in bitcoin mining conditions, the Company’s existing bitcoin mining operations across its five locations continue to produce positive operating cash flow with strong uptime. As of November 11, 2022, the Company’s 203 PH/s of bitcoin mining hash rate produced trailing 30-day revenues of US$414,640 from average uptime of 98%. The Company continues to liquid
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