On Friday, Cathedra Bitcoin Inc. announced a partnership with 360 Mining, revealing plans to deploy mobile data centers and application-specific integrated circuit (ASIC) bitcoin miners at 360 Mining’s off-grid location in Texas.
360 Mining and Cathedra Bitcoin Announce Texas Bitcoin Mining Venture
According to Cathedra Bitcoin (CBIT), the firm will be deploying bitcoin miners at 360 Mining’s off-grid Texas campus. CBIT will pay $55.00 per megawatt hour for power consumed, plus 10% of gross bitcoin mined at the site, the announcement details. The deal gives CBIT the rights to two megawatts of mining capacity which could produce an estimated 0.054 exahash per second (EH/s) or 54 petahash per second (PH/s) of capacity.
If necessary and its “economically advantageous to do so,” the company can abstain from bitcoin mining and sell the natural gas on the open market. “We are excited to begin working with 360 Mining, a company run by bitcoiners who have put in the proof-of-work to develop off-grid mining expertise,” Cathedra’s chairman and president, Drew Armstrong stated. “This partnership is an important step for Cathedra.”
Armstrong added:
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.
Cathedra plans to deploy its own mobile bitcoin mining data centers, called “Rovers,” to start with. These Rovers will be equipped with older models of mining machines, specifically the Whatsminer M31S and M32S, which Cathedra obtained through its partnership with Great American Mining in 2021-2022. The firm aims to optimize these machines using its underclocking technology, with the goal to make them more energy-efficient.
“Upon completion of any subsequent deployments, the Company expects the full 2.0 megawatts of bitcoin mining capacity under the partnership to produce at least 54 PH/s of incremental hash rate,” Cathedra’s announcement details. Cathedra’s collaboration with 360 Mining comes in the wake of numerous bitcoin mining companies expanding their operations and acquiring thousands of ASIC machines for their fleets. Despite the challenges faced by bitcoin miners during the crypto bear market of 2022, 2023 has brought significant improvements for BTC mining participants.
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