Cathedra Joins Forces With 360 Mining To Promote Bitcoin Mining
Date
6/5/2023 11:39:11 AM
(MENAFN- CoinXposure)
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:
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.
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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.
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