3 - 4 minute read
Crypto miner Cathedra Bitcoin (CBIT) has announced a new off-grid bitcoin mining partnership with 360 Mining in Texas. The deal will see Cathedra deploy equipment at the Texas site, which uses off-grid natural gas to supply electricity for bitcoin production. The agreement covers a total supply of 2 megawatts of mining capacity, with an initial 0.3 megawatt deployment in the next 60 days. At full capacity, the location is expected to produce at least 54 petahash per second (PH/s) incremental hashrate.
According to the official announcement, Vancouver-based Cathedra will pay $55 per megawatt hour of power used, plus 10% of gross bitcoin mined at the site to the Austin, Texas-based company. Cathedra said the agreement makes it the first publicly listed miner utilizing both on- and off-grid energy. Off-grid energy can help bitcoin miners to avoid criticism of destabilizing the electricity grid due to the power consumption involved while also providing the option of selling power to the grid should it be advantageous to do so.
This news comes after a report from Matrixport revealed that Bitcoin miners are likely selling their output at the $28K level. This is significant as it shows a trend towards miners offloading their coins instead of holding onto them, which could impact the overall market price of Bitcoin. However, Cathedra’s new off-grid mining partnership may provide a different approach to Bitcoin mining that will benefit traders and investors.
Cathedra’s decision to use off-grid natural gas to supply electricity for bitcoin production is a smart move. By utilizing off-grid energy, the company can avoid criticism for destabilizing the electricity grid due to the power consumption involved in bitcoin mining. Moreover, it provides an alternative option of selling power to the grid should it be advantageous to do so.
The announcement by Cathedra has implications for traders. The off-grid mining partnership may provide a different approach to Bitcoin mining that can benefit traders and investors. This means traders must keep an eye on the development of this partnership to spot any opportunities or risks that may arise.
Cathedra’s new off-grid bitcoin mining partnership with 360 Mining in Texas is a significant development in the Bitcoin industry. It provides an alternative approach to Bitcoin mining that may benefit traders and investors. Traders should keep a close watch on the development of this partnership and take action accordingly.
The Bottom Line
Cathedra Bitcoin’s new off-grid mining partnership may provide a different approach to Bitcoin mining that can benefit traders and investors. Traders must keep an eye on the development of this partnership to spot any opportunities or risks that may arise.
