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Bitcoin Miner Cathedra Slashes Payroll Costs by Two-Thirds With Job, Salary Cuts
The Canadian company has also been liquidating bitcoin.
Bitcoin mining firm Cathedra Bitcoin has slashed its payroll by almost two-thirds as it tries to tackle market headwinds that have cut the price of bitcoin (BTC) by more than 60% this year.
The Canadian company, whose stock trades on the Calgary, Alberta-based TSX Venture Exchange, is one of many bitcoin miners struggling to break even as the dollar value of their rewards declines while surging power prices increase operating expenses. Compute North, which is one of the world's biggest hosting firms, filed for bankruptcy in September, and other big companies in the business, including Argo Blockchain (ARBK) and Core Scientific (CORZ), are facing liquidity crunches.
Story continues
Cathedra has been cutting costs in the last two months through a "combination of layoffs and salary reductions, canceling real estate leases and eliminating significant other general and administrative costs," the firm said in a press release Monday. It didn't say how many employees were affected.
The miner said its machines have been running with average uptime of 98%, and it has been consistently liquidating its mined bitcoin.
Read more: Canaan Q3 Net Income Drops 88% as Bitcoin Mining Declines
Eliza Gkritsi
Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI, having previously covered mining for two years. She previously worked at TechNode in Shanghai and has graduated from the London School of Economics, Fudan University, and the University of York. She owns 25 WLD. She tweets as @egreechee.
