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Cathedra Bitcoin to Deploy Crypto Miners at 360 Mining's Texas Site

Crypto miner Cathedra Bitcoin (CBIT) plans deploy equipment at a Texas site owned by 360 Mining, 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 blast, the location is forecast to produce at least 54 petahash per second (PH/s) incremental hashrate, Cathdera said Friday.

The deal sees Vancouver-based Cathedra paying $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 allow bitcoin miners to escape some 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.

Read More: Bitcoin Miners Are Probably Selling Their Output at the $28K Level: Matrixport