Cathedra Bitcoin Inc (TSE:CBIT) has released an update.
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Cathedra Bitcoin Inc. has reported a significant year-over-year increase in revenue from its bitcoin mining operations, up 104% to C$4.1 million in Q1 2024, with its bitcoin holdings also increasing by 136%. Shareholders’ equity rose by 9%, and the company is preparing for a merger with Kungsleden Inc., which will expand its data center operations. Amidst challenging conditions following Bitcoin’s fourth Halving, the company has strategically underclocked machines to sustain positive cash flow and is optimistic about the bitcoin mining outlook for the rest of 2024.
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