Canadian Miner Cathedra Bitcoin Grows Hashrate by 28%; Reenters HODL Mode

Toronto-based Bitcoin mining company Cathedra Bitcoin revealed in its latest production update that it had increased its hash rate by over 96 PH/s (or appr. 28%) in the past month. The company has also begun holding some of its mined bitcoins, hoping to tap into BTC’s continued resurgence since the turn of the year.

According to the recent update, Cathedra Bitcoin, in the past month, deployed 490 Bitmain Antminer S19J Pro and 50 Bitmain Antminer S19 XP machines to its Kentucky operations. The new machines added 56 PH/s to the company’s global hashrate, which now stands at approximately 343 PH/s.

Moreover, Cathedra Bitcoin also installed 400 of the total 773 Bitmain S19J Pro machines earmarked for installation at its Washington facility. The newly installed machines added 40 PH/s to Cathedra Bitcoin’s hashrate, with the remaining devices slated for installation over the coming days.

Canadian Miner Begins Stacking Bitcoin Again

Another notable update from Cathedra Bitcoin’s latest report is that the company has resumed storing bitcoins in its treasury. The company had sold 235 bitcoins at an average price of $37,315 in May 2022, near the same period as the infamous collapse of the Terra (LUNA) ecosystem. The move was to insulate the company against what turned out to be a year-long winter.

However, Cathedra Bitcoin is re-entering accumulation mode, suggesting the company is optimistic about a continued market uptrend. The firm said in its latest update:

Beginning in March, the Company began retaining a portion of its mined bitcoin on its balance sheet again. At time of publication, the Company held 13.9 bitcoin in treasury.

At the time of writing, the quoted balance means that Cathedra Bitcoin holds approximately $420,000 worth of bitcoins.

Meanwhile, the company estimated a monthly production of 28.3 bitcoins at current market rates and a slightly higher figure of 31.2 bitcoin per month when it fully deploys machines for its Washington operations. Cathedra Bitcoin will liquidate a portion of mined bitcoins to meet monthly cash obligations and hold the balance in the treasury.