Crypto Updates

C$2.9M Loss amid BTC Mining Woes


financial results of yet another publicly traded cryptocurrency miner showed
that it is challenging to make a net profit under current market conditions. Cathedra
Bitcoin Inc. (TSX: CBIT), a Toronto-based Bitcoin mining company, has disclosed its
financial performance for the second quarter of 2023. Despite the report revealing
significant growth in mining output and revenue, the net loss still seems

In the
second quarter of 2023, Cathedra Bitcoin mined 77.15 BTC, marking an increase of
19.5 BTC from the 57.65 BTC mined in the same period last year. This growth is
attributed to the company’s hash rate expansion from 231 PH/s to 382 PH/s.
Despite a surge in the network mining difficulty and a drop in Bitcoin’s
average price, the company’s revenue rose from C$2.5 million in Q2 2022 to
C$2.9 million in Q2 2023.

The company
has also significantly reduced its net loss. Last year, it was C$11.9 million
for the three-month period ending in June, and it has now been reduced to C$2.9
million. The net loss for the entire first half of the year was C$5.2 million,
compared to C$15.8 million reported in the first half of 2022.

weeks have seen the improved bitcoin mining conditions of H1 2023 regress to
levels comparable to the most…

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