C$2.9M Loss amid BTC Mining Woes

The
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
sizable.

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
Hash Rate

A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain

A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain
Read this Term 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.