[ad_1] <br><div><p>Bitcoin mining agency Cathedra Bitcoin has slashed its payroll by nearly two-thirds because it tries to deal with market headwinds which have minimize the value of bitcoin (<a target="_blank" href="https://www.coindesk.com/price/bitcoin/" rel="nofollow noopener" data-ylk="slk:BTC" class="link ">BTC</a>) by greater than 60% this yr.</p><p>The Canadian firm, whose inventory trades on the Calgary, Alberta-based TSX Enterprise Change, is considered one of many bitcoin miners struggling to interrupt even because the greenback worth of their rewards declines whereas surging energy costs enhance working bills. Compute North, which is likely one of the world's greatest internet hosting companies, <a target="_blank" href="https://www.coindesk.com/business/2022/09/22/crypto-mining-data-center-provider-compute-north-files-for-bankruptcy-protection/" rel="nofollow noopener" data-ylk="slk:filed for bankruptcy" class="link ">filed for bankruptcy</a> in September, and different huge firms within the enterprise, together with <a target="_blank" href="https://www.coindesk.com/business/2022/10/31/bitcoin-miner-argos-27m-fundraise-falls-through-shares-plunge/#:~:text=Argo%20Blockchain's%20(ARB)%20said%20a,tumbling%20as%20much%20as%2072%25." rel="nofollow noopener" data-ylk="slk:Argo Blockchain (ARBK)" class="link ">Argo Blockchain (ARBK)</a> and <a target="_blank" href="https://www.coindesk.com/business/2022/10/27/core-scientific-to-suspend-payments-as-cash-dwindles/" rel="nofollow noopener" data-ylk="slk:Core Scientific (CORZ)" class="link ">Core Scientific (CORZ)</a>, are dealing with liquidity crunches.</p><p>Cathedra has been slicing prices within the final two months via a "mixture of layoffs and wage reductions, canceling actual property leases and eliminating vital different normal and administrative prices," the agency mentioned in a <a target="_blank" href="https://www.businesswire.com/news/home/20221114005424/en/Cathedra-Bitcoin-Provides-Operations-Update" rel="nofollow noopener" data-ylk="slk:press release" class="link ">press release</a> Monday. It did not say what number of staff have been affected.</p><p>The miner mentioned its machines have been operating with common uptime of 98%, and it has been constantly liquidating its mined bitcoin.</p><p><i><b>Learn extra: </b></i><a target="_blank" href="https://www.coindesk.com/business/2022/11/14/canaan-q3-net-income-drops-88-as-bitcoin-mining-declines/" rel="nofollow noopener" data-ylk="slk:Canaan Q3 Net Income Drops 88% as Bitcoin Mining Declines" class="link "><i><b>Canaan Q3 Net Income Drops 88% as Bitcoin Mining Declines</b></i></a></p></div> <br>[ad_2] <br><a href="https://news.google.com/__i/rss/rd/articles/CBMiVGh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vbmV3cy9iaXRjb2luLW1pbmVyLWNhdGhlZHJhLXNsYXNoZXMtcGF5cm9sbC0xNTI0MzI4MTIuaHRtbNIBXGh0dHBzOi8vZmluYW5jZS55YWhvby5jb20vYW1waHRtbC9uZXdzL2JpdGNvaW4tbWluZXItY2F0aGVkcmEtc2xhc2hlcy1wYXlyb2xsLTE1MjQzMjgxMi5odG1s?oc=5">Source link </a>