A number of steps have been taken by publicly traded Canadian Bitcoin (BTC) mining company Cathedra Bitcoin (TSXV: CBIT) to combat the current bear market in cryptocurrencies.
In an effort to reduce operating expenses in light of the current bear market, the company has since reduced its employment by almost 60% over the past two months, according to a news release issued by Cathedra Bitcoin on November 14.
The corporation has taken several actions, including imposing layoffs and wage cutbacks, terminating real estate leases, and reducing other general and administrative expenses.
“Our main goal is to maintain Cathedra during this difficult time so that stockholders may profit from the upcoming Bitcoin bull cycle. We appreciate our shareholders’ ongoing support, said Cathedra Bitcoin CEO, AJ Scalia.
A healthy cash flow
The business said that its current Bitcoin mining activities, which are being run out of five different sites, are producing a positive operational cash flow. For example, on November 11, 2022, Cathedra Bitcoin’s 203 PH/s mining hash rate generated US$414,640 in trailing 30-day income thanks to an uptime average of 98%.
The company’s shares on the Toronto Stock Exchange have fallen more than 40% in only five days despite the mitigating action.
The company is still shipping new mining equipment that aims to function effectively despite the current state of the cryptocurrency market.
Additionally, the declaration said that as of November 11, the corporation held $2,505,861 in cash and financial equivalents and continued to liquidate every single Bitcoin it had mined on a daily basis.
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