Cathedra has agreed to pay $55 per megawatt hour of electricity used, in addition to 10% of the total bitcoin produced at the facility.
Cathedra Bitcoin (CBIT), a cryptocurrency miner, has plans to set up shop at a 360 Mining facility in Texas, which will utilise off-grid natural gas to power its bitcoin mining operations.
There will be a total of 2 MW of mining capacity supplied under the terms of the deal, with the first 0.3 MW going live within the next 60 days. Cathdera said on Friday that the site is expected to generate at least 54 PH/s in additional hashrate while operating at full capacity.
Cathedra, located in Vancouver, will pay the Austin, Texas, firm $55 per megawatt hour for the electricity they use, in addition to 10% of the site’s total bitcoin mining profits.
Cathedra claims that this deal makes them the first publicly traded miner to use both grid-connected and independent renewable energy sources. Bitcoin miners that choose to operate on off-grid energy sources may be able to avoid some of the criticism that has been levelled against them for disrupting the electrical system owing to the high power consumption required.