Bitcoin mining firm Cathedra Bitcoin has slashed its payroll by almost two-thirds as it tries to tackle market headwinds that have cut the price of bitcoin () by more than 60% this year.
The Canadian company, whose stock trades on the Calgary, Alberta-based TSX Venture Exchange, is one of many bitcoin miners struggling to break even as the dollar value of their rewards declines while surging power prices increase operating expenses. Compute North, which is one of the world's biggest hosting firms, filed for bankruptcy in September, and other big companies in the business, including Argo Blockchain (ARBK)Core Scientific (CORZ), are facing liquidity crunches.
Cathedra has been cutting costs in the last two months through a "combination of layoffs and salary reductions, canceling real estate leases and eliminating significant other general and administrative costs," the firm said in a press release Monday. It didn't say how many employees were affected.
The miner said its machines have been running with average uptime of 98%, and it has been consistently liquidating its mined bitcoin.
