Bitcoin Miner Cathedra Slashes Payroll Costs by Two-Thirds With Job, Salary Cuts

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) and Core Scientific (CORZ), are facing liquidity crunches.