Share this article
Bitcoin Miner Cathedra Slashes Payroll Costs by Two-Thirds With Job, Salary Cuts
The Canadian company has also been liquidating bitcoin.
Updated May 9, 2023, 4:02 a.m. Published Nov 14, 2022, 3:24 p.m.
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 (BTC) 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) and Core Scientific (CORZ), are facing liquidity crunches.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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.
Read more: Canaan Q3 Net Income Drops 88% as Bitcoin Mining Declines
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
VanEck's new Avalanche ETF filing to include staking rewards for AVAX investors
The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
What to know:
- VanEck has updated its filing for an Avalanche ETF, VAVX, to include staking rewards, aiming to generate income for investors by staking up to 70% of its AVAX holdings.
- The fund will use Coinbase Crypto Services as its initial staking provider and pay a 4% service fee, with rewards accruing to the fund and reflected in its net asset value.
- If approved, the fund will trade on Nasdaq under the ticker VAVX, tracking AVAX's price via a custom index, and will be custodied with regulated providers, including Anchorage Digital and Coinbase Custody.
Top Stories
