Cathedra Bitcoin Inc. has released its Q1 2023 financial and operational results, revealing a 12% increase in gross bitcoin production to 64.5 bitcoin. However, revenue from bitcoin mining operations decreased by 35% to C$2.0 million due to changes in the daily average bitcoin price. The company liquidated certain credits and coupons from third-party suppliers for US$1.8 million in cash proceeds during Q4 2022 and Q1 2023. Cathedra Bitcoin has diversified its mining operations across three states and seven locations in the United States, producing 343 PH/s and is focused on expanding its hash rate portfolio through a diversified approach to site selection and operations.
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