Cathedra Bitcoin Inc. remains as "bullish as ever" on the long-term prospects of Bitcoin.
The Bitcoin company, which develops and operates bitcoin mining infrastructure, issued the statement in the face of market volatility and a continued deterioration in bitcoin mining conditions in the second quarter.
In its release announcing the results of its operations for the second quarter, the company said such conditions forced it to adjust its near-term expansion plans.
"Fortunately, in May we took measures to improve the Company's liquidity position, issuing equity, selling assets, and retiring debt to bolster our balance sheet in preparation for a prolonged economic downturn. In the near-term, we will continue to prioritize liquidity and capital efficiency as we deploy our new machines," the company's management said.
It added that the mission to build Cathedra into a category-defining business at the intersection of bitcoin mining and energy production is unchanged. "Amid collapsing supply chains and increasingly unreliable power infrastructure, our conviction in our long-term strategy of pursuing vertical integration and off-grid energy sources has only grown."
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