Fortress Technologies Inc is rebranding to Cathedra Bitcoin Inc. the company is also changing its ticker to CBIT from the TSX venture. According to CEO AJ Scalia, the new name reflects the company’s aspirations and Bitcoin’s in general.
This is a brave long-term project. The company however chooses to undertake it nonetheless. The fortress is a bitcoin company that makes and operates advanced BTC mining machines.
To accompany the new name, the Cathedra has come up with a new logo, a website, and assets. The company’s common shares are expected to start trading under the new name CBIT. However, this will be after all applicable legal requirements have been completed. The CEO requested all shareholders to be still, as the company will publicly announce any changes.
Bitcoin mining offers a better economic reward to improve the ability of the company to harness the energy. Cathedra believes that it will have a profound and beautiful impact on humanity which will help fight many problems and progress further.
The company is also committed to advancing sound money and abundant energy, working closely with the energy sector to ensure the safety of the bitcoin network. Furthermore, the company will apply different approaches to site selection and operations to harness sufficient energy.
Cathedra is expecting to add 566 PH/s to its existing 161 PH/s by the end of 2022, totaling 729PH/s immediately after the machines are in place.
“Energy is the most important resource currently and without it the operations might not go as planned,” Armstrong said.
Cathedra has bought additional 4500 Bitmain Antminer S19j Machines for mining BTC. The machines will triple the company harshrate from 195PH/s to about 645PH/s. A few weeks back, the company had bought an additional 180 machines.
Bitcoin Mining
Bitcoin mining is still new to so many people. While getting bitcoin into their holdings is a desirable choice, many people still do not understand how it’s mined. With bitcoin, every transaction lives in blockchain, making it a more secure financial system in the world.
Bitcoin mining is quite similar to mining minerals like gold diamonds and others. However, to mine Bitcoin, you have to deploy special machines. Just like precious stones are hidden deep underground, BTC is also hidden but in blocks that need solving complex mathematical equations to break.
The person who mines Bitcoin is known as a bitcoin miner. The miner who solves the equation first gets the BTC block. Currently, a block of BTC has 6.25 BTC, equivalent to about $396000 at the current BTC price.
Becoming a Bitcoin Miner
To become a BTC miner, you need to complete two requirements. You will require 1MB worth of transactions and become the fastest to solve complex mathematical equations. However, you will need machines that will help you to mine successfully.
Cathedral Bitcoin Inc has these machines in a place known as Bitmain Antminer. However, as a small miner, you will need GPUs similar to those gamers to use to play games. The best GPU is the NVIDIA GeForce RTX 3060 Ti which runs at 60Mh/s.
A combination of hardware software and wallet will help you have successful mining. The wallet, in this case, is the main thing. When the mining is complete, you will receive about 6.25 BTC. However, the BTC halving takes place every 4 years. In another 4 years, the halving will reduce the pay by 50%.
Bitcoin Adoption
Bitcoin has dipped its curve again at $9000 in value. The coin has had quite an experience, and even though it’s down, it’s still a potential for profit for many investors. Countries like El Salvador continue buying BTC dip showing potential bull run is about to take place for the pioneer coin.