Cathedra Bitcoin, a Vancouver-based developer and operator of crypto mining and data center infrastructure, has announced the sale of a 60MW Bitcoin mining facility in North Dakota.

The data center was sold to an unnamed third-party Bitcoin miner for a fee of $21 million, which the company intends to use to “develop new data centers, acquire additional Bitcoin for its long-term balance sheet reserves, and increase its cash holdings,” as per the firm’s announcement.

“The sale of the North Dakota facility demonstrates our ability to generate attractive returns for our shareholders through our low-cost construction capabilities, whether by developing to sell or operating these assets ourselves,” said Drew Armstrong, president and COO of Cathedra.

The data center began construction in Q1 of 2024 and was completed in Q4 of the same year, meaning Cathedra’s turnaround time between the completion of the facility and its sale was no more than six months.

A company presentation noted Cathedra owned a 25 percent stake in the data center in North Dakota, while also managing the facility. Further details on the data center weren't shared, but the company has said it is colocated with a power plant.

Cathedra stated that it expects to record profits in excess of 60 percent on its equity contribution to the data center, which it jointly owned with Kungsleden, a developer and operator of high-density computing infrastructure.

According to a company presentation, Cathedra leases two data centers in Washington totaling 5MW and wholly owns three data centers totaling 30MW in Kentucky (two sites totaling 20MW) and Tennessee (one 10MW data center.)

In the summer of 2024, Cathedra embarked upon a business merger with Kungsleden., which saw 72.5 percent of Cathedra’s stock transferred to Kungsleden, while Cathedra retained just 27.5 percent. Kungsleden shareholders also received 80 percent of Cathedra’s voting power during the merger, meaning that Kungsleden effectively took control of Cathedra.

The merger saw Cathedra increase its computing power to around 95MW of expected capacity, and a higher Bitcoin mining hashrate of around 4.8 EH/s.

In January Cathedra announced a 10MW Power Purchase Agreement for a new Bitcoin mining data center in Tennessee, which the company states could potentially be powered by green energy.