Cathedra Bitcoin Sells 60MW North Dakota Mine Valued at $21M

Cathedra Bitcoin has sold its 25% stake in a joint venture that owns and operates a 60-megawatt Bitcoin mine in North Dakota, valued at $21 million—or $350,000 per megawatt (MW).

Cathedra said in a release on Tuesday that the transaction is expected to close in the coming weeks, pending regulatory approvals. It plans to reinvest the $5.25 million proceeds into further data center developments and additional Bitcoin acquisitions.

Cathedra held a 25% membership interest in Tirpitz Technology Holdco, which owns the 60 MW mining site. According to the release, the shareholders of Tirpitz have entered into a binding agreement with an undisclosed third-party Bitcoin mining operator to transfer 100% of their member interests.

Cathedra Bitcoin began developing the North Dakota site in early 2024 through Kungsleden Inc., prior to their business combination. The site’s full capacity was completed in Q4 and the agreement was entered in December.

Other notable mining companies expanding into North Dakota in the past year include Northern Data’s Peak Mining, Phoenix Group, and, more recently, Compass Mining. Compass Mining has also partnered with Cathedra Bitcoin to colocate 10 MW of Bitcoin miners at Cathedra’s Kentucky facility.