Cathedra Bitcoin, a company that develops and operates bitcoin mining infrastructure, entered into an equipment financing agreement with NYDIG for approximately $17 million in equipment financing to fund the expansion of Cathedra’s bitcoin mining operations.

Cathedra will receive the first advance of approximately $5.6 million in the coming days. The outstanding principal bears interest at 14% per annum and will be repaid over the next 24 months, ending in January 2024. The debt is collateralized by Bitmain bitcoin mining machines purchased by Cathedra in 2021.