Cathedra Bitcoin Provides Operations Update
June 22 2023 - 7:00AM
Business Wire
(Block Height: 795,400) – Cathedra Bitcoin Inc. (TSX-V: CBIT;
OTCQB: CBTTF) (“Cathedra” or the “Company”), a
diversified bitcoin mining company, is pleased to announce the
following updates on its bitcoin mining operations.
In the last two months, the Company completed the installation
of additional machines at its new facility in Washington and at an
existing third-party hosting site in Tennessee. At time of
publication, the Company’s hash rate totals 382 PH/s capable of
producing approximately 29 bitcoin per month under current network
conditions. The Company may elect to make further optimizations at
its existing sites in the future and will announce such results
upon completion.
On June 20, 2023, the Company renewed its hosting agreement with
an existing partner in Tennessee for another 12-month term
beginning on July 1, 2023. Under the terms of the renewed
agreement, the Company will pay a fixed rate of US$72.50 per
megawatt hour for electricity and hosting services for 1,129
Bitmain Antminer S19J Pro machines which produce approximately 113
PH/s in aggregate. Additionally, the Company reserves the option to
underclock its machines at its discretion, reducing the machines’
break-even hash price to approximately US$40.00/PH/s/day (vs.
current hash price of approximately $76.00/PH/s/day at time of
publication).
The Company continues to prepare its Rovers and machines for
deployment under its recently announced off-grid mining partnership
in Texas. The Company expects to deploy the first Rover in the
coming weeks, which will provide at least 8 PH/s of incremental
hash rate with minimal capital expenditure. Thereafter, the Company
will prepare to scale up to achieve at least 54 PH/s of total hash
rate under the partnership.
With the deployment of its first Rover, the Company will become
the only publicly traded bitcoin miner using both on- and off-grid
energy sources to power its operations.
About Cathedra Bitcoin
Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQB: CBTTF) is a Bitcoin
company that believes sound money and abundant energy are the keys
to human flourishing. The Company has diversified bitcoin mining
operations which produce 382 PH/s across three states and five
locations in the United States. The Company is focused on managing
and expanding its portfolio of hash rate through a diversified
approach to site selection and operations, utilizing multiple
energy sources across various jurisdictions.
For more information about Cathedra, visit cathedra.com or
follow Company news on Twitter at @CathedraBitcoin or on Telegram
at @CathedraBitcoin.
Cautionary Statement
Trading in the securities of the Company should be considered
highly speculative. No stock exchange, securities commission or
other regulatory authority has approved or disapproved the
information contained herein. Neither the TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains certain “forward-looking information”
within the meaning of applicable Canadian securities laws that are
based on expectations, estimates and projections as at the date of
this news release. The information in this release about future
plans and objectives of the Company, are forward-looking
information. Other forward-looking information includes but is not
limited to information concerning: the intentions and future
actions of senior management, the intentions, plans and future
actions of the Company, as well as the Company’s ability to
successfully mine digital currency; revenue increasing as currently
anticipated; the ability to profitably liquidate current and future
digital currency inventory; volatility of network difficulty and,
digital currency prices and the resulting significant negative
impact on the Company’s operations; the construction and operation
of expanded blockchain infrastructure as currently planned; and the
regulatory environment of cryptocurrency in applicable
jurisdictions.
Any statements that involve discussions with respect to
predictions, expectations, beliefs, plans, projections, objectives,
assumptions, future events or performance (often but not always
using phrases such as “expects”, or “does not expect”, “is
expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or
“intends” or variations of such words and phrases or stating that
certain actions, events or results “may” or “could”, “would”,
“might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information.
This forward-looking information is based on reasonable
assumptions and estimates of management of the Company at the time
it was made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. The Company has also assumed that
no significant events occur outside of the Company’s normal course
of business. Although the Company has attempted to identify
important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company undertakes no
obligation to revise or update any forward-looking information
other than as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230622208405/en/
Media and Investor Relations Inquiries Sean Ty Chief
Financial Officer ir@cathedra.com
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