Cathedra Bitcoin provides operational and business updates
TORONTO, July 11, 2022– (BUSINESS WIRE) – (Block height: 744 592) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Cathedra“), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, today announced the following operational and corporate updates.
Update on order for Bitmain Antminer S19J Pros
The company recently installed 375 machines from its April and May batches of Bitmain Antminer S19J Pro machines (the “S19J Pros“) at third-party data centers in Tennessee (the”Tennessee Mine“) and Kentucky (the”Kentucky Mine“), the company’s hash rate for bitcoin mining increases by 38 PH / s. The remaining 372 machines from the May batch have been delayed in transit and are expected to be delivered to the Kentucky Mine in the coming days. Upon installation, these remaining machines will will provide an additional 37 PH / s to the company’s total hash rate.
In light of the decline in bitcoin mining conditions, the company has temporarily stopped all major capital expenditures in an attempt to save money until the market outlook improves. Consequently, the company has chosen to waive the final payment on the June group of S19J Pros (the “June S19J Pros“) and will instead take delivery of a reduced allocation of 522 machines (against 750, as originally intended). The company may choose to accept delivery of reduced allocations also for the July, August and September S19J Pro batches, depending on market conditions at the time. June S19J Pros are preparing for shipment and are expected to arrive at the Tennessee Mine in the coming weeks, where they will contribute an additional 52 PH / s to the company’s total hash rate.
Update on order for Bitmain Antminer S19 XPs
The company recently completed the sale of 600 Bitmain Antminer S19 XP machines (the “S19 XPs“), which was scheduled to be delivered in six equal tranches from July to December 2022, for a total proceeds of $ 4,116,000. The net proceeds from the sale will be used to reduce the nominal C $ 25,000,000 on the company’s outstanding convertible bond loans, further strengthening of the company’s balance sheet.
Operational update in North Dakota
During the operation in North Dakota (“North Dakota Mine“), the company recently decommissioned about 400 machines that have shown a history of underperformance since they were purchased under previous management in 2021. The company intends to send these machines to the production facility in New Hampshire, where any defective machines will be serviced and prepared for relocation in the future The remaining hash speed at the North Dakota mine totals 115 PH / s over 10 bitcoin mine containers.
The company continues to take steps to improve its operating margins at the North Dakota mine. By decommissioning the underperforming machines, the company was able to consolidate performance machines into fewer containers and remove more generators, thus reducing its running costs.
About Cathedra Bitcoin
Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) is a Bitcoin company that develops and operates world-class bitcoin mining infrastructure.
Cathedra believes that solid money and abundant energy are the basic ingredients for human progress and are committed to moving forward both by working closely with the energy sector to secure the Bitcoin network. Today, Cathedra’s diversified bitcoin mining operations total 229 PH / s and span four states and five locations in the United States. The company is focused on expanding its portfolio of hash speeds through a diversified approach to website selection and operation, using multiple energy sources across different jurisdictions.
For more information about Cathedra, visit cathedra.com or follow the company’s news on Twitter at @CathedraBitcoin or on Telegram at @CathedraBitcoin.
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Future-oriented statements
This press release contains certain “forward-looking information” in accordance with applicable Canadian securities laws based on expectations, estimates and estimates as of the date of this press release. The information in this release about future plans and goals for the company is forward-looking information. Other forward-looking information includes, but is not limited to, information about: expected placement of additional miners, intentions and future actions of senior management, intentions, plans and future actions of the company, as well as the company’s ability to successfully mine digital currency; income increases as expected; the ability to profitably liquidate current and future digital currency holdings; volatility in network difficulties and digital currency prices and the resulting significant negative impact on the company’s operations; construction and operation of expanded blockchain infrastructure as currently planned; and the regulatory environment for cryptocurrencies in current jurisdictions.
All statements involving discussions regarding predictions, expectations, beliefs, plans, estimates, goals, assumptions, future events or performance (often, but not always using phrases such as “expect”, or “do not expect”, “expected” , “anticipates” or “does not anticipate”, “plans”, “budget”, “planned”, “forecasts”, “estimates”, “believes” or “intends” or variants of such words and expressions or indicates that certain actions, events or results “may” or “could”, “would”, “may” or “will” be considered to occur or be achieved) are not statements of historical facts and may be forward-looking information and are intended to identify in the future -See information.
This forward-looking information is based on reasonable assumptions and estimates from the management of the company at the time it was made, and involves known and unknown risks, uncertainties and other factors that may cause the company’s actual results, performance or performance to be materially different from future results. , achievements or achievements expressed or implied by such forward-looking information. Such factors include, but are not limited to: the company’s ability to achieve its company goals or otherwise promote the company’s progress; risks associated with international operations; the inability of the company to obtain the necessary permits, consents or authorizations required for its activities; inability to predict and counteract the effects of COVID-19 on the Company’s business, including, but not limited to, the effects of COVID-19 on capital market conditions, restrictions on labor and international travel and supply chains; general market and industry conditions; and the risks listed in the company’s public documents filed on SEDAR. The company has also assumed that no significant incidents occur outside the company’s normal operations. Although the company has attempted to identify important factors that may cause actual results to differ materially, there may be other factors that cause the results not to be as expected, estimated or intended. No guarantee can be given that such statements will prove to be accurate, as actual results and future events may differ materially from those expected in such statements. Consequently, readers should not rely on forward-looking information. The company undertakes no obligation to revise or update future-oriented information other than that required by law.
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