TORONTO–(BUSINESS WIRE)–(Block height: 763,073) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Cathedra” or “Company”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, today announced the following operational updates.
Over the past 60 days, the company has implemented additional measures to reduce operating costs and increase cash flow, cut payroll by over 60% through a combination of layoffs and wage reductions, cancel real estate leases, and eliminate significant other general and administrative costs.
Despite the slowdown in bitcoin mining conditions, the company’s existing bitcoin mining operations at the five locations continue to produce positive operating cash flow with strong uptime. As of November 11, 2022, the company’s 203 PH/s bitcoin mining hashrate yielded trailing 30-day earnings of $414,640 from average uptime of 98%. The company continues to liquidate substantially all of its mined bitcoin daily and had $2,505,861 in cash and cash equivalents as of November 11, 2022.
The last 2135 Bitmain Antminer S19J Pro machines («S19J Pros”) from the company’s November 2021 futures order remains in transit. Earlier this year, the company chose to ship these machines via sea freight instead of air freight to save money. The company continues to evaluate potential deployment opportunities for these machines that will prove resilient to continued declines in bitcoin mining conditions.
“Our primary goal is to ensure the survival of Cathedra during this challenging period so that shareholders can benefit from the next Bitcoin bull cycle. We thank our shareholders for their continued support,” said AJ Scalia, CEO of Cathedra Bitcoin.
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 sound money and abundant energy are the basic ingredients of human progress and is committed to moving forward by working closely with the energy sector to secure the Bitcoin network. Today, Cathedra’s diversified bitcoin mining totals 203 PH/s and spans three states and five locations in the United States. The company is focused on expanding its portfolio of hash rates through a diversified approach to site selection and operations, 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.
Warning
Trading in the company’s securities should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or rejected the information here. Neither the TSX Venture Exchange nor its regulatory 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 press release contains certain “forward-looking information” under applicable Canadian securities laws that are based on expectations, estimates and projections as of the date of this press release. The information in this release about future plans and targets for the company is forward-looking information. Other forward-looking information includes, but is not limited to, information about: 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; 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 adverse impact on the Company’s business; construction and operation of extended blockchain infrastructure currently planned; and the cryptocurrency regulatory environment in applicable jurisdictions.
Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, estimates, targets, assumptions, future events or performance (often but not always by the use of phrases such as “expects”, or “does not expect”, “expects” , “anticipates” or “does not anticipate”, “plans”, “budget”, “planned”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and expressions or states that certain actions , events or results “may” or “could”, “would”, “can” or “will” be considered to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify the future -See information.
This forward-looking information is based on reasonable assumptions and estimates made by the management of the company at the time it was made, and involves known and unknown risks, uncertainties and other factors that could cause the company’s actual results, performance or achievements to be materially different from future results , performances or achievements expressed or implied by such forward-looking information. The company has also assumed that no significant events occur outside the company’s normal operations. Although the company has tried to identify important factors that can cause actual results to deviate significantly, there may be other factors that mean that the results are not 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 anticipated in such statements. Accordingly, readers should not rely on forward-looking information. The company undertakes no obligation to revise or update forward-looking information other than as required by law.
