TORONTO–(BUSINESS WIRE)–(Block height: 758,131) – 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 operations and corporate updates.
Operational update
On 28 September 2022, the company entered into a hosting agreement (“Host agreement”) where it has deployed the remaining 372 machines from the May batch of Bitmain Antminer S19J Pro machines (“Host Machines”) at a third-party data center in Tennessee. Under the terms of the Host Agreement, which lasts for an initial period of 12 months, the Company will pay a fixed rate of seven cents (US$0.07) per kilowatt hour, plus five percent (5%) of the gross bitcoin revenue produced by the Hosts machines. The installation of the hosted machines was completed on October 10, 2022, and the company’s diversified bitcoin mining operation is now producing approximately 203 PH/s.
In addition, the company ended its partnership with Great American Mining (“GAM”) as planned, retires the last of its machines and containers in September. The company delivered four of its containers from the North Dakota area to GAM in exchange for waived power and generator costs upon entering into the partnership. The company has moved the remaining eight containers and all the machines into storage until they can be relocated to a profitable location.
The company continues to evaluate the possibilities of distributing the Bitmain Antminer S19J Pro machines from the July (635 units), August (750 units) and September (750 units) orders at a competitive price. The company expects to deploy these machines in the fourth quarter of 2022, increasing the total active hash rate to approximately 417 PH/s.
Long-term incentive plan decision
The Company also announces the proposed adoption of its long-term stock incentive plan (the “LTIP”), which was approved by the Company’s stockholders at its annual and special meeting of stockholders held on September 6, 2022. The LTIP includes a 10% “rolling” stock option plan that permits a maximum of 10% of the issued and outstanding common stock of the Company on the date of any stock option grant to is reserved for option awards, and a fixed plan that allows up to 11,500,000 ordinary shares in the Company to be reserved for the award of restricted shareholdings.
Please see the Company’s Management Information Circular dated July 18, 2022, which is available under the Company’s profile at www.sedar.com, for a copy and summary of the LTIP.
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 as 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 , performance 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.
