Cathedra Bitcoin Provides Update on Bitcoin Mining Operations
TORONTO–(BUSINESS WIRE)–$CBIT #Bitcoin–Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Cathedra” or the “Company”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, is pleased to provide an update on its bitcoin mining operations.
The Company recently installed 323 machines from its first order of Bitmain Antminer S19J Pros (the “S19J Pros”) at its site in Washington (the “Washington Mine”), where they replaced older-generation hardware. As of May 30, 2022, the Washington Mine p
roduces 52 PH/s.
Another 195 S19J Pros were sent to the Company’s New Hampshire manufacturing facility, where they are being used to test the first of the Company’s completed Rovers—mobile, modular data centers designed and manufactured in-house. These tests will allow the Company to optimize the Rover design in order to create a best-in-class modular data center solution.
Cathedra recently entered into a hosting agreement (the “Hosting Agreement”) under which the Company will deploy another 1,537 S19J Pros (the “Hosted Machines”) at two data centers in Tennessee (the “Tennessee Mine”) and Kentucky (the “Kentucky Mine”; together, the “Tennessee and Kentucky Mines”) that are owned and managed by a third-party operator. Under the agreement, which lasts for an initial term of 12 months, the Company will pay a fixed rate of five and one-half cents (US$0.055) per kilowatt hour, plus ten percent (10%) of gross bitcoin revenue produced by the Hosted Machines. The Hosted Machines are expected to be installed at the Tennessee and Kentucky Mines in batches at the end of May (232 machines), in mid-June (747 machines), and in mid-July (558 machines). Upon the installation of all 1,537 machines, the Company’s Hosted Machines at the Tennessee and Kentucky Mines are expected to produce 154 PH/s.
With the execution of the Hosting Agreement, the Company expands its operating footprint to Tennessee and Kentucky. True to its diversified approach, upon deployment of the Hosted Machines Cathedra will own 362 PH/s of hash rate across four states using a combination of on- and off-grid energy sources, with no more than 43% of the Company’s hash rate portfolio concentrated at any single location.
The arrangement also allows the Company to adopt an incremental approach to its long-term goal of vertical integration. Cathedra will continue to refine and scale its manufacturing and field operations with the benefit of stable hash rate supervised by a third-party operator, with the intention to deploy future machine deliveries in its Rovers.
President and Chief Operating Officer Drew Armstrong remarked, “We are tremendously excited about the potential of our Rovers. By electing to host these S19J Pros at third-party data centers, we are able to take a responsible, incremental approach to scaling that will allow us to master our manufacturing and field operations rather than rushing into deployments.”
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 fundamental ingredients to human progress and is committed to advancing both by working closely with the energy sector to secure the Bitcoin network. Today, Cathedra owns 207 PH/s across various sites around the United States and expects to deploy an additional 518 PH/s in 2022. Upon the full deployment of its purchased machines, Cathedra’s hash rate is expected to total 725 PH/s. The Company is focused on 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 expected deployment of an additional miners, the intentions and future actions of senior management, the intentions, plans and future actions of the Company, as well as the Company’ 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. Such factors include, among others: the ability of the Company to achieve its corporate objectives or otherwise advance the progress of the Company; risks related to the international operations; the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on capital market conditions, restriction on labor and international travel and supply chains; general market and industry conditions; and those risks set out in the Company’s public documents filed on SEDAR. 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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