• TSX-V: CBITC$0.10
  • OTCQB: CBTTF US$0.07
  • BTC-USD$64,040.80
  • CBIT Total Active Hash Rate: 355 PH/S

Corporate News

Cathedra Bitcoin Announces First Quarter 2024 Financial Results

TORONTO, May 30, 2024 (NEWSFILE) (Block Height: 845,740) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQB: CBTTF) (“Cathedra” or the “Company”), a diversified bitcoin mining company, today announces its first quarter (“Q1”) financial results for 2024:

Q1 2024 Highlights

  • Revenue from bitcoin mining operations increased by 104% year-over-year to C$4.1 million, compared to C$2.0 million in Q1 2023.
  • Total value of bitcoin holdings increased by 136% to C$4.1 million (44.89 bitcoin), compared to C$1.8 million (32.91 bitcoin) as of December 31, 2023.
  • Total shareholders’ equity increased by 9% to C$10.0 million from C$9.2 million as of December 31, 2023.
  • On March 6, 2024, the Company entered into a binding share exchange agreement with Kungsleden Inc., a privately held developer and operator of alternative high-density compute infrastructure. The combined company is expected to own and operate a 45-MW portfolio of bitcoin mining hosting data centers across four sites in three U.S. states, in addition to Cathedra’s existing bitcoin mining hash rate. The transaction is expected to close in the second quarter of 2024, subject to certain conditions precedent and customary regulatory and shareholder approvals.
  • Subsequent to quarter end, in response to weakened mining conditions following the fourth halving of Bitcoin’s issuance rate (the “Halving”), the Company resumed “underclocking” certain of its machines to maximize mining cash flow. Following these adjustments, the Company’s fleetwide active hash rate has reduced to 380 PH/s, with a further adjustment later this week expected to reduce fleet hash rate to 355 PH/s. Upon completion of these adjustments, fleet efficiency is expected to improve to 26 J/TH from 29 J/TH pre-Halving, reducing the Company’s breakeven hash price to approximately US$42/PH/s/day.
  • The Company held C$1.2 million of cash and C$4.4 million of bitcoin (48.18 bitcoin) for total liquidity of C$5.6 million as of May 29, 2024.

Management Commentary

“In Q1, we continued to manage our fleet of mining machines in preparation for the 2024 Halving, after which our underclocking capabilities have allowed our machines to continue producing positive cash flow (after paying electricity and hosting expenses) amid historically challenging mining conditions,” remarked AJ Scalia, CEO of the Company. “Our continued conviction that Bitcoin will play a critical role in the future global monetary system has been rewarded: the price of bitcoin has appreciated to US$68,000 as of May 29, 2024, and made a new all-time high of US$73,082 in Q1 2024, representing a 364% increase from its cycle low of US$15,758 in Q4 2022. We remain positive on the outlook for bitcoin mining through the end of 2024 and have positioned the business to benefit from a constructive bitcoin market more broadly.”

“The proposed merger with Kungsleden we announced in March will allow us to maintain our exposure to Bitcoin tailwinds while also diversifying into the hosting model, which we believe offers superior risk-adjusted economics than pure-play bitcoin mining,” added Drew Armstrong, Chairman, President, and COO of the Company. “Importantly, Kungsleden’s development capabilities also offer an entrée into other potentially lucrative end-markets like artificial intelligence, which we expect to benefit from many of the same secular trends as Bitcoin. We look forward to closing the merger later this quarter so that we can begin building toward this vision with Kungsleden as one company.”

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 380 PH/s across two states and four 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.

Media and Investor Relations Inquiries

Please contact:

Inar Kamaletdinov
Chief Financial Officer

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 Debt Settlement, the approval of the TSXV, 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.


This calculator presents the historical daily block reward based on the miner’s share of global hash rate applied to the global daily mining rewards including transaction fees. The more commonly used “Difficulty Method” of calculating rewards presents a theoretical estimate of mining rewards. The Miner’s Share method presented here is calculated off of actual historical data and is a more accurate method of calculating historic mining rewards. This method has been validated to within 1-2% of real mining results.

This calculator is provided as an approximation of reward mechanism of the Bitcoin blockchain, it does not constitute investment advice. This calculator is based on theory and cannot account for statistical variations in solving the cryptographic hash-function, or various real world phenomena that may affect the actual performance of a cryptocurrency mine such as: degradation of mining equipment, the need for mining equipment maintenance, and/or electrical/heating issues. Fortress Blockchain and its affiliates are not responsible for the consequences of any decisions or actions taken in reliance upon, or as a result of the information, provided by this tool. Fortress Blockchain is not responsible for any human or mechanical errors, or omissions.

All Regional Energy Prices based on national averages in USD

US price: = $0.0663/kWh
Canadian price: C$0.07039/kWh ÷ 1.30 = $0.0541/kWh
Iceland price: EUR 0.080/kWh ÷ 0.81 = $0.0987/kWh
China price: RMB 0.548/kWh ÷ 6.33 = $0.0866/kWh


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