- TSX-V: CBITC$0.10
- OTCQB: CBTTF US$0.08
- CBIT Total Active Hash Rate: 382 PH/S
Cathedra Bitcoin Announces Hosting for Remaining New Machines
TORONTO, February 6, 2023 (BUSINESS WIRE) (Block Height: 775,225) – 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 the following updates with respect to its diversified bitcoin mining operations.
On February 3, 2023, the Company entered into a hosting agreement under which it will deploy the last of its new machines, consisting of 490 Bitmain Antminer S19J Pro and 50 Bitmain Antminer S19 XP machines, at a third-party data center in Kentucky. Under the terms of the hosting agreement, which lasts for an initial term of 12 months, the Company will pay a fixed rate of US$0.07 per kilowatt hour, plus 10% of gross bitcoin revenue produced by the hosted machines. The Company expects the machines to be deployed by mid-February 2023.
Upon deployment of these machines at the Kentucky site and the 773 S19J Pro machines the Company previously announced it will be deploying at its new leased facility in Washington, the Company expects its diversified bitcoin mining operations to realize active hash rate of at least 378 PH/s, an approximately 53% increase from its current active hash rate of 247 PH/s, at a blended average efficiency of 29.7 joules per terahash.
“We are delighted to have secured capacity for all of our new machines in a capital efficient manner. Last year we were forced to adapt to historically challenging bitcoin mining conditions on the fly, and I am proud of the flexibility and creativity our team demonstrated in finding homes for these machines.
“Upon completing these final deployments, our active fleet will consist of over 4,400 latest-generation machines producing over 378 PH/s of hash rate using underclocked settings to maximize our operating margins. We will have delivered hash rate growth of approximately 425% since new management joined the Company in Q4 2021 (with hash rate of approximately 72 PH/s), compared to 103% hash rate growth for the bitcoin network over the same period.
“With these final hosting agreements secured, we are excited to begin looking toward the future once more,” remarked AJ Scalia, Chief Executive Officer 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 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’s diversified bitcoin mining operations total 247 PH/s and span three states and five locations in the United States. 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.
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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 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.
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