- TSX-V: CBITC$0.11
- OTCQB: CBTTF US$0.08
- CBIT Total Active Hash Rate: 404 PH/S
Cathedra Bitcoin Provides Operations Update
TORONTO, January 3, 2024 (BUSINESS WIRE) (Block Height: 824,060) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQB: CBTTF) (“Cathedra” or the “Company”), a diversified bitcoin mining company, is pleased to announce the following updates on its bitcoin mining operations.
In the last week, the Company responded to improving mining conditions by adjusting the settings of approximately 2,000 of its S19J Pro machines hosted in various data centers in Tennessee to approximately 100 TH/s per machine at an efficiency level of 30.0 J/TH, thereby maximizing operating profits under current bitcoin mining conditions and increasing fleet hash rate to approximately 404 PH/s (an improvement of approximately 14% versus previously disclosed fleet hash rate of 355 PH/s). The Company underclocked these machines over the course of 2023.
At time of publication, the Company holds approximately C$800,000 of cash and C$2.8 million of bitcoin (33.5 BTC) on its balance sheet.
“As we have discussed previously, optimizing our mining fleet’s efficiency using after-market firmware is core to our strategy at Cathedra,” remarked Cathedra President & COO, Drew Armstrong. “By bringing these S19J Pros back to approximately 3,000 watts per machine, we have increased our effective hash rate by approximately 50 PH/s without any incremental capex. This is made possible by the thoughtful structuring of our hosting contracts, which allow us to underclock our hosted machines without forfeiting the right to restore them to full power draw in the future.”
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 404 PH/s across three states and five 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.
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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.
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.
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.