TORONTO--(BUSINESS WIRE)--$CBIT #Bitcoin--(Block Height: 785,871) – 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 operations updates.
Earlier this month, the Company completed the deployment of 490 Bitmain Antminer S19J Pro and 50 Bitmain Antminer S19 XP machines under the Kentucky hosting agreement it entered into on February 3, 2023. Together, these machines have added approximately 56 PH/s to the Company’s total bitcoin mining hash rate.
Additionally, earlier this month the Company deployed approximately 400 of the total 773 Bitmain S19J Pro machines under the Washington lease agreement it entered into on January 29, 2023, adding an additional 40 PH/s to the Company’s hash rate. The Company expects to complete the deployment of the remaining 373 machines at the Washington facility in the coming days.
Beginning in March, the Company began retaining a portion of its mined bitcoin on its balance sheet again. At time of publication, the Company held 13.9 bitcoin in treasury. Going forward, the Company intends to liquidate mined bitcoin to meet monthly cash obligations and holding the balance in treasury.
Currently, the Company’s diversified bitcoin mining operations generate approximately 343 PH/s of hash rate capable of mining approximately 28.3 bitcoin per month under current market conditions. Upon the completion of the Washington deployment, the Company expects its diversified bitcoin mining operations to generate approximately 378 PH/s capable of mining approximately 31.2 bitcoin per month under current market conditions, representing hash rate growth of 102% year-over-year and 86% year-to-date.
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 343 PH/s and span three states and seven 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.
For more information about Cathedra, visit cathedra.com or follow Company news on Twitter at @CathedraBitcoin or on Telegram at @CathedraBitcoin.
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 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.
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