Cathedra Bitcoin Provides Operations Update

Rhea-AI Summary

Cathedra Bitcoin announces updates on its mining operations, including the installation of additional machines and a renewed hosting agreement. The company's hash rate is now at 382 PH/s, capable of producing approximately 29 bitcoin per month. Cathedra also plans to deploy its first Rover in Texas in the coming weeks.

Positive

• Cathedra Bitcoin completed the installation of additional machines at its facilities in Washington and Tennessee, increasing its hash rate to 382 PH/s.
• The company's renewed hosting agreement in Tennessee allows for a fixed rate of US$72.50 per megawatt hour for electricity and hosting services.
• Cathedra Bitcoin will deploy its first Rover in Texas, which will provide at least 8 PH/s of incremental hash rate.

Negative

• None.

TORONTO--(BUSINESS WIRE)-- (Block Height: 795,400) – 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 two months, the Company completed the installation of additional machines at its new facility in Washington and at an existing third-party hosting site in Tennessee. At time of publication, the Company’s hash rate totals 382 PH/s capable of producing approximately 29 bitcoin per month under current network conditions. The Company may elect to make further optimizations at its existing sites in the future and will announce such results upon completion.

On June 20, 2023, the Company renewed its hosting agreement with an existing partner in Tennessee for another 12-month term beginning on July 1, 2023. Under the terms of the renewed agreement, the Company will pay a fixed rate of US$72.50 per megawatt hour for electricity and hosting services for 1,129 Bitmain Antminer S19J Pro machines which produce approximately 113 PH/s in aggregate. Additionally, the Company reserves the option to underclock its machines at its discretion, reducing the machines’ break-even hash price to approximately US$40.00/PH/s/day (vs. current hash price of approximately $76.00/PH/s/day at time of publication).

The Company continues to prepare its Rovers and machines for deployment under its recently announced off-grid mining partnership in Texas. The Company expects to deploy the first Rover in the coming weeks, which will provide at least 8 PH/s of incremental hash rate with minimal capital expenditure. Thereafter, the Company will prepare to scale up to achieve at least 54 PH/s of total hash rate under the partnership.

With the deployment of its first Rover, the Company will become the only publicly traded bitcoin miner using both on- and off-grid energy sources to power its operations.

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 382 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.

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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230622208405/en/

Media and Investor Relations Inquiries



Sean Ty

Chief Financial Officer

ir@cathedra.com

Source: Cathedra Bitcoin Inc.

FAQ

What updates did Cathedra Bitcoin announce on its mining operations?

Cathedra Bitcoin announced the installation of additional machines at its facilities in Washington and Tennessee, increasing its hash rate to 382 PH/s.

What is the company's renewed hosting agreement in Tennessee?

Under the renewed agreement, Cathedra Bitcoin will pay a fixed rate of US$72.50 per megawatt hour for electricity and hosting services.

Where will Cathedra Bitcoin deploy its first Rover?

Cathedra Bitcoin will deploy its first Rover in Texas.

How much incremental hash rate will the first Rover provide?

The first Rover will provide at least 8 PH/s of incremental hash rate.