TORONTO–(BUSINESS WIRE)–(Block Height: 749,890) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Cathedra”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, today announced the following operational and corporate updates.
Update on Order for Bitmain Antminer S19J Pros
The Company recently installed 522 machines from its June batch of Bitmain Antminer S19J Pro machines (the “S19J Pros”) at a third-party datacenter in Kentucky, increasing the Company’s bitcoin mining hash rate by 52 PH/s.
The remaining 372 machines from the May batch continue to face delays in shipment. The Company is working with its supplier and logistics partners to complete delivery and expects to receive the machines in the coming weeks. Upon their installation at a third-party datacenter, machines will provide an additional 37 PH/s to the Company’s total hash rate.
In accordance with its effort to conserve cash until bitcoin mining conditions improve, the Company elected to forgo making final payment on its July batch of S19J Pros (the “July S19J Pros”) and will instead take delivery of a reduced allocation of 635 machines (versus the originally contemplated 750). The July S19J Pros have been shipped and are expected to be delivered in the coming weeks. The Company will take delivery of its full allocation of 750 machines per month in August and September. The Company intends to deploy these machines at a site with favorable economics upon their arrival.
Update on North Dakota Operations
Pursuant to the terms of the amended agreement (the “Amendment”) between the Company and Great American Mining, the Company continued decommissioning bitcoin mining containers at its North Dakota operation (the “North Dakota Mine”), recently retiring an additional approximately 950 machines. All decommissioned machines have been shipped to the Company’s manufacturing facility in New Hampshire. Remaining hash rate at the North Dakota Mine totals 52 PH/s across five bitcoin mining containers, which the Company intends to decommission on or around September 15, 2022, pursuant to the Amendment.
The Company plans to redeploy the machines from the North Dakota Mine at a site with favorable economics in the future after making any necessary repairs.
Update on Manufacturing
The Company continues to take steps towards vertical integration by developing its manufacturing capabilities for its proprietary bitcoin mining datacenters (the “Rovers”). Despite pausing major capital expenditures until market conditions improve substantially, the Company holds an inventory of materials which has allowed it to continue manufacturing Rovers. The Company has completed extensive testing of Rover 1, which has met all performance expectations and is now ready for field deployment. The Company continues to assemble an additional six Rovers, with Rovers 2 and 3 expected to be completed and ready for testing in the coming weeks. After successful testing, the Company intends to deploy new Rovers at sites with favorable economics as soon as is feasible.
Drew Armstrong, President and Chief Operating Officer, commented, “Over the past several months, we have been hard at work in New Hampshire developing a scalable manufacturing operation. We have used this summer as an opportunity to optimize our manufacturing and fabrication processes; this will allow us to ‘print’ Rovers in the most time- and capital-efficient manner possible. As globalized supply chains break down, we are working to create a manufacturing powerhouse here in North Country.”
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 217 PH/s and span four 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.
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 expected deployment of an additional miners, 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. Such factors include, among others: the ability of the Company to achieve its corporate objectives or otherwise advance the progress of the Company; risks related to the international operations; the Company’s inability to obtain any necessary permits, consents or authorizations required for its activities; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on capital market conditions, restriction on labor and international travel and supply chains; general market and industry conditions; and those risks set out in the Company’s public documents filed on SEDAR. 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.