Cathedra Bitcoin Provides Operations Update Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Cathedra” or the “Company”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, today announced the following operations updates.
In the last 60 days, the Company has implemented additional measures to reduce operating expenses and increase cash flow, cutting payroll by over 60% through a combination of lay-offs and salary reductions, canceling real estate leases, and eliminating significant other general and administrative costs.
Notwithstanding the decline in bitcoin mining conditions, the Company’s existing bitcoin mining operations across its five locations continue to produce positive operating cash flow with strong uptime. As of November 11, 2022, the Company’s 203 PH/s of bitcoin mining hash rate produced trailing 30-day revenues of US$414,640 from average uptime of 98%. The Company continues to liquidate substantially all mined bitcoin daily and held US$2,505,861 in cash and cash equivalents as of November 11, 2022.
The final 2,135 Bitmain Antminer S19J Pro machines (the “S19J Pros”) from the Company’s November 2021 futures order remain in transit. Earlier this year, the Company elected to ship these machines via ocean freight rather than air freight to conserve cash. The Company continues to evaluate potential deployment opportunities for these machines that would prove resilient to continued decline in bitcoin mining conditions.
“Our primary aim is to ensure the survival of Cathedra during this challenging period, so that shareholders can benefit from the next Bitcoin bull cycle. We thank our shareholders for their continued support,” remarked AJ Scalia, CEO 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 203 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.
For more information about Cathedra, visit cathedra.com or follow Company news on Twitter at @CathedraBitcoin or on Telegram at @CathedraBitcoin.