(Block Height: 810,565) – 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 September, the Company responded to worsening mining conditions by underclocking approximately 1,600 of its S19J Pro machines hosted in various data centers in Tennessee and Kentucky through the use of after-market firmware. In doing so, the Company was able to achieve approximately 80 TH/s per machine at an efficiency level of 26.3 J/TH, thereby increasing operating profits and reducing breakeven hash price to a weighted average of US$48/PH/s/day across these machines. This has reduced the Company’s expected fleetwide hash rate to 355 PH/s, while also reducing fleetwide breakeven hash price to US$43/PH/s/day (vs. US$45/PH/s/day previously).
Additionally, in September, the Company also completed the initial deployment of its off-grid mining partnership with 360 Mining in Texas. With the deployment of its first Rover, the Company becomes the only publicly traded bitcoin miner using both on- and off-grid energy sources to power its operations.
Finally, the Company streamlined its operations by relocating machines from its third-party data center in Kentucky to one of its existing third-party data centers in Tennessee. The relocation did not affect the terms of the existing hosting agreement.
Management Commentary
“Pursuant to our role as managers of a portfolio of hash rate, we use firmware to respond to changing market conditions so that we can maximize cash flow,” remarked Drew Armstrong, Chairman, President, and Chief Operating Officer of the Company. “As network hash rate continues to grind up, and bitcoin price remains flat, underclocking machines offers a way to increase operating profits amid declining hash price. And in key hosting contracts, we reserve the right to restore machines to factory default settings if and when conditions improve. This elasticity of power consumption provides a runway for growth than can be realized almost immediately and at no incremental cost as mining economics improve. We continue to think like a cockroach.”
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 355 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.
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