TORONTO, November 14, 2022–(BUSINESS WIRE)–(Block Height: 763,073) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Department“or”Company“), a Bitcoin company that develops and operates a world-class bitcoin mining infrastructure, today announced the following operational updates.
In the past 60 days, the Company has taken additional actions to reduce operating expenses and increase cash flow, reduce payroll by more than 60% through layoffs and salary reductions, cancel real estate leases, and address other significant general and administrative errors. expenses.
Despite declining bitcoin mining conditions, the Company’s existing bitcoin mining operations at five locations continue to generate positive operating cash flow with strong uptime. As of November 11, 2022, the Company’s 203 PH/s bitcoin hash rate generated a 30-day revenue of $414,640 after a 98% average uptime. The company continues to liquidate all mined bitcoins on a daily basis and as of November 11, 2022, holds $2,505,861 in cash and cash equivalents.
Last 2135 Bitmain Antminer S19J Pro machine (“S19J Pros“) remains in transit from the Company’s November 2021 futures order. Earlier this year, the Company chose to ship these machines by ocean freight rather than air freight to save cash. The Company continues to evaluate potential deployment opportunities for these machines that will prove their durability. continued decline in bitcoin mining conditions.
“Our primary goal is to ensure that Cathedra survives this difficult period so that shareholders can benefit from the next Bitcoin bull cycle. We thank our shareholders for their continued support,” said 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 that sound money and abundant energy are key components of 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 US. The company is focused on expanding its hashrate portfolio through site selection and a diversified approach to operations, leveraging multiple power sources in multiple jurisdictions.
For more information about Cathedra, visit cathedra.com or follow Company news on Twitter @CathedraBitcoin or @CathedraBitcoin on Telegram.
Trading in the Company’s securities should be considered highly speculative. No stock exchange, securities commission or other regulatory body has approved or disapproved of the information contained herein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in TSX Venture Exchange policies) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain “forward-looking information” within the meaning of Canadian securities laws based on expectations, estimates and projections as of the date of this news release. Information about the Company’s future plans and objectives in this release is forward-looking information. Other forward-looking information includes, but is not limited to: senior management’s intentions and future actions, the Company’s intentions, plans and future activities, as well as the Company’s ability to successfully acquire digital currency; currently expected revenue growth; the ability to profitably liquidate current and future digital currency inventory; volatility of network difficulty and digital currency prices and, as a result, a material adverse effect on the Company’s operations; building and operating an expanded blockchain infrastructure as currently planned; and the regulatory environment of cryptocurrency in relevant jurisdictions.
Any statements that involve predictions, expectations, beliefs, plans, projections, goals, assumptions, discussions of future events or performance (often, but not always, using expressions such as “expects” or “does not expect”, “expects”) , “expects” or “does not expect”, “plans”, “budget”, “planned”, “forecasts”, “estimates”, “believes” or “intends” or changes to such words or expressions or certain actions, events or results “may be” or “could be”, “would be”, “could be” or “will be”) are not statements of historical fact and may be forward-looking information and are intended to be forward-looking statements. – looking for information.
This forward-looking information is based on the reasonable assumptions and estimates of the Company’s management at the time it is made and involves known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, performance or achievements to decline. materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The Company has also assumed that no material events outside the normal course of business of the Company have occurred. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that could cause results to differ from those expected, estimated or intended. Because actual results and future events may differ materially from those anticipated in such statements, there can be no assurance that such statements will prove to be correct. 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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