TORONTO–(BUSINESS PROPERTY)–(Block Height: 774,581) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (“Department” or “Company”), a Bitcoin company that develops and operates a world-class bitcoin mining infrastructure, is pleased to announce that the Company has entered into an agreement to lease a 2.5 megawatt bitcoin mining facility in Washington State on January 29, 2023. Under the lease, for an initial 24-month term, the company will make rent payments of $108,000 per month, including all electricity costs.
Pursuant to the lease agreement, the Company obtained the right of first opportunity (“ROFO”) to purchase a 2.5 megawatt facility and several adjacent facilities in the same building with a total of 10 megawatts of bitcoin mining capacity. ROFO ends upon termination or expiration of the lease.
Additionally, on January 29, 2023, the Company entered into an operating agreement with a third-party service provider under which the service provider will operate the Company’s bitcoin mining machines at a leased facility in exchange for 10% of the Company’s gross revenue. Company vehicles in a leased facility. The operational contract lasts for an initial period of 24 months.
The company intends to house the last batch of 773 Bitmain Antminer S19J Pro machines expected by March 2023 in the leased facility. Lease and operating agreements commence on the later of (a) the date on which the Company’s vehicles are delivered. to the leased facility or (b) 14 February 2023.
The company intends to further optimize its fleet of bitcoin mining machines at two leased facilities in Washington state; such optimizations may include moving machines between two facilities to better utilize available capacity and “downsizing” (i.e., reducing energy consumption) certain machines to improve the Company’s operating margins.
After the deployment of these 773 S19J Pro machines, the Company expects diversified bitcoin mining operations to achieve an active hash rate of at least 322 PH/s, which is approximately 30% higher than the current active hash rate of 247 PH/s. The company will announce the hashrate effects of any additional optimizations once they are complete.
The company continues to evaluate the remaining 490 S19J Pro (100 TH/s) and 50 S19 XP (140 TH/s) machines for capital efficiency.
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 247 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.
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