Cathedra Bitcoin Provides Operations Update
Cathedra Bitcoin, a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, is pleased to announce the following operations updates.
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Update on Sale of 600 Bitmain Antminer XPs
On November 22, 2021, the Company announced it had entered into an agreement with Bitmain to purchase 600 new Antminer S19 XP bitcoin mining machines to be delivered in monthly increments of 100 machines from July through December 2022.
On July 11, 2022, the Company announced it had entered into an agreement to sell the 600 S19 XPs for total proceeds of US$4,116,000, with 50% of the total purchase price (US$2,058,000) paid in cash upon signing and the balance to be paid in six equal installments upon delivery of each of the batches of machines.
As of December 31, 2022, the Company had delivered 400 of the 600 machines and had received an additional US$686,000 in proceeds from the purchaser, which the Company will use to further reduce the principal on its outstanding convertible debenture after deducting transaction-related expenses.
On January 3, 2023, the purchaser declined to accept delivery and make payment on the final 200 machines, citing shipping delays. Consequently, on January 10, 2023, the Company and the purchaser entered into a termination agreement which mutually released each party of and from any and all remaining obligations under the original purchase agreement. The Company will retain the 200 remaining S19 XPs, which produce a total of 28 PH/s of bitcoin mining hash rate at an industry-leading power efficiency of 21.5 joules per terahash.
Update on Operations
On January 20, 2023, the Company deployed 150 of the remaining 200 S19 XP machines at a third-party data center in Tennessee. Under the terms of the hosting agreement, which lasts for an initial term of 12 months, the Company will pay a fixed rate of seven cents (US$0.07) per kilowatt hour, plus ten percent (10%) of gross bitcoin revenue produced by the hosted S19 XPs. After the installation of the 150 S19 XPs, the Company’s diversified bitcoin mining operations now produce approximately 247 PH/s.
The Company continues to evaluate potential opportunities to deploy the remaining 50 S19 XPs and its remaining 1,238 S19J Pro machines.
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 247 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.
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