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TORONTO, April 1, 2024–(BUSINESS WIRE)–(Block Height: 837,200) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQB: CBTTF) (“Chair” or the “Company”), a diversified bitcoin mining company, announces its audited monetary effects for the fourth quarter and fiscal year 2023:
FY 2023 Financial Highlights
Revenue from Bitcoin mining operations increased by 24% to C$10. 9 million, up from C$8. 8 million in 2022.
Raw bitcoins produced through mining operations increased 13% to 279. 2 bitcoins, up from 246. 9 bitcoins in 2022.
Total debt decreased by 75% to C$5. 7 million from C$22. 4 million as of December 31, 2022, resulting in a C$5. 5 million gain on debt settlement. In addition, the Company extended the maturity of the remaining debt of C$ 5. 7 million to 12 months until November 2025.
Total shareholder equity increased 94% to C$9. 3 million from C$4. 8 million as of December 31, 2022.
The Company held C$1. 5 million in cash and C$4. 3 million in bitcoin (44. 8 bitcoin), for overall liquidity of C$5. 8 million as of March 28, 2024.
FY 2023 Operational Highlights
The company has completed the cost-effective deployment of its new S19J Pro and S19 XP machines in leased and third-party data centers, increasing its overall bitcoin mining hash rate by 99%, from 203 PH/s to 403 PH/s in December. 31. , 2023.
The Company maintained its leadership in the underclocking device area to optimize its operations, realizing better device power and profit margins across all sites up to 36%.
The company has introduced an aftermarket software product for Bitcoin mining machines, CathedraOS, which allows users to achieve underclocking functionality like Cathedra.
In keeping with its commitment to diversifying jurisdictions and energy sources, the Company has introduced an off-grid mining partnership with 360 Mining, in which Cathedra has deployed one of its modular Bitcoin mining knowledge centers on 360 Mining’s off-grid network in Texas to produce more 5PH/s.
The Company has been preparing for the upcoming Bitcoin halving, after which Bitcoin’s reissue rate will be reduced by 50% to 3,125 Bitcoin per block, by structuring key hosting arrangements to maintain flexibility in the amount of energy the Company consumes at each site. In the event that the mining economy deteriorates particularly after the halving, the Company reserves the right to slow down the clock speed of its machines to decrease its power consumption and margins on the majority of its fleet.
After the end of fiscal year 2023, on March 6, 2024, the Company entered into an executable percentage exchange agreement with Kungsleden Inc. , a private developer and operator of Bitcoin mining knowledge centers. The combined company is expected to own and operate a forty-five MW portfolio of Bitcoin mining knowledge centers at four locations in three U. S. states. In addition to Cathedra’s existing 403 PH/s Bitcoin mining hash rate, this is in addition to Cathedra’s existing Bitcoin mining hash rate. The transaction is expected to close in the second quarter of 2024, subject to certain conditions precedent. and regulatory and percentage standard approvals.
Management Comment
“In 2023, we nearly doubled Cathedra’s deployed hash rate from 203 PH/s to 403 PH/s and ensured the company’s survival in the bear market with our artistic and cutting-edge underclocking strategies,” commented AJ Scalia, CEO of Cathedra. In addition, the debt agreements we negotiated with our creditors restored our balance sheet and allowed us to capitalize on the recovery in the Bitcoin market. The proposed merger with Kungsleden will put us on a new trajectory of expansion and change our business style from a pure approach. miner fully exposed to Bitcoin’s volatility to a half-knowledge infrastructure developer and operator, with an existing focus on Bitcoin and a look towards other end markets such as synthetic intelligence. We are working tirelessly to close the merger so that we can begin to execute this new vision across the Kungsleden team.
About the Bitcoin Chair
Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQB: CBTTF) is a Bitcoin company that believes that solid cash and abundant power are the keys to human flourishing. The company has diversified its bitcoin mining operations that produce 403 PH/s in 3 states and five sites in the United States. The company aims to manage and expand its hash rate portfolio through a diversified strategy for site variety and operation, employing multiple energy resources across jurisdictions.
To learn more about Cathedra, visit cathedra. com or visit the company on Twitter in @CathedraBitcoin or on Telegram in @CathedraBitcoin.
Precaution
Trading in the Company’s securities is considered highly speculative. No stock exchange, securities commission, or other regulatory authority has approved or disapproved of the data contained herein. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is explained in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation that is based on expectations, estimates and projections as of the date of this press release. The data contained in this press release relating to the Company’s long-term execution plans and targets are forward-looking data. Other forward-looking data includes, but is not limited to, data relating to: debt settlement, TSXV approval, senior management’s long-term intentions and movements, the Company’s long-term intentions, plans and plans. execute movements and the Company’s ability to effectively mine virtual currency; revenues are increasing as expected; the ability to profitably liquidate existing and long-term virtual currency holdings; the volatility of network difficulties and virtual currency costs and the consequent negative effect on the Company’s operations; building and operating an expanded blockchain infrastructure as currently planned; and the cryptocurrency regulatory environment in applicable jurisdictions.
Any statements involving discussions relating to predictions, expectations, beliefs, plans, projections, objectives, assumptions, occasions or long-term functionality (often, but not always, words such as “expects”, “does not expect”, “is expected”), “anticipates” or “does not anticipate”, “plans”, “budgets”, “schedule”, “forecasts”, “estimates”, “believes” or “intends” or diversifications of those words and words or statements that are likely to be used in the past. “could,” “could,” “could,” “could,” “could,” or “are expected to happen” or “are expected to happen” are not statements of past fact and would possibly constitute forward-looking data and are intended to identify facts about the future.
Such forward-looking data is based on assumptions and estimates of the Company’s control at the time it is made and relates to known and unknown risks, uncertainties and other points that would possibly cause the actual effects, functionality or achievements of the Company to differ materially from those of the Company. the long-term facts or achievements expressed or implied by such forward-looking data. The Company also assumed that no curtain events occurred outside the general course of business. Although the Company has attempted to identify vital points that may also cause actual effects to differ greatly, there may be other points that cause the effects to differ greatly from those expected, estimated, or anticipated. There can be no assurance that such statements will prove to be accurate, as actual effects and long-term occasions may also differ. than expected in those statements. Consequently, readers do not place undue trust in forward-looking data. The Company assumes no legal responsibility to review or update any forward-looking data other than as required by law.
See the businesswire. com edition: https://www. businesswire. com/news/home/20240401739222/en/
Contactos
Investor & Media Relations Inquiries Sean TyDirector financieroir@cathedra. com