Cathedra Bitcoin Inc.(the “Company” or “Cathedra”), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, is pleased to provide an update on its bitcoin mining operations.
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GAM Partnership Update
The final container in the Cathedra and Great American Mining (“GAM”) partnership was deployed in North Dakota last week. Together, the 12 containers bring Cathedra’s total deployed hash rate with GAM to 155 PH/s. The deployment of this final container brings Cathedra’s company-level active hash rate to 187 PH/s. The final 3 PH/s of mining equipment is currently undergoing repairs and is expected to bring the full Cathedra and GAM partnership to 158 PH/s upon deployment.
The delivery of the final container under the GAM partnership was delayed by supply chain disruptions. Additionally, due to unusually cold weather in North Dakota and recent site maintenance, the Cathedra and GAM bitcoin mining operation has seen its performance impaired in recent weeks, operating at an average of 45% of expected hash rate over the last 30 days. Current hash rate levels are near 85% of the expected total, and the Company expects maintenance on the site to be completed in the coming days, restoring normal operating conditions and uptime.
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Washington Site Update
The Company will be decommissioning some of its legacy Bitmain Antminer S9 machines in the coming days. These S9s have been operating at Cathedra’s mine in Washington State since 2018. Once completed, Cathedra’s company-level hash rate is expected to total 190 PH/s.
Bitmain Order Update
The Company’s two long-term purchase agreements with Bitmain for 4,500 Antminer S19j Pro and 600 Antminer S19 XP machines, respectively (together, the “Machine Orders”), are still expected to be delivered throughout the course of 2022, beginning in April. Upon full deployment of the machines purchased in the Machine Orders, Cathedra’s company-level hash rate is expected to total 725 PH/s.
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