Cathedra Bitcoin Inc. a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, today announced the following operational and corporate updates.
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Update on Order for Bitmain Antminer S19J Pros
The Company recently installed 522 machines from its June batch of Bitmain Antminer S19J Pro machines (the “S19J Pros”) at a third-party datacenter in Kentucky, increasing the Company’s bitcoin mining hash rate by 52 PH/s.
The remaining 372 machines from the May batch continue to face delays in shipment. The Company is working with its supplier and logistics partners to complete delivery and expects to receive the machines in the coming weeks. Upon their installation at a third-party datacenter, machines will provide an additional 37 PH/s to the Company’s total hash rate.
In accordance with its effort to conserve cash until bitcoin mining conditions improve, the Company elected to forgo making final payment on its July batch of S19J Pros (the “July S19J Pros”) and will instead take delivery of a reduced allocation of 635 machines (versus the originally contemplated 750). The July S19J Pros have been shipped and are expected to be delivered in the coming weeks. The Company will take delivery of its full allocation of 750 machines per month in August and September. The Company intends to deploy these machines at a site with favorable economics upon their arrival.
Update on North Dakota Operations
Pursuant to the terms of the amended agreement (the “Amendment”) between the Company and Great American Mining, the Company continued decommissioning bitcoin mining containers at its North Dakota operation (the “North Dakota Mine”), recently retiring an additional approximately 950 machines. All decommissioned machines have been shipped to the Company’s manufacturing facility in New Hampshire. Remaining hash rate at the North Dakota Mine totals 52 PH/s across five bitcoin mining containers, which the Company intends to decommission on or around September 15, 2022, pursuant to the Amendment.
The Company plans to redeploy the machines from the North Dakota Mine at a site with favorable economics in the future after making any necessary repairs.
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Update on Manufacturing
The Company continues to take steps towards vertical integration by developing its manufacturing capabilities for its proprietary bitcoin mining datacenters (the “Rovers”). Despite pausing major capital expenditures until market conditions improve substantially, the Company holds an inventory of materials which has allowed it to continue manufacturing Rovers. The Company has completed extensive testing of Rover 1, which has met all performance expectations and is now ready for field deployment. The Company continues to assemble an additional six Rovers, with Rovers 2 and 3 expected to be completed and ready for testing in the coming weeks. After successful testing, the Company intends to deploy new Rovers at sites with favorable economics as soon as is feasible.
Drew Armstrong, President and Chief Operating Officer, commented, “Over the past several months, we have been hard at work in New Hampshire developing a scalable manufacturing operation. We have used this summer as an opportunity to optimize our manufacturing and fabrication processes; this will allow us to ‘print’ Rovers in the most time- and capital-efficient manner possible. As globalized supply chains break down, we are working to create a manufacturing powerhouse here in North Country.”
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