Cathedra Bitcoin Inc Stock Price, News & Analysis

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has provided updates on its diversified bitcoin mining operations. On February 3, 2023, the company entered a hosting agreement to deploy 490 Bitmain Antminer S19J Pro and 50 S19 XP machines at a Kentucky data center, expected by mid-February 2023. This will elevate the company's active hash rate to at least 378 PH/s, marking a 53% increase from the current 247 PH/s. The management highlighted the effective capacity utilization of their machines and a significant hash rate growth of 425% since new management took over in Q4 2021.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) announced a lease agreement for a 2.5-megawatt bitcoin mining facility in Washington State on January 29, 2023. The 24-month lease includes payments of US$108,000 per month and grants the company a right of first opportunity to purchase adjacent facilities totaling 10 megawatts. Cathedra also made an operating agreement, where a third-party service provider will manage its bitcoin mining machines in exchange for 10% of gross revenue. The deployment of 773 Antminer S19J Pro machines is expected by March 2023, aiming for a 30% increase in active hash rate to 322 PH/s.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has provided operational updates regarding the sale and deployment of its bitcoin mining machines. In a previous agreement, it purchased 600 Antminer S19 XP machines, selling 400 of them for US$4.1 million but faced delivery refusal for the final 200 due to shipping delays. As of January 20, 2023, 150 of these machines were deployed in Tennessee, contributing to a total hash rate of approximately 247 PH/s across operations in the U.S. Cathedra aims to optimize the use of its remaining mining equipment as part of its growth strategy.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) announces significant operational updates, including the receipt of 1,385 Bitmain Antminer S19J Pro machines to enhance mining capabilities. The company optimized its operations through underclocking, improving efficiency to approximately 23 J/TH from 35 J/TH. In December, Cathedra prepaid a $270,690 equipment loan and raised $683,398 from credit sales. To conserve cash, it has reduced corporate salaries, saving $285,000 annually. The company now holds $3,227,000 in cash equivalents, focusing on maintaining positive EBITDA in challenging market conditions.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) reported Q3 2022 revenue of approximately C$1.49 million, a slight decline from C$1.55 million in Q3 2021, attributed to a 50% drop in Bitcoin prices. The company expanded its mining operations significantly, installing 522 Antminer S19J Pro machines in Kentucky and 372 in Tennessee, increasing its hash rate to approximately 203 PH/s. Management emphasizes liquidity preservation amid challenging market conditions, noting their long-term optimistic outlook on Bitcoin.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has reported significant operational changes aimed at reducing costs and improving cash flow, including a 60% payroll cut and lease cancellations. Despite challenging bitcoin mining conditions, the company maintains positive operating cash flow from its 203 PH/s hash rate, generating US$414,640 over 30 days. The final shipment of 2,135 Antminer S19J Pros is in transit, with deployment strategies in consideration. CEO AJ Scalia emphasized the focus on company survival during this period to enable shareholder benefits in future market cycles.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has granted 487,244 restricted share units (RSUs) to an officer as part of its equity compensation plan. The RSUs will vest over a period of 24 months, with 60% vesting one year after October 25, 2022, and the remainder vesting every six months thereafter. Cathedra operates bitcoin mining infrastructure with a total hash rate of 203 PH/s across multiple locations in the U.S. The RSUs will expire on October 25, 2027.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) has provided updates regarding its bitcoin mining operations. The Company completed the installation of 372 Bitmain Antminer S19J Pro machines, producing around 203 PH/s, following a hosting agreement in Tennessee. A partnership with Great American Mining ended, with plans to redeploy remaining machines. The Company anticipates deploying additional machines by Q4 2022, potentially increasing its hash rate to 417 PH/s. Furthermore, a long-term equity incentive plan has been adopted, approved by shareholders on September 6, 2022.

Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) held its Annual General and Special Meeting on September 6, 2022. Shareholders elected five management nominees for the board, ensuring continuity in leadership. Additionally, shareholders approved a long-term incentive plan aimed at aligning management interests with those of shareholders. Cathedra operates a robust bitcoin mining infrastructure totaling 166 PH/s across four U.S. locations, aiming for further growth through diversified energy sources.