TORONTO, March 17, 2022--(BUSINESS WIRE)--(Block Height: 727,763) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQX: CBTTF) (the "Company" or "Cathedra"), a Bitcoin company that develops and operates world-class bitcoin mining infrastructure, is pleased to announce it has begun the manufacturing process for its proprietary mobile data centers (the "Bitcoin Mining Rovers" or "Rovers"), which will house the bitcoin mining machines ordered by the Company in November 2021 (together, the "Machine Orders"). The Company’s in-house engineering team recently completed the initial Rover design and began the fabrication process. The Rovers are designed to be modular and mobile, allowing Cathedra to manufacture them at a rapid pace and deploy them wherever the cheapest power is found, in both on- and off-grid environments.
"Developing our own in-house design and manufacturing capabilities has been a top priority for us. Vertical integration will allow us to control our supply chain and rate of expansion to a greater degree, in addition to giving us a cost advantage over our competitors," added AJ Scalia, Chief Executive Officer of Cathedra Bitcoin.
Production and assembly of the Rovers will take place in Berlin, New Hampshire, and will continue throughout the course of 2022 and beyond. The Company expects incoming machines from the Machine Orders to be deployed in the completed Rovers incrementally as they arrive.
Cathedra’s Chief Field Operations and Manufacturing Officer, Isaac Fithian, remarked, "Berlin is an industrial city, forged through grit and an honest day’s work. At its peak, Berlin was once the largest producer of paper in the world. For much of human history, paper has provided a means of remembrance and the promise that an honest day’s work will not be forgotten. Cathedra will hold to this same promise. Our Rovers will protect the most secure monetary ledger conceived by mankind. Through grit and an honest day's work, we are building a world-class company. It is exciting to start the next chapter of our journey in ‘the city that trees built.’"
"This is exciting news for the Berlin area and the North Country of New Hampshire. Bringing technology companies to the area will create high-quality jobs and attract and retain youth in the area, which we strive to do," added Benoit Lamontagne, North Country Industrial Agent at the State of New Hampshire’s Division of Economic Development, who has been working with representatives of the Company.
About Cathedra Bitcoin
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 owns 187 PH/s across various sites around the United States and expects to deploy an additional 538 PH/s in 2022. Upon the full deployment of its purchased machines, Cathedra’s hash rate is expected to total 725 PH/s. 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.
Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws that are based on expectations, estimates and projections as at the date of this news release. The information in this release about future plans and objectives of the Company, are forward-looking information. Other forward-looking information includes but is not limited to information concerning: the expected deployment of an additional miners, the intentions and future actions of senior management, the intentions, plans and future actions of the Company, as well as the Company’ ability to successfully mine digital currency; revenue increasing as currently anticipated; the ability to profitably liquidate current and future digital currency inventory; volatility of network difficulty and, digital currency prices and the resulting significant negative impact on the Company’s operations; the construction and operation of expanded blockchain infrastructure as currently planned; and the regulatory environment of cryptocurrency in applicable jurisdictions.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the ability of the Company to achieve its corporate objectives or otherwise advance the progress of the Company; risks related to the international operations; the Company's inability to obtain any necessary permits, consents or authorizations required for its activities; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on capital market conditions, restriction on labor and international travel and supply chains; general market and industry conditions; and those risks set out in the Company’s public documents filed on SEDAR. The Company has also assumed that no significant events occur outside of the Company’s normal course of business. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
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