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Cathedra Bitcoin Announces Operations and Corporate Updates and Repricing of Warrants
Toronto, Ontario--(Newsfile Corp. - August 19, 2024) - (Block Height: 857,523) - Cathedra Bitcoin...
About this update from Cathedra Bitcoin Inc
[{"type":"text","content":"Cathedra Bitcoin Announces Operations and Corporate Updates and Repricing of WarrantsToronto, Ontario--(Newsfile Corp. - August 19, 2024) - (Block Height: 857,523) - Cathedra Bitcoin Inc. (TSXV: CBIT) (\"Cathedra\" or the \"Company\"), a developer and operator of high-density compute infrastructure across North America, is pleased to provide the following updates: Operations UpdateTennessee OperationsOn August 22, 2024, the Company expects to conclude a hosting arrangement with a third-party operator in Tennessee pursuant to the terms of the hosting agreement. Upon conclusion of the agreement, the Company intends to relocate approximately 1,129 of its Bitmain S19J Pro machines from the operator's site in Tennessee to a data center owned and operated by the Company in Tennessee. The move is expected to reduce the Company's effective cash operating cost for these machines by approximately 31%, from US$72.50 per megawatt hour to approximately US$50.00 per megawatt hour.North Dakota OperationsAfter encountering supply chain delays, the Company expects to complete final installation of its 60-megawatt North Dakota bitcoin mining data center in September 2024. 10 of the total 60 megawatts of capacity has been energized and producing revenue since June, with the remaining 50 megawatts expected to come online between now and the end of September 2024. Through a wholly owned subsidiary, Cathedra owns a 25% stake in the 60-megawatt project, equivalent to 15 megawatts of owned capacity. Recent Conference AppearancesIn July, Cathedra leadership participated in Bitcoin 2024 in Nashville, Tennessee, the largest Bitcoin conference in the world:Board Director Tom Masiero spoke on a panel about diversification in bitcoin mining. A recording of the conversation can be watched here. President, COO, and Board Director Drew Armstrong appeared on a panel to discuss public versus private bitcoin mining companies. A recording of the conversation can be watched here.Repricing of WarrantsThe Company also announces that it intends to reduce the exercise price of an aggregate of 36,819,700 outstanding subordinate voting share purchase warrants of the Company (the \"Warrants\"). 14,794,700 Warrants were issued in connection with a bought deal that closed on March 26, 2021 (the \"Bought Deal Warrants\"), 16,025,000 Warrants were issued in connection with an ...