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Cathedra Bitcoin Announces Second Quarter 2024 Financial Results
Toronto, Ontario--(Newsfile Corp. - August 29, 2024) - (Block Height: 858,990) - Cathedra Bitcoin...
About this update from Cathedra Bitcoin Inc
[{"type":"text","content":"Cathedra Bitcoin Announces Second Quarter 2024 Financial ResultsToronto, Ontario--(Newsfile Corp. - August 29, 2024) - (Block Height: 858,990) - Cathedra Bitcoin Inc. (TSXV: CBIT) (OTC Pink: CBTTF) (\"Cathedra,\" the \"Company,\" or \"we\"), a developer and operator of high-density compute infrastructure across North America, today announces our second quarter (\"Q2\") financial results for 2024: Q2 2024 HighlightsRevenue from bitcoin mining operations increased by 5% year-over-year to C$3.0 million, compared to C$2.9 million in Q2 2023.In response to weakened mining conditions following the fourth halving of Bitcoin's issuance rate (the \"Halving\"), we resumed \"underclocking\" certain machines to maximize mining cash flow. Following these adjustments, our fleetwide active hash rate has reduced to approximately 355 PH/s. These adjustments improved fleet efficiency to approximately 26 joules per terahash (\"J/TH\") from 29 J/TH pre-Halving.On March 6, 2024, we entered into a binding share exchange agreement providing for a business combination with Kungsleden Inc. (\"Kungsleden\"), a privately held developer and operator of bitcoin mining data centers. After amending the terms of the original agreement on June 18, 2024, and thereafter receiving the requisite approvals from Cathedra shareholders and the TSX Venture Exchange (the \"TSX-V\"), we completed the business combination on July 23, 2024, and our shares resumed trading on the TSX-V on August 6, 2024. Subsequent to quarter end, we concluded a hosting arrangement with a third-party operator in Tennessee pursuant to the terms of the hosting agreement and consequently relocated approximately 1,129 Bitmain S19J Pro machines from that site to a data center we own and operate in Tennessee. The relocation of these machines was completed on August 28, 2024, and has reduced the 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.We hold approximately C$1.5 million of cash and C$3.4 million of bitcoin (41.1 bitcoin) for total liquidity of C$4.9 million as of August 29, 2024.Management Commentary\"Despite underwhelming price performance from bitcoin, Q2 was a milestone quarter for Cathedra,\" remarked AJ Scalia, CEO of Cathedra. \"We announced a strategic business combination with Kungslede...