Cathedra Bitcoin Provides Operations Update

(Block Height: 810,565) – Cathedra Bitcoin Inc. (TSX-V: CBIT; OTCQB: CBTTF) (“Cathedra” or the “Company”), a diversified bitcoin mining company, is pleased to announce the following updates on its bitcoin mining operations.

In September, the Company responded to worsening mining conditions by underclocking approximately 1,600 of its S19J Pro machines hosted in various data centers in Tennessee and Kentucky through the use of after-market firmware. In doing so, the Company was able to achieve approximately 80 TH/s per machine at an efficiency level of 26.3 J/TH, thereby increasing operating profits and reducing breakeven hash price to a weighted average of US$48/PH/s/day across these machines. This has reduced the Company’s expected fleetwide hash rate to 355 PH/s, while also reducing fleetwide breakeven hash price to US$43/PH/s/day (vs. US$45/PH/s/day previously).

Additionally, in September, the Company also completed the initial deployment of its off-grid mining partnership with 360 Mining in Texas. With the deployment of its first Rover, the Company becomes the only publicly traded bitcoin miner using both on- and off-grid energy sources to power its operations.

Finally, the Company streamlined its operations by relocating machines from its third-party data center in Kentucky to one of its existing third-party data centers in Tennessee. The relocation did not affect the terms of the existing hosting agreement.

Management Commentary

“Pursuant to our role as managers of a portfolio of hash rate, we use firmware to respond to changing market conditions so that we can maximize cash flow,” remarked Drew Armstrong, Chairman, President, and Chief Operating Officer of the Company. “As network hash rate continues to grind up, and bitcoin price remains flat, underclocking machines offers a way to increase operating profits amid declining hash price. And in key hosting contracts, we reserve the right to restore machines to factory default settings if and when conditions improve. This elasticity of power consumption provides a runway for growth than can be realized almost immediately and at no incremental cost as mining economics improve. We continue to think like a cockroach.”