Cathedra Bitcoin Announces Fourth Quarter and Full-Year 2022 Financial Results - Seite 2

“2022 was a historically challenging year for the bitcoin mining industry. The price of bitcoin declined 78% from its 2021 all-time highs while network hash rate surged 42% to fresh highs on the year. Consequently, hash price (daily revenue per PH/s) hit an all-time low of US$55, down 82% from the 2021 average. Many of our competitors fell into insolvency or incurred significant dilution events to continue as going concerns,” remarked CEO AJ Scalia.

“For our part, our plan to manufacture Rovers in-house and deploy our new machines at off-grid energy sources was clearly hamstrung by supply chain, energy market, and capital constraints. However, I am enormously proud of our team for remaining flexible and making sacrifices to get hash rate online in a capital-efficient manner. We stayed one step ahead of deteriorating market conditions all throughout the year, restructuring our balance sheet and operations early on to ensure our survival in the most brutal bitcoin mining bear market to date.

“We remain extremely optimistic about the future of bitcoin and Cathedra. At time of publication, we are generating approximately 28.58 gross bitcoin per month at an average cash cost of US$13,778 per bitcoin across a hash rate portfolio totaling 343 PH/s. With 11 modular data centers on hand from our GAM partnership and proprietary Rover manufacturing, plus an inventory of over 2,000 idle older-generation machines, we are spring-coiled to thrive as mining conditions continue to improve. We thank our shareholders for their continued support and look forward to delivering returns for them as Bitcoin continues up the global adoption curve.”

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’s diversified bitcoin mining operations total 343 PH/s and span three states and seven locations in the United States. 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.