In December we announced a change of the company’s name from Fortress Technologies to Cathedra Bitcoin. Our new name reflects our aspirations for the company and for Bitcoin more broadly. The gothic cathedral is a symbol of bold, ambitious, long-term projects; indeed, any single contributor to the monument would likely die before its completion, but contributed nonetheless—because it was a project worth undertaking. So it is with Cathedra, and so it is with Bitcoin.

Our new name also hints at another distinguishing feature of our business: we focus our efforts on Bitcoin, and Bitcoin only. The difference between Bitcoin and other “crypto” networks is one of kind, not degree. Bitcoin is the only meaningfully decentralized network in the “crypto” space, which is why bitcoin the asset will continue to win adoption as the preferred form of digitally native money by the world’s eight billion inhabitants. Bitcoin seeks to destroy the institution of seigniorage once and for all. Your favorite shitcoin creator just wants to capture the seigniorage himself.

With this expanded team, we recently began production of proprietary modular datacenters to house the 5,100 bitcoin mining machines we have scheduled for delivery throughout 2022. We’re calling these datacenters “rovers,” a nod to their mobility, embedded automation, and capacity to operate under harsh environmental conditions in remote geographies. The modularity and modest footprint of our rovers will allow us to produce them at a rapid pace and deploy them wherever the cheapest power is found, in both on- and off-grid environments.

To our knowledge, Cathedra is the only publicly traded bitcoin miner with both on- and off-grid operations today.

We increasingly believe that the future of bitcoin mining is off-grid. On-grid deployments are already vulnerable to myriad unique risks today, and we believe their economic proposition will become less attractive over time. As power producers continue to integrate bitcoin mining at the site of generation themselves, large on-grid miners positioned “downstream” in the energy value chain will see their electricity rates rise. Today, “off-grid” describes any arrangement in which a bitcoin miner procures power directly from an energy producer. Popular implementations include stranded and flared natural gas and behind-the-meter hydro and nuclear.

We recently announced that Cathedra secured US$17m in debt financing from NYDIG, a loan secured by bitcoin mining equipment. When it comes to borrowing in fiat to finance assets that produce bitcoin—an asset which appreciates 150%+ per year on average—almost any cost of debt makes sense.

We will continue to hold as much of our mined bitcoin as possible and may even supplement our mining activities with opportunistic bitcoin purchases on occasion.

We will continue to hold as much of our mined bitcoin as possible and may even supplement our mining activities with opportunistic bitcoin purchases on occasion.

The Malthusian camp wants top-down, centralized management of resources via CBDCs and energy rationing policies. They believe our energy resources are fixed; the only path forward is backward, farming for energy using huge swaths of land controlled by the privileged few. “Industrialization for me but not for thee.” “You’ll own nothing and be happy.” These are the slogans of the Malthusian movement.

This is not the path that took us to space and lifted billions out of poverty. We, Cathedra, choose the other path. That of Prometheus, who stole fire from the gods to benefit humankind.

We believe in a future of sound money that brings property rights to eight billion humans around the world. A world of beautiful, free cities powered by dense and highly ordered forms of energy generation. Small modular nuclear reactors with load-balancing bitcoin miners (and no seed oils).

Bitcoin mining is a powerful ally to the Promethean cause. As the energy buyer of last resort, Bitcoin promotes sound money and sound energy infrastructure.