Bitcoin miner Fortress Technologies Inc. has rebranded to Cathedra Bitcoin Inc. and will change its ticker symbol on the TSX Ventures Exchange (TSXV) to “CBIT,” the company said in a statement sent to Bitcoin Magazine.
“The name ‘Cathedra Bitcoin’ reflects our aspirations for the company, and for Bitcoin more broadly: a bold, ambitious, long-term project whose full realization we may not witness in our lifetimes, but which we choose to undertake nonetheless,” the CEO of Cathedra, AJ Scalia, said in a statement.
The rebranding has been reflected with a new logo, website, and brand assets for the company, which is expected to begin trading on the TSXV under the new name and ticker symbol on Thursday, upon satisfying all applicable legal requirements. The miner said no action is needed from current shareholders and that it will publicly disclose any changes in the future.
“As a permissionless energy sink, bitcoin mining offers the perfect economic incentive to improve our ability to harness energy,” said Cathedra President and COO, Drew Armstrong. “We at Cathedra believe this will have a profound and beautiful impact on humanity, enabling us to combat many of the largest problems we face today and advance further as a species.”
Cathedra also said it is committed to advancing sound money and cheap, abundant energy by working closely with the energy sector to secure the Bitcoin network. The company applies a diversified approach to site selection and operations, looking to harness multiple energy sources across various jurisdictions.
“Energy is the most fundamental resource. Life itself depends on it,” Armstrong said.
The bitcoin miner’s operations currently output 163 petahashes per second (PH/s) across various farms in the U.S., according to the statement. Cathedra said it expects to add 566 PH/s to its hash rate capacity by the end of 2022, totaling 729 PH/s once all purchased machines are deployed.