Bitfarms (BITF) 16 Nov 212021 Q3 Earnings call transcript

Good day. Thank you for standing by and welcome to the Bitfarms Third Quarter 2021 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to David Barnard of LHA Investor Relations. ahead. go Please

of afternoon, call Good on welcome the Officer. Executive to call Jeff President Thank Chief Lucas, the everyone. third conference Financial Officer Chief Grodzki, for is me Geoff quarter Bitfarms Morphy, today and you. Emiliano And Bitfarms, XXXX. the With

Before on to along webcast slides with with we you this your our accompanying an can being please is note on website the investors under presentation. presentations. begin, log call live To watch

on call I the smartphone, to remind listen press to prefer its quarter from market well. you download release can as you the third presentation Bitfarms, XXXX would your the today, after If you to momentarily financial closed announcing that results. there shortly like

certain undue www.sedar.com the company no to may on by out forward-looking make the statements any certain Listeners cautions information cause obligation differ Turning other materially risk to Slide are as from Bitfarms forward-looking securities X, set statements revise constitute those than and place results forward-looking factors filed on and to that I'd statements Please reliance press required The that applicable that not should statements. risks conference expectations forward-looking information refer documents listeners public during or update in and statements like include of call see and and the based today's www.sec.gov/edgar. you to these statements, that Bitfarms actual company. and to on or we release assumptions to undertakes information or could remind laws.

non-IFRS the financial a by review, denominated of operations measures quarter. dividing other have profit excluding for Please Company’s be the EBITDA, U.S. the Bitcoin, mining direct gross to the the under mining the to noted. adjusted included provide defined segment mining gross follow unless our electricity gross the a measures EBITDA the additional the definitions margin; to profit comparable are company. obtained revenues may invite Lucas and be not following financial margin; related of further total aforementioned IFRS earnings not CEO, Geoff of otherwise by Today, and company. will comparable reconciliations will for a Company’s management’s measures: profit; IFRS and the listeners is do in uses companies. not IFRS review dollars, non-IFRS references Grodzki that costs the to the & call, mining mined. perspective. Direct matters based therefore refer Gross to the CFO, other measures. details depreciation refer EBITDA Management’s by costs measures Bitcoin for recognized QX all will divided Company as Emiliano will and similar of from the of note and of Company Morphy of release close adjusted production by margin this amortization and of in vision During standardized with review Discussion to mining mining expectations. Bitcoin our mining The presented the mining defined meaning hosting of on when a total XXXX complement represents minor prescribed Analysis sales cost understanding – and results cost today’s and to and We Jeff as information gross of for segment IFRS and margin is profit, to percentage of operations EBITDA Gross cost as items certain

pleasure now the Geoff, Geoff X, questions you. I interested in advance, to send to to Morphy. it's to Slide turning live call after open turn We which investors will have we my read in management analysts the And over call to requested to Q&A. over to

call. a extend to on today's Thank you, like I'd David. welcome warm everyone to

was across XXXX second. of for of levels. that X in which of increased Bitfarms, as I'm at excited were our our our production metrics, financial quarter exahash record a many We exceeded by have announce many third we turn to demonstrated now operational resounding and rate, success facilities, and growth The in hash increased which per

metrics dedication lower the During per of And Argentina. growth brings Well, from in last four These are averaging that per per a in team. made acquired on Washington a about lowered topic to in the increase new of United a Quebec, of XX% XXXX. in second cost cost we one Bitcoin week, and costs, farms States, just quarter, average to our state, we third quarter over second has $X,XXX approximately and another of of farms and facility X,XXX currently $X,XXX the investment in sequential us testament This production six operation, Bitfarms XXXX. Bitcoin, to is construction quarter the true Bitcoin. with Canada, Bitcoin our in and five Paraguay even production the the we the and of $X,XXX under acquisition an

As from of XX. created XXX up on have today, capacity of June megawatts we megawatts, XX

Bitcoin under expected increased additional operational and our have to development, aggressive miner installations, total months times exahash financial more our our reached over and day. We per XX online hash details in XXX moment. second in than are ago, our will farms an increased megawatts development almost to we it XX capacity X to plant megawatts. XXX was or more our provide per XX purchases that with With come X.X Combined have a daily also production has XXXX. Jeff and about Bitcoin Lucas where rate

some First, I’ll review important highlights.

profit up a quarter XXXX from $X.X total XXX% second quarter year-over-year, over record our mining and grew of record. million third to we the in reached XXXX. of the Gross quarter, third million, $XX.X from the million, another XX% sequentially During $XX.X revenues

turn investors. to includes Bitcoin rose new Bitfarms to which many liquidity, total Please Our slide cash our X. inventory, continues $XXX.X attract million. and

mining beginning investors, most have in As our integrated, self in a of Since been operation. new miners we and is XXXX, world. Bitfarms reminder to vertically Bitcoin largest one the global decentralized, profitable the

infrastructure, remain the of our our in-house with ensure lowest center XX including electrical cost repair licensed miners subsidiary, wholly one and that help the over is industry. in and electricians, contractor Our capabilities strong owned we

to be to by with continues prioritizing effective locations portfolio electricity. strategy diversify money our Our cost

farms of Our risk -- interruption enabling reduce enabled growth. while the while further decentralized

investment knowledge advantage will geographies take additional of of these We to and our to take seize upon opportunities.

As was we geographies. case and continue year, this opportunities aggressively attractive last out in year, the business late to our seek multiple expand to

five. slide to Turning

Bitcoin mentioned, hosting which megawatts. State. agreement, As for a turnkey transaction have means the our our fully wholly-owned we operational builds States, for acquired This upon This Washington been highly United only operation facility XX we in accretive country had first terminates This the mining. and largest operation now rates in megawatts of we of XX per X.X production, $X.XXX has as installed as already of hydropower XX% new Bitcoin the and a in Pro capacity, or kilowatt, change SXXj XXX miners. less for $X.XXX to our control, to number contracts just of than Quebec had daily Prior petahash well farms. with recently

I with to the partner, as that expansion substation. our smooth. total transaction, proud previous quite a of operation's Washington development hosting Now, been capacity will as integration megawatt If increase Also, XX completed, an a Understanding this of part megawatts. working has am we this last to all we as the six. Memorandum as into latest co-develop XX multiple recent are other much State of now facets rebuilt slide farm. years. all original summarize building of Quebec, strides farms over and development leveraged the five geographies and I four on expertise we Collinsville some turn efforts design We operations. we in our have our track continue In to will activities. Please made in completely from significant site entered

placement to intake Some the advantages and substantially transformer we emissions. reducing reduce the sound wiring, adjusting airflow, incorporated and exhaust include improving

contractual our our original megawatts. During capacity took four the rebuild of our opportunity boost to megawatts advantage to from process, -- of we contractual our XX

slide to so, substantially XX farms an with the Quebec, In the cooperation the our of located City and as Turning plan by agreed September, original doing our eventually Sherbrooke, of we new we agreement, in capacity to we cooperatively signed part there. early city develop seven farm retire the in agreement to increase addition, expertise reached three its to the to farms propagation the proximity. in our where decibel utilized we reduce other are and residents XX and latest using total and same and megawatts levels, technology update and sound of close mitigation sound apply farm at reduce a to in expertise design original to the operating megawatts

work new which During two and the farms, initiated we on to as Leger days, The XX past refer Bunker.

During has the the the past At Leger both two sites. site, weeks, for visited I been poured. concrete the footing

of farm phases. progress quarters to of expect remainder in the commence and The over and building, the in is second the We being operations substantial XXXX Bunker, built a first of to XX XXXX. this three megawatt construction

of another quarter and XX XXXX, XX the in the the to expect megawatts in XX We in megawatts half the final quarter first XX of XXXX, megawatts turn XXXX. of second megawatts second second quarter the XXXX in on another

in initiated In initial the and largest can the the -- we year project production This the we previously a by X. reported, And we scheduled is process on expect on city XX as start see in the In quickly. the slide next to located Paraguay. the [indiscernible], within you Paraguay, progress construction expected megawatt the to complete month end. Turning of -- build-out complete slides moving facility. building

megawatt megawatt a are X. company, style of is power In power. facility inside part -- of stranded private slide site which to work gates XXX and of and development The the consist complete design otherwise engineering, preparation Turning and four utilize the Argentina, buildings underway. available will will a

million. attractive US cost miners, we expected kilowatt The we Bitfarms many low will XX,XXX contracts contracted and to price have average miners, construction. mining, took early some is previously the As commenced engineering to purchase reported, terms farm slide construction these an power which days previous terahash on an have the the accommodate about terahash. and so expected Miners $XXX please announcement mining In market to generation X.X reduce of orders. miners a Bitcoin. of around per XX,XXX of you have curtail economics of of hour, and latest This government's that Based gross surpass $XXX purchased ships in just cents after by over XXX monthly monthly to current to and XXXX. life basis economic deliveries the doing, our is of Quebec. able In disorder under accomplishment per million an of miners was uncertain Bitcoin for substantially will be to cost at per an brought October, the which XX,XXX a considerable already ROI and The Talking reduction MicroBT of on years. Chinese advantage including in reduce equal $XX facilities signed costs, delivered of current rates we $XXX about overall summer which the facilities terahash, $XX.XX scheduled from We to were renegotiate five purchase existing XX,XXX useful to action dynamics. conditions miners XX. fix turn per swift we these all at approximately still prices initial at our and market substantial be The ordered prices estimated market by are an unexpected during XXXX. This about deployed currently

Regarding end X,XXX the our quarter. XXXX deliveries, prior delivered to of the were minor third

So rate fourth hash their have X XXXX, quarter miners second boost per delivered. far X,XXX of in been past exahash to weekend. the over this They help

even per of to low to our to Over last, efficient. farm and depreciated of move based fleet receive day, almost key new older about We will efficient the deployment continue strategy. and optimization in that sense substantial miners on to miners. economic in now miners, a two part a of miners most XX ongoing to assets where when revenue. less we're our per make And energy. be Bitcoin in stands The is equates can our which about Shortly, day prices relocate approximately Older per daily they $XX,XXX mining of start weeks are X,XXX supposed located will utilizing cost average fully November, production $XXX,XXX in remaining production monitor daily farms those flexible additional our number recent Paraguay. we to at Bitcoin

new we rate. will progresses, As our our capacity, farms hash next install new months, miners increase grow and construction the continue to in few of

we to December second achieving by March our Lucas. XX, end, the call remain turn second XXXX. I that exahash Towards by confident goals Please now of to hand XXXX over in slide and X X Jeff XX, per per will XX. exahash

third revenues gross profits quarter. Thank approximately you, and XX% of mining us wholly-owned of will by third expanding XX% XXXX, from combined aligning $XX.X XXXX, the overall our in record reflecting in in Volta with million, of difficulty. Please our On quarter I review approximately discuss increase Electrique, exceed electrical the note the Bitcoin, our footprint, our contributed average decrease of and third a of joined million in Geoff. than XXX% contractor seven increase the $X.X remainder the mining In detailed rapidly we generated Bitfarms' rate revenue times of quarter subsidiaries. greater that our of an the network Today, method. in to are hash with price

During second rate quarter. we hash X,XXX that the XX. XXX September exahash, company's reported time, that exceeded X increase at petahash by our per per of XX% since increase rate Today, we to end XX% hash from petahash a the the second

quarter Turning a of million to record up XXXX, of for gross reached the third $XX.X second sequentially quarter mining from profit. In we the XXXX. million, $XX.X

the This Bitcoin including to improvement in fact benefited do And to mining or period we plan gross ban the from we for the miner, competition China difficulty are time. attributable second increase efficient average to of are the we've miners so fact over quarter, several in reduce and that purchasing future. points. three actively a the that yield to of network Our continue to of in that from more the mining XX% factors beginning percentage is more expanded an margin XX% to that

our For Bitcoin quarter agreements, objective second and our with further direct third drive and we all to this as all eliminated XXXX Washington of quarter improve XXXX. costs being the per hosting actively Overall, growth which of the cost low a focus production we average opportunities. have margins. expect the Furthermore, $X,XXX to from on these $X,XXX operations, about pursue will reasons in we towards continue we our of efficiencies acquisition, in producer, decrease we

direct cost third of just and per As recent the Geoff in for costs mentioned acquisition production earlier, period State our with our $X,XXX production which is Washington Bitcoin, comes quarter. well-below

was bottom revaluation of at our million diluted gain to and including $X.XX the pickup $XX.X of income quarter the to million reversal XX, of net This review of million the $XX.X a million in which Bitcoin on fully to in quarter record charges on of breakeven miners million, net third our of prior now million, to up early generation improvement, XXXX $X.X including Turning share. to the equates a for XXXX, holdings adjusted of of in quarter disposition per $XXX,XXX September are loss line of compares XXXX, third and XXXX miners loss a $X.X from basic an year a share quarter $X.XX. of and of net the loss second EBITDA $XX.X increase the infrastructure, existing impairment In $XX.X the period. rose in

EBITDA a our up in XXXX. from in As quarter, quarter result, the second of adjusted XX% margin XX% third was

me excuse new million $XX.X repay debt $XX.X debt, $XX.X half the August $X.XX. and of $XX.X for existing financing average months sheet. in of by for A Bitcoin of to retire XX, the And sale XXXX. position to and program from solid exercise December the under under long-term of consisting million, ATM now the placements repayments $XX.X $XXX.X ended of offset cash an only with lease of million approximately costs. million just $XX.X from I nine the $XXX XXXX, warrants and quarter X.X a of We liquidity review from Turning total proceeds XXXX, stock private at share in is at the million million of in XXXX, million, included liabilities on million million launched million options balance totaling proceeds slide million, an activity, September other shares will for approximately and ended net liquidity total XXst first XXth $XX.X the third upfront $XXX.X financing of cash long-term financing price cash reflects net XXth $X.X and million to

were mining make During months, million million the to $XX equipment, and mainly in the totally nine infrastructure as mine to future financing proceeds used invest delivery. as $XX.X prepayments well

from the ATM of million. sold our November average to of under of a additional net In for net use at the million. the $XX.X to price shares $XX.X addition added Bitcoin our million $X.XX ATM Since quarter August program, total existing approximately strategy. the inception the end That's proceeds the program. per $X.XX financing program share proceeds of of retention XXth XX.X an we The overall. under price in per of This the ATM in brings $XXX shares financing the were contributing share was discussion program million, issued program, average XXXX us of spend

the quickly of only mining options. maintain pursue Our sufficient flexibility year, source capital. or options the act The It to not and key relatively of are plan financing goals to deliveries business us use enable in judiciously, Payments our as opportunity the fourth in overall for and be State, one is recent program a to our an rapid to supported quarters But of acquisition identified, funding opportunities. ATM Washington a to growth plan We a low the a remains this all of of ATM growth cost to it third purchase one. to and mining. of and fund

to we leverage third We both the intend for these assets During continue quarter, in Mines. our relatively rates. and attractive Bitcoin asset non-dilutive to financing grow base, at

already and And, financing as equipment making term. facility this back We we evaluating $XXX ATM raised Bitcoin have on his personally as its with are place million months financing XX flexible facilities programs. the program well while outstanding

We addition, business In grow balance our of to with operate and daily, a intensive XX in approximately liquidity continues with overall to capabilities. mine margins. strong the sheet BTC adding capital in number Bitcoin funding

although seven investing nine a of short longer. for just five life useful months, years assets have in quite period payback to generally Our is or it's new these mine

strategy be plans of support in one and flexibility opportunistic to move periods, and necessary of be, Bitfarms. for in the financial purchases miners the liquidity been to payback in full strategy. this for and intensity capital to our our regard short goals growth financing continues Being key able advantage ensuring and decisively quickly this a and Given has the of continues

to slide out I'll Emi over call who Q&A. will remarks opening XX. Emi? to for Turning now our close the before turn the prepared call

Thank you Geoff.

per As X Exahash Geoff and noted, recently this it many records Second exceed we delivered quarter. financial

to our We are strategy. growth execute continuing on

the footprint Our in Canada countries, expanded to With United four is our are global. and States production. truly presence now

begin year development We be are to by expected [Indiscernible] in continues onsite Paraguay operation end. on track. to Under

XXX Operator, miners plan, our open share. exahash location Please planed questions. to centralized diversify part delivery under expect we well our our market we hash you. this ahead. in our and by with of combined XX, summary, operation of We strategic and to to X Today, and of XXXX. gains slated total is multiple positioned capital flexible strong funds portfolio sheet raising rapidly capacity targeted XX, we and for contribute rate December have geographies in XXXX. and plan rate for farms can continue call effort go to in by of balance expand reach of development, XX the and to X With a megawatts production XX,XXX in strengthened are In up operations. the XXXX, Thank March now

We will now begin the live question-and-answer session. [Operator Instructions]

This could number with investors And of some David from questions is and Relations. those. start I a that have came with of LHA Investor Barnard we in

Washington… Regarding

We have nobody queued.

So please…

no. No, no,

LHA Hello, this You some And David queue Barnard Relations. Yes. questions that came Investor in have me. investors. from is I with

ahead. Okay, David, go

effort? that follow types on to to or it, big other small pursued worth to finally, too consideration? are what perhaps of Regarding would acquisitions as acquisitions there a part considered be we or And forward? of Washington, being in expect these can the be going Jeff, handle too And

a David. good Thanks, question. It’s

at and actively Just companies investors inorganic to we've opportunities back some December. background, been assets going buy to give looking to last opportunities,

of transactions, for we know, as you those of a was ago, one week and XX only that megawatts. closed Washington As

been We terms looking worthwhile in that to half aging company their sense if comes where they XX attracted of don't capital, of hypothesis basically few we electricity story there’s distinctive it I very be contract, be their private lifecycle but suggests with companies, to they in us. less an layout, and that size, more old. decent in And that's a advantage the is make this quite result, the opportunities, size, wouldn't that think private there's the And at and an be or attractive in -- really look. of certainly a to XX to are anything terms electricity a interested I as interested we'll to opportunity not for a But and getting size a will access because very upgrade scale. than good It's bigger where opportunities contracts, don't the about seen goes, a it's they -- fleet. expect have as see us. We've attractive there opportunities have it's good miners megawatts makes taking can't continue coming. public, the have around, without fleet whether and to electricity team consolidation contract in industry it's we'd an a there mid-sized

see we're of it just to think now. parts I starting

think eyes deploying wants are come our And facilities, So that new partner growing an we're expertise. expertise our and our international given us, to particularly I to anybody open. our of for team because attractive and

do with Thanks, Great. is here. question for plan forward? with Got going Jeff funds What ATM And raised the you additional the Lucas. Jeff. do to this another

is first continue that Argentina. the going well really funding growth we think to Well, in David, Canada, on intention as certainly have efforts and in of Paraguay is all, and our as I currently expansion initiatives

the suddenly. support you do we to but opportunities so. a financial which arise lastly, is want that capable quickly. can in be to to for often to have of to addition, the our we the not get sure pricing, may unusual make are have that in this we previous us move And as additional to -- or minor is very to and goal It's we It are opportunistic In terms that relatively an favorable to to section out, approached be position opportunities where nature in go out finding position attempted lot very need call, of a point also you opportunity. flexibility by manufacturers we certainly of pointed we of in

you’re Jeff, full regarding And what has Okay. while to -- not the holdings? in what's financial those -- Bitcoin the holdings benefit investor that of you're put you, and questions, your some maybe economic plan moving Bitcoin getting I'll future one your why

now homeless appetite Well, are potential take we mined engaging are continue for to we upside do agree our to on us. in finances, I bullish of collateralized Bitcoin with And other the And itself that incremental strongly to not and we borrowings Bitcoin of name what and think Bitcoin the the advantage surprisingly taking certainly here. much cost forms, facilities. very of capital than And facility. to additional enabled we feel really which very really this actions it that. potential strategy we we is Those of us Bitcoin is loan that and dropping overall. greater can of BTC, relatively the actually, address anchoring interest into rates these attractive that actually are we taking in -- one is two call manifests And the benefit that

counterparty has for it into or we being the part custodian I makes of comment to I while from are careful yet use that of maybe yield. very, us, generating of quite the to we that of the we're on returns And the what, the our counterparty? and assessment, We frankly, in So to peers go risk terms there, facility. exploring in additional so, collateralized And of stored said a in not area. in are sure and X% will though, street, are there deal that before responsibilities in Bitcoin means of of such up as -- addressed, make always that a doing know want terms opportunities, it we've make is a while so, quite position X% incurred that we risk. got fully as the very to venture sense some yield use that the worth great

Okay, great.

do that your XX how Another future? as change question, to too, is increasing as your in the expect And you rate of now per production, you're regarding which, right hash day. mining Bitcoin about

and Thanks, fact that now, arriving my up Washington close just we David. as XX miners in miners Bitcoin Geoff also take to expect hash next extra I'll over mentioned, With about we I of they're XXXX And will just couple XX David. generating mentioned remarks, XX.X as mark weeks. miners once in the very means one. per of I and the surpassed last day delivered that online have week, about today Morphy. the two that XX.X, Bitcoin the that take XX.X, right coming I Bitcoin we number. are we us over to the next couple answers question, weeks, -- under XXXX installed being hope

Great. Yeah.

weeks of your of rate you forward year and going an in into could deployment recently on on more and with but hash well, terms update a the you of QX? Speaking color expect maybe little purchased Can the the just miners, to that one. provide miners kind of to date

which miners. of and The MXXS MicroBT -- Bitmain and combination what's Okay. minor more series, been SJ the the of had a Pros, Bitmain, miners new SXXj

them. have to SXXj of facility. shipped out They We were miners in upgrade that updated Collinsville facility. Pro our October, most September Washington to Washington of and fill XXXX split In and we received between

Some of Collinsville. miners were in MXXS the deployed

going SXXj we've the had miners, November, in XXXX then far to been are X they've shipments, So to almost them of over all Pros, all most -- remaining the Washington. Washington. half they've gone And

out Some that going deploy these, Collinsville miners Paraguay. and prepare and to Saint for that out upgrade to some of older get Hyacinthe of -- to -- are them facility take to going for some facility ready and are

we well. before the on in the coming get some miners -- right next So, we're then of end that turn phase bunker exahash, two as initial on next has as early one year production over the expect the couple bunker of going we're to are to over start now of And increasing year. these there weeks. the plugged number will be And Paraguay,

those So, hit quarter to it's of developments through that we XXXX. the on of by the expect target end X first exahash

Bitcoin you of quarter economics a the down question, and of further from maybe back QX, other in just terms gets do went color at of and One here looking the down those kind have on maybe to it going the costs? and cost direct drivers in and fourth the see QX Great. in your little

Jeff Lucas, I think handle. for that's a you question good to

take I'll that Sure, one.

also at here, cost. here off easier some overall at well. that lower as significant there of other was That obviously, fact quarter. macro attributes very to starting But in it initially, factors respond lower was a the the play during the So it's driver was recognize during difficulty the than the period to the important second quarter are to

One a of out, a therefore, getting which there. -- big pointed place, per Terrahash difference wattage are more lot so we more in a having Terrahash now more and or efficient miners is generating by lot makes putting as

the going expensive, some currently putting cost the getting also in those benefits a even the before low be have we're we we're benefits of are going Secondly, the that and Canada. that of the pointed hour from you out to of though less that Washington as costs per that costs forward, kilowatt see we $X.XX the of the some fact getting energy in

So of that. behind drivers the that's some

larger have we In addition to the that as obviously a we fixed having have more over our benefits costs. base also of Bitcoins,

cost a are mining you of structure. aware, a the make still, it Now as fixed not in large overall costs the very portion business, of it's But does many contribution.

we'd here China. play was of comes difference do cost. here have lot put third a on effectuate and that thing macro want that a as We've here overall, last there The sharing benefited So made hosting very efficiencies the place what's perspective, in is of into Bitcoin from the have arrangement also happening overall I during And in quarters, the to and add of in can was of terms we've aware, our a that of in you which generated that, where portion profit services. are a with material many that, second Bitcoin. impact like facilities that our cost a

going certainly the third to quarter will here, terms and cars, having in what that's indicate and costs the I $XXX the Bitcoin so, without more fourth forward. And for to Bitcoin that, overall terms of our tell our quarters, $XXX help of per going here going in in now we that's second that you costs about in Bitcoin

there in highlights take have maybe of from what long investors term strategy one plan that the some can corporate to Great. really, corporate and I that, of And strategy a are what with just do Bitfarms you're more is XXXX. up looking after sum going? And And you just you kind and think out the maybe XXXX. get plans at then what beyond kind is

United And America. going said wonderful in in two additional now on And do we lot exahash, a we're in we're expanding, well. David, to The while the some future. America. great power, opportunities bringing the exahash going hydroelectric as in other the bringing facilities need strategic it's that, were next even the the team me. going to we for we've first South power that both were with that in we Argentina, provides Quebec beyond little March, or make full is XXXX capabilities been We've distort think area. We've told adding of there really hopefully with for we But after have Quebec efficiently of in lay me that I three that Washington of and States, that. Emi be and in to plan next exahash Quebec, sure XXXX then investors to we But South lot such since expansion from in Columbia year been that's question go year. execute. got inorganic as down. Canada. year organic have is the And opportunities XXXX, we've we There's for building the Jeff and look we exciting team I this is and structured the been eight province hydroelectric where what the on let quarter into well time expect the are by to States. company and Canada other in to about go in an There's as beyond in more discussions And United places probably in a production Canada this this. a which our and team The new to in us the some to team from Paraguay. there's is talent. we do. to in a on end But full down a it success. building to as Washington, We've opportunities hydroelectricity. jump on start that will be for to

As people a different have quarters of started lot understand what we lot different countries. do, we're of getting interest and from a

some and countries Paraguay, the world in Plus, other find discussions So, we and America stage opportunities in as in I have South expect elsewhere perhaps the well. some as Argentina, additional will other we in well. of early on carry

So, type is beyond. our and in add? I'm excited team we've of that to done pay our anything that in and taking about the dividends really think I investment Jeff, forward going XXXX and to know-how

have Well, of earlier team is pointed here, a to power some about who come very, plan, at both by Jeff we on test make that to mind. and very that very an we're or we've And evaluation as to many location One ones thing got developers. I positioned either and Jeff get the ideal maybe is in operate their we really are number a to operators have in be this folks hand here. to develop that excited very make and to property then very, it. call effective talented out very, assessment want a approached that. to And contract this well

a of recipe awful there's very build that. of have position here. We've one team leverage of for operation effective a past our iteration years a farm we And forward. amount that's where very, these on are an sixth That's design. our are very efficiently and to And in greatest huge lot grants. We over exists and four going quickly learned a very,

Geoff. you Thank

asset mentioned, As that believe the Geoff and the that best Jeff I we have team technologists. is

operators. are efficiency is understand We all how work our We about industry really dimension. well pretty

vision day-by-day company next power. -- new deploying sure I'm a opportunities solid have we to and and we our this more glad and for our very efficient continuous the believe And for place. that industry I’m company will for very this a holding. plan growing learning prepare efficient tuning we of year all that are the have for on have next clear a team where going. have We of during continuous is I see plenty the

see Great. Thanks. couple of further closing don't we it any questions. for Emi. just don't operator, I Thanks back hand I will Maybe see to Morphy a remarks. Geoff

thank all David, thank Okay, for you Well, attending today's conference you. call.

Bitcoin on progress Please Virtual our And December look B. focused X. future. Conference be the XXth, we forward are most and the we being updating note, on at profitable Thalmann on you Expo in will the We presenting largest, to Tech the of Crypto one miners. Ladenburg November Riley

thank Thank you with have for and call and I So to to listening evening. a our coming you. us good that,

all. you Thank

now concluded. for attending The conference is today's presentation. Thank you

may disconnect. You now