Bitfarms (BITF) 28 Mar 222021 Q4 Earnings call transcript

Good morning. My name is Gary. And I will be your conference operator today. At this time, I would like to welcome everyone to the Bitfarms Third [ph] Quarter 2021 Financial Results Conference Call. All participants will be in a listen-only mode. reminder, is a XX, recorded As XXXX. Instructions] this being conference March [Operator turn to call LHA will the I now over Investor David Relations. from Barnard David, may begin conference. you your

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

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

If you results. you morning fourth Bitfarms presentation smartphone, the from financial your prefer there release quarter issued as XXXX a that on this press would to announcing remind to call well. its can to download the you also I listen like

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

denominated analysis their measures. all and dollars the otherwise IFRS measures Please IFRS. in represents the the the and hosting by and EBITDA in not measures mined. to measures the and call, Company similar presented IFRS standardized that mining understanding Gross EBITDA prescribed the alternative therefore mining of profit reported related other you Bitcoin of to earnings and should limitations to cost today's isolation IFRS not to value results the meaning of under IFRS amortization of operations quarter included During release and refer in and obtained certain management depreciation company. discussion be may less to a gross in from to references not have note a comparable adjusted Adjusted do and is EBITDA Company IFRS G&A the provide as Interest, EBITDA, companies. definitions of to for total mining compensation or and cost and based of included dividing profit defined this matters the fourth further for reconciliations financial substitutes by gross information will segment sales margin; margin Taxes, non-IFRS margin non-IFRS Amortization. Direct and for equity for costs Company’s segment cost complement company. uses Gross the mining company by in changes measures: margin; total the as of mining measures is in a the EBITDA invite We costs that non-cash measured the mining of divided adjusted such profit; analyzing other our either gross the as direct before excluding as of tools EBITDA Holdings Bitcoin when Bitcoin, results Depreciation is XXXX Bitcoin EBITDA is unless additional charges on following Earnings The listeners consider to by recognized are and refer revenues of the profit, mining of expense. company's minor noted. These defined percentage management’s items perspective. the analytical U.S. production gross electricity mining

Grodzki today's to review management President requested which review Geoff some remarks with will CEO, Lucas questions in analysts Q&A. a detailed call Emiliano Jeff quarter send we financial have the to will will advance call live and I We've follow the read after open operations During investors in Q&A. the for the the will our CFO Morphy closing after to

now to to Turning slide to it's three, turn my it over pleasure Geoff Morphy.

of Building Greetings success our or EBITDA of XX% delivered profitable to gross gross XXXX, to I'd with we $XX quarter adjusted $XX David. a margin like of which represents you, everyone Thank profits $XX Argentina. million, mining adjusted of the XX% EBITDA quarter on third from welcome margin. in today's revenues another million mining and million, call.

Our per QX Petahash and exahash XXXX. XXX of at of from up hash second beginning XX% up exahash at X.X as rate from of second, beginning the the December X.X XXX% XX per was

As hash second, next within second the rate three of per exahash XX X.X to today, is days. expected our is per exahash and exceed to seven

that As is faster significant which measured Bitcoin was network, XXX we grow are hash it than second. growing at exahash out per we our the to point recently rate,

As such, our to now is and increase. X.X% anticipated is share market about

on execute expansion achieving plan. continue our gains, relative against both absolute share growth global to and focus market We as we

fourth XXXX we in mined level quarter, achieved Bitcoins, the the third of about low quarter During XXXX. same the as

entire for of generally the China. developments. the were the $X,XXX except quarter in perspective, last occurred XXXX, Cost as unusual However, levels, from Bitcoin mining mentioned with from mining was in a from consistent that benefited QX fourth benefited the quarter macro network the which historical global sector third disruptions per in summer network as and

in acquired currently a of XX has is to our achievements, in which XX megawatt its to facility and a potential full more State, of Washington to at megawatts, increase concerning path forward construction and operating particulars Moving we defined QX megawatts. a facility completed XX new Paraguay

State market and November of low in highlight picture and installed moment. operating today. generated the of farm completed facility, on realized and the largest SXXJ megawatts XXXX, next in to efficiency, through combination our delivers of on. to locations at during building, Farm energy, its in continues. summarizes five will during global Turning Asunción, among full Washington and Please our the since have ramp megawatts highlights X, mid-XXXX. revenue days on quarter Since I began the city slide. Pros We expect six locations then, million payback the efficient our to XX end. within class of total And turned five the some with is Washington, We megawatt from our its miner Washington This our presently a shown the by be the capacity this the near highest and plan Paraguay January. in the Slide With This at mentioned acquisition X current began of XX six We is miners of this here capacity at are the slide year previously fourth six. are the the grown move the tranche want to added to margins. lowest four, to in we gross we miners our quarter quarter cost Slide to We majority are It all the final Accordingly, end, of on located mining a operating the profitable as on nearly most production miners of for expect acquisition Bitmain's expansion XX Paraguay. eight farm XXXX Québec. elaborate. operating is our end. is on as over bringing of quarter date operation remaining farms farm then cost few and to we it in weeks

of in our miners back facility miners optimization strategy, this here of energy. Paraguay’s our As greater lower who part farms cost of of go efficient less the in relocation previously to some effectiveness include with located

farms of the called at City Turning the of began Sherbrooke, to new slide weeks we in our seven, two Bunker. ago, production one Québec,

almost first phases XX involve of megawatts involves of targeted build completion Bunker third The megawatts, drawing for and slated They X.X XXXX. two a which in XX deliver full three, bunker is of currently megawatt anticipated of construction, are to XX per megawatts. which exahash XX,XXX XX we and phase facility the and be our respectively. housing to second XX out are miners Under the second. the which Upon megawatts, quarters

XX are operating of It Bunker to plan to and intended to initial Also style and Farms city replace in year generation XXX Leger. to in, ultimately start combined lined a in contract production for Bunker year, company's which is is la company's Sherbrooke to previously Embarking XXXX. at we in have announced of are Pointe inside de to a Rio present XXX begin megawatt agreement the with utilize short next megawatts accordance days by The expect phases, will otherwise facility In September in the miners utilize megawatts. in on from per campus two located latest the reached Another under MicroBT this power sequentially municipality, our the we location Garlock transit approach a tower. be to Please the Garlock. XX newly gates Leger called production second. megawatts All the and private construction purchased XXXX. site facility capable Sherbrooke Sherbrooke, available XX within delivered with multi-location of install in being distance of phase fully up In buildings and this four the company, facilities and with power a the turn capacity the Sherbrooke plans four a property, Petahash consisting named will phases. project, slide short warehouse Argentina, and be a a located Bunker contracted we planned Cuarto, up is eight. XXX of end the of is and these farming XX,XXX capacity and XX,XXX from Leger to over delivering distance

an portion the under Argentina contract agreement, of is over four after expected accommodate secured the for is a repricing which calls to years, Argentine the for power year full on four Under fixed first farm development, miners. which the Our the agreement pricing for years. XX,XXX eight remaining involves

As XXXX And of and of [ph] of our we a eight impact natural moment. we goal fleet a allocation assess development total have planned is adjusted our plan More achieving previous for portion that to globally, per comprise smaller prices gas just our expected rising farm about second. exahash real the accordingly. our

two farms expanded. XXXX. farms in to Canada, nine. eight, slide the includes is operating Washington Paraguay, which total at in production being now one in currently summary, up in of operational are and This six beginning from at In and which Turning another stand

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

increase energy changing a our to target mining dramatic which exahash dramatic maintain We and the production we development to in in including additional bring existing the expected capacity capacity opportunities [Indiscernible] under megawatt assessing are for environment, cost have natural revisiting amidst our insulated considering plans expect years. months, risk come three To prices other our to an exahash could of are XXX swings in us XXXX plant and we production total the eight bring energy are XXX of pricing, opportunities our during additional that plan, to past from megawatts, low at the gas higher beyond. of online over megawatts will Executing to X.X the current see prices that in and our year-end. more structure are

In addition, Canada, primarily actively year exploring to United green in by energy. about higher in in we the expansion and us discussions XXXX Paraguay are end eight and States hydro with exahash opportunities bring and

we Since one decentralized the slide to Bitcoin largest self-mining and been Bitfarms' beginning profitable a have most in vertically world. of integrated, operation. global, the miners Turning XX. XXXX, the in remains

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

better Our With strong continues our locations we portfolio effective to to growth strategy team, proven be positioned for plans expertise, ever infrastructure to XX on cost management and our execute and beyond. are by than electricity. prioritizing expanded mining diversify with a

please and of slide generation a miner’s Bitmain activity, numbered XXXX and MicroBT Deliveries latest to over For XXXX QX XX. complete from review turn miners. in installation

year the received online. For year XX,XXX XXXX, XX,XXX approximately with and we miners full installed we miners approximately the exited and

maximize miners. deliveries is for fleet Argentina Québec. of to our we The and in As XXXX XX,XXX is productivity to pride ordered January this installed installed most the in uptime, XX,XXX of asset. today, made approximately our operations Significantly from planned with commenced XX,XXX drive and in total ourselves this Miners XX,XXX be suite running reliable key comprised miners our

or other farms, well received are as New Bunker, have country Chinese XX,XXX per scheduled the our As of recent optimize at nearly in and year-to-date, about which XXXX, have at for COVID been pause a of miners, run we that and been having month. continue to of XXXX February, locations process including recently installed being as opened in from Year deliveries [ph] the Apart at transit our facility fleet. have mining the to as downs half and lock first in miners several

miners these XX,XXX terahash highly market which of effective, are these these cost miners. they was reprice below miners mid-XXXX an per terahash emphasize for in from $XX.XX, Regarding average of well to successful prices per negotiation our cost types we part current in to

the the want halving with we through despite exception portion production This typically stands turn average XXXX. third the quarter about With and which production Bitcoin Please reported event results, higher in prices, last daily hand profitable per I now at price that will Lucas’ in $XX Our call of volatility macro million production Jeff XX.X of the in productivity, Lucas. highest day, Jeff on in of the Bitcoin $XXX,XXX now the marks of our productivity, conditions I of revenue, per presentation, over to Bitcoin, emphasize, to equates XX,XXX level of before year recent approximately daily above that, net a XXXX. with the to income Leading based XXXX. the XX. May boosted quarter in product slide to since into fourth came the

Geoff. you, Thank

mined which discuss lower in cost some is XXXX. per XXXX for levels, fourth of costs We historical except line Bitcoin, highlights low with previously with average production let's an cost pursue opportunities. First, in operations we our of the quarter experienced about Bitcoin and in focus being and growth as drive XXXX towards actively you of efficiencies producer to this of on objective Overall, quarter a continue we third all as discussed. $X,XXX

of quarterly generated XXX% $XX million, our the rate of for increase in income reflecting the the in and Bitcoin average hash our net increase meaning in During year network were the Bitcoin million million we We prior fourth market record up of in increase the year million period, in financial Also quarter million and year and XXXX, million from by million achieved into an of share. versus we the price, excess credit of the $X quarter EBITDA loss facility in the $XX $XXX a revenues standpoint, in profitable adjusted difficulty, $X period, increase end of $XX the the which been ago revolving at ago a of drawn. a quarter, a of entered of period. has collateralized versus achieved $XX the from portion

share, net XXXX This equipment loss $XXX,XXX the and miners a of existing net generation or of disposition property, quarter Turning of and of fourth $X.XX. compared to December net to XX, impairment at Bitcoin and on infrastructure tax per $X income review plant the bottom detailed million XXXX. of our of $X.XX holdings a from our gain of $X fully early line, quarter, income the loss a $X charge million. diluted of loss share $XX An on million expense million per of in includes fourth revaluation in of

million. was from and As ago, the was in year third a moment XXXX period. fourth $X EBITDA an adjusted million up I This quarter increase in million $XX $XX XXXX quarter mentioned prior

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

$XX to quarter to and XX XXX with are million at December the $XXX Turning the at cash working capital collateralizing Bitcoin, slide the capital million stood a XXXX fourth $XXX Bitcoins sheet. of Working XX We million. balance facility. which of review XX ended in

corporate also XXXX mined. financial attend Bitcoin decision to Our in early position reflects January a we a

the net of December in facility, August contractually cash million million ATM net year, $XX $XXX million for of full million program proceeds The launched shares, Bitcoin. XX million average a retained $XXX our in in Bitcoin credit portion totalling million Bitcoin new and proceeds XX, in payable to period. from in the only using sale an debt, share proceeds XXXX of at repayments the private warrants activity, following we other from new $XXX mined position common XXXX, $XX that costs. the our and retire financing, the commitments by on $XX XX% For term price we the first for reflects from debt, half are XX-month small liabilities options, of completed existing exercise long In the $XXX over $XX placements in financing stock repay financing million for a term of approximately long these in offset million $X.XX. to XX.X million

as for During and operations XXXX, to the well were as the on our to Washington million proceeds mainly financing $XXX mine and $XX of invest million used $XX mining equipment, million make future delivery. infrastructure prepayments totaling in acquisition

have average share on ATM have the ATM we company financial net a million. inception quarter-to-date, two current brings an $XX program proceeds is XXXX, an of program of $XXX components third price proceeds the Overall strategy, which shares to with XX million. additional our the X.X August per of that net to now the the quarter in shares of we For XX.X on issued report. at since This issued million $X.XX since for added million of the us discussion

Our a maintain overall relatively to flexibility opportunity a of to enable and at fund capital. act to key to quickly cost be us to plan goals growth low identified rapid are sufficient and

of effect, in backed Bitcoin Our an attractive financing. flexible credit $XXX facility substantial this the leverage credit program facility. remains of A is in is equity Bitcoin ATM to way million available holdings, and the remains value and source most

to us. to yet equipment And leverage we similar Bitcoin add assets. XX.X the achieved attractive sheet over growing this expect our we rapid very financial to the overall to before opportunities grow. and and us mining makes Bitfarm of instrument building the on the of financial to million pricing to leverage utilize our robust and to other lastly, that on are noted will payback I adding production, our is through attractive us base. Our adds in miners asset we currently positioned in financing have each and mean we our growth with in financing agreement based Bitcoin the and our success capitalized Jeff number and $XX financing day, further XXXX. execute which forward another to means continues options strength in balance Overall, is well equipment look toolbox value the

upcoming in events the participating over addition Morphy, on-going our to investor will Bitcoin Before that quarter next including Geoff with call to in we industry turning I London contact the summit AIM attendance to the relations, and investor these wished Please back XXXX LHA in you us in conferences, to mentioned events. be events with April or Miami either mid-May. meet AIM of in if have at

slide Q&A. to not to I'll XX. Geoff? for With over back our before Geoff call that, call the close remarks who up will prepared turn the opening Turning

Paraguay. Thanks, Jeff. than better Canada, our United States growth positioned the We and ever and in XXXX business production We three to scale began now countries, plans. execute have the

delivering operations, for strategy, Please trend efficient And exahash begin can Operator, profitable hash ahead. goal by we expanded summary, now coming with XXXX, and results shareholders by With in expect We our business the the that management and questions. verge up to strong opportunities outpaced Argentina exceeding continue year and end, the days. sheet, open second plans volatile additional other invest our capital and market regions. to are of share. rate, operations these to structure thus three go a our are In meet our new and rate are times. as cost call pursuing are we XXX in megawatts, our team, per end. milestone in on in gain today, low of the we positioned to balance hitting X rate exahash and aggressively network year in of significantly, flexible we're growth with we operating and actively hash we and In

ahead. is begin question We [Operator the will question-and-answer Instructions] go now Dede from H. session. Kevin with Our Wainwright. first Please C.

with to some target, have Good great you're contract stands understand morning, be. And me maybe understand you the exactly here. miners Thanks what was that hoping just Geoff could attain for just me seven discussion guess and the help I Jeff. But at or you year-end Kevin exactly where presentation, on eight. Dede there of have now? helped the

Kevin, you. Hi, from to it's good hear

target. times result changed year. prices, from term haven't we've really long this with we for and is and just Because, literally And prices eight they our supply, what target. the world a and as go we've We as three energy shift of energy that. three quite months And got just to we're we're the been paradigm margins that something last to going you we prudently our were deviating And to decided higher in we’re on. need year-end the get over ago, in exahash goals have Argentina. and lot to a where with the gas. of a Québec, natural in we've do, has that they're are decided very don't know, any to hydro What we've other how more these focus getting which energy all exciting pretty not rates It's always surprises than expect ourselves facilities, opportunities Washington with that and we higher been prided much secure Paraguay, and insulated

we've pricing. with where half to we don't next year. going the going expose we're this to, do the really going to Argentina, decided part operations. we're prices you'll conscious we and the the or Qian because this remember, facility others gas And of that And half Kevin make we're might And is eight of our are understand other is want four sure year So fully And site [ph] that completely an open unprofitable year operations and of to on to an final that. market the be contract. years phone, what

now miss beat. that for year, put a enough are opportunities our in we installation adjusted conscious and robust a and prices we concerned, confident but the development it under we're and make existing we not on. And construction can with want we've have geographies the closely. But miners we're schedule So that, that all other as decisions radically, this that not to of of a good are into of we're and energy that because opportunity, developed pipeline right infrastructure them good pretty take result operations watching

question your answers that hopefully So down.

of the eight place? or so Okay, in much contracted hash, either is Geoff, extra you that have how

X.X have out We a defined and building in Québec, in more Paraguay, some exahash, building Argentina. route is facilities optimizing Québec, in more our that and and to

I where that's was… Okay,

And that find are feel quite just additional we stages can and Right. confident actually those to and we the we hit various in exceed the remainder, exahash the discussions And Right. contracts in in opportunities it. geographies. eight

Okay. I Hydro gas the pricing little talk certainly can Québec bit you not energy appreciate on commentary natural prices, whether focus, or a and about there? in just you're seeing change

We visibility or any; change are not Hydro seeing in we Washington have in Paraguay. pricing towards in don't any Québec, in State

would in still all that do different average, more to other do are the animal raise and are and for is U.S. to at utility of that. Because provincial are residents really geographies We of a cents compared have they to that If a Québec kilowatt obligation we businesses that. they some providing the They've able in they Québec. have reluctant to century. about doing they inflation is But in in work, index. sort to it's that a been these four rates Québec, over power per hour an which in be Québec because been

contracts municipalities Hydro aware Hydro Magog like but rate through also upcoming use of, Sherbrooke, their are have raise it's we or in that growth of good ways, going know everybody from making increases that rates, to strategic they they any Québec there. are so with. Hydro that Hydro penalize And the surplus we has and not they are if there Québec power they hamper

do voiced you to maintain your is risk just Very there talk by in maybe adding your project good. a the on respond Thanks, there? your to ability How arrangements color is to Geoff. concerns about and to potential critics expand an little And, that you Argentina. how operating government? in Could may have geopolitical viewed

when Okay, to with some of curiosity. lot let our knock in Argentina, it points. public try Initially, those off project a created we went of me

also We a emails us. of to for wanted people with that work got lot

more ourselves then media, to we got subsidies And, is up we and wanting more about where we got know the whether more We Government from reality we also Argentine And questions government the subsidies. is, the that were coming the the we there. to on from had once from understanding it. the were doing our own like, questions set wondering volition, realized everybody every government were And receiving that are supportive and people from. time this getting

other for done. And Argentina, But environment founders in new Argentina, our here, how Now, of than get they there. And last to year office areas talented set us. we've or challenging setting as -- firms they're we and engineering And doing one are up land over contracts an it. up know very geographies. the people set they it's the construction with the things is more know lay so fortunately, have in from firm with the up with, assist the to engineering

it's and locations, and that And more the opportunities, more and of up government other and construction trying in to beachhead as which going help us now open because to us. a are leads showing employment other get us in this we've capital to been interesting, country and in. So development to some introducing is working Kevin, evolved people us capable very we've actually with people got

of did those talk it's, country, We would interesting. that the that as issues hydro too. very a I looking up a than be a rates opportunities prudent in it's But result it hydroelectric And sort seeing that And a good of off because hydro. actually situation, at believe we are megawatt benefits it's Paraguay we structural their dams. been rather how last at electricity will about one being on a the if in or facilities. We're of paying meetings, actually geography, success. commented in some It's one of a opportunities. and become of we remiss see would facility lot go think it's debt number quarterly Paraguay, where And possibility them a XX of I it's go. other down structural to I can't of lifetime country

favorable. it's So

to continue carefully. tread We

an long of as based looks fixture, on Bitfarms was functioning functioning, suppose wondering you a When how existing do presentation, how, Congratulations your have purchase. for to Garlock it might be retrofit a me a to mine? it that on I the and Bitcoin that's

this and while, We is of start it quarter for production of a full and fourth a for that a expect had in on This our came the a year. We've to while. XX result receivership. the I've worked eyes it on about megawatts a as facility

And miners, various basis the supplies pretty So the longer acquisition things we and did. that with good ordering transformers healthy actually as of than took of time of subsequent you know, expected. racks time. ahead that, some But a getting took But a and takes we and opportunity. It negotiations receivership we time. were move like we that pretty of win would lead in we transformers that a little confident

got possessions week a just so or we So ago.

to an the It's say we're it'll facility fourth there additional like. down the to megawatts fourth nice look production facility what in and pretty engineering do the don't it XX in the are to around to has we've good been contracts. It's build we I we're extra think and We it But get and for hydro lined But buck then. of very the Québec opportunity before we facility. starting a for road, so around it that what happen we We certain got expand should it always plan is a quarter. for already quarter to had going feeling up it. good out. We estate got we've facility. access do bought so knew it, real

for thanks Geoff. color, that Okay,

there. other bunch a answered You of questions

access and more have more power space. to You

more about Thank questions. So we taking very look hear much that. for our forward you to

You're anytime. welcome, Kevin

power. Just to more we clarify, don't have

XX Sherbrooke XX our megawatts city have filled of megawatts. We XX megawatts that is an in out contract, through existing the

have out. easily and build to right hopefully we don't through can power city of will build we will. there. in our access discussions, then So maybe further we now, be that But completion we will And out it of But Sherbrooke. the the

Very clarifying. good. for you Thank

is [Operator Davidson. Instructions] The with Brendler ahead. D.A. Please go Chris next question from

you my for It's guys to Good thanks. good morning. again. questions. Hi, thanks to And taking talk

around your plans your for change? is natural impact clarify, as all it much just edges? Is, to questions. just As prices and But does major a asked gas want the the far most, tweaks more XXXX? it increase commodity is Or you the I how and in Kevin strategy

the first remarks, the this to as go they if well it. But everybody end I the adjust. gas year So which But That's and will one like with are tracked some soon. bring anytime in are because second two It have planned well, prices It's, phase phases Like we they're down in from we year. to proceeding is where guess go as this here. two. years. this economics the for online. expect I wanting And we're in know be reset our is up to. are to speed to in don't eight we're bring full this we four to an don't no, go natural of years mentioned expect it does expect with actually I of as from in world where warehouse, price in the to contract impact them none phase of facility. like, else is really for going going full warehouse, warehouses a the we're But concerned, air. eight more us going And one

during So it's going two timeframe, we're habits. and that through

sure at. low on we're to return we're we we that now, go right parameters to within the making light cost And will make ahead. investment, looking re-evaluate on return operations is we green a this But constantly So project. assets something as benefit have

just by And Chris, way, be the clarified to here. [Indiscernible]

else, entirely everywhere we hydro. know, you As are

team prices. [ph] their the of alters from are So insulated we energy largely some changes that and the

great. Sure. That's

The data still and in thinking robust of equipment there? finance far more On changed your you're supply of providers seeing XX. are so than that increased other walks that these I So it's as market to the puts it of really the and are holdings? were terms the you're the looking to capital. equity question against their XXXX, sources from slide take how sensor I'm the pretty and appreciate or like companies guess has any my still markets, systems like, takes or XXXX? be slide so get capital attractive question all just wanted the was, given Bitcoin but it increase your I in had feels mining was they in in through less

that. yes, me So answer let

opportunities. time that eat got miners we've asset infrastructure a growing terms we've the than our of pursue base, over cost is where had assets. was of And to to is of it at equity lot of our about, that leaned one now say You the this last financing benefits is talked heck higher also here of more form needless a a aggressively in the time. the that's in But non-dilutive both year Bitcoin, our but point in

cost was in are with lot as actually found straight we collateralized of began recently, our opportunities plays doing finding now we does this a financing alternatives collateralized our capital a to is with overall, really out, available overall It non-recourse etheric that considered lot And financing actually here. and strategy. and financing put nicely reduces So than place before. finance we actually brings make more of

the But behind this about relatively always spoke not moment here to let to and all can me we that facility hold here. our BTC in that is operational the continue a that use $XXX Bitcoin upside That One a place to that we back for financing and for importantly, very service appreciation of gain of our goal put funding to continued inexpensive million was facility. talk allows we that requirements. Bitcoin. our capital source meet The us foresee just to debt we

go recognizing of seeing time. Bitcoin we capital, here, argument actual what various and they our that the base capital. call of here, sources is crypto our beginning to and we So that it some broader over of goal interesting seeing are through and you forward. to tend alternatives can our particularly. And result are down sources cost complex with when And Chris available, part sophisticated of more advantage of that as as And and flexibility and of for community be market a expands, capital it is very as miners actually is a sources here what that capital of is, as But opportunities to makes matures cost those these to lower is compelling financing of actually to take the of the some we're of able a going financing maturation is as grows overall.

a a not comes Right? diversity geographic to really tougher? that problem make that little your lenders? it Does is Or your

blunt aggressively a Well, to Argentina be pursuing clearly more different But is whole now. financing in is animal. activities are that. being we right And funded that,

lending I But doing were think some funded provided has that have been structural there of a a own ourselves more those we've avail of folks more and capital. that towards in or entity opportunities. at here. lower of it their otherwise or who been are a being may by to both terms purposes U.S. an bias We've U.S. in for the the equity has There able Canada, to Canadian. been raising of cost overall

help but financing are bit America, that what again, animal now a discussions does it various a elsewhere. of of down South summary, seeing a in is right on than we in So us different there, while we're opportunities

Makes results. Thanks, sense. Congratulations the on guys.

This over concludes now turn CEO question-and-answer session. ahead to I'll our Bitfarms. Please sir. go call Grodzki, the of Emiliano

and up second second of less the X.X rate Bitcoin the share per a current points for each than Bitcoin you With setup all conference call. exahash per hash of This one represents X.X% exahash at XXXX. is from Thank of start attending of about network. today's

XXXX forward multiple in our Thank profitable competition We and you about the much. to world to about share, progress updating production aid support the multiple We year. plans to are we operate in in role future in funds on look at network, class have of continue summary, being the remain faster Bitcoin our the extremely we have new one XXXX. as miners, assembled Bitcoin grown we in on the and we focused the In gain expect a we locations largest very to geographies, and capital you and resources future. bring These most than team. as excited

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

You may disconnect. now