Stronghold Digital Mining (SDIG) 1 Dec 212021 Q3 Earnings call transcript

Good afternoon, and welcome to the Stronghold Digital Mining Conference Call for the Third Quarter Ending September 30, 2021. My name is Val, and I will be your operator this afternoon.

Before this call, Stronghold issued its results for the third quarter 2021 in a press release, which is available in the Investors section of the company’s website at www.strongholddigitalmining.com.

You can find the link to the Investor section at the top of the home page.

Joining us on today’s call are Stronghold’s Co-Chairman and CEO, Greg Beard; CFO, Ricardo Larroudé; and company’s outside Investor Relations Adviser Jeff Grampp with Gateway Investor Relations.

will call we questions. remarks, their open for the Following the like to And would turn call now, I to over Mr. Grampp for the introductory comment.

Thank you.

their the federal and future begins forward-looking including statements are management formal are beliefs, discussion facts, our Before expectations Stronghold’s may not statements historical within laws. forward-looking meaning securities the performance about of Statements that remarks, contain statements.

would, the plan, regarding use growth as anticipate, for and Forward-looking underlying power, of future such seek, margins, annual rates, EBITDA expect, or our statements returns increases, potential minor terminology. growth words project, can future other should, acquisitions targets, relating opportunities, revenue future of Examples statements be the our assumptions could may, these growth, strategies our and estimated terms of acquisitions plans will, identified and earnings our these expectations negative and include believe, estimate, or to cash flow on by projections comparable intend, statements and expectations. future forward-looking including

statements statements. performance, not on and reliance a place undue this you such guarantee of discussion Forward-looking should are not in

We events. have forward-looking based our projections about largely expectations on and these future statements

subject and circumstances, but uncertainties quarterly our any results reports other from forward-looking limited These could many statements XX-Q. including, factors Factors and to and caption cause materially identified actual to, S-X variable risks of statements. the and differ Stronghold’s Forward-looking not under experience Risk are our uncertainties in on to Form

revisions results of stated or or any the announce law. to reflect as date to We statements. or statements undue forward-looking this and to The developments, undertake obligation presentation statements made Given to in specifically these uncertainties, cautioned such of hereof. disclaim of update to extent the by on as reliance statements updates risks future any required and any the forward-looking these not are except publicly only place do specifically you these included to any not are

for to Investor would filings will being SEC via Exchange website. the or available Stronghold this Relations I is that may be at www.sec.gov everyone get Investor and free section Stronghold’s available like website the remind by in link of and made a ir.strongholddigitalmining.com. Relations Stronghold’s You replay for Commission Securities recorded call visiting at website

like Now call Greg Beard. and would to turn I Stronghold’s Co-Chairman the please to over Sir, CEO, proceed.

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in retrofitting have power move mining, current Creek developed to project and ability an the that We assets for execute. Panther and Bitcoin fast highlights generation our expertise

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execute We for than or power the we our Creek. have purchased we fast so of faster acquired did as that for Bitcoin modify most needed next also equipment asset can to Panther mining

the we We we – already for also first need assets. ordered equipment beyond what three have also

we miner strides the important business. and quarter to addition have asset since beginning in of other the purchases In power made out third our building acquisitions, generation

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also office that in In support addition in to XX XX will up employees and Pittsburgh acquisition, people strengthens to associated signed with Pennsylvania. Creek an presence the lease we Panther our

on and a a we foundation plans. We have are established strong in build-out but we ambitious our growth executing phase, are believe still

Stronghold overview we we believe peers since give to, company critically its those you is for alluded a may an Bitcoin differentiated that of of not first for I reasons. public, our is mining call because earnings like is who I’d as business went this As from our four familiar. to be important

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to at talented for and on complex operating team. I creating Natural XX for management team was Head growth of our the accomplished at target end Our an our and with investors private capacity us value to firm’s of mining. confidence record committee. a equity with of We’ve track the our achieve differentiating confidence thing with hash in third rate successes of that gives One to-date point, strategy is management provide XXXX X established assets. hexahash Apollo years us our Resources assembled

continue career many private had a Spence, that, with we Managing energy think operations me coal our the Goldman integrated deepest, have financial called risk of with And CFO in equity and management analytical then in the focus analysis, Apollo to miner. started a years the top engineering, team and vertically significant Before firm Bitcoin was industry. my is to teams worked which years we’ve Inbev. of XX Sachs. Riverstone. a reclamation is my experience at experience mining waste aim co-Chairman pioneer in I highly attract is the in We for and with Ricardo space Bill assembled in a The power capable at investing Larroudé, Anheuser-Busch Bitcoin at financial successful Director I was one at critical for talent. most

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we for and toxic waste Scrubgrass reclamation XXXXs, the was expansive the like the in refuse Our Creek refuse and other are many and across byproduct in hundreds quality source fire state, energy legacy refuse coal state of coal The operations. created of of is as millions steel, acres are high coal Coal that refuse the There fluidized harm to speak, piles left pollution coal bed on our in facilities, was mined, the represent coal toxic thousands current built the both until technology. Panther more and coal circulating material Up quality operations, mountains. was in specialized when producing combust literally facilities, largest the it by Through really located two used local remove are the mining our communities. Pennsylvania. lower coal of power and of Pennsylvania. and across that we in to water tons billions facilities the emissions piles refuse purpose the use

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operations allowing communities. piles return toxic land and local the Our ultimately these to once into ecosystem transform will usable benefiting again,

with use we which also of our When environment, in quarter, remediation provides it generation assets beneficial improve toxic XX,XXX but mining. coal associated industry. from miners, our and this Not And removed more of to power the to valuable is them matter electricity fact, far through with arbitrage a Stronghold the As maintaining gives tons of electricity and opportunities. us than control and we is cycles in does costs install facilitate third tons largest power the lowest critical of assets, it away, plan. us through of the operational power owning only to ecosystem superior costs XXX,XXX owned ash possibility own direct some the refuse we Bitcoin the replaced allow in

because about cost downside about As always protection. are care investors, we lot thinking we a

will Bitcoin While about the increase. mining, are continue we generation we the appreciate to But way. Bitcoin power one-third network under our and a we also of and significant Bitcoin assets, rate Bitcoin this volatility expect our cost we profile expect that We hash With that bullish are would along risk and operations think per assuming to XXXx be industry $X,XXX hash. my the scaled about once is average. believe a hash rate our of network

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away giving ability our profile to advantage resulting without vertical preservation and terms So in believe gives upside us cost low a and acquire margin and of miners. integration distinct we long-term

leading In power us industry addition ability facilitating to gives costs, also vertical to sell grid. to the the integration

is volatile. prices power, are the generally of our power Bitcoin mining While profitable most use

this I’ll So do third most our when shareholders. Ricardo results are us mining the of focus and the revenue, for of advantage to our situation the grid closing quarter on call incremental remark. point, shift value create over some to what I providing value than that, prices the background To next and rest provides attractive this of able we Larroudé, hope more industry. to the for for outlook that before CFO, are take Stronghold my the months. At turn and separates several we’ll

two petahash. evening, actively our miners in expect Greg, receiving third miner our miners rate and several mind, total through deliveries, end have reflect From the we months. by of At significant rate total than quarter over the keeping XXX end X,XXX XXX over capacity receive roughly less to of I do XXX end Thank approximately of our nearly we to quarter, numbers These we’re with we of you, miner about November the the will months. results hash doubling hash capacity than miners, and good had MinerVa received rate the next relatively more by MVX the the employees XXX X,XXX not include the capacity in petahash, quarter quarter third everyone. hash expect XX, review of third with additional week. briefly,

include also our nearly associated Data agreement. miners Northern current miners Our with X,XXX

an months. close the our Northern deposits has on and to of $XXX form capacity company revenue. with of and installed next and approximately We’re over Panther $X September for basis EBITDA our to acquisition or ordered with expect purchases, in MinerVa consistent exahash. To-date, the on breakeven roughly roughly announced of X.X agreements contact Both on cash total the quarter Data IPO, rate million adjusted of million. $XX,XXX were miners few approximately these with the XX Creek balance the receive on balance miner We approximately under miners closing XX,XXX was the hash

to execute on We growth our have continue sufficient liquidity targets. to

load We of megawatts. X to at hash rate have expect implies total of capacity mining which XXXX, least exahash approximately XXX by power end a of the

ramping As we’re vertical we’re integration. generation our scaling also mining to capacity maintain our operations, power our

financial month, completes attractive refuse my opportunities capacity we acquiring. Following on XXX to generation are a Creek that LOI facilities generation summary. our of acquisition increase to the non-binding Panther continued this including other and on have and we That capacity power power have megawatts constantly to terms, evaluating coal under third power earlier our billings reclamation

to Now remarks. for Greg I’ll turn closing the call over

dial-in. you, the thank for to and you, time Ricardo, Thank taking everyone,

about communities markets look into continuing business we to value We to public and which entry that, we are and our our in operate. your improve questions. of take can the the now Operator? forward grow the With excited

Thank Instructions] B. you. Securities. Lucas Pipes first [Operator comes Our question Riley from of

Your line is open.

Hey, good everybody. afternoon,

Hey, Lucas.

the listings. QX. to see flow solid the Also and results on through Congrats positive operating great cash

and open that make about I buzz the market first, in questions, sure quick Just of industry few like, understand in getting lot the I the X,XXX a miner. wanted properly, difficulty to order

months, cetera, business? of some the So grow the how you these something is And context et miners. next continue you then you obtain weeks, to is that to on able this to share as repeatable Bitcoin would it over think mining possible were kind additional be

Yes. thanks. is Hey, This Greg. Lucas,

we’re into So we model. know deployment our rate that judged the by hash of

around And think know MinerVa questions Bitmain the schedule so we I as for been miners there for and delivery maybe well. have

by delivery open buying So in to schedule way any the market. mitigate is think we the the delays risk of miners in best

that’s And so we’ve been. what

we terms, week to relationships terahash. sitting or this want in might that able – deep six them oral – companies members, And XX are $XX them for with that sell can’t brokers, the on have we that for have these bought sale. not those miners vendors, plug even months an So miners get reached are we’re reached X,XXX definitive in for but a an that agreement North America have say around to that other board

about days So the a a within about say and XX makes $XX for every is deliveries machine the math logic behind per paying terahash month. terahash $XX that

And a it that won’t all. June. market be next so risk the at these eliminates $XX delivery paying better then deal today paying delivered perception $XX And for than also is things actually

pallet, we is to So – data a lot daily start to how what our give think ordered, I we’ve market what and the much going a lot in what comfort have a as more basis. all being paid, a think we’re on are power they’re And versus I plugged how we’ve realized a currently on growth our of of I we expectations what have to think around share available. that will

which as bottleneck is mobile own make that by own ready of, I this that’s fully us I like, the strong giving I available around of power. So that on say, another XX make you’re to access have removed. power. two to December we’ve describe it our centers. would And We – miners, to kind one plug a you power not on data we plants, would right, I boxes. think our is want think market in growth We That’s restrictions would lot

it do only our assure And miners we access get so that is and the can really without these market overpaying. to can just bottleneck we to

share conservatively hexahash miners, year by end what almost by if the we’re fruition. about X,XXX expecting of as still and year of stats that the by put So a many we’re the XX,XXX some of end I end comes by XX,XXX X end now of that together the X.X the with think really still expecting is as around to additional miners the And between the of the to hexahash we you first order – that the The ramp. quarter, represents and massive year. of just

on, you quarter, the XX,XXX we’re it the at the and have end in expecting should put quarter. of we XX,XXX and between And end but been execute X.X just delivered miners which plugged between And – of we’ve first about about to perspective, hexahash. by so still representing first X.X a be – and year the to mean, I in it’ll by this

And so what I couple us ability biggest miners world are of our large a to of of now we some bought think those the know – and know power that a plants as execute in making ourselves year. know inside the as that

in I’m do, to be what know to so going would to it prove growth our the bottlenecks have obviously getting we’re but and have just the rate, – We world. and And we’re supply asked this of market not opportunistic. we’re hey, in restrictions say, rumors to but – to chain, I things the delays all happy are space, and are impacting so that around the the which spite on them

have to it’s have guess, what achieve growth. we and we think communicate way that, yes, we want I to what aggressive So really is one than more that – plans I

is on of end this end really helpful super the and rate. the and hash of Greg, QX year appreciate detail

towards in XX,XXX. And you is kind the going it provided to the as quickly say to overcome? they’re it delivery, the facing is what to that your mentioned of has bottlenecks how you provide release, then as terms and Would you’re in the miner possible are currently secondly, from supplier supplier expected of guidance to be some ramping how be up? and pick color cadence On shipments MinerVa to hearing up your what

Sure.

they us power So having my assembly has on them of they’re and to park that working I experienced that hey, In largely we there beyond told representations an has are don’t able – going company to of I’ll I And comes boxes for from fact, end sort center shipping reason, concerning. today, be I’m even want what paid and miners at their rumors which week others that believe running. this? and the show of is LinkedIn MinerVa to constraint up. quarterly on on have saying, – posted that – they Does to aware quantity they’re spec hopefully starting really week pictures doubling been as actually. on or call deliver we the for. strong is conference been tell that, there of out part that MinerVa. making of to And all have in of of And this this MinerVa I are an that now So miners they’re full by hey, that – behalf posted one spite you that industrial curtailments be of we’ll and our the delivered still expected that’s us exist? of

they’re so coming. And

the So to curtailment We talked of power one facility. day. every MinerVa impacted

be of trying facilities Mainland to successful yet. would I industrial outside assembly up will operations that these We done I China that I say, machines. to other it ramping you, they the their able to are quantities tell they’ve of don’t produce, be think they are can in and of to believe aware move assembly

out we not still right and of this passive still that drabs it’s I But effort. So because we’re have facility. think in dribs we one are – now, –

both We’re help and understand actively issue. push MinerVa with that to trying assembly and

have the supplies or more I didn’t think the these And be if component things. is miner critical the concerned the they assemble parts chip. of much I to would

on in the critical So that We already spec customer, do. possession. they chip. we you those the I can working tell is And paid believe quantities. industrial in for that the they’re they we their they’re as working that that most believe of And a have component

pretty they’re shipping it’s actually a fraud bad So if miners.

going all quarter year. miners free. made but MinerVa, XX,XXX in of But the aware and first So are next believe not I’ve saying that we to what of that’s do folks about representing them, been some – aware get I’m not and certainly issue we’re again, – – it’s

helped they it. and to having happen, to figure issues. that them going I them, their think still assembly to with do But out they’re work For need

we just think we’re ours, get your also, end this of miners X,XXX these that like only of from I presuming by modeling the and standpoint year.

going is to the and They are is going like think we’re going limited we’re they’re be our to got hurts small get this a be of not it a our like of a assuming relatively story. of it, machines, part year. picture on And them growth part I They’re MinerVa. overall, we So we XX,XXX small a to that those deal but by obviously, because think good what part feel I that us. being late,

not want we was, on question So be what are things. not that to it’s we a these position producer sure was… your but single I’m of in, a that reliant

was helpful. very That

So kind XX,XXX a of the think order for into agreement you would converted modeling order, firm I said if X,XXX of would then include your – this And And is again, of kind that response reasonable oral or you oral to the would million. end year, purposes, your target. year the your XX% those a for conservatively MinerVa prior that’s get target. question, XX,XXX, of X,XXX that if in end presumably, of just be

those. on XX,XXX – But that Just the not includes done. XX,XXX oral the miners, would include the would the is pretty X,XXX be which to sure, agreement much be –

Got it. Got it.

Has orders. And kind of then, of you end dragging? right? I would that MinerVa been delivery that what’s Greg, QX, hear the been of By expect Okay. the full did

what That’s expecting. we’re

really the I color. Well, appreciate additional all right. All

it over now. luck, Thank for turn and best I’ll of Continued you.

bet. You

you. Thank

Northland Our next Mike question of comes Securities. from Grondahl

Your open. line is

you. Yes, guys. couple questions. Thank A of

XQ the XXXX. do Is XX,XXX a rough XQ X,XXX like order. you are the Bitmain that a roughly, sort that a expected of – Is between expect was on think delivery new the were those? schedule good kind XX,XXX? think I then be I those of X,XXX and And on the still miners when split XXXX of to guideline?

Yes.

So on you you or order talking the – you’re about the are specifically? about point making talking are Bitmain sorry, which X,XXX

press of Bitmain X the on Yes, the bottom it’s X,XXX Page order, release.

next and That’s just XQ purchases of year. XQ of one that the That to not in part we is market now. addition X,XXX. the That’s did

the XX,XXX is to are And of XQ okay. those XXXX? addition, XQ, sort thought be still of In Bitmain,

just And Yes. that current we purchases that’s did. outside the

agreement X,XXX, be the think would the And it. oral to, do finalized? when Got that you’re that you close

I mean, this don’t to I publicly. commit still to it’s – want

Let’s days, hopefully, well, that if X-K just next say, in that the few yes. happens,

in it. is Got the kind on of all from where out is it. the they other lastly, a there? are source? sourcing Maybe China Got been just manufacturing those And question Or is power city was MinerVa, miners? them there another I’ve just MinerVa asked

So beyond And publicized going not other we the well together power had that facility receive by I been assembled – been put to in think it’s I we’re I But are curtailments. think miners pretty that comment and that. a the tell used then can you that were to assemble miners.

we And and these had they favorable in market. are miners test received, apart taken miner similar evaluated that them results. So labeled other MinerVa miners it’s and MinerVa, are the obviously – not a any first-time to not we but the for experience are with

it. Got

guys. Thanks, Okay.

you. Thank

D.A. of Our next question Brendler comes Davidson. from Chris

Your line is open.

on on Greg first gate. Thanks taking quarter thanks, Hi, Congratulations, team the my good for question. afternoon. your and

Just was the quarter? plants, the there in how costs fell would power Panther ask Creek, expectation the what fourth into this of quarter? an but sort the not for on I is And much of be number, that wanted maintenance to a imagine non-recurring high that

on mostly It’s quarter. the fourth Yes.

sizing? rough it Is

We’re going low millions. to the and stay digits single in

and of line Great. remind time there to then pathway the you there? the like Okay. on is can sort And just us steps get what third non-binding, facility, the

Yes.

of ownership a takes all of think modify as it ordered. has would structure the so plant needed XXXX, a note, facility little first bit that complicated, I to been more I the think already like plant But of out, we little or that longer. equipment important we pointed similar So half to expect the agreements I thing – a is to the have in definitive

answer And so couple definitive fast it a process of a into can have for it we’d center. very next the a similar months the turning acquisition. data that on Creek, we a and turnaround Panther was to from document stage expect

good. Sounds

all is Okay. unlikely? question there just that thirst and Is in and someone the comes mining make raising in risk away Or we’re that a just Bitcoin given power coal real popular. now your capital waste swoops activity for The seeing very that that is, from you? expertise does becoming

in experts other But possible. waste have and obviously not in other us. say, potential in expect come we hey, would additional We’re would and to space. from it’s well sources just someone take in as is targets, I geographies. away dialogue this it – both But anything as we’re with coal I reclamation

So But cost power probably this facilities that the us. we’ll assets us this I for up as first to abnormally think think continue to with want the for is being expect doubt superior obviously, We I buy. easy at of viewed is probably no that we couple do the think there’s buying acquisition the is low on model. part far integration PPAs to to power, I – for stay end vertical point. think so And

waste activity else space, else Okay. do lot I’ve seen to copy Are haven’t anyone I trying strategy? you guys in to aware trying the coal. but seen anyone a of of the

those do will facilities, hopes guys a keep that us call own couple quite been say but them the with to – it, to that we the yet. these that how haven’t nice of that we we I’d guys

to that would Now way waste expect in so impact coal. see competition a material of lot us we in – wouldn’t I a

going you’re in is you higher ordering year. XPs think general super next between you be next ordering as going brand hash see about to to by guys Last those efficient now, question get balance increasing, rate whether this for a you’re new Bitmain or time likely, not Great. know Okay. hash do as fall? How on that most those trying new to the it’s efficient just much rate competition

is coming is out a know question. in I hopeful new Yes. what, Bitcoin would say to being extremely cost machines over is the the arbitrage most what recognize of the an investors, have power that of mining regard time, that simply that that’s to the viewed And you we’re as up low most by the will of I and cost, surprised that owned this to five going power then power. be math years. they generation going probably of be facilities if market would With a market, marketplace business end

invested I always on return equity. return motivated capital we’re So and on think by

with And a it rate greatest so cost at that economic low latest power it price generation highest that buying considering the a may hash makes our comes and less be machine the than machine. last

math, any So the that’s that I math we we you we because purchase. think do show whenever make that can

Sounds good. thanks much. so Great,

Sure.

Thank you.

of question Our Bologna Compass from comes Point. next Giuliano

line Your is open.

agreement Well, incremental. completing you then orders average start the second to incremental capacity the come sense of around that I’d based order oral is petahash of It that IPO a put kind for miners the also I X,XXX miner amount side. the and market? there’s more of the – the press kind X,XXX congratulations all, capital. open you like somewhere on of the in successful – of are second before First off what little approaching number a like that line. per would looks there SXX as XXX guys potential XXX for on equity significant additional the is that having – per implied, petahash of terahash sorry, petahash that have of on come with a some capacity. much how bit of from other the that term raising about any release Is that miners, from discussion questions And for X,XXX the the about that me order guys are guys the you from oral minor

to X,XXX actively these – hung – we’re mean purchase as dates the purchase talking machines, on to going the we constantly agreement still and when several on we be events, you’ll see that miners. on folks. the subsequent We’re Not for up I

on not will I do have and specific them. keep for getting focusing I – monitoring transact an So and that. oral there’s it’s just we’re But on one these. some And agreement the dips, constantly whenever market to we people transact mean easier – that’s not about talking

a don’t much of that too get the mean more specifically would portion for the us. just still mentioned. or in that open even focused too we we So on X,XXX just market machines find I

terahash are are the at or XXX machines we’re greater. that buying this to These machines going of be [Indiscernible] most point

to different Then topic. you. a Thank slightly great. That’s switch

first what be XX quarter. XXX, saying you math, guys that per at But You built that XX would you target to ran would the to roughly rate a going math, per month. that slightly these end have of about XXXX? megawatts of the XXX. implies get you for if about guys you’re for megawatts about my and above megawatts XX strong at quarter boxes of the guys seeing of your Is that sustainable that based end are imply my Because the building on

a perspective. just kind of that’s I’m a rollout rollout from perspective trajectory a curious if good So

Yes.

is. bottleneck orders strong I every think the the ordered better labor that capacity we – that’s But to be capacity a we just It’s think expectation that, do time it’s to the describing at I PDUs, we we of and that need. – – arriving should for have if build-out. should assemble. on matter we’ve just fulfill have the job but other in of boxes, what to a our And probably but we apart enough there’s have fulfill our a from component that

That’s makes sense. great. a That of lot

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puts XX,XXX. it it So roughly

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my that. jump I great. I’ll That’s answer appreciate questions. back into queue. Thanks for

Sure.

[Operator of question you. Jacob Pickering, Roberts Our Tudor, comes Thank next Instructions] from Holt.

open. line Your is

afternoon, Good guys.

Good afternoon.

facilities. market you that factors make power the something is the if you’re wondering And maybe at decision might moment? gold even really, to seeing major the standard was of acquisition the I’m what the trying maybe what I could us the the walk understand through on prices in range So of and

question, Yes. an where sort operate. that layup and these like unexpected we better of That’s one, we what make environment that in a great – for regions us like answer own, we’re we plants doing cleaner the the number to

– generation Bitcoin of of beneficial years of benefit. the activity are use coal a than an miner. is is addition ash, industry our this cost result a cleaning more up problem we’re for of So power legacy that’s XXX we low Because That’s mining. byproduct to in

cost So $X.XX around, like I think what, generation megawatt. our today, is a

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cost is holy with cost standard coupled grail. the a cheap generation acquisition when for sort of So the gold low us, that’s

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to mining Bitcoin goes, your assets, as your you’ve the XXX far big of to own you’re buy PPA power producers. just further on let’s of say the if megawatts if from around power and As is optionality agreed highlight one power owning

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of across sources terms that drive or coal in a cost, so quarter variance speak? over a is a In the given BTU content given there over to material could difference year, the

time. many that to reclaiming ash five different on by any will So mix think when pulling that of well kind that facilities as And be is a effectively I and the quality – think sorted running it’s and both waste be content. we’ll the is into that sure these is well content, one from is as as plants of so the fed these waste you make what’s give like put as sites as at complication us reclaimed we’re that about And organized and at it’s moisture as burned an usable. one at the of that BTU locations have to of boiler on-site kind

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to process a there there’s have it, important. that’s is You actually, a if to

coal the be I’ll today. guess I guy And question Perfect. Okay.

medium-term? waste on in operators tax for Pennsylvania the that And additional there Can threshold? all can there state be limit participating some scheme, thinking In terms we is is single the frame facility. about and relative go of limits where in coal that it to you the is overall maybe the something are the to a I credit, in believe percentage industry should a

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Got it. Understood. Appreciate guys. the time

Sure.

you. Thank

Pipes B. comes from of Our next Securities. Riley question Lucas

Your line is open.

but significant. Thank And first, have of if capacity, what question. you on-time level. I much congrats to to point coin you this – that the good that The to XXX is up to a ramp currently here at my capacity. less on wondered production. actually very currently petahash, the so that’s well, is Obviously, follow-up indication for guiding taking That’s industry

you December if that maybe So on might to could convert on capacity how coin in Thank you. into comments provide and wondered I January? production some into

And Yes, we I quite those share hash sure. on day, statistics question. ready by by miner. That’s yet. what But hey, our obviously, to we’re by a are rates practically not minute think have the great the

by quarter first of think expect year. next location by a probably for uptime detailed brand, I performance, the

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that keen they’ve the in and arrive, to in. whenever machines they Yes. we them you when that we’re plug very all tell plugged arrive, within want hours, on been I’ll they

that that So have not we we have machines are any need. as don’t capacity for we hashing

forward. but as very – this will we and going detailed show performance we be So always

would they potential heard right, Thank just Got America commented North to it. components, components need then you really supplier at the good a reach so, to assemble is a back if that. sorry the it’s North in the them? But of understand this North appreciate to capacity go supplier. really supply MinerVa the Thank it. America or mentioned Got you. that. if to the have I relocation you if find America? question, I of manufacturing you facility Is they of a expansion but And home? And issues. time again And you for your so, Kind can all on chain comments I on question.

Yes.

I think want I to don’t on further MinerVa. comment

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Got it.

luck. best have appreciate again Okay. the taking question, of really you Well, and are follow-up

Thanks so much.

Thank you.

turn I’m any no Thank I’d Greg further this questions showing to at like Mr. back call Beard for time. you. closing to the remarks. over

and execution our expectations. but the we’re the we like on still tremendous investors, thank plan, our really an have delivering I want that quarters. But to focused of for everyday doing to we the on story. a a this operator. on for plan understand analysts the feel progress And still to is it’s story you, recognize Thank the be work year. on this amount We yet coming made proven,

So we a Have soon. look night. forward very great to all talking you to

and Thank you. conference. for does you this Ladies conclude today’s participating. all gentlemen, Thank

You great Have disconnect. may a day. now