Good morning, everyone. I would like to welcome you to today's webcast reviewing HIVE Digital Technologies' financial results for the three months ended December 31, 2021. On slide number 2, disclosures. Except for the statements of historical facts, this presentation contains forward-looking information within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, and assumptions as of the date of this presentation. You can see the full slide number 2 on your screen for the full disclosures. On slide number 3, you will see one of our most popular visuals, the DNA of volatility. I would like to hand the presentation over to Frank Holmes, Executive Chairman, at this point to explain more. Frank? Thank you, Holly, and thank you everyone and all shareholders that are listening. Yes, this visual is an important one because volatility is a thing that always concerns a lot of people, especially if they're not traders. The traders love the volatility. What's important here to recognize is it's not uncommon for 70% of the time for the S&P to go up or down 1% and over 10 days, plus or minus 2%. Gold is the same on a one-day basis, but a little more volatile over 10 days. We start to go to technology stocks like Tesla, and we see all of a sudden it's four times more volatile than the S&P 500. At one time, it used to be 6% daily volatility of Tesla until it became part of the S&P 500. What you can see here is that Tesla and Bitcoin have very similar DNA of volatility, and Ethereum is actually the most volatile when you compare it to the one-day; it's 5%, and we see the 10-day is 17%. MicroStrategy is ±6% on a daily basis, and 10 days is 22. HIVE is even greater than all of them. It's seven times more volatile on a daily basis and over 10-day periods, 27%. Traders love that. What happens because of this for us, because we mine Ethereum and the volatility of Ethereum gets embedded. We have seen this happen with gold stocks, and we have seen gold stocks move with their gold-silver ratio, that they can have a greater volatility because silver is more volatile than gold. Silver stocks are more volatile than gold. Ethereum is like silver. It's more volatile than Bitcoin, and it shows up in the overall stock price. I think it's important for investors to respect the DNA of volatility. Today's presenters is myself. I wanna thank everyone again and Darcy Daubaras, our CFO, and Aydin Kilic, our President and COO. I wanna give a macro overview before we get into the details and the granularity of our presentation and financials and operations by both Darcy and Aydin. A big event that happened last year in 2021 was at the end of June, getting listed on Nasdaq. That was an important part, and we've seen a big increase in the daily volume picked up from the U.S. This is also disclosure of some of our strategic investments, DeFi, NFT and Coin. Not all miners are created equal. I think what's interesting at a conference Aydin and I attended in Austin last week one of the other companies were speaking and they're also mining. They've been mining Bitcoin a green strategy. What they said is that they're all moving together, basically. There's no differentiation between them. Even HIVE, which has the strongest ESG strategy, gets lumped in with everything else that can have a high coal source of energy. Over time, I think this will separate itself. What's important is the crypto miners' profitability is based on energy prices, hardware prices, crypto prices, hashing difficulty and lease expenses. Darcy and Aydin will get into some of these more granularity on these and how they impact. Here's a simple number. We've taken a look at Bitcoin over the past year. The difficulty is called a network hashing jump, a huge jump recently, have more machines coming on. We were up to about 1% of that mining 9 coins, if you look at EH/s, et cetera. This is gonna become more difficult. I look forward to for everyone learning about this difficulty part. That's why you have to have stronger, more powerful computers. This is no doubt a headwind unless you're ramping up your production, even with this taking place, and we've been able to do that so far this year. The four headline risks facing miners. It's electricity. And where is the electricity coming from? Supply line logistics. We've commented on this many times over the past 18 months of shipments coming from China. China's had more severe lockdowns, so it's been even more of a challenge getting stuff over on a timely basis. The winter. The winter storms come along, and they impact source of electricity, especially, for green and clean hydroelectricity that we get out of Quebec and New Brunswick and, geothermal of Iceland and Sweden, also hydro. You can have this can have an impact. Even in Texas, when there was a big cold front that came in, 10 days ago, a lot of the miners shut down for a temporary to allow the source of electricity to go and to warm up people's houses. The other big headwind that takes place on a regular basis is regulatory, and that debate between centralized versus decentralized. I think these four factors do impact the stock price, as a group, as an entity. Now, here's a young man who's a co-creator of the 27-year-old billionaire, Vitalik Buterin is the founder basically of Ethereum. But a little humor here is his ecosystem. I don't think they really appreciate that because of the greater volatility, that it attracts traders, which then actually facilitate liquidity. Then you have holders like HIVE has been, and then you have gamers. Gamers and computer designers that are using GPU chips, architects, et cetera. A lot of them turn on their machines. Like when I was a kid, I had a paper route for extra revenue and earnings. These kids basically do gaming or crypto. They use their machines to mine at nighttime when they go to bed, or they use their design computers to mine because they have GPU chips. That means there's millions and millions of users and wallets all around the world that add to the Ethereum global ecosystem. This lends itself to the risks of going to proof of stake from proof of work. We have heard about it all along. It still hasn't happened. The humor we like to show, this is a picture of the finally shipping. Not too long ago, he was mentioning that it's been pushed out. Again, this proof of stake versus proof of work debate. Proof of stake has tremendous risks to it. I just thought this was pretty clever that it's not gonna happen, has been our view, because I think not only proof of stake has its own inherent risks, is that you would shrink your ecosystem, that Ethereum would really hurt its global coin usage. Now, this is a nice, simple way of comparing proof of stake versus proof of work. Proof of stake is it allows for centralization for validating. There's no real use of electricity. There is a debate out there that under securities law, that proof of stake is really a security, whereas Proof of Work is that you're using electricity to mine a digital asset. Bitcoin and Ethereum are both at this stage, a Proof of Work, and that means they are a real, true digital asset. A, you have to spend money to buy the equipment, and B, you have to use energy to create this digital asset, and this validation process. I think these are very simple visuals for people to relate to as shareholders. I'm of the opinion that Proof of Work for Ethereum is going to stay. We're all over the world mining. HIVE's mining facilities are in stable jurisdictions with key elements for optimized mining. They still can't get away from this sort of regulatory debate that takes place, and Bitcoin is bad and a sort of a gross generalization. What we do see is that these are very stable compared to other jurisdictions around the world. One of the last countries you would ever consider is going to Kazakhstan or to Russia. They have hydroelectricity. We just wouldn't consider it because these are not stable jurisdictions. We've focused on low energy costs, low temperatures, fast internet. During COVID, the crisis, just as it was really starting to take off in March of 2020, we closed a transaction for 30 MW in Quebec. Then last year, we closed on a 50 MW capacity Bitcoin mining in New Brunswick. We're expanding our footprint in Sweden, which went from 17, is gonna be adding another 10. You can see that in Iceland, we have 5 MW. In New Brunswick, on a regular basis, we post these visuals showing the activity on a weekly basis, that we're building, even with the snow now, expanding our capacity, our ability to then finish these buildings, this construction, bring in new equipment and mining more coins, particularly Bitcoin. In Boden, we're expanding right now by 10 MW, which is basically a 50% expansion in New Brunswick, completed 20 MW here. Then down the road here this year, it'll be another 20 MW. You're gonna get much more detail on this expansion from Aydin. These are the positive parts of where we're going. What drives these stock prices? Well, the daily coin price is the biggest factor. It is the biggest factor that drives the DNA of volatility of these stocks. We see that as a group, it must be quant funds that trade all these crypto stocks up and down by the minute on the direction of Bitcoin and Ethereum, in particular, the direction of Bitcoin. Now what creates value for an underlying company is its current hashing power and current revenue and earning capacity, and then what you've announced for future potential hashing power. That is, when will you go from one EH/s to two EH/s to five EH/s or ten EH/s? If you have these incredible big numbers that some companies have put out there, then you run the difficulty of not having electricity and having your machines sit on the ground, or you have the difficulty of equipment not showing up on time. That's something that I believe that most crypto mining companies have had that challenge that it's perfectly synchronized, that electricity and machines and the infrastructure all show up on a timely basis. I think that we're gonna have to all be wrestling this going forward, for the next 12 months. So far, we've been pretty close on aligning our electrical build out along with equipment coming on. This shows up in the revenue momentum. If you go and look at it a year ago in the fourth quarter, the revenue kind of grew with the CAD 33 million, then CAD 37 million, then CAD 68 million. That big increase that you're seeing here in the Q3 is also because we increased our Bitcoin production. We increased our hashing power with the expansion in New Brunswick, which I think is important just to see this overall momentum. Year-over-year, the Bitcoin mining and HODLing, as you can see, we've substantially increased this production, but also we've been HODLing coins, and that's really very exciting. It does add to the volatility on your balance sheet, the income statement, mark-to-market rules, but it does create, you know, huge upside of these green and clean Bitcoin that we have on our balance sheet. Here's something I'm very proud of, that last year in February, we launched CAD 100 million ATM. We spent most of it, raised the money, and we upgraded all of our facilities. We expanded our footprint in New Brunswick. We bought more machines. We upgraded our memory, and our GPU chips, and the AMD chips. Then we bought a bunch of, I mean, a substantial amount of NVIDIA chips. Even with all of that, we still, by mining and HODLing, we went from an asset base of liquidity at December 31 of last year of CAD 15 million to this year or to 22, the end of going into end of 2021. I got all these things confused because of fiscal and calendar years. I apologize for this. December 2021, Darcy can give you more of the details, but the asset grew to CAD 161 million. You know, this is 11x by HODLing both Bitcoin and Ethereum. Interestingly enough, the Ethereum far more appreciated on a relative basis than the Bitcoin production. We have sold Ethereum and mined it back again, and we will continue to be much more active in using Ethereum as a way to expand our footprint. HIVE 2022 hashrate growth outlook is just so exciting. Aydin is gonna give more detail along with Darcy on this. Three EH/s of Bitcoin mining, 6 TH/s of Ethereum mining, 4.5 EH/s of BTC mining equivalent. When you put that equivalent, it really goes to show how big our revenue is compared to our peers and where the relative ranking and where we're extremely undervalued. I think big part of that is a misunderstanding of the benefits of Ethereum mining for us to be so profitable and have very high efficiency. Now I wanna turn it over to an operational update by Aydin Kilic. Thank you, Frank, for that introduction. Indeed, it has been a very productive and active fiscal quarter. I'm going to be providing an update on what the calendar year production looked like for HIVE among our peers. As well, recently, the January updates went out for the industry and the market, and that's a more current snapshot of where things are. Of course, Darcy will follow up with the fiscal period results. Again, thanks for that excellent introduction, Frank. Yeah, let's jump into the operational update. As you can see here, we've got our infrastructure layout. As of today, HIVE is operating 119 MW globally of green and clean energy. That's comprised of 50 MW at our flagship facility in New Brunswick. We actually had CBC News come out and do a video documentary in December, which was a great way to commemorate the completion of our third building, bringing the campus to 50 MW. In Quebec, our long-standing facility in Lachute holding steady at 30 MW. In Sweden, we've actually recently completed a 10 MW expansion. Originally our Boden facility was 20 MW, so that brought it to 30. We also have another facility in northern Sweden that's an additional 4. That's 34 MW in Sweden plus 5 in Iceland. That's just today. Always keeping busy, always expanding. These are infrastructure projects. You could see here, you know, these, our most recent building, miners were being installed. You could see the thermal isolation walls, with the staff, you know, doing the cutouts for the miners. That's how part of our efficiency comes from, whether it's, you know, our networking team, our coders, our staff at the mine, remedying and repairing machines. We have people all over the world in all time zones. 24/7, you know, the HIVE team is making sure our hash rate is tip-top. Anyways, it's just a beautiful photo there of the internals of one of our facilities. New Brunswick is gonna be expanded to 75 MW, this spring. Building four is coming online, which is an extra 20 MW, and we've done an optimization yielding an extra 5 MW within the existing structures. As well, a further optimization at our Sweden facility, which will bring our total to 155 MW of operating capacity of clean energy in spring of this year, in a couple months. Next slide. That's the infrastructure footprint. In terms of our hash rate, today HIVE is at 1.9 EH/s of Bitcoin mining capacity, 4.5 TH/s of Ethereum, which puts us at an equivalency of 2.9 EH/s of Bitcoin mining. In just a couple of weeks, as evidenced by the ongoing expansions we have, we'll be at 2.2 EH/s of pure Bitcoin mining capacity. We've got a large delivery of NVIDIA GPUs coming that will put us at 5.4 TH/s of Ethereum hash rate. Just within a few weeks, we'll be at an equivalency of 3.4 EH/s. It's over a 10% increase in the weeks to come. That's the near-term snapshot. Next slide. January production. January was an interesting month. As Frank mentioned, we've seen all-time highs in the Bitcoin difficulty. What we've got here, we hit our 2.9 EH/s equivalent in January, and we produced an equivalent of 425 Bitcoin in the month of January. That puts us near the top among our peers who have much larger market caps and much larger footprints. What you'll notice is our BTC per exahash, 147 Bitcoin per EH/s is what HIVE produced. We're at the top of the class. Again, this talks about having pound for pound the best efficiency. Take a step back from the capital markets, we also have the lowest multiple right now among all the bulge bracket crypto miners. At $383,000 PH/s market cap, you know, HIVE is a great value proposition for investors right now. Onto the 2021 production, you know, taking a look at the entire year, what was accomplished. I'll actually focus on the right-hand side of this table. HIVE was the only miner that was public. Hut 8 didn't release it, their annual figures. From everybody that did, the Big Four, we were the only ones that cracked 4,000. We cracked over 4,000 Bitcoin produced in 2021. That was a huge accomplishment. Again, you know, HIVE being the first crypto miner, period, you know, our hash rate didn't just come online in July or October. You know, HIVE has had a big footprint and continues to grow. The other part of this story is our HODL position that we announced as part of our January update, which we do monthly operational updates now at the beginning of each month. HIVE had a HODL of 2,043 Bitcoin. In addition to that, HIVE had 25,400 Ethereum, which on an equivalency basis gives us about 3,800 Bitcoin. HIVE's HODL position for the investors out there, just so we can do an apples to apples, our BTC and Ethereum equivalent is 3,800 HODL position. Again, when you look at the annual production, you know, highest amongst our peers for all of calendar 2021, we had the best Bitcoin per exahash efficiency production through the month of January and the lowest revenue multiple. We see that HIVE is at a great juncture for investors looking for exposure to the best pound for pound crypto miner, in my opinion. Next slide. Now let's take a step back and just understand where the industry is at large. This is actually a zoomed out three-year Bitcoin mining economics chart. This goes back to early 2019. What we've seen for Bitcoin is that there's been 3 bull rallies in the last three years. Summer 2019, of course, 2021 had 2 bull rallies. We hit an all-time high in February in terms of Bitcoin price and then again in November. This chart that you're looking at is actually the cents per terahash per day that you get. For example, right now we're at about $0.20 TH/s per day, which is actually better than where we were three years ago. Three years ago, it was about $0.15 TH/s per day. Even though difficulty is an all-time high, you know, Bitcoin is showing support in the low $40,000 range. The health of the mining economics is still substantive, although we've cooled off a little bit. Again, it's about having good efficiency, low operating costs, and being very effective with deploying your capital to realize a good return on investment. On the side, we also have a big Ethereum mining footprint. What's really interesting is when you look at Ethereum mining over the last period, you'll notice right now, again, this is cents per megahash per day, right? Right now, Ethereum mining economics are about between $0.04-$0.06 MH/s per day. Well, you know what? Three years ago, it was about $1.5 MH/s Per day. The point here is that Ethereum mining economics are actually 3-4 times more profitable today than they were three years ago. How do you get exposure? If you're like, "Well, that looks great. I mean, I wish I was mining Ethereum." Yeah, I mine Ethereum. We've got the biggest Ethereum mining footprint of all the publicly traded crypto mining companies. Again, it comes down to having that good value proposition for investors because, you know, as all these Layer 2 applications grow, we've just seen more and more of an underpinning for the need of a proof of stake Layer 1 Ethereum token to support all these. Sorry, Proof of Work Ethereum Layer 1 to support all the Layer 2s, which are proof of stake. Anyways, you know, as we pointed out before many times, you know, the London Hard Fork was actually a good thing that happened in August, and mining economics for Ethereum were very healthy thereafter. The recent cooling is more just a function of crypto prices overall. That's the snapshot of Ethereum. I'll turn it over to Mr. Darcy Daubaras, CFO of HIVE Digital Technologies. Great. Thank you very much, Aydin. Again, as Frank had mentioned, thank you very much to all the investors and shareholders that are interested in listening to us today. We're gonna run through the financial statements for the third quarter ended December 31, 2021. As we've had for many quarters, we have a very strong and healthy balance sheet. We have $63.7 million cash on hand, over $26 million in investments, and what we're really proud of is the total current assets we've got of $268 million. Largest part of that with the benefit we've had with the increased production that we've got through our Bitcoin mining operations from Quebec and New Brunswick, being able to build up that hold position and have digital currencies of over $168 million at the end of December 31, 2021. Puts us in a great position moving forward, and we can also use that to fund our operations if we need to, through the sale of coins. As I'd mentioned, we're holding quite a bit. This is taking a look at our gross mining margin, year-over-year, comparing Q3 of fiscal 2021 to the Q3 fiscal 2020 that we just completed. As you can see, we've got over close to a six-fold increase, moving from 10.1 million or 10.6 million, up to 61.6 million. Just the increase in the production we've been able to get has just been astronomical. We're so proud of being able to do what we've got done. As Frank had mentioned, being able to close those transactions during the COVID period has just strengthened HIVE moving forward. Taking a look at our active assets with these new additions, buying new miners, we continuously increase our hash rates. You know, in the last three months, since September thirtieth, we've increased our Bitcoin mining hash rate by 35%. The Ethereum, which has been our bread and butter and what HIVE started out as in 2017, we've increased that now over the last three months by 14%. As I'd mentioned before, that well-capitalization that we've got with a portfolio of crypto assets just puts us in a great stance moving forward through into calendar 2022. One of the challenges, as Frank and Aydin had mentioned, is just the difficulty rate. We continue to see the difficulty rate rising, but as a result, we do have a drop in the Ethereum mined. The great thing that we've been able to achieve, though, is being a very low-cost producer of our Ethereum. We've been able to do it very low, as you had seen earlier slides with that gross margin. The revenue we've been able to get from that mining of the Ethereum has continued to increase. Even though we're mining less coins, with the difficulty rate going up, as everyone in this market has seen, the price of Ethereum is going up, so we're getting more revenue. You can see this trend over the last five quarters in terms of the number of Ethereum that we have been able to mine. It's all mined productively, so that's the great thing. This just demonstrates what I was talking about in terms of the mining revenue continuing to increase due to the higher prices, even though the difficulty that we've been experiencing in both the Ethereum and Bitcoin has been affecting the market, moving from CAD 13.7 million a year ago to CAD 68.2 million, and our gross mining margin from 10.6% to 61.4%. Taking a look quarter-over-quarter, from the quarter end of September compared to the one that we're talking about right now, in December 31, 2021, we went from CAD 52.6 million up to CAD 68.2 million. We're continuing to increase quarter-over-quarter, as been shown in the earlier slides by Frank. Our gross mining margin is continuing to increase, moving from CAD 45 million in the quarter ended September 30, 2021, to CAD 61.6 million in the most recently finished quarter. Here we've got a look at what the adjusted EBITDA has done year-over-year, CAD 13.7 million up to CAD 75.3 million, and our net income increasing again very largely from CAD 17.2 million up to CAD 66.2 million. I also want to mention to our listeners here that adjusted EBITDA is a non-GAAP measure, and I just always like to put that in there so that people don't get confused. Once again, we can visually see how the Ethereum margins are driving the growth within the company, taking a look at the change that's happened quarter-over-quarter. We talked about CAD 52.3 million in our adjusted EBITDA, moving up to 75.3 in the most recently finished quarter. Net income increasing again by about CAD 7 million, and our gross profit margin moving from CAD 45 million to CAD 61.6 million in the most recently completed quarter ended December thirty-first. Thank you very much. I'll just Thank you, Darcy, and thank you, Aydin. We just wanted to show you here that we have lots of rich content on information that helps people make an informed decision. One of the big part which we noticed the past quarter, there was a fair amount of FUD, as they call, the spreading of fear, uncertainty, and doubt regarding crypto mining sources of energy. The big shift that took place last year, tectonic shifts, if you think of it, is the move to North America, in particular, the state of Texas, has been a recipient as China closed down everything in mining. What we've also seen in other jurisdictions is sort of disinformation that's out there regarding how much energy is being consumed. What we did is we took Michael Saylor's presentation, which is about 30 minutes, condensed it to three minutes, with visuals and slides and put it in French, in Swedish, as you can see in Spanish and in English for investors around the world that the consumption of energy by the crypto industry, A, is substantially less than originally reported, and B, a much greater percentage now is from much cleaner sources of energy. Still the bad locations for is Kazakhstan, and I think some other sort of rogue nations that are out there. It's, I guess, I would think it's their only source of cash flow. As a whole, the crypto mining industry has excellent CEOs today than what took place when HIVE first went public. It's ushered in a great respect for a less carbon footprint, and I think that's only gonna continue to grow. We're happy to be part of the Bitcoin Mining Council and being part of education. I highly recommend that we have investors from all over the world that you take in these visuals and share them. Do follow us. If you have questions, please email them in to Darcy, to Aydin, and myself, and we'll try to answer those as best we can. I wanna thank everyone, especially all the loyal shareholders that have lived with us through this volatility, those that believed in our vision that continued to mine Ethereum because it's been so profitable, and then our vision to expand our footprint, and hopefully we can have, in a very short order, more exciting news in our profile for growth. We're always working, 24/7, so, for the shareholders. Thank you, ladies and gentlemen. Thank you very much, Darcy and Aydin, for a spectacular year.
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