Hello, everyone, and welcome to today's webcast reviewing HIVE Blockchain Technologies financial results for quarter ended September 30th, 2022. On slide two, I would like to briefly note disclosures. Except for the statements of historical fact, this presentation contains forward-looking information within the meaning of the applicable Canadian and U.S. securities regulations. These forward-looking statements are based on expectations, estimates, and assumptions as of the date of this presentation. On slide three, I would like to hand the presentation over to Executive Chairman Frank Holmes for a brief overview of the period and to kick off today's presentation. Frank. Thank you, Joseph. Thank you, Darcy and Aydin for working hard in preparing this presentation. I'd like to start off with, you know, HIVE announced its quarterly revenue of CAD 29.6 million, achieved EBITDA of CAD 18.8 million for the quarter. Bitcoin production was up 31% from the same quarter last year, 2021. We're gonna walk you through what's taken place in the past year to date, past quarter, and external forces that we're battling in this sort of crypto ecosystem. Most important, before we start going into details, investors should recognize the DNA of volatility. This is basically sharing with you that it's a non-event 70% of the time for gold to go up or down 1% on a daily basis and 3% over 10 days. However, Bitcoin is 4 x more volatile than the S&P on a daily basis or the gold bullion. It's you can see 11% difference over 10 days to what gold bullion is, 3%. When we take a look at Tesla, it's 13% daily volatility over 10 days. MicroStrategy, well-known technology company with a massive position in Bitcoin, it's ±20%. For HIVE, it's ±21%. On a daily basis, it is a non-event for HIVE to go up or down 6%. Anyone that looks to come into HIVE must recognize this volatility, and life is all about managing expectations. Today's presenters is myself, Executive Chair, Darcy Daubaras, our CFO, and Aydin Kilic, our President, Chief Operating Officer. Leadership team includes myself and Darcy and Ian Mann, President of Bermuda Operations, Aydin, President, overall Chief Operating Officer, and Johanna Thörnblad, the Country President in Sweden. HIVE's capital structure, as you can see, is about 83 million shares outstanding, with warrants and options and RSUs. We're listed both, when we take a look at HIVE, it's listed in Canada as a primary jurisdiction. It's also listed on Nasdaq and in Germany. For the macro recap, HIVE announced quarterly revenue of CAD 29.6 million. We achieved adjusted EBITDA of CAD 18.8 million for the quarter. Bitcoin production was up 31% from the same quarter last year, ended September of 2021 versus 2022. We're gonna walk you through this growth in our production. Further to that, we produced in the quarter mined 858 green and clean Bitcoin and 7,390 Ethereum, the Ethereum was subsequently sold to reinvest in new ASIC mining equipment. As such, production of Bitcoin is increased 4.5% quarter-over-quarter, while the company's average daily production of Ethereum increased from 83 Ethereum a day to 94 prior to the September 15th merge, which then we stopped mining Ethereum as a shift from Proof of Work to Proof of Stake. However, in the previous quarter, Bitcoin and Ethereum average prices were higher. This basically said the drop in revenue Q-over-Q was due to predominantly the price action of Bitcoin and Ethereum, not so much our production because we increased our production. I think this is very important for investors as we continue to expand our footprint. This is in large part a result of New Brunswick facility expanding from 30 MW last year to operating approximately 17,300 new generation ASIC miners. Aydin will go into greater detail and give you more information on the growth. I wish to really thank, you know, these, our loyal shareholders for believing in our vision to mine both Ethereum and Bitcoin. We're sad to see this higher margin from mining Ethereum. We never received a big premium to price to earnings or price to cash flow for mining Ethereum, which was much more profitable than mining Bitcoin, which allowed us to generate the highest cash flow returns on invested capital, not only to being an efficient miner, in our Bitcoin production. What is important here is that you recognize that now we're gonna be compared on more of an equal footing to other crypto miners who are mining predominantly or mining only Bitcoin. What's really important I want to reiterate is that strategically we have not borrowed expensive debt against our mining equipment, our ASIC chips or any other infrastructure, except for building data centers which we have a mortgage, or we have pledged our Bitcoin for costly loans, thus our balance sheet remains healthy to weather this storm. We believe our low coupon fixed debt, on a relative basis to enterprise value is very low, and attractive green renewable energy prices and high-performing energy-efficient ASIC chips will help us navigate through this crypto winter. The detailed financial analysis, we're gonna walk through in more detail, but I really want to take a look at for people to recognize that in the past year, Bitcoin has fallen, over 60%, to the end of the quarter. It's fallen further since then, as we know that one calamity after another is taking place. The crypto market cap has fallen $2 trillion, which is quite significant as we've seen rising U.S. interest rates in the U.S., and we've seen the blow-up of Proof of Stake, coins like, Luna. That turned around and set off events that were happening in exchanges and hedge funds which were doing predatory lending. Some other hedge funds were basically lending at very expensive rates. We've seen this but not unfold, which is a classic credit crisis. I have lived through this before. I remember vividly that the dot-com bubble, and then we had the Enron crisis, which is a classic credit crisis. We've had Madoff go bankrupt, which pulled down the stock market. We've had a series of these from. Then we not forget Man Financial in 2011. These crises come and go, and we'll get through this as long as you do not have a leveraged balance sheet of unstable yields, especially with rising interest rates. You've seen that some of the cost of capital has gone from 12%-18%, which has made it very punitive for many of the other crypto miners who have basically now been defaulting on their loans. This has only caused more turmoil in the overall crypto ecosystem. For us, being an old guy at the vanguard here and seeing these storms come and go, we run a very conservative company on a relative basis. I believe that historically, technology stocks, whenever they've gone through such a punishing, the FAANG stocks have been punished this past year in addition to the crypto ecosystem. Historically, when we've had these big meltdowns from a credit crisis, which then still impact the technology even more so, they've usually proven to be great buys. Let's talk about the most recent stuff that's impacting us. The FTX contagion dominates the crypto headlines. Sam Bankman-Fried, everyone, resigns from FTX and puts his empire in bankruptcy. There's lots of negative comments about him funding, being very political for such a do-gooder for society. He was really much more politically motivated. He didn't build in the Bahamas educational schools for young kids that are from poverty areas to help them with technology. No, his profits were channeled back into funding political ambitions in America. I think it's really disingenuous what he's done. We'll get through all of this stuff. He's just part of what took place. If you go back into 2008, we had first was Bear Stearns, six months later was Lehman Brothers, six months later was the bottom, and the stock market was on a big run. I think that we're going to make sure that Hive stays conservative in its balance sheet and how we manage this company. As for more granularity on our gross margins, we're gonna get into those details with the presentation by Aydin, our President and Chief Operating Officer, and more detail on the financials. I think what's important is to understand the mark-to-market of assets and non-cash write-downs. There is a greater pressure in the accounting world to take non-cash charges against mining equipment that is required to create digital assets. The price of primary ASIC chips moves with the price of Bitcoin. It lags, but it moves. It's directional. On big quarterly downswings, which we've experienced this past year, has reduced the value of the ASIC chip. At this time last year, buying a terahash was over $100 a terahash, and it's fallen to $15. What happens in the accounting world is that the value of these assets get written down as a non-cash charge. However, if Bitcoin rallies, the value of this equipment goes up, but you don't rewrite the assets back up. What you do have the right on mark-to-market rulemaking, is to write your Bitcoin prices back up. The Bitcoin volatility, just like Berkshire Hathaway's portfolio, they can go up and down in each quarter. What's more important for investors to focus on are operating earnings or operating cash flow or EBITDA. Tomorrow, our CFO will walk through and give you more detail on this. We're still very proud that we're first to go public in the crypto mining space, first to mine both Bitcoin and Ethereum, first to buy data centers and put them on our balance sheet, first to be 100% green with an ESG strategy, and to be interlisted in both Canada, U.S. and Europe. HIVE uses only green energy in Canada, Iceland, and Sweden. We have low-cost energy, especially in Sweden, where we're able to hedge out, and we also balance the grid. We offer some unique attributes to the overall crypto to the use of energy, that when there's a need for energy during peak periods, that we can throttle back and slow down our mining and the grid will use our energy. We are paid a standby fee for such a service. It's very important for investors to grasp that we were leaders in this, and now we're seeing other companies in Texas being very significant in balancing the grid. Low temperature is important for us, where we are located, 100 miles south of the Arctic Circle, to Montreal, to New Brunswick, where there's lots of snow and cold weather, in Iceland, where it's geothermal. Fast internet connection is also key to the success of it as a crypto miner or running just a data center. Here I wanna show you what is taking place. Amsterdam, Netherlands, is using robotics, and this facility just shocked us all. It was a very positive part. What I'm trying to walk you through, that this video is showing how you can use a greenhouse and use Bitcoin miners to heat the water and the water then heats eight football fields. Eight football fields. It's really tremendous. Here they are growing red peppers and they are using robots. Those machines you can see are robots. This will basically we're building out in northern Sweden, which will have 90,000 sq ft facility to be built, and they'll use our machines to recycle that molecule of energy. This is another visual of a close-up of the robot moving past. You can see some of the red peppers at the bottom. You can see a train of these robots and using sensors to stop and move around human beings. It's really cutting-edge technology. The consumption of water also is 10% of what is normal from a farmer. This is quite significant. We know it works. We visit the facilities recently when we were in Amsterdam at the Bitcoin conference Bitcoin Magazine hosted. We're very positive about what's gonna take place in Sweden. Next, please. You can see our financials, approximately CAD 30 million in revenue, Bitcoin, 1,380 Bitcoin, adjusted EBITDA CAD 18.8 million. To us, you know, it's amazing that our market cap is not higher relative to our peers when you look at an EBITDA multiple. We'll stay with what we're doing. Our SG&A, the cost of Bitcoin produced, was about CAD 9,800. What's important here is that we did make this statement in our press release, that this will rise for several reasons. What's happened since the halving, not the halving, but proof of stake, from Proof of Work to Proof of Stake for Ethereum and the merge in September, is that Bitcoin mining difficulty jumped by 20%. That means we were mining about 11 Bitcoin a day, and it's now nine. You're generating less Bitcoin a day because there's more people competing for that Bitcoin. The price of Bitcoin has fallen under $20,000. It looks like it's finding a new base or a little over $15,000. That basically means that the cost of mining Bitcoin is going to rise. What we're expecting this quarter is that a lot of people are gonna have to shut down their machines. Most of the machines, for most of the energy in the world is now unproductive. That's what we're believing, and we believe that our balance sheet is strong enough and our composition to weather through this storm, just like we did when the Halving took place, and we bought Lachute in Montreal. We bought it, we started producing Bitcoin, then the Halving took place, and for a couple of months it was unproductive, and then we had this huge drop in the difficulty. All of a sudden, we were able to start turning Lachute around. We think that that's what's gonna take place. This visual is very important for you to recognize. That our revenue on a quarterly basis and a year-over-year basis, as reported, tracks Bitcoin trends. You can see a year ago, when Bitcoin was $69,000, we were running at a run rate of $68 million, and we were also mining Ethereum. But since then, our Bitcoin production has increased substantially. Our Bitcoin HODL position has also increased substantially. We believe that we're positioned to rising Bitcoin over the next 12 months. We would see a huge expansion in our revenue on a quarterly basis. Bitcoin mined by HIVE continues to increase, so that was really important for investors. Yes, HIVE has gone down because crypto prices have gone down. Crypto prices have gone down because of systemic risk, that is all these quasi-shadow banks and Proof of Stake coins, leveraged, highly leveraged, all of a sudden started unwinding as interest rates started rising in the U.S. with one of the greatest surges in 40 years of interest rates rising over a nine-month period. In this case, a reset for stock prices, a reset for crypto. Every asset class goes through a reset. What it exposes, as Warren Buffett says, when the tide goes out, you'll see who's naked and who's not, and who looks pretty and who does not. What you're seeing is a lot of these quasi banks that were trying to say they were banks, but they're unregulated, like Celsius, taking deposits in Voyager and promising higher yields basically have unraveled. That contention has continued to where we are today. We feel that we have a strategy to grow another exahash here, to upgrade our facilities to the highest efficient machines, which I will go to. We feel very confident of where we're going. This is another idea to give you at the quarter end, our HODL position on our balance sheet, which gives us lots of strength. HIVE's ASIC hash rate growth rate is, we expect to from today at 2.45, to be able to expand to 3.3. Now, I wanna turn it over to Darcy to give you a snapshot of the financials and give you more important granularity of how we're managing this sort of crypto winter. Both Darcy and I have lived through the previous winter, and HIVE came out of it stronger and better than ever. Great. Thanks, Frank. I'm looking forward to getting out of the cold and getting into a little bit of the heat. Flipping on to the next slide, please. Talking about our earnings, as Frank has talked about, is we take a look at our operational earnings on a cash flow basis, add in our investment earnings, which is our realized, unrealized, gains, losses, which can greatly affect what our end results are. There's a lot of non-cash items, which I'll touch on in just a moment. Moving on to slide 22, please. These are two things that we've been highlighting over the last couple of quarters, is trying to explain this market-to-market and the non-cash charges that are part of the accounting ecosystem and following the international standards. The market-to-market is an accounting practice that involves adjusting the value of the assets to reflect its value as determined by current market conditions, which, as we all know, are not moving in the right direction, not just in our industry, but across the whole ecosystem. The market value is determined based on what a company would get for the asset if it was sold at that point in time. As Frank had touched on, the price of a lot of these assets right now has dropped considerably, even though these machines are very economical and very efficient at what they do. The market-to-market losses that we have to book at times are paper losses generated through the accounting entries rather than the actual sale of the securities. These swings in digital assets impact the paper profits and losses each quarter in our bottom line earnings. Our Bitcoin and Ethereum digital assets do generate unrealized gains and losses each quarter. Moving forward, it'll be just our Bitcoin. It's important that investors like you that follow us and been with us for years and years understand the differences in the operating earnings or losses, in addition to the market-to-market paper gains that we experience. Talking quickly about non-cash charges and specifically what we've gone through this quarter. These non-cash charges is a write-down or an accounting expense that does not involve cash payments. These are things like depreciation, amortization, depletion, stock-based compensation, and asset impairments that are very common non-cash charges that reduce our bottom line earnings, but not cash flows. These are non-cash items. During this quarter that we just completed, we took two big non-cash charges as a result of the continuing bear market that we're all experiencing, as required under the accounting prescriptions. The first was an impairment under IAS 36 on mining equipment of CAD 26.2 million, which was required under the regulations due to indications of impairment that are present in the continuing bear market we are experiencing. The second was an accelerated depreciation charge of CAD 13.5 million as a result of an accounting change on the useful economic life from four years to two years on some of our GPU cards, and this better aligns them with their use and activities moving forward. Flipping on to the next page, please. This is taking a look at our results for the six months ended September 30th. We've got our revenue, as we had highlighted, CAD 73.8 million for the six months. A mining margin of CAD 43 million, adjusted EBITDA of CAD 132.3. We have mined 1,679 Bitcoin during the six-month period. Our digital assets, which is down a little bit, from the end of June because of the drop in our cryptocurrency pricing to CAD 64.9 million. Still extraordinarily strong, though. The Bitcoin equivalent mined sitting at 2,719. Next, please. As I'd mentioned when I talked about the digital currencies, we continue to have a very strong and healthy balance sheet. Our cash position sitting at CAD 8.1 million at September 30th, 2022, along with an additional CAD 64.9 million in digital currencies, which was predominantly Bitcoin. We also have CAD 9.2 million in amounts receivable and prepaids. Unfortunately, the market value of our strategic investments fell slightly during the quarter as a result of the general market instability, but is remaining at a strong CAD 6.5 million. As I mentioned, we maintain a strong net cash position, healthy working capital to fund our operations and growth. We are very low on the debt side. We don't have any assets that we have pledged. We haven't staked any Bitcoin. We weren't doing anything with Ethereum, which leaves us extremely mobile in terms of being able to deal with this ongoing crypto winter that we are experiencing. Turning to slide 25. Our gross mining margin, which equates to our revenues minus direct operating and maintenance costs, decreased in absolute dollars to CAD 15.9 million or 54% in the most recent quarter, compared to CAD 46 million or 86% in the prior year comparative. Gross mining margin is also partially dependent on various external network factors, including the all-time high mining difficulty that we are experiencing, the amount of digital currency rewards miners receive, and the market price of the digital currencies at the time of mining, which as we all know, has been falling and staying low for the last quarter. In this most recent quarter, we are reporting a loss of CAD 0.45 per share compared to a net income of CAD 0.51 per share reported in Q2 of last year when mining prices were much higher for Bitcoin and Ethereum. Going on to slide 26. You can see that HIVE has maintained relatively steady Ethereum production over the past four years, overcoming the market challenges of increasing hash rates by continuing to be innovative and efficient in the operation of our GPU miners. This was our bread and butter when we started four years ago and through our innovation and focus on it, was continuing to be a strong and part of HIVE over the last four quarters and the last four years. Unfortunately, we will have to adjust as we have to the Ethereum Merge, and we're gonna come out stronger on the other side and as Frank had alluded to, be able to be judged side by side with our peers who are also mostly pure Bitcoin miners. Taking a look at revenue increases. In looking at our year-over-year revenue, we generated revenue from digital currency mining in the second quarter of fiscal 2023 of CAD 30 million versus CAD 53.6 million in the prior year first quarter. The decrease in revenues versus the same quarter in fiscal 2022 can be attributable to three main headlines as we've all touched on. It's the ever-increasing Bitcoin mining and Ethereum difficulty hash rates over the past six months, the significant drop in the price of Bitcoin and Ethereum, and to a lesser extent, the Ethereum Merge, which happened on September 15th of this year. This triple punch contributed strongly to the significant drop in revenues that we experienced. As Frank had alluded to and shown to us all, this was partially offset by the increase in the production of Bitcoin mining. As mentioned previously, our gross mining margin, which equates to our revenues minus direct operating and maintenance costs, decreased in absolute dollars to CAD 15.9 million in the most recent quarter compared to CAD 46 million in the prior year comparative. Turning to slide 28. Comparing our current fiscal Q2 quarter to the previous Q1 quarter, we generated revenue from digital currency mining in the second quarter of fiscal 2023 of CAD 30 million versus CAD 44.2 million in the previous quarter. The decrease in revenues versus the previous quarter was impacted significantly by the incredibly low prices of Bitcoin and Ethereum experienced as we continue to go through this challenging bear market. Gross mining margin decreased in absolute dollars to CAD 15.9 million in the most recent quarter compared to CAD 27 million in the prior quarter comparative. As we're hearing in the theme here, we're going through some difficult times as an industry with the increasing difficulty in Bitcoin and the low prices that we're continuing to have, partially because of all this contagion that is happening with one thing after another. Hopefully we're through the worst of it and we can build a very strong community moving forward. Turning to slide 29. Our adjusted EBITDA decreased in the second quarter of fiscal 2023 to CAD 18.8 million versus CAD 48.2 million in the prior year comparative quarter. I will highlight the gross mining margin and adjusted EBITDA are non-IFRS figures. In the second quarter of fiscal 2023, we experienced a loss of CAD 37 million compared to a net income of CAD 38 million in the prior year comparative quarter. This decrease experience was driven predominantly by the large drop in the price of Bitcoin and Ethereum, combined with increasing difficulty and hash rates, and the significant non-cash charges experienced in this quarter, which I touched on, being the impairment on miner equipment of CAD 26.2 million. Accelerated depreciation of CAD 13.5 million and the required revaluation of our digital currency holdings of CAD 2.4 million based on mark-to-market accounting. Going on to slide 30. Our adjusted EBITDA increased to CAD 18.8 million versus CAD 11.2 million in the prior quarter. Again, highlighting for our listeners that the gross mining margin and adjusted EBITDA are non-IFRS figures. In the second quarter of fiscal 2023, we experienced a loss of CAD 37 million compared to a loss of CAD 95.3 million in the prior quarter. These losses in the prior quarter, to remind our listeners, were driven predominantly by significant non-cash charges. One being the revaluation of digital currencies of $72.2 million and the impairment on minor equipment and deposits of $11 million, which was in that first quarter of this fiscal 2023. Our gross mining margin decreased in absolute dollars to $15.9 million in the most recent quarter, compared to $27 million in the prior quarter comparative. Now I'd like to turn it over to Aydin Kilic, our President and Chief Operating Officer for an operational update. Thank you for the introduction, Darcy. Now I'm going to give an operational update. Let's jump into it. Here's an overview of HIVE by the numbers. Since our last quarter ended June 30th, we were at 2.25 exahash of Bitcoin mining and about 6.3 terahash in Ethereum mining. Since then, our Bitcoin mining footprint has increased by almost 10% to 2.45 exahash, and that's just our ASIC fleet. Since the Ethereum Merge, we've actually repurposed our GPUs to use a unique switching algorithm to mine Bitcoin. What we actually do is we mine altcoins. We don't get custody of them. We actually get paid in Bitcoin. That works out to about 350 petahash of Bitcoin mining capacity. In total, right now, as of November, HIVE is operating at about 2.8 exahash of Bitcoin mining, a 24% increase of our Bitcoin mining footprint from June of this year. Next slide. Our October production figures, we recently press released these. We did 262 Bitcoin from our ASICs, another 45 Bitcoin from our GPUs for a total of 307 Bitcoin. To recap the hash rates, that was produced in an average of 2.67 exahash throughout the month of October. We ended the month of October at 2.77 exahash combined ASICs and GPUs. As of today, November 15th, we're at 2.8 exahash. Incremental growth along the way as we've received all 140 petahash of our MicroBT M30S++. And those have all been received and plugged in. We've upgraded some machines in that process and of course got all the MicroBT's hashing and hence the not only upgrade to our hash rate but increase the overall fleet efficiency. Let's go to the next slide. Now, as I mentioned, we produced. If you look to the right in this October chart, we did 307 Bitcoin in an average of 2.67 exahash. What that means is Hive produced an average of 115 Bitcoin per exahash. Again, amongst the top of our industry peers. October was a challenging month. You look at most of the industry peers were struggling to even mine 100 Bitcoin per exahash. You see five of our peers listed here that were under 100 Bitcoin per exahash. What's even more interesting is some of our peers that have larger market caps and larger enterprise values, if you refer to towards the bottom of this chart, they have a much higher market premium when you look at their enterprise value per terahash. They have enterprise value per terahash north, well north of $100, right? Hive, we're sitting about $75-$80 a terahash. We have a much stronger value proposition, and yet we've led the pack month after month in terms of best Bitcoin per exahash. Again, you see September we were 122, leading our peers. August we were 140. Now on a month-by-month basis, this will change with network difficulty, but it's important to compare the peers among themselves to see who leads the pack. You don't need to take my word for it. Anthony Power, who runs rates for Compass Mining does a phenomenal job. Here he's canvassed the entire year to date from January to October, and HIVE leads the pack overall year to date in the best uptime in the industry. Now, what does that mean, best uptime in the industry? Well, when you have a multi-exahash operation, you're maintaining substations. You've got to deal with miners overheating. Maybe the fans are breaking. You've got to do a firmware update, or the miner's not connecting to the pool anymore. It's all these myriad of items, large and small, that your team has to be responsive and adaptive. We have a high performance culture at HIVE. We run 24/7. You know, a call for me as President and Chief Operating Officer to a data center technician, it's a phone call away, right? We have an amazing software suite that manages our fleet globally, and we're constantly upgrading and, we're a very technology forward company. Next slide. Speaking of technology advancement, we are the first company globally bringing the Intel our own miner actually. It's called the HIVE BuzzMiner, powered by the Intel Blockscale chip. We're the first company globally. We have about 100 of these in New Brunswick right now. That's a photo of me with a prototype. On the left here, you can actually see the pre-production samples as we're launching into mass production with the HIVE logo. This is a HIVE Intel BuzzMiner. The key here is that we are vertically integrating our ASIC pipeline. What we do as a technology company is we search where we can optimize and upgrade and improve to be best in class. We don't design the ASICs, but we've procured ASICs, and we design and built a miner around it as pictured here. Next slide. As evidenced by that, we have a fully you know, signed, sealed, delivered. The ASIC chips are at our contract manufacturer at the factory. These are a 36% increase in fully funded ASIC production. This is just our ASIC production. We're 2.4 or 5 exahash today, and we'll be about 3.3 exahash in February. Now, these are all scheduled to be shipped out before Christmas, but we're adding a month of lead time, you know, to clear customs and get installed. In addition to this, we have another 350 petahash in Bitcoin mining capacity from our GPU fleet. Again, you see steady and methodical growth. We haven't levered any of our Bitcoin to borrow money to buy ASICs. We haven't gotten any expensive debt to buy ASICs. At Hive, we're about methodical growth, expansion, and optimization to have the best in class performance. We have a high performance culture at Hive, and that reflects in the numbers. Next slide, please. Now we're gonna talk about the infrastructure a little bit. We've got about 15 MW of completed infrastructure that is ready and waiting for our HIVE BuzzMiners to be installed, both in New Brunswick and in Quebec and Sweden. That's very exciting. On the next slide. Here is our New Brunswick super campus is fully complete. That's our Building Four. You know, I just wanna take a moment to reflect. Like, we own this land. We built this ourselves, right? HIVE, we build and operate our own infrastructure. This is a world-class Bitcoin mining facility. It has a completely passive design, almost a perfect PUE. The cold air comes in from the sides through the louvers. The warm air is exhausted through the top. We can recirculate warm air passively in the super cold months. We've had CBC News come out and do an interview. We've had the mayor at the site. We've had the analysts from H.C. Wainwright and Canaccord. We need to get the guys from Stifel out here to visit. It's truly a world-class facility. I'm very proud of my team that we've built this. On the next slide, you could see our legacy facility in Lachute, 30 MW, and those are heat recirculating pipes. At Hive, yes, we vertically integrate. You know, we're developing our own ASIC miner. We build and operate our own infrastructure. We're also trying to be conscious, as Frank pointed out, we were the first ESG crypto miner before it was cool. Yes, we're using renewable energy, but guess what? We're also trying to make a social impact by reusing the heat. This heat heats our industrial neighbor. It's a 200,000 sq ft industrial swimming pool manufacturer. When you think about relaxing in a swimming pool, going for a dip in the summer, think of HIVE. Next slide, please. Now I'm gonna talk a little bit about mining economics. You know, this is a Q2 earnings call. One thing that is nice to notice is that our cost to produce a Bitcoin actually has reduced by about 23% quarter-over-quarter. Our cost to produce a Bitcoin was about $12,800 period end June, and this quarter period end September, that's reduced to about $9,900. When you take that into context, the price of Bitcoin in Q1 was $32,000, and the price of Bitcoin was $21,000 this quarter, right? You could see that, even though the price of Bitcoin has come down, so has our cost to produce. Now, you know, going forward, October, November, December, we actually expect our cost to produce Bitcoin to go up as evidenced by the increasing network difficulty. It's gone up 20% in the last two months. In addition to this, our GPU fleet, that 25 MW of GPUs that we run, they used to produce so much Bitcoin equivalent, that the hash rate was just so profitable with Ethereum. To put that into context, we're doing about CAD 130,000-CAD 150,000 a day with our GPU fleet. Now we're doing and using October mining economics, we're doing about CAD 30,000 a day from that 25 MW. However, it's important to note that's not far off from if we were running ASICs in that 25 MW. If we're running ASICs in that 25 MW, we would've been doing about CAD 40,000 a day using 40 joule per terahash machines. You know what? HIVE, we adapt to headwinds, right? Our ASICs have enabled—Sorry, our GPUs have been able to generate revenue without any additional capital investment while we have our new generation shipments coming in the next few weeks to expand, optimize, and upgrade. You know, we're prepared to navigate the market headwinds. Next slide, please. As evidenced here. We look at the hash price and, you know, one of the things that you can't really put on a slide is just, you know, the amount of analysis and quantitative research that we do, you know, our team, you know, day in, day out. That's our secret sauce at Hive. You know, amongst being globally diversified in Sweden, Canada, and Iceland. What you're looking at here is the hash price, and this is industry-wide. This is not specific to Hive. This is the price that that's what you call the hash price. Okay. This is how much do you earn in revenue per terahash per day that you have operating. Right now you can see that line is approaching $0.05 a terahash a day. We're talking like all-time lows, like if you look at the last two years here, and we're talking levels that are even lower than after the last halving, after the last halving event in May 2020. In fact, mining economics were even worse in July and September of that year, as evidenced by this graph. Why is it even lower now? It's not on this slide, but I'm gonna explain a very important concept. It's the commodification of hash rate. Now, there are more S19s and other machines like MicroBT M30S++s. That's a mouthful, but it's about 30 joules per terahash, that machine. What that means is these machines are doing 110 terahash. There's more machines now producing more hash rate than two years ago. You know, two years ago, the machines were maybe doing 40 joules per terahash, 50 joules per terahash, right? Sure, there were some S19s, but not everybody had them. As there's more machines producing more hash rate and people are plugging these in, it's the cost per terahash, per Kilowatt-hour that you have to be mindful of on an energy basis. Historically, the Bitcoin mining floor has been about $0.04 per kWh. Right now, S19s are doing about $0.08 per kWh. Older machines like 40 joule per terahash, MicroBT M31, they're doing about $0.06 per kWh. Older machines, you know, like 50 joule per terahash, are doing about $0.048 per kWh. As those older machines hit that breakeven, and you just think about people's global operating costs on average $0.04, $0.05, $0.06 wherever they are per Kilowatt-hour, with the older generation machines, they'll become unprofitable. Maybe they've got a little treasury that they'll sell off of their Bitcoin to keep running, but eventually that hash rate will decrease. However, until that happens, we can see the hash price on this chart possibly go even lower. Just to be mindful and we're prepared to weather this. As Darcy and Frank elaborated, we've got a very strong balance sheet, and it's not HIVE's first bear market. HIVE has been through multiple bear markets. As a reflection of this, we see ASIC prices approaching all-time lows. This comes from our friends at Luxor who we work with. They produce phenomenal research at the hashrateindex.com. You could see how much ASIC prices rallied during 2021, but on a comparative basis, they're approaching all-time lows. These different lines represent different machine efficiencies. Now is a very opportunistic time for companies that have good stewardship of their balance sheet to expand when asset prices are at all-time lows. Finally, a very cool advancement. This is our partnership with Iperas to do a greenhouse in Sweden. We've got some early indication that we believe this 4,000 square meter greenhouse can do about 800 tons of cucumbers or 320 tons of tomatoes per year. We're looking to become the cucumber kings of southern Sweden. Phase two will incorporate aquaponics as well, where again, the warm air, the heat energy from our data center facility can also be used to heat water, which you know, Frank had that cool video from Amsterdam. It's about taking crypto mining to the next level. As this sector gets institutionalized, you see the best players with best practices, ESG awareness, and of course, best in class KPIs and operating efficiencies. Thank you. Thank you everyone. As a reminder, you can read the full earnings press release on our website and email any questions to info@hiveblockchain.com. This concludes HIVE Blockchain Technologies webcast for the quarter ended September 30th, 2022.
Loading workspace