AGM 2021

Jun 25, 2021

Ladies and gentlemen, welcome to the twenty twenty one Annual and Special Meeting of Bitfarms Limited. Please note that this meeting is being recorded. I would like to introduce Nicholas Bonta, Chairman of the Corporation. Mr. Bonta, the floor is yours. Good morning, ladies and gentlemen. I'm Nicolas Bonta, Chairman of the Bitfans Board of Directors and I will act as Chair of the meeting. On behalf of the Board, I would like to welcome you to the twenty twenty one Annual General and Special Meeting of Shareholders of Bitfarms Ltd. This meeting is being held virtually due to COVID-nineteen. I'm here with Bitfarms President, Mr. Geoffrey Morphy. Also participating in this meeting virtually are the members of the current Board and management team. A few housekeeping matters to go through before we commence the business at hand. First of all, microphones are automatically on mute. All resolutions will be moved and seconded. Mr. Geoffrey Murphy will provide an update on Bitfarms' activities following the meeting. All the meeting registered shareholders and duly appointed proxy shareholders will have an opportunity to participate, ask questions and vote, all in real time through the web based platform. Shareholders can ask questions using the chat feature on the virtual meeting platform. All questions will be read aloud before being addressed at the end of the meeting. General shareholders questions that are not relevant to the particular discussion may also not be addressed. Depending on the number of questions received, we may not be able to address them all. Nonetheless, we always appreciate comments and feedback from our shareholders and encourage you to reach out to our Investor Relations department with any questions that may not have been addressed today. If during the meeting we encounter any technical difficulties, please remain locked on and we'll resume as soon as practical. If I'm unable to rejoin, Emiliano Grovski, Chief Executive Officer and a Director of the corporation will continue in my absence and assume the Chair. The meeting will now come to order and unless there is an objection, I shall ask Dennis Peterson to act as Secretary of the meeting and Kieran Webb of TSX Trust Company to act as scrutineur. I now instruct the Secretary to table to the meeting the following documents: Notice of the meeting Number two, Instrument of Proxy Number three, Management Information Circular dated 04/28/2021, an addendum to the Management Information Circular in respect of the meeting dated 06/23/2021. Collectively, the Information Circular and Audit's financial statements and management discussion and analysis of the corporation for the fiscal year ended 12/31/2020. I also confirm that the above material was sent to each Director of the corporation, our auditors and each person who was a shareholder of record of the corporation on 04/28/2021. These documents are tabled in order that any shareholder may examine same if so desired. In view of the fact that the notice of meeting and the statutory declaration proving service in accordance with the relevant bylaws of the corporation have been tabled and are available for inspection. I will now entertain a motion that the reading of the notice of meeting and the statutory declaration proving service thereof be dispensed with. Thank you, Mr. Chairman. I'm Dennis Peterson, Secretary of the Meeting. I move that the reading of the notice of meeting and the statutory declaration proving service thereof be dispensed with. Hello, Mr. Chairman. This is Juede Kee, a representative of Pave Farms Limited and I second the motion. It has now been moved and seconded that the reading of the notice of the meeting and the statutory declaration proving service thereof be dispensed with. All those favor saying aye. Aye. Aye. Contrary, carried unanimously. Based on the preliminary report on attendance provided by the scrutiny, there are two twenty four shareholders present in person or by proxy holding shares and representing 56.04% of the total issued and outstanding. There is a quorum present and proof of notice calling this meeting has been given in accordance with the corporation bylaws and the Canadian Business Corporations Act. I now declare that the meeting is regularly called and properly constituted for the transaction of business. I direct that the scrutineers complete report on attendance via annex to the minutes of the meeting and instruct the Secretary to make the declaration of mailing and attached exhibits as scheduled to the midst of this meeting. Each vote in represent of an item of business before the meeting will be conducted by electronic ballot. Only registered shareholders and duly appointed proxy holders who have logged in to the meeting using their control number will be able to vote. If you are a registered shareholder and have not voted, you will have an opportunity to vote your shares electronically at the meeting. If you have already submitted your vote, you need not have to vote again. I will direct at the appropriate time that such person to vote online and for tabulation by the scrutineers. I now present to a meeting the statements of financial position and related financial statements of the corporation as at 12/31/2020, together with the report thereon of auditors. Copies of such documents have been made available to all of the shareholders and it is not proposed to read them to the meeting. Unless anyone objects, I will now ask that someone move and someone second a resolution that the Auditor's report be taken as read. My name is Peter Georges, representative of Bitfarms Limited. I move the Auditor's report on the financial statements of the corporation for the fiscal year ended 12/31/2020 be taken as read. My name is Engen Yon, Chief Mining Officer of Bitfarms. I second the motion. All those in favor signify by saying aye. Aye. Contrary, carried unanimously. I declare the resolution carried. I now request the polls to be opened. It is now in order to proceed with the election of directors for the ensuing year. The number of directors to be elected at the meeting is five. Are there any question from shareholders on the election of directors of the corporation? If there are no questions yes sorry. Mr. Chairman, I confirm there are no questions at this time. Dennis Peterson, Secretary for the meeting. If there are no questions, I declare the meeting open for nominations. Hello, Mr. Chairman. This is Darcy Danelle, a representative of BittFarms Limited. I nominate the following persons as directors of the corporation for the ensuing year. Emiliano Jolgrassi, Nicholas Bonta, Brian Howlett, Keir Sacarecchia, and Andreas Finkelstein. The nominees name and nominees of management as disclosed in the information circular. Are there any further nominations? Mr. Chairman, Dennis Peterson, Secretary of the meeting, I confirm there are no other nominations. Since there are no further nominations, I declare the nominations to be closed. Thank you, Mr. Chairman. My name is Ben Gagnon, Chief Mining Officer of Bitfarms. I move that Emiliano Joel Gradsky, Nicholas Bonta, Brian Howlett, Pierre Sacarizhia and Andreas Finkelstein are hereby elected as directors of the corporation to hold office until the next annual meeting or until their successors are elected or appointed. Hello, Mr. Chairman, Dennis Peterson, Secretary of the meeting. I confirm and second that motion. For those registered shareholders and proxy appointments who have not voted, please complete your online ballot on your screen for this resolution. You have heard the motion has moved and seconded and based upon the proxies duly received by the corporation to date, each director nominee has already received the requisite majority approval from the corporation's shareholders to be re elected to the Board of Directors for the ensuing year. The next item of business a resolution appointing auditors for the ensuing year and authorizing the Director to fix their remuneration. Are there any questions from shareholders in regard to this resolution? Mr. Chairman, Dennis Peterson, Secretary for the meeting, I confirm there are no questions at this time. If there are no questions, I will request a motion appointing auditors for the issuing year and authorizing the directors to fix their remuneration. Would someone so move? Mr. Chairman, this is Jude Gee, Representative Fitfarms Limited. I move that PricewaterhouseCoopers LLP be appointed as the auditors of the corporation for the receiving year or until their successors are appointed to serve as such remuneration as may be fetched by the directors. My name is Peter Georges, representative of Bitfarms Limited. I second the motion. For those registered shareholders and proxy appointments who have not voted, please complete your online ballot on your screen for this resolution. You have heard the motion as moved as previously mentioned. A sufficient number of proxies has been submitted for the resolution to pass. The next item of business is a resolution to ratify, confirm and approve by law, number three, in respect of the advance notice requirements for nominations of Director by shareholders in certain circumstances. In order for this resolution to be effective, it must be passed by a majority of the vote cast at the meeting. Are there any questions from shareholders in regard to this resolution? Hello, Mr. Chairman, Dennis Peterson, Secretary of the meeting. I confirm that there are no questions from shareholders at this time. If there are no questions, I will request a motion approving the bylaw number three as a bylaw of the corporation. Would someone so move? Mr. Chairman, my name is Ben Gagnon, Chief Mining Officer of Bitfarms. I move to pass with or without variation an ordinary resolution to ratify, confirm and approve the bylaw number three in respect of the advance notice requirements for nominations of directors by shareholders in certain circumstances. Hello, Mr. Chairman. This is Darcy Donnell, a representative of Bitfarms Limited. I second that motion. For those registered shareholders and proxy appointments who have not voted, please complete your online ballot on your screen for this resolution. You have heard the motion has moved. As previously mentioned, a sufficient number of proxies has been submitted for the resolution to pass. The next item of business is a resolution to ratify, confirm and approve the bylaw number four in respect of the Forum for Complaints Asserting a Cost of Action under The U. S. Security Act of 1933. In order for this resolution to be effective, it must be passed by a majority of the votes cast at the meeting. Are there any questions from shareholders in regard to this resolution? Hello, Mr. Chairman. Dennis Peterson, Secretary of the meeting. I confirm that there are no questions from shareholders at this time. If there are no questions, I will request a motion approving by law number four as by law of the corporation. Would someone so move? Mr. Chairman, this is Ben Gagnon, Chief Mining Officer of Bitfarms. I move to pass with or without variation an ordinary resolution to ratify, confirm, and approve the bylaw number four in respect of the forum for complaints asserting a cause of action under The US Securities Act of 1933. Mr. Chairman, Dennis Peterson, Secretary of the meeting, I second that resolution. For those registered shareholders and proxy appointments, we have not voted who have not voted, please complete your online ballot on your screen for this resolution. You have heard the motion as moved. As previously mentioned, a sufficient number of proxies has been submitted for the resolution to pass. The next item of business is to approve the corporation long term Incepting Plan for the ensuing year, the LTIP resolution. As more particularly described in Information Circular. The Corporation has disseminated an addendum to the Information Circular to note that this interested shareholder approval will be required for approval of the corporation's LTIP and that the maximum number of restricted stock units issuable under the LTIP is fixed at €10,000,000 The LTIP is partially rolling incentive plan under which 10% of the outstanding shares of the corporation at any given time are available for insurance there under. The addendum to the information secured was filed under the Corporation's SEDAR profile on 06/23/2021. In order to be effected, the LTIP resolution is required to be passed by the affirmative vote of a majority of the votes cast at the meeting by disinterested shareholders as at the record date. Inside of the corporation, we hold 23,189,778 shares of the corporation and will abstain from voting such shares on the LTIP resolution. Are there any questions from shareholders in regard to this resolution? Mr. Chairman, Dennis Peterson, Secretary of the meeting, I confirm that there are no questions from shareholders at this time. As there are no questions, I will request a motion approving the corporation long term incentive plan for the ensuing year. Would someone so move? Mr. Chairman, this is Jude Gee, representative of Baird Farms Limited. I move to pass with or without variation and ordinary resolution of disinterest of shareholders to approve the corporation's long term incentive plan as more particularly described in the information circular. My name is Peter Georges, representative of Bitfarms Limited. I second the motion. For those registered shareholders at proxy appointments who have not voted, please complete your online ballot on your screen for this resolution. You have heard the motion as moved. As previously mentioned, a sufficient number of proxies has been submitted for the resolution to pass. The next item of business is to approve a special resolution authorizing the corporation to make an application for the continuance of the corporation under the Business Corporation Act of Ontario as more particularly described in the information circular. In order for this resolution to be effective, it must be passed by not less than two third of the votes cast at the meeting. Are there any questions from shareholders in regard to this resolution? Hello, Mr. Chairman. Dennis Peterson, Secretary of the meeting. I confirm that there are no questions from shareholders at this time. As there are no questions, I will request a motion authorizing the corporation to make an application for the continuance of the corporation under the Business Corporation Act, Ontario. Would someone so move? Mr. Chairman, my name is Ben Danyel, Chief Mining Officer of Bitfarms. I move to pass, with or without variation, a special resolution authorizing the corporation to make an application for the continuation of the corporation under the Business Corporations Act of Ontario. As more particularly described in the information circular dated 04/28/2021. Mr. Chairman, this is Darcy Danel, a representative of Bitfarms Limited. I second that motion. For those who registered shareholders and proxy appointments who have not voted, please complete your online ballot on your screen for this resolution. You have heard the motion as move. As previously mentioned, a sufficient number of proxies has been submitted for the resolution to pass. Each registered shareholder and proxy appointment who has not previously voted should vote by completing your online ballot on your screen. The polls will now be open for another forty five seconds. I now as the TSX Trust now close the polls. Final voting results will be available after the meeting. Based upon the preliminary voting results provided by the scrutineur, I hereby declare that with respect to the election of Directors, each nominee has been overwhelmingly voted for. Election as a Director of the corporation and I declare them duly elected to act as Director of the corporation until the next annual election of directors or until their successors are elected. I declare that PricewaterhouseCoopers LLP is appointed as the auditors of the corporation for the Insuineer or until their successors are appointed to serve at such remunerations as may be fixed by the directors. With respect to the ordinary resolution for the approval of the corporation by law number three, I declare the resolution carried. With respect to the ordinary resolution for the approval of the corporation, by law number four, I declare the resolution carried. With respect to the ordinary resolution of disinterest shareholders to approve the corporation long term incentive plan, I declare the resolution carried. With respect to the special resolution for the continuance of the corporation under the Business Corporation Act Ontario, I declare the resolution carried. Unless there is further business to come before the meeting, I will entertain a motion to terminate this meeting. Mr. Chairman, my name is Ben Gagnon, Chief Mining Officer of Bitfarms. I move that this meeting be terminated. Mr. Chairman, Dennis Peterson, Secretary for the meeting. I second the motion. I hereby declare the meeting terminated. I will now turn the meeting over to Geoffrey Morphy, who will present the corporation's activities and provide an update. The presentation is posted on our website. Over to you, Jeff. Good afternoon, ladies and gentlemen, and thanks for joining in and attending our annual and special meeting virtually. As a note, after my presentation, registered shareholders and duly appointed proxy holders can ask questions using the chat feature on the virtual meeting platform and by clicking the Ask a Question icon on the left. Type your message within the chat box in the message screen. Once you are happy with your message, click the Ask Now button. We will answer as many questions as time permits. Please limit your questions to topics relating to today's subject matter and please keep your questions short and to the point. Now, on to my presentation. Thank you, Niko, for the kind introduction and good afternoon, everyone. Welcome to our third annual meeting of shareholders. I want to begin by extending my gratitude to you, our shareholders, for your ongoing faith in Bitfarms' leadership team and in our vision for the future of the company and Bitcoin. I also want to sincerely thank all of the employees of Bitfarms, Backbone Solutions and Volta Electric for their many efforts over the past year. Our team has demonstrated tremendous perseverance and determination to advance the company in terms of its physical capabilities, increasing our hash rate and transforming the company from a little known microcap in Canada to a global company now traded on the global market tier on NASDAQ. I know I speak on behalf of our Board of Directors and the leadership team in saying thank you and job very well done. Our Board and management team led by Executive Chairman and Founder, Nicholas Monta, along with CEO and Founder, Emiliano Gradsky, also deserve special thanks for their direction, engagement and support during these challenging and exciting times. Their experience and wise counsel have been appreciated by me and certainly by all the employees. Bitfarms have been building and operating industrial scale Bitcoin mining facilities since its founding in 2017. Our mission is to provide investors direct exposure to a pure play Bitcoin mining operation coupled with a long term Bitcoin holding strategy. Over the past twelve months, this talented team has pursued our mission and transformed Bitfarms from a regional small scale Bitcoin mining company to one of the largest miners in the world with international expansion plans and a global investor base. These are some of the particularly noteworthy accomplishments achieved over the past year. Over the past twelve months, Bitfarms hash rate increased from seven eighty petahash per second to over 1.42 exahash per second, representing an increase of 82%. We are mining an average of over eight Bitcoin per day. In the first half of twenty twenty one, we raised over $1,155,000,000 Canadian funds in the capital markets to fund our growth. Proceeds were deployed to retire our Dominion Loan facility, giving us greater flexibility in financing and our growth initiatives. We negotiated and secured orders for over 65,000 new miners. We became an authorized service center for MicroBT, which enhances our operational efficiency and equipment uptime. We rebuilt our proprietary equipment management software to accommodate our growth and international expansion plans. We engaged Core IR, a leading investor relations, public relations and strategic advisory firm, as well as Yap Global, an international public relations and communications firm to enable us to deliver our compelling story to the market. As a result of these accomplishments, in the first quarter of twenty twenty one, we delivered record quarterly revenues, gross mining profit and adjusted EBITDA. We became the first crypto miner to be audited by one of the big four audit firms. The firm had just launched its new crypto mining and blockchain specialty group and we were honored that they selected Bitfarms as one of their first clients for this practice. We retained Kat and Mooch and Rosenman LLP, a top US securities law firm. We entered into a relationship with one of the oldest and most trusted investment banks in The United States, which led our highly successful capital raises that I previously mentioned. Now, for a deeper dive into some of these highlights. Financial performance. During the past twelve months, we took significant action to fortify our balance sheet and enhance our structure in the investment community. During 2021, we raised over a Canadian 1 hundred and 50 5 million dollars in four private placements. These funds are being used to fuel our operational improve our balance sheet and provide greater financial flexibility. In February, a major investment bank initiated research coverage on bit farms, increasing our exposure in the investment community. Most important, this past Monday, our shares began trading on the NASDAQ Global Select Market. We are now trading on both the TSX Venture Exchange and on NASDAQ. This important milestone is significant recognition of our accomplishments to date, provides access to greater liquidity, attracts a global investor base, reduces our cost of capital and hopefully an opportunity to unlock corporate value. From the standpoint of our financial performance, Bitfarms delivered a record first quarter of twenty twenty one with respect to its revenue, gross mining profit and adjusted EBITDA. Mining revenues reached approximately US27.7 million dollars representing a 208% increase over the same period last year. Adjusted EBITDA reached $19,800,000 in the first quarter, representing a 578% increase from the same period last year. The gross mining margin grew to 80% in the first quarter compared to 47% in the same quarter last year, contributing to a record quarterly gross mining profit of approximately $22,300,000 versus $4,100,000 in the same period last year. Notably, this was achieved despite the Bitcoin halving event, which occurred on 05/11/2020. Due to certain items, Lit Farms delivered a net loss of $7,600,000 or $0.06 per share in the quarter compared to $2,400,000 and $0.03 per share in the same period last year, respectively. Operations. Our five mining facilities in Quebec, Canada are built to the highest standards. Thanks to our vertical integration with Volta Electric, our 100% owned electrical engineering subsidiary, we were able to design and construct and maintain all of our electrical infrastructure using in house talent, which significantly reduces costs and downtime. Operationally, we worked hard to build a foundation for continued growth as we pursue our goals of three ex a hash by the end of twenty twenty one and eight ex a hash by the end of twenty twenty two. Two months ago, we also became an approved service center in Canada for MicroBT. This is an important ability as it allows us to keep our miners plugged in and generating new Bitcoin. As mentioned earlier, during recent months, we have signed purchase agreements for over 55,000 MicroBT miners. Some have already been delivered, but the remaining miners will be delivered now through the end of twenty twenty two. The micro VT service center enables us to repair our own miners under warranty and get paid to do so. It also significantly reduces the time and costs associated with shipping miners to The United States or China and then back and this is for repair. During the last three years, we have used our own proprietary software to monitor and manage our mining operations. As our mining operations scale to significantly higher levels of equipment and locations, we have onboarded new developers to overhaul and improve the software to better manage our new gen miners. This will provide significant greater access, controls and rich data collection across a large number of facilities as we look at strategic opportunities for new data centers around the world. Organizational governance. Environmental considerations have become an increasingly important factor in crypto mining. Bitfarms has been an early adopter and leader on this front. We determined early on that we could achieve a balanced approach to the environment and financial returns. Since our company's inception in 2017, we have mined over 11,300 Bitcoin and all with over 99% of electricity derived from renewable sources. Moving forward, we will continue to pursue a balance of environmental consciousness and financial returns. We strengthened the board with seasoned business executives with considerable capital markets and operational experience. Further, we enhanced board independence by appointing an independent lead director to serve alongside two other skilled independent board members, resulting in a majority of our board members being independent. Financial position. A quick look at our financial position. In early twenty twenty one, we announced an exciting new Bitcoin pilot retention program, which positions our company as a proxy for directly buying and holding Bitcoin. As such, Bitcoin's selected Coinbase as our Bitcoin's custodian. As of June 9, we've deposited over $11.14 Bitcoin into long term custody. Bitfarms ended the first quarter of twenty twenty one with approximately US53 million dollars in cash, not including gross proceeds from our most recent private placement of Canadian75 million Combined with its Bitcoin holdings at the time, Bitfarms ended the quarter with a strong liquid position of approximately USD85 million. Equity markets took notice of what was happening at Bitfarms. Our market cap increased from Canadian $30,100,000 on 06/25/2020 to Canadian $858,900,000 at the end of trading yesterday afternoon. This represents an increase of 2753% or over 28.5 times. People. To achieve our growth initiatives, we have strengthened and enhanced the calibre and capabilities of our leadership team. This is critically important as we pursue our corporate target of achieving 3x a hash by the end of twenty twenty one and 8x a hash by the end of twenty twenty two. It is wonderful when you can recognize talent and promote from within. In late August, my role shifted from being a board member to assuming operational day to day responsibilities. In December, the board promoted me to president. Ben Gagnon, who joined Bitfarms in December 2019, is our in house crypto mining expert with over six years of experience building and operating mining facilities in Mainland China, Canada and The United States. Ben was promoted from Director of Mining Operations to Chief Mining Officer. Ben is widely recognized thought leader in cryptocurrency mining and is regularly sought out by business media for insights and perspective. Nathaniel Port joined Bitfarms in 2018 and is one of our earliest employees. Mr. Port was recently promoted to senior vice president of finance and accounting. He was instrumental in developing Bitfarms' finance function, contributed significantly towards the company's strategic financial objectives and worked tirelessly on our application and submissions to get traded on NASDAQ. With our announced expansion plans, we also needed to add solid people to the team. Darcy Dannell joined Bitfarms in early April as Vice President of Corporate Development. He brings years of public company capital markets experience supplemented by in-depth financial analysis, valuation and accounting qualifications and experience. His capabilities will be instrumental as we identify an asset and assess the best opportunities that will drive our growth. In mid April, Damian Pola agreed to join us as general manager of our Latin American operations. He is leading our South American development and pursuing other growth initiatives. Damian is amply qualified for the role with his extensive background in project management and project finance. He joined us from BNP in New York. Earlier this month, we hired Jeff Lucas as our new CFO. Jeff has extensive qualifications and experience and will manage our growth, our capital markets relationships and build out our administrative infrastructure to support our growth both domestically and internationally. We have supplemented these new appointments with a great team of managers and continue to promote others within the company whose talents and successful efforts have been critical to our success. Overall, we've assembled a talented cadre of enthusiastic, hard charging doers who are committed to Bitfarms' success and value working as a team to achieve our corporate goals. The year ahead. In November 2020, we announced our first corporate goal. The goal was to end 2021 with a hash rate of 3x a hash per second. At the time, this represented over a three times increase in our computational performance. To achieve this goal, we are developing additional infrastructure in Quebec and leveraging existing hydroelectric contracts. In addition, we announced the purchase of thousands of next generation miners from trusted manufacturers, MicroBT and Bitmain. These mining rigs will be installed in our expanding infrastructure throughout 2021. Three months ago, we announced next year's goal of reaching eight exahash per second. This was done with rock solid conviction as we placed the largest order in our history. The order involves the purchase of 48,000 next generation microBT miners which will be delivered through 2022. I also want to speak about recent events in China. As a policy, Bitfarms does not publicly comment on industry related events and rumors. However, developments in China over the past three months are of such significance, it is worthy of some comment since their impact is being felt by miners around the world, including Bitfarms. It is reported that 65% of the Bitcoin global hash rate is based in China. These developments are expected to have a profound impact on our industry. In mid April, we read reports that coal mine in China experienced a flood and all Bitcoin miners in the region were shut down as a precaution. This caused the global hash rate to decline by about 35%. As previously announced, Bitfarms enjoys approximately a 1% global market share. In the chart being presented, you can see the temporary jump in our market share over a one point five week period as a direct impact of this development. As a result of the China ban pulling approximately 90x a hash offline, this means our market share has effectively doubled or could double from the peak global network hash rate which occurred in mid April. With a greater market share, Bitfarms is able to capture a greater portion of the Bitcoin mined each day for its shareholders. Just last week, the world learned that the Chinese government issued a ban on crypto mining and trading. We understand that approximately 90% of the miners in China have been shut down. We also know from calls and numerous emails that they are seeking to relocate their miners elsewhere in the world. If these figures are accurate, this dislocation means that approximately half the global hash rate is either shut down or could be shut down very shortly. Within the industry, we pay attention to a metric called difficulty. Difficulty is a measure of the computing power required to add new blocks of transactions to the blockchain. Difficulty within the Bitcoin network self adjusts roughly every two weeks to ensure that blocks continue to be mined on average every ten minutes. Difficulty was measured at $23,580,000,000,000 back on April 15. Based on current activity, it is estimated that difficulty will fall to about $16,000,000,000,000 at the June. This is a 32.2% reduction and further reductions may be possible. This is bad news and good news. The bad news is that because the Chinese mining companies are shutting down miners, it is believed that it is these miners that are selling Bitcoin to finance their move elsewhere in the world and driving down Bitcoin prices as we've seen over the past week. The good news is twofold. First, it once again proves the resilience and durability of the Bitcoin protocol and network. A substantial amount of the system was taken offline and transactions to continue to take place without a hiccup. This is likely the greatest demonstration of Bitcoin's anti frugality we have ever seen. Second, miners elsewhere in the world, including Bitfarms, are earning incrementally more block rewards for their mining effort. We are mining more Bitcoin on a daily basis and experiencing the highest production levels in our history. I will ask you to direct your attention to the chart to see how Bitfarms' market share has moved upwards since the Chinese ban was announced. The exodus from China marks a pivotal moment for Bitcoin miners. The supply of miners has gone from scarce to plentiful as Chinese miners are searching for spare infrastructure to host their mining rigs around the world. Given China was the largest Bitcoin mining country in the world and is the single largest electricity producer, infrastructure of this magnitude simply does not exist and will likely take years to develop. Given Bitfarms' operational capabilities and established mining infrastructure in North America, we enjoy a significantly more powerful position in the market and industry than we did just a few months or weeks ago. The overarching point I wish to make about these events is to remind you that Bitfarms enjoys the strongest operations team in the industry and is best positioned to capitalize on these developments. This concludes the presentation. We'd be happy now to respond to any questions from our shareholders and proxy holders. Mauro, if you could, sort of tabulate the questions and read the questions out, then we will, as a management team, respond to the questions. No problem. Question that we have received from multiple shareholders is with regards to, do we plan to have any additional money raising or offerings? Okay. Well, I can start with an answer to that question. Given the growth outlined in our presentation to three X of Hash by the end of this year, which was more than a three times increase from last year and to eight X of Hash next year, which means over an eight times increase in our computational throughput in a two year period, we will need to augment what we're doing with what I expect to be equity and debt. We have a history of using debt financing to reduce, dilution and this equipment finance is favorable because as this industry evolves, the cost of capital comes down. By moving on to the NASDAQ, we certainly have access to much greater capital and hopefully better terms. But, I expect that we will need to raise more money going forward and hopefully this provides some look into our future that way. Okay. Thank you. If anybody else on the management team wants to add something else, please jump off mute and add some color. Otherwise, we'll leave it there and move on to the next question. Okay. Okay. Next question, I believe you've already addressed this in your last slide, Jeff, but question is, does the current Bitmain sales suspension potentially affect our upcoming deliveries for miners in the fall? We maintain direct relationships because of our size and scale with the manufacturers. And given recent events, we're quite literally having daily calls. Bitmain has assured us that our orders for the balance of this year will be filled. We do not have any Bitmain orders for next year at this juncture. They're all with MicroBT. So, I expect that we're in good shape. Okay. Next question, do you plan to mine any crypto such as Ethereum or Doge? Well, I do not expect that we will ever mine Dogecoin, but our company when it was started started with Ethereum. So, this is something that is familiar to us and our founders and to our operational crew. We haven't done that for quite some time and we haven't mined Litecoin for about a year and a half. We're completely focused on Bitcoin at this time. We like the strength of Bitcoin long term and what it's capable of. But with that said, we are constantly looking at new opportunities. And with the board and with the management team, we have looked at Ethereum. And I will not say no to that. I'm just saying that we're looking at it and looking at the opportunity. That might come to pass, but it's not in our strategic plans at this moment. Okay. Multiple questions asking, if using solar power is feasible to mine BTC? We are looking at all the renewables and what we like about hydroelectric power is that the water runs day and night. With solar, the sun only comes out during the day. And as such, you need to do a considerable amount of energy management if you're going to use solar, just like wind. At times the wind blows and at other times, it's very soft and you don't get the same type of output that you really need. Bitcoin mining is consistent. You need the same amount of power every minute of the day, every hour of the day, every day of the week. So, to implement a solar plan, you really need a broader you can take advantage of another solar technology or energy source to supplement the company when required. We have had discussions with a private We have talked about doing energy management with hydro as a backup. Now, these plans are not anywhere close to fruition, but these are the type of conversations that we are having and I would expect, other Bitcoin mining companies that are concerned about the environment are having with counterparties every day. So, it's a tough one to do on its own because it will not bring the economics and the return on assets to shareholders that you guys are expecting. But I think as part of a broader based energy management plan, it's possible. Okay. Next question. With regards with the changes happening in China, do you believe there will be a potential consolidation of minors? I'm going to start the answer here and then maybe I'll move it over to Ben Gengar, our Chief Mining Officer, who has done a lot of thinking and work on this area to add a little bit of extra color. Let me start. In terms of the life cycle hypothesis, when you're in the high growth part of the curve, everybody's growing, everybody's experiencing great margins and everybody generally does well. We're certainly there at this point. But as the industry matures, margins thin a bit, competition increases, and generally at that point, consolidation occurs. So, even without talking about the China effect, it's something that is going to come. And we have had people come to us saying, will you buy my company? And in many cases, those overtures are coming because they don't have access to the capital like we do. They've got older mining equipment that doesn't perform as well. And I think they're just looking for a really sweet exit. And we're not about to make an acquisition to buy older equipment with more expensive electricity contracts that won't really be accretive or move us forward. So, we've turned down all of those situations. Ben, why don't you provide your answer to this question? Sure. Thanks, Jeff. The situation with China is quite unique. I think what is going to, what we'll see play out is a number of those different Chinese miners are looking for opportunities to move out, with hosting into other locations. We'll see what happens there. But the reality is if you look at the math, there's several gigawatts worth of mining equipment that do not have you know, a new home in the West. And I think people will get very, very competitive. You're not going to be with limited electrical infrastructure. It doesn't make sense to be running the old equipment, anymore. You're probably going to want to consolidate into some of the newer stuff. But this is still a very, very early development. The China situation really only happened five days ago. So it's really up in the air what will happen, but given that Bitcoin mining is a very capital intensive industry, I think what we'll see is the securitization of Bitcoin miners continues to accelerate. And with that, there might be a greater consolidation of miners in the securitized space. Thanks, Ben. Okay. Next question. Does your pool of Bitcoin have any opportunity to raise funds? Our pool? Yeah. Basically, the the the BTC we are holding, basically, does it have any opportunity to raise funds or or leverage? I'll start the answer here and if one of the others on the team wants to jump in, please feel free. This is a tremendous asset for us and one that we don't take lightly. Certainly, because making sure that this Bitcoin is kept safe is number one in our mind. But this is an asset that we can lever off of to raise more money. It's an emergency source of capital if we need to make purchases or whatever. There's also new opportunities to raise, to use this as a yield generating device. This is an area where we've seen some of our competitors starting to do this. From our audit standpoint, we need to make sure that all of these various positions and how you do this is very much safeguarded. And we're looking at the options, but we're not ready to really pull the trigger on any of those situations at this point. Does anybody else in the team want to jump in on this one? Okay. The next question is, what are the benefits as you see them of being traded on the global level on the Nasdaq versus the capital? I'm going to turn this one over to Emiliano, who is a founder and takes incredible pride of what we've been able to achieve and he's delighted about this event. So, Emmy, why don't you respond to this question, what's possible now that we're on the NASDAQ? Great. Do you hear me? Yes. Well, I believe that we had the vision for funding this company five years ago and we dreamed that our goal will be develop the infrastructure of the company of the future. And as the founder of this company, I believe that the huge milestone for me in NASDAQ, it's the combination of the effort of all the team and we deserve continuous development of our business in one of the bigger markets on the world. And I believe that there we can find the proper funding for continuous growth in our company in the proper way. Thanks, Emmy. And as I said in my presentation, just getting to the NASDAQ is such an accomplishment for us. Not only does it hopefully unlock value for us, but, we know that from inquiries we've had quite literally from around the world that investors want to invest in Bitfarms. And it was cumbersome to do with OTC and just being on the Toronto Venture Exchange. So, we really opened up our company to investment from both retail and institutional investors quite literally around the world. And we get inquiries every day from all over the place. So, we think this is a great way of doing this. And as we tell our story and as people are able to compare our value against our competitors' value and see what we believe is a valuation gap that people are gonna seize on this opportunity. And, that's going to help all of us as shareholders and the company to grow, but also as we grow at an increased pace to, give us access to capital with better terms and conditions. And we're very excited about that. Okay. Next question. Do you see a premium being assigned to green Bitcoin? That's a popular question. More and more so, we are getting contacts from exchanges and banks, who realize that there's an opportunity ahead of us here. And maybe we get more calls than other people because we are already over 99% green in terms of the electricity we use in Quebec. But, there's always been an interest in getting pristine coins. Now, there seems to be more interested in green coins. To really get this advanced, at some point, there might have to be a fork in the Bitcoin protocols to really identify green coins. But I think the marketplace will work that out over time. But there is an increasing interest to that and how that might be able to be done. But, we're still very early in the stages, but there certainly seems to be a marketplace for it. Okay. Next question. Can you provide any details with your project in Argentina? Sure. Our project in Argentina is advancing as we announced to the market probably about two months ago. We continue to work on contracts and plans to make sure that our execution goes smoothly there. I expect these activities to continue. We will give updates to the market as we go along, but it's still our plan to bring initial production online in Argentina in the first quarter of next year. Very well. There being no further questions, I would now like to thank everyone for participating. Jeff, if you want to give us a closing remark. Well, that's really pretty much it. No further questions. I would like to thank everyone again for participating. And thank you very much for your time and interest. We'll see you again next year. Bye bye. Thank you.