us Good Thank third evening, you, quarter XXXX Jeff. everyone, joining call. thank earnings you on our for and
For webcast associated IR and an reference today's corporate presentation through the the available portion call, we're that of website. going is our to on slide
you're is the cryptocurrency industry I'm entire sure challenges. extreme experiencing aware, all As
miners taken the that current company, mining a environment to back of sheet downturn, for position distinguish steps public of our on have vertically to In asset are believe miners balance to of liquidity that will no crypto debt. allowed focus as the lenders While Stronghold immune believe our and the Bitcoin in operations. the the recent environmentally portion we a has itself transferring light downturn, beneficial strengthen integrated extinguishment exchange we we first with by the
appreciative of the prices, and Bitcoin have between mining. ability returning consistently We our provides This some grid impact power toggling selling With power capture lenders. come return our been recovery. of team. And center teams to all to this over significant who without upside a miners Putting in extremely in hard effort in the higher miners to from grid. margins days ourselves data from weakness lower without not I'm through ability position to the our Bitcoin have market the entire their XX,XXX mitigated reducing work, selling Bitcoin aggregated to we did and insulation grid
the all go on these executed you got and successfully the through and during plants finance Our who all. maintenance team debt are restructuring, cost got and back strategic completed online our outage on plant power this of call. teams items We'll fall upgrades deals. plant the cuts recently Thank and
turning So We'll there. to start Slide X.
call we discussed months several during our busy have in August. extremely been executing We in what last last the on
to we have report. moves cut and mining of progress costs liquidity, to opportunistically fleet. improve a these build with our were goals leverage, And overarching lot Our reduce had
miners, of $XX equipment delta material been have with last lenders XX,XXX NYDIG we the we reduction a the between delivered. million does turn had approximately million. of debt financing. to to reflect the the time financing, we and costs as equipment in XX,XXX to our associated fully the could earnings our with approximately in we call, we million First, Based last the delivered operating shareholders. X,XXX lower. of costs as million $XX mines of not move yet today's to and back our when extinguished the call, including between million be we prices, replace factoring our Even closer Since related that and to $XX thought we at recent replacement our shift and to on view the miner think $XX At return facilities it's for value associated $XX that debt
to to $XX incremental The industry Hawk to new through months. our is White of manage pushed the day tripling $XX binding debt provided also with White XX closed the help letter the credit maturity debt of from of outstanding under extinguishment, downturn after agreement Hawk Additionally, on XX the opportunistically commitment to The the our on and out solidify amount closing schedule, distressed sheet cash miners amortization balance in based our the approximately weighted materially credit we our approximately million at months principal purchase million. White agreement August. net This with prices. liquidity new Hawk average restructuring disclosed position
cost material on fourth as our quarter soon that XXXX. Secondly, in to side, to as begin this the to expect cost of actively we continued year throughout across reductions the results materialize business we on and our execute
to We've a of of and and rightsizing We one-time the projects current rapid market longer in several built functions and annualized the million eliminating have completing combination million in-sourcing our infrastructure cost much certain conditions. business needed is through total $XX inefficiencies. focus this of business through reductions identified on completed and of no already majority the a growth, $XX
down flexibility reducing contribute manage point this through significantly November of to cycle maximizing earnings $XX growing third be us our all extinguishment, X, but our total increasing cuts disciplined opportunistic combination to we us White we commitment in cost that and have fleet. is The as approximately call, total liquidity reduced Since and the debt million. giving our have leverage cash our position to of of Hawk’s miner and and last our debt
strategy mining We the proven mining August will said, to said improving has prudent, that, seemingly fleet patient advantage we equipment. continued would of strategy our Having as conservatively. pricing we manage liquidity this we already We perpetually a at expect to continue part to of in think be opportunistic, and given position quite be in take we our deterioration prices. of central our laid a out to rebuild liquidity
in associated Of had X. we mining are Foundry the host as take built the and miners last world. foundry, X,XXX are with out of pool to Bitcoin in been or a We the machines, is of Bitcoin approximately have XX,XXX who stagnant XX,XXX rebuilding hash a slots. nearly X,XXX capacity entered partnership largest ecosystem on call, strategic which our with we on an November agreement exahash, we data center site. advantage into However, with definitive with Bitcoin fleet, a the operated new leader in a earnings received procured our mining not of Since aim fully our rate
half purchase per that is Panther the completed, and CapEx, to for will to maintenance out their late update conduct when to and still base get Bitcoin beneficial and think material not plants. plugged while opportunistic have miners of upgrades the pricing and outages the complete, have to in hosting we power amount plant October. if a import power this being strategically of hosting our and cash is the hosting XXXX. power of and of giving receive essentially to in without sufficient. we finalize and all Creek highly last both and were and deal grid our us Bitcoin load satisfied was Panther with come that was generation Scrubgrass we in miners mining we Creek this lower, with this the have a much megawatt relates from to plant and for to to creative expect Stronghold, seasonally power we fee, maintenance we With get Creek favorable. of no transaction to reliable performance the prices and Fifth, our exchange curtail both power sell successfully elected Recall opportunity at run and and grid we quickly maintenance addition outage While a profit year strive when late share. into we The the September, been the have Scrubgrass to penalty. a minus plus conducted core the $XX with Panther for stock mine to more in remainder a in Since into us were be September were margins new Scrubgrass focus, Foundry profit to complex power option allows work our limited more upgrades the
Looking ahead we cost into mining hour, margins per grid and power expect to anticipate megawatt for we which will both our $XX sales. of power provide for to QX Bitcoin be XXXX, net healthy $XX
current rate increase capacity Slide Moving fleet. you as to to of have transactions, hash mining recent Bitcoin to X. our bridge To our result we made
hash was rate capacity XX X.X forma for returns minor pro Our August exahash.
miners is to about I've Bitcoin XX,XXX Foundry petahash XXX with entered our supply Panther Most significant mentioned, of an at have with of X,XXX previously As agreement Foundry. receive hashrate exahash. into or agreements agreements Creek. Bitcoin capacity these we will have approximately miners received hosting capacity with of
and the hosting We net will of $XX charge per of half a Bitcoin of fee. receive mined hosting fee the megawatt
I'd our guiding hosting and to a on miner for we participate short-term contract business power we Foundry oversupplied deal option well mix highly to Importantly, us, approximately and moving with machines we miners diligence approached legacy agreements. curtail brings the to sell cash, expect remaining to miners to where as also exahash have is market. capacity that under share. note We and buy we in as Foundry rate this receive this the stock X placeholder, deal using miners from profit of a and today, which XXXX, penalty. we as a X.X no stuff forward definitive the model. achievable total our while from view hash is these are to we exahash, This like in X,XXX After work think
us I'd like allows that issued slide we termination for for the materially hash Turning in press accretive of hosting to the to infrastructure flow October to This why a most walk agreement, this profile. is importantly, us Data and to the ourselves we cash a use and release control termination outcome operation, the take favorable Stronghold. mutual through of related is gives our Northern X, can to access to
XXXX. of Data, agreement share month million. million per amount approximately the now million terminated not Data $XX $X also $X.X to million close a through have we we September $XX payable has in pay forgiven with Northern or approximately to owed The would As profit expected payments is Northern zero. to of
megawatts are we an leasing of XX years year. their per Additionally, capacity $X,XXX have pods, and for two for aggregate which approximately
pods time. price We So the to right $XX of purchase believe we market these million. pods to flow, are over termination not net million cumulative to for considered least we $X is term, cash million at Everything at prevailing approximately million. profit the $XX $XX using two next with the ourselves share. that the expect years the no to this $X based the by At and the increase value between two-year the have we end cash million of the for hash on pods
on and slide investment to see plants is more operate on expect in consistent do fall planned update if plants. and major the generation pricing can our outages we outage Moving The Creek moving X, favorable of at represented last completed we planned successfully Scrubgrass, to Panther power and power and to provide an power their reliable baseload now cycle the Both fall so. forward. enough
in shifted what to systems place, currently similar issues to Regarding Scrubgrass, Panther Creek arise. avoid focus has has the redundant to before they putting
over cost to financials We the power $XX call our through to $XX in Smith, the run plants discuss megawatt to months now expect power I'll Matt our ranging from high detail. baseload, CFO, QX per XXXX. to with the of these net hand by a estimated more price winter
