morning, our fourth quarter thank Thank for Alex. XXXX and joining Good you you, everyone and year call. earnings full us on
call, the our webcast of today’s website. start difficult we portion is mission going our a reference on work I the employees to and our markets. available hard that by an associated during through IR want for For corporate slide our are and thanking their ongoing time in to dedication to presentation
XXXX the survive business Stronghold markets undertook to believe While companies, a both and proactively crypto public challenges in endure. we in success. and prioritizing while we was Bitcoin We the and crypto the our that downturn best markets to to power responded for steps important challenging mining long-term position year most liquidity several for
results, on ahead. Before transformation of last over detailed financial excited remain touch turning the of year why over our a our we for would CFO, these to the review year from about highlights some like Smith, call Matt the to I our business and
start Let’s Slide X. on
waste Pennsylvania, reclamation As and Panther owns on to a operates the Stronghold call, coal reminder facilities and Creek. in Scrubgrass two everyone
from we XXXX, moved million X,XXX of refuse and over course environment Over have over X of Bitcoin. the coal the tons mined
ready-to-use are the centers. have to the and get hash X We exahash at data to built already exahash rate X.X currently ability of and with at capacity slots our
the shareholder ultimately our mining for sheet, our build Moving maximize efficiency and quarter enhance call, success strategy balance X. rapidly improve second XXXX on to better liquidity, August in our earnings to value. outlined and delever Back position to Slide fleet we Stronghold opportunistically
shareholders. to a value be still that grow is work there While for believe we have fronts have robust considerable made done, progress to and all on platform we
is the First, integrated model working. vertically business
or money operations, power. cost lower import and than whether power miners to the We the grid variable to is self-power from prices and economics power mining of good constantly Bitcoin Bitcoin our grid pricing are looking our when choosing to power at grid sell
elaborate, just few and grid. have power the will last power I from buying As selling in the months, benefits the further to we grid from realized both significant
our X-month we process we a XX% sheet, $XX context of of material of piece June recently flow by in sheet. a XXXX, debt have our cash every on is manageable million, to balance restructuring the expectations. our on Moving our we completed reduced Since balance of virtually level to debt which nearly believe
enhanced until liquidity July flexibility. amortization and We also have XXXX, has near-term no mandatory which
centers. each With now the on are scaling optimizing mining our behind data laser focused restrictions of at us, and Bitcoin operations we our
our exahash grow the by a raising hash year, that the such we in manner. capital-efficient foundry we in Through hash miners if distressed oversupplied rate into purchasing the we highly X think will We through and back rate sooner. and agreements, end hosting as can of there believe entering market to deal, executed previously guidance are be a not
in on have materially our expenses we Finally, business. reducing cost across progress the also made side,
current combination of several projects environment. rightsizing our and through certain through to efficiency this a to done completing adjust have We the market business overall one-time functions in-sourcing and improving
quarter XXXX, in $XX as our on of trending to cash financials now fourth began of initiatives our the million we G&A expense below these During benefits see run-rate a is the basis.
Creek at the our investment planned outages planned represented of completed successfully we major which Scrubgrass last Panther both plants, quarter, the cycle. Last and
and quarter in on our and megawatt quarter an estimated the will performance $XX reliable performance continue believe benefits achieve were the first we and net that moving that We of at of and the to-date. been power We power have to forward the far. based results fourth consistent so the XXXX of both facilities per cost realize made during to of more to with investments expect see hour pleased began to post-outage generation $XX
of generate we to ash. able offset the approximately combination a refuse been of in byproduct to $XXX,XXX, a revenue fourth quarter came beneficial which also use process costs cold ash, sales use and of incremental our have In from a avoided selling We value disposal of to benefit via XXXX, realized the expenses. from $XXX,XXX energy beneficial of
is XXXX. an a we ancillary $X revenue stream business of that grow benefit million least further expect at and to Ash realize during
Moving X. to Slide
working that and power we vertically for we integrated to the the believe The economics, mentioned, its As value. during and to Bitcoin saw prove hedge over the to natural fourth the model summer mining is a I grid which sell provides optionality continues quarter.
generating Additionally, below our to are power provides grid sell to the variable when plant spike from lower power cost model prices the output ability the grid to and prices when of power. our import
realized few benefits have the just doing in months. We both last
with prices our peers. owning how provides and fourth the advantages Bitcoin of continue During to own as our strategic power over we our plants market the optionality us benefits quarter, showcased slump, power
to shift and extremes, quarter, December Bitcoin. Between XX, prices between hash December Winter the price power two high December to and power and PJM Storm that using Elliott are record flexibly Bitcoin record dictated experienced grid During low PJM of declare we November a to in we and able the selling our XX the self-generated mine in power emergency. state
the and XXrd, Bitcoin of send grid morning and benefiting extremely shutdown proactively operations power the supply-constrained to several an the mining consumers. our for balance grid to we days, next On helping the
model. were per deliver we have megawatt below XXx other recently, because to per March right and in we would grid period, output adjust lowered experienced grid and prices realize made at available The even converted this the if we how more prices depending chart During excess power times has and negative optimize we integrated vertically what to megawatt could power plant can cost we savings that with when $XX generators hash slide operations the hour our on able generate our of in highlights $X,XXX prices to than into power. versus not. power on of to revenues have price hour, realized Bitcoin, we our More
slide. to the Let’s move next
mentioned $XXX X debt our million transactions lenders months last debt $XX and the our I earlier, to through nearly spent a taking with series we As million holders. of from
Hawk the we million converted completed restriking with of debt August, return we in about extinguishment financing convertible eliminated $XX of Bitcoin NYDIG August, of million White XX,XXX in our notes our in miners. X warrants. associated approximately Also In we a October, approximately million $XX via equipment approximately by completed First, into into to exchange with lien debt of and term million our preferred a with XX-month about the convert holders $XX note stock. financing convertible XX-month note by convertible a tenor the accrued interest equipment and upsized $XX transaction million. we February, financing with first a This
note to Finally, Hawk also White XXXX we until loosening the postponing amended pressure amortization the the and mandatory significantly company’s through in for covenants XXXX to XXXX our happening. withstand industry and July February, financial strengthen ability
restructured transactions, provide opportunities. these of focus now balance sheet result a have platform nearly resilient and make Stronghold our on accretive more to successfully to we its As entire
X. Moving to Slide
fleet definitive miners minor X,XXX will this mining almost our with second. down-cycle associated these partnership position participate agreement and without flexibility we of signed and a total signed improved petahash Stronghold’s to of Since with a November the per expanded Today, hosting fully capacity in XXX foundry X-year in whereby with cost second. liquidity have leverage. optimistic X.X miners approximately structure vertically exceeding hash growing enhanced gives fleet by our with hash be capacity per our model. exahash we then, agreement foundry discipline hosting integrated in and business through Our rate additional totals XX,XXX Bitcoin us manage
miners agreement Creek us with a without natural owned CapEx. into and miners. unique The hash beneficial not slots, hosting significant they hosting data allows this creatively While rate deal fill a ability our Stronghold our of pursue hosting highly is center our thoughtfully to pathway Panther offer our open to investment. no to This and demonstrates similar potentially quickly portion continue material purchasing is us for focus, to hosting deals plug other wholly small core agreement increase capital while
because previously at deliveries an uncertainty of update on MinerVa. from MinerVa Finally, expect no should they additional the announced the time. We
have And supplies MinerVa approximately are leaving manufacturer from initial in our XXXX, and received with recently be we effort believe significant a performing from and line they by XXX we teams, that largely operations per to remaining to XX% only that after now MinerVa announced order second fulfilled now our upside expectations. miners engineering delivered. the of However, petahash
financial to to like for pass I’d over Smith a that, With it update. Matt
