Earnings call transcript Q1 2023

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Operator

Good morning, and welcome to Stronghold Digital's Mining Conference Call for the First Quarter ended March 31, 2023. My name is Catherine, and I'll be your operator this morning.

Before this call, Stronghold issued its results for the first quarter of 2023 and a press release, which is available in the Investors section of the company's website at www.strongedigitalmining.com.

You can find a link to the Investors section at the top of the home page.

Joining us on today's call are Stronghold's Chairman and CEO, Greg Beard; and CFO, Matt Smith.

will call we questions. remarks, their open for the Following

Group Kovtun a please Before Alex Gateway proceed. will Kovtun, we begin, Mr. from make statement. brief introductory

Alex Kovtun

Thank accessed were posted Today's our website and our you, and release website to morning, can at today along be earnings disclosures presentation, our with welcome. financial and earlier operator. Good on slide everyone, www.strongholddigitalmining.com.

involve uncertainties. we're forward-looking statements law and considered today and under risks be a may making of Some statements number securities

there that which are number a results result, forward-looking you As are from control, caution many statements. factors, our and materially which the could a of described differ we of actual in those events beyond to cause

earnings Securities or undertaking relating We date our and by reflect the forward-looking For more obligation please uncertainties as and disclaim law. detailed are events filings any except forward-looking update the forward-looking to circumstances risks, occur made required with and or Exchange release that public made, in Commission. the see to statements assumptions our to statements, the statements disclosures after

you We these non-GAAP our metrics you financial earnings and measures reconciliation our carefully applicable and read the release as to discuss disclosures tables, in will metrics. the encourage also GAAP consider

well report filed identified April on and quarterly quarterly our uncertainties the We expect as annual XX-Q Exchange XX, in on risks but Risk our uncertainties on and May previously with on under to file other report and XX-Q. to-be X, not circumstances, the on which to, limited XX-K including, forth filed as our Form caption XXXX report filed of detailed business Form Factors descriptions our Form sets XXXX, variable Commission, and Securities disclosures and

at SEC free Commission website World's access may visiting or www.sec.gov Investor Stronghold's the at Securities Strong You Relations filings website ir.stongholddigitalmining.com. Exchange for and by

website. made Relations for to available of like Stronghold's the that and via Investor in everyone recorded section available a replay would will being call remind this is be link I

turn to and Greg? like Stronghold's Now the Beard. I call CEO, Chairman would Greg to over

Greg Beard

on our Thank and you. Good XXXX everyone, morning, quarter first for joining earnings us call. thank you

we today's slide portion and are associated an corporate on that call, available reference the For is going webcast the website. IR of through to our presentation

quarter most for bitcoin remained challenging mining environment the long-term companies, public and a first Stronghold on to plan and for steps take success. to business we our XXXX of continue best While our strategic position execute proactive

our year the some touch results, turning to financial to over CFO, ahead. for detailed like from I call Smith, a recent Before on our review the of confidence would in business and highlights Matt our our

Let's Slide start X. on

owns which reminder Pennsylvania, coal and low-cost, a to facilities. everyone Creek, As call, Stronghold operates are both Panther in and refuse coal of power generation beneficial waste reclamation environmentally two Scrubgrass facilities

we of and exahash our and already XXX to our by at X have second use generation end exahash the slots megawatts capacity achieve capacity per rate built Today, ready X.X data hash and of QX current power centers. of expect XXXX with to

counterparties. Stronghold nine to accomplished were or amendments versus We today is through we this six five delevered X. significantly Slide months just with where Moving delevering transactions ago.

debt just is now $XX million. net Our approximately

and and significantly focus to We very have what payables. have efforts July believe reduced no on those until we outstanding are excited us, mandatory and XXXX, are With amortization we growth behind payments we accretive initiatives projects. our capital-efficient

received the X.Xx to by available miners the capacity exahash, miners or lender XXXX, returning refilling procured our in of Since turn. nearly X.X August representing approximately exahash representing have XX,XXX XX,XXX manner we made

capital. only We $XX million have so incremental done of while investing

as that have acquired Watt top-line the recently month, last as Minor $XX.XX or MXX announced price we market. in we As X,XXX we attractive is the and machines, per are terahash. seen miners believe MicroBT These

during a have not from funded proceeds only I placement megawatt personally the $XX strong accretive per to Recent megawatt of we prices in invested hour. to $XX exceptionally the per XXXX These in private $XX forward the average opportunity. and which been $XX have but power also continue compelling our April are April with because faith month XX currently for an and found because next to matters hour months company, I prices

We expect excess costs. potential cash miners revenue with MXX that megawatt per will of uplift in represents hour price minimal an $X.XX incremental significant generate based on to these operating $XXX hash This on revenue an us forward prices XX% our minor entire assumed price, less current one year to and allows recover investment flow power and $X.XX that cash a in than hash uptime. based

Canaan, petahash total also hash XX, manufacturer where mining supplied recover leading cost of XX% the plus mined upside power. of agreement rate receive Stronghold recently from by X-year X,XXX with announced power Bitcoin by operate grid. XXX capacity capital-efficient will and to Canaan. minor We half on retain miners June the the bitcoin selling We a with XX% all XXXX, Stronghold associated will

reiterate, To our can Half that center to benefits these currently miners and to us miners we and the types power our site the miners of own of significant these MXX the immediately the into center undertake ready-for-use ready and data enables owning deployed. incurrence transactions plug that of slots any are data without Canaan of highlights expenses. fact be further on resources

On to accelerated and call, there have guidance rate expected capabilities The earnings raised MicroBT be mining and hash last year-end. by Bitcoin we growth. Canaan our our our exahash before transactions and

quarter. we by anticipate announcements, exahash that end third recent the the these we will reach Following X of now for

various would capacity. exceed We our current that are evaluating opportunities

we manner. can various make growth, assurances and will in explore a future we to continue While opportunities to grow regarding capital-efficient rate accretive hash no an

operational we growth, with includes focus megawatt our diligent achieved that about Finally, and of a when we we efficiency. and talking a net guidance, expenses rest per in tailwinds year. cost costs on about fuel Consistent hour cash lower to growth, certain for expenses $XX drive are primarily flow we talk and as and the personnel the $XX between that and costs power believe March, of reduced such our

XXXX. of power average cost $XX of net megawatt to a of forecasting $XX the now hour on rest per are We for

last versus the from opportunity power created we low discussed grid. have the how call, prices we be power on power earnings to flexible importing more As plant with our dispatch our resources

optimize forward, the when plan capacity our the lower a during expected to power shoulder full plants to expect the but at stronghold. import months means that would plants, the Looking which summer be able idle to of at in power and to we run we use winter, be to cost

taking per have and outage To maintenance we one month. as year. Panther X-week will Additionally, at Creek a two require later disclosed, plants end, to our generally that be we this outages

maintenance most we outage spring planned However, happy are currently that to the we work of would take not a this an Scrubgrass exahash. has expect already entailed performed and as outage than to do report have

X, Moving to rate which Slide hash growth. lays out our

mining had We able of minor to our QX, rate exahash. space of X.X we lender have on distress XXXX, the end opportunities limited and in capacity had pockets are exahash. incremental fill continued evaluating actively August remaining data After our capitalize we in to bitcoin a to X.X of been center turning some the capacity. hash At

at are currently X.X exahash. We

We end that bring X X.X of us have miners to receive the believe to contracted QX. to we by achieve exahash exahash will and

first terahash. XXXX, right the $XX I divided contracted to of accretive we can't the this I period was on illustrates and the that growth, enough, Importantly, are our the think capital the during this CapEx per by half focused on about and From hash well. chart efficient emphasize inception rate

had terahash. in $XX dollar and half year-to-date, these been has we $XX before, second per of believe was the that XXXX, ever that numbers terahash. In And XXXX, revenue than it we demonstrate grow per getting and spent per capital. are it to prudently more We about deploy aim we potential

slide. next the Let's move to

earlier, does CapEx, are they unique we industry very agreements, them As I being justice the paid to because but technically agreements were hosting are Similar we different agreements with do mentioned than have hosting Bitcoin and do Canaan. Foundry not in recently we we announced standard word agreements. that believe and miners. operate standing upfront hosting name, hosting not These

However, believe ability we difference is upside chart demonstrated mining this the a page. unique is We our differentiated. as significant in exposure relatively power to have to curtail, preserve also in on pricing which we bitcoin that economics

without that X.X hash rate these per exahash demonstrate over expected agreements to ability are are believe increase creatively agreements for highly investment. these Stronghold hash capacity of second. and add capital We our rate beneficial to Collectively,

it want Co-Chairman, to former I Spence, and our leadership. Matt, and to Bill turning Co-Founder thank service over for Before his vision,

ash spend retirement family with us, with time use the on and and but sequestration, he environmental focus supporting beneficial for of carbon his Bill to areas related to health, his to continue recently focus our on efforts his focusing announced company. reclamation, consult key will primarily

to I'd to like it pass Smith. With Matt our CFO, over that,

Matt Smith

Greg. Thanks,

have $XXX Stronghold debt million last has a I'm going quick recap plus of over a the current to total the liabilities $XX from net to from and mandatory start $XXX debt from amortization zero In million million X Slide including last our summer. months for million, of with total reduced nine XX% XXXX. summation, payments $XX on to gone deleveraging our since million to remainder in reduction $XX principal

financial million. X revenue was million. generated mined for the review QX of mining million adjusted million. and loss GAAP total $X.X a was of total Slide of a and results. loss first during $XX.X We was our $X.X Bitcoin EBITDA quarter segment Revenue to and XXX segment of million, $XX.X $XX.X a Moving first for almost the Energy revenue quarter net

first cash continue It we and quarter, to achieved megawatt net intense is March. cost in sub-$XX on of important cost to company's note power materialize that in hour the the per focus reductions a

returning to remediate environmentally beneficial coal of coal these and piles approximately we of ash XXX,XXX approximately piles. in refuse use quarter, to operate continued beneficial from XXX,XXX tons the tons an removing During way, toxic

to we provide our In on of to model, X. wanted broaden effort Let's Slide Slide framework understanding this move to X. simple the an business

QX of to megawatts guidance. by approximately megawatts, the data to We power expect and about increase load capacity. is on XX end we based it have generation of Current XXX XXX center megawatts

output power curtailed We hash grid guidance power and the profit if from to to Bitcoin key the power bitcoin prices following and power prices prices; three, energy our of miners miners economics; power alternatives; less superior to for power one, On than our slide, the from credits. optimize renewable cost four as plant some also net variable to if reduced provide mining fuel sell more are categories. explicit our mining we two, maximize than purchase costs, grid this maximized attractive and economics rate operations are gross are

have XX. primary network price X% Slide Historically, that we hash earn to transaction two are which and Moving because drivers fees have between rate focused price, we of We hash been bitcoin X%. historically and on

However, April, sharp transactions. higher in resulted to time incentives network. in due fees transaction Increased the to to verify a congestion increased increased Bitcoin This have led for transactions Bitcoin transactions has rise and since to have transaction. dramatically early on verify miners

calculation, price hash When results improved the the it sharp rise reflected transaction fees is economics. mining in in greatly in bitcoin

It are transactions closely will given not the be the transaction to we on remain as surprised increased will is Bitcoin too volume be early to ordinal the higher or and current the that in periods. cannot be BRCXX-token evolves. there as fees and And trajectory see sure of increased will watching than We blockchain prior transactions such continue transaction innovations to extrapolate recent we standard. trends,

of believe impact fees positive we is it driver. However, revenue our that on important primary illustrate the to transaction

will I his call Greg closing back over the turn for now remarks. to

Greg Beard

you, Thank right. Matt. All

a recognized. need those be to out, Just shout you to thank that

including than the is issues in more where this reliability place good have XXX a are. to call very different because covering uptime on plants we It is the of now. plant they people, we're get took these back One not contractors that plant

engineers, away. operators, ash use this line dozens waste that hold us of truckers and benefit you move then electricians, and These or are to

to this work that a who a be married -- out we've to thankful lot a seven got who for cases, including infrastructure So General I going. also days just in those Counsel, a of weeks to our keep week, a I'm few wanted progress, made holidays many ago. shout had and

you And So to once Bill for to company. thank you, Matt. done for again, the again, thank you've everything

the call. over operator out back close the to it turn to I'll

Operator

Our comes from question Research. Point with Instructions] White [Operator Chase Compass first

line open. Your is

Chase White

Good morning, Thanks. guys.

than for to split being of the up the that more September. $X Scrubgrass going how million them periods, versus think with going the about down maintenance kind should both $X in into the million So should we obviously, May of for September be and the year? planned of not costs maintenance outages, at in of maintenance split May end How that between likely

Greg Beard

Chase. morning, Good

we here have taking know So early in a [Panther budget Creek] if little to and have outage than will well for is week too the less of outages spring. fall. exactly what couple $X an Scrubgrass to And million. And is in May. outage a it's that not the

it Creek time, of have at six we point at redundancies. Panther months would If checking work carefully a than something September. Creek done And would the that be limited, Panther we last been kind pulled may at on for I only take may outage shared lot outage. systems, in less we working week. to But so to the we September, need this We've this since do been in forward a the guess, redundant checking outage the on Scrubgrass, as very we've of systems we in

we just that on well, maintain need didn't that's continue because see we to we're to we've And importing in -- work power outage the given been an advantageous a working the take do. plant, May, to plant,

limited. I Scrubgrass, have we pretty expect not provided in an guidance also yet but think for would I on it's what outage like look would September,

million gave we like to it leave makes think room some it end of $X see continue at minor work lower And so we the the why it's forward. range And million. but to in that, that to plants to sense ourselves on I that's push case $X to put the to I'd some want

Chase White

the if spend with on That's that? timing forward about to I the XX megawatts definitely should extent guys move And follow-up, Got additional we helpful. How think it. of you and that may. the capacity

Greg Beard

to it very to opportunities that to exahash, which do in now the way way. very, Yes, getting capital-efficient been have of unique in order Chase, kind focused numerous we've X a the we're that accomplish we're trying in on we evaluating

to in guidance. certainly. megawatts X related exahash not anything included XX It's yet the not have in We

not center. on We money wanted we of we have yet that the data all to But deploy identify equipment the forthcoming end-to-end -- need to further highlight we will data additional an very spent that megawatts center about site in to would a can that the do, of would we it's XX our of we project business, because when guidance. yet it be you growth imagine but

just it's on too focused about, And but internally. certainly so early something we're talk it's to

Chase White

how that Got kind move like it. But finish up from take, way you start decide long to to did a question the to would that ask is and to guess, it of get to if was get better forward, I running.

MattSmith

it, model focused but something is Yes. that I don't this we're on.

transformers. that to we So money the spent strong switchgear a all on -- love are includes we the containers the boxes, includes which

that another It's very a different what compared of so do And cheap. call that we've we it's with really -- recently demonstrated -- now we to sort we obviously can a quasi build-out. regular agreements there. announced and And one given hosting parties. It's just

we So CapEx a we think way. do it in can very low

exahash right And spend. on work it find going to we've your But means the one. think week picked to a locations this let but CapEx up But to and the site. on different us the we've not think year. don't investigated have many the big that, a we and be isn't know don't have upside that I there focused and on had that in on work it which we we sitting models, -- it's put an like We're be from ground

Chase White

Got Thank That's it. you. helpful.

Operator

Thank question. our you. And for next one moment

Lucas Our question comes Pipes with Riley B. from Securities.

is line open. Your

Lucas Pipes

much, Thank you appreciate morning, very detail color. for the Good I you very Thank operator. presentation. there much and Lots all everyone. the of

remind us Panther that. between lower guess, ability to -- to what you power, generation importing power power variable Scrubgrass and cost Just on that the the that to toggle if are forth cause back and power circle import would for and back than prices cause I is would

points I on Thank you. additional appreciate that. So your

Greg Beard

for your Yes in detail. Lucas. Thanks attention Good morning.

advantage the to when talked grid and power or case in cheap to ability sell vertically expensive the about, grid it's buy of is then being from in integrated the in As when mine it's power the and big the we have Bitcoin between. the

has and about many think $X.XX the plants. calculus our idling running that's So -- for or a it's importing if cost, true many, it both variables range. that. plant power in a there you in The are variable it's for -- And

We describe we as a out need in to what net -- month.

we we sell need charged rate the or And for to that we the we than get so power power the grid consume. consume more to higher

important factor. that's So an

And credits renewable the also that -- power a We is we grid. reward year. deliver that earn energy in comes when to later the

value a have -- real a the later the does So this a from put lot gone so cash year month, and a given line we're up on that's of credits credit, in to earning but in, it given sense year. not of the the in that make those to

And so around make on power for plant. you the it's answer to than megawatt, run import a sense for the simple minds looking model, rather that's on But as day going if your the our $XX were to well.

have three energy running the But are to out plants well prices -- wondering, and are The answer if we're calculations. power that we renewable why other anyway. you that credits is say, in hey, using you see because our there hey, like you considerations below you're need or

Lucas Pipes

second kind Thank answered -- data XX I four that to you, import the megawatts, make power beyond question. there i.e., it Is go Greg. to sense import optionality centers given helpful. And you does can my exahash plus guess, Very of build to power. capacity, you

in of I prohibitive you thoughts on that it would makes appreciate think higher pay maybe you any I the matter. that it would rate answered terms

Greg Beard

that put import -- power if So the plan I what existing at asking? you're your candidly two existing understand of the additional Is at existing XX the an one question, it's megawatts to locations.

Lucas Pipes

step not XX given buy Yes. go guess, I or power rates if further, increase it And the going would you to power more you that, a sell sense even make megawatts then even power? than beyond

Greg Beard

Yes.

at our supplier data the the the sense makes grid, to local data centers sort capacity. the and grid, the That's stable. with continue we the centers are and and a up net down. even when to manage what interaction designed of us down we've to helps it manage to be flows energy with power way data grid So sync the the think helps be running full up our us with centers grid make in That and helps

bit the we and our all argue making lost. are pull presence that essentially or argument our data from power down strongly we PJM power be wouldn't If over stabilizing beneficial the the while we as from use And And much coupled grid. would the node we to stable. in as only the to plants power a hugely as in That by now. grid residents with is were be disconnect centers grid more

think unlikely And -- line so that. that that's in of sites could place we're own. this could and on not assets the that half put of that assets XXX we're the increase And for on power that's opportunity transmission there to then I cause the would because is existing at is -- I about to think potential power into put at it the do year. But gas, then a we using our to an expanding scrub a capacity additional but of acres, agenda example, generation center, site data well to us the very be for renewable capacity the look there

Lucas Pipes

Very helpful.

Park Central of think that's a XXX land. so acres, is I lot

Greg Beard

it. these could cleaning little our renewable It's stores project. it not in And hopefully, up steel think move makes Come market And it's -- trucks our like We're facility grid. an section of having point, we and possible at the couple as today. the power not are see is will assets, energy seven the recognize I of will to bunch centers of projects. duplicate sort a it, development sites that a do into of of more data of waste the some -- of amazing hundreds I nasty

Lucas Pipes

question. it's Greg. I third a Very will And actually helpful, related. ask

I sides? that you. for there's at earlier the capture at know believe of sequestration. Thank stages I efforts extra there's something technology. on are carbon more those Is advance government You support there more board mentioned is planning and potential -- drawing -- the what to

Greg Beard

Yes.

we're dramatic in be of emit that carbon, the going those facilities look the pile for Act, increase hugely designed not So if being we're when that CapEx anyway purpose that for carbon spend into Reduction But if and what's the And carbonate the presume piles. value you the inflation any in at money. environment of that made doing as circumstance when creating we like populations for modeling And to these the beneficial a we it's near all said, argue cleanup ours. spend, we sit are. of will a areas, strongly they obviously, live admitted that that's the credits

spite value wants as but to of government the they've it. of carbon benefits, possible, at and decarbonize as have high still the So made credits that much so -- us in all to the we look

study very we ash, what's chemical in the will it that we well So gas of exhauster I are beginning our strongly flue what's to hey, hey, say, would at our composition in think and we attributes point, this the what or decarbonize gas. figuring there. know And of out, flue which to cost

So out it's a say give -- decarbonization what us. We prohibitive. and figured we'll we this -- that we call, it's with point, to and say, is quarter, well, and partner found cost But think look. might worth develop a a the maybe we it's us at think and I next on

I environmentally of positive -- mean anything a clean don't be our we're all honestly other that a presume could the resulting and toxins working not if on great and minds. that would up it's carbon sites outcome, impact a So outcome these think and on. in be a we air. And toxic even what put great than actually have That's and would less waste --

Lucas Pipes

I Greg... Yes. alternatives. considering Very Yes. carbon you'd guess negative No. helpful be the

Greg Beard

absolutely right. That's

Lucas Pipes

Really appreciate and color. Greg Yes, the team.

Continued your best you to of luck and team.

Greg Beard

you. Thank

Operator

W. our And from [Michael question come you. will from Donovan] Thank next H.C.

open. is line Your

Unidentified Analyst

and the prices see taking Donovan ash, behalf fuel latest Matt transportation of coal summer some cost such Michael haven't to you talk This higher this Can and moving of is addressing and business Kevin perhaps likely as of more to the Greg, we're on of for my selling new prices Dede. you question. Thank declined. out. ash the Also,

that we should X. what So stronghold expect

Greg Beard

questions. on getting big for thanks and So

a we the ash, are announced Most when is ash, benefit avoidance. -- contract, now. to partnership we've sell the we which of a On have ash sell cost we in

per ton trucking couple sale. avoiding we're costs, of a a more than of dollars per ton we're and So gaining as $XX

by to in in, be was sold are or right of close net So guidance ballpark. having I Creek, one And this modeled $XX that we both from say, sites. the think and the very selling $XX you of ash, two now, on tons just giving And going if ash you're removed Panther I benefit our what we're year.

MattSmith

So benefit this beat, if we've ton be shared that good we we think a can in that of pretty we taking want about or we out net that. feel per and benefit that. ash million it want to put point, to from the so $XX business a $XX we're can is still sort cost about beat as feel the call deduct. going But in offtake it. number things $X pay The We a good and cost that credible I year, of that still to excess this to strive is to pretty remove not there's as to would fuel at just an we site

which opportunity spends -- the And those from also of they we the that think to pay is market that we'll with develop avoid these confidential us and leading markets, have really, cost, revenue. we place and there a modest And U.S. amount we as help us scratch. revenue develop waste They the in then in there's the that in agreement company a management go that agreement addition earn to

develop think of these markets, revenue we are is the to component upside we to As sales. we the ash going --

excited so too about to but it, And go pretty that we're early guidance beyond

our a question That the in ammonia recipe There be limestone, a in of our There's gone several are last It inputs ton relief of your as in the We they meaningfully hundred versus will index of whole key in index things bringing kind are Natural from to fuel for in involves basis involve and gas fuel seasonal. ammonia ammonia. some to dollars and bringing coal costs. But cost substantial on that diesel. has key summer. we've on since [Tampa] for a the tons categories pneumonia. refuse, ask components. Michael, couple other site. bringing reverted gotten our $X,XXX use

And have from approaching $XX then $XX last the gone over months. of number REX to

our We're of the costs, in. yet given get about most relief seen volatility. to so it And we've excited

decent tight. last a As year, what's the still I for have But diesel, seen relief think become, is market the bit we think, working is at our have savvy we market since more capital. interesting decent I about some managing

we for of coal to XXX,XXX on the over when instance, dispatch Scrubgrass at plan. to And ready go have, want we tons site,

XXX,XXX so no take than ash would tons, diesel mean other for And those to that required the away.

a So I against out -- is consideration and in think in we've as I terms We key cost put well. at we what us of power curve diesel our of wouldn't bet that. for better look the full

we're hopefully, our that there's so into forecast. incorporating that confidence And some

Unidentified Analyst

And helpful. the quarter. congrats very That's appreciated. Much on Great.

Greg Beard

Okay. Great. Thanks.

pretty just don't know is if the follow-up think your analysts, -- market I big I you about of questions, the about make for more -- transaction fees Before more because there. have a opportunity but the questions missing

we'll other operator, any that hopefully about and topic. one So get questions, then

Operator

over our question-and-answer turn like back session. remarks. concludes this the call to Mr. now time, for this At would to closing his Instructions] I [Operator Baird

Greg Beard

Okay.

a have room in We question transaction the on fees.

ahead, Matt. So go

MattSmith

Yes.

disclaimer, is lot I that I fees in as us interesting BTC through more space which then market-based pricing. the think congestion transaction toll into Bitcoin form block looking a many features becoming but of here it it's current we're just energized we and think those May, additional mining seems that that Bitcoin developments including surprising XX. the there's some extrapolate to revenue in to also elegant us Slide to valuable. not have and transaction X.XX highlight block far paid fees, extremes are a the on on are lost, so but per to bridges And rigs There are block in were miners two are to blockchain, which ways; bitcoin. built subsidies, through the known are been

as a mechanism as have by more higher traffic case, if through blade. transaction a verified fees various causing correcting the your which congestion Higher innovations transaction your you data ordinal want BRCXX have And are this pay verified, tokens increased the blockchain. the sooner. to transaction blockchain, you putting to in caused In fee can are such has

four congestion last see resulted transactions the up, to pick of Over five in and and fees. started transaction weeks, we the to increased it increased number

continuing volatility and -- forward develops. While verify how the on we we look to the seeing more this forward going verify look to network transactions and continuing to expect forward to

Greg Beard

interest All analysts the Thank right. Matt. in of people. Thanks, you, shareholders,

thank to our in proud really have I remaining of think our whom us and you have partners of lender. this Hart with White those quarter. that also shareholders some we're that and progress -- to the we we company the become And made have contracted

We ton relationships groups. a XXXX. progress, we're those have with like going good a made of have very as it rest looks fantastic I one to of said, of and We've every

and you, Thank are promise. that we So, operator. thankful to look forward delivering on

Operator

Thank you joining us call. Stronghold's today for for earnings

You may disconnect. now

Stronghold Digital Mining (SDIG) 11 May 232023 Q1 Earnings call transcript