Keel Infrastructure Corp. Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

  • Hashrate Growth: Hashrate surged 83% year-to-date, reaching 11.9 EH/s, up from 6.5 EH/s at the start of 2024.
  • Efficiency Improvements: Electrical efficiency improved from 35 watts/TH to 21 watts/TH—a 40% gain, achieving the 2024 target three months early.
  • Strategic Acquisition: Announced acquisition of Stronghold Digital Mining, securing 307 MW of additional U.S. power capacity, with potential for 950 MW by year-end 2025 and 1.6 GW long-term.
  • Data Center Expansion: Upgraded 10 data centers, added 3 new ones, unracked 50,000 older-gen miners, and installed 46,000 new-gen units year-to-date.
  • Geographic Rebalancing: By 2025, ~65% of energy portfolio will be in North America; U.S. megawatts increase to 47% of the total, reducing LatAm exposure to 35%.
  • Hosting Shift: Rerouted 20,000 T21 miners originally set for Paraguay to Stronghold’s PA facilities, reducing costs and enabling earlier deployment.
  • HPC/AI Initiative: Launched 1-2 MW HPC/AI pilots at two U.S. sites—one with 20 MW scaling potential, another triple-digit MW capacity. Revenue from these is expected to exceed $100/MWh.

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Operator: Good day, and welcome to the Bitfarms' Third Quarter 2024 Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, this call may be recorded. I would now like to turn the call over to Tracy Krumme, Senior Vice President of Investor Relations and Corporate Communications. Please go ahead. Tracy Krumme: Thank you. Good morning, everyone, and welcome to Bitfarms' Third Quarter 2024 Conference Call. With me on the call today is Ben Gagnon, Chief Executive Officer and Director, and Jeff Lucas, Chief Financial Officer. Before we begin, please note this call is being webcast with an accompanying presentation. Today’s press release and our presentation can be accessed at our website, bitfarms.com, under the Investor section. Turning to Slide 2. I’d like to remind everyone that certain forward-looking statements will be made during the call and that future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to consult Bitfarms’ MD&A for a complete list. Please note that references will be made to certain measures not recognized under IFRS and therefore may not be comparable to similar measures presented by other companies. We invite listeners to refer to today’s press release and our MD&A for definitions of the a

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