Welcome everyone. On behalf CleanSpark Inc., I welcome you to our Third Fiscal Quarter financial results conference call. My name is Rachel Silverstein, I'm CleanSpark 's VP of compliance and General Counsel. With us today with prepared remarks are CleanSpark 's Chief Executive Officer Zach Bradford and Lori Love, our Chief Financial Officer. Before beginning, I would like to remind everyone that with the exception of historical information, the matters discussed in this presentation are forward-looking statements as defined within federal securities laws. Investors are cautioned that these forward-looking statements involve a number of risks and uncertainties. The actual results of the Company could differ materially from those statements. Factors that can cause or contribute to such differences include but are not limited to; continued demand for the Company's products, competitive factors, regulatory developments, changes in Bitcoin difficulty rates, the Company's ability to achieve future growth, the Company's ability to produce and market new products in a timely fashion, uncertainties surrounding the pandemic, the Company's ability to continue to attract and retain skilled personnel, and the Company's ability to sustain or improve the current levels of productivity. Forward-looking statements may include words such as anticipate, could, estimate, intend, expect, belief, potential, will, should, project, and similar expressions. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports filed with the Securities and Exchange Commission. Today, August 16th, the Company will file its Form 10-Q, which will be available on SEC.gov and the Company's website. A press release announcing our financial results will also be issued tomorrow. Participants on this call may wish to look at the press release, as the Company will include a summary of the results discussed on this call. Finally, please note that -- on today's call, management will refer to non-GAAP financial measures in which CleanSpark excludes certain expenses from its GAAP financial results. Please refer to CleanSpark's press release for a full reconciliation of its non-GAAP financial measures to the most comparable GAAP financial measures. The press release will be available at www. cleanspark.com/investor-relations/ news-releases/. Following the prepared remarks, we will open up for a short Q&A for the analyst community. With that said, I would like to turn the call over to our CEO, Zach Bradford.

Rachel, thank you very much. Good afternoon, everybody, and thank you for joining our call. As Rachel noted, I'm also joined today by Lori Love, our Chief Financial Officer. This was another great quarter of strong growth for CleanSpark, this rapid growth means CleanSpark more than doubled its comparable Year-over-year revenues. At the conclusion of the 9 months ended June 30th, we realized, 22.3 million in revenue, representing a 176% revenue growth when compared to the 9-month period 1 year ago. For the three months ended June 30th, we realized 11.9 million in revenue, representing a 250% revenue growth when compared to the same period 3 months ago. Our growth was not without challenges. The Company continues to navigate the volatility of Bitcoin, successfully procure for immediate and future delivery over 30,000 next-generation mining rates. We managed our supply chain constraints, resolved a legal dispute, aggressively expanded our sales and marketing efforts, and increased our labor force per energy product while increasing our quarterly energy revenue by 61% from the prior quarter. Now, rapid growth is not free, and our efforts ultimately resulted in a loss for the quarter. It is important to note though, that many of these expenses, but not all, were related to non-cash items or were considered one-time non-reoccurring expenses. Lori will speak to these specifics during her section of the presentation later. Achieving long-term profitability is our guiding principle as we continue our trend of rapid revenue growth. We are now halfway through our Fourth Fiscal Quarter, and the efforts we've taken over the prior Three Quarters have placed the Company in a very strong position as we move into our next Fiscal year. We believe these efforts will translate into a bright future and increase shareholder value. We now expect to more than double our current hash rate before the end of 2021 and more than quadruple our current hash rate in 2022. Our energy business continues to build momentum with positive regulatory tailwinds and incentives in place for Green Energy, along with our backlog of executed contracts of over $20 million. The combined efforts of our Bitcoin mining and energy businesses are expected to contribute to record growth through the balance of 2021 and 2022. I will turn it over to Lori to review the 3rd fiscal quarter financial results. After Lori, I will cover business developments and other current developments. Then Lori will run through our earnings expectations before a brief Q&A and closing remarks.

Thank you, Zach. And good afternoon, everyone. I would first like to discuss our balance sheet and operating capital as it is our assets that drive the future of our business. All the numbers I refer to in our balance sheet will be as of 06/30/2021. All the numbers I reference in relation to our statement of operations will be for the 3- and 9-month periods ended 06/30/2021 and 06/30/2020. Our balance sheet continued to strengthen with working capital of over 36.2 million. The Company has limited liabilities with only 15.7 million in total liabilities and net assets of 281.8 million. We have grown the net assets on our balance sheet by a factor of over 17 times since the start of this Fiscal year. We are pleased with the strength of our balance sheet and the strong foundation it has created for our growth. I also want to highlight a few specific assets that will drive our continued growth. We had cash of 22.2 million and over 4 million in inventory. The majority of that inventory we expect to install and convert into revenue over the Fourth Quarter. We also had 62.4 million in mining equipment, the majority of which was fully installed and hashing as of June 30th. In addition to the miners that we had on hand, we also fully paid deposits of 125.8 million for mining equipment scheduled to be delivered after June 30th. The mining equipment order will drive a substantial amount of revenue over the -- for the Company over the coming years. A significant portion of the equipment arrived and was installed in August, which will increase our revenues in the current quarter. I will now turn to the results of our operations and related growth; I will first discuss our revenues. For…

Thank you, Lori. I first want to comment on the growth of our Bitcoin mining segment. We experienced the strongest growth in this segment. This growth is guided by our ESG principles as we strive towards our goal of reaching 100% net carbon neutrality. As we bring additional power online, our energy mix will periodically change between facilities. As of now, the current energy mix we use for Bitcoin mining across all facilities is approximately 90% carbon-free. In addition to adding on-site renewables, we plan to begin purchasing additional renewable energy credits next quarter to offset 100% of the carbon-based power sources utilized by the Company. We believe that blockchain technologies are important for the future of our society and we are proud to support these technologies and the system of trust we believe they facilitate. We have continued to achieve strong results and we are bullish about our Bitcoin mining future. We increased our production capacity substantially throughout the quarter, resulting in 191 Bitcoin, an increase of 47 over the prior period of 32.2%. Bitcoin prices continue to be volatile with year-to-date highs exceeding 64,000 and lows approaching 28,000. Daily prices impact our reported revenues. As the revenue value for any day is based on the daily Bitcoin price on the day that the Bitcoin is received. Although we saw prices decrease near the end of June, the average revenue we recognized per Bitcoin mined during the quarter increased to 45,341, or a 2.6% increase over the prior quarter. We monitor volatility closely. And although we may choose to sell Bitcoin from time to time based on market conditions, we currently plan to continue holding Bitcoin. We believe that haggling (sic) Bitcoin will result in long-term value appreciation. When this presentation was prepared, Bitcoin was 47,000 per coin. All…

Thank you, Zach. I now want to speak to our financial outlook and expectations. As a result of industry trends, volatility, and Bitcoin, and other market impacts and constraints, we are updating our revenue expectations for the 2021 fiscal year. We now expect to achieve between 38 and 48 million in Bitcoin mining revenues this year, which is an increase in expectations of approximately 8,000,000 overall, since our most recent guidance. We are installing projects under our energy business as quickly as possible. But we believe it is prudent to reduce our overall revenue expectations for our energy business to between $9 million and $12 million in fiscal 2021. We're taking steps to increase this further, but we conservatively estimate that a portion of our backlog will not be installed until the first quarter of our next fiscal year. We also expect our other revenues to contribute 2 million in fiscal 2021. As a result, we expect to achieve between 49 and 62 million in combined revenues in Fiscal 2021. This is a net increase in baseline revenue expectations of approximately 3 million. We intend to remain as conservative in our projections as possible, while still providing quality data points to our shareholders. As noted earlier, there are certain risks -- risks surrounding our projections. I will mention a few, but investors should also review our risk disclosures in our filings. Bitcoin is extremely volatile and as a result, it is difficult to forecast future performance. These future forecasts are currently based on an average Bitcoin price of 47,000 and fluctuations from that point will affect the final numbers actually recognized by the Company. We have included the potential for limited shipment delays in mining equipment in our forecast. If such delays occur and are longer than anticipated, it could negatively affect our forecast. We also intend to continue with the strategy of holding the Bitcoin we mine as we believe Bitcoin will continue to increase in value over time, resulting in increased value to our shareholders. We expect to see demand from residential, commercial, and industrial clients continue to increase as the U.S. continues the process of normalizing business activities post-pandemic. Our backlog for non-bitcoin segments remains strong at approximately 24.2 million as of the date of this call. We believe our contracted backlog demonstrates the pent-up demand for resilient distributed energy solutions as the pandemic begins to improve. As stated in our last earnings call, we continue to expect our fiscal quarter ended December 2021 to be the strongest quarter our Company has ever experienced. Let me conclude by reiterating Zach's confidence in our long-term business outlook. We continue to expect to generate strong revenue growth through the end of 2021, and we believe that the next 6 months will be transformational. With that, I would like to turn the call over to Rachel, who will be moderating the Q&A. Rachel.

Thank you, Lori. We received several questions from the analyst community that we will address prior to closing. Our first question is from Amit Dayal, an analyst from H.C. Wainwright. Does he ask what are our expectations for mining difficulty over the next 12 months?

I'll go ahead and take that one. That one is a great question. Overall, the global hash rate has trended lower over the last few months as Chinese miners have unplugged with some of the changes that happen over there. This has resulted in a difficulty rate, now it's about 15 trillion. Which is down from approximately 20 million from earlier this year, around May. This means that miners like Clean Spark are earning more Bitcoin every day. The ability to secure power and infrastructure will make it difficult for many of these miners who moved offline, to get back online quickly. Further, many analysts have estimated only half of the rigs that came offline in China are the newer generation like the S19s that we use. Further estimates indicate that 20 to 30% of that were actually all -- S9s or older. To put that in perspective, those S9s are really not efficient to put back online, and as a result, we don't expect it to actually see those come back online, which will provide a long-term permanent decrease for what they would have accounted for. Overall, it places Clean Spark, in an advantageous position where we are getting more Bitcoin every day as a result. So, it's hard to estimate exactly where the difficulty will be, but we do expect it to increase over time as we and other U.S. miners grow. And some of the hash rates that exited China does come back online. I expect to see that come up 20% or 30% by the end of the year. But it's really hard to tell. The good thing is we expect our rate of growth to far outpacing the overall changes in -- that increase in difficulty. So, it's not an exact answer, but we are paying attention to it and we do remain focused on outpacing it.

Thank you, Zach, Mr. Greg's second question is, when will the newly acquired data center begin to contribute?

I'll go ahead and jump in on that one also. It is going to come online near the end of this year. So, I would expect probably around December, something that's important to note with that is we do have plenty of energy that will be available both at our Atlantic facilities and also with our coin mid partnership. So even into December, for the equipment we're receiving, we should have plenty of room. Now, what we will be doing it, as we prepare that facility to receive miners, if it does come online before December, we would look to evaluate the opportunity to buy miners, to put them into use quicker than what we already have on order. So -- but we're going to play that day by day because currently, we have plenty of power for the miners we're going to receive over the next 5 to 6 months.

Our next analyst question is from Greg Lewis, from BTIG. What is the Company's appetite to continue to add new equipment? Any color around current pricing for rigs and what would be the earliest delivery date for new equipment ordered today?

Great question. I indicated that we -- we definitely do have an appetite to grow beyond what we already have. And -- and we won't get into the specifics until we actually make a formal announcement around in the future, but we -- we absolutely expect to grow. We are seeing really good pricing around the rigs right now. Currently, some of that pricing is because there are new rigs that were ordered for Chinese miners that have to be redirected, and it's creating some good price opportunities. Again, we're -- we're taking this day-by-day, but we have recently looked to increase that. If we were to make orders, we are seeing actually because of the rerouting of Chinese miners that we can get additional miners. Right now, from a price-value point of view, I would say that the miners arriving in October and November are still at a good level. Beyond that, we do have opportunities to purchase directly from the manufacturer for any time between January of 2022 and July of '22. It's really going to be based upon some evaluations we're making in the coming weeks about our total power capacity and how quickly we bring that new data center online as I mentioned before.

Our next analyst question is from Shawn at Water Tower Research. He asks are tracking the mined coins for green energy electricity, and what percentage of coins mined are from clean power sources?

That's a great question and it's something that can often bring a lot of commentary in the Bitcoin community. So, we see Bitcoin as a Bitcoin, but we do internally have some tracking mechanisms for what we look at as being mined carbon-free. And to date, it's been about 95% carbon-free. We recently did bring a little bit more power online that as I mentioned before, brings us closer to the 90% level, but within the next month or so we're going to be buying renewable energy credits to offset any new carbon producing energy. So again, our goal is to get to a 100%, but historically, from last December to the current, what we have mined is between 90% and 95% mined carbon-free.

Great. Sean's second question is are you actively looking for additional mining sites, and what do the energy profile look like at these facilities?

An excellent question. The answer is yes. We are absolutely looking for some additional sites. And what they look like from a profile currently for us, -- is we are currently trying to identify a greenfield site that would exceed 100 megawatts or more. And that, of course, takes time and negotiation because these are real sites with their own complexities. But what we are paying very close attention to is the energy profile. We want the energy profile to be as green as possible. So optimally these are located, directly connected to, or nearby sources such as solar hydroelectricity or wind. And to the extent that they do have carbon-producing energy sources. We try and make sure that we have a renewable energy credits program either directly connected to it or access to additional renewable energy credits at affordable prices so that the overall pricing works out. Because at the end of the day, the price of power is what ends up mattering in our ability to obtain profitability. And we have a really large focus on maintaining that as low as possible. But we really do view it as -- we really do view it as is, we -- we think from a long-term perspective, especially with the change in -- in the Chinese difference in power and how it's going to impact difficulty, we think below $0.05 is a critical market, and we're really looking at sites trying to keep that as close to $0.03 as possible. That's -- that's generally what we're looking at, but yes, we absolutely are looking for -- for a new site to call home base and grow to -- to an even large degree than what we already have.

That concludes our analyst s questions. Zack, I'll turn it over to you for closing remarks.

Perfect, thank you, Rachel. To close, I just want to reiterate our focus on profitability and growth. We are working to transform both the energy and bitcoin industries by developing and implementing best-in-class solutions. The microgrid and distributed energy industries continue to develop. We expect there will be significant industry-wide growth as the world adjust to a pandemic and the realities of the changing climate. Quality market participants and trusted companies like Clean Spark are positioned to lead this wave of growth. I also want to emphasize our belief that the long-term winners in the industry will be the high quality and respective leaders like Clean Spark. All of us at Clean Spark, pride ourselves and our ability to solve modern energy challenges. We have a recognized and respected brand, we have a cutting-edge product line, we have a highly profitable Bitcoin mining business with a goal of reaching 100% carbon neutral mining. We're committed to our ESG strategy of responsible profits and cryptocurrency mining. And we are confident in our long-term growth strategy as we maintain our focus on building the business to take advantage of opportunities while being good corporate citizens. Clean Spark is positioned well for the future. Lastly, we're deeply grateful for the continued [Indiscernible] of our shareholders and other stakeholders, most importantly, the shareholders who have entrusted Clean Spark with their investment dollars. On behalf of our entire organization, thank you again for joining us, and have a great day.

Before we end today's Earnings Call, I would like to remind everyone that this call will be available for replay later today. Please refer to today's press release or rather tomorrow's press release for dialing and replay instructions available via the Company's website at www.cleanspark.com/Investor-Relations. Thank you for joining us today. This concludes our earnings call and you may now disconnect.