00:00 slide number two up on your screen for the full disclosures. Moving on to slide number three, you will see one of our most popular visuals, which is the DNA of volatility, and we're always sure to include this table in our earnings presentations, particularly following the disclosure slide because we just think it's a wonderful reminder to investors about just how much these various asset classes can move up order over a one day and a ten day time frame. 00:30 And as you can see here, and I don't think it's a surprise to any of our shareholders that the volatility of Bitcoin and Ethereum is greater than say S&P five hundred or even gold stocks. And then if you look down at HIVE, it's even more volatile, and, of course, that's because we mine both Bitcoin and Ethereum. So it's just something to keep in mind. 00:50 So, as we move on to slide number four, I am pleased to welcome the presenters for today's program, Frank Holmes, Executive Chairman; Darcy Daubaras, Chief Financial Officer; and Aydin Kilic, President and Chief Operating Officer. And if we move to slide five, I would now like to hand the presentation over to Mr. Frank Holmes. Frank?

01:11 Thank you, Holly. And thank you all shareholders for being resilient as this management team has overcome so many challenges since taken control, Darcy and myself in particular of Genesis Mining and repositioned the company in the past couple of years. So there's been so many challenges we've overcome just like getting. We apologize for your frustrations of getting financials out to you, but we've been able to say that we feel very safe and comfortable in our numbers and what we're doing. 01:48 And we've been doing that and here we are. We had record year-end in March numbers and now we have the end of June. HIVE achieved record revenue for the year ended March thirty one of sixty six million in earnings of forty three million and then we turn around for the quarter. 02:11 We turn around and show you that we have record quarter from April May and June, year end and this is sort of a nice visual of showing you. This is going up to June, those numbers, and when we compare them to our peers, you can see that we have the highest gross income for the June quarter in millions of dollars. So, our numbers are bigger than Bitfarm, they are bigger than Riot, they are bigger than Marathon. Marathon’s numbers came out today, but this is for the end of June. 02:46 They are bigger than or Argo and Argo’s numbers are every six months. So, what I'd like to point out to investors is that this difference is because we mind both Ethereum and Bitcoin and Aydin is going to walk through that if you did some back of the envelope conversions, etcetera, what our hash in part could be and what it would look like it was…

11:35 Thank you Frank for the introduction, and it's been a very active quarter with a lot of milestones, I'm happy to talk about them. And so let's get to it. Next slide, please. 11:49 So, Frank was talking about increasing difficulty and Ethereum mine, and one thing to keep in mind is that we also have a great descendance in the price. So, this slide here provides a great historical context of, what Ethereum Mining itself has looked like over the past couple years. And so, throughout fiscal twenty twenty and twenty twenty one, you could see that you know, HIVE was mining twenty five, almost thirty thousand Ethereum per quarter, but of course, Ethereum prices were hovering around two, three, four hundred dollars in fiscal twenty twenty one, so calendar year twenty twenty one for HIVE. 12:37 We saw that increase substantially. And so, we saw Ethereum hit four thousand dollars several times. So, you know, a massive increase and the quantity produced about ninety seven hundred Ethereum period and June 30th. We had a solid Ethereum price between three thousand and four thousand U.S. So that's almost a ten x in price with production roughly one third. 13:10 So still on a revenue basis and if you have ten x the price, but difficulty is going up three times, you're overall still tripling your revenue, right. So, the Ethereum mining business is actually very lucrative and it's specialized, it requires more operational excellence when it comes to your data center management. And this is again, HIVE being the first area of mining industrial scale company as well as the first crypto miner, you know it's now got a very remarkable track record here. 13:48 And so the reason why I actually wanted to focus on this is…

18:20 I just like to really add, sorry to interrupt on that, but this is a wonderful hypothetical model. This is not for financial reporting directly, but this is what our ability is because it's public what our hashing power is and we're trying to inform investors that this is what it would look like if we were only mining Bitcoin. But what’s interesting is that Ethereum actually outperformed Bitcoin. 18:48 If you just look at the price actions, so it's been an important part of our HODL as Ethereum continues to go through like having for Bitcoin, Ethereum hasn't gone through a having, Ethereum has gone through all these upgrades and people escaping their Ethereum. So they're taking supply out of the system at a very rapid rate, which then affects the supply demand equation, which has led to a high Ethereum price for us. 19:18 So that strategy is down the road we'll be able to do proof up state, but we think that several years down the road, but this is an idea for some people I know they’ve been able to do this conversion. And I just done a wonderful job creating this hypothetical for you. Thanks, Aydin. Keep going.

19:37 Yeah. No, thanks for the color, Frank. And again, exactly this is an outlook. This is an outlook slide. Darcy will of course cover the actual financials for the period. And just to kind of build on what Frank had mentioned, on an annualized basis again with this interpretation, it's about two eighty four million dollars maybe in, just for the month, sorry, if you take the September revenue on a run rate basis. 20:06 So, again, that's a projection. But if you have a realized annualized run rate revenue of two eighty four million that actually puts price – HIVE’s market cap to revenue ratio at a six x multiple, which is an incredibly attractive for investors and on the previous slide looking at the earlier quarter, compared against our industry peers we were at a fifteen x. 20:35 If you look at the September numbers on this outlook slide, it's incredible. So, that's a great way for people to understand how you can compare. And really, if you think about at this point in time, on a per megawatt basis Ethereum, mining actually yields more dollars per megawatt. Just because the economics are so favorable, it's had great price action. 21:03 So, we want to help the investing public understand how you can realize the value proposition of each next slide. 21:14 So, some operational milestones, five in August, realized one Exahash of active Bitcoin mining capacity, which was great, and this is again, global company with operations in Quebec, New Brunswick, Sweden, and Iceland. We've got a little bit of Bitcoin mining everywhere, but primarily focused in Quebec and New Brunswick. And so, know, having the latest machines, you know, really high efficiency, MicroBT’s, and installed in our operations and we bought too an Exahash and…

25:39 Great. Thank you very much Aydin and good morning to all of our investors and shareholders. Next slide please. It's on this slide, slide twenty six, it’s showing, we generated revenue from digital currency mining in the first quarter of fiscal twenty twenty of thirty seven point two million from a coin production as we've gone over approximately ninety seven sorry nine thousand seven hundred Ethereum and two twenty six Bitcoin. 26:13 The increase in the revenues versus the same quarter in fiscal twenty twenty one was primarily due to the increase in the production of Bitcoin mining that Aydin had just shown in the previous slide and much higher coin prices than we were experiencing a year ago. Part of this as we've talked what was offset by a decrease in the number of Ethereum mine driven my difficulty rate increase and the fewer number of cards that we've got installed as part of our GPU card upgrade from the four to the eight gigabyte cards, but as we've talked about and covered, this was all offset by the huge increase in the price of these coins year over year. 26:55 The gross mining margin during the quarter was thirty one million, compared to two point six million in the prior year comparative quarter. Our production of Bitcoin as you talked was increased month over month and we are continuing to do this following our acquisition of our two data centers in Canada. 27:14 To our point of the gross mining margin, which equates to our revenues, minus our direct operating and maintenance costs increased in absolute dollars and stayed strong as a percentage of revenues at eighty three percent. The gross mining margin is also partially dependent on various external network factors and we've all talked about…

31:21 Thank you, Darcy and thank you, everyone. Please, if you have questions you can send them in to HIVE and we'll answer them all. Thank you everyone, and this is a wrap.