Hello, everyone, and welcome to today's webcast reviewing HIVE Blockchain Technologies financial results for quarter ended December 31, 2022. On Slide #2, I would like to briefly note disclosures. Except for statements of historical fact, this presentation contains forward-looking information within the meaning of the applicable Canadian and U.S. securities regulations. These forward-looking statements are based on expectations, estimates and assumptions as of the date of this presentation. On Slide #3, I am pleased to introduce today's presenters: Frank Holmes, Executive Chairman; Aydin Kilic, President and CEO; Darcy Daubaras, Chief Financial Officer; and Adam Sharp, Editor of the HIVE Newsletter. I would now like to hand the presentation over to Frank Holmes, Executive Chairman, for a macro overview of the quarter. Frank?

Thank you, Holly, and thank you, our shareholders, and the team for pulling this together what has been, as I'll recap for last calendar year, and it's really amazing how pulling through that and trying to give you color on the macro scene and what we see is going on. But what's really important for all of us before, what I think is an important disclosure and just to appreciate, the DNA of volatility. So often gold is compared to Bitcoin. A big reason for it is a decentralized asset. And when as you can see, gold bullion's daily volatility means 70% of the time it's a nonevent, they go up or down 1%. But over 10 days it's 3%. And in fact, gold is less volatile than the S&P 500, which on a daily basis is going up or down 2% and over 10 days 4%. When we go to Bitcoin, it's 4x greater on a daily basis. It is not a -- a nonevent to go up or down 4% and over 10 days up or down 10%. And when we come to Tesla, over 10 days, you can see it's much greater, much greater than the S&P 500, and HIVE Blockchain is 6% and a 10-day is 19%. MicroStrategy, a unique company, a technology company that is -- continues to buy and accumulate Bitcoin, on a 1-day, its volatility is plus or minus 7%, and over any 10-day, it's 21%. So before you ever think of going into this space, you have to understand the DNA of volatility of an asset class. HIVE is a big proxy for a lot of people that do not want to go to exchanges like FTX and lose all their money or invest in yield and Celsius and lose all your…

Thank you. And I will now talk about our snapshot of growth for HIVE. Just want to start talking about, at the beginning, in spite of the recent effects of contagions like FTX that's affecting our community, nonetheless, HIVE has had other sources of revenue to help us weather this uncertainty. Some of these items are through the sale of energy back to our Sweden electricity provider and the ability to load balance and some of the strategies we've taken in Sweden where one of our major facilities is located. Unfortunately, some of our peers didn't have these other sources of revenue. And as you've seen in the news, many of them have been having some struggles. To begin with, I'd like to remind listeners about 2 accounting practices that can have a material effect on HIVE's results, one being mark-to-market accounting and the second being noncash charges. Mark-to-market accounting is a practice that involves adjusting the value of an asset to reflect its value as determined by current market conditions. The market value is determined based on what a company would get for if the asset was sold at that point in time. Mark-to-market losses are paper losses generated through an accounting entry rather than the actual sale of a security. The swings in digital assets impact paper profits and losses each quarter. So our Bitcoin digital assets do generate unrealized gains and losses each quarter depending on the movement of the price of Bitcoin, and it is important that investors understand the differences in operating earnings or losses in addition to mark-to-market paper gains and losses each quarter. The second big thing, as I've mentioned, is noncash charges. A noncash charge is a write-down or accounting expense that does not involve a cash payment. Depreciation, amortization, depletion, stock-based…

Hello, everybody. I'm going to give you an executive update. I'm Aydin Kilic, the President and CEO of HIVE. And on that note, I was actually appointed to CEO this quarter, which was a very exciting milestone. I'm very grateful to Frank and the Board of Directors for this amazing opportunity. And this is a picture with me and the lovely Johanna recently at the European Blockchain Convention in Barcelona, Spain. So our team, we're spread out across the globe. We're always in touch and it's a great journey. Next slide. And so being that this is our quarterly earnings presentation, I'm going to do a quarterly efficiency analysis. Again, you could see that HIVE led our peers in the highest Bitcoin for exahash, 115, 105 and 114. Nets will vary month by month with network difficulty, but what's important is to see how the peers stack up against each other each month. And again, you could see HIVE consistently leading the pack. Now this is a very important figure to understand because as miners scale, people talk about economies of scale, we'll note this is a game of economies of efficiency because you see some of the companies that have scaled their uptime and their Bitcoin for exahash is in the 60 and 70 range, right, whereas the top performers are north of 100. Next slide. But it's not just about your efficiency. That is a marker of performance. However, profit ultimately is what we are striving after as a public company and delivering value to our shareholders and having good cash flow return on invested capital. And so this is how we were very agile. We pivoted this quarter when there was a lot of red, and it was a very tough quarter for a lot of companies,…

All right. Those of you who have been around a while know that HIVE went through the bear market of 2018 as a public company. And that experience really instilled a sense of discipline and restraint in the company, which remains strong today. Let's look at some charts that demonstrate this. This first chart shows administrative costs as a percentage of revenue since 2021. Administrative costs include things like executive compensation, legal and consulting fees, insurance, et cetera. As you can see, HIVE has the lowest admin costs as a percentage of revenue at 9%. And this bar chart really tells the story here. HIVE is a pretty lean company. This is research from hashrateindex.com. They put out some great stuff, so check them out. Next slide, please. All right. Now let's look at stock compensation as a percentage of revenue. So this is a key metric for really determining return on invested capital, right? Once again, HIVE is looking good here with just 4% of revenue as stock comp for 2021 and 2022. You can see where we compare to our peers here, and HIVE once again stands out for being lean and mean. This research was put together by Anthony Power over at Compass Mining. Check his stuff out. It's excellent. Next slide, please. All right. Finally, let's look at shareholder dilution in 2022. So HIVE really stands out here once again with just 5% share dilution in '22, which was a trying year for miners with difficulty rising and the price declining. This chart is also from Anthony Power at Compass Mining. All right. Now next slide, please. Let's pull it all together in a nice Venn diagram. HIVE has the lowest administrative cost, the lowest stock comp as a percentage of revenue and among the lowest shareholder dilution during the periods covered by these charts. Thank you all for tuning in today. As a reminder, you can find us on social media as shown below or e-mail us at info@hiveblockchain.com.