Bitfarms Ltd. (NASDAQ:BITF) Q4 2023 Earnings Conference Call March 7, 2024 8:00 AM ET

Company Participants

Tracy Krumme - Senior Vice President, Head of Investor Relations

Geoff Morphy - President and Chief Executive Officer

Ben Gagnon - Chief Mining Officer

Jeffrey Lucas - Chief Financial Officer

Conference Call Participants

Bill Papanastasiou - Stifel

Kevin Dede - H.C. Wainwright

William Carlson - Cantor Fitzgerald

Fedor Shabalin - B. Riley Securities

Operator

Good morning and welcome to the Bitfarms Fourth Quarter and Full Year 2023 Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Tracy Krumme, Senior Vice President, Head of Investor Relations at Bitfarms. Please go ahead.

Tracy Krumme

Thank you. Good morning everyone, and welcome to Bitfarms Fourth Quarter and Year End 2023 Conference Call.

With me on the call today is Geoff Morphy, President and Chief Executive Officer; Jeff Lucas, Chief Financial Officer; and Ben Gagnon, Chief Mining Officer.

Before we begin, please note that 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'll remind everyone that certain forward-looking statements will be made during the call and that future results could differ from those implied in the statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to also consult Bitfarms' MD&A for a complete list of those.

Please note that reference 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 aforementioned non-IFRS measures and their reconciliations to IFRS measures.

Please note that all financial references are denominated in US dollars unless otherwise noted.

Turning to Slide 3, it is now my pleasure to turn the call over to Geoff Morphy. Geoff, please go ahead.

Geoff Morphy

Thank you, Tracy, and thank you everyone for joining us today. I am happy to present and discuss with you our Q4 and full year results at such an exciting time in the industry.

Multiple converging catalysts are leading to a very bullish sentiment which is sending the Bitcoin price soaring and the market cap of Bitcoin to over $1.3 trillion. The favorable industry tailwinds include, an improving regulatory and macro backdrop, the recent Bitcoin ETF approvals by the SEC, which are leading to rapid retail and institutional adoption, the upcoming halving, which Ben will speak to more in a minute, the positive impact of Bitcoin supply constraints with current daily demand exceeding five to 10 times the daily supply of newly mined coins, and there's prospect of a lower global interest rate environment which has historically been very favorable to the Bitcoin sector.