GREEL

• Team delivered strong operational performance in bitcoin production and uptime. - Pivoted strategy to focus on liquidity, concentrating on existing sites in South Carolina and New York. - Expect at least 3.6 exahash of installed mining capacity by Q1 2023 at existing sites, with infrastructure mostly procured. - Dresden site had 100% uptime in Q2 2022 and over 98% uptime in last 12 months. - Curtailed select miners at Dresden when power price neared miner revenue per megawatt hour. - Prioritizing newer, more efficient miners to improve fleet efficiency, reducing older, less efficient miners in Q2 2022 and expecting continuation in H2 2022.

• Expect at least 3.6 exahash of installed mining capacity by Q1 2023 at South Carolina and New York sites. - Plan fully funded with less than $7.5 million expected in additional infrastructure costs. - Spartanburg electrical service upgrade to 50 megawatts expected by Q1 2023. - Pausing plans to develop future sites until market conditions improve, exploring capital led options like JVs for pipeline sites.

Total revenue for the second quarter rose over 90% compared to the prior year second quarter. Cryptocurrency mining revenue increased 43% compared to Q2 2021, though offset by a ~30% lower average bitcoin price. They produced 621 bitcoins during the quarter, almost 100% more than the prior year quarter. Adjusted EBITDA was $2.9 million in Q2 2022, down from $8.1 million in Q2 2021. At the Dresden facility, revenue per megawatt hour for miners and power prices intersected, leading to curtailment of some miners. The Spartanburg site plans to develop at least 1.5 exahash of mining capacity by Q1 2023, and the Dresden site plans 2.1 exahash, aiming for combined 3.6 exahash by Q1 2023.

• Title V Air Permit process in New York for Dresden facility could take years, with timeline uncertain and potentially 20-54 months from January. - Market volatility in bitcoin and energy prices continuing to impact mining economics, affecting margins and operational decisions.