In a large bowl, combine malt powder and water. Stir well, then let stand undisturbed until all the powder settles to the bottom, about 2 hours.
Meanwhile, cook rice according to usual method (in a pot or a rice cooker). When rice is fully cooked, rinse it in cold water to remove any surface starch.
Drain and reserve the clear liquid from step 1; discard the dregs.
Combine the clear liquid with the cooked rice, 1 cup sugar and the sliced ginger. If you can't fit all the liquid in the pot, that's okay, just refrigerate the excess. If you have a rice cooker with a "warm" setting, use that, or a crockpot set to "warm", or a very low oven (125-150F). Keep on warm 4-5 hours, until a few grains of rice are floating on the surface.
Separate the rice from the liquid, reserving both. Rinse the rice in cold water, cover and refrigerate. Pour the liquid into a large pot, along with the ginger slices. If you had leftover liquid in the previous step, add it in as well. Bring the liquid to a boil, adding another 1 cup of sugar. Skim off and discard any foam that forms. Boil until no more foam rises. Remove and discard the ginger. Cool the liquid to room temperature, then refrigerate.
To serve, place a spoonful of rice and a few pine nuts in a glass or a tea bowl. Add the cold sikhye and drink.