American Bitcoin Corp (ABTC) 2026 Q2 法說會逐字稿

Good morning, welcome to American Bitcoin's second quarter 2026 earnings call. (Operator Instructions) Before we begin, please note that during this call, forward-looking statements will be made within the meaning of the federal securities laws.

早安，歡迎參加 American Bitcoin 2026 年第二季財報電話會議。（接線員指示）在我們開始之前，請注意，本次電話會議中將在聯邦證券法所界定的範圍內發表前瞻性陳述。

These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially.

這些陳述係基於目前的預期與假設，並受風險與不確定性影響，可能導致實際結果出現重大差異。

For a detailed discussion of the risks and uncertainties that could cause actual results and events to differ, please refer to American Bitcoin's filings with the Securities and Exchange Commission, including the company's most recent annual report on Form 10-K for the fiscal year ending December 31, 2025, and its subsequent quarterly reports on Form 10-Q.

如需瞭解可能導致實際結果與事件出現差異之風險與不確定性的詳細討論，請參閱 American Bitcoin 向美國證券交易委員會（SEC）提交的文件，包括公司截至 2025 年 12 月 31 日止會計年度的最新 Form 10-K 年度報告，以及其後續的 Form 10-Q 季度報告。

American Bitcoin undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances after the date of this call, except as required by law. During this call, the company may also discuss certain non-GAAP financial measures.

除法律另有規定外，American Bitcoin 不承擔在本次電話會議日期之後更新或修訂前瞻性陳述以反映事件或情況的任何義務。在本次電話會議中，公司亦可能討論若干非 GAAP 財務衡量指標。

A reconciliation of these measures to the most directly comparable GAAP measures is included in the company's earnings release, which is available on the investor relations section of our website and was furnished with the Form 8-K filed with the SEC.

這些衡量指標與最直接可比的 GAAP 指標之調節表，已載於公司財報新聞稿中；該新聞稿可於我們網站的投資人關係專區取得，並已隨同提交予 SEC 的 Form 8-K 一併提供。

I would now like to turn the call over to American Bitcoin's Chief Executive Officer, Mike Ho.

現在我想把電話會議交給 American Bitcoin 執行長 Mike Ho。

Thank you, good morning, everyone. Before I get into the results, I want to spend a minute on how we think about this business because it explains the decisions behind the results we will cover today. Our conviction is simple.

謝謝，各位早安。在我進入結果之前，我想先花一點時間談談我們如何看待這門業務，因為這能解釋我們今天將涵蓋之結果背後的決策。我們的信念很簡單。

We believe Bitcoin is a growing capital asset and that its long-term compounding will outperform our cost of capital. At its core, American Bitcoin is an operating business built on this conviction. While Bitcoin is facing headwinds, our response is to do the work today that prepares us for tomorrow.

我們相信比特幣是一項正在成長的資本資產，其長期複利成長將優於我們的資本成本。本質上，American Bitcoin 是建立在此信念之上的營運型企業。儘管比特幣正面臨逆風，我們的回應是：今天把該做的工作做好，為明天做好準備。

That is why strengthening our operating business is so important. It is what allows us to continue to grow through Bitcoin’s market cycles. At the same time, we are clear-eyed about the environment. Every business navigates macro headwinds and tailwinds. In Bitcoin mining, those forces are structural.

這也是為什麼強化我們的營運業務如此重要。這使我們能夠在比特幣的市場循環中持續成長。同時，我們也清楚看見當前環境。每一門生意都要在總體經濟的逆風與順風中航行。在比特幣挖礦產業，這些力量具有結構性。

On the cost side, competition for power has intensified as demand from other large-scale use cases grow. On the revenue side, the Bitcoin price declined during the quarter, which compressed mining revenue across the industry, the next halving will reduce block subsidy again.

在成本端，隨著其他大型用電情境的需求成長，電力競爭已加劇。在營收端，本季比特幣價格下跌，壓縮了全產業的挖礦收入；下一次減半也將再次降低區塊補貼。

On the schedule, Bitcoin has always followed. We cannot control these forces. What we can control is how we respond to them. We believe the hallmark of an enduring business is the ability to create value across market cycles, we view this stretch as a period of opportunistic growth for this company.

在時間表上，比特幣一直都是如此運行。我們無法控制這些力量。我們能控制的是我們如何回應。我們相信，能夠跨越市場循環創造價值，是一家長青企業的標誌；我們將這段期間視為公司把握機會成長的階段。

Our conviction in Bitcoin’s long-term adoption is unchanged, we are continuing to evaluate opportunities in which we can improve our unit economics and grow our operating business. We will share more as those opportunities take shape.

我們對比特幣長期採用的信念不變；我們持續評估可改善單位經濟效益並擴大營運業務的機會。隨著這些機會逐步成形，我們將分享更多資訊。

Through this environment, we have centered American Bitcoin on operating excellence and bottom-line economics. Our goal is to increase shareholder value by running a disciplined, efficient business through the cycle and to earn your confidence the only way it can be earned, through execution quarter after quarter.

在這樣的環境下，我們將 American Bitcoin 的重心放在營運卓越與獲利底線的經濟性。我們的目標是在循環中以紀律且高效率的方式經營，提升股東價值，並以唯一能贏得信任的方式——一季接一季的執行——來贏得各位的信心。

I will cover the quarter in three parts: the performance of the mining platform and our financial results, the growth of our strategic reserve and what it means per share, and our near-term priorities.

我將從三個部分說明本季：挖礦平台的表現與我們的財務結果、我們策略性儲備的成長及其對每股的意義，以及我們的短期優先事項。

With that context, let me turn to our second quarter, which was a quarter of higher production, revenue growth, and continued reserve accumulation. In Q2 2026, we mined 932 Bitcoin compared with 817 Bitcoin in the first quarter, an increase of approximately 14%.

在此背景下，讓我談談第二季：這是一個產量提升、營收成長、且持續累積儲備的一季。2026 年第二季，我們挖出 932 枚比特幣，相較第一季的 817 枚，約增加 14%。

This was our highest quarterly production on record. Drumheller was an important contributor. The site was fully energized in April, adding roughly three exahash of next-generation capacity. Q2 was the first quarter in which the site contributed at scale.

這是我們有史以來最高的單季產量。Drumheller 是重要的貢獻者。該場址於 4 月全面通電，新增約 3 exahash 的次世代算力。第二季是該場址首次以規模化方式貢獻產能的季度。

Revenue was approximately $67 million in Q2, compared with $62.1 million in Q1, an increase of approximately 8%. That growth came against a declining Bitcoin price, which declined approximately 12% period end over period end from Q1, including a peak-to-trough decline of approximately 28% from May 10 to June 26.

第二季營收約為 6,700 萬美元，相較第一季的 6,210 萬美元，約增加 8%。這項成長是在比特幣價格下跌的情況下達成；比特幣價格在期末對期末的基礎上較第一季約下跌 12%，其中自 5 月 10 日至 6 月 26 日的高點至低點跌幅約 28%。

The increase from Q1 was driven by higher production, the first quarter of Drumheller at scale, and a downward adjustment in network difficulty, not by a favorable price environment. Cost of revenue was approximately $34 million, compared with $29.6 million in Q1.

相較第一季的增加，主要由更高的產量、Drumheller 首次以規模化貢獻，以及網路難度下調所帶動，而非受惠於有利的價格環境。營收成本約為 3,400 萬美元，相較第一季的 2,960 萬美元。

Gross profit was approximately $33 million in Q2, compared with $32.5 million in Q1, and gross margin was approximately 49% in Q2, compared with 52% in Q1. The minor margin compression in the quarter resulted from the decline in Bitcoin price, not from a deterioration in the underlying cost structure.

第二季毛利約為 3,300 萬美元，相較第一季的 3,250 萬美元；第二季毛利率約為 49%，相較第一季的 52%。本季毛利率小幅壓縮係由比特幣價格下跌所致，而非基礎成本結構惡化。

The increase in cost of revenue quarter-over-quarter was primarily driven by marginally higher energy costs at selective sites. General and administrative expense was approximately $7.7 million, compared with $6.9 million in Q1, and remained roughly flat as a percentage of revenue at approximately 11% quarter-over-quarter.

營收成本的季對季增加，主要由部分場址的能源成本略為上升所驅動。一般及行政費用約為 770 萬美元，相較第一季的 690 萬美元；以營收百分比計算，季對季大致持平，約為 11%。

On a GAAP basis, net loss for the quarter was approximately $57.2 million, compared with a net loss of $81.8 million in Q1. The result includes a loss on digital assets of $71.2 million, compared with a $117.2 million loss in Q1.

按 GAAP 基礎，本季淨損約為 5,720 萬美元，相較第一季淨損 8,180 萬美元。該結果包含數位資產損失 7,120 萬美元，相較第一季損失 1.172 億美元。

That reflects the required fair value measurement of Bitcoin we continue to hold, an accounting mechanism, not a realized trading result. At quarter end, our total owned fleet stood at nearly 90,000 miners, representing approximately 28.1 exahash per second of capacity, of which approximately 25 exahash was operational at an average efficiency of approximately 14 joules per terahash.

這反映了我們持續持有之比特幣所需的公允價值衡量，屬會計處理機制，而非已實現的交易結果。截至季末，我們自有礦機總數接近 90,000 台，代表約 28.1 exahash/秒的算力，其中約 25 exahash 已投入運作，平均效率約為每太哈希 14 焦耳。

Revenue per Bitcoin mined was approximately $71,900, down roughly 5% from approximately $76,000 in Q1. That compares with a Bitcoin price decline of approximately 12% over the same period on a period end basis.

每枚已挖出比特幣的營收約為 71,900 美元，較第一季約 76,000 美元下降約 5%。相較之下，在同一期間以期末對期末計算，比特幣價格約下跌 12%。

In other words, revenue per Bitcoin held up better than the price move, and with record quarterly production on top of it, total revenue still grew approximately 8%. Production, not price, drove our growth this quarter.

換言之，每枚比特幣的營收表現優於價格變動；再加上創紀錄的單季產量，總營收仍約成長 8%。本季推動我們成長的是產量，而非價格。

Cost to mine was approximately $36,500 per Bitcoin, compared with approximately $36,200 in Q1, an increase of less than 1%. Despite a volatile price environment and the energization of new capacity during the quarter, mining Bitcoin at a meaningful discount to its market price remains the engine of this business.

挖出每枚比特幣的成本約為 36,500 美元，相較第一季約 36,200 美元，增幅不到 1%。儘管價格環境波動且本季新增產能通電，以顯著低於市價的成本挖礦，仍是這門業務的引擎。

Holding our unit cost roughly flat through another volatile quarter reflects the pairing of efficient infrastructure with competitive energy across our sites.

在另一個波動季度中仍能將單位成本大致維持不變，反映了我們在各場址將高效率基礎設施與具競爭力的能源相結合。

Looking ahead, summer conditions can affect production and power economics, particularly in Texas. We will continue to focus on optimizing for economic output rather than simply maximizing uptime.

展望未來，夏季條件可能影響產量與電力經濟性，尤其是在德州。我們將持續專注於最佳化經濟產出，而非僅僅追求最大化上線時間。

Next, let me turn to the strategic reserve. We began the quarter with approximately 7,021 Bitcoin and ended it with 8,002 Bitcoin, growth of nearly 1,000 Bitcoin or roughly 14% in a single quarter.

接下來，讓我談談策略性儲備。我們在本季開始時約持有 7,021 枚比特幣，季末增至 8,002 枚；單季增加近 1,000 枚比特幣，約成長 14%。

That growth reflects how our accumulation model is built. Mine production is the foundation, supplemented by strategic at-market purchases when we believe they are accretive. This quarter, the increase came primarily from mine production, supplemented by approximately $4 million of strategic at-market purchases.

那樣的成長反映了我們累積模式的建構方式。礦場產出是基礎，並在我們認為能帶來增益時，輔以在市場上進行的策略性買入。本季的增加主要來自礦場產出，並輔以約 400 萬美元的策略性市價買入。

We did not sell a single Bitcoin from our balance sheet reserve. Mining and purchases perform different roles. Mining uses our infrastructure to convert power into Bitcoin at a discount.

我們沒有從資產負債表的儲備中賣出任何一枚比特幣。挖礦與買入扮演不同角色。挖礦利用我們的基礎設施，將電力以折價轉換為比特幣。

Purchases are opportunistic. We weigh liquidity, market conditions, and our cost of capital. When those factors do not support per share accretion, we buy less. The economic value of the reserve will move with the Bitcoin price, and fair value accounting will make that movement visible in the income statement each quarter.

買入則是機會型的。我們會權衡流動性、市場狀況以及我們的資金成本。當這些因素無法支持每股增益時，我們就會買得更少。該儲備的經濟價值將隨比特幣價格變動，而公允價值會計將使這種變動在每季的損益表中清楚呈現。

Our operating policy is not based on that quarterly march. We are managing the reserve as a long-duration strategic asset. One housekeeping note before I turn to per share figures. All per share comparisons today are presented on a consistent basis with prior periods restated to match.

我們的營運政策並非以那種按季推進的變化為基礎。我們將該儲備作為長期的策略性資產來管理。在我轉到每股數據之前，先補充一點作業性說明。今天所有每股比較皆以一致基礎呈現，並已將前期數據重述以保持可比。

A quick reminder on terminology. Satoshis per share and Bitcoin per share measure the same thing. One Bitcoin equals 100 million Satoshis, so the difference is simply one of scale.

快速提醒一下術語。每股聰（Satoshis per share）與每股比特幣（Bitcoin per share）衡量的是同一件事。1 枚比特幣等於 1 億聰，因此差別只是尺度不同。

At quarter end, Satoshis per share stood at approximately 11,000, compared with approximately 9,950 as of March 31, growth of approximately 11% in a single quarter. Since our NASDAQ listing on September 3, 2025, Satoshis per share has grown approximately 170%.

截至季末，每股聰約為 11,000，較 3 月 31 日的約 9,950，在單一季度成長約 11%。自我們於 2025 年 9 月 3 日在 NASDAQ 上市以來，每股聰已成長約 170%。

Satoshis per share is one of the measures we use to track our discipline in growing our Bitcoin reserve faster than our share count. Our approach to the ATM program follows that same logic. We ended the quarter with approximately 82% of capacity remaining under the ATM program.

每股聰是我們用來追蹤紀律的一項指標，用以衡量我們讓比特幣儲備成長速度快於股數成長的能力。我們對 ATM 計畫的做法也遵循同樣邏輯。本季結束時，ATM 計畫下仍保有約 82% 的可用額度。

We do not view share issuance as an end in itself. It must be evaluated against the value received, the deployment opportunity, liquidity needs, and the effect on Bitcoin ownership per share. When those conditions are not attractive, we can slow or pause issuance.

我們不把發行股票視為目的本身。必須就所獲得的價值、資金部署機會、流動性需求，以及對每股比特幣持有量的影響來評估。當這些條件不具吸引力時，我們可以放慢或暫停發行。

When they are, the ATM gives us flexible capital without a fixed financing calendar. Before I hand the call over, let me leave you with our near-term priorities. We remain focused on our core business, running an efficient mining platform and growing our Bitcoin ownership per share.

當條件具吸引力時，ATM 能在沒有固定融資時程的情況下，提供我們彈性的資本。在我把電話交出去之前，先分享我們的短期優先事項。我們仍專注於核心業務：營運高效率的挖礦平台，並提升我們的每股比特幣持有量。

We are not stepping back from our thesis. We are doubling down on it, on Bitcoin, and on the infrastructure that supports it. We will be disciplined in how we pursue that growth, and we will keep you updated as we execute.

我們不會退回我們的論點。我們會加倍投入：投入比特幣，以及支撐它的基礎設施。我們將以紀律方式追求成長，並在執行過程中持續向各位更新。

On a more personal note, our President and Interim Chief Financial Officer, Matt Prusak, has decided to take on an exciting new opportunity in his hometown of Austin. For many of us, our relationship with Matt goes back more than 10 years, long before American Bitcoin existed.

再補充一點較個人的消息：我們的總裁兼代理財務長 Matt Prusak，已決定在他的家鄉奧斯汀接受一個令人振奮的新機會。對我們許多人而言，與 Matt 的關係可追溯至 10 多年前，遠在 American Bitcoin 成立之前。

Through the US Bitcoin Corp days, to our merger with Hut 8, then through ABTC's launch, and everything we have built together since. Matt has truly been a great partner and a friend. We are a small team here at American Bitcoin, and any team member's success is a feather in all of our caps.

從 US Bitcoin Corp 時期，到與 Hut 8 的合併，再到 ABTC 的啟動，以及此後我們共同打造的一切。Matt 確實一直是很棒的夥伴與朋友。American Bitcoin 的團隊規模不大，而任何一位成員的成功，都是我們所有人的榮耀。

He will remain in his role through August 4 to support a smooth transition, Paul Sacks, our Head of Derivatives, will step in as Interim Chief Financial Officer. Matt, thank you. Congratulations, all of us are excited for you as you begin this next chapter.

他將持續任職至 8 月 4 日，以支持順利交接；我們的衍生品主管 Paul Sacks 將接任代理財務長。Matt，謝謝你。恭喜你，我們大家都為你開啟下一篇章而感到興奮。

With that, I will turn the call over to our Chief Strategy Officer, Eric Trump.

接下來，我把電話交給我們的首席策略長 Eric Trump。

Thank you, Mike, good morning, everybody. I want to step back and talk about what this team has built because it's worth remembering how far this company has come in such an incredibly short period of time. Just over 16 months ago, American Bitcoin did not exist.

謝謝你，Mike，各位早安。我想退一步談談這個團隊所打造的一切，因為值得回顧這家公司在如此短的時間內走了多遠。就在 16 個多月前，American Bitcoin 還不存在。

We launched ABTC on March 31, 2025, mining with roughly 10 exahash in capacity. Within months, we completed an oversubscribed private raise of approximately $220 million. Just five months later, on September 3, 2025, we went public on the NASDAQ.

我們於 2025 年 3 月 31 日推出 ABTC，挖礦算力約為 10 exahash。數月內，我們完成一輪超額認購的私募募資，金額約 2.2 億美元。再過五個月後，也就是 2025 年 9 月 3 日，我們在 NASDAQ 上市。

Hard to believe that was exactly 11 months ago from today. On the day of our debut, we held approximately 2,460 Bitcoin and ranked roughly 30th among publicly traded Bitcoin companies on Earth. From there, this team kept building. We scaled the fleet to approximately 25 exahash.

很難相信那正好是距今 11 個月前。在我們上市首日，我們持有約 2,460 枚比特幣，在全球上市比特幣公司中約排名第 30。從那之後，這個團隊持續建設。我們將機隊規模擴大至約 25 exahash。

We ended 2025 with 5,401 Bitcoin and moved into the top 20 publicly traded Bitcoin companies anywhere in the world. We continued to grow.

我們在 2025 年底持有 5,401 枚比特幣，並躋身全球前 20 大上市比特幣公司之列。我們持續成長。

In the first quarter of this year, our reserve topped 7,000 Bitcoin, we continued to increase our compute, energizing our Drumheller site, which was fully online by the second quarter. This resulted in more growth, approximately 28.1 exahash per second, nearly 3 times the compute from our launch date.

今年第一季，我們的儲備突破 7,000 枚比特幣；我們也持續提升算力，為 Drumheller 場址通電，並在第二季全面上線。這帶來了更多成長，算力約達每秒 28.1 exahash，幾乎是我們啟動時算力的 3 倍。

Almost 90,000 mining machines of owned capacity working around the clock. We ended Q2 of this year with 8,002 Bitcoin in our strategic reserve. This number makes us the 16th largest publicly traded Bitcoin company in the world.

近 90,000 台自有產能的礦機日以繼夜運作。今年第二季結束時，我們的策略性儲備達到 8,002 枚比特幣。這使我們成為全球第 16 大上市比特幣公司。

Every day, we continue to grow. Every day, we continue to build. Today, we sit on approximately 8,300 Bitcoin in our treasury. From zero to roughly 8,300 Bitcoin, 28 exahash, almost 90,000 mining machines in a little over 16 months.

我們每天都在成長。我們每天都在建設。今天，我們的庫藏約有 8,300 枚比特幣。從零到約 8,300 枚比特幣、28 exahash、近 90,000 台礦機，只用了 16 個多月。

From a non-existing company to the 16th largest Bitcoin company on Earth in a little over 16 months. On our last call, I told you we are focused on two races, accumulating the most Bitcoin and doing it at the lowest possible cost.

在 16 個多月內，從一家不存在的公司，成為全球第 16 大比特幣公司。在上次電話會議中，我告訴各位我們專注於兩場競賽：累積最多的比特幣，並以盡可能低的成本做到。

This quarter, through an extremely volatile market, a market where the price of Bitcoin is down almost 50% from all-time highs, we kept singular focus on both. By price compression, every quarter since our launch, our gross margin has held at approximately 49% or higher, including this quarter.

本季在極度波動的市場中——比特幣價格較歷史高點下跌近 50% 的市場——我們仍專注於這兩點。在價格受壓的情況下，自我們啟動以來的每一季，我們的毛利率都維持在約 49% 或更高，本季亦然。

That's an astonishing statistic. Nearly 50% gross margin despite a period of declining Bitcoin price. That's what makes American Bitcoin, that's what makes what we have built so incredibly unique.

這是一個驚人的數據。即使在比特幣價格下跌期間，毛利率仍接近 50%。這就是 American Bitcoin 的特質，也是我們所打造的一切如此獨特的原因。

Bitcoin does not move in a straight line. We've never built this company assuming it would. We understand the headwinds faced by this industry this year. Our conviction is unchanged. Bitcoin's global adoption is happening every single day on every corner of the Earth.

比特幣不會沿著直線走。我們從未在假設它會的前提下打造這家公司。我們理解今年這個產業所面臨的逆風。我們的信念不變。比特幣的全球採用每天都在地球每個角落發生。

We believe continuing to build thoughtfully through challenging markets is exactly what positions us to capture Bitcoin's potential upside on the other side. We are building this company designed to endure decades. This is our singular mission.

我們相信，在艱難市場中持續審慎建設，正是讓我們能在另一端把握比特幣潛在上行的關鍵。我們打造的是一家具備數十年韌性的公司。這是我們唯一的使命。

I want to thank everyone across the American Bitcoin team who has delivered this quarter. This progress belongs to our shareholders as much as it does to our team. Our management and largest holders are invested in this company's success alongside the rest of our shareholders. We intend to keep building, delivering, and earning that trust every quarter.

我想感謝美國比特幣團隊中每一位在本季交出成果的同仁。這份進展既屬於我們的團隊，也同樣屬於我們的股東。我們的管理層與最大持股人，與其他股東一樣，都投入於這家公司的成功。我們打算持續建設、持續交付，並在每一季贏得這份信任。

To Matt, congratulations, my friend. Matt has really poured himself into this company from the day we launched. Everyone on the American Bitcoin team is excited for him as he begins his new chapter in Austin. He will always be a big part of our incredible story.

Matt，恭喜你，我的朋友。自我們成立之日起，Matt 就全心投入這家公司。當他在奧斯汀展開人生新篇章之際，美國比特幣團隊的每個人都為他感到興奮。他永遠都會是我們這段精彩故事的重要一部分。

With that, operator, we're happy to take any questions.

那麼，接線員，我們很樂意回答任何問題。

(Operator Instructions) Greg Lewis with BTIG.

(接線員指示) BTIG 的 Greg Lewis。

Hey, thank you. Good morning, and thanks for taking my questions. Michael, I was hoping that you could talk a little bit more, now that the facility is up and running, how are we thinking about the future build-outs of self-mining here over the next 12 to 24 months?

嗨，謝謝。早安，也謝謝你們回答我的問題。Michael，我想請你多談一點，現在設施已經啟用並運轉了，未來 12 到 24 個月我們對自營挖礦擴建的規劃是怎麼思考的？

Good morning, Greg, and thanks for the question. I'll be candid. This is very apparent in today's macro environment when it comes to energy, when it comes to site availability. There is roughly 1,000 GW of total generation in the US 800 GW is the peak.

早安，Greg，謝謝你的提問。我會坦白說。在當前的總體環境下，無論是能源或場址可得性，這點都非常明顯。美國總發電量約 1,000 GW，而尖峰負載是 800 GW。

There's 200 GW of excess power that companies like us, other developers, are working on front-of-the-meter interconnects and tapping into that allocation. Since the ChatGPT moment, we've seen a flurry of new developers coming in to source the same power.

大約有 200 GW 的剩餘電力，像我們這樣的公司以及其他開發商，正在推動表前（front-of-the-meter）的併網並接入這部分配額。自從 ChatGPT 時刻之後，我們看到大量新開發商湧入，來尋找同一批電力來源。

Electrons are fungible. It's the same power that is being used for AI data centers. The market has become increasingly competitive. The value of these sites, the bids, have become a lot more competitive given the economics of the AI data centers.

電力（電子）是可互換的。這與 AI 資料中心使用的是同一種電力。市場競爭愈來愈激烈。在 AI 資料中心經濟性驅動下，這些場址的價值與投標價格都變得更具競爭性。

We continue to source the silver linings of site availability as we've demonstrated in the past when it came to looking for renewables in congested areas. We believe that we can still continue to find competitive sites. We'll update more in the coming quarters.

我們持續在場址可得性中尋找「一線希望」，就像過去在擁塞區域尋找再生能源時所展現的能力一樣。我們相信仍然可以持續找到具競爭力的場址。我們會在接下來幾季提供更多更新。

Okay. Super helpful. I was just hoping, obviously super focused on what's happening from a legislation perspective. I was kind of wondering, as we sit here in early August, how are you thinking about positioning the company into progress around the CLARITY Act?

好的。非常有幫助。我也很關注立法面的進展。我想請教一下，現在是 8 月初，你們如何思考讓公司在 CLARITY Act 的推進上做好定位？

What we control are our operating metrics. This was a quarter that we mined more Bitcoin than any previous quarter. Our gross profit increased even with a declining Bitcoin price, given our increased production. Bitcoin decreased this quarter by double digits.

我們能掌控的是我們的營運指標。本季我們挖出的比特幣數量創下歷來單季新高。即使比特幣價格下跌，由於產量提升，我們的毛利仍然增加。本季比特幣下跌幅度達到兩位數。

We still held our gross margin percentage almost around 50%. The CLARITY Act and regulations go beyond our scope and our purview. It's out of our control. We are monitoring the progress. We hope it gets passed soon.

我們仍將毛利率大致維持在接近 50%。CLARITY Act 與相關監管超出我們的範圍與職權。那不在我們可控之內。我們正在追蹤其進展。我們希望它能盡快通過。

It helps Bitcoin. It helps every participant. In the meantime, we're only able to focus on what we could control. That's our operations.

這對比特幣有幫助。也對每一位參與者都有幫助。同時，我們只能專注在我們能控制的事情上。也就是我們的營運。

That's super helpful. Thanks very much.

非常有幫助。非常感謝。

Matthew Galinko with Maxim Group.

Maxim Group 的 Matthew Galinko。

Hey, thanks for taking my questions, and congrats to Matt. Firstly, I'm hoping you could maybe talk about your pulse on the network hash rate, how responsive other miners have been, in your view, to this price environment, and what you expect from the other miner behavior as we move into the halving.

嗨，謝謝你們回答我的問題，也恭喜 Matt。首先，我想請你談談你們對全網算力（network hash rate）的觀察：在你看來，其他礦工對目前價格環境的反應有多快？以及隨著減半臨近，你預期其他礦工的行為會如何？

That's a great question, Matt. What we've seen is a stable or decreasing overall network hash rate environment. What the numbers show is about a third of the Bitcoin network was primarily driven by US public companies, some of our peers.

這是個很好的問題，Matt。我們看到的是全網算力整體維持穩定或呈下降的環境。數據顯示，比特幣網路大約有三分之一主要由美國上市公司所驅動，其中包括一些同業。

Our peers have, in the recent quarters, have all pivoted existing Bitcoin mining sites and have signed or are in the process of signing AI data center sites. These are typically long-durated, 10, 15, sometimes longer terms. Once that hash rate comes offline, that rack space no longer is available, even if we see improved hashprice and the economics of Bitcoin mining improve from here.

我們的同業在最近幾季都已將既有的比特幣挖礦場址轉向，並已簽署或正在簽署 AI 資料中心場址。這些合約通常是長期的，10 年、15 年，有時更久。一旦那部分算力下線，那些機櫃空間就不再可用，即便未來我們看到 hashprice 改善、比特幣挖礦的經濟性從此處開始回升也是如此。

What that means is this is a more of a permanent environment where those machines are coming off the network and won't make its way back on. We've seen over the last few quarters, hash rate has maintained or decreased, allowing us to increase our production for the same participation of the network.

這代表這更像是一種較為永久的狀態：那些機器會退出網路，且不會再回到網路上。過去幾季我們看到算力維持或下降，使我們在網路參與度相同的情況下仍能提高產量。

Thank you. Maybe as a follow-up to that question, I know you talked about the difficulty in sourcing additional sites, but do you have a sense for what the pipeline of unique sites that are appropriate for Bitcoin mining and not HPC or inference looks like?

謝謝。也許作為追問，我知道你提到取得更多場址的難度，但你是否能分享一下：適合比特幣挖礦、但不適合 HPC 或推論（inference）的獨特場址管線大概是什麼樣子？

What do you think about opportunities for sourcing sites, and what's appropriate given your scale of operations versus where you could find sites that aren't necessarily suitable for AI?

你如何看待取得場址的機會？以你們的營運規模而言，哪些場址是合適的，尤其是那些不一定適合 AI 的場址？

Again, that's a great question, I'll give you the simple answer to that, it really comes down to latency. Latency, Bitcoin mining is location agnostic, as we've seen with recent AI data centers moving away from the Tier 1 AZs like Northern Virginia, Atlanta.

同樣是個好問題。我給你一個簡單的答案：關鍵其實在於延遲（latency）。延遲方面，比特幣挖礦對地點不敏感；而我們也看到近期 AI 資料中心正逐步遠離北維吉尼亞、亞特蘭大等 Tier 1 可用區（AZ）。

AI data centers are also open to new markets, so Bitcoin mining is not unique in that sense. However, latency continues to be a constraint for AI offtake customers. With Bitcoin mining, we're able to install a Starlink. We're able to mine Bitcoin with very low bandwidth.

AI 資料中心也在開放新的市場，所以從這個角度看，比特幣挖礦並非獨特。不過，延遲仍然是 AI 承購客戶（offtake customers）的限制因素。對比特幣挖礦而言，我們可以安裝 Starlink。我們可以用非常低的頻寬來挖比特幣。

Even if the power is available for AI offtake, they still require fiber, dark fiber in most cases. Fiber takes time to build to bring to these more rural areas. That is the market that we're tapping and we continue to monitor for our new expansion sites.

即使電力可供 AI 承購，他們多數情況仍需要光纖，甚至需要暗光纖（dark fiber）。要把光纖建到這些較偏遠地區需要時間。這正是我們正在切入的市場，我們也會持續監測作為新擴張場址的來源。

Thanks. If I could sneak one additional question in, then I'll jump back in the queue. We've seen a bit of an evolution, whether from large-scale Bitcoin miners taking on proactive treasury management or, the last quarter, we've seen MicroStrategy take on kind of a different bent towards managing their treasury.

謝謝。如果我可以再塞一個問題，之後我就回到隊列。我們看到一些演變：不論是大型比特幣礦工開始更主動地做資金庫存（treasury）管理，或是上一季我們看到 MicroStrategy 在資金庫存管理上採取了不同的取向。

Maybe just go back over what your North Star is. Is it Bitcoin per share? Given some of the changes we've seen across the industry, do you see the opportunity of leaning into equity repurchases, perhaps through the sale of Bitcoin to fund that as a potential opportunity for driving economics and returns for the business? Maybe talk about some of the levers you have and how you're evaluating them. Thank you.

能否再談談你們的「北極星」是什麼？是每股比特幣（Bitcoin per share）嗎？鑑於我們在產業中看到的一些變化，你們是否認為透過出售比特幣來資助股票回購，可能是一個提升公司經濟性與報酬的機會？也請談談你們有哪些槓桿，以及你們如何評估它們。謝謝。

Absolutely. This quarter, our shares outstanding grew by about 3%, whereas our Bitcoin holdings grew by about 14%. Going back to our Bitcoin per share metric, that per share ownership rose by roughly 11%, which demonstrates our discipline on focusing on the North Star being increasing Bitcoin per share.

當然。本季我們的流通在外股數約增加 3%，而我們的比特幣持有量約增加 14%。回到我們的每股比特幣指標，每股持有量約上升 11%，這展現了我們在聚焦北極星——提升每股比特幣——上的紀律。

Outside of treasury management and being opportunistic and being able to make open market purchases, we have a very profitable operating business that has remained true to our thesis that even in challenged times with headwinds of the Bitcoin price environment, we're able to maintain gross profitability and a lower structural discount to being able to purchase Bitcoin at the spot market.

除了財資管理、把握機會並能在公開市場進行買入之外，我們還擁有一個非常盈利的營運業務，並且始終忠於我們的投資論點：即使在充滿挑戰、比特幣價格環境帶來逆風的時期，我們仍能維持毛利能力，並以較低的結構性折價在現貨市場購買比特幣。

This concludes the question and answer session. I'd like to turn the call back over to Eric Trump for any closing remarks.

問答環節到此結束。我想把電話交回給 Eric Trump，請他做結語。

Guys, thank you. Greg, Matt, thanks a lot for the question. We have a lot of analysts on the call today. Many of them have been so great. Ben, Brian, I see you guys up here on the screen in front of me. Guys, we started this company 16 months ago.

各位，謝謝。Greg、Matt，非常感謝你們的提問。今天電話會議上有很多分析師。其中許多人都非常棒。Ben、Brian，我看到你們就在我面前螢幕上。各位，我們在 16 個月前創立了這家公司。

We've been public exactly 11 months today. It's kind of hard to believe. Literally as we sit here right now, 11 months ago, we were ringing the bell on the NASDAQ exactly 11 months ago. You look at what we've created.

我們成為上市公司到今天剛好滿 11 個月。這有點難以置信。就在此時此刻，11 個月前我們正好在納斯達克敲鐘，就在 11 個月前。看看我們所創造的一切。

We've created the 16th largest public Bitcoin treasury company in the world. In 11 months, we've gotten to that point. We're holding at 50%, almost 50% gross margins. If you look at it, Bitcoin is down 50% from its peak, roughly, and yet we're holding at 50% gross margins.

我們打造了全球第 16 大的上市比特幣財庫公司。在 11 個月內，我們就達到了這個位置。我們的毛利率維持在 50%，接近 50%。如果你看一下，比特幣從高點下跌約 50%，然而我們仍維持在 50% 的毛利率。

Name another company in the world that can do that. I think, for all of us here, we've done everything right. We have almost 90,000 miners, 28 exahash. We have some of the cheapest power anywhere. Our Bitcoin stack is growing and growing.

請說出世界上另一家能做到這點的公司。我想，對我們在座各位而言，我們把每件事都做對了。我們有將近 90,000 台礦機、28 exahash。我們擁有幾乎到處都找不到的低電價。我們的比特幣持倉持續增加、持續增加。

Obviously, as difficulties come down, that helps. Obviously, we've brought a lot of power onto market. We're doing a phenomenal job, but our average cost right now to mine a Bitcoin is roughly $36,000. Name another industry that wouldn't absolutely die for 49% profit margins.

顯然，當挖礦難度下降時，這會有幫助。顯然，我們也把大量電力帶入市場。我們做得非常出色，但我們目前挖出 1 枚比特幣的平均成本約為 36,000 美元。請說出哪個產業不會為了 49% 的利潤率而拼命。

I'm incredibly proud of this team. What we've accomplished in this period of time is nothing short of spectacular. I think where I somewhat get annoyed is that we get lumped in the same bucket with DaaS. DaaS are stagnant.

我為這個團隊感到無比自豪。我們在這段時間所完成的成就堪稱驚人。我有點感到煩的是，我們常被和 DaaS 歸在同一類。DaaS 是停滯不前的。

DaaS have to go out and buy Bitcoin and other cryptocurrencies, at kind of fair market price. Our advantage is we're not buying at fair market price. Our advantage is that we're mining for roughly $0.50 on the dollar. I think this is a company that is just going to continue to do extremely well.

DaaS 必須到外面以某種公允市價去買比特幣和其他加密貨幣。我們的優勢在於，我們不是以公允市價買入。我們的優勢在於，我們挖礦的成本大約是面值的 0.50 美元。我認為這家公司只會持續表現得非常好。

Again, despite your price compression, despite price falling by 50%, we're maintaining the same margin as we have since the day that we founded this business.

再次強調，儘管你們看到價格被壓縮、儘管價格下跌了 50%，我們仍維持與創立這項業務之日起相同的利潤率。

Revenue grew 8% this quarter, Bitcoin was down 12% that quarter. No one else in the crypto space, no one else in the Bitcoin space can tell our story. When I look at this incredibly lean team, we run some of the lowest SG&As in the industry.

本季營收成長 8%，而該季比特幣下跌 12%。在加密領域、在比特幣領域，沒有其他人能講出我們這樣的故事。當我看著這支極其精實的團隊，我們的 SG&A 是業界最低之一。

We maintain incredible cost discipline because we believe in Bitcoin. We want our treasury to grow. This is the asset that we believe in. I'm just incredibly proud. We've kept a lean team. We've executed on our vision impeccably well. We've maintained margin.

我們維持極強的成本紀律，因為我們相信比特幣。我們希望我們的財庫持續成長。這是我們所信仰的資產。我真的非常自豪。我們保持精實團隊。我們以無可挑剔的方式落實了願景。我們維持了利潤率。

We've continued to grow our treasury, despite probably the toughest environment or one of the toughest environments crypto has ever seen. I just think we, more than any company out there, are so well-positioned on the other side of this bell curve.

即便在可能是加密貨幣史上最艱難、或最艱難之一的環境中，我們仍持續擴大我們的財庫。我只是認為，相較於任何其他公司，我們在這條鐘形曲線的另一端具備極佳的布局。

We are absolute Bitcoin maximalists. You see what's happening around the world every single day. You see what's happening with the largest financial institutions in this country, whether it be the Charles Schwab or whether it be the Fidelity or the BlackRock.

我們是徹底的比特幣極大主義者。你每天都能看到全球正在發生的事情。你也看到這個國家最大的金融機構正在做什麼，不論是 Charles Schwab、Fidelity，或 BlackRock。

You see what's happening all around the world with the adoption of cryptocurrencies, but mainly Bitcoin. I mean, Bitcoin is obviously still leading the way. Cryptocurrency in general, but Bitcoin has such an incredible future.

你看到全球各地對加密貨幣（但主要是比特幣）的採用正在發生。我的意思是，比特幣顯然仍在引領潮流。整體加密貨幣而言，但比特幣擁有極其驚人的未來。

We keep becoming stronger and stronger and stronger. This is truly our life's work and our life's mission. What we've developed in 11 months is something that no other team anywhere on Earth could have pulled together.

我們變得越來越強、越來越強、越來越強。這真的是我們一生的事業與使命。我們在 11 個月內打造出的成果，是地球上任何其他團隊都不可能整合出來的。

Our future is incredibly bright. This is just the beginning. We're not going to slow down at all. In fact, we're accelerating in a time when so many other companies are slowing down. I think that's a huge strategic advantage that we have as a company versus so many.

我們的未來非常光明。這只是開始。我們完全不會放慢腳步。事實上，在許多其他公司放慢的時候，我們正在加速。我認為這是我們相較於許多公司所擁有的一項巨大策略優勢。

So many other of these DaaS are just kind of dead in the water. They're just sitting there kind of floating around, not doing a whole lot, have nothing exciting to announce. The cost of being public is eating them alive. We're sitting here operating at 49% gross margins, executing on our plan each and every day.

這些其他許多 DaaS 基本上已經停在原地、動彈不得。他們就只是坐在那裡漂著，沒做多少事，也沒有任何令人興奮的消息可宣布。上市的成本正在把他們吞噬殆盡。而我們坐在這裡以 49% 的毛利率營運，每天都在執行我們的計畫。

To this entire team, we're incredibly proud of you. This has been a hell of a journey. Hard to believe it's exactly 11 months right now we are ringing the bell. I know this is going to be our life's work for many, many years to come.

對整個團隊而言，我們為你們感到無比自豪。這一路走來真是一段艱辛的旅程。很難相信，就在此刻我們敲鐘剛好滿 11 個月。我知道這將會是我們未來很多很多年的終身事業。

To all the great analysts on here, thanks for the outcry of support. Some of the reviews on our company have been phenomenal. I see Clear Street on there. They've been amazing as I look up at the board. Ben, you've been incredible, and so many others. Guys, we appreciate you. We appreciate the conviction you have, and hopefully these numbers today speak for themselves.

也向在座所有優秀的分析師致謝，感謝你們熱烈的支持。對我們公司的某些評價非常出色。我看到 Clear Street 也在。當我抬頭看著名單，他們一直都很棒。Ben，你非常出色，還有許多其他人。各位，我們感謝你們。我們感謝你們所展現的信念，也希望今天的數字能不言自明。

This concludes today's call. Thank you for joining. You may now disconnect, and have a wonderful rest of your day.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線，祝您今天剩下的時間愉快。