Argo Blockchain PLC (ARBK) 2023 Q1 法說會逐字稿

Good afternoon, and welcome to the Argo Blockchain plc Q1 2023 Results Investor Presentation. (Operator Instructions) The company may not be in a position to answer every question received during the meeting itself. However, the company will review your questions submitted today and publish responses where it is appropriate to do so.

下午好，歡迎來到 Argo Blockchain plc 2023 年第一季度業績投資者發布會。 （操作員說明）公司可能無法回答會議期間收到的每個問題。但是，公司將審查您今天提交的問題，並在適當的時候發布答复。

Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Tom Divine, Vice President of Investor Relations. Good afternoon to you sir.

在我們開始之前，我想提交以下民意調查。現在我想把您交給投資者關係副總裁湯姆·迪萬 (Tom Divin)。先生，下午好。

Thanks, Alessandra. Before we begin, I'd like to remind everyone that today's presentation and remarks may contain forward-looking statements. Our full risk factors, please see our Form 20-F filed with the Securities and Exchange Commission for the year 2022. I'd also like to point out that in our Q1 earnings and going forward, we'll be reporting our financial results in U.S. dollars.

謝謝，亞歷山德拉。在開始之前，我想提醒大家，今天的演講和言論可能包含前瞻性陳述。我們的全部風險因素，請參閱我們向美國證券交易委員會提交的 2022 年 20-F 表格。我還想指出，在我們的第一季度收益中以及未來，我們將在美元。

With us today for our discussion of Q1 2023 results are Seif El-Bakly, Argo's Interim Chief Executive Officer; and Jim MacCallum, Argo's Chief Financial Officer. And now I'll turn it over to Seif.

今天與我們一起討論 2023 年第一季度業績的是 Argo 臨時首席執行官 Seif El-Bakly；以及 Argo 首席財務官 Jim MacCallum。現在我將把它交給賽義夫。

Thanks, Tom. Hi, everyone. Good morning, afternoon. Seif here with my colleague, Jim. Thanks for tuning in today for our Q1 '22 results. Just a few weeks ago that we provided you with our '22 year-end results and a preview of Q1 '23. Going forward, we will provide timely quarterly updates along with these earnings calls.

謝謝，湯姆。大家好。早上好，下午好。賽義夫和我的同事吉姆在這裡。感謝您今天收看我們 22 年第一季度的結果。就在幾週前，我們向您提供了 22 年年終業績和 23 年第一季度的預覽。展望未來，我們將在這些財報電話會議的同時提供及時的季度更新。

Before moving to Q1, I just wanted to remind everyone of our top priorities for the next couple of quarters. These priorities include financial discipline and deleveraging, which is top of mind. Operational excellence, which is optimizing and growing our hash rate; and lastly, growth and strategic partnerships for the sustainable future of this company.

在進入第一季度之前，我只是想提醒大家我們接下來幾個季度的首要任務。這些優先事項包括金融紀律和去槓桿化，這是最重要的。卓越運營，優化和提高我們的哈希率；最後，該公司可持續未來的增長和戰略合作夥伴關係。

We'll touch on these key pillars throughout the presentation as we discuss our results and our current projects. With that, let's look at how Q1 shaped up. As I mentioned on the previous slide, financial discipline remains a priority and one of our key pillars. As part of this, we're laser focused on cash flow generation and preserving cash.

在討論我們的結果和當前項目時，我們將在整個演示過程中觸​​及這些關鍵支柱。接下來，讓我們看看第一季度的情況如何。正如我在上一張幻燈片中提到的，財務紀律仍然是一個優先事項，也是我們的關鍵支柱之一。作為其中的一部分，我們專注於現金流生成和現金保存。

At the end of March, we had around $14 million of cash on the balance sheet. In the first quarter, we mined 491 Bitcoin and generated revenue of $11.4 million, which is an increase of 15% over our revenue from Q4 '22. Our mining margin percentage came in at 49%, which is a significant increase quarter-over-quarter, up from 35% in the fourth quarter of '22 and that translated into an average cost per bitcoin mined of $11,811.

截至 3 月底，我們的資產負債表上約有 1,400 萬美元現金。第一季度，我們開采了 491 個比特幣，產生了 1140 萬美元的收入，比 22 年第四季度的收入增長了 15%。我們的挖礦利潤率為 49%，較上一季度顯著增長，高於 22 年第四季度的 35%，這意味著每枚比特幣的平均開採成本為 11,811 美元。

Aside from the price of Bitcoin and global hash rate, the other key variable that drives mining margin is our cost of power and hosting. For the first quarter, our average all-in power price and hosting rate came in at lower than $0.05 per kilowatt hour across all our operations and that was lower than the previous guidance we had given on our year-end call of $0.05 to $0.055 per kilowatt hour.

除了比特幣的價格和全球哈希率之外，推動挖礦利潤的另一個關鍵變量是我們的電力和託管成本。第一季度，我們所有業務的平均總電價和託管費率低於每千瓦時 0.05 美元，低於我們之前在年終電話會議上給出的每千瓦時 0.05 美元至 0.055 美元的指導值。千瓦時。

As we'll discuss in more details in later slides, we are extremely focused on reducing non-mining operating expenses compared to the quarterly average in the second half of '22, we were able to lower these operating expenses by 70%. And lastly, for the quarter, we generated an adjusted EBITDA of $1.6 million. I also wanted to briefly mention the spike in hash price that we experienced in May. This was due to higher transaction fees span by increased interest in ordinal that was obviously beneficial for us, and you'll see the impact when we release our May operational update later this week.

正如我們將在後面的幻燈片中詳細討論的那樣，我們非常注重減少非採礦運營費用，與 22 年下半年的季度平均水平相比，我們能夠將這些運營費用降低 70%。最後，本季度的調整後 EBITDA 為 160 萬美元。我還想簡單提一下我們在 5 月份經歷的哈希價格飆升。這是由於對序數的興趣增加導致交易費用增加，這顯然對我們有利，當我們在本週晚些時候發布 5 月運營更新時，您將看到影響。

Now I'll let Jim provide some additional comment financial results for the quarter. Jim?

現在，我將讓吉姆對該季度的財務業績提供一些補充評論。吉姆？

Thank you, Seif, and hello, everyone. As Tom mentioned, we are reporting our financial results in U.S. dollars. The majority of our revenues, mining expenses and debt are denominated in U.S. dollars. So it is appropriate for Argo to report in USD.

謝謝你，賽義夫，大家好。正如湯姆提到的，我們以美元報告財務業績。我們的大部分收入、採礦費用和債務均以美元計價。因此，Argo 以美元報告是合適的。

We generated $11.4 million of revenue for the quarter with $5.6 million of mining profit for a mining margin percentage of 49%. Our core business operations are profitable, and we generated adjusted EBITDA of $1.6 million. In comparison to Q4 2022, we achieved higher revenues and lower expenses. We were able to reduce our non-mining operational expenses by 70%. At the end of the quarter, we had $14 million of cash on hand, which, when combined with our operating cash flow, leaves us in a good position.

本季度我們創造了 1140 萬美元的收入，採礦利潤為 560 萬美元，採礦利潤率為 49%。我們的核心業務運營盈利，調整後 EBITDA 為 160 萬美元。與 2022 年第四季度相比，我們實現了更高的收入和更低的支出。我們能夠將非採礦運營費用減少 70%。截至本季度末，我們手頭有 1400 萬美元現金，與我們的運營現金流相結合，使我們處於有利地位。

Moving to the next slide. Since closing the Galaxy transaction, we've been laser-focused on reducing our non-mining operating expenses, and we have reduced these expenses by 70%. Our core non-mining operating expenses for Q1 were $4 million, and we have had further reductions since then. We are currently operating at just over $1 million per month in non-mining operating expenses.

轉到下一張幻燈片。自從完成 Galaxy 交易以來，我們一直專注於減少非採礦運營費用，我們已將這些費用減少了 70%。第一季度我們的核心非採礦運營支出為 400 萬美元，此後我們進一步削減了支出。目前，我們每月的非採礦運營費用略高於 100 萬美元。

Turning to cash. As I mentioned, we ended Q1 with $14 million of cash on the balance sheet, a reduction of $6 million from December 31. From an operating perspective, we generated $1.6 million of cash flow. Our core mining business is profitable, and this operating cash flow was offset by three main outflows during the quarter.

轉向現金。正如我提到的，我們第一季度末的資產負債表上有 1400 萬美元的現金，比 12 月 31 日減少了 600 萬美元。從運營角度來看，我們產生了 160 萬美元的現金流。我們的核心採礦業務是盈利的，該運營現金流被本季度的三項主要資金流出所抵消。

Firstly, we had restructuring costs of $800,000 associated with reductions in headcount; second, we had a reduction in working capital of $3.7 million primarily related to the payment of invoices associated with the Galaxy transaction; and third, we had debt service and capital expenditures of $3.4 million. Excluding the restructuring and the working capital payments, our cash would have been approximately $4 million higher at March 31, 2023.

首先，我們因裁員而產生了 80 萬美元的重組成本；其次，我們的營運資金減少了 370 萬美元，主要與支付 Galaxy 交易相關的發票有關；第三，我們的償債和資本支出為 340 萬美元。不包括重組和營運資金支付，截至 2023 年 3 月 31 日，我們的現金將增加約 400 萬美元。

Moving to the next slide. The Galaxy transaction allowed us to significantly reduce our debt. However, we still have $79 million at March 31, 2023, consistent with December 31 levels. Our goal is to reduce debt, and we expect to do so using cash from operations and through the sale of noncore assets. Noncore assets include real estate, digital assets, certain parts inventory and other investments. We look forward to reporting our progress on debt reduction and future news releases. With that, I'll pass it back to Seif.

轉到下一張幻燈片。銀河交易使我們能夠大幅減少債務。然而，截至 2023 年 3 月 31 日，我們仍有 7900 萬美元，與 12 月 31 日的水平一致。我們的目標是減少債務，我們希望通過運營現金和出售非核心資產來實現這一目標。非核心資產包括房地產、數字資產、某些零部件庫存和其他投資。我們期待報告我們在債務削減和未來新聞稿方面的進展。這樣，我會將其傳回給 Seif。

(inaudible) our hashrate, we're excited to deploy our new ePIC blockchain block miners over the next few weeks and months, which, as discussed, will add around 300 petahash of additional hashrate capacity. We've been operating an initial deployment of block miners at Mirabel for a few months now, and we've been very happy with their performance. So we're excited to deploy these -- the rest of the machines in the coming weeks and months.

（聽不清）我們的哈希率，我們很高興在接下來的幾周和幾個月內部署新的 ePIC 區塊鏈區塊礦工，正如所討論的，這將增加大約 300 petahash 的額外哈希率容量。我們已經在 Mirabel 進行了區塊礦工的初始部署幾個月了，我們對他們的表現非常滿意。因此，我們很高興在未來幾周和幾個月內部署這些機器以及其餘機器。

Regarding our Quebec expansion project, we recently signed and finalized the agreement with the city of Baie Comeau, which gives us access to an additional 8 megawatts of power [VR Baie Comeau] facility, still sourced from hydroelectricity. We expect to be able to take advantage of this increased capacity in mid- to late '24. And finally, as mentioned on our 2022 earnings call, our primary focus in the near term is really about building and maintaining a solid foundation for the company.

關於我們的魁北克擴建項目，我們最近與 Baie Comeau 市簽署並敲定了協議，這使我們能夠獲得額外的 8 兆瓦電力 [VR Baie Comeau] 設施，該設施仍然來自水力發電。我們預計能夠在 24 年中後期利用這一增加的產能。最後，正如我們在 2022 年財報電話會議上提到的，我們近期的主要重點實際上是為公司建立和維護堅實的基礎。

But having said that, we continue to explore some interesting growth opportunities to maintain our market share as the hashrate network continues to grow. We've been talking to different energy companies about opportunities to utilize wasted or stranded energy. This helps them because it allows them to monetize otherwise wasted energy, and we, in turn, benefit from access to low cost and secure power.

但話雖如此，隨著算力網絡的不斷增長，我們將繼續探索一些有趣的增長機會，以保持我們的市場份額。我們一直在與不同的能源公司討論利用浪費或滯留能源的機會。這對他們有幫助，因為這使他們能夠將浪費的能源貨幣化，而我們反過來也可以從低成本和安全的電力中受益。

And so when we're thinking about growth opportunities, we're really thinking about innovative strategic partnerships with some key players within the power and energy spaces. That's it for now. Jim and I are open to taking your questions. Tom and Mark off to you.

因此，當我們考慮增長機會時，我們實際上正在考慮與電力和能源領域的一些關鍵參與者建立創新的戰略夥伴關係。現在就這樣。吉姆和我願意回答你的問題。湯姆和馬克就交給你了。

(Operator Instructions) So the company take a few months to review the questions submitted today, I'd like to remind you that a recording of this presentation, along with a copy of the slides and the published Q&A can be accessed via your Investor dashboard. As you can see, we received a number of questions throughout today's presentation. And Tom, if I may, at this point, I hand over to you to read out the questions where it's appropriate to do so. I'll pick up from you at the end.

（操作員說明）因此，公司需要幾個月的時間來審查今天提交的問題，我想提醒您，可以通過您的投資者儀表板訪問此演示文稿的錄音以及幻燈片的副本和已發布的問答。正如您所看到的，我們在今天的演示中收到了許多問題。湯姆，如果可以的話，現在我請您在適當的時候宣讀問題。最後我會來接你的。

Great. Thank you. Our first question comes from Kevin Dede at H.C. Wainwright. Has Argo had the opportunity to run any of the ePIC block minor air cooled prototypes just yet? How much flexibility is there over or under clock as a function of ambient air operating temperature?

偉大的。謝謝。我們的第一個問題來自 H.C. 的 Kevin Dede。溫賴特。 Argo 是否有機會運行任何 ePIC 小型風冷原型機？作為環境空氣工作溫度的函數，超頻或低於時鐘的靈活性有多大？

Kevin, thanks for the question. So yes, we've had a small deployment on the block miners at our Mirabel facility for several weeks now. We're really happy with them. They're really efficient I think as of lately, they're going at 30 joules per terahash. So we're really happy with their performance and what they've been doing. And the expectation so far has been great. They're purring. They're working very well, and we're happy with their performance, and we continue to work with obviously, ePIC and Intel as our partners. So far, so good. Thanks for the question, Kevin.

凱文，謝謝你的提問。所以，是的，我們已經在米拉貝爾工廠的區塊礦工上進行了小規模部署幾個星期了。我們對他們真的很滿意。我認為它們最近非常高效，每太哈哈希的能量為 30 焦耳。所以我們對他們的表現和所做的事情感到非常滿意。到目前為止，人們的期望很高。它們發出呼嚕聲。他們工作得很好，我們對他們的表現感到滿意，顯然，我們將繼續與 ePIC 和英特爾作為我們的合作夥伴合作。到目前為止，一切都很好。謝謝你的提問，凱文。

Aftahi at ROTH MKM. What was your cost to mine a Bitcoin in Q1? And what's driving the increase in mining margin from Q4 to Q1? And how do you think Q2 will turn out?

Aftahi 在 ROTH MKM。第一季度開採比特幣的成本是多少？是什麼推動了挖礦利潤率從第四季度到第一季度的增長？您認為第二季度的結果如何？

Darren, thanks for the question. So the margin -- the mining margin for the quarter was 49%, and that was up from 35% in our Q4 '22. A and that translated into Bitcoin mind of about $11,800. Mining margins really driven by three factors: Bitcoin price, network hashrate and power cost. I think in Q1, the average [Bitcoin] price was somewhere around 22,800 and that was 26% higher than the average in Q4. That was closer to about 18,000. The network hashrate, obviously, continued to grow and the average hashrate in Q1 was about 16% or 17% higher than Q4. And then power in Texas. I mean that got cheaper. We saw in 2022, gas prices got really high. Power prices got really high. Whereas in 2023, they fell more than 50%. So obviously, if you combine all those three factors, net-net, it's been better. We've had better margins because of that. And I think in Q2, big comp prices have been even higher and gas prices have been a little bit lower. So I think our expectations for Q2 are positive.

達倫，謝謝你的提問。所以利潤率——本季度的挖礦利潤率為 49%，高於 22 年第四季度的 35%。 A 換算成比特幣價格約為 11,800 美元。挖礦利潤實際上由三個因素驅動：比特幣價格、網絡哈希率和電力成本。我認為第一季度的平均 [比特幣] 價格約為 22,800，比第四季度的平均價格高 26%。接近 18,000 人。顯然，網絡算力繼續增長，第一季度的平均算力比第四季度高出約 16% 或 17%。然後是德克薩斯州的電力。我的意思是變得更便宜了。我們看到 2022 年，天然氣價格變得非常高。電價變得非常高。而到 2023 年，這一數字下降了 50% 以上。顯然，如果你把這三個因素結合起來，淨淨，那就更好了。因此，我們的利潤率更高。我認為在第二季度，大型公司的價格甚至更高，而汽油價格則稍低一些。所以我認為我們對第二季度的預期是積極的。

Our next submitted question comes from Jake. Can you talk a little bit more about the impact to the business from ordinals?

我們的下一個提交的問題來自傑克。您能多談談序數對業務的影響嗎？

Sure. So transaction fees for miners typically represent -- and thanks for the question, by the way, Jake. Yes, so transaction fees from miners typically yield about 2% or 3% of our revenues. In May, that really shot up to about 13% and some days was even much higher than that. but for certain blocks, obviously. So it really means that we ended up mining more blocks than we otherwise would have. And basically, we're going to be releasing our May operational update later this week and you guys will be able to see the impact that it has had. But obviously, the ordinal worked out well for the industry and for us.

當然。因此，礦工的交易費用通常代表 - 順便說一句，感謝杰克提出這個問題。是的，所以礦工的交易費通常占我們收入的 2% 或 3% 左右。 5 月份，這一數字確實飆升至 13% 左右，有些日子甚至遠高於這個數字。但顯然對於某些區塊。所以這確實意味著我們最終開采了比原本開采的更多的區塊。基本上，我們將在本週晚些時候發布 5 月份的運營更新，你們將能夠看到它所產生的影響。但顯然，序數對整個行業和我們來說效果都很好。

Our next submitted question comes from (inaudible) and this is for Jim. How do you plan on improving your cash flow?

我們的下一個提交的問題來自（聽不清），這是給吉姆的。您打算如何改善現金流？

Yes. Thanks for that. We generated $1.6 million in cash during the quarter, and we'll continue to generate cash through ways we can improve our cash flow are continuing to focus on our operating expenses and through the sale of noncore assets. And as we pay down our debt, naturally, our debt service cost will decrease, and that will -- that's also another important lever in improving our cash flows.

是的。感謝那。本季度我們產生了 160 萬美元的現金，我們將繼續通過改善現金流的方式產生現金，繼續關注我們的運營支出和出售非核心資產。當我們償還債務時，我們的償債成本自然會降低，這也是改善現金流的另一個重要槓桿。

Great. Our next question comes from Chase White at Compass Point for Seif. Are you able to disclose the cost breakdown of the hosting agreement with Galaxy?

偉大的。我們的下一個問題來自 Compass Point 的 Seif 的 Chase White。您能否透露與 Galaxy 的託管協議的成本明細？

Absolutely. Chase, thanks for the question. So I mean the cost breakdown is pretty simple. We get access to power on a [past-due] basis. And then there's a fixed dollar amount per megawatt hour as a hosting fee based on our electricity usage. And so for Q1, the all-in price for both power and hosting fee came in sub-$0.05 at Helios.

絕對地。蔡斯，謝謝你的提問。所以我的意思是成本細分非常簡單。我們在[逾期]的基礎上獲得電力。然後，根據我們的用電量，每兆瓦時有固定的美元金額作為託管費。因此，第一季度，Helios 的電力和託管費總價均低於 0.05 美元。

Our next question, this is for Jim submitted from Tom S. How are you planning on getting rid of your debt?

我們的下一個問題是 Tom S 向 Jim 提出的。您打算如何擺脫債務？

Yes. Thanks for that. Yes. So beginning in May this year, we began our principal repayments on the Galaxy loan. So we'll be paying that down every month. We're also, as I mentioned, exploring the sale of certain noncore assets and using those proceeds to also pay down our debt.

是的。感謝那。是的。所以從今年5月開始，我們開始償還銀河貸款的本金。所以我們每個月都會付清這筆錢。正如我提到的，我們還在探索出售某些非核心資產，並利用這些收益來償還我們的債務。

Our next question is for Seif. How much additional CapEx is required for the ePIC rigs?

我們的下一個問題是問賽義夫的。 ePIC 設備需要多少額外資本支出？

Yes. So thanks for the question. We don't really have much CapEx left to spend for the ePIC rigs. There's maybe a small amount of taxes that we have to pay, but we really don't have anything left to pay. So that's really all baked in. And so happy, excited to get these machines in the coming months. And as mentioned before, we've had a small deployment of those machines operating and really happy with their performance. So thanks for the question, Daniel.

是的。謝謝你的提問。我們實際上沒有太多資本支出可以用於 ePIC 設備。也許我們需要繳納少量稅款，但我們實際上沒有什麼可以繳納的。所以這一切都已經完成了。在接下來的幾個月裡獲得這些機器非常高興和興奮。正如之前提到的，我們已經對這些機器進行了小型部署，並且對它們的性能非常滿意。謝謝你的提問，丹尼爾。

Our next question comes from Kevin Dede, again, at H.C. Wainwright. What specifically changed to reduce OpEx by 70% was this head count? How much of this change is realized by shifting operations of Helios to Galaxy? And this is for Jim.

我們的下一個問題同樣來自 H.C. 的 Kevin Dede。溫賴特。為了將運營支出降低 70%，這個人員數量具體做了哪些改變？這種變化有多少是通過將 Helios 的運營轉移到 Galaxy 來實現的？這是給吉姆的。

Yes. Thanks, Kevin. A large portion of the reduction was headcount, which reduced from over 90 to approximately 40 as of March 31, 2023. While most of this shift was related to Helios and the Galaxy transaction, we did also reduce corporate staff. We also had some significant OpEx savings in insurance, for example, now that we don't operate the Helios facility. We've also implemented a robust internal process where we are scrutinizing our vendors in order to realize additional cost savings. So we're really looking at it, all encompassing in order to reduce our cost.

是的。謝謝，凱文。裁員的很大一部分是員工人數，截至 2023 年 3 月 31 日，員工人數從 90 多人減少到約 40 人。雖然這一轉變大部分與 Helios 和 Galaxy 交易有關，但我們也減少了公司員工。例如，我們在保險方面也節省了大量運營支出，因為我們不再運營 Helios 設施。我們還實施了一個強大的內部流程，我們正在審查我們的供應商，以實現額外的成本節省。因此，我們正在認真考慮一切，以降低我們的成本。

Great. Thanks, Jim. Our next question submitted comes from [D S.] It's for Seif. How is the relationship with Galaxy these days?

偉大的。謝謝，吉姆。我們提交的下一個問題來自 [D S.] 這是給 Seif 的。最近與 Galaxy 的關係如何？

Thanks for the question. So I mean, Galaxy has been a great -- our relationship with Galaxy has been great. It continues to be a very, very positive one. They have a great team. They're really smart. We're working very well together. We've been working very hard together on optimizing our machines and our performance in Texas at Helios. And I think the skill set has been very complementary. So really happy to have them working with us, and it's been a very positive relationship, so.

謝謝你的提問。所以我的意思是，銀河一直很棒——我們與銀河的關係一直很好。這仍然是一個非常非常積極的事情。他們有一支很棒的團隊。他們真的很聰明。我們合作得很好。我們一直在努力共同優化我們在德克薩斯州 Helios 的機器和性能。我認為技能組合非常互補。非常高興他們與我們合作，這是一種非常積極的關係。

Our next question comes -- and this will likely be our last question, this comes from Bill at Stifel. With the havening less than 12 months away, and continued growth in the network hashrate, how quickly will the company look to grow its hashrate with any equipment purchases going forward? Can we see an additional 300 -- do we see more than the additional 300 petahash come online this year?

我們的下一個問題來了——這可能是我們的最後一個問題，來自 Stifel 的 Bill。距離避風港還有不到 12 個月的時間，並且網絡算力持續增長，公司希望通過未來的設備採購以多快的速度增長算力？我們能看到額外的 300 個嗎？今年我們會看到更多的 300 個 petahash 上線嗎？

Yes. So thanks for the question, Bill. So as you know, we've been operating at 2.5x hash and we're looking at adding that additional 300 petahash I would say we're keeping all our options open. We're really focused on deleveraging and cash flow. And in terms of growth, we're also very mindful of the network difficulty essentially going up. And so we're thinking about potential strategic partnerships. We're thinking about how to grow while utilizing as little CapEx as possible and I think all options are on the table. We're obviously very mindful of the having and the economics, and we're operating as if economics either stay the same or I think being prepared for the worst is the most important thing to do. Expect the best, but be prepared for the worst and we are. And so right now, it's about fixing the house, fixing the foundation, making sure that we're -- we have a strong and healthy balance sheet that can sustain different economics, the having, i.e. And so -- but while keeping our options open and looking to potential strategic partnerships, low CapEx opportunities that will help bring our hashrate up.

是的。謝謝你的提問，比爾。如您所知，我們一直在以 2.5 倍的哈希值運行，我們正在考慮添加額外的 300 petahash，我想說我們將保留所有選項。我們真正關注的是去槓桿化和現金流。在增長方面，我們也非常注意網絡難度的實質上升。因此，我們正在考慮潛在的戰略合作夥伴關係。我們正在考慮如何在利用盡可能少的資本支出的同時實現增長，我認為所有選擇都在考慮之中。顯然，我們非常關注物質和經濟狀況，我們的運作方式就好像經濟狀況要么保持不變，要么我認為為最壞的情況做好準備是最重要的事情。期待最好的結果，但也要做好最壞的準備，我們已經做好了準備。所以現在，我們要修房子，修地基，確保我們有一個強大而健康的資產負債表，可以維持不同的經濟狀況，即等等，但同時保留我們的選擇開放並尋求潛在的戰略合作夥伴關係、低資本支出機會，這將有助於提高我們的算力。

Seif, Jim, Tom, thank you much for that and for answering those questions from investors. Of course, the company will review your questions submitted today, and we'll publish those responses on the Investor Meet Company platform. But perhaps just before redirect investors provide you their feedback, which is particularly important to the company. Seif, can I just ask you for a few closing comments?

賽義夫、吉姆、湯姆，非常感謝你們的發言以及回答投資者的問題。當然，公司將審核您今天提交的問題，我們將在投資者見面會平台上發布這些答复。但也許就在重定向之前，投資者會向您提供他們的反饋，這對公司尤其重要。 Seif，我可以請您發表一些結束語嗎？

Yes, of course, I really just wanted to thank everyone for their continued engagement with Argo. We're really encouraged by some of the improvements we're seeing in our operational and financial results. Our core business is cash flow positive, and the team continues to focus really on maximizing cash flow and reducing debt. So we'll keep updating you through our progress and provide you with our quarterly financial releases with our earnings call.

是的，當然，我真的只是想感謝大家對 Argo 的持續參與。我們在運營和財務業績方面看到的一些改進讓我們深受鼓舞。我們的核心業務是正現金流，團隊繼續真正專注於最大化現金流和減少債務。因此，我們將不斷向您通報我們的進展情況，並通過財報電話會議向您提供我們的季度財務報告。

So Again, thanks, everybody. Really appreciate everybody's engagement and we'll talk to everybody soon.

再次感謝大家。非常感謝大家的參與，我們很快就會與大家交談。

Perfect. And thank you very much for updating investors today. Could I please ask investors not to close the session as you now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations. This only take a few moments to complete, and I'm sure it will be greatly valued by the company. On behalf of the management team of Argo Blockchain plc, we'd like to thank you for attending today's presentation, and good afternoon to you all.

完美的。非常感謝您今天向投資者通報最新情況。我能否請投資者不要結束會議，因為您現在會被自動重定向以提供反饋，以便管理團隊能夠更好地了解您的觀點和期望。這只需幾分鐘即可完成，我相信公司會非常重視它。我們謹代表Argo Blockchain plc 的管理團隊感謝您參加今天的演講，並祝大家下午好。