Bitfarms Ltd (BITF) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Bitfarms Limited first-quarter 2023 financial results conference call. (Operator Instructions) Please also note today's event is being recorded. At this time, I'd like to turn the floor over to David Barnard of LHA Investor Relations. Sir, please go ahead.

大家早上好，歡迎來到 Bitfarms Limited 2023 年第一季度財務業績電話會議。 （操作員說明）另請注意，今天的活動正在錄製中。現在，我想請 LHA 投資者關係部的 David Barnard 發言。先生，請繼續。

Thank you, Jamie. Good morning, everyone, and welcome to Bitfarms' conference call for the first quarter of 2023. With me on the call today is Geoff Morphy, President and Chief Executive Officer; and Jeff Lucas, Chief Financial Officer.

謝謝你，傑米。大家早上好，歡迎參加 Bitfarms 2023 年第一季度的電話會議。今天和我一起參加電話會議的是總裁兼首席執行官 Geoff Morphy；和首席財務官 Jeff Lucas。

Before we begin, please note this call is being webcasted live with an accompanying presentation. To watch along with the slides, you can log onto our website at www.bitfarms.com under the investor relations section under presentations. If you prefer to listen to the call on your smartphone, you can download the presentation from there as well.

在我們開始之前，請注意本次電話會議將通過網絡直播並附有演示文稿。要觀看幻燈片，您可以登錄我們的網站 www.bitfarms.com，在演示文稿下的投資者關係部分下。如果您更喜歡在智能手機上收聽電話，您也可以從那裡下載演示文稿。

I would like to remind you that this morning Bitfarms issued a press release [announcing its] its first-quarter 2023 financial results. I'll remind everyone, turning to slide 2, that certain forward-looking statements will be made during the call. And the future results could differ from those implied in the statements.

我想提醒您，今天早上 Bitfarms 發布了一份新聞稿 [宣布其] 其 2023 年第一季度的財務業績。轉到幻燈片 2，我會提醒大家，電話會議期間將作出某些前瞻性陳述。未來的結果可能與聲明中暗示的結果不同。

The forward-looking information is based on certain assumptions and is subject to risks and uncertainties and invite you to consult Bitfarms MD&A for a complete list of these. Also during the call, reference will be made to supporting slides and you can find the presentation on our website again at bitfarms.com under the investor relations section.

前瞻性信息基於某些假設並受風險和不確定性的影響，請您諮詢 Bitfarms MD&A 以獲取這些信息的完整列表。同樣在電話會議期間，將參考支持幻燈片，您可以在我們網站上的 bitfarms.com 的投資者關係部分下再次找到該演示文稿。

The company will also refer to certain measures not recognized under IFRS, and that do not have a standardized meaning prescribed by IFRS, and therefore, may not be comparable to similar measures presented by other companies. We invite listeners to refer to today's earnings release and the company's fourth-quarter 2022 -- excuse me, the first-quarter 2023 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.

公司還將參考 IFRS 未認可的某些措施，這些措施沒有 IFRS 規定的標準化含義，因此可能無法與其他公司提出的類似措施進行比較。我們邀請聽眾參考今天的收益發布和公司 2022 年第四季度——對不起，2023 年第一季度 MD&A 以了解上述非 IFRS 措施的定義及其與 IFRS 措施的調節。請注意，除非另有說明，否則所有財務參考均以美元計價。

During today's call, CEO, Geoff Morphy will review or operate the quarter. CFO Jeff Lucas will follow with detailed financial review, and Geoff Morphy will return for some closing remarks after the Q&A. And with that, turning to slide 3, it's my pleasure to turn the call over to Geoff Murphy.

在今天的電話會議上，首席執行官 Geoff Morphy 將審查或運營本季度。首席財務官 Jeff Lucas 將隨後進行詳細的財務審查，而 Geoff Morphy 將在問答結束後返回進行一些結束語。然後，轉到幻燈片 3，我很高興將電話轉給 Geoff Murphy。

Thank you for joining us today. I trust you will take away why Bitfarms is well positioned to capitalize on the improving bitcoin mining economics.

感謝您今天加入我們。我相信您會明白為什麼 Bitfarms 能夠很好地利用不斷改進的比特幣挖礦經濟。

To this end, I would like you to take away four points. First, we have established the financial and operating discipline that gives us the strength and flexibility to achieve our existing growth plan on an accelerated schedule. Second, we have also, and importantly, updated our end of year 6 exahash per second target to the end of the third quarter 2023.

為此，我希望你能拿走四分。首先，我們建立了財務和運營紀律，使我們有能力和靈活性加快實現現有的增長計劃。其次，重要的是，我們還將我們年末每秒 6 exahash 的目標更新為 2023 年第三季度末。

Third, with our foundation and momentum, we expect to seize upon opportunities both today and around the next bitcoin halving, which is approaching in April of 2024. Fourth, during Q1 2023, we improved our balance sheet, and more recently, we resolved some significant hurdles in Argentina that unlocked the best economics in the industry.

第三，憑藉我們的基礎和勢頭，我們希望抓住今天和即將於 2024 年 4 月到來的下一次比特幣減半前後的機會。第四，在 2023 年第一季度，我們改善了資產負債表，最近，我們解決了一些問題阿根廷的重大障礙解鎖了該行業最好的經濟效益。

As a low-cost producer with relatively stable energy costs and a fixed operating structure, Bitfarms achieves asymmetrical upside with financial performance that exceeds bitcoin performance.

作為能源成本相對穩定且運營結構固定的低成本生產商，Bitfarms 實現了不對稱的上升，其財務業績超過了比特幣業績。

Turning to slide 4, I'll review some of our accomplishments that took place in Q1 2023. We ended March 2023 with 4.8 exahash per second, up 7% from December 31, 2022, and up 78% from March 31, 2022. Subsequently, we have increased our hash rate another 4% to 5.0 exahash per second.

轉到幻燈片 4，我將回顧我們在 2023 年第一季度取得的一些成就。截至 2023 年 3 月，我們以每秒 4.8 exahash 的速度結束，比 2022 年 12 月 31 日增長了 7%，比 2022 年 3 月 31 日增長了 78%。隨後，我們將哈希率又提高了 4%，達到每秒 5.0 exahash。

During Q1 2023, we mined 1,297 bitcoin, up 35% from Q1 2022. Then in April, we announced a major achievement of 21,000 bitcoin mined using 100% renewable energy. With a finite supply of 21 million bitcoin, to date, Bitfarms has mined over 1,000 of all bitcoin to be mined.

2023 年第一季度，我們開采了 1,297 個比特幣，比 2022 年第一季度增長了 35%。然後在 4 月，我們宣布了一項重大成就，即使用 100% 可再生能源開采了 21,000 個比特幣。迄今為止，Bitfarms 的比特幣供應量有限，數量為 2100 萬個，已開采了所有待開採比特幣中的 1,000 多個。

We believe we are the first publicly traded miner in the industry to reach this milestone with renewable energy. Bitcoin prices are rising and drove Q1 2023 revenue to over $30 million. With our low-cost operations, we delivered gross mining profit of $12 million, which represents a gross mining margin of 42%. Our direct cost to production of $12,500 and our all-in cash cost of production of $17,600 support high margins and remain a strategic advantage as we approach the next halving in less than a year.

我們相信我們是業內第一家利用可再生能源達到這一里程碑的上市礦工。比特幣價格上漲，推動 2023 年第一季度收入超過 3000 萬美元。通過我們的低成本運營，我們實現了 1200 萬美元的採礦毛利潤，這意味著採礦毛利率為 42%。我們 12,500 美元的直接生產成本和 17,600 美元的全部現金生產成本支持高利潤率，並且在我們在不到一年的時間裡接近下一個減半時仍然是一個戰略優勢。

Adjusted EBITDA improved one -- from $1 million in Q4 2022 to $6.3 million in Q1 2023. And looking ahead to the halving, we have continued to deleverage our balance sheet and improved our financial flexibility. In a moment, Jeff will elaborate on our reduction of more than $140 million of debt in 10 months to just $19 million at April 30, 2023.

調整後的 EBITDA 提高了一個——從 2022 年第四季度的 100 萬美元增加到 2023 年第一季度的 630 萬美元。展望減半，我們繼續去槓桿化我們的資產負債表並提高我們的財務靈活性。稍後，Jeff 將詳細說明我們在 10 個月內將超過 1.4 億美元的債務減少到 2023 年 4 月 30 日的 1900 萬美元。

Slide 5 shows, we have 10 farms located in four countries. In April, we reached 196 megawatts in operating capacity, 91% of which is powered by sustainable hydroelectricity. I will now review our operations and development plans.

幻燈片 5 顯示，我們在四個國家/地區擁有 10 個農場。 4 月，我們的運營容量達到 196 兆瓦，其中 91% 由可持續水力發電提供動力。我現在將回顧我們的運營和發展計劃。

Please turn to slide 6. In Q1 2022, in Rio Cuarto, Argentina, we are transitioning from our startup phase. Now we have 18 megawatts currently online and an additional 32 megawatts of built capacity.

請轉到幻燈片 6。2022 年第一季度，我們將在阿根廷的 Rio Cuarto 從啟動階段過渡。現在我們有 18 兆瓦的在線容量和額外的 32 兆瓦的建成容量。

In April, we made a lot of progress. First, our private power provider received its operating permit to power up to 100 megawatts, triggering our minor acquisition plan and our built 50-megawatt warehouse. Second, we energized 2,100 additional miners, bringing the total to 4,400, and expanded operating megawatts from 8 to 18.

4月，我們取得了很大進展。首先，我們的私人電力供應商獲得了最高 100 兆瓦電力的運營許可證，觸發了我們的小型收購計劃和我們建造的 50 兆瓦倉庫。其次，我們為 2,100 名額外的礦工提供動力，使總數達到 4,400 名，並將運營兆瓦從 8 擴大到 18。

Third, with our power permit approved and miners on-site, we started drawing power under our power purchase agreement at prices approximately $0.03 per kilowatt hour. This is the lowest in our portfolio and reduced our overall corporate cost of production.

第三，在我們的電力許可證獲得批准且礦工到場後，我們開始根據購電協議以每千瓦時約 0.03 美元的價格取電。這是我們產品組合中最低的，降低了我們的整體企業生產成本。

Fourth, we finished testing and brought online our substation, which has more than enough power -- enough capacity to power the permitted 100 megawatts. Fifth, we purchased an additional 6,200 Bitmain and MicroBT miners. About half are in transit, and the others will be shipped in the next couple of weeks.

第四，我們完成了測試並啟用了我們的變電站，它擁有足夠的電力——足以為允許的 100 兆瓦提供電力。第五，我們額外購買了 6,200 台比特大陸和比特微礦機。大約一半在運輸途中，其餘的將在接下來的幾週內裝運。

Upon their installation, the first warehouse will achieve over 75% capacity. As previously stated, we already received approval to import the MicroBT miners. And this morning, we received approval for the Bitmain miners. In each case, the importation approval was given in about 10 days of us making the submission.

安裝後，第一個倉庫的容量將達到 75% 以上。如前所述，我們已經獲得進口 MicroBT 礦機的批准。今天早上，我們收到了比特大陸礦機的批准。在每種情況下，進口批准都是在我們提交申請後大約 10 天內獲得的。

Sixth, we are working expeditiously to ramp production at our first 50-megawatt warehouse to full capacity by the end of Q3 2023. To this end, we are in the process of procuring 3,000 additional miners. Seven, with this increased visibility in Argentina, we have accelerated our 6 exahash per second target from the end of the fourth quarter 2023 to the end of the third quarter.

第六，我們正在迅速努力，到 2023 年第三季度末將我們的第一個 50 兆瓦倉庫的產量提高到滿負荷。為此，我們正在採購 3,000 台額外的礦機。第七，隨著阿根廷知名度的提高，我們已將 2023 年第四季度末到第三季度末的每秒 6 exahash 目標加快。

Turning to slide 7. In Paraguay, in January 2023, we installed 2,888 new more efficient miners. That boosted the farm's hash rate to 290 petahash per second. We are optimistic about future opportunities in the region as it has abundant and underutilized hydropower. Also, we believe the country is on the verge of greater clarity about the industry as the election concluded on April 30 and a new president will be inaugurated in August.

轉到幻燈片 7。2023 年 1 月，我們在巴拉圭安裝了 2,888 台效率更高的新礦機。這將農場的哈希率提高到每秒 290 petahash。我們對該地區未來的機遇持樂觀態度，因為該地區擁有豐富且未充分利用的水電。此外，我們認為，隨著 4 月 30 日的選舉結束以及新總統將於 8 月就職，該國即將對該行業更加清晰。

In North America, we have 178 megawatts with the option to tap another 10 megawatts in Québec. In Washington state, we have planned ongoing modifications and cost improvements through 2023. Each facility continues to run smoothly reflected by our miner uptime, defined as the actual production output versus the theoretical capacity of all our miners.

在北美，我們有 178 兆瓦，可以選擇在魁北克再開發 10 兆瓦。在華盛頓州，我們計劃到 2023 年進行持續的修改和成本改進。我們的礦工正常運行時間反映了每個設施繼續平穩運行，定義為我們所有礦工的實際產量與理論產能之比。

Our proprietary MGMT miner & facilities monitoring system empowers our team to optimize our return on assets. Our repair facilities accelerate promptly getting miners back in action. Uptime varies with weather conditions, curtailment programs, and other factors, such as parts availability. As we approach summer in North America, the winter curtailment programs have ended, and we are entering a period of peak power availability.

我們專有的 MGMT 礦工和設施監控系統使我們的團隊能夠優化我們的資產回報率。我們的維修設施加快了迅速讓礦工恢復工作的速度。正常運行時間因天氣條件、削減計劃和其他因素（如零件可用性）而異。隨著北美夏季的臨近，冬季限電計劃已經結束，我們正在進入可用電力高峰期。

In April, our uptime reached 97.7%, demonstrating what is possible with moderate weather, good contracts, and optimized operations. In fact, operating reliability from both miner uptime and our power sourcing is a hallmark of Bitfarms and contributes to strong and consistent margins and cash flow.

4 月，我們的正常運行時間達到 97.7%，證明了在溫和的天氣、良好的合同和優化的運營下可以實現的目標。事實上，礦工正常運行時間和我們的電力供應帶來的運營可靠性是 Bitfarms 的標誌，有助於實現強勁而穩定的利潤率和現金流。

In Québec, we are prudently executing our expansion strategy to accretively add megawatts and create operating synergies. In Baie-Comeau, we entered into an agreement for a new farm for up to 22 megawatts of hydropower capacity. Our two-phase plan slates 11 megawatts to come online in 2023 and another 11 megawatts in 2024. The transaction is expected to close by the end of Q2 2023, after which we will expect to increase our exahash projections.

在魁北克，我們正在審慎地執行我們的擴張戰略，以增加兆瓦並創造運營協同效應。在 Baie-Comeau，我們簽訂了一個新農場的協議，該農場的水力發電容量高達 22 兆瓦。我們的兩階段計劃計劃在 2023 年上線 11 兆瓦，在 2024 年再上線 11 兆瓦。交易預計將在 2023 年第二季度末完成，之後我們預計會增加我們的 exahash 預測。

Please turn to Slide 8. I will now hand the call over to Jeff Lucas for the financial review.

請轉到幻燈片 8。我現在將電話轉交給 Jeff Lucas 進行財務審查。

Thank you, Geoff. I want to begin my comments emphasizing five key elements of our financial position and strategy. First, Bitfarms has stable, low-cost power contracts that consistently place us among the lowest cost producers.

謝謝你，傑夫。我想開始我的評論，強調我們財務狀況和戰略的五個關鍵要素。首先，Bitfarms 擁有穩定、低成本的電力合同，使我們始終處於成本最低的生產商之列。

Second, our financial liquidity creates flexibility. This is important as we are now less than a year away from the next halving event. Third, in March with improving economics and lower debt, we start to hurdle a portion about our free cash flow, reflecting a surplus cash flow from operations after our debt service.

其次，我們的金融流動性創造了靈活性。這很重要，因為我們距離下一次減半事件還有不到一年的時間。第三，在 3 月份，隨著經濟改善和債務減少，我們開始限制一部分自由現金流，反映出我們償債後運營產生的盈餘現金流。

Fourth, we've introduced a hedging program, furthering our flexibility in reducing some of the impact of the big claim market conditions on our financial performance. And fifth, we have the balance sheet to finance a robust pipeline of opportunities and planned growth in 2023.

第四，我們推出了一項對沖計劃，進一步提高了我們在減少大額索賠市場狀況對我們財務業績的影響方面的靈活性。第五，我們的資產負債表可以為 2023 年的大量機會和計劃增長提供資金。

I'll now review our mining economic by performance in our balance sheet. Please turn to slide 9. In the first quarter of 2023, we mined 1,297 bitcoin compared to 1,434 bitcoin in the fourth quarter of '22 and 961 in the first quarter of '22. The quarterly difference is primarily due to the 13% increase in average total network difficulty.

我現在將通過資產負債表中的表現來回顧我們的礦業經濟。請轉到幻燈片 9。2023 年第一季度，我們開采了 1,297 個比特幣，而 2022 年第四季度和 2022 年第一季度分別開采了 1,434 個和 961 個比特幣。季度差異主要是由於平均總網絡難度增加了 13%。

Our first-quarter revenue was $30 million, comprised of $29 million from mining activities and $1 million from our Volta [electrical] subsidiary. This compares to $27 million in the fourth quarter of '22, reflecting a 24% increase in the average bitcoin price quarter over quarter. This also reflects 10% fewer bitcoin mined during the quarter due to the increase in network difficulty, partially offset by our higher hash rate.

我們第一季度的收入為 3000 萬美元，其中 2900 萬美元來自採礦活動，100 萬美元來自我們的 Volta [電氣] 子公司。相比之下，22 年第四季度為 2700 萬美元，反映出比特幣平均價格環比上漲 24%。這也反映出由於網絡難度的增加，本季度開采的比特幣減少了 10%，部分被我們更高的哈希率所抵消。

Focusing on our mining economics, please turn to slide 10. In the first quarter of 2023, if I'm direct cost of production for bitcoin remained among the lowest reported in the industry, averaging about $12,500 per bitcoin. That's up from $11,100 per bitcoin in the fourth quarter of '22. The change reflects the 30% increase in network difficulty and approximately 2% higher energy costs quarter over quarter.

專注於我們的挖礦經濟學，請轉到幻燈片 10。在 2023 年第一季度，如果我是比特幣的直接生產成本，比特幣的直接生產成本仍處於行業報告的最低水平，平均每個比特幣約 12,500 美元。這高於 22 年第四季度每比特幣 11,100 美元的價格。這一變化反映出網絡難度增加了 30%，能源成本環比增加了約 2%。

First-quarter gross mining profit was $12 million or 42% of revenue compared to $8 million or 33% of revenue in the fourth quarter. This reflects an average bitcoin price in the first quarter of 2023 of $22,500, which is 24% higher than the average price of $18,100 in the fourth quarter of last year.

第一季度採礦總利潤為 1200 萬美元，佔收入的 42%，而第四季度為 800 萬美元，佔收入的 33%。這反映出 2023 年第一季度比特幣的平均價格為 22,500 美元，比去年第四季度的平均價格 18,100 美元高出 24%。

Our total cash cost of production defined as direct mining costs plus the fixed cost of revenue, including rent and technician salaries as well as overhead such as cash, general, and administrative expenses were $17,600. The majority of this $800 increase from the fourth quarter was due to the $1,400 increase in direct mining costs.

我們的總現金生產成本定義為直接採礦成本加上固定收入成本，包括租金和技術人員工資以及現金、一般和管理費用等間接費用為 17,600 美元。與第四季度相比增加的 800 美元中，大部分是由於直接採礦成本增加了 1,400 美元。

On the other hand, we are controlling our cash G&A costs, which decreased by 25% from the fourth quarter. And on a recurring basis, removing a one-time expense in the fourth quarter of last year, our cash G&A decreased by $900,000 or 13% sequentially and 25% year over year. What's impressive is that even though fewer bitcoin were mined during the quarter, which typically increases overhead per bitcoin, we reduced mining costs even more, which is also positive in preparing for the halving.

另一方面，我們正在控制我們的現金 G&A 成本，該成本比第四季度下降了 25%。在經常性基礎上，除去去年第四季度的一次性費用，我們的現金 G&A 減少了 900,000 美元，環比減少 13%，同比減少 25%。令人印象深刻的是，儘管本季度開采的比特幣較少，這通常會增加每個比特幣的管理費用，但我們更多地降低了採礦成本，這也有利於為減半做準備。

Turning now to slide 11, for the first quarter, our operating loss improved to $15 million compared to the operating loss of $20 million in the fourth quarter of '22. Our net loss for the first quarter was $2 million or $0.01 per basic in fully diluted share compared to a net loss for the fourth quarter of '22 of $17 million or $0.08 per basic in fully diluted share.

現在轉到幻燈片 11，第一季度，我們的營業虧損增加到 1500 萬美元，而 2022 年第四季度的營業虧損為 2000 萬美元。我們第一季度的淨虧損為 200 萬美元或完全攤薄後每股基本虧損 0.01 美元，而 22 年第四季度的淨虧損為 1700 萬美元或完全攤薄後每股基本虧損 0.08 美元。

The combination of low-cost mining operations and higher bitcoin prices delivered improved profitability with adjusted EBITDA rebounding from $1 million in the fourth quarter to Adjusted EBITDA of $6 million in the first quarter of 2023.

低成本挖礦業務和更高的比特幣價格共同提高了盈利能力，調整後的 EBITDA 從第四季度的 100 萬美元反彈至 2023 年第一季度的 600 萬美元。

Turning now to slide 12, I'll review the strength of our assets. We are 50 megawatts built-out and in-place capacity at Río Cuarto. And as of today, we have $20 million available under vendor credit. Therefore, we have minimal funding requirements for our planned growth in Argentina and in Baie-Comeau.

現在轉到幻燈片 12，我將回顧我們資產的實力。我們在 Río Cuarto 擁有 50 兆瓦的建成和就地容量。截至今天，我們有 2000 萬美元的供應商信用額度。因此，我們在阿根廷和 Baie-Comeau 的計劃增長所需的資金很少。

At March 31, we had cash of $29 million and 235 bitcoin valued at $12 million for total liquidity of $41 million compared to $38 million of liquidity at December 31, 2022. During the first quarter, as I mentioned, we mined 1,297 bitcoin, deposited 30 bitcoin into treasury, until 1,267 bitcoin generating $29 million of proceeds.

截至 3 月 31 日，我們擁有 2900 萬美元的現金和價值 1200 萬美元的 235 個比特幣，總流動性為 4100 萬美元，而 2022 年 12 月 31 日的流動性為 3800 萬美元。正如我提到的，在第一季度，我們開采了 1297 個比特幣，存入30 個比特幣進入國庫，直到 1,267 個比特幣產生 2,900 萬美元的收益。

In March, we launched hedging activities with the objective of reducing the variability of future cash flows and sales digital assets and bringing greater financial stability to the company. In April, we deposited another 30 bitcoin increasing bitcoin in custody on April 30 in '23 to 465 bitcoins, representing a total value of approximately $13.6 million based on the bitcoin price that day of $29,300.

3 月，我們開展了對沖活動，旨在降低未來現金流和銷售數字資產的可變性，為公司帶來更大的財務穩定性。 4 月，我們又存入了 30 個比特幣，在 4 月 30 日託管的比特幣增加到 23 至 465 個比特幣，根據當天的比特幣價格 29,300 美元計算，總價值約為 1360 萬美元。

In the first quarter of '23, we also raised $16 million in net proceeds from our ATM program. For the second quarter of '23 to May 14, we have raised additional net proceeds of $5 million. These funds raised to the ATM are earmarked for existing growth initiatives and future opportunities.

在 23 年第一季度，我們還從 ATM 計劃中籌集了 1600 萬美元的淨收益。從 23 年第二季度到 5 月 14 日，我們籌集了 500 萬美元的額外淨收益。這些籌集到 ATM 的資金專門用於現有的增長計劃和未來的機會。

We continue to deleverage our balance sheet and reduce total indebtedness to $21 million at March 31, and then to $19 million as of April 30. Turning now to slide 13, I will turn the call back over to Geoff.

我們繼續去槓桿化我們的資產負債表，並在 3 月 31 日將總負債減少到 2100 萬美元，然後在 4 月 30 日減少到 1900 萬美元。現在轉到幻燈片 13，我將把電話轉回給傑夫。

Thank you, Jeff. Bitfarms remains focused on expanding operations prudently. Now we continue to evaluate options to accretively diversify geographically, acquire sites, developed farms, and optimize minor utilization. We plan to allocate capital to reinforce our key differentiators, which include our competitive low-cost structure, our stable and surplus sources of energy with attractive pricing, our proprietary mining and facility management software, our vertically integrated electrical subsidiary, and our exceptional management team.

謝謝你，傑夫。 Bitfarms 仍然專注於謹慎地擴大業務。現在，我們繼續評估各種選項，以增加地域多元化、收購場地、開發農場並優化小規模利用率。我們計劃分配資本以加強我們的主要差異化優勢，包括我們具有競爭力的低成本結構、我們穩定且過剩的能源以及具有吸引力的價格、我們專有的採礦和設施管理軟件、我們垂直整合的電氣子公司以及我們卓越的管理團隊.

With this powerful combination, we expect to continue to improve efficiencies and scale operations. As such, we are strategically positioned to grow this year with minimal capital outlay to achieve our near-term 6 exahash per second target. And we'll be primed for the halving in 2024. Importantly, we will continue to be well positioned to capitalize on opportunities that meet our criteria, both before and after the halving.

通過這種強大的組合，我們希望繼續提高效率並擴大運營規模。因此，我們的戰略定位是今年以最小的資本支出實現增長，以實現我們近期的每秒 6 exahash 目標。我們將為 2024 年的減半做好準備。重要的是，我們將繼續處於有利地位，以利用減半前後符合我們標準的機會。

Before I open the call for questions. I would like to invite you to meet us later this week at Bitcoin 2023 in Miami or virtually at the 18th Annual Needham Technology and Media Conference. Operator, we can now open the call for questions. Please go ahead.

在我開始提問之前。我想邀請您本週晚些時候在邁阿密的比特幣 2023 或第 18 屆年度李約瑟技術與媒體大會上與我們見面。接線員，我們現在可以打開問題電話了。請繼續。

(Operator Instructions) Bill Papanastasiou, Stifel.

（操作員說明）Bill Papanastasiou，Stifel。

Hi, good morning, gentlemen. Congrats on the solid performance this quarter.

嗨，早上好，先生們。祝賀本季度的穩健表現。

Good morning, Bill.

早上好，比爾。

Good morning. So first, I just want to hit on cash operating expenses. The company saw a decrease in the quarter and quarter-over quarter delta was greater than what we were estimating on our end, which obviously helped to produce an impressive $6.3 million in adjusted EBITDA. Can you speak to the drivers that cause the drop, seems like it's mostly coming from professional fees and perhaps insurance duties?

早上好。所以首先，我只想解決現金運營費用問題。該公司發現本季度有所下降，季度環比增量大於我們最終的估計，這顯然有助於產生令人印象深刻的 630 萬美元的調整後 EBITDA。你能和造成下降的司機談談嗎，似乎主要來自專業費用，也許還有保險責任？

Just wanted to gain a better understanding of whether this serves as a good or a more appropriate base for forecasting the upcoming quarters and any color you can provide with how expenses will ramp with Argentina coming online? That would be great, thanks.

只是想更好地了解這是否可以作為預測即將到來的季度的良好或更合適的基礎，以及您可以提供的任何顏色，以及阿根廷上線後費用將如何增加？那太好了，謝謝。

Sure. So let me start that, and Geoff can add to this as well. First of all, to give a bit of context here, the reason we actually generated surplus cash during the quarter is largely because you brought down a debt service pretty dramatically, first and foremost. And then secondly, of course, we were helped by the higher price for bitcoin going forward, even though difficulty went up substantially as well.

當然。那麼讓我開始吧，Geoff 也可以補充一下。首先，在這裡提供一些背景信息，我們在本季度實際產生盈餘現金的原因主要是因為您首先大幅減少了償債。其次，當然，我們受益於比特幣未來更高的價格，儘管難度也大幅上升。

And by the way, in reference to the question here, when you look at our debt service right now, it's come down very dramatically. We've commented in the past that we had about $165 million of debt about 9, 10 months ago, and today we have less than $19 million. What that implies is that our debt service requirements right now are about $2 million a month, which is only about a third of what they had actually earlier.

順便說一句，關於這裡的問題，當你看看我們現在的償債時，它已經大幅下降。我們過去曾評論說，大約 9、10 個月前我們的債務約為 1.65 億美元，而今天我們的債務還不到 1900 萬美元。這意味著我們目前的償債要求約為每月 200 萬美元，僅為之前的三分之一。

In reference to your comment about the operating costs and the cash G&A expenses going forward, I think what we saw in the quarter that ended is a good representation going forward. You're absolutely right in terms of what some of those savings that were achieved here. First and foremost, is that we saved about $300,000 because actually we were -- because the cost of that replacement value of the miners, which we have coverage for has fallen as they have in the market overall, the insurance of costs will be incurred, came down pretty dramatically.

關於您對未來運營成本和現金 G&A 費用的評論，我認為我們在本季度末看到的情況很好地代表了未來。就在這裡實現的一些節省而言，你是絕對正確的。首先，也是最重要的是，我們節省了大約 300,000 美元，因為實際上我們是——因為我們承保的礦工重置價值的成本已經下降，就像他們在市場上的整體價值一樣，將產生成本保險，急劇下降。

The second point to keep in mind is you're right, we have a very sharp eye in our professional fees. In general, we have been keeping an effort to tailoring those things pretty dramatically going forward. I do just want to point out, Bill, that there can be a little bit of variability about that because as we are exploring various new initiatives and projects, we naturally incur some professional service fees as part of the diligence, analysis, things of that sort.

要記住的第二點是你是對的，我們對我們的專業費用有著非常敏銳的眼光。總的來說，我們一直在努力大幅調整這些東西。我只是想指出，比爾，這可能會有一些變化，因為當我們探索各種新的舉措和項目時，我們自然會產生一些專業服務費，作為勤奮、分析和其他事情的一部分種類。

There may be a little bit of variability that going forward. But I think, generally again, yeah, the G&A that we incurred in the first quarter is a good representation, going forward. We don't anticipate much of an increase really at all in terms of Argentina going forward for additional G&A costs. Really the cost has been incurred here are going to be obviously using predominantly electricity costs. I do want to point out that in the quarter that ended, our cost of electricity were just under $0.05 per kilowatt hour.

未來可能會有一些變化。但我認為，一般來說，是的，我們在第一季度發生的 G&A 是一個很好的代表，向前發展。就阿根廷未來的額外 G&A 成本而言，我們預計不會有太大的增長。實際上，這裡產生的成本顯然主要是電費。我確實想指出，在結束的那個季度，我們的電費每千瓦時略低於 0.05 美元。

Now they're actually drawing right from the provider here, as Geoff pointed out, we're anticipating cost coming down to a little under $0.03 per kilowatt hour. And also not only that, but in addition, [anticipating] Argentina, that will be comprising of about 9% to 10% of our overall revenues and capacity, going forward. That's going to help, in general, our overall cost of electricity.

正如傑夫指出的那樣，現在他們實際上是直接從這裡的供應商那裡取款，我們預計成本會降至每千瓦時 0.03 美元以下。不僅如此，而且 [預期] 阿根廷，這將占我們總收入和產能的 9% 到 10%，繼續前進。總的來說，這將有助於我們的整體電力成本。

Let me jump in there. Let me jump in. Just invited me to add some extra color. But Bill, we've talked about this, and I've said it on previous earnings calls. Our focus is on expenses. This is a maturing industry. And as we saw last year, prices came down, margins got squeezed, and we had put an investment starting about 1.5, two years ago into a new and higher caliber management team that could be scaled.

讓我跳進去讓我跳進去。只是邀請我添加一些額外的顏色。但是比爾，我們已經談過這個，我在之前的財報電話會議上也說過。我們的重點是費用。這是一個成熟的行業。正如我們去年看到的那樣，價格下降，利潤率受到擠壓，我們在兩年前開始投資大約 1.5 到一個可以擴展的新的、更高素質的管理團隊。

And we've had the runway now and the ramp up for all those individuals to really get up to speed and running and we're seeing the benefits of it now. It's a highly productive team and they're eager. They know their roles, and they help each other out, and they really complement each other. So we built this team to scale. We're into the scaling process now, and we're now starting to deliver those results of that investment that was really started a couple of years ago.

我們現在已經有了跑道，所有這些人都可以真正加速和跑步，我們現在看到了它的好處。這是一個高產的團隊，他們很渴望。他們知道自己的角色，他們互相幫助，他們真的是互補的。所以我們建立了這個團隊來擴大規模。我們現在正在進行擴展過程，我們現在開始交付幾年前真正開始的投資的那些結果。

So we're really proud about it. And some of that was continued and that we've shifted out of some of the professional fees and some of the consulting arrangements; brought some of that in-house. And all that's making a difference. We'd like to control the variables. So I'll just add that.

所以我們真的為此感到自豪。其中一些還在繼續，我們已經取消了一些專業費用和一些諮詢安排；帶來了一些內部的。所有這些都在發揮作用。我們想控制變量。所以我就補充一下。

Great. Thank you, guys for that color. Now for my second question, Bitfarms had this equipment purchase credits going into 2023. That has obviously begun to be used to help fund near-term expansion, especially with the recent purchase of the ASICs.

偉大的。謝謝你們的顏色。現在是我的第二個問題，Bitfarms 的設備購買信貸將持續到 2023 年。這顯然已開始用於幫助資助近期擴張，尤其是最近購買 ASIC。

Now my understanding is that a portion of the credit and the cash was used. Can you provide color in terms of how much of that credit is remaining today? And then just talk about the prioritization of expansion projects in Argentina, Québec? I believe we also got approval in Washington for six megawatts.

現在我的理解是使用了一部分信用和現金。您能否根據今天剩餘的信用額度提供顏色？然後談談在阿根廷、魁北克的擴建項目的優先順序？我相信我們在華盛頓也獲得了 6 兆瓦的批准。

Jeff, why don't you start with the financial aspect?

傑夫，你為什麼不從財務方面入手呢？

Sure. Yeah, of course. So we had -- the credit originally was around $22.4 million. As of today, we're a little under $20 million, and that includes the utilization of a portion of those credits. As we mentioned, as we're now building out the first warehouse in Rio Cuarto.

當然。嗯，當然咯。所以我們有 - 信貸最初約為 2240 萬美元。截至今天，我們的資金略低於 2000 萬美元，其中包括使用部分信用額度。正如我們提到的，我們現在正在 Rio Cuarto 建造第一個倉庫。

Okay. So let me jump in with some of the deployment here. In Rio Cuarto, Argentina, so just to recap, we have 18 megawatts now operating there. So that's give or take 518 terahash. We have 11 megawatts that we plan to bring on later this month, and that's from MicroBT miners that were ordered and are in transit right now, should add about 290 terahash.

好的。因此，讓我在這裡進行一些部署。在阿根廷的 Rio Cuarto，回顧一下，我們現在有 18 兆瓦的電力在那裡運行。所以這是給予或接受 518 terahash。我們計劃在本月晚些時候推出 11 兆瓦，這是來自 MicroBT 礦工的訂單，目前正在運輸中，應該增加大約 290 兆瓦。

As I just updated in the comments, this morning, we got importation approval for the Bitmain miners, which will probably arrive in around June and add another 11 megawatts. And those are slightly higher performance machines. So 384 terahash is generally what's expected there. That should bring us to about 40 megawatts, 75% of the capacity of the facility by the end of the quarter, June 30, and should be operating at about 1.1, 1.2 exahash at that point.

正如我剛剛在評論中更新的那樣，今天早上，我們獲得了 Bitmain 礦機的進口批准，這些礦機可能會在 6 月左右到達並再增加 11 兆瓦。這些是性能稍高的機器。所以 384 terahash 通常是那裡的預期值。到本季度末，即 6 月 30 日，這將使我們達到約 40 兆瓦，佔該設施容量的 75%，屆時應該以約 1.1、1.2 exahash 的速度運行。

We then have 10 megawatts to go. We are out there looking for good purchase opportunities for miners. As we've said, the infrastructure is built. So we're just going to layer that in. Hopefully, they're there within the next few months. And really, that will bring about 50 megawatts on or about September 30, about 1.5 exahash from that facility. So we're very excited about being able to roll that out. It seems to be a long time coming. And now the gates are up, we're our rolling.

然後我們還有 10 兆瓦。我們正在為礦工尋找良好的購買機會。正如我們所說，基礎設施已經建成。所以我們只是將其分層。希望他們在接下來的幾個月內出現。實際上，這將在 9 月 30 日或前後帶來約 50 兆瓦的電力，即該設施的約 1.5 exahash。所以我們很高興能夠推出它。好像很久沒來了。現在大門已經打開，我們正在滾動。

Just to that vein, let me talk a bit about Baie-Comeau. The deal is not yet finalized. We expect that to be done by June 30. But assuming that everything fits into place as expected, like we have zero megawatts now, we're buying a company that possesses the electricity contract. So it's a bit of a greenfield and that we're going to take over a building, lease it, and then put our infrastructure in place.

就此而言，讓我談談 Baie-Comeau。該交易尚未最終敲定。我們預計這將在 6 月 30 日之前完成。但假設一切都按預期進行，就像我們現在有零兆瓦一樣，我們正在購買一家擁有電力合同的公司。所以這有點像一片綠地，我們將接管一棟建築，租賃它，然後將我們的基礎設施部署到位。

We expect three megawatts in early summer, which is approximately 85 petahash. Approximately, three megawatts in the latter part of the summer, another 85 petahash. And then five megawatts later in the year, probably about 140 petahash, sort of, about 310 petahash in total for 11 megawatts in 2023. Please note that these numbers are not in our guidance because the deal hasn't closed yet. So as I said in the remarks, when the deal closes, we will update guidance accordingly. And then the second 11 megawatts that we're expecting to build and activate next year.

我們預計初夏會達到 3 兆瓦，大約是 85 petahash。大約在夏季後期達到 3 兆瓦，另外還有 85 petahash。然後是今年晚些時候的 5 兆瓦，大概是 140 petahash，大約是 310 petahash，到 2023 年總計 11 兆瓦。請注意，這些數字不在我們的指導中，因為交易尚未完成。因此，正如我在評論中所說，交易完成後，我們將相應地更新指南。然後是我們預計明年建造和激活的第二個 11 兆瓦。

So Bill, I went on there, but I know that's the type of stuff you'd like to hear.

所以比爾，我繼續說下去，但我知道那是你想听的那種東西。

Yes, that's great. Thank you for the color. Makes my life easier. [With this], I understand. I'll exit from the queue. Thank you.

是的，那太好了。謝謝你的顏色。讓我的生活更輕鬆。 [有了這個]，我明白了。我將從隊列中退出。謝謝。

Thanks, Bill.

謝謝，比爾。

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Thanks. Good morning, guys. A couple of things. I think it might have been your remarks, Mr. Morphy, with regards to higher energy costs sequentially or maybe it was Mr. Lucas. I was just wondering if you could (inaudible) a sequential comparison when you talked, I think, yeah, it was Mr. Lucas. When he talked about the increased costs in mining in March versus December. And I was just wondering if you could elaborate on what happened there and how you see that changing over the next couple of quarters.

謝謝。早上好傢伙。幾件事。我想這可能是你的言論，Morphy 先生，關於更高的能源成本，或者可能是 Lucas 先生。我只是想知道你是否可以（聽不清）在你說話時進行順序比較，我想，是的，是盧卡斯先生。當他談到 3 月與 12 月相比採礦成本增加時。我只是想知道您是否可以詳細說明那裡發生的事情以及您如何看待接下來幾個季度的變化。

Okay. So first of all, what I mentioned was the increase in energy costs was driven per bitcoin was really as a result of difficulty. And then there was a modest 2% increase overall electricity prices. Maybe that's what you're speaking to actually.

好的。所以首先，我提到的是每個比特幣的能源成本增加實際上是困難的結果。然後整體電價小幅上漲 2%。也許這就是你所說的實際上。

It is exactly what I was speaking to, yeah.

這正是我所說的，是的。

Well, I'm glad I can answer your question here. So very specifically, the cost of electricity, of course, in the fourth quarter was about $0.0427 per kilowatt hour overall. And the first quarter, it was roughly $0.0441 per kilowatt hour, and that was really driven. That modest increase that was driven there was by some increases in both in Paraguay, Washington, and a modest increase as well that we saw in Canada overall. And so that was offset. And Argentina was substantially flat at just under $0.05.

嗯，很高興能在這裡回答你的問題。因此，非常具體地說，當然，第四季度的電力成本總體上約為每千瓦時 0.0427 美元。第一季度，它大約是每千瓦時 0.0441 美元，這確實受到了推動。這種溫和的增長是由巴拉圭和華盛頓的一些增長以及我們在加拿大整體上看到的溫和增長所推動的。所以這被抵消了。阿根廷基本持平，略低於 0.05 美元。

In terms of where we see electricity prices going forward, should [spending] per kilowatt hour. The biggest factor here is as I alluded to before is the fact that we anticipate Argentina is going to be declining from about -- roughly about $0.047 per kilowatt hour, down to a little under $0.03 per kilowatt hour. Now that was about 5% of our total capacity in the first quarter as we are ramping up in the warehouse now, that will be more like around 10% in the second quarter we're coming into here.

就我們看到的電價走勢而言，每千瓦時應該[支出]。正如我之前提到的，這裡最大的因素是我們預計阿根廷將從大約每千瓦時約 0.047 美元下降到每千瓦時略低於 0.03 美元。現在這大約是我們第一季度總產能的 5%，因為我們現在正在增加倉庫，在我們進入這裡的第二季度，這將更像是 10% 左右。

So what we're saying here is that we're 5% of the total capacity with around $0.05 in the first quarter. In second quarter, now 10% of capacity will be actually at $0.03. So there's going to be, we envision saving for this point going forward.

所以我們在這裡說的是，第一季度我們佔總產能的 5%，約為 0.05 美元。在第二季度，現在 10% 的產能實際上將達到 0.03 美元。所以將會有，我們設想為這一點節省資金。

And the balance of that 90% going forward, you'd imagine to be fairly consistent, Jeff? I think that's kind of what I was looking at. I wasn't sure. I guess what I had heard sort of anecdotally is that overall gas prices were falling, and I wasn't sure if that was being reflected in hydropower costs that you're seeing in Washington and Paraguay.

傑夫，你認為未來 90% 的平衡會相當穩定嗎？我想這就是我正在看的東西。我不確定。我想我聽到的傳聞是整體天然氣價格在下降，我不確定這是否反映在您在華盛頓和巴拉圭看到的水電成本中。

Generally, it does not. I mean the true beauty for us, in addition to the fact that it's renewable energy. It's the beauty of hydro. It's the stability actually of energy crosses. Both when the markets were reversed, that is higher fossil fuel prices, but stability as well and prices also come down here.

一般來說，它不會。我的意思是對我們來說真正的美麗，除了它是可再生能源這一事實。這就是水電的魅力。這實際上是能量交叉的穩定性。當市場出現逆轉時，即化石燃料價格上漲，但穩定以及價格也會下降。

So what we are reflecting here, though, with the numbers in the first quarter largely reflected, we did talk about an increase in electricity in Canada, around 6%. That happened in the first quarter here and also a modest increase that we saw in Washington as well going up a little bit. But yeah, Washington is a small percentage of our total overall production here. Paraguay is relatively stable so far as we're seeing it. And again, Argentina, we expect to have a decrease.

因此，我們在這裡反映的是，第一季度的數據在很大程度上反映了我們確實談到了加拿大的電力增長，大約 6%。這發生在第一季度，我們在華盛頓也看到了適度的增長，也有一點點上升。但是，是的，華盛頓只占我們這裡總產量的一小部分。就我們所見，巴拉圭相對穩定。再一次，阿根廷，我們預計會有所減少。

Yeah, let me jump in. In Washington, the electricity supplier is, in fact, is affected by inflation, but also some rehabilitation projects, river re-embankments and some hydro facilities and such. So they have quite a capital campaign that they've told us that they need to undertake over a number of years. It's not inexpensive and they are having to pass some of those costs on to the user base. So yes, we were hit with an increase there.

是的，讓我跳進去。事實上，在華盛頓，電力供應商受到通貨膨脹的影響，還有一些修復項目、河流重新堤防和一些水電設施等。所以他們有相當大的資金活動，他們告訴我們他們需要在很多年內進行。它並不便宜，他們不得不將其中一些成本轉嫁給用戶群。所以是的，我們在那裡受到了增加的打擊。

The other thing I'd like just to add about Argentina is that unlike us in North America, they are heading into winter. So their costs of natural gas are higher right now. We actually expect more costs come, give or take, October of this year when they come out of their winter months, which when they consume more gas and they're adding infrastructure up to our site and beyond. So there's more gas, so can flow through the pipelines there.

關於阿根廷，我想補充的另一件事是，與我們北美不同，他們正在進入冬天。所以他們現在的天然氣成本更高。我們實際上預計，今年 10 月，當他們度過冬季時，他們會消耗更多的天然氣，並在我們的網站和其他地方增加基礎設施，屆時會有更多的成本出現。所以有更多的氣體，所以可以流過那裡的管道。

So that will also help with -- we expect that gas prices and thus electricity prices for Argentina project will actually decrease from where they are now sort of in a few months based on their seasonality. Thank you for letting me add that.

因此，這也將有助於 - 我們預計阿根廷項目的天然氣價格和電力價格實際上將根據其季節性在幾個月內從現在的水平下降。謝謝你讓我補充。

Yeah, yeah, no, thanks for adding it. Is your private power supplier, they're also powering the grid, Jeff?

是的，是的，不，感謝您添加它。你的私人電力供應商，他們也在為電網供電，傑夫？

Yes. they have numerous facilities and the one that we are located that has turbines that they can turn on a dispatchable basis to support the grid. So they provide power to Epic, which is the local electricity supplier. And then there's Cammesa that also controls everything from the whole country standpoint and all the local distributors. But yes, they supply power to those guys as well.

是的。他們有許多設施，而我們所在的設施有渦輪機，他們可以在可調度的基礎上啟動渦輪機來支持電網。因此，他們為當地的電力供應商 Epic 供電。然後是 Cammesa，它也從全國和所有當地經銷商的角度控制著一切。但是，是的，他們也為那些傢伙提供電力。

Which just brings up another point, Kevin, which is nice because we have the buses, the electricity buses there. This provides us with some redundancy too. We're not just with an electricity supplier. But because of those buses, if something happens, one way or the other those connections allow us to provide -- to draw power from the grid, should something happen with the turbines on that location.

這只是提出了另一點，凱文，這很好，因為我們有公共汽車，那裡有電動公共汽車。這也為我們提供了一些冗餘。我們不僅僅與電力供應商合作。但是由於這些公共汽車，如果發生了什麼事，這些連接可以讓我們提供一種或另一種方式——從電網中獲取電力，如果那個地方的渦輪機發生了什麼事。

It's a bit of an insurance policy, too. But yes, our primary power will come from the private power producer right on-site, and we transport to those high high-voltage buses.

這也是一種保險單。但是，是的，我們的主要電力將來自現場的私人電力生產商，我們將其輸送到那些高壓總線。

The importation point you made, Jeff, about that reduction to 10 days, how does that compare to the first shipment of miners? Was that -- I know it was months. I just lost track of the time.

傑夫，你提出的關於減少到 10 天的進口點，與第一批礦機相比如何？那是——我知道那是幾個月。我只是忘記了時間。

Yes, we didn't. We were acutely aware of it. You couldn't just have an application under the old system where you would get a beneficial exchange rate. We need to use brokers and the brokers were given allocations on a periodic basis from the government for bringing the equipment into the country. So you had to contact the brokers. You had to negotiate with them. You needed to get part of their allocation. And then you were generally limited by that allocation.

是的，我們沒有。我們敏銳地意識到了這一點。你不能只在舊系統下申請一個可以獲得有利匯率的應用程序。我們需要使用經紀人，而經紀人會定期從政府那裡獲得撥款，用於將設備帶入該國。所以你必須聯繫經紀人。你必須和他們談判。你需要得到他們分配的一部分。然後你通常會受到分配的限制。

So unlike in North America, where we can just bring in thousands of miners in a purchase order. We couldn't do that in Argentina. It would be go to the broker, negotiate the capital cost and the number of units, get specked in, and then it generally would be probably 30 to 60 or so days. Just getting in there in the allocation of those brokers took time. Once you were in the allocation, then you could go ahead and make your logistics and make it happen.

所以不像在北美，我們可以在採購訂單中引入數千名礦工。我們在阿根廷做不到。它將去找經紀人，協商資金成本和單位數量，然後進行檢查，然後通常可能需要 30 到 60 天左右。僅僅進入這些經紀人的分配就需要時間。一旦您進行了分配，您就可以繼續進行後勤工作並實現它。

But it was cumbersome and very labor-intensive. This new system where you we get your packing list and you've split your application has turned out to be a lot easier. And now that we've had two successes, much more predictable.

但它很麻煩，而且非常費力。這個新系統讓我們獲得您的裝箱單並且您已經拆分了您的應用程序，結果證明要容易得多。現在我們已經取得了兩次成功，更容易預測。

Okay. So just a little more insight on the two successes you've had or color rather on the two successes you've had and the one main shipment that you have in the works. Can you just -- I'm going to give us a little bit more of a play-by-play on that. So maybe to instill a little more confidence in that happening.

好的。因此，只需對您取得的兩次成功有更多的了解，或者對您取得的兩次成功和您正在進行的一次主要運輸進行著色。你能不能——我要給我們更多一點關於這個的逐個遊戲。因此，也許是為了讓人們對這種情況更有信心。

Okay. Well, the first order was for 2,982 MicroBT miners, M30S in this case. And in April, as soon as we received approval to power up the facility, we also coincidentally got approval same day for our first importation permit to be a direct importer, April 21 or something, something about that area. So they're in transit and hopefully there the miners will arrive, clear customs within the next week or so. We really hope that we can get them plugged in and activate it this month.

好的。嗯，第一個訂單是 2,982 台 MicroBT 礦機，在這種情況下是 M30S。而在 4 月，我們一收到設施啟動的批准，我們也在同一天巧合地獲得了第一個進口許可證的批准，成為直接進口商，大約在 4 月 21 日左右，大約在那個地區。所以他們正在運輸途中，希望礦工們能在下週左右到達那裡，清關。我們真的希望我們可以讓他們在本月插入並激活它。

We did not have all the details with the Bitmain miners, so it was a little slower. We needed the packing list with the details of the miners and the equipment. So we put that in just over a week ago for 3,200 S19 Pro+, and it was turned around. So it's been under 10 days for that application. So we will figure out logistics and get them moving to the site. And as mentioned, we hope to activate them in June.

我們沒有比特大陸礦工的所有細節，所以速度有點慢。我們需要包含礦工和設備詳細信息的裝箱單。所以我們在一個多星期前為 3,200 S19 Pro+ 放入了它，結果出現了逆轉。所以該應用程序不到 10 天。所以我們會解決物流問題，讓他們搬到現場。如前所述，我們希望在 6 月激活它們。

Do you have your guys from your electrical company, your in-house electrical company from Québec down there installing or is it other third-party contractors you have to use?

你有你的電氣公司的人，你在魁北克的內部電氣公司在那里安裝，還是你必須使用其他第三方承包商？

Third-party contractors. The subsidiary you're talking to is our wholly owned subsidiary called Volta that we've owned for three plus years now. They're 30 plus licensed electricians, but we're keeping them busy and in Québec. And they take -- and they can also do residential and industrial. But no, we have never moved any of those electricians down to South America. In fact, the standards down there and the measurements sort of like a standard versus metric. There's various different conventions within the trade.

第三方承包商。您正在談論的子公司是我們的全資子公司 Volta，我們已經擁有三年多了。他們是 30 多名持證電工，但我們讓他們在魁北克忙個不停。他們採取 - 他們也可以做住宅和工業。但不，我們從未將這些電工中的任何一個調到南美。事實上，那裡的標準和測量有點像標準與公制。行業內有各種不同的慣例。

They certainly know what they're doing, but we've hired electricians locally in Argentina and proving our knowledge base down there. That's actually worked out pretty well. And there's the low voltage within the facility that's come along very well without a hedge.

他們當然知道自己在做什麼，但我們已經在阿根廷當地聘請了電工，並證明了我們在那裡的知識基礎。這實際上很有效。設施內的低電壓在沒有對沖的情況下也能很好地發揮作用。

And then in April, we also commissioned the substation high-voltage where we switch from a 50-megawatt provisional line, which was a temporary line to get the first warehouse done to a substation that has -- that was really built as part of the 210-megawatt campus there. And more than half of that's been constructed and it's ready to go for 100 megawatts. So much more redundant, multiple lines, and much more control. And that's where we got Epic, and the local people and they needed to get trained up on [Siemens] and some of the safety connections there. And all of that was done in April and it's done and works beautifully.

然後在 4 月，我們還調試了變電站的高壓，我們從一條 50 兆瓦的臨時線路切換，這是一條臨時線路，用於完成第一個倉庫到一個變電站，該變電站實際上是作為那裡有 210 兆瓦的校園。其中一半以上已經建成，可以達到 100 兆瓦。如此多的冗餘、多行和更多的控制。這就是我們獲得 Epic 的地方，當地人和他們需要接受有關 [Siemens] 和那裡的一些安全連接的培訓。所有這些都是在四月份完成的，並且已經完成並且效果很好。

Can we take a step back and look at the total Bitfarms' network at 39 joules per terahash. Can you talk a little bit about that 20 million credit you have in reserve. Some of that, obviously, you've used to fill out Rio Quarto and I guess the balance to get to your 40 megawatts. Can you talk to, I mean, some of the age of the older machines you have in the fleet and your philosophy about how you might work to sort of improve the overall fleet and efficiency and front of the having?

我們能否退後一步，看看 Bitfarms 的整個網絡，每 terahash 消耗 39 焦耳。你能談談你儲備的那 2000 萬信貸嗎？其中一些，顯然，您已經習慣於填寫 Rio Quarto，我猜餘額可以達到您的 40 兆瓦。你能談談，我的意思是，你在機隊中擁有的一些舊機器的年齡以及你關於如何工作以改善整體機隊和效率以及擁有的前沿的理念嗎？

Sure. First, the credit, give or take, $20 million now. We have plans to utilize that fully this year and in the combination of Argentina and Baie-Comeau and whatever else might come later. So I don't think there's any fear about that. But we are -- as we've done in the past, Kevin, we're constantly updating the fleet, for example, a number of our employees were taken out of action, and we've been selling them, getting some proceeds for them and putting it towards our new CapEx.

當然。首先，信貸，給予或接受，現在是 2000 萬美元。我們計劃在今年充分利用這一點，並在阿根廷和 Baie-Comeau 的組合中以及以後可能出現的任何其他方面。所以我認為對此沒有任何恐懼。但是我們 - 正如我們過去所做的那樣，凱文，我們正在不斷更新機隊，例如，我們的一些員工被解雇了，我們一直在出售他們，從中獲得一些收益他們並將其用於我們新的資本支出。

But the whole system is M30s and S19s right across the board. That 39 joules per terahash will fall, particularly as we bring in these miners that we just talked about, the 6,182 miners that are headed for Argentina now. That will drop the joules and then with the additional miners, we will move it down towards 30 later this year. And I would expect some 30, may be around year end or next year.

但是整個系統都是 M30s 和 S19s。每 terahash 39 焦耳將會下降，特別是當我們引進我們剛剛談到的這些礦工時，現在有 6,182 名礦工正前往阿根廷。這將降低焦耳，然後隨著更多礦工的加入，我們將在今年晚些時候將其降低到 30。我預計大約有 30 個，可能是在年底或明年左右。

But it's more than just having machines produce. It's the cost per terahash that you have to look at. It's more than just buying hardware. It's more than just buying a high-performance sports car. You want something that you're not paying premium dollar for but getting a good -- getting immediate return from and a payback essentially like we could go and buy the real high-performance miners and spend two or three times more for them, but the payback stretches out and stretches into the halving period where it stretches even further out.

但這不僅僅是讓機器生產。這是您必須查看的每 terahash 的成本。這不僅僅是購買硬件。這不僅僅是購買高性能跑車。你想要一些你不需要支付溢價但得到好的東西——從中獲得立即回報和回報，基本上就像我們可以去購買真正的高性能礦工，並為他們多花兩到三倍的錢，但是投資回報會延伸並延伸到減半期，並延伸到更遠的地方。

So getting a miner performance combination that you can actually run. And we run, as you know, our performance and what we get out of our assets is amongst the top in the industry. In many cases, we get better performance out of our miners than even the higher-performance miners that others are operating. That's because of our MGMP system and the fact that we've got five plus years of operating miners in the setting. We have repair centers, but we will be dropping that number. But as capital costs allocate, we are prudent towards the capital, and you have to get a payback on your miners.

所以得到一個你可以實際運行的礦機性能組合。正如你所知，我們的表現和我們從資產中獲得的收益在行業中名列前茅。在許多情況下，我們從我們的礦機中獲得的性能甚至比其他人正在運行的更高性能的礦機還要好。這是因為我們的 MGMP 系統以及我們在該環境中擁有五年以上運營礦工的事實。我們有維修中心，但我們會放棄這個號碼。但隨著資本成本的分配，我們對資本持謹慎態度，你必須對你的礦工進行回報。

So right now, these miners that we're getting have a less than one year payback with the current economics. So we will have been paid back before the halving. We will do similar analysis as we build and possibly acquire and see other opportunities this year. We are actively looking for new opportunities now so that we can build and activate them before the next halving. Next halving less than 12 months. So hopefully, we whatever we build and do now, we can complete in six to eight months ahead of the halving. So everything's accretive and we are lean and mean, yes.

所以現在，我們得到的這些礦工在當前經濟條件下的回報期不到一年。所以我們將在減半之前得到回報。我們將在今年建立並可能獲得併看到其他機會時進行類似的分析。我們現在正在積極尋找新的機會，以便我們可以在下一次減半之前建立並激活它們。下一次減半不到 12 個月。因此，希望無論我們現在建造和做什麼，我們都可以在減半之前的六到八個月內完成。所以一切都是增值的，我們精益求精，是的。

Can we talk a little bit about the hedging strategy? I don't know that you've guys have mentioned this before. I'm wondering what type of derivatives you're using. How expensive it is? How comprehensive it is? Could you give us a little more insight on that?

我們可以談談對沖策略嗎？我不知道你們以前有沒有提到過這個。我想知道你使用的是什麼類型的衍生品。它有多貴？它有多全面？你能給我們更多的見解嗎？

Sure. Let me speak to that. I'm more than glad to. We've actually been working on this for several months. And the person we've been doing for a couple of months is really making sure that we really had the control processes and practices in place here. We've actually got a risk committee here. Actually, we have a VP of Risk Management whom we brought on board the beginning of the year. Although we worked with as much of the latter part of last year here, to really look at the sort of risk exposures that we have in the enterprise risk that we face overall, given the evolving nature of the business that we're in.

當然。讓我談談這個。我非常樂意。我們實際上已經為此工作了幾個月。我們幾個月來一直在做的人確實確保我們真的有控制流程和實踐。我們這裡實際上有一個風險委員會。實際上，我們有一位風險管理副總裁，我們在年初聘請了他。儘管我們去年下半年在這里工作了很多，但考慮到我們所處業務的不斷變化的性質，我們要真正了解我們在整體面臨的企業風險中所面臨的風險敞口。

Part of our thinking, Kevin, just to give you a bit of foundation here behind setting up this hedging operation, would you recognize as do all the companies in our states here. That is a little control, regular variability of our topline, dictating large part, of course, by the price of bitcoin, which we have almost no control here.

我們的一部分想法，凱文，只是為了給你一些建立這種對沖操作的基礎，你會像我們各州的所有公司一樣認識到這一點。這是一點點控制，我們的收入有規律的變化，當然，很大程度上取決於比特幣的價格，我們在這裡幾乎無法控制。

So we ask, what can we do here in our side here to better provide stability, visibility, and consistency to our earnings. And so with that thought in mind, we began embarking on this hedging practice. We're stepping in here very carefully and very thoughtful here. We're not being overly aggressive and mean.

所以我們問，我們可以在這裡做些什麼來更好地為我們的收入提供穩定性、可見性和一致性。因此，考慮到這一點，我們開始著手進行這種對沖操作。我們非常謹慎、非常周到地踏入這裡。我們並不過分咄咄逼人和刻薄。

And the goal here, quite frankly, is to means of insulating and protecting our downside here. And right now, we're doing that primarily. We by writing or by buying options in place here though we are looking for some other more sophisticated instruments as we get more advanced here and also to a degree in the upside. We do offset some of that premium cost by actually writing some dramatically out of the money calls here.

坦率地說，這裡的目標是隔離和保護我們在這裡的不利因素。而現在，我們主要是這樣做的。我們通過寫或購買期權在這裡，雖然我們正在尋找一些其他更複雜的工具，因為我們在這裡變得更先進，並且在一定程度上處於上升趨勢。我們確實通過在此處從貨幣電話中實際寫出一些戲劇性的內容來抵消部分保費成本。

So that's how we started initially but again, the goal here is for us to have greater visibility, predictability, and stability through our topline into our earnings stream.

這就是我們最初的開始方式，但同樣，這裡的目標是讓我們通過我們的收入流獲得更大的可見性、可預測性和穩定性。

Okay. I appreciate that, Jeff. Thanks. It's the -- I know in addressing Bill's question earlier, you're expecting to see a little less costs and SG&A. Would these hedging costs be reflected in that line?

好的。我很感激，傑夫。謝謝。這是——我知道在早些時候回答 Bill 的問題時，你期望看到的成本和 SG&A 會少一些。這些對沖成本會反映在該行中嗎？

No, first of -- go ahead.

不，首先 - 繼續。

Yes Sure, go ahead. Yes, just give us some insight on that and maybe the size or the cost.

是的，繼續吧。是的，只是讓我們對此有一些了解，也許還有尺寸或成本。

Sure. So a couple of things here. First of all, in terms of the impact with SG&As and look like going forward, I think in my comments was that where we were in the first quarter is a fair representation. We're going to be going forward.

當然。所以這裡有幾件事。首先，就 SG&A 的影響和展望未來而言，我認為在我的評論中，我們在第一季度的表現是一個公平的代表。我們將繼續前進。

There is a little bit of uncertainty there, clearly, particularly as we incur some professional services associated with the deals as we conduct in our various acquisitions. In terms of the actual cost of the hedging itself, it's really been largely de minimus for us. Secondly, we did not employ what is called hedge accounting, any of the P&L impact, the pickup of the gains or the losses that they may arise gets reflected in financing expense. And that's actually down below the operating income lines

顯然，這裡存在一些不確定性，尤其是當我們在進行各種收購時，會招致一些與交易相關的專業服務。就對沖本身的實際成本而言，這對我們來說基本上是微不足道的。其次，我們沒有採用所謂的對沖會計，任何損益影響、收益的提取或可能產生的損失都反映在融資費用中。這實際上低於營業收入線

Okay, yeah. Okay, good, good, good. Thank you for that. I appreciate it. Apologies for the ignorance.

好的，是的。好，很好，很好，很好。謝謝你。我很感激。為無知道歉。

Can we talk a little bit about Baie-Comeau? I don't know what that site looks like, but I get the impression that there's one building there. Would that be needing retrofit, or you have to build from scratch?

我們能談談 Baie-Comeau 嗎？我不知道那個網站是什麼樣子，但我的印像是那裡有一棟建築。那需要改造，還是必須從頭開始構建？

For the 11 megawatts that we plan on doing this year, there's an existing building. And we're frankly working on it already. We have a high confidence that the transaction will close by June 30. And so we are starting to work on the building now, as I think we've mentioned before, we get a real jumpstart on it because some of the equipment that we pulled out of the De La Pointe facility in Sherbrooke, we warehouse knowing that we would have future use for it. And lo and behold, here we are. So we are shipping that equipment up there. And that will allow us to very quickly get three megawatts going in early summer and another three megawatts in the latter part of summer.

對於我們今年計劃進行的 11 兆瓦，有一個現有的建築物。坦率地說，我們已經在努力了。我們非常有信心交易將在 6 月 30 日之前完成。所以我們現在開始在大樓上工作，正如我想我們之前提到的那樣，我們在這方面取得了真正的快速啟動，因為我們撤出的一些設備在 Sherbrooke 的 De La Pointe 設施中，我們知道我們將來會用到它。瞧，我們到了。因此，我們正在將設備運送到那裡。這將使我們能夠在初夏迅速獲得 3 兆瓦的電力，並在夏季後期獲得另外 3 兆瓦的電力。

But we expect to have 11 megawatts running there this year before September 30, hopefully. We just need the transaction to get closed to really turn our sights full bore there, and we'll reset guidance accordingly.

但我們希望今年在 9 月 30 日之前有 11 兆瓦的電力在那裡運行。我們只需要完成交易才能真正將我們的目光投向那裡，我們將相應地重新設定指導。

But it's -- Baie-Comeau always is located further away than our locations, our farms right now. It's approximately an eight-hour drive from our existing facilities and it's further east, but it's an area with an enormous amount of hydroelectricity.

但它 - Baie-Comeau 總是比我們的位置更遠，我們的農場現在。它距離我們現有的設施大約有八小時的車程，而且在更東邊，但這是一個擁有大量水力發電的地區。

I think there's four or five gigawatts of hydroelectricity. It's an area that was developed decades ago for the forestry, aluminum sectors. And there's this tremendous amount of hydro there. So not only is a strategic to go there because there's this contract, but we're hoping because we can go for where the electricity is and we're being responsible corporate citizen in the province of Québec that this is an area that they might open up for expansion in the future because the electricity is there and it's a long way to wheel it to population centers in Québec and part of some of their wholesale contracts in the US that they sell to. So it's strategic as well.

我認為有四到五吉瓦的水力發電。這是幾十年前為林業、鋁行業開發的區域。那裡有大量的水電。因此，不僅因為有這份合同，去那裡是一項戰略，而且我們希望，因為我們可以去電力所在的地方，而且我們是魁北克省負責任的企業公民，這是他們可能會開放的地區為未來的擴張做好準備，因為那裡有電力，而且要將電力輸送到魁北克的人口中心以及他們在美國的部分批發合同，並向其銷售，還有很長的路要走。所以這也是戰略性的。

Do you foresee, I mean, I know there was some talk about the Régie offering, maybe another as much as 280 megawatts? Do you think that could be one of the sites that they might allocate toward that?

你是否預見到，我的意思是，我知道有一些關於 Régie 產品的討論，也許另一個高達 280 兆瓦？您認為這可能是他們可能為此分配的網站之一嗎？

Fingers crossed. It would be a good site. It fits within their plan as do some of the other locations in Québec that we've spent a fair bit of time and effort getting to know local towns and cities and mayors and councils and businesses throughout the province. But it's one of the areas where there's surplus electricity, and it would make good sense also because we bring jobs.

手指交叉。這將是一個很好的網站。它符合他們的計劃，就像魁北克的其他一些地方一樣，我們花了相當多的時間和精力來了解全省的當地城鎮、市長、議會和企業。但它是電力過剩的地區之一，這也很有意義，因為我們可以帶來就業機會。

So we can bring a business case to the province for some of those locations where we can add value, jobs, tech jobs, and capital investment. So we think there's more in the province, but the province is slow with that RFP as they rejuggle their imperatives.

因此，我們可以為該省的一些地方帶來商業案例，我們可以在這些地方增加價值、就業、技術工作和資本投資。所以我們認為該省還有更多，但該省在重新調整他們的必要性時，RFP 進展緩慢。

There's -- the latest we're hearing just in the last week or two is that they plan to study it in more detail over the summer and make some announcements in the fall. We're behind the scenes providing various numbers and statistics to support our value add in the province, because like nobody else, we can curtail our power within high needs when it's very cold in most cases there. And I think that adaptability is important for the province, and we plan to make that case and get them to know more about us, and it's something that we've -- we're investing a fair bit of time and effort in.

有——我們在過去一兩週內聽到的最新消息是，他們計劃在夏季對其進行更詳細的研究，並在秋季發布一些公告。我們在幕後提供各種數字和統計數據來支持我們在該省的增值，因為與其他人不同，我們可以在大多數情況下非常寒冷的情況下在高需求下削減我們的電力。而且我認為適應性對本省很重要，我們計劃證明這一點，讓他們更多地了解我們，這是我們已經做到的——我們正在投入大量時間和精力。

Last question for me, gentlemen, and I'm sure you're relieved to hear that. Can you give us an update on the installation facilities in Rio Cuarto? I know the one building done at 50. I know you have 210 so that you could go, I think, to four buildings in total. I was just kind of wondering where the other three stood in your timeline and strategic thinking?

先生們，我的最後一個問題，我相信你們聽到這個消息會鬆一口氣。你能給我們介紹一下 Rio Cuarto 的安裝設施嗎？我知道一棟建築完成了 50 個。我知道你有 210 個，這樣你就可以去，我想，總共有四座建築。我只是想知道其他三個在您的時間表和戰略思想中處於什麼位置？

Kevin, thank you for that question. It's an update that is an important one. So yes, we have a 210-megawatt power purchase agreement, and as originally envisioned, the campus was going to be for 50-megawatt warehouses. And we developed this back in 2021 when bitcoin economics were much more robust than they were last year and even than as they are now. So we announced that we were changing the expectation. We're going to scale it from four warehouses to two, of which we're going to build first and reevaluate the market.

凱文，謝謝你提出這個問題。這是一個重要的更新。所以是的，我們有一個 210 兆瓦的購電協議，並且按照最初的設想，園區將用於 50 兆瓦的倉庫。我們在 2021 年開發了這個，當時比特幣經濟比去年甚至比現在強得多。所以我們宣布我們正在改變預期。我們將把它從四個倉庫擴展到兩個，我們將首先建造其中的倉庫並重新評估市場。

When the gates were open and we could look at it again, so we're there. We're there now. We've got the first 50-megawatts warehouse. We are filling it over the next number of months, as I've already described. And now we're taking a look at the second warehouse, and whether it makes sense.

當大門打開時，我們可以再次看到它，所以我們就在那裡。我們現在就在那裡。我們擁有第一個 50 兆瓦的倉庫。正如我已經描述的那樣，我們將在接下來的幾個月內填補它。現在我們正在看第二個倉庫，看看它是否有意義。

So the substation is built for, and it's ready to go. So capital in that regard has been spent. When we originally designed the whole campus, we put deposits down with steel people and transformer people and things like that. And some of those deposits are there. So it would be nice to actually take advantage of those deposits and why it makes sense that our capital cost for the balance of this year is pretty trimmed because we've already invested in the future.

所以變電站是為建造的，它已經準備好了。所以這方面的資本已經花光了。我們最初設計整個校園時，我們把存款放在鋼鐵人和變壓器人之類的地方。其中一些存款就在那裡。因此，實際利用這些存款會很好，以及為什麼我們今年餘額的資本成本大幅削減是有道理的，因為我們已經投資了未來。

So the second warehouse is there. It's designed. We are now in discussions with Albanesi, with the permitting people, with the suppliers for timelines. Because as you remember, what I said was we want -- whatever we do now, we want it to be built and accretive ahead of the halving.

所以第二個倉庫就在那裡。它的設計。我們現在正在與 Albanesi、許可人員以及供應商討論時間表。因為你還記得，我說的是我們想要的——無論我們現在做什麼，我們都希望它在減半之前建成並增值。

So if we cannot build it and have it being accretive before the halving, then it will have to wait. But if we can get the ingredients in place that it makes sense, then we're going to go to the Board and seek approval for that. So it's a hot topic right now, and we're looking at it.

因此，如果我們不能在減半之前建造它並讓它增值，那麼它就必須等待。但是，如果我們能夠獲得有意義的成分，那麼我們將前往董事會尋求批准。所以它現在是一個熱門話題，我們正在研究它。

But Jeff Lucas, why don't you come in and add a few more details about that?

但是 Jeff Lucas，你為什麼不進來添加更多關於它的細節？

I think a good point -- just a few points to add here that for the second warehouse here, as I'm -- we anticipate that the cost to construct that will be well below $300,000 per megawatt. I'll add though because of some of the payments that are being made towards the overall complex there, likely be the actual cash requirements going forward, if you were indeed to build a second warehouse to be more in range just a little north of about 200 megawatt -- $200,000 per megawatt here.

我認為一個很好的觀點 - 在這里為第二個倉庫添加幾點，就像我一樣 - 我們預計建造成本將遠低於每兆瓦 300,000 美元。我要補充的是，由於正在向那裡的整個綜合大樓支付一些款項，如果您確實要建造第二個倉庫，使其範圍更廣，則可能是未來的實際現金需求。 200 兆瓦——這裡每兆瓦 200,000 美元。

But outside of that, I think we're pretty well positioned. And we are now in the process of making the assessments and how to do that most economically, going forward.

但除此之外，我認為我們的定位非常好。我們現在正在進行評估，以及如何最經濟地進行評估。

Thank you for talking the question. Thank you, gentlemen. (multiple speakers) I'll turn it back over to you.

謝謝你說這個問題。謝謝你們，先生們。 （多個揚聲器）我會把它轉回給你。

And ladies and gentlemen, I'm showing no additional questions, I'd like to turn the floor back over to the management team for any closing remarks.

女士們，先生們，我沒有提出其他問題，我想把發言權交還給管理團隊，聽取任何結束語。

Thank you, Jamie. I would like to reiterate and leave you with three points about Bitfarms. First, evidenced by the fact, we've mined over 21,000 bitcoin with 100% renewable energy. We have proven our capability to scale the business.

謝謝你，傑米。我想重申並留給你關於 Bitfarms 的三點。首先，事實證明，我們已經使用 100% 可再生能源開采了超過 21,000 個比特幣。我們已經證明了我們擴展業務的能力。

Second, we've maintained profitable mining operations each quarter, as a result of our determination to maintain stable, low energy, and operating costs.

其次，由於我們決心保持穩定、低能源和運營成本，我們每個季度都保持盈利的挖礦業務。

Third, with little capital outlay, we expect to reach 6 exahash per second by the end of Q3 from our existing portfolio with upside from the pending close of planned 22-megawatt farm in Baie-Comeau and one or more acquisitions will bring even further value to shareholders.

第三，在資本支出很少的情況下，我們預計到第三季度末我們現有的投資組合將達到每秒 6 exahash，這得益於即將關閉的 Baie-Comeau 計劃中的 22 兆瓦農場，並且一項或多項收購將帶來更多價值給股東。

Thank you all for attending today's conference call. We look forward to updating you with our monthly production reports as well as other developments and on our Q2 conference call in August. Thank you and have a good day.

感謝大家參加今天的電話會議。我們期待在 8 月份的第二季度電話會議上向您通報我們的月度生產報告以及其他進展情況。謝謝你，有一個美好的一天。

Thank you. Take care.

謝謝。小心。

Ladies and gentlemen, the conference has now concluded. We thank you for attending today's presentation. You may now disconnect your lines.

女士們，先生們，會議現已結束。我們感謝您參加今天的演講。您現在可以斷開線路。