Bitfarms Ltd (BITF) 2023 Q2 法說會逐字稿

Good morning, everyone. My name is Alan, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bitfarms' second quarter 2023 financial results conference call. (Operator Instructions)

大家，早安。我叫艾倫，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Bitfarms 2023 年第二季度財務業績電話會議。 （操作員說明）

As a reminder, this conference is being recorded today, August 8, 2023. I would like now to turn the call over to David Barnard from LHA Investor Relations. David, you may begin your conference.

謹此提醒，本次會議於今天（2023 年 8 月 8 日）進行錄製。我現在想將電話轉給 LHA 投資者關係部的 David Barnard。大衛，你可以開始你的會議了。

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

偉大的。謝謝你，艾倫。大家早上好，歡迎參加Bitfarms 2023 年第二季度的電話會議。今天與我一起參加電話會議的是總裁兼首席執行官傑夫·莫菲(Geoff Morphy) 和首席財務官傑夫·盧卡斯( 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 Investors 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正在進行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“投資者演示”下。如果您喜歡在智能手機上收聽通話，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 second quarter 2023 financial results.

我想提醒您，今天早上 Bitfarms 發布了一份新聞稿，宣布了 2023 年第二季度的財務業績。

Turning to slide 2, I'll remind everyone that certain forward-looking statements will be made during the call and that future results could differ materially from those implied in these statements. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to consult Bitfarms MD&A for a complete list of these. Also during the call, references will be made to supporting slides and you can find the presentation again on our website at www.bitfarms.com under the Investor Relations section.

轉向幻燈片 2，我將提醒大家，電話會議期間將做出某些前瞻性陳述，並且未來的結果可能與這些陳述中暗示的結果存在重大差異。前瞻性信息基於某些假設，並存在風險和不確定性，我邀請您諮詢 Bitfarms MD&A 以獲取這些風險和不確定性的完整列表。此外，在電話會議期間，還將參考支持幻燈片，您可以在我們的網站 www.bitfarms.com 的投資者關係部分再次找到演示文稿。

This 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 press release and the company's second quarter 2023 MD&A for definitions of the aforementioned non-IFRS measures and their reconciliation to IFRS measures. Please note that all financial references are denominated in US dollars unless otherwise noted.

該公司還將引用《國際財務報告準則》未認可的某些衡量標準，並且這些衡量標準沒有《國際財務報告準則》規定的標準化含義，因此可能無法與其他公司提出的類似衡量標准進行比較。我們邀請聽眾參考今天的新聞稿和公司 2023 年第二季度 MD&A，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，所有財務參考均以美元計價。

During today's call, CEO, Geoff Morphy, will review our operations for the quarter. CFO, Jeff Lucas, will follow with a detailed financial review, and Geoff Morphy will return for some closing remarks after the Q&A. We have also requested investors to send questions in advance, which I will read to the management after we open the call to analysts interested in the live Q&A.

在今天的電話會議上，首席執行官傑夫·莫菲 (Geoff Morphy) 將審查我們本季度的運營情況。首席財務官傑夫·盧卡斯 (Jeff Lucas) 隨後將進行詳細的財務審查，傑夫·莫菲 (Geoff Morphy) 將在問答後發表一些結束語。我們還要求投資者提前提出問題，在我們向對現場問答感興趣的分析師開放電話會議後，我將向管理層宣讀這些問題。

And now it's my pleasure to turn the call over to Geoff Morphy.

現在我很高興將電話轉給傑夫·莫菲。

Thank you for joining us today. I'll begin by emphasizing that we have built a quality portfolio of assets and the resources to manage them very effectively. Together with ongoing investments, we provide investors with excellent exposure to rising Bitcoin prices, particularly as we approach the next Bitcoin halving. To capitalize on this further, we are executing an aggressive and disciplined growth strategy to optimize overall risk returns while managing risks.

感謝您今天加入我們。首先我要強調的是，我們已經建立了優質的資產組合和資源來非常有效地管理它們。加上正在進行的投資，我們為投資者提供了良好的比特幣價格上漲機會，特別是在我們臨近下一次比特幣減半時。為了進一步利用這一點，我們正在執行積極而嚴格的增長戰略，以在管理風險的同時優化整體風險回報。

The pillars of our growth strategy are: responsible capital deployment, reinvestment in our fleet with the latest in miner technology, continued geographic diversification, adherence to strong financial and operating controls, audited by a big four accounting firm since incorporation over five years ago, and we have the most highly experienced and accomplished team supporting our global growth.

我們增長戰略的支柱是：負責任的資本部署、利用最新的礦機技術對我們的機隊進行再投資、持續的地域多元化、遵守強有力的財務和運營控制、自成立五年多以來由四大會計師事務所進行審計，以及我們擁有經驗最豐富、最有成就的團隊來支持我們的全球增長。

In the past 24 months, we have expanded from 69 megawatts powering five production facilities in Quebec to 212 megawatts, energizing 11 operating farms in four countries. During this time, we increased our hash rate over 275% to 5.3 exahash per second. We have built an incredibly sound infrastructure to support scalable and sustainable growth. And we are now leveraging our infrastructure as we pursue current and future opportunities.

在過去 24 個月中，我們已將魁北克省 5 個生產設施的供電量從 69 兆瓦擴大到 212 兆瓦，為 4 個國家的 11 個運營農場提供電力。在此期間，我們將哈希率提高了 275% 以上，達到每秒 5.3 exahash。我們建立了極其完善的基礎設施來支持可擴展和可持續的增長。我們現在正在利用我們的基礎設施來尋求當前和未來的機會。

I will now review our foundation. Our farms are well established and efficient, maximizing output while minimizing costs leading to higher and more consistent profitability with each location contributing positively. We excel in operations and continuously work to improve facilities and processes, including the adoption of cutting-edge technologies to enhance efficiency and productivity, driving effective deployment of miners and fleet enhancements. We carefully manage our capital structure. In this quarter, we further deleveraged our balance sheet by utilizing our surplus free cash flow after debt service while still investing in growth. We ended June with only $16 million in debt enhancing our financial flexibility to expeditiously seize upon growth opportunities and deploy capital quickly and effectively.

我現在將回顧我們的基礎。我們的農場設施完善且高效，可最大限度地提高產量，同時最大限度地降低成本，從而實現更高、更一致的盈利能力，每個地點都做出了積極貢獻。我們在運營方面表現出色，並不斷努力改進設施和流程，包括採用尖端技術來提高效率和生產力，推動礦機的有效部署和船隊的增強。我們謹慎管理我們的資本結構。在本季度，我們利用償債後的剩餘自由現金流進一步去槓桿化資產負債表，同時仍然投資於增長。截至 6 月份，我們的債務僅為 1,600 萬美元，這增強了我們的財務靈活性，可以迅速抓住增長機會并快速有效地部署資本。

A perfect example is our accretive expansion in Paraguay, where we acquired 150 megawatts of hydropower contracts in July and recently initiated deployment plans for the first 50 megawatts, which I'll detail in a moment. We are truly a global player with a well-diversified portfolio of production assets and management personnel. These attributes mitigates risk associated with concentrated operations in a small number of facilities in a single region.

一個完美的例子是我們在巴拉圭的不斷擴張，我們在 7 月份獲得了 150 兆瓦的水電合同，最近啟動了前 50 兆瓦的部署計劃，我稍後將詳細介紹。我們是真正的全球參與者，擁有多元化的生產資產和管理人員組合。這些屬性降低了與單個區域的少量設施集中運營相關的風險。

Our stellar corporate development team is actively seeking new opportunities, including expanding into new geographies, adding complementary businesses and improving overall operations. With just eight months until the next Bitcoin halving, the pipeline is growing. And with our global footprint, sound balance sheet, and respective integrity, Bitfarms is well positioned to take advantage of situations meeting our criteria of stable, low-cost power contracts, quick paybacks, and higher return on invested capital.

我們優秀的企業發展團隊正在積極尋找新的機會，包括擴展到新的地區、增加互補業務和改善整體運營。距離下一次比特幣減半只剩下八個月的時間，管道正在不斷增長。憑藉我們的全球足跡、健全的資產負債表和各自的誠信，Bitfarms 完全有能力利用符合我們穩定、低成本電力合同、快速回報和更高投資資本回報率標準的情況。

Simply put, our portfolio of high-quality assets, offers exposure to rising Bitcoin prices and Bitfarms leverages this inherent value with efficient operations, strong execution, financial discipline, global diversification, and a proactive approach to identify and act on opportunities and risk management practices incorporated to safeguard against potential adverse developments.

簡而言之，我們的優質資產組合提供了不斷上漲的比特幣價格的機會，而Bitfarms 通過高效的運營、強大的執行力、財務紀律、全球多元化以及主動識別機會和風險管理實踐並採取行動的方法來利用這一內在價值納入以防止潛在的不利發展。

On slide 5, I'll review some of our accomplishments for Q2 2023. We ended June 2023 with 5.3 exahash per second, up 10% from March 31, 2023, and up 47% from June 30, 2022. Current installations in Rio Cuarto and Baie-Comeau continue and are targeted for completion in September, increasing our hash rate 19% to 6.3 exahash per second.

在幻燈片5 上，我將回顧我們在2023 年第二季度取得的一些成就。截至2023 年6 月，我們的處理速度為每秒5.3 exahash，比2023 年3 月31 日增長10%，比2022年6 月30 日增長47%。 Rio Cuarto 的當前安裝Baie-Comeau 繼續進行，目標於 9 月完成，將我們的哈希率提高 19% 至每秒 6.3 exahash。

During Q2 2023, we mined 1,223 Bitcoin. With higher average Bitcoin prices, Q2 2023 revenue increased 18% from Q1 2023. We delivered adjusted EBITDA of $8 million and increased our hurdle to 594 Bitcoin at June 30, 2023.

2023 年第二季度，我們開采了 1,223 個比特幣。由於比特幣平均價格上漲，2023 年第二季度的收入較2023 年第一季度增長了18%。我們的調整後EBITDA 為800 萬美元，並將截止日期提高到2023 年6 月30 日的594 個比特幣。

Slide 6 shows the summary of operating capacity and installed miners for our farms, 11 operating in four countries and we now consider our two new locations in Paraguay as farms under development. In July, we reached 212 megawatts in operating capacity, up 28% from a year ago. Notably, 86% is powered by sustainable hydroelectricity.

幻燈片 6 顯示了我們農場的運營能力和已安裝礦機的摘要，11 個農場在四個國家/地區運營，我們現在將巴拉圭的兩個新地點視為正在開發的農場。 7月份，我們的運營容量達到212兆瓦，同比增長28%。值得注意的是，86% 的電力由可持續水力發電提供。

I will now review our operations and development plans. Turning to slide 7. In Paraguay, we acquired two power purchase agreements totaling 150 megawatts of low-cost hydropower in July that will energize two new farms.

我現在將回顧我們的運營和發展計劃。轉向幻燈片 7。在巴拉圭，我們於 7 月獲得了兩份總計 150 兆瓦的低成本水力發電協議，將為兩個新農場提供電力。

These were very strategic acquisitions because Paraguay is highly attractive for development. Based on our experience, this country has amongst the lowest build-out costs, quickest project timelines to completion, and a straightforward importation regime. Yesterday, we announced our initial deployment at our new Paso Pe farm. The Paso Pe farm will be only about one kilometer away from our existing Vilarrica farm.

這些都是非常具有戰略意義的收購，因為巴拉圭對發展極具吸引力。根據我們的經驗，該國擁有最低的建設成本、最快的項目完成時間和簡單的進口制度。昨天，我們宣佈在新的帕索佩農場進行初步部署。 Paso Pe 農場距離我們現有的 Vilarrica 農場僅約一公里。

In addition, to plans for 30 megawatts of air-cooled facilities, we purchased MicroBT hydro cooling miners and related containers entirely with vendor credits for 20 megawatts of deployment of this latest mining technology. We expect the new farm to be fully commissioned at 50 megawatts in Q1 2024.

此外，為了計劃建設 30 兆瓦的風冷設施，我們購買了 MicroBT 水冷礦機和相關容器，並完全獲得供應商信用以部署這一最新採礦技術的 20 兆瓦。我們預計新發電場將於 2024 年第一季度全面投入運行，發電容量為 50 兆瓦。

Turning to slide 8. In Rio Cuarto, Argentina, we increased production to 29 megawatts as we imported and installed approximately 5,100 new M30S Whatsminer miners. This added approximately 510 peta hash per second to the facility and brought its total hash rate to approximately 700 peta hash per second. We also qualified and strategically became a self-importer of miners.

轉向幻燈片 8。在阿根廷 Rio Cuarto，我們進口並安裝了大約 5,100 台新的 M30S Whatsminer 礦機，將產量提高到 29 兆瓦。這為該設施增加了每秒約 510 peta 哈希值，並將其總哈希率提高到每秒約 700 peta 哈希值。我們還獲得資格並戰略性地成為礦機自進口商。

Doing so, streamlines and lowers the cost of importing miners into the country. And as of today, 4,680 additional miners have arrived and are being processed by Argentine customs, an additional 2,797 miners are in transit, and all miners are expected to be installed and running in Q3 2023, which will bring us up to 50 megawatts at this farm. We can provide more details on this equipment, if so desired.

這樣做可以簡化並降低將礦機進口到該國的成本。截至今天，已有4,680 台礦機已抵達並正在阿根廷海關處理，另有2,797 台礦機正在運輸途中，所有礦機預計將於2023 年第三季度安裝並運行，這將使我們的發電量達到50 兆瓦。農場。如果需要，我們可以提供有關該設備的更多詳細信息。

In Canada, we closed the purchase of the Baie-Comeau acquisition and initiated production in early July. The acquisition not only brought new production capacity, but also provided us with the opportunity to optimize our fleet by redeploying miners from Magog. This was undertaken to free up suitable rack space at Magog for higher-performance miners.

在加拿大，我們完成了Baie-Comeau收購併於7月初開始生產。此次收購不僅帶來了新的產能，還為我們提供了通過重新部署梅戈格礦機來優化我們的機隊的機會。這樣做是為了在梅戈格騰出合適的機架空間來容納更高性能的礦工。

Baie-Comeau farm is presently operating with 1,300 miners at five megawatts. And with the remaining miners from Magog, we should reach 11 megawatts in Q3 2023 as planned. This in conjunction with the Rio Cuarto buildout that I just mentioned, gives us confidence we can achieve our 6.3 exahash per second Q3 2023 target.

Baie-Comeau 農場目前擁有 1,300 名礦工，功率為 5 兆瓦。加上 Magog 的剩餘礦機，我們應該按計劃在 2023 年第三季度達到 11 兆瓦。這與我剛才提到的 Rio Cuarto 擴建相結合，讓我們有信心能夠實現 2023 年第三季度每秒 6.3 exahash 的目標。

Regarding Magog, in July, we leveraged our assets to respond quickly to a lightning strike that took out our primary transformer. Our proactive risk mitigation strategy handles unforeseen incidents and minimizes their impact on production and operations. By combining redundancy, geographic diversification, in-house capabilities, and spare equipment, we were able to respond swiftly and effectively to the outage, ensuring minimal disruption to our overall business. Favorably, the facility is hashing at full capacity and no miners were damaged as part of this lightning strike.

關於梅戈格，7 月份，我們利用我們的資產對導致初級變壓器損壞的雷擊做出了快速反應。我們積極主動的風險緩解策略可以處理不可預見的事件，並將其對生產和運營的影響降至最低。通過結合冗餘、地域多元化、內部能力和備用設備，我們能夠對停電做出快速有效的響應，確保對我們整體業務的干擾降至最低。有利的是，該設施正在滿負荷進行哈希處理，並且沒有礦工在此次雷擊中受損。

In Washington state, we upgraded intake and exhaust systems greatly improving efficiencies. The intake is now equipped with a two-stage filter, which includes an evaporative cooling component, which saves energy and reduces service requirements. The exhaust system now includes automated vents, reducing power consumption by as much as 90%. Results have been impressive.

在華盛頓州，我們升級了進氣和排氣系統，大大提高了效率。進氣口現在配備了兩級過濾器，其中包括蒸發冷卻組件，可節省能源並減少維修要求。排氣系統現在包括自動通風口，可減少多達 90% 的功耗。結果令人印象深刻。

For example, deterioration of hash rate on a 100 plus degree day has been limited to only 2% to 3% versus approximately 30% previously. Considering this, we are now evaluating these enhancements for use on our other farms. We continue to enhance our MGMT proprietary software.

例如，在 100 多度的日子裡，算力的惡化僅限於 2% 到 3%，而之前約為 30%。考慮到這一點，我們現在正在評估這些增強功能是否適用於我們的其他農場。我們繼續增強我們的 MGMT 專有軟件。

This software remains one of the longest running and robust systems in the industry. New capabilities include the precise tracking of power consumption and operating performance per miner per location. This enables greater detail on miner performance, the optimization and reconciliation of electricity consumption and adds the predictive capability to power forecasting for all MicroBT miners, which comprise about 90% of our fleet.

該軟件仍然是業內運行時間最長、最強大的系統之一。新功能包括精確跟踪每個位置每個礦工的功耗和運行性能。這樣可以更詳細地了解礦機性能、電力消耗的優化和協調，並為所有 MicroBT 礦機（約占我們礦機群的 90%）的功率預測增加了預測能力。

In summary, as we execute against our fleet expansion and upgrade plans, we are projecting 20% sequential growth in our hash rate in Q3 2023. And with Paso Pe expected to come online in Q1 2024, we are expecting to achieve seven exahash in Q1 2024. Those are our near-term goals as we continue to evaluate other diverse capital efficient development opportunities.

總之，隨著我們執行機隊擴張和升級計劃，我們預計 2023 年第三季度的算力將環比增長 20%。Paso Pe 預計將於 2024 年第一季度上線，我們預計第一季度將實現 7 exahash 2024 年。這些是我們的近期目標，我們將繼續評估其他多樣化的資本高效發展機會。

Please turn to slide 9. With that, I will now hand over the call over to Jeff Lucas for the financial review.

請翻到幻燈片 9。接下來，我將把電話轉交給傑夫·盧卡斯 (Jeff Lucas) 進行財務審查。

Thank you, Geoff. I'll begin by highlighting -- giving you some key elements of our financial strategy and position. We have efficient operations and stable and predictable energy rates that with over 85% hydro are now subject to the energy cost variability associated with fossil fuels. We have a laser-focused and rapid payback of capital.

謝謝你，傑夫。首先，我將向您強調我們財務戰略和立場的一些關鍵要素。我們擁有高效的運營和穩定且可預測的能源價格，其中超過 85% 的水電現在受到與化石燃料相關的能源成本變化的影響。我們擁有專注且快速的資本回報。

We enjoy low capital requirements necessary to meet our near-term growth plan, including using our existing equipment credits to reduce the capital expenditure funding needs. And we enjoy the strongest balance sheet in the history of our company. So it gives us the flexibility and enables us to utilize our operational expertise to take advantage of attractive growth opportunities and positions us well for the unpredictable economics of the halving.

我們享受滿足近期增長計劃所需的較低資本要求，包括使用我們現有的設備信貸來減少資本支出資金需求。我們擁有公司歷史上最強勁的資產負債表。因此，它為我們提供了靈活性，使我們能夠利用我們的運營專業知識來利用有吸引力的增長機會，並使我們能夠應對減半不可預測的經濟狀況。

I will now review our mining economics, our performance, and our balance sheet.

我現在將回顧我們的採礦經濟、我們的業績和我們的資產負債表。

Turning to slide 10. In the second quarter of 2023, we mined 1,223 Bitcoin compared to 1,297 in the first quarter of '23, and 1,257 in the second quarter of '22. The difference is reflecting the increases in average total network difficulty by 24% sequentially and 67% year over year, offset by our hash rate, which was 10% higher sequentially and 52% higher year over year.

轉向幻燈片 10。2023 年第二季度，我們開采了 1,223 個比特幣，而 2023 年第一季度為 1,297 個，22 年第二季度為 1,257 個。這一差異反映了平均總網絡難度環比增加了 24%，同比增加了 67%，但被我們的哈希率所抵消，哈希率環比增加了 10%，同比增加了 52%。

Our second quarter revenue was $35 million, comprised of $34 million from our mining activities. This compares to $29 million from mining in the first quarter of '23 and reflects a 24% increase in the average Bitcoin price quarter over quarter, partially offset by 6% of fewer Bitcoin mined during the quarter.

我們第二季度的收入為 3500 萬美元，其中 3400 萬美元來自採礦活動。相比之下，2023 年第一季度的挖礦收入為 2900 萬美元，反映出比特幣平均價格環比上漲 24%，部分被本季度開采的比特幣減少 6% 所抵消。

Focusing on the mining economics, we turn to slide 11 here. In the second quarter of '23, Bitfarms' direct cost of production per Bitcoin was under $15,700. That's up from $12,500 per Bitcoin in the first quarter of '23. The change reflects the aforementioned increase in network difficulty and approximately 7% higher energy costs quarter over quarter.

我們將重點關注採礦經濟學，請看幻燈片 11。 2023 年第二季度，Bitfarms 每個比特幣的直接生產成本低於 15,700 美元。這比 2023 年第一季度每比特幣 12,500 美元有所上漲。這一變化反映了上述網絡難度的增加以及能源成本環比增加約 7% 的情況。

While we benefit from a low cost, stable hydropower across our productive capacity in Quebec for the first time in several years, we had a rate increase that resulted in 6% higher energy costs. With Quebec representing about three quarters of our total Q2 '23 production, the impact was significant. That said, our increasing geographic diversification paid off and the impact of rate adjustments in one jurisdiction is moderated.

雖然我們幾年來首次受益于魁北克生產能力的低成本、穩定的水力發電，但我們的費率上漲導致能源成本增加了 6%。由于魁北克省約占我們 23 年第二季度總產量的四分之三，因此影響是巨大的。也就是說，我們日益增長的地域多元化得到了回報，並且一個司法管轄區的費率調整的影響得到了緩解。

I'll add one more caveat for those building financial models. Our direct cost of production in February 2022 includes a 15% accrual for value-added taxes on Canadian energy costs, reflecting proposed legislation, but which has not yet been determined or legislated. Excluding that accrual in the second quarter of '23, our direct cost of production would have been about $14,000 per Bitcoin, $1,700 less than our reported direct cost of production.

我將為那些構建財務模型的人再添加一個警告。我們 2022 年 2 月的直接生產成本包括對加拿大能源成本徵收 15% 的增值稅，反映了擬議的立法，但尚未確定或立法。排除 23 年第二季度的應計費用，每個比特幣的直接生產成本約為 14,000 美元，比我們報告的直接生產成本低 1,700 美元。

Second quarter gross mining profit was $14 million, or 42% of revenue compared to $12 million or 42% of revenue in the first quarter. The total cash cost of production for BTC was just under $21,800 in the second quarter of '23 up from $17,600 in Q1 '23. The largest contributor to the increase was higher network difficulties, which resulted in higher energy cost for Bitcoin.

第二季度採礦毛利潤為 1,400 萬美元，佔收入的 42%，而第一季度為 1,200 萬美元，佔收入的 42%。 23 年第二季度 BTC 的總現金生產成本略低於 21,800 美元，而 23 年第一季度為 17,600 美元。造成這一增長的最大原因是網絡難度增加，這導致比特幣的能源成本更高。

General and administrative or G&A expenses were also higher over the prior quarter as a result of costs associated with moving miners among our farms to optimize efficiency, higher professional service fees related to corporate development in respect of due diligence work in business taxes in Argentina that were incurred and paid during the quarter. The quarter-over-quarter comparison also reflected benefits in the prior quarter from one-time insurance refund and a reversal of an accrual associated with the dismissal of noise penalties at the former de la Pointe facility in Sherbrooke. Going forward with halving in mind, we will continue to focus on reducing our G&A cost structure and have already identified savings and insurance in other discretionary areas.

一般和行政或一般管理費用也比上一季度更高，原因是為了優化效率而在我們的農場之間轉移礦工的相關成本，與阿根廷營業稅盡職調查工作相關的企業發展相關的專業服務費用較高，這些費用包括：本季度發生並支付。環比比較還反映了上一季度的一次性保險退款帶來的好處，以及與舍布魯克前 de la Pointe 設施取消噪音處罰相關的應計費用逆轉。考慮到減半，我們將繼續專注於降低一般行政費用結構，並已經在其他可自由支配的領域確定了節省和保險。

Please now turn to slide 12. For the second quarter, our operating loss was $25 million, including non-cash depreciation expense of $21 million and an impairment on short-term prepaid deposits and PPE of $10 million. This compared to an operating loss of $15 million in the first quarter of '23, including a $3 million reversal revaluation loss on digital assets, a $2 million loss in disposition of PP&E and a $1 million realized gain on disposition of digital assets.

現在請翻到幻燈片 12。第二季度，我們的運營虧損為 2500 萬美元，其中包括 2100 萬美元的非現金折舊費用以及 1000 萬美元的短期預付存款和 PPE 減值。相比之下，2023 年第一季度的運營虧損為1500 萬美元，其中包括數字資產的300 萬美元逆轉重估損失、財產、設備和設備處置損失200 萬美元以及數字資產處置實現的100 萬美元收益。

Our net loss for the second quarter was $25 million or $0.10 per basic and fully diluted share, compared to a net loss for the first quarter of '23 of $2 million or $0.01 per basic and fully diluted share. Higher Bitcoin prices contributed to improved profitability with adjusted EBITDA increasing from $7 million in the first quarter of '23 to $8 million in the second quarter of '23. Profitability in the quarter was $6,200 per Bitcoin versus $4,900 per Bitcoin in the first quarter of '23.

我們第二季度的淨虧損為 2500 萬美元，即每股基本股和完全稀釋股 0.10 美元，而 2023 年第一季度的淨虧損為 200 萬美元，即每股基本股和完全稀釋股 0.01 美元。比特幣價格上漲有助於提高盈利能力，調整後的 EBITDA 從 23 年第一季度的 700 萬美元增加到 23 年第二季度的 800 萬美元。本季度每個比特幣的盈利能力為 6,200 美元，而 2023 年第一季度每個比特幣的盈利能力為 4,900 美元。

Turning to slide 13, at June 30, we had cash of $31 million and 549 BTC valued at $17 million for total liquidity of $48 million. This compares to $42 million of liquidity at March 31 of '23. In summary, of the 1,223 Bitcoin we mined during the second quarter, we sold 1,109 to generate $31 million of proceeds to fund our operating and debt service requirements and deposited 114 BTC in treasury with a June month end value of about $4 million.

轉向幻燈片 13，截至 6 月 30 日，我們擁有 3100 萬美元的現金和 549 個比特幣，價值 1700 萬美元，總流動性為 4800 萬美元。相比之下，截至 2023 年 3 月 31 日的流動資金為 4200 萬美元。總而言之，在我們第二季度開采的1,223 枚比特幣中，我們出售了1,109 枚，產生了3100 萬美元的收益，為我們的運營和償債需求提供資金，並將114 枚比特幣存入國庫， 6 月末價值約為400 萬美元。

In July, we deposited another 45 Bitcoin to treasury, increasing our Bitcoin in custody as of July 31, '23 to 594 Bitcoin. This represents a total value of approximately $17 million based on the Bitcoin price that day of just over $29,200. In the second quarter of '23, we also raised $22 million in net proceeds from our ATM program. For the third quarter of '23 through August 7, we have raised additional net proceeds of $26 million.

7 月，我們又將 45 個比特幣存入金庫，截至 2023 年 7 月 31 日，我們託管的比特幣數量增加至 594 個比特幣。基於當天比特幣價格略高於 29,200 美元，這意味著總價值約為 1700 萬美元。 2023 年第二季度，我們還從 ATM 項目中籌集了 2200 萬美元的淨收益。從 2023 年第三季度到 8 月 7 日，我們額外籌集了 2600 萬美元的淨收益。

These moneys that we raised under our ATM are specifically earmarked for the growth initiatives, which Geoff spoke about earlier. We continue to use cash generated from operations to deleverage our balance sheet. Total indebtedness was reduced to $16 million at June 30 and to under $14 million at July 31. As we've noted in previous earnings calls, our debt is scheduled to be fully repaid by the end of February 2024 well in advance of the halving.

我們通過 ATM 籌集的這些資金專門用於傑夫之前談到的增長計劃。我們繼續使用經營產生的現金來去槓桿化我們的資產負債表。截至6 月30 日，債務總額減少至1,600 萬美元，到7 月31 日，債務總額減少至1,400 萬美元以下。正如我們在之前的財報電話會議中指出的那樣，我們的債務計劃在2024 年2月底前全額償還，早於減半。

With that, I'll now turn the call back over to Geoff.

這樣，我現在將把電話轉回給傑夫。

Thank you, Jeff. Before I open the call for questions, I would like to mention some upcoming events, especially our Analyst Day on September 14, which will begin at 8:00 AM at the Convene in New York City. In addition, we will be at the Canaccord 43rd Annual Growth Conference in Boston on August 9 and 10; the 3rd Annual Needham Virtual Crypto Conference on September 7; the H.C. Wainwright Conference in New York on September 11, 12, and 13. And we will also be presenting at several industry events in Europe this fall.

謝謝你，傑夫。在開始提問之前，我想提及一些即將舉行的活動，特別是 9 月 14 日的分析師日，該活動將於上午 8:00 在紐約市 Convene 會議中心開始。此外，我們將於8月9日至10日參加在波士頓舉行的Canaccord第43屆年度增長會議； 9 月 7 日舉行的第三屆尼達姆虛擬加密貨幣年會； H.C.溫賴特會議將於 9 月 11 日、12 日和 13 日在紐約舉行。今年秋天，我們還將在歐洲舉行的幾場行業活動中進行展示。

In summary, Bitfarms remains focused on accretive and diversified growth, while further optimizing our facilities, fleet investments, and infrastructure, including the adoption of innovative technologies and practices to enhance efficiency. Our core strengths include: a competitive low-cost structure; stable and surplus sources of energy with attractive pricing; proprietary mining and facility management software; a vertically integrated electrical subsidiary; and an exceptional management team.

總之，Bitfarms 仍然專注於增值和多元化增長，同時進一步優化我們的設施、車隊投資和基礎設施，包括採用創新技術和實踐來提高效率。我們的核心優勢包括：具有競爭力的低成本結構；穩定且過剩的能源，價格具有吸引力；專有採礦和設施管理軟件；垂直整合的電力子公司；以及卓越的管理團隊。

Our growth in 2023 in advance of the halving will come with minimal capital outlay given our full use of our MicroBT hardware credits. We expect to meet our near term 6.3 exahash per second target before the end of September, and 7 exahash per second in Q1 2024. The first mega -- the first 50 megawatts of our 150-megawatt expansion in Paraguay is underway and opportunities that meet our criteria for growth, both before and after the halving are abundant.

鑑於我們充分利用了 MicroBT 硬件積分，我們在 2023 年減半之前的增長將以最小的資本支出實現。我們預計在9 月底之前實現每秒6.3 exahash 的近期目標，並在2024 年第一季度實現每秒7 exahash。第一個大型項目——我們在巴拉圭150 兆瓦擴建項目中的第一個50 兆瓦正在進行中，機遇將滿足我們的增長標準，在減半之前和之後都很豐富。

Operator, we can now open the call for questions. Please go ahead.

接線員，我們現在可以開始提問。請繼續。

And just before you do it, I just got a note from David. I understand that we have a few questions from online investors. Let's handle those questions first if you would, and then we'll go to the analysts.

就在你這樣做之前，我剛收到大衛的一張便條。據我了解，在線投資者向我們提出了一些問題。如果您願意的話，讓我們先解決這些問題，然後我們再去找分析師。

Sure. Thanks, Geoff. I'll read them. There's two questions. I'll read them both at the same time, and then you can answer. One of the questions is how greatly do you think the Bitcoin halving will impact financial results in the coming fiscal year in 2024?

當然。謝謝，傑夫。我會讀它們。有兩個問題。我會同時閱讀它們，然後你就可以回答。其中一個問題是，您認為比特幣減半將對 2024 年下一財年的財務業績產生多大影響？

And then another question, totally different, does Bitfarms run any third-party firmware? Go ahead.

然後另一個完全不同的問題是，Bitfarms 是否運行任何第三方固件？前進。

Interesting. Okay, let's start with a halving. The halving, we've seen it before. They happen in every four years. It's going to be a big event. And nobody's fooling anybody here is that we have to get -- miners that want to survive the halving, need to be well prepared.

有趣的。好吧，讓我們從減半開始。減半，我們以前見過。它們每四年發生一次。這將是一件大事。沒有人能欺騙任何人，我們必須讓那些想要在減半中倖存下來的礦工需要做好充分準備。

We have a cost structure that is as good as anybody in the business. And as we've said in the past, we are planning to get our debts completely repaid so that we don't have P&I payments.

我們的成本結構與業內其他公司一樣好。正如我們過去所說，我們計劃完全償還債務，這樣我們就不需要支付保賠費。

We plan to get all our construction finished so that we don't have construction commitments. We plan to get all our miners bought and installed so that we don't have CapEx commitments so that when you go into that halving, and frankly, right now with Bitcoin prices just below $30,000, our cost to mine a Bitcoin on a cash basis is $15,700. If we get the accrual back from the Canadian government, then it'll be $14,000. But it just goes to show that that margin will quickly disappear.

我們計劃完成所有施工，這樣我們就沒有施工承諾。我們計劃購買並安裝所有礦機，這樣我們就沒有資本支出承諾，這樣當你進入減半時，坦率地說，目前比特幣價格略低於 30,000 美元，我們以現金方式開採比特幣的成本是15,700美元。如果我們從加拿大政府那裡收回應計費用，那麼這將是 14,000 美元。但這只是表明這種利潤將很快消失。

I can -- we all see the analysts talking about margins and how other people's costs are higher. Some are lower, but some are much higher. They are going to be extremely stressed.

我可以——我們都看到分析師談論利潤率以及其他人的成本如何更高。有些較低，但有些則高得多。他們將會承受極大的壓力。

And typically, as we've seen in the past, the adjustment to the halving takes five or six months. I think my gut's telling me this time that it might be a little quicker because there's more adoption and more knowledge in the industry.

通常，正如我們過去所看到的，減半的調整需要五到六個月的時間。我想我的直覺告訴我，這次可能會更快一點，因為行業內有更多的採用和更多的知識。

And you know that four or five, six months later, Bitcoin prices go up and then things get really exciting. But in the meantime, you have to be batten down and ready for a storm, frankly. And we think, for example, it's because of that discipline in our orientation that when Bitcoin prices fell below $16,000 in the fourth quarter of last year, we were one of the very few miners with a positive adjusted EBITDA.

你知道，四、五個、六個月後，比特幣價格上漲，然後事情變得非常令人興奮。但與此同時，坦率地說，你必須做好應對風暴的準備。例如，我們認為，正是由於我們的定位紀律，當去年第四季度比特幣價格跌破 16,000 美元時，我們成為極少數調整後 EBITDA 為正值的礦商之一。

And that goes to show what happens. I think if you really want to test what miners were, go back to the fourth quarter last year and see their results. We're well positioned. And I think, sort of as we go into the next summer when the halving's going to take place without debt, we're going to even be better positioned. And with the Paraguay expansion, those are going to be low cost.

這表明會發生什麼。我認為如果你真的想測試礦工是什麼，請回到去年第四季度看看他們的結果。我們處於有利位置。我認為，當我們進入明年夏天時，減半將在沒有債務的情況下進行，我們甚至會處於更好的位置。隨著巴拉圭的擴張，這些成本將會降低。

We are going to have more cash flow. And the other thing you have to remember, when things get adverse, like they do, miners with inefficient operations go offline. So that's when the network hash rate goes down, our market share goes up, our block rewards go up, and there's a compensating factor there. We think we're well positioned. So that's the first question.

我們將會有更多的現金流。你必須記住的另一件事是，當事情變得不利時，就像他們所做的那樣，運營效率低下的礦工就會下線。因此，當網絡哈希率下降時，我們的市場份額就會上升，我們的區塊獎勵就會上升，並且那裡有一個補償因素。我們認為我們處於有利位置。這是第一個問題。

Okay, firmware? Yes. Because we are so operationally focused, we have people within our operations that look at these type of things and test them all the time. So, it's getting better control of your miners and squeezing more output from them. Of course, we all want to do that.

好吧，固件？是的。因為我們非常注重運營，所以我們運營中的人員會一直關注這些類型的事情並對其進行測試。因此，它可以更好地控制礦工並從他們身上榨取更多產出。當然，我們都想這樣做。

Sometimes it's firmware and now there's some hardware fixes with cards as well. We test a number of them and because there's advantages to that, sometimes the OEM firmware is fine.

有時是固件，現在也有一些卡的硬件修復。我們測試了其中的一些固件，因為這樣做有其優點，有時 OEM 固件就很好。

And the other thing that we need to keep in track, which is a little bit different from some of the others, about 90% of our fleet is MicroBT versus Bitmain. So some of these firmwares are -- firmware changes are more tailored for Bitmain. Some work with MicroBT.

我們需要跟踪的另一件事與其他一些有點不同，我們大約 90% 的車隊是 MicroBT 與 Bitmain。因此，其中一些固件的更改更適合比特大陸。有些與 MicroBT 配合使用。

But yes, we're always looking at these, just trying to get an advantage. So, and it's not necessarily uniformly applied across the fleet. We do not want to fall into a bug or something like that. So, we test them on a very limited basis and roll them at a little more when appropriate.

但是，是的，我們一直在關注這些，只是想獲得優勢。因此，它不一定在整個機隊中統一應用。我們不想陷入錯誤或類似的情況。因此，我們在非常有限的基礎上對它們進行測試，並在適當的時候稍微增加一些。

So hopefully that addresses those two questions. So operator, let's go to the analyst please.

希望這能解決這兩個問題。那麼操作員，請讓我們去找分析師。

(Operator Instructions) Josh Siegler, Cantor Fitzgerald.

（操作員說明）喬什·西格勒（Josh Siegler）、坎托·菲茨杰拉德（Cantor Fitzgerald）。

Yeah, hi, guys. Thanks for taking my question today. I guess to start -- it would be helpful to get an understanding of how you're thinking about future growth, specifically, which geography is really going to drive that growth. With the new Paraguay contracts in place, there's still opportunity in Argentina, how are you going to balance between the two geographies when thinking about scaling in the future? Thanks.

是的，嗨，伙計們。感謝您今天回答我的問題。我想首先了解一下您如何看待未來的增長，特別是哪個地理位置將真正推動這種增長，這將很有幫助。隨著巴拉圭的新合同到位，阿根廷仍然有機會，在考慮未來擴展時，您將如何平衡兩個地區之間的關係？謝謝。

Josh, we've got management and personnel in every single geography. It makes sense to have critical mass in every geography that we operate in so that we can do that. And we, over the last two, two and a half years have done an active technology and knowledge transfer amongst employees so that we have Argentine employees and Washington employees coming up to Quebec, Quebec employees going to the other geographies and teaching.

喬什，我們在每個地區都有管理人員和人員。在我們開展業務的每個地區都擁有臨界規模是有意義的，這樣我們才能做到這一點。在過去的兩年、兩年半里，我們在員工之間進行了積極的技術和知識轉移，以便我們有阿根廷員工和華盛頓員工前往魁北克，魁北克員工前往其他地區進行教學。

So, those best practices that we developed in Quebec years ago, they're now embedded in our other geographies. And we now feel we've got critical mass in Argentina. We've got a good team, solid team in Washington and, of course, in Quebec. So, now the opportunity came about to really take our 10-megawatt operation in Paraguay and build it up. And frankly, we're excited about Paraguay.

因此，我們幾年前在魁北克開發的那些最佳實踐現在已經融入到我們的其他地區。現在我們覺得我們在阿根廷已經達到了臨界點。我們在華盛頓有一支優秀的團隊，當然還有魁北克。因此，現在我們有機會真正開始並建設我們在巴拉圭的 10 兆瓦發電項目。坦率地說，我們對巴拉圭感到興奮。

It was the site where -- it was a bit of a test there back in late '21 when we built it. It became active in January '22. The 10 megawatts we shipped down used miners from Quebec.

早在 21 年末我們建造它時，就在這個網站上進行了一些測試。它於 22 年 1 月開始活躍。我們運下來的 10 兆瓦使用了來自魁北克的礦工。

The experiment was a very good success. We put that facility together.

這個實驗非常成功。我們把那個設施放在一起。

It's a warehouse style building. In about three and a half months, it was our lowest cost infrastructure to build, and we subsequently put brand new miners in there and brought the production up. But our plan is to hire more personnel in Paraguay for this build and establish critical mass. The Paso Pe facility is one kilometer from our Villarrica site.

這是一座倉庫式的建築。在大約三個半月的時間裡，這是我們建造成本最低的基礎設施，隨後我們在那裡放置了全新的礦機並提高了產量。但我們的計劃是在巴拉圭僱用更多人員來進行這一建設並建立臨界規模。帕索佩工廠距離我們比亞里卡工廠一公里。

So we can already take advantage of some of the talent there, but this is a much bigger buildout. It's 50 megawatts. It involves the build of a substation. So we're going to high voltage and knocking it down.

因此，我們已經可以利用那裡的一些人才，但這是一個更大的擴建。這是50兆瓦。它涉及變電站的建設。所以我們要施加高壓並將其擊倒。

50 megawatts is what's been announced. We've announced 20 megawatts using the MicroBT hydro containers, and those orders have been placed, like, as I said in my script, we're feeling very confident about the 6.3 growth for September because that's going to be from the miners coming into Argentina right now.

已宣布的容量為 50 兆瓦。我們已經宣布使用 MicroBT 水力集裝箱發電 20 兆瓦，並且這些訂單已經下達，就像我在腳本中所說的那樣，我們對 9 月份 6.3 的增長非常有信心，因為這將來自礦工進入阿根廷現在。

And from taking Baie-Comeau farm 4.85 megawatts right now up to 11, which is the maximum capacity of the electrical current available, it'll be upgraded next year, and then with the 20 megawatts of contracts that we've done, that'll take us up to seven. So the work is going to start probably in early September there. Miners are going to start arriving later in the year and into January.

從現在的 Baie-Comeau 農場 4.85 兆瓦到 11 兆瓦，這是可用電流的最大容量，明年將進行升級，然後根據我們已經完成的 20 兆瓦合同，“我們最多可以帶七個人。因此，這項工作可能會在九月初開始。礦工將於今年晚些時候到一月份開始抵達。

The longest contract there is the transformer, the big main transformer there. We are actually overbuilding it with hope that we can get more expansion in the area. So instead of 50 we're building -- we're buying an 80-megawatt transformer there.

那裡最長的合同是變壓器，那裡的大主變壓器。我們實際上正在過度建設它，希望我們能夠在該地區得到更多的擴張。因此，我們不再建造 50 台變壓器，而是購買一台 80 兆瓦的變壓器。

And it's got the longest lead time, about six and a half, seven months. We plan to put that order in the next number of days, get that started. It's actually going to be the last thing to arrive. So, we expect to go from basically zero megawatts to 50 megawatts, literally with the flip of the switch.

而且它的交貨時間最長，大約六個半七個月。我們計劃在接下來的幾天內下訂單，開始吧。它實際上將是最後到達的東西。因此，我們預計只要輕輕一按開關，發電量就會從零兆瓦增至 50 兆瓦。

Hopefully that's in the latter part of February. Maybe it's early March, but certainly before the halving. And that's for 20 megawatts. And then there's 30 megawatts that we have not talked about yet. And that 30 megawatts we hope to provide more news in the coming days and weeks.

希望是在二月下旬。也許是三月初，但肯定是在減半之前。這相當於 20 兆瓦。還有 30 兆瓦，我們還沒有討論過。我們希望在未來幾天和幾週內提供更多關於 30 兆瓦的消息。

But, this isn't guidance, but that could very much take us up to 7.8 exahash if things come together as we expect. Our guidance is right now for 7 exahash in the first quarter of next year. I added a little bit extra there, but feel free to have a follow up.

但是，這不是指導，但如果事情按照我們的預期進行，這可能會導致我們達到 7.8 exahash。我們目前的指導是明年第一季度 7 exahash。我在那裡添加了一些額外的內容，但請隨時跟進。

No, that's all. It was really helpful color. Thank you. Appreciate that. And then, I also wanted to touch on, as we're heading into the halving and mining rigs and secondary markets, at least still remain at fairly depressed price levels, are you thinking about potentially replacing some older machines and improving the efficiency across the fleet?

不，就這麼樣而已。這確實是很有幫助的顏色。謝謝。感謝。然後，我還想談談，當我們進入減半和採礦設備和二級市場時，至少仍然保持在相當低的價格水平，您是否正在考慮更換一些舊機器並提高整個行業的效率艦隊？

Josh, all the time. That's the nature of the business we're in. If you do not upgrade your fleet, frankly you're going to die. And the halving is going to expedite that process.

喬什，一直以來。這就是我們所處行業的本質。如果你不升級你的機隊，坦白說你就會死掉。減半將加速這一過程。

So I think we have some M31s right now. Some of them will be redeploying, but other ones we're selling. But most of those are coming out. They're the least efficient of our miners, and we continue to upgrade. Case in point, these hydro miners are amongst the most efficient in the world with the highest output.

所以我認為我們現在有一些 M31。其中一些將被重新部署，但其他一些我們將出售。但其中大部分都已經出來了。它們是我們礦工中效率最低的，我們會繼續升級。舉例來說，這些水力採礦機是世界上效率最高、產量最高的採礦機之一。

They are going to very much enhance our efficiency across the fleet. And just like what I mentioned about Washington in terms of the changes to the intake and exhaust systems there and bringing the temperature down and getting more out of our existing miners. But our fleet, if you were to look from top to bottom is already modern.

它們將極大地提高我們整個機隊的效率。就像我在華盛頓提到的那樣，改變了那裡的進氣和排氣系統，降低了溫度，並從我們現有的礦工身上獲得更多收益。但如果你從上到下看的話，我們的機隊已經很現代化了。

And we are continuing to modernize it and go with the latest models. We are not going for immersion cooling, but we're going to air-cooled, which we do very, very well, particularly with our geographies and the hydro miners. We're very excited about them.

我們正在繼續對其進行現代化改造並採用最新型號。我們不會採用浸入式冷卻，而是採用風冷，我們在這方面做得非常非常好，特別是在我們的地理位置和水力採礦機方面。我們對他們感到非常興奮。

Got it. Thank you very much for answering my questions today.

知道了。非常感謝您今天回答我的問題。

Kevin Dede, HCW. Please go ahead.

凱文·德德，醫護人員。請繼續。

Mr. Morphy, Mr. Lucas thanks for taking my question. I guess the first thing is maybe you peel the onion back a little bit on the PPA -- the PPAs, plural, I guess in Paraguay. Are they both with ANDE? Are there -- can you talk at all to, I guess, the costs associated with them and whether or not there are curtailment opportunities for you there?

莫菲先生、盧卡斯先生感謝您提出我的問題。我想第一件事可能是你在 PPA 上把洋蔥剝開一點——PPAs，複數，我猜是在巴拉圭。他們都是 ANDE 的嗎？我想您是否可以談談與它們相關的成本以及您那裡是否有削減的機會？

Okay, so the first answer to the question is yes. We bought companies that owned, two separate companies that owned power purchase agreements. They are both with ANDE, so the Villarrica site is with CLYFSA. So, we moved from the regional distributor to the national distributor.

好的，所以這個問題的第一個答案是肯定的。我們收購了擁有兩家擁有購電協議的獨立公司的公司。他們都與 ANDE 合作，因此比亞里卡站點與 CLYFSA 合作。因此，我們從區域經銷商轉變為全國經銷商。

The cost of the power for that is $3.90. And as I've talked about before, there's some optimism and hope that with the new party in the election and the promises that were given, that that power might actually be reduced, like the cost of it.

其電力成本為 3.90 美元。正如我之前談到的，人們存在一些樂觀情緒，並希望隨著選舉中的新政黨和所做出的承諾，這種權力實際上可能會減少，就像它的成本一樣。

So fingers crossed there, and it could be a tangible reduction so that we haven't banked on that, but that's what we're hoping for.

所以我們祈禱，這可能是一個切實的減少，所以我們沒有指望這一點，但這就是我們所希望的。

In terms of the deployment, like we haven't put out any big, any of the numbers on that yet, except for the fact that the 20 megawatts of MicroBT hydro containers, we used our credits. So, from a cash -- there's still a cost there, but from a cash perspective, we're not out of pocket. So really, it's the substation that has a cost to it. The air-cooled warehouses have a cost to them, but we do that very efficiently, and in Paraguay, it's frankly the lowest cost in our whole fleet.

在部署方面，就像我們還沒有公佈任何大的、任何數字一樣，除了 20 兆瓦的 MicroBT 水電集裝箱，我們使用了我們的積分。因此，從現金角度來看，仍然存在成本，但從現金角度來看，我們並沒有自掏腰包。所以實際上，變電站是有成本的。風冷倉庫對他們來說是有成本的，但我們做得非常有效，在巴拉圭，坦率地說，這是我們整個機隊中成本最低的。

Jeff Lucas, do you want to come in with a little, sort of a little more finality with some of the costs there? I think with the 30 megawatts not announced yet, we're kind of stuck on being able to sort of give total project costs at this point. So, I give that as a caveat.

傑夫·盧卡斯（Jeff Lucas），你想對其中的一些成本有更多的確定性嗎？我認為，由於 30 兆瓦尚未公佈，我們目前只能給出項目總成本。所以，我將此作為警告。

Yeah, sure. I'm more than glad to speak to that here. So, for Paso Pe, what we're looking at here, we're contemplating roughly $24 million. And that encompasses not only the infrastructure build out here, including the substation, an 80-megawatt substation, versus the initial opportunity of 50 megawatts here, and secondly, the certain guarantees, another payment that we made about $4 million to the power provider here.

好，當然。我非常高興能在這裡談論這一點。因此，對於 Paso Pe，我們正在考慮大約 2400 萬美元。這不僅包括這裡建設的基礎設施，包括變電站，一個80 兆瓦的變電站，而這裡最初的機會是50 兆瓦，其次是某些保證，我們向這裡的電力提供商支付了約400 萬美元的另一筆款項。

But overall, we're looking roughly, again, around $20 million of what's happening in Paso Pe of which we're contemplating $14 million being paid remainder this calendar year. And the other $6 million or so will be done in early 2024.

但總的來說，我們再次粗略地觀察了帕索佩發生的大約 2000 萬美元的費用，我們考慮在今年剩下的時間裡支付 1400 萬美元。另外 600 萬美元左右將在 2024 年初完成。

I know, Mr. Morphy, you mentioned that importing things into Paraguay was a little bit easier than Argentina. And I'm wondering if the hydro machine's already manufactured, or would you expect any delay getting those onto site? Or is it really exclusively just a matter of getting that?

我知道，莫菲先生，您提到巴拉圭進口東西比阿根廷容易一點。我想知道水力機械是否已經製造出來，或者您預計這些機械到現場的時間會有所延遲嗎？或者這真的只是一個得到它的問題嗎？

I mean, from what I understand, you're starting with a greenfield open plot of land and that needs to be treated and the substation and the grid connection and all of that has to come in. And I'm just wondering if you'd expect or would it be prudent on from our perspective to assume that MicroBT might hit hurdles in getting their new machines to your site?

我的意思是，據我了解，你要從一塊未開發的空地開始，需要對其進行處理，變電站和電網連接以及所有這些都必須進來。我只是想知道你是否'我們期望或者從我們的角度來看，假設MicroBT 在將他們的新機器運送到您的站點時可能會遇到障礙，這是否是謹慎的做法？

We really don't anticipate any problems bringing the equipment into Paraguay. It's always been pretty straightforward. Compared to Argentina, it's always been quicker and easier to get equipment, in fact, even use equipment into Paraguay and the ability to source other equipment that goes into the infrastructure. It's always been really easier in Paraguay, as long as you have the right documents, you can bring it in, you pay the VAT, and you get it on site.

我們確實預計將設備帶入巴拉圭不會出現任何問題。它一直非常簡單。與阿根廷相比，獲得設備總是更快、更容易，事實上，甚至可以在巴拉圭使用設備，並且能夠採購用於基礎設施的其他設備。在巴拉圭一切都非常容易，只要你有正確的文件，你就可以把它帶進來，你支付增值稅，然後你就可以在現場得到它。

Argentina, as we've learned over the last 2.5 years, has been more difficult. First we didn't have the self-importation rights because we hadn't done business there for a couple of years and didn't have the track record to apply for that self-importation. We had to rely on brokers that were expensive. They only had small allocations.

正如我們在過去 2.5 年中了解到的那樣，阿根廷的處境更加困難。首先，我們沒有自營進口權，因為我們已經有幾年沒有在那裡做生意了，也沒有申請自營進口的記錄。我們不得不依賴昂貴的經紀人。他們只有少量撥款。

And then last summer, when the government was really under strain for its US dollar reserves, they stopped direct importation for people like us and in many other industries dead in its tracks. And we were stymied for a lot of months. And our 50 megawatt warehouse there was fully constructed in October, but we weren't in it able to put it into, sort of bring it up to full operation until earlier this year. And that was a real setback.

然後去年夏天，當政府的美元儲備確實面臨壓力時，他們停止了對像我們這樣的人以及許多其他停滯不前的行業的直接進口。我們被困了好幾個月。我們在那裡的 50 兆瓦倉庫已於 10 月份全面建成，但我們直到今年早些時候才將其投入使用，某種程度上使其全面運營。這是一個真正的挫折。

And the government didn't provide any alternative mechanisms until we could qualify for to be a self-importer, which fortunately we are, and things are a lot better now. But they also have a government change coming in November. There is uncertainty there and it's one of the reasons why we decided to take advantage of these opportunities in Paraguay and really make that one of our geographic of -- actually the whole LATAM areas is a geographic hub but putting more emphasis and more growth into to Paraguay at this time. It's also all hydro too, which we think long run is going to be a win for the industry and our company.

在我們有資格成為自營進口商之前，政府沒有提供任何替代機制，幸運的是我們有資格，而且現在情況好多了。但他們也將在 11 月進行政府更迭。那裡存在不確定性，這就是我們決定利用巴拉圭的這些機會並真正使其成為我們的地理區域之一的原因之一- 實際上整個拉丁美洲地區都是一個地理中心，但我們更加重視和更多的增長此時的巴拉圭。它也全是水電，我們認為從長遠來看這將是行業和我們公司的勝利。

Just switching gears to Quebec for the moment, you spoke to a rate increase. I'm wondering if that was like universally, and I apologize on not having researched this, I was wondering if that was universally applied by Hydro-Quebec or if it was more for a township regulated and whether or not you would expect that to be rolled back or something that continues forever going forward?

暫時轉向魁北克，您談到了加息。我想知道這是否是普遍適用的，我很抱歉沒有對此進行研究，我想知道魁北克水電公司是否普遍採用了這一點，或者是否更適合鄉鎮監管，以及您是否希望這樣回滾還是永遠繼續下去？

Well, fortunately, rate increases in Quebec don't happen very often and, but this was applied right across the board, and it applied to our tariff with a few nuances. It happens to other industrial tariffs. This was pretty much right across the board. And this is Hydro-Quebec reassessing where they are, realizing their electricity grid will become more strained as electric vehicles and greenhouses and other industries using electricity in the future surge. And they contemplate building new hydro projects down the road.

好吧，幸運的是，魁北克省的利率上漲並不經常發生，但這是全面適用的，並且它適用於我們的關稅，但有一些細微差別。其他工業關稅也會發生這種情況。這幾乎是全面正確的。魁北克水電公司正在重新評估自己的處境，意識到隨著未來電動汽車、溫室和其他用電行業的激增，他們的電網將變得更加緊張。他們還考慮在未來建設新的水電項目。

There's a lot of discussion with the new provincial government and Hydro-Quebec about that. We've been intervening in some of the hearings and some of the things happening. It was actually a great opportunity for us to once again talk about some of the benefits that we can bring to Hydro-Quebec of Bitcoin mining, taking our miners and putting them in areas where the hydro is rather than wheeling power long distances, using some of the thermal benefits that are available. And I think they're finally seeing that, like our ability to curtail on a moment's notice can actually be a huge benefit to them, and we're unique in that feature.

與新省政府和魁北克水電公司就此進行了很多討論。我們一直在干預一些聽證會和正在發生的一些事情。這實際上對我們來說是一個很好的機會，可以再次談論我們可以為魁北克水電公司帶來比特幣挖礦的一些好處，將我們的礦工帶到有水電的地區，而不是長距離輸送電力，使用一些可獲得的熱效益。我認為他們終於看到了這一點，就像我們縮短瞬間通知的能力實際上可以給他們帶來巨大的好處，而且我們在這一功能上是獨一無二的。

So there's more development's going to happen in Quebec, but I do not contemplate another increase at least for the foreseeable future in Quebec. But yes, this was a universal one and it was too bad. It impacted our results and will continue to impact our results.

因此，魁北克將會有更多的發展，但我不認為至少在可預見的未來魁北克會再次出現增長。但是，是的，這是一個普遍的問題，這太糟糕了。它影響了我們的結果，並將繼續影響我們的結果。

But compared to the level of inflation, I think we've had one increase, 6%. That was basically the rate of -- less than the rate of inflation last year, and this has been several years since our last rate increase. So really we're still below the increases in inflation, which by and large is good.

但與通脹水平相比，我認為我們已經上漲了 6%。這基本上低於去年的通貨膨脹率，距離我們上次加息已經有好幾年了。所以實際上我們仍然低於通貨膨脹的增幅，總的來說這是件好事。

Last question from me, gentlemen. In the past, there was some discussion of a future opportunity in Washington. Congrats on improving your efficiency there, but I'm curious to how you might see potential expansion in Washington State?

先生們，我的最後一個問題。過去，華盛頓曾對未來的機會進行過一些討論。恭喜您提高了那裡的效率，但我很好奇您如何看待華盛頓州的潛在擴張？

Washington still -- it is a very attractive place and it's nice that we have talent there. It's one of the hotbeds of crypto mining. So, there's opportunities to expand both greenfield and through acquisitions.

華盛頓仍然是一個非常有吸引力的地方，很高興我們在那裡擁有人才。它是加密貨幣挖礦的溫床之一。因此，有機會擴大綠地和通過收購。

But the one thing that happened, at least in the county we're in and with the utility we're dealing with is they put up the price of power earlier this year as well. So we've gone from being one of a low-cost power facilities that we have to once again, sort of being in sort of more in the upper quarter or so, and so that's taken some of the attractiveness out of Washington for the time being.

但發生的一件事是，至少在我們所在的縣以及我們正在處理的公用事業公司，他們今年早些時候也提高了電價。因此，我們已經不再是低成本電力設施之一，我們必須再次成為上四分之一左右的地方，因此暫時失去了華盛頓的一些吸引力存在。

But similarly we're having discussions with that utility, talking about the benefits and looking around that whole area, at Columbia River and what was built for effectively the smelters from days gone by, makes it a very interesting area. So we're not giving up on that area.

但同樣，我們正在與該公用事業公司進行討論，談論其好處並環顧整個地區，在哥倫比亞河以及過去為有效冶煉廠建造的設施，使其成為一個非常有趣的地區。所以我們不會放棄這個領域。

Thanks very much. I appreciate the color.

非常感謝。我很欣賞它的顏色。

Bill Papanastasiou, Stifel.

比爾·帕帕納斯塔西烏，斯蒂菲爾。

Good morning, Geoff Morphy and Jeff Lucas. Thanks for taking my questions. So for my first question, just hoping to gain some insight on the average cost of power that was realized in Argentina in the quarter just for the purposes of measuring the impact to margins and the road ahead.

早上好，傑夫·莫菲和傑夫·盧卡斯。感謝您回答我的問題。因此，對於我的第一個問題，只是希望了解本季度阿根廷實現的平均電力成本，以便衡量對利潤率和未來道路的影響。

Obviously, the company shifted from drawing on power from the grid in Rio Cuarto to the very attractive $0.03 power contract. How should we look at that?

顯然，該公司從利用 Rio Cuarto 電網的電力轉向了非常有吸引力的 0.03 美元電力合同。我們該如何看待呢？

So let me speak to that, and then Jeff can add a little further color to that. So we are starting to get the benefits and we did see the benefits beginning to accrue in the second quarter from that ship that you spoke to, but we didn't get all the benefit here. So we've talked about Argentina, cost being in the $0.03 range here, and we didn't experience that in the quarter again because part of that quarter was actually from the grid itself.

那麼讓我來談談這一點，然後傑夫可以對此添加更多的色彩。因此，我們開始獲得好處，我們確實看到您所說的那艘船在第二季度開始產生好處，但我們並沒有在這裡獲得所有好處。我們已經討論過阿根廷，這裡的成本在 0.03 美元範圍內，我們在本季度沒有再次遇到這種情況，因為該季度的一部分實際上來自電網本身。

So while we didn't get that much of a savings, to give you some concrete numbers here. In the first quarter, the cost of power in Argentina for us, it was about $0.046. In the second quarter, the average amount in Argentina again was about $0.044. That includes this period of time where we had in $0.03 range, getting it right from the power provider, and then also a period of time where we were getting it from the grid as well. So that kind of gives you a bit of a context.

因此，雖然我們沒有節省那麼多，但在這裡給你一些具體的數字。第一季度，我們阿根廷的電力成本約為 0.046 美元。第二季度，阿根廷的平均金額再次約為 0.044 美元。這包括我們從電力提供商直接獲得 0.03 美元範圍內的這段時間，以及我們也從電網獲得它的一段時間。所以這給了你一些背景信息。

So the expectation here is that we're actually going to continue to achieve, rate improvements in Argentina, that's actually going to lower our rates overall. Now, bear in mind another comment to keep in mind here that Argentina wasn't that large a contributor in the second quarter as we're ramping up to 29 megawatts and then going to 50 megawatts perhaps even beyond here, we're going to have a much larger proportion of the total Bitcoin that's actually will be mined in Argentina. So that certainly includes our benefit.

因此，我們的預期是，我們實際上將繼續實現阿根廷的費率改善，這實際上會降低我們的總體費率。現在，請記住另一條評論，即阿根廷在第二季度的貢獻並不大，因為我們將增加到 29 兆瓦，然後達到 50 兆瓦，甚至可能超出這裡，我們將阿根廷實際開采的比特幣總量中所佔比例要大得多。所以這當然包括我們的利益。

Let me add to that too. Like, as Geoff mentioned, we're moving from the 29 megawatts up to the 50 megawatts very soon. That will optimize our facility there. We're still ramping up. So, there's cost to do that in terms of the natural gas and the power costs.

讓我也補充一下。就像 Geoff 提到的那樣，我們很快就會從 29 兆瓦提高到 50 兆瓦。這將優化我們在那裡的設施。我們仍在加緊努力。因此，天然氣和電力成本是有成本的。

Once we're at 50 megawatts, we can optimize better, but almost more importantly is it starts to get a little cooler in this part of the world in the northern hemisphere, in the southern hemisphere, air warming into the summer season, and starting in October, which is where the summer starts, warmer temperatures that you consume less natural gas, the price of natural gas goes down.

一旦我們達到 50 兆瓦，我們就可以更好地優化，但更重要的是，北半球和南半球的這個地區開始變得涼爽一些，空氣變暖進入夏季，並開始十月，夏季開始，氣溫升高，天然氣消耗量減少，天然氣價格下降。

And that's where for the sixth, seventh, eight months we are -- we should see much lower natural gas prices, which will lead to lower electricity prices. And that's where I think when you -- when we do our next quarter results, or certainly in March, when we do our full year results, you'll be able to ask the same question. And hopefully, we are talking more of the -- we've had less than $0.03. We really are averaging the $0.03 type of area, and we start seeing the real margins come out of that facility.

這就是第六、第七、八個月的情況——我們應該看到天然氣價格大幅下降，這將導致電價下降。這就是我認為當我們公佈下個季度的業績時，或者當然是在三月份，當我們公佈全年業績時，您將能夠問同樣的問題。希望我們談論的更多的是——我們的資金少於 0.03 美元。我們確實平均了 0.03 美元類型的區域，並且我們開始看到該設施的實際利潤。

And there's one other thing. They are putting an extra pipeline up, providing more natural gas to the area in which our power -- the power plant next door to us is, which is -- which was a supply constraint in the past that was being activated in July. So, it should be in a pretty good state right now. So with more natural gas coming up and not being constrained, that should help the price too.

還有一件事。他們正在修建一條額外的管道，為我們的電力所在地區（我們隔壁的發電廠）提供更多的天然氣，這在過去是一個供應限制，但已於 7 月份啟動。所以，現在的狀態應該是相當不錯的。因此，隨著更多天然氣的出現並且不受限制，這也應該有助於價格上漲。

Chase White, Compass Point Research & Trading.

Chase White，Compass Point 研究與交易。

Thanks, guys. Just so I'm clear that the second exahash target includes only the 20 megawatts of the 150 you just acquired in PPAs in Paraguay, right? So there's nothing incremental from Argentina past 50 megawatts just the additional 20 megawatts of Paraguay.

多謝你們。我很清楚，第二個 exahash 目標僅包括您剛剛在巴拉圭購電協議中獲得的 150 兆瓦中的 20 兆瓦，對嗎？因此，阿根廷並沒有增加超過 50 兆瓦的電力，只是巴拉圭增加了 20 兆瓦。

Correct.

正確的。

Okay, just making sure.

好吧，只是確認一下。

So, yes. If we infill the 30 megawatts on that 50 megawatts as we expect, I think you'll see us bump our guidance up to sort of that 7.8-ish area. But we're not ready to do that yet. We generally only do guidance when we have clear and firmer sightlines to how to get there.

所以，是的。如果我們按照預期在 50 兆瓦的基礎上填充 30 兆瓦，我想您會看到我們將指導值提高到 7.8 左右的區域。但我們還沒有準備好這樣做。通常，只有當我們對如何到達那裡有清晰、更堅定的視線時，我們才會提供指導。

Got you. And then in terms of, obviously that would still just be 50 of 150 plus everything else in Argentina. I mean, what would you need to see in the market for to want to green light all of your potential expansion projects and would you generally finance it with the Bitcoin sales and selling ATM shares and how do you think about that?

明白你了。然後就而言，顯然這仍然只是 150 中的 50 加上阿根廷的其他所有內容。我的意思是，您需要在市場上看到什麼才能為您所有潛在的擴張項目開綠燈，您通常會通過比特幣銷售和 ATM 股票銷售來為其融資嗎？您對此有何看法？

Let me start (multiple speakers)

讓我開始（多位發言者）

Go ahead, Jeff.

繼續吧，傑夫。

Please, Jeff Lucas, go ahead.

傑夫·盧卡斯，請繼續。

Okay, sure. So, the one thing we need to see Chase more than anything else, a little more stability and certainty in terms of what the Argentinean outlook is. And I say that because bear in mind right now they're in the process of going through an election.

好吧，當然。因此，我們最需要看到蔡斯的一件事是，阿根廷的前景更加穩定和確定。我這麼說是因為請記住，他們現在正在進行選舉。

They actually have their presidential primaries this Sunday and they have the presidential election itself on October 22. There are four different candidates, and not to develop too much in the politics here, but there are four different candidates who are remarkably close in the polls.

實際上，他們在本週日舉行了總統初選，並在10 月22 日舉行了總統選舉。有四位不同的候選人，這裡不想在政治上展開太多討論，但有四位不同的候選人在民意調查中的支持率非常接近。

Some are advocating financial policies that certainly be very constructive for us. Others require a little more thinking involved here. And part of, by the way, what's driving the fact that their US dollar reserves are actually negative to about $8 billion.

有些人提倡的金融政策肯定對我們非常有建設性。其他人需要更多的思考。順便說一句，部分原因是他們的美元儲備實際上為負值，約為 80 億美元。

So they know they have -- the country has to address this that can introduce uncertainties similar to what we saw and the pain that we experienced obviously last year. So we want to make sure that we're looking at great opportunities here.

所以他們知道他們已經——國家必須解決這個問題，這可能會帶來類似於我們所看到的以及我們去年明顯經歷的痛苦的不確定性。因此，我們希望確保我們在這裡尋找絕佳的機會。

We're also very cognizant of the potential impact and the benefits that the halving is going to bring to make sure that we're moving very carefully and very thoughtfully from that angle. In terms of how we're going to financing it, first of all, this is Argentina. You don't finance, it's debt clear.

我們也非常清楚減半將帶來的潛在影響和好處，以確保我們從這個角度非常謹慎和深思熟慮地採取行動。就我們如何融資而言，首先是阿根廷。你不用融資，債務就清了。

Clearly, those opportunities just really aren't available at anything worthy of a reasonable rate or a price, but the goal here primarily as overall strategy speaks to is to use our excess cash flow from operations to fund the ACT capital expenditure down there.

顯然，這些機會確實無法以合理的價格或價格獲得，但總體戰略的主要目標是利用我們來自運營的多餘現金流為 ACT 資本支出提供資金。

And then secondly, of course to use the ATM, but we're always, always tapping the ATM with a very careful eye to how we apply those funds to make sure that they're a accretive and that we get an attractive ROI and a short payback on them. Go head Geoff.

其次，當然要使用 ATM，但我們總是、總是在使用 ATM 時非常仔細地關注我們如何應用這些資金，以確保它們具有增值性，並且我們獲得有吸引力的投資回報率和他們的回報很短。去吧，傑夫。

That's right. Paraguay, as I mentioned, the longest lead time is the primary transformer. It's seven months.

這是正確的。巴拉圭，正如我所提到的，最長的交貨時間是初級變壓器。七個月了。

That gets us really close to the halving and with our own internal guidelines is that we do not want to be in construction. We do not want to have debt, all of this during those first few months of the halving, we want to be lean, we want to survive. We got long-term goals.

這讓我們真正接近減半，並且根據我們自己的內部指導方針，我們不想進行建設。我們不想負債，所有這一切都是在減半的頭幾個月裡發生的，我們想要精簡，我們想要生存。我們有長期目標。

So when we saw this opportunity to buy these two contracts, we didn't see it for necessarily immediate build out, although we were hoping that we might be able to. We saw it as long-term. And so, that 100 megawatts is an opportunity to expand. We are looking at developing it right now.

因此，當我們看到購買這兩份合同的機會時，我們並沒有看到它一定會立即擴建，儘管我們希望我們能夠這樣做。我們認為這是長期的。因此，這 100 兆瓦是一個擴張的機會。我們現在正在考慮開發它。

Maybe we'll do the substation sort of over the next seven months. Maybe we can add some production or maybe we just do the substation and maybe we get ready so that we have warehouses and the site ready to go, sort of that four, five, six months after the halving when Bitcoin prices start to rip again, when the network hash rate is lower and we have more market share.

也許我們會在接下來的七個月內完成變電站的建設。也許我們可以增加一些生產，或者也許我們只是做變電站，也許我們做好準備，以便我們有倉庫和站點準備好，大約是減半後的四、五個、六個月，當比特幣價格再次開始上漲時，當網絡哈希率較低並且我們擁有更多市場份額時。

And it makes pure sense because of our capital structure and what we built over the last number of years to then just jump right in with both feet and fully build it out.

這完全是有道理的，因為我們的資本結構以及我們在過去幾年裡所建立的東西，然後我們就立即投入並完全建立它。

But we practice a very disciplined decision process here and so far the pieces are not coming together to build it out over the next seven, eight months. But we are examining that very closely and we're looking at a number of other things too. So capital allocation is important and we'll continue to want to be a diversified company and make sure that we put our precious capital where it'll do the most good.

但我們在這裡實行了非常嚴格的決策流程，到目前為止，各個部分還沒有在未來七、八個月內整合起來構建出來。但我們正在非常仔細地研究這一點，並且我們也在研究許多其他事情。因此，資本配置很重要，我們將繼續希望成為一家多元化的公司，並確保我們將寶貴的資本投入到最能發揮作用的地方。

Got it. Helpful. Thank you.

知道了。有幫助。謝謝。

Now, I think Bill got disconnected there from a note that I got. So maybe he's back and maybe operator, you can put him back in. I think he has another question.

現在，我認為比爾與我收到的一張便條斷開了聯繫。所以也許他回來了，也許接線員，你可以把他放回去。我認為他還有另一個問題。

We will take another question from Bill Papanastasiou. Please go ahead.

我們將回答 Bill Papanastasiou 的另一個問題。請繼續。

Hi. Thanks guys. Sorry about that. I'm not sure why I disconnected, but I just wanted to talk about the recent purchase of the M53S+ machines. These are the first hydro-cooled mining units in the fleet.

你好。多謝你們。對於那個很抱歉。我不知道為什麼斷開連接，但我只是想談談最近購買的M53S+機器。這些是該船隊中的第一批水冷採礦設備。

I believe you alluded to the fact that we could see a high proportion of hydro-cooled miners in the overall fleet in the long run as you continue to improve fleet efficiencies. I just wanted to gain kind of a high-level understanding of how the company is looking at hydro-cooled mining units compared to other types of ASIC uses such as, air cooling or immersion cooling. Could we see more peers also move towards hydro-cooled mining in the future?

我相信您提到了這樣一個事實：從長遠來看，隨著您不斷提高機隊效率，我們可以看到水冷礦機在整個機隊中所佔的比例很高。我只是想更深入地了解該公司如何看待水冷採礦設備與其他類型的 ASIC 用途（例如空氣冷卻或浸入式冷卻）的比較。未來我們能否看到更多同行也轉向水冷採礦？

Well, I can't really speak for our peers, but I can speak for us. And hydro-cooled is a new technology. It's not that we are on the bleeding edge here.

好吧，我不能真正代表我們的同齡人說話，但我可以為我們說話。而水冷是一項新技術。這並不是說我們處於最前沿。

There are deployments and it can be more efficient in that you do not have to plunge your miners into a bath of dielectric fluid, sticky, oily, dielectric fluid. It's more efficient. But then we're going into more plumbing related type of things where you have cool water that's going through, you're cooling the circuits, and we think it's more efficient.

有一些部署，而且它可以更有效，因為您不必將礦工浸入介電流體、粘性、油性、介電流體中。效率更高。但接下來我們將進入更多與管道相關的事情，其中​​有冷水通過，你正在冷卻電路，我們認為它更有效。

We think it supersedes immersion, I guess time will tell, but that's our position on it. Immersion has turned out to be expensive and I think this offers more opportunities for expansion. Like these things push out production that 2, 2.5 times more than sort of pretty much the S19 and M30s in our fleets.

我們認為它取代了沉浸感，我想時間會證明一切，但這就是我們的立場。事實證明，沉浸式學習的成本很高，但我認為這提供了更多的擴展機會。像這些東西一樣，我們機隊中的 S19 和 M30 的產量幾乎是 S19 和 M30 的 2 到 2.5 倍。

The efficiencies are tremendous. So we know enough, and we think this is exciting enough that this is where we're going to go next. It will not replace air-cooled.

效率是巨大的。所以我們知道得足夠多了，我們認為這足夠令人興奮，這就是我們下一步要去的地方。它不會取代風冷。

Air-cooled is still something we do very, very well. But as you look at supercomputers and other things, you know, they use these type of technologies and as we continue to push for higher levels of efficiency, you have to look at what some of the other industries have done. So we're doing that.

風冷仍然是我們做得非常非常好的事情。但當你看看超級計算機和其他東西時，你知道，它們使用這些類型的技術，當我們繼續推動更高水平的效率時，你必須看看其他一些行業已經做了什麼。所以我們正在這樣做。

By the way

順便一提

And I can tell you as well, Bill.

我也可以告訴你，比爾。

Go ahead. I was going to say, and by the way, I didn't want to interrupt Jeff here, but what gets us excited not only in the performance business scenes, but the economics behind it from our benefit as well, for those of you who just aren't familiar, particularly with the M53S+ and M53S++. These things have 24 watts.

前進。我想說的是，順便說一句，我不想​​在這裡打斷傑夫，但是讓我們興奮的不僅是在表演業務場景中，還有其背後的經濟利益，對於你們這些人來說只是不熟悉，尤其是M53S+ 和M53S++。這些東西有 24 瓦。

For terahash, they're about 280 hash per unit. And the economics of these things is well below a third less than, for example, [an XP and others] which may be a little better performance here but are dramatically more expensive.

對於 terahash，每個單位大約有 280 個哈希值。這些東西的經濟性遠低於[XP 和其他] 的三分之一，後者的性能可能稍好一些，但價格卻貴得多。

And then where I was going to go next is because you have this hot fluid, you can also take this industry to what we think is also sort of the next frontier, and that's getting some -- capturing the residual heat and putting it to give use. When you have air-cooled, it's very tough to transport hot air in any distances at all. We do it now in Quebec by heating some of the warehouse spaces in adjacent industries.

然後我接下來要去的地方是因為你有這種熱流體，你也可以將這個行業帶到我們認為也是下一個前沿的領域，這就是——捕獲餘熱並將其提供給使用。當採用風冷時，很難將熱空氣輸送到任何距離。我們現在在魁北克通過為鄰近行業的一些倉庫空間供暖來做到這一點。

We've looked for aqua farming and various other things, but in fluid form and not dielectric fluid, you can push this into other things and I know MicroBT is looking at future generations where they can concentrate more heat into the -- it's going. And I think the ability to provide heat to buildings and other things much more effectively and efficiently is there. So, well, we don't know that for sure.

我們已經在尋找水產養殖和各種其他東西，但以流體形式而不是介電流體，你可以將其推向其他東西，我知道MicroBT 正在著眼於未來幾代人，他們可以將更多的熱量集中到正在發生的事情中。我認為更有效和高效地為建築物和其他物體提供熱量的能力是存在的。所以，我們不確定。

Buying these machines and getting more familiar with them now, we are very hopeful that there's -- that we can squeeze more efficiency out by possibly selling some of the heat in the fluid form down the road. And that would be particularly attractive in possibly Washington, but more so in Quebec as we get more adjacent to industries and things like that.

現在購買這些機器並更加熟悉它們，我們非常希望我們可以通過可能以流體形式出售一些熱量來提高效率。這可能在華盛頓特別有吸引力，但在魁北克更是如此，因為我們更接近工業和類似的事物。

Very, thank you for that color. And Geoff, you were talking about the halving that's coming up. And I was just hoping to get your expert knowledge and your team's expert knowledge on kind of the evolution of mining.

非常感謝你的這個顏色。傑夫，你正在談論即將到來的減半。我只是希望獲得您和您的團隊關於採礦業發展的專業知識。

As we proceed to another event of Bitcoin rewards getting halved, we've seen a lot of Bitcoin mining operators transition their business from being completely self-mining to diversifying into high performance and cloud computing. And many of these players cite that they've gained a significant amount of experience at operating data centers.

當我們進入另一場比特幣獎勵減半的事件時，我們看到許多比特幣挖礦運營商將其業務從完全自我挖礦轉向多元化，轉向高性能和雲計算。其中許多參與者表示，他們在運營數據中心方面獲得了大量經驗。

But Bitfarms is arguably -- has the most longstanding experience. You guys are scaling to 12 farms by early next year. How do you see kind of the industry evolving from where it is today given a potential trend of margin deterioration?

但 Bitfarms 可以說是擁有最悠久的經驗。到明年初你們將擴大到 12 個農場。鑑於利潤率惡化的潛在趨勢，您如何看待該行業從目前的情況發展？

Bitcoin is an amazing thing. That protocol with its self-adjusted mechanisms and with adoption and everything else, we absolutely feel confident that over time the adoption of Bitcoin with the inflation in the world, with government's printing money, that Bitcoin has a real place.

比特幣是一個了不起的東西。該協議具有自我調整機制以及採用和其他一切，我們絕對相信，隨著時間的推移，隨著世界通貨膨脹，隨著政府印鈔，比特幣的採用，比特幣將擁有真正的地位。

And over the next few years to five, ten, the adoption is going to be tremendous. That will take care of a lot of things because the price is going to go up and that will allow the industry through the halving to sort of reinvent itself.

在接下來的幾年到五年、十年內，採用率將是巨大的。這將解決很多問題，因為價格將會上漲，這將使該行業在減半期間進行自我重塑。

The weakest players will get -- will go bankrupt. There'll be some upstarts, but then there's going to be a handful of us that are public, and others, there's a lot of private companies in the world that will do very well. And they will expand.

最弱的參與者將會破產。會有一些暴發戶，但我們中會有一小部分是上市公司，而其他人，世界上有很多私營公司會做得很好。他們將會擴大。

They will continue to push the barriers in terms of efficiency to as I said using their thermal properties, the residual heat, and other applications being closer to sources to the electricity sources to be able to work on solar and wind and these type of things and energy management, all that's going to continue to evolve.

正如我所說，他們將繼續突破效率方面的障礙，利用它們的熱特性、餘熱和其他更接近電源的應用，以便能夠利用太陽能和風能等類型的東西，能源管理，這一切都將繼續發展。

But in terms of other opportunities and data center management, like we operate data centers basically on steroids, high performance, but not like tier three data centers where there's redundancy and everything else. They use a lot less electricity. They need to have 99.9% uptime.

但就其他機會和數據中心管理而言，就像我們基本上依靠類固醇、高性能來運營數據中心一樣，但不像三級數據中心那樣有冗餘和其他一切。他們用的電要少得多。他們需要有 99.9% 的正常運行時間。

And then we see AI and a high power computing, that sort of comes somewhere between, there's going to be a huge demand for that. High power computing we can sort of do, but it has -- but we are not set up to have redundancy in terms of diesel generators to come on when we have to curtail.

然後我們看到人工智能和高功率計算，介於兩者之間，對此會有巨大的需求。我們可以做一些高功率計算，但它已經做到了——但我們並沒有準備好在必須削減電力時使用柴油發電機來提供冗餘。

So there has to be a fine place for us to play. And AI is exciting. Some of the high powered computing is exciting. They're talking about phenomenal growth over the next six years.

所以必須有一個適合我們玩耍的好地方。人工智能是令人興奮的。一些高性能計算令人興奮。他們正在談論未來六年的驚人增長。

We do have experience, but I'm not sure if it's the right experience. And frankly, we're doing that research to understand whether there might be a role for us there, but we're not going to jump willy-nilly into to something where we don't know much about. And it changes the fundamental aspect to your commercial operations too.

我們確實有經驗，但我不確定這是否是正確的經驗。坦率地說，我們正在進行這項研究，以了解我們是否可以在那裡發揮作用，但我們不會隨意跳入我們不太了解的事情。它也改變了您商業運營的基本方面。

Right now, effectively we have no clients. We mine Bitcoin and we sell Bitcoin to the pool and then we get them, and we sell them to make the business work. If you could start getting into commercial contracts, sometimes you're hosting, sometimes you're not. These contracts tend to have two or three years.

目前，我們實際上沒有客戶。我們開採比特幣，然後將比特幣出售給礦池，然後我們得到它們，然後我們出售它們以使業務運轉。如果您可以開始簽訂商業合同，有時您會託管，有時則不會。這些合同往往為期兩到三年。

You have to be much more customer focused. None of us really have those customers facing people right now, so we'd have to build that to our part of the business and get ready for churn. It's not as simple overnight decision just to jump into that type of business. And if we're going to do it, it needs to have the margins and longevity to make sense and we're evaluating that very closely.

您必須更加以​​客戶為中心。我們現在沒有人真正擁有那些面對人們的客戶，所以我們必須將其構建到我們的業務部分並為客戶流失做好準備。進入此類業務並不是一夜之間做出的簡單決定。如果我們要這樣做，它需要有利潤和壽命才有意義，我們正在非常仔細地評估這一點。

One other comment to make here, actually a shout out goes to our IT team because the economics naturally tightened with the halving coming up here. Managing and getting information from your miners to run them more precisely and more efficiently is going to be key. And I think our MGMT-2 programming and the developments we're making to that right now really give us an edge in that area and we think that's going to work to our advantage, certainly when the halving comes.

這裡要說的另一條評論實際上是對我們的 IT 團隊的大聲喊叫，因為隨著減半的到來，經濟自然會收緊。管理礦工並從礦工那裡獲取信息以更精確、更高效地運行它們將是關鍵。我認為我們的 MGMT-2 編程和我們現在正在做的開發確實給我們在該領域帶來了優勢，我們認為這將有利於我們的優勢，當然當減半到來時。

Great. I really appreciate that color and amazing response.

偉大的。我真的很欣賞這種顏色和驚人的反應。

That concludes our question-and-answer session. I'll now turn the call back over to Geoff Morphy, CEO of Bitfarms. Please go ahead, sir.

我們的問答環節到此結束。現在我將把電話轉回給 Bitfarms 首席執行官傑夫·莫菲 (Geoff Morphy)。請繼續，先生。

Thank you, Alan. I would like to reiterate three points about Bitfarms. One, we've maintained profitable mining operations each quarter as a result of our determination to maintain stable low energy and operating costs.

謝謝你，艾倫。關於 Bitfarms，我想重申三點。第一，由於我們決心保持穩定的低能源和運營成本，我們每個季度都保持了盈利的採礦業務。

Two, with little capital outlay, we expect to reach 6.3 exahash per second by the end of Q3 from our existing portfolio and reach 7 exahash per second in Q1 2024.

第二，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 6.3 exahash，並在 2024 年第一季度達到每秒 7 exahash。

Three, a major expansion is in underway in Paraguay and we are well positioned to move quickly on other major as well as minor expansion opportunities that meet our investment criteria.

第三，巴拉圭正在進行重大擴張，我們已做好準備，可以迅速開展其他符合我們投資標準的主要和次要擴張機會。

Thank you all for attending today's conference call. We look forward to updating you with our monthly production reports as well as our other developments at our upcoming Analyst Day in September 14 and when we announce our Q3 results in the fall. Thank you very much.

感謝大家參加今天的電話會議。我們期待在即將到來的 9 月 14 日分析師日以及秋季公佈第三季度業績時向您通報我們的月度生產報告以及我們的其他進展。非常感謝。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。