Bitfarms Ltd (BITF) 2024 Q2 法說會逐字稿

Good morning everyone, and welcome to the Bitfarms' second quarter 2024 financial results conference call. (Operator Instructions)

大家早安，歡迎參加 Bitfarms 2024 年第二季財務業績電話會議。（操作員說明）

It is now my pleasure to the turn the floor over to your host, Tracy Krumme, Senior Vice President, Head of IR and Corporate Communications. Ma'am the floor is yours.

現在我很高興將發言權交給東道主特雷西·克魯姆 (Tracy Krumme)，他是高級副總裁、投資者關係和企業傳播主管。女士，地板是你的。

Thank you. Good morning, everyone. And welcome to Bitfarms' second quarter 2024 conference call. With me on the call today is Ben Gagnon, Chief Executive Officer; and Jeff Lucas, Chief Financial Officer.

謝謝。大家早安。歡迎參加 Bitfarms 2024 年第二季電話會議。今天與我一起參加電話會議的是執行長 Ben Gagnon；和財務長傑夫盧卡斯。

Before we begin, please note this call is being webcast with an accompanying presentation. Today's press release and our presentation can be accessed at our website, bitfarms.com, under the Investor section.

在我們開始之前，請注意本次電話會議正在網路直播並附有簡報。您可以在我們的網站 bitfarms.com 的「投資者」部分下存取今天的新聞稿和我們的簡報。

Turning to Slide 2. I'd like to remind everyone that certain forward-looking statements will be made during the call and that future results could differ from those implied in this statement. 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.

轉到投影片 2。我想提醒大家，電話會議期間將做出某些前瞻性聲明，未來的結果可能與本聲明中暗示的結果有所不同。前瞻性資訊基於某些假設，並存在風險和不確定性，我邀請您諮詢 Bitfarms 的 MD&A 以獲得完整清單。

Please note that references will be made to certain measures not recognized under 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 our 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.

請注意，將引用《國際財務報告準則》未認可的某些措施，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新聞稿和我們的 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，所有財務參考均以美元計價。

Importantly, I would like to highlight that we are unable to comment on the ongoing legal process with Riot Platforms outside of what has already been disclosed. I would also like to add that we will be attending the following upcoming equity conferences. H.C. Wainwright's 26th Annual Global Investment Conference, taking place in New York City from September 9, to the 11, and the AIM Summit in Dubai, taking place from October 21 to the 22. If anyone wants to meet with us on those dates, please contact me or a sales representative from the firm.

重要的是，我想強調的是，除了已經披露的內容之外，我們無法對 Riot Platforms 正在進行的法律程序發表評論。我還想補充一點，我們將參加以下即將舉行的股權會議。H.C.溫賴特第 26 屆年度全球投資會議將於 9 月 9 日至 11 日在紐約舉行，AIM 高峰會則於 10 月 21 日至 22 日在杜拜舉行。如果有人想在這些日期與我們會面，請聯絡我或公司的銷售代表。

Now, turning to Slide 3. It is my pleasure to turn the call over to Ben Gagnon, Chief Executive Officer. Ben, please go ahead.

現在，轉向投影片 3。我很高興將電話轉給執行長 Ben Gagnon。本，請繼續。

Thank you, Tracy, and thank you everyone for joining us today. I am so excited to have stepped up into the Chief Executive Officer role. This has been my personal ambition for the past several years and it is truly an honor. As this is my first conference call as CEO, I would like to give a quick background on myself for those of you who may not know me.

謝謝你，特雷西，也謝謝大家今天加入我們。我很高興能夠擔任執行長一職。這是我過去幾年的個人抱負，這確實是一種榮幸。由於這是我作為執行長的第一次電話會議，我想向那些可能不認識我的人簡要介紹我自己的背景。

14 years ago I discovered Bitcoin and nine years ago I began working full time in the mining industry. I started from the very bottom, investing every dollar I had to build and operate a mining facility in mainland China of my own design.

14 年前我發現了比特幣，9 年前我開始全職從事採礦業。我從最底層做起，投入了我所擁有的每一塊錢，在中國大陸建造和運營了一個我自己設計的採礦設施。

Since then, I have been through multiple bull and bear markets, three halving epochs and have seen and been involved with every aspect of this industry from the mining floor to the C-suite of one of the largest publicly traded mining companies globally.

從那時起，我經歷了多個牛市和熊市，三個減半時期，見證並參與了該行業的各個方面，從採礦車間到全球最大的上市礦業公司之一的最高管理層。

I have been with Bitfarms for five years and for the last three years served the company as Chief Mining Officer, where I oversaw mining operations and strategy and worked intimately with every department in the company. I am a Proof of Work CEO and the transition into this new role has been smooth and well received among our team and external stakeholders.

我在 Bitfarms 工作了五年，過去三年擔任該公司首席採礦官，負責監督採礦營運和策略，並與公司的每個部門密切合作。我是工作量證明首席執行官，向這一新角色的過渡非常順利，並受到我們團隊和外部利益相關者的好評。

Turning to Slide 4. Over the past 30 days, since my appointment, I have set aside time to speak with every key employee at Bitfarms, in addition to all of our key partners and many of our investors.

轉到投影片 4。自從我被任命以來的過去 30 天裡，除了我們所有的主要合作夥伴和許多投資者之外，我還留出了時間與 Bitfarms 的每位主要員工進行交談。

From these conversations, and from my first month in the new role, I would like to share the following key points. We are excellent builders and operators. Our team is highly skilled and passionate, but more importantly, they believe in the Bitfarms vision. From site teams through senior management, we are happy to stay up late and get up early in the morning to do the hard work that is necessary as a miner.

從這些對話中，以及從我擔任新職位的第一個月開始，我想分享以下要點。我們是優秀的建設者和營運者。我們的團隊技術精湛且充滿熱情，但更重要的是，他們相信 Bitfarms 的願景。從現場團隊到高階管理層，我們很樂意熬夜早起，完成作為礦工所需的艱苦工作。

Bitfarms is a meritocracy, and a lot of our staff have risen through the ranks due to their proof of work. Everyone here is incredibly excited to be a part of building the new Bitfarms and there is so much energy in the air right now that we could probably mine a block with it.

Bitfarms 實行精英管理，我們的許多員工都憑藉工作證明獲得了晉升。這裡的每個人都非常興奮能夠成為建造新 Bitfarms 的一部分，現在空氣中充滿了能量，我們可能可以用它來開採一個區塊。

This energy and excitement is also shared by our external stakeholders. Over the last few years, I have had the pleasure of representing the company with sell side analysts, institutional investors and in public speaking forums during which time I have gotten to know many of you and many of you have gotten to know me. I am a known and trusted entity.

我們的外部利害關係人也分享了這種活力和興奮。在過去的幾年裡，我很高興能代表公司與賣方分析師、機構投資者以及公開演講論壇見面，在此期間我認識了你們中的許多人，你們中的許多人也認識了我。我是一個知名且值得信賴的實體。

Our energy portfolio and strategic approach to growth sets us apart. We manage what I believe is the best and largest, internationally diversified portfolio of energy contracts in the Bitcoin data center business. We have been able to organically grow our footprint globally while adhering to the decentralization ethos that is core to Bitcoin and the profit maximalism that is core to Bitfarms.

我們的能源組合和策略成長方式使我們與眾不同。我認為我們管理比特幣資料中心業務中最好、最大、國際多元化的能源合約組合。我們能夠在全球範圍內有機地擴大我們的足跡，同時堅持比特幣核心的去中心化精神和 Bitfarms 核心的利潤最大化主義。

Our exposure to different geographies, different sources of energy and providers, different climates, different government authorities, significantly de-risks our portfolio and we lead nearly every market we operate in at scale.

我們接觸不同的地理位置、不同的能源和供應商、不同的氣候、不同的政府機構，大大降低了我們投資組合的風險，並且我們幾乎在我們規模經營的每個市場中處於領先地位。

Lastly, the opportunities ahead of us to continue to grow and create value for shareholders are second to none. We believe that we represent one of the best opportunities for investors to gain high quality exposure to Bitcoin's upside through our fleet upgrade program as we continue to scale up our highly efficient operations and as we continue to gain market share.

最後，我們繼續發展並為股東創造價值的機會是首屈一指的。我們相信，隨著我們繼續擴大高效營運並繼續獲得市場份額，我們是投資者透過我們的機隊升級計畫獲得高品質比特幣上漲空間的最佳機會之一。

That said, there are always ways to improve and to grow more efficiently and more effectively. While we are growing at a tremendous rate, I have identified areas where our organizational structure can be revamped to better match the scale at which we are operating as well as our ambitions to grow into the future.

也就是說，總有辦法可以更有效地改善和成長。雖然我們正在以驚人的速度成長，但我已經確定了我們的組織結構可以進行改造的領域，以更好地匹配我們的營運規模以及我們未來發展的雄心。

In the coming weeks, we will be reorganizing some of our teams to provide an even stronger foundation that supports an accelerated growth trajectory. Additionally, sometimes in the pursuit of growth it is easy to miss out on smaller optimization opportunities. One question I asked every employee was what is the low hanging fruit that you see?

在接下來的幾週內，我們將重組一些團隊，以提供更強大的基礎來支持加速成長軌跡。此外，有時在追求成長的過程中很容易錯過較小的最佳化機會。我問每位員工的一個問題是，您認為最容易達成的目標是什麼？

Numerous team members throughout the organization have suggested sometimes simple but powerful ideas to improve and optimize performance. In addition to our focus on growth we are also implementing systems that will drive continuous optimization throughout the organization with a focus on cost effectiveness.

整個組織的許多團隊成員提出了有時簡單但有力的想法來提高和優化績效。除了專注於成長之外，我們還實施了一些系統，這些系統將推動整個組織的持續優化，並專注於成本效益。

It is important to highlight that our 2024 growth plan and growth targets are not changing with my appointment to CEO. As Chief Mining Officer, I was the key architect behind our fleet upgrade and growth plan this year, and we remain committed to reaching 21 EH/s and 21 w/TH by year-end.

需要強調的是，我們的 2024 年成長計畫和成長目標不會因我被任命為執行長而改變。作為首席採礦官，我是今年車隊升級和成長計劃的關鍵設計師，我們仍然致力於在年底前達到 21 EH/s 和 21 w/TH。

That being said, we are not stopping at 21 EH/s. I am also laser focused on growth into 2025 and beyond. With our new strategic plan, the board has determined to end the strategic alternatives review process. The company is certain that the best path forward to maximize value for all shareholders is to move forward with our standalone plan.

話雖這麼說，我們不會停留在 21 EH/s。我還專注於 2025 年及以後的成長。根據我們的新策略計劃，董事會決定結束策略替代方案審查流程。公司確信，為所有股東實現價值最大化的最佳方法是推進我們的獨立計劃。

While it is too early to provide specifics today, I'd like to comment on some of the key initiatives I will be focused on moving forward. First, I am committed to continued diversification of our portfolio, this means both geographic diversification and diversifying beyond Bitcoin mining. Our greatest asset is our portfolio of competitively priced energy assets. As portfolio managers we are constantly reevaluating how to maximize the value of these assets.

雖然今天提供具體細節還為時過早，但我想對我將重點關注的一些關鍵舉措發表評論。首先，我致力於我們的投資組合持續多元化，這意味著地域多元化和比特幣挖礦之外的多元化。我們最大的資產是具有價格競爭力的能源資產組合。作為投資組合經理，我們不斷重新評估如何最大化這些資產的價值。

This does not mean pivoting away from Bitcoin, but expanding into synergistic business lines that will increase our profitability and make us better bitcoin miners. Some examples include, HPC/AI, Heat recapturing, recycling, Energy generation and of course energy trading. To reiterate, these activities will not detract from our bitcoin mining operations, but rather be integrated into our portfolio in order to make us more efficient and more profitable.

這並不意味著放棄比特幣，而是擴展到協同業務線，這將提高我們的獲利能力並使我們成為更好的比特幣礦工。一些例子包括 HPC/AI、熱回收、回收、能源發電，當然還有能源交易。重申一下，這些活動不會影響我們的比特幣挖礦業務，而是會整合到我們的投資組合中，以使我們更有效率、更有利可圖。

Second, over the past two years we have focused on developing our international portfolio. In 2025 and beyond we will be largely focusing on increasing our US exposure. We anticipate that our recently announced deal in Sharon, Pennsylvania will just be the first of many new sites in the US.

其次，過去兩年我們專注於發展我們的國際投資組合。2025 年及以後，我們將主要專注於增加在美國的業務。我們預計，我們最近宣布的賓州沙龍交易將只是美國眾多新地點中的第一個。

Third, we will be pursuing more miner purchases with creative structures that give strategic advantage to Bitfarms. By way of example last year, we were the first mining company to negotiate and announce a miner purchase option with Bitmain that gave us the right, but not the obligation to purchase a significant amount of miners at locked in competitive prices. This structure was so advantageous that nearly every one of our peers followed suit with their own option in the weeks and months after we announced.

第三，我們將尋求更多具有創新結構的礦機採購，為 Bitfarms 帶來策略優勢。舉例來說，去年，我們是第一家與比特大陸談判並宣布礦機購買選項的礦業公司，該選項賦予我們以有競爭力的價格購買大量礦機的權利，但沒有義務。這種結構非常有利，以至於在我們宣布這一消息後的幾週和幾個月內，幾乎所有同行都紛紛效仿，提出了自己的選擇。

As we look to the new highly efficient miner models currently being announced, investors can expect Bitfarms to continue leading the industry in utilizing and developing new highly accretive structures that maximize flexibility and value creation for our shareholders.

當我們關注目前宣布的新型高效礦機模型時，投資者可以期待 Bitfarms 在利用和開發新的高增值結構方面繼續引領行業，從而最大限度地提高股東的靈活性和價值創造。

Turning to Slide 5. We are on track to deliver record hashrate growth and efficiency improvements in 2024, and we continued to execute on this growth plan in Q2. Here you'll see a snapshot of where we are and where we plan to be by year-end 2024 and 2025.

轉到投影片 5。我們預計在 2024 年實現創紀錄的算力成長和效率提升，並且我們在第二季度繼續執行這項成長計畫。在這裡，您將看到我們的現狀以及我們計劃在 2024 年底和 2025 年實現的目標。

In Q2, we increased our 2025 power capacity by 220 megawatt with agreements in Paraguay and the US. We grew our hashrate 70% from Q1, and hashrate growth will continue to accelerate in the second half of 2024 and into 2025.

第二季度，根據巴拉圭和美國的協議，我們將 2025 年發電容量增加了 220 兆瓦。與第一季相比，我們的算力成長了 70%，並且算力成長將在 2024 年下半年和 2025 年繼續加速。

I'll let Jeff speak to the financial results in more detail, but I would like to highlight that we have a strong balance sheet with $195 million total liquidity at the end of Q2, over a 1,000 Bitcoins at the end of July and a 2024 growth plan that is fully funded.

我會讓傑夫更詳細地談論財務業績，但我想強調的是，我們擁有強大的資產負債表，第二季末的總流動性為 1.95 億美元，7 月底超過 1,000 個比特幣，2024 年資金充足的成長計劃。

Turning to Slide 6. Let's talk a little bit more about our new US site, Sharon. We are excited about this site for a number of reasons. First, Sharon will be our first mega site in the US. With over 120 megawatt of total capacity, this single location will increase our US footprint seven fold from 20 mega watt to 140 megawatt and kick start our aggressive US growth plan.

轉到投影片 6。讓我們詳細談談我們的新美國網站 Sharon。出於多種原因，我們對這個網站感到興奮。首先，沙龍將成為我們在美國的第一個大型網站。憑藉超過 120 兆瓦的總容量，這個單一地點將使我們在美國的足跡增加七倍，從 20 兆瓦增加到 140 兆瓦，並啟動我們積極的美國成長計畫。

Second, Sharon is located in western Pennsylvania which is close to major metropolitan areas like Cleveland, Pittsburgh, Philadelphia and New York and in close proximity to major fiber lines. Pennsylvania is a conservative business friendly jurisdiction with a notably pro Bitcoin and pro-energy democratic governor.

其次，沙龍位於賓州西部，靠近克利夫蘭、匹茲堡、費城和紐約等主要大都會區，並且靠近主要光纖線路。賓州是一個保守的商業友善司法管轄區，擁有一位特別支持比特幣和支持能源的民主黨州長。

Third, the PJM grid is the largest wholesale electricity market in the US, offering abundant access to competitively priced, and flexible power that is attractive for multiple uses including Bitcoin mining, energy trading and even HPC/AI.

第三，PJM 電網是美國最大的電力批發市場，提供充足的價格有競爭力的靈活電力，對比特幣挖礦、能源交易甚至 HPC/AI 等多種用途具有吸引力。

Fourth, for Bitcoin mining specifically, the site supports 8 EH/s with the latest generation miners, and there are significant curtailment, demand-response and energy trading opportunities available to effectively hedge our energy costs and bring down the total cost of power.

第四，特別是對於比特幣挖礦，該網站支援最新一代礦機的8 EH/s，並且存在大量的限電、需求響應和能源交易機會，可以有效對沖我們的能源成本並降低電力總成本。

Further as PJM is rapidly adding renewable capacity and significantly contributing to the decarburization of the grid, these grid stabilization programs make the site both economically and environmentally sustainable. Given these significant advantages, we are actively engaged in assessing additional new opportunities to expand our presence within the PJM region.

此外，由於 PJM 正在迅速增加再生能源發電量，並為電網脫碳做出重大貢獻，這些電網穩定計劃使該地點在經濟和環境上都可持續。鑑於這些顯著優勢，我們正在積極評估更多新機會，以擴大我們在 PJM 地區的業務。

In addition, based on numerous conversations with potential partners, we believe this site is very well-suited for HPC/AI. One, the PJM market has very reliable power and the grid is much less prone to the weather related stresses that you'll see in Texas.

此外，根據與潛在合作夥伴的大量對話，我們認為該網站非常適合 HPC/AI。第一，PJM 市場擁有非常可靠的電力，電網也不太容易受到德州天氣相關壓力的影響。

Two, Accessible fiber lines support connectivity and redundancy in close proximity to the four major metropolitan areas I mentioned previously.

第二，無障礙光纖線路支援我之前提到的四個主要都會區附近的連接和冗餘。

Three, the site is located in a deregulated market and is not tied to any one power provider, providing unparalleled flexibility.

第三，該站點位於解除管制的市場，不與任何一家電力供應商掛鉤，提供了無與倫比的靈活性。

Four, we have not yet started construction on the site and so we maintain 100% flexibility in terms of the build-out plan. We have a clean slate and would not have to incur retrofitting expenses. This also allows for an expedited deployment schedule capable of meeting AI customers' aggressive timelines.

第四，我們尚未在現場開始建設，因此我們在建設計劃方面保持100%的靈活性。我們有一個乾淨的記錄，不必承擔改造費用。這還可以加快部署計劃，滿足人工智慧客戶緊迫的時間表。

We have in fact received so much interest over the past few weeks for US sites in this 100 megawatt sweet spot that I'd like to spend a minute here discussing the HPC/AI opportunity.

事實上，過去幾週我們對這個 100 兆瓦最佳地點的美國站點產生了極大的興趣，因此我想在這裡花一點時間討論 HPC/AI 機會。

Turning to Slide 7. The HPC/AI opportunity is a very exciting one that has been monopolizing the headlines for the past few months and rightfully so. Bloomberg and UBS cite a total addressable market for the AI Cloud GPU services of $28 billion in 2022 growing to $420 billion in 2027, with related AI infrastructure growing eight fold from $26 billion to $195 billion over the same time period.

轉向幻燈片 7。HPC/AI 機會是一個非常令人興奮的機會，在過去幾個月中一直佔據著頭條新聞，這是理所當然的。彭博社和瑞銀指出，人工智慧雲端GPU 服務的潛在市場總額將從2022 年的280 億美元成長到2027 年的4,200 億美元，同期相關人工智慧基礎設施從260 億美元成長到1,950 億美元，成長八倍。

We own and operate a portfolio of high-quality energy assets that are currently monetized through Bitcoin mining. When we take a step back and look at how we get the most value and utilization out of our portfolio, we believe that HPC/AI has real potential. Recent HPC/AI deals are boasting revenues from approximately $140 to $210 per megawatt hour these are potentially very attractive and stable high margin revenue streams not correlated to Bitcoin prices.

我們擁有並經營一系列優質能源資產，目前透過比特幣挖礦貨幣化。當我們退後一步，看看如何從我們的產品組合中獲得最大價值和利用率時，我們相信 HPC/AI 具有真正的潛力。最近的 HPC/AI 交易的收入約為每兆瓦時 140 美元至 210 美元，這些可能非常有吸引力且穩定的高利潤收入流，與比特幣價格無關。

Comparatively Bitcoin mining with T21 miners yesterday on Aug 7, yielded approximately $80 per megawatt hour. Properly timed we believe that investments in Bitcoin Mining provide a better return on invested capital compared to HPC/AI due to their materially lower CapEx requirements and upside exposure to Bitcoin prices.

相比之下，昨天 8 月 7 日 T21 礦機的比特幣挖礦收益約為每兆瓦時 80 美元。我們認為，在適當的時機，與 HPC/AI 相比，比特幣挖礦的投資可以提供更好的投資資本回報，因為它們的資本支出要求要低得多，並且對比特幣價格有上行風險。

That said, we believe that the most attractive opportunity is a combination of the two, with a potential integration in Q4 2025 or Q1 2026. This would potentially provide us increased diversification and exposure to varied revenue streams at what has historically been the top of the Bitcoin bull market cycle and aligns with HPC customers timelines.

也就是說，我們認為最有吸引力的機會是兩者的結合，並有可能在 2025 年第四季或 2026 年第一季整合。這可能會在歷史上比特幣牛市週期的頂峰時期為我們提供更多的多元化和不同收入流的敞口，並與 HPC 客戶的時間表保持一致。

We are still in the early stages of evaluating the opportunities here, but we believe that our North American sites have the potential to be very-well suited for these activities. To help us evaluate and develop this vertical, we are currently recruiting HPC/AI talent, ensuring we have the expertise to capitalize on this huge opportunity.

我們仍處於評估這裡機會的早期階段，但我們相信我們的北美工廠有潛力非常適合這些活動。為了幫助我們評估和開發這一垂直領域，我們目前正在招募 HPC/AI 人才，以確保我們擁有利用這一巨大機會的專業知識。

Additionally, our very active corporate development team who is constantly assessing new energy assets, are now evaluating all opportunities through multiple lenses, including the HPC/AI lens. The key thing to drive home here is that HPC/AI will not replace bitcoin mining for us, but rather seek to complement our current operations in order to create the most upside and value for our shareholders in line with historical market cycles.

此外，我們非常活躍的企業開發團隊不斷評估新能源資產，現在正在透過多個視角（包括 HPC/AI 視角）評估所有機會。這裡要強調的關鍵是，HPC/AI 不會取代我們的比特幣挖礦，而是尋求補充我們目前的業務，以便根據歷史市場週期為我們的股東創造最大的上行空間和價值。

Moving to Slide 8. I would now like to switch gears and tell you about our progress to 21 EH/s and 21 w/TH year-to-date. While we did experience temporary delays in hitting our mid-year target of 12 EH/s we did hit our efficiency target of 25 w/TH representing a 19% improvement quarter-over-quarter and a 29% improvement year-to-date.

轉到投影片 8。現在我想換個話題，告訴您我們今年迄今為止在 21 EH/s 和 21 w/TH 方面取得的進展。雖然我們在實現 12 EH/s 的年中目標方面確實遇到了暫時的延遲，但我們確實達到了 25 w/TH 的效率目標，這意味著環比提高了 19%，年初至今提高了 29%。

The 12 EH/s milestone was delayed due to some temporary equipment delays as well as a batch of nearly 3,000 miners, representing approximately 700 PH/s that underperformed in even low temperatures. The delayed equipment has since been received and installed and these issues have been addressed with Bitmain and are not expected to be present in future batches of miners including out August deliveries. Bitmain is also rapidly replacing these 3000 miners with new units, at their expense. These new miners are expected to arrive and be installed in three weeks.

由於一些臨時設備延遲以及一批近 3,000 名礦工（約 700 PH/s）即使在低溫下也表現不佳，12 EH/s 里程碑被推遲。延遲的設備現已收到並安裝，這些問題已與比特大陸解決，預計不會出現在未來批次的礦機中，包括 8 月交付的礦機。比特大陸也迅速用新設備取代這 3000 台礦機，但費用由他們負擔。這些新礦機預計將在三週內抵達並安裝。

Our facility upgrades have progressed rapidly and nearly all of our sites in Canada have now been upgraded, resulting in up to a 52% improvement in energy efficiency per site and a 29% improvement in energy efficiency across the company.

我們的設施升級進展迅速，幾乎所有加拿大站點現已完成升級，每個站點的能源效率提高了 52%，整個公司的能源效率提高了 29%。

With seven of 11 data center upgrades complete, the only remaining facilities to be upgraded are Villa Rica, Magog, Washington and Argentina. PDUs are currently being shipped to Villa Rica and Magog and new T21 miners are scheduled to be sent in the coming days with upgrades at both sites scheduled to be completed in September. Works are also progressing in Washington which is both a data center upgrade and an expansion. Final works are scheduled to be completed in November.

11 個資料中心升級中的 7 個已完成，剩下的唯一需要升級的設施是維拉里卡、梅戈格、華盛頓和阿根廷。PDU 目前正在運往 Villa Rica 和 Magog，新的 T21 礦機計劃在未來幾天內發送，兩個地點的升級計劃將於 9 月完成。華盛頓的資料中心升級和擴建工程也在取得進展。最終工程預計於 11 月完成。

Lastly, in Argentina we are currently working on a revised data center upgrade to marginally expand the total capacity at the site from 54 to 62 megawatts . With this expansion to 62 megawatt, we now expect this upgrade to be finalized in December or January. The first batch of PDUs and miners are being shipped to Argentina this month and we are scheduled to begin seeing improvements in hashrate and efficiency as early as October.

最後，在阿根廷，我們目前正在對資料中心進行修訂升級，以便將該站點的總容量從 54 兆瓦略微擴大到 62 兆瓦。隨著容量擴展至 62 兆瓦，我們現在預計升級將於 12 月或 1 月完成。第一批 PDU 和礦機將於本月運往阿根廷，我們計劃最早在 10 月開始看到算力和效率的改善。

On miner deployments, we have now deployed approximately 48% or 42,000 of the 88,000 miners that we ordered for 2024. These miners were mostly deployed in facility upgrades and this replacement of our older less efficient hardware is largely responsible for our rapid improvements in energy efficiency year-to-date.

在礦機部署方面，我們現在已經部署了 2024 年訂購的 88,000 台礦機中的約 48%，即 42,000 台。這些礦工主要部署在設施升級中，而更換舊的低效率硬體是我們今年迄今能源效率快速提高的主要原因。

Roughly half of the remaining miners will be deployed in the four remaining data center upgrades just mentioned, further improving our energy efficiency down to a target of 21 w/TH. The other half will be deployed in our new constructions and will be responsible for most of the remaining hashrate growth to 21EH/s.

大約一半的剩餘礦工將部署在剛才提到的剩餘四個資料中心升級中，進一步將我們的能源效率降低到 21 w/TH 的目標。另一半將部署在我們的新建築中，並將負責大部分剩餘算力成長至 21EH/s。

In terms of construction progress, we've made significant strides to-date in 2024. I am pleased to report that our 70 megawatts site at Paso Pe is now fully online and is our largest site by both megawatts and hashrate. Our 12 megawatt expansion in Baie Comeau is well under way and is on track to be energized in September. In Yguazu, we started the year with 100 megawatt contracted and have since doubled the contracted capacity to 200 megawatt. This site will represent the largest site in our portfolio in 2025.

就建造進度而言，到 2024 年為止，我們已經取得了重大進展。我很高興地向大家報告，我們位於 Paso Pe 的 70 兆瓦站點現已完全上線，並且是我們最大的兆瓦站點和算力站點。我們在拜科莫 (Baie Comeau) 的 12 兆瓦擴建項目進展順利，預計將於 9 月通電。在 Yguazu，我們年初簽訂了 100 兆瓦的合同，此後將合約容量翻了一番，達到 200 兆瓦。到 2025 年，該網站將成為我們投資組合中最大的網站。

In terms of construction progress, we have now completed all of the necessary purchase orders and broken ground on seven of the warehouses. We expect 100 megawatt to come online in December, contributing approximately 5 EH/s with 20 w/TH efficiency, and an additional 100 megawatt to come online in the first half of 2025.

在建造進度方面，我們現在已完成所有必要的採購訂單，並破土動工了七個倉庫。我們預計 100 兆瓦將於 12 月上線，貢獻約 5 EH/s，效率為 20 w/TH，另外 100 兆瓦將於 2025 年上半年上線。

Turning to Slide 9. I would like to share with you some beautiful aerial photos of Yguazu that show the tremendous progress we have made. Four months ago it was just a soy field and in five months it is expected to be between one half and of three quarters of a percent of the entire Bitcoin network powered entirely by renewable energy.

轉向幻燈片 9。我想與大家分享一些伊瓜甦的美麗空拍照片，這些照片展示了我們所取得的巨大進步。四個月前，它還只是一片大豆田，而五個月後，預計將佔整個比特幣網路的百分之二分之一到四分之三，完全由再生能源供電。

From breaking ground to energization, the construction schedule is only nine months, far faster than what is possible in the US. The rapid scale at which we are developing this site is unparalleled and is an incredible testament to our amazing team and capabilities.

從破土動工到通電，建設工期僅9個月，遠快於美國的建設速度。我們開發網站的速度之快是無與倫比的，這令人難以置信地證明了我們令人驚嘆的團隊和能力。

Turning to Slide 10. I'd like to take a moment to welcome Fanny Philip to our Board of Directors. Fanny is a recognized expert in the blockchain technology field and an accomplished financial executive with an extensive background in audit, public company reporting, and M&A. Her skill set will be invaluable as we continue to drive organic and inorganic growth. Fanny represents our fifth Director, four of which are now independent.

轉到投影片 10。我想花一點時間歡迎范妮·菲利普 (Fanny Philip) 加入我們的董事會。Fanny 是區塊鏈技術領域公認的專家，也是一位卓有成就的財務主管，在審計、上市公司報告和併購方面擁有豐富的背景。隨著我們繼續推動有機和無機成長，她的技能將非常寶貴。范妮是我們的第五位董事，其中四位現在是獨立董事。

Turning to Slide 11. I will close out with a summary of our impressive growth stats and trajectory for 2024 and 2025. In 2024, we will be tripling our hashrate, increasing our operating capacity by 83%, and improving our efficiency by over 40%. These are industry-leading benchmarks and numbers that I am incredibly proud of.

轉到投影片 11。最後，我將總結我們令人印象深刻的成長統計數據和 2024 年和 2025 年的軌跡。到2024年，我們的算力將增加兩倍，營運能力將增加83%，效率將提高40%以上。這些是業界領先的基準和數字，我對此感到非常自豪。

We will continue to build on this growth in 2025. We've already added an additional 220 megawatt to our energy portfolio, supporting over 35 EH/s, and stay tuned because there is more to come.

到 2025 年，我們將繼續保持這一成長。我們已經在能源組合中額外增加了 220 兆瓦，支持超過 35 EH/s，敬請期待，因為還會有更多。

And with that I will turn to Slide 12, and turn the call over to CFO, Jeff Lucas.

接下來，我將轉向投影片 12，並將電話轉給財務長傑夫盧卡斯 (Jeff Lucas)。

Thanks, Ben. And thanks everyone for joining today. I want to underscore the great advantage of having Ben as our CEO. As a longstanding veteran of Bitfarms and the architect of our growth and profitability improvement programs, we are, under his leadership, positioned to develop and act quickly on our initiatives. In such a fast-evolving environment, this is essential to keeping Bitfarms on the cutting edge of our industry.

謝謝，本。感謝大家今天的加入。我想強調讓 Ben 擔任我們執行長的巨大優勢。作為 Bitfarms 的長期資深人士以及我們的成長和盈利能力改善計劃的架構師，在他的領導下，我們有能力製定計劃並迅速採取行動。在如此快速發展的環境中，這對於保持 Bitfarms 處於行業前沿至關重要。

Now, let's begin with an overview of our second quarter financials. Second quarter revenue of $42 million was down 16% quarter-over-quarter and up 17% year-over-year. The change was due primarily to the decrease in block rewards following the April halving. During the quarter, we earned 614 bitcoin, 35% fewer quarter-over-quarter, primarily the result of the halving and a 10% increase in average network difficulty.

現在，讓我們先概述第二季的財務狀況。第二季營收為 4,200 萬美元，季減 16%，年增 17%。這項變更主要是由於四月減半後區塊獎勵的減少。本季度，我們賺取了 614 個比特幣，環比減少了 35%，這主要是由於減半和平均網路難度增加 10% 的結果。

Mining revenue was $40 million compared to $49 million in the prior quarter. Gross mining profit was $21 million, or 51% of mining revenue, down from $31 million and 64% last quarter and up from 48% in the prior year quarter.

採礦收入為 4000 萬美元，而上一季為 4900 萬美元。礦業總利潤為 2,100 萬美元，佔礦業收入的 51%，低於上一季的 3,100 萬美元和 64%，高於去年同期的 48%。

General and administrative expense, excluding non-cash stock-based compensation and the sales tax refund, was $13 million in comparison to $10 million in first quarter. The $3 million increase pertained primarily to unusual costs associated with the strategic alternatives review process, our response to Riot Platform's hostile takeover bid, and the shareholder rights plan, as well as fees related to the employment compensation dispute with the former CEO.

不包括非現金股票補償和銷售稅退稅的一般和管理費用為 1,300 萬美元，而第一季為 1,000 萬美元。300 萬美元的成長主要與策略替代方案審查流程相關的異常成本、我們對 Riot Platform 惡意收購要約的回應、股東權利計畫以及與前執行長的僱傭賠償糾紛相關的費用有關。

For the second quarter our operating loss was $24 million, largely unchanged from the first quarter. The operating loss includes $57 million of depreciation expense on older miners, compared to $39 million depreciation in the first quarter.

第二季我們的營運虧損為 2,400 萬美元，與第一季基本持平。營運虧損包括老舊礦機的 5,700 萬美元折舊費用，而第一季的折舊費用為 3,900 萬美元。

Under our upgrade program, our existing miners are being depreciated on an accelerated basis over the remainder of their expected operating life as they are replaced with more efficient miners. As such, a higher level of depreciation was expected in first and second of this year. Depreciation expense is projected to normalize during the third and fourth quarter as the miner replacement program was largely completed by the end of June.

根據我們的升級計劃，我們現有的礦機將在其剩餘的預期使用壽命內加速折舊，因為它們被更有效率的礦機所取代。因此，預計今年第一和第二年的折舊水準將更高。由於礦機更換計畫已於 6 月底基本完成，折舊費用預計將在第三季和第四季正常化。

In the second quarter, financial expenses include a $1 million non-cash expense for the revaluation of financial liability for warrants issued in earlier financings, compared to $9 million non-cash gain on the revaluation of this financial liability in Q1.

第二季的財務費用包括對早期融資中發行的認股權證的金融負債進行重估的 100 萬美元非現金費用，而第一季對該金融負債進行重估的非現金收益為 900 萬美元。

Under IFRS, we are required to recognize a liability for these warrants, even though they cannot and will never be settled for cash. Net loss for second quarter was $27 million, or a loss of $0.07 per share, compared to a net loss of $6.0 million, or a loss of $0.02 per share, in Q1.

根據《國際財務報告準則》，我們必須承認這些認股權證的負債，即使它們不能也永遠不會以現金結算。第二季淨虧損為 2,700 萬美元，即每股虧損 0.07 美元，而第一季淨虧損為 600 萬美元，即每股虧損 0.02 美元。

Now, let's turn our attention to operating performance and per-bitcoin metrics. Our corporate cost of electricity rate for the quarter was $0.043 per kilowatt hour, that's an increase from $0.041 kilowatt hour in the first quarter. Quarter-over-quarter, we benefitted from the Canadian Revenue Agency ruling that allows us to recover the 15% VAT on our Canadian electricity purchases, which we calculate reduced our overall electricity cost by about [four-tenths] of a cent per kilowatt hour.

現在，讓我們將注意力轉向營運績效和每個比特幣指標。我們本季的企業電費成本為每千瓦時 0.043 美元，比第一季的每千瓦時 0.041 美元有所增加。與上一季相比，我們受益於加拿大稅務局的裁決，該裁決允許我們在購買加拿大電力時收回15% 的增值稅，據我們計算，這使我們的整體電力成本降低了每千瓦時約[十分之四] 美分。

This savings was offset by higher electricity costs in Argentina as we shifted from lower summer to more expensive winter rates beginning in May and offered a 3.2% increase in Canadian electricity rates effective April 1. Importantly, with our improvement in electrical efficiency from an average of 35 w/TH in first quarter to 28 w/TH in second quarter, our electricity cost per terahash decreased by 17%, from [$0.036] per terahash per day to $0.03 per terahash per day.

由於我們從 5 月開始從較低的夏季電費轉向更昂貴的冬季電費，並從 4 月 1 日起將加拿大電費上調 3.2%，因此阿根廷電費上漲抵消了節省。重要的是，隨著我們的電效率從第一季的平均35 w/TH 提高到第二季的28 w/TH，我們每terahash 的電力成本下降了17%，從每天每terahash 的[0.036 美元] 降至每terahash 0.03 美元每天。

Our direct mining cost per Bitcoin in the second quarter was $30,600. Our total cash cost to mine Bitcoin was $47,300. And our revenue per Bitcoin was $65,800, resulting in cash profit per Bitcoin of $18,500.

第二季每個比特幣的直接挖礦成本為 30,600 美元。我們開採比特幣的總現金成本為 47,300 美元。我們每比特幣的收入為 65,800 美元，每比特幣的現金利潤為 18,500 美元。

Turning now to Slide 14. For second quarter, our adjusted EBITDA was $12 million, or 28% of revenue, compared to $23 million, or 46% of revenue, in first quarter. The lower adjusted EBITDA largely reflected the impact of the Halving along with higher G&A expense associated with the expansion of our operating activities.

現在轉到投影片 14。第二季度，我們調整後的 EBITDA 為 1,200 萬美元，佔營收的 28%，而第一季為 2,300 萬美元，佔營收的 46%。調整後的 EBITDA 較低，很大程度上反映了減半的影響以及與我們經營活動擴張相關的一般及行政費用增加。

As we've noted in previous quarterly earnings calls, our adjusted EBITDA is very straight forward, being purely a measure of the cash profitability of our mining operations and the profit contribution of our Volta electric subsidiary.

正如我們在先前的季度收益電話會議中指出的那樣，我們調整後的 EBITDA 非常簡單，純粹是衡量我們採礦業務的現金獲利能力和 Volta 電力子公司的利潤貢獻的指標。

As an IFRS filer, we do not mark-to-market our Bitcoin holdings and do not include this, or any other balance sheet account valuation changes, in our adjusted EBITDA. Stated simply, our adjusted EBITDA of $12 million in this quarter equates to cash profit per Bitcoin of $18,500 multiplied by 614 bitcoin we mined during the quarter plus approximately $3,000 profit from our Volta electrical subsidiary.

作為 IFRS 申報者，我們不會以市值計價我們持有的比特幣，也不會將這一點或任何其他資產負債表帳戶估值變化納入我們調整後的 EBITDA 中。簡而言之，我們本季調整後的EBITDA 為1,200 萬美元，相當於每個比特幣18,500 美元的現金利潤乘以我們在本季開採的614 個比特幣，加上我們Volta 電氣子公司的約3,000 美元利潤。

Turning to Slide 15. At June 30, we had total liquidity of $195 million, consisting of cash of $139 million and Bitcoin valued at $57 million. As we've noted previously, our program to achieve our year-end 2024 targets of 21 EH/s and 21 w/TH is fully funded.

轉到投影片 15。截至 6 月 30 日，我們的流動性總額為 1.95 億美元，其中包括 1.39 億美元現金和價值 5,700 萬美元的比特幣。正如我們之前指出的，我們實現 2024 年底 21 EH/s 和 21 w/TH 目標的計劃已獲得全額資助。

At July 31, we held 1,016 bitcoins, up from 905 bitcoin at the end of June. Our higher Bitcoin Treasury balance reflects our solid cash position and strong cash flow from operations. Further, our synthetic HODL continues to grow, increasing from 208 equivalent Bitcoin at the end of June to 333 bitcoin currently.

截至 7 月 31 日，我們持有 1,016 個比特幣，高於 6 月底的 905 個比特幣。我們較高的比特幣國債餘額反映了我們堅實的現金狀況和強勁的營運現金流。此外，我們的合成 HODL 持續成長，從 6 月底的 208 個等值比特幣增加到目前的 333 個比特幣。

As a reminder, under our Synthetic HODL strategy, we utilize excess Bitcoin generated each month to fund our growth at a low cost of capital while maintaining upside potential by applying a portion of the proceeds towards the purchase long-dated Bitcoin call options.

提醒一下，根據我們的合成 HODL 策略，我們利用每月產生的多餘比特幣以較低的資本成本為我們的成長提供資金，同時透過將部分收益用於購買長期比特幣看漲期權來保持上行潛力。

In regard to our ATM facility, which we initiated in March and use solely to fund our growth initiatives and fleet upgrade, we raised $136 million in second quarter. Since June 30, we have raised an additional $68 million under the facility.

至於我們於 3 月啟動的 ATM 設施，僅用於資助我們的成長計畫和機隊升級，我們在第二季籌集了 1.36 億美元。自 6 月 30 日以來，我們已透過該融資額外籌集了 6,800 萬美元。

Moving to Slide 16. I will turn the call back over to Ben for a quick summary.

轉到投影片 16。我會將電話轉回給 Ben 進行快速總結。

Thanks, Jeff. Turning to Slide 17. Before opening up the call for questions, I want to drive home a few key points. We continue to dramatically alter our operating profile via our ongoing fleet upgrades and our geographic expansion. This transformation will only accelerate as I work with the team to continually diversify our assets.

謝謝，傑夫。轉向投影片 17。在開始提問之前，我想先講幾個要點。我們透過持續的機隊升級和地理擴張，繼續大幅改變我們的營運狀況。當我與團隊合作不斷實現資產多元化時，這種轉變只會加速。

We are taking a very close look at all of our megawatts and evaluating several opportunities to expand beyond Bitcoin mining, including HPC and AI.

我們正在密切關注我們所有的兆瓦容量，並評估一些超越比特幣挖礦的機會，包括高效能運算和人工智慧。

We have industry-leading Bitcoin mined per EH/s and industry-leading efficiency. We will continue to distinguish ourselves by improving our operational efficiency and growing our profitability in this highly competitive industry.

我們擁有行業領先的每 EH/s 比特幣開採量和行業領先的效率。我們將繼續透過提高營運效率和提高獲利能力，在這個競爭激烈的行業中脫穎而出。

I am very confident in our growth prospects and look forward to updating you as we; one, continue to execute on our 2024 growth plan; and two continue to build out our team and expertise to ensure we are well-positioned to capture additional market share both within Bitcoin mining as well as within synergistic and additive business lines.

我對我們的成長前景非常有信心，並期待向您通報最新情況；一、繼續執行我們的2024年成長計畫；其中兩個繼續建立我們的團隊和專業知識，以確保我們處於有利地位，能夠在比特幣挖礦以及協同和附加業務領域內獲得額外的市場份額。

With that, I will hand the call back to the operator for Q&A.

這樣，我會將電話轉交給接線生進行問答。

(Operator Instructions) Mike Colonnese, HC Wainwright.

（操作員說明）Mike Colonnese，HC Wainwright。

Hi, good morning guys. Ben, congratulations again on your new position with the company and all the progress the team has made with these fleet upgrades and growth strategy, really great to see here.

嗨，大家早安。Ben，再次恭喜您在公司擔任新職務，以及團隊在機隊升級和成長策略方面的所有進展，很高興在這裡看到。

So Ben, for me, my first question and follow-up really around market trends here. You always have great insights. So I wanted to get your views on hash prices here, which just hit all-time highs -- all-time lows last week at around $0.035 a terahash. Do you think we've reached the bottom here?

所以本，對我來說，我的第一個問題和後續行動其實是圍繞著市場趨勢的。你總是有很棒的見解。所以我想聽聽你們對這裡的哈希價格的看法，上週哈希價格剛剛創下歷史新高，歷史最低點約為每兆哈希 0.035 美元。你認為我們已經到達底部了嗎？

And as a follow-up to that, how does the current market environment influence your decision and timing to execute on some of these non-mining related opportunities over the near term, if at all?

作為後續行動，當前的市場環境如何影響您在短期內執行一些非採礦相關機會的決策和時機（如果有的話）？

Thanks Mike. Yeah, it's a great question. Obviously, the pullback in Bitcoin price has an effect on hash price. And something that we've been talking about for a very, very long period is hash cost, right. Simply put, that's a very simple measure where we're combining the watt per terahash efficiency of the miners or our fleet, combined with the electricity cost that's powering it.

謝謝邁克。是的，這是一個很好的問題。顯然，比特幣價格的回檔對哈希價格有影響。我們已經討論了很長一段時間的就是哈希成本，對吧。簡而言之，這是一個非常簡單的衡量標準，我們將礦工或我們的車隊的每太拉哈希瓦特效率與為其供電的電力成本相結合。

And when you look at our $0.043 average electricity cost that we had in Q2, and you combine it with the 25 watts per terahash when we entered the quarter, that gives you a direct hash cost around $0.027. So even with those pullbacks, we still remain cash flow positive in our operations on a direct mining basis.

當您查看第二季度 0.043 美元的平均電力成本，並將其與進入本季度時每 terahash 25 瓦的電力成本相結合時，您將獲得約 0.027 美元的直接哈希成本。因此，即使出現這些回調，我們在直接採礦業務的營運中仍然保持正現金流。

When we look towards how the market is responding, what we said for a long time is we think that the market starts responding in between $0.04 and $0.05, and that's exactly what we've seen happen. If you keep track of kind of how the blocks are progressing and what that implies for difficulty changes at the end of the cycle, what you can see is that on Friday, prior to the major pullback, we were expecting a difficulty adjustment kind of around negative 1% and now we're trending significantly upwards. I think it's somewhere between 3% and 4%.

當我們觀察市場如何反應時，我們長期以來所說的是，我們認為市場在 0.04 美元到 0.05 美元之間開始做出反應，而這正是我們所看到的。如果您追蹤區塊的進展以及週期結束時難度變化的含義，您可以看到，在周五，在重大回調之前，我們預計難度調整約為負 1%，現在我們呈現顯著上升趨勢。我認為這個比例在 3% 到 4% 之間。

This is happening halfway through the difficulty adjustment cycle, which means that to have that impact, it requires that much more hashrate in order to have a meaningful reduction. So yeah, now we're between negative 3.8 and negative 4.7. So, the market is responding by either turning off miners or under clocking those miners.

這種情況發生在難度調整週期的中間，這意味著要產生這種影響，需要更多的算力才能實現有意義的減少。是的，現在我們處於負 3.8 和負 4.7 之間。因此，市場的反應是關閉礦機，或降低礦機的時脈頻率。

We think that with our fleet upgrade and our competitively priced electricity, we've positioned ourselves very, very well and have shielded ourselves from a lot of these events. And short-term, Bitcoin price is going to do what it's going to do. But long-term, we believe that our growth and hash price is going to be well-justified. And potentially, if the historical cycles play out, we're going to still see significantly higher hash prices in the months to come.

我們認為，透過我們的機隊升級和具有競爭力的電力價格，我們已經非常非常好地定位自己，並保護自己免受許多此類事件的影響。短期內，比特幣價格將按照其預期走勢運行。但從長遠來看，我們相信我們的成長和哈希價格將是合理的。如果歷史週期結束，我們可能仍會在未來幾個月看到哈希價格顯著上漲。

That's really great color. And just as the follow-up there, does this influence or accelerate your decision to start to look at executing some of these non-mining related opportunities in the pipeline, be it HPC/AI?

這真是很棒的顏色。正如後續行動一樣，這是否會影響或加速您開始考慮執行管道中的一些非採礦相關機會（無論是 HPC/AI）的決定？

When we look at the HPC and AI opportunity, we see a lot of potential here to achieve a high-value revenue stream. But just to be clear that the timelines for integrating and building out that infrastructure is at least 12 months away.

當我們審視 HPC 和 AI 機會時，我們看到了實現高價值收入流的巨大潛力。但需要明確的是，整合和建置該基礎設施的時間表至少還需要 12 個月。

Personally, I think that is actually a very advantageous timeline, because when you look at the value that you would get out of a T21 for instance, with current hash price at $0.04, it's roughly $80 a megawatt hour. But if hash price were to go up to $0.08, it would be $155 a megawatt hour. If it went up to $0.12, it would be $230 a megawatt hour. And if it went up to $0.16, it would be $310 a megawatt hour.

就我個人而言，我認為這實際上是一個非常有利的時間表，因為當你考慮從 T21 中獲得的價值時，當前哈希價格為 0.04 美元，大約為每兆瓦時 80 美元。但如果哈希價格上漲至 0.08 美元，每兆瓦時將達到 155 美元。如果上漲到 0.12 美元，每兆瓦時將達到 230 美元。如果上漲到 0.16 美元，每兆瓦時將達到 310 美元。

So there's still a lot of potential for Bitcoin prices and Bitcoin mining economics in a Bitcoin bull run, and we don't necessarily want to rush and pay a premium to diversify away from that. But continuing with the same timelines of roughly 12-ish plus months, it really means that we might be able to integrate these diversified revenue streams towards what we would expect to be the top of the Bitcoin bull market cycle according to historical trends. And that timeline is something that I think is very, very compelling.

因此，在比特幣牛市中，比特幣價格和比特幣挖礦經濟仍然有很大的潛力，我們不一定想急於支付溢價來實現多元化。但繼續保持大約 12 個多月的相同時間表，這確實意味著我們可能能夠將這些多元化的收入流整合到我們預期的比特幣牛市週期的頂峰（根據歷史趨勢）。我認為這個時間表非常非常引人注目。

Great. Thank you for taking my questions.

偉大的。感謝您回答我的問題。

Thanks, Mike.

謝謝，麥克。

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

Hey, guys. Thanks and congrats Ben. On the HPC/AI strategy, what pieces do you still have to put in place there to kind of execute on that? You talked about recruiting a team. Have you had discussions with hyperscalers? And kind of give us a sense of the timeline and some of the pieces you still need to put together.

嘿，夥計們。謝謝並祝賀本。在 HPC/AI 策略上，您還需要採取哪些措施來執行？您談到了招募團隊的問題。您是否與超大規模企業進行過討論？讓我們了解時間軸以及您仍然需要整合的一些部分。

Thanks Mike. Yeah, it's a great question. We are great builders and operators of electrical infrastructure. So when it comes to building out the facility and building out the substations and doing the interconnection work and doing the maintenance, we're fantastic at that.

謝謝邁克。是的，這是一個很好的問題。我們是偉大的電力基礎設施建設者和營運商。因此，當談到建造設施、建造變電站、進行互連工作和維護時，我們非常擅長。

The area where we need to bolster, our bench here is the area of HPC and AI specifically, because the data centers required for HPC are fundamentally different than the Bitcoin data centers that we are specialized at building and operating.

我們需要加強的領域，我們這裡的板凳是HPC和AI領域，因為HPC所需的資料中心與我們專門建造和營運的比特幣資料中心有根本的不同。

So we do need to bring in more talent in order to help us properly evaluate and develop these opportunities, which we're actively recruiting for now. But this is more specifically regarding the data center engineering for HPC, as well as the data center management. It's going to require different systems, different technology, different equipment, different software. And those are things that we either need to bring in-house or partner with a third party.

因此，我們確實需要引進更多人才，以幫助我們正確評估和發展這些機會，目前我們正在積極招募這些機會。但這更具體地涉及 HPC 的資料中心工程以及資料中心管理。這將需要不同的系統、不同的技術、不同的設備、不同的軟體。這些是我們需要內部引入或與第三方合作的東西。

We have had numerous discussions with both hyperscalers and third parties to work with on different projects, but we're still in the early days of evaluating that. And I think for us, that timeline that most of the HPC and AI and hyperscalers are targeting of kind of a Q4 '25, maybe Q1, 2026, is ample timeline for us to bring the proper expertise into their arms, integrate it into our team, evaluate the various partners to be working with and identify and start working towards the right deployment at the right location for a target, maybe at the end of next year or at the beginning of next year or beginning of 2026.

我們與超大規模提供者和第三方就不同項目進行了多次討論，但我們仍處於評估的早期階段。我認為對我們來說，大多數HPC、AI 和超大規模企業的目標是25 年第4 季（也許是2026 年第1 季），這對我們來說是充足的時間表，可以將適當的專業知識帶入他們的懷抱，將其整合到我們的產品中。或2026 年初。

Got it. And then just one more. You know, with the 120 megawatts in Pennsylvania, do you have a goal, something aspirational? Like you would, I don't know, like to get another 100, another 300 of committed megawatts in '25 in the US? How do we think about what you want to do next in the US?

知道了。然後還有一個。你知道，對於賓州 120 兆瓦的電力，你有一個目標嗎？我不知道，就像你想在 25 年在美國獲得另外 100、另外 300 兆瓦的承諾電力一樣嗎？我們如何看待您下一步想在美國做什麼？

Yeah, it's a great question. When you look at our portfolio of energy assets, what you'll see is that right now the US is very underrepresented. We only have currently active and hashing the 20 megawatts that we have in Washington, but we do have, I think, the best developed international portfolio.

是的，這是一個很好的問題。當您查看我們的能源資產組合時，您會發現目前美國的代表性非常不足。我們目前只有華盛頓擁有的活躍和散列的 20 兆瓦，但我認為，我們確實擁有最發達的國際投資組合。

What we'd like to do next year is rebalance that portfolio with a much greater emphasis on the United States. But we're not going to pursue growth opportunities that are too expensive or don't make sense for us. We're very, very disciplined and selective in choosing growth opportunities that we think are long term economically sustainable.

明年我們想做的是重新平衡投資組合，更重視美國。但我們不會去追求過於昂貴或對我們來說沒有意義的成長機會。我們在選擇我們認為具有長期經濟可持續性的成長機會時非常非常嚴格和選擇性。

And that means that we're not targeting a specific megawatt. What we're targeting is a specific profile, and that profile is a long term competitive energy profile that is not just suitable for Bitcoin, but is suitable for multiple applications.

這意味著我們的目標不是特定的兆瓦。我們的目標是一個特定的配置文件，該配置文件是一個長期有競爭力的能源配置文件，不僅適合比特幣，而且適合多種應用。

And so I can't provide a specific megawatt number that we're targeting, but what we are looking to do is constantly integrate competitive energy prices that are going to help us manage our energy price and drive those costs lower across the entire portfolio.

因此，我無法提供我們的目標具體兆瓦數，但我們希望做的是不斷整合有競爭力的能源價格，這將幫助我們管理能源價格並降低整個投資組合的成本。

Got it. That's helpful. Thank you.

知道了。這很有幫助。謝謝。

Thank you, Mike.

謝謝你，麥克。

Lucas Pipes, B. Riley.

派普斯 (Lucas Pipes)，B. 萊利 (B. Riley)。

Thank you very much, operator and good morning to everyone. This is Fedor Shabalin asking questions on behalf of Lucas Pipes. First of all, Ben and Jeff, congrats on the good progress this quarter. And my first one is on your Sharon site in Pennsylvania.

非常感謝您，接線員，大家早安。我是費多爾·沙巴林 (Fedor Shabalin) 代表盧卡斯·派普斯 (Lucas Pipes) 提問。首先，Ben 和 Jeff 恭喜本季取得的良好進展。我的第一個是在賓州的沙龍網站。

So last week, PJM held an auction and prices in 2025, '26 were settled roughly 10 times higher compared to 2023-2024. And so the question is, where are you right now in terms of power supply for this site and how are you going to negotiate it? Is it going to be PPA or something else? And what pricing range do you anticipate per megawatt hour here? Thanks very much for your perspectives.

因此，上週，PJM 舉行了一次拍賣，2025, '26 的結算價格比 2023-2024 年高出約 10 倍。所以問題是，目前該站點的電力供應情況如何？是 PPA 還是其他什麼？您預計每兆瓦時的定價範圍是多少？非常感謝您的觀點。

Thanks Fedor. When we're looking at the Sharon site, one of the benefits there is that we do have, as we said in the call, we have multiple different power providers that we can work with at that site. We haven't locked in prices or power provider yet. But what we do know is that because of the reduction of thermal generating assets in PJM and because of the increase in renewable assets, what that means is that there's a lot more opportunity around the energy trading specifically.

謝謝費多爾。當我們查看沙龍站點時，我們確實擁有的好處之一是，正如我們在電話中所說，我們可以在該站點與多個不同的電力供應商合作。我們尚未鎖定價格或電力提供者。但我們所知道的是，由於 PJM 火力發電資產的減少和再生資產的增加，這意味著能源交易方面有更多的機會。

The capacity auctions that you are referencing, are referencing what is the value that these very reliable base loads are able to secure. And the reason why that has increased so much is because of the massive reduction in thermal assets that is taking place in replacement with those renewables.

您所引用的容量拍賣正在引用這些非常可靠的基本負載所能獲得的價值。其成長如此之多的原因是由於再生能源替代熱資產的大量減少。

And so we haven't locked in a fixed price, and it would be hard to guarantee exactly what that price will be, because the prices are subject to a lot of change. But what we do know is that it increases the amount of opportunity around trading the energy.

因此，我們還沒有鎖定固定價格，而且很難保證確切的價格，因為價格會發生很大的變化。但我們所知道的是，它增加了能源交易的機會。

Got you. Thanks very much. And my follow-up is on HPC find, just a little bit more details here. But beyond what you mentioned in the release, you touched on cadence and things in this segment, but other players are already building HPC capacity, some AI cloud. And what are your perspectives on how you are going to use some of your capacity for this purpose, just potentially?

明白你了。非常感謝。我的後續工作是關於 HPC find，這裡只是提供更多細節。但除了您在新聞稿中提到的內容之外，您還談到了這一領域的節奏和事物，但其他參與者已經在建立 HPC 能力和一些 AI 雲。對於如何利用自己的部分能力來實現這一目的（只是可能的），您有何看法？

Is it going to be HPC or AI cloud? You are going to purchase GPUs for your own use or going to be just kind of a mix of it? And where it will be possibly deployed additionally to Sharon? And the important one is, what's your plan to finance this capital intensive segment? Are we going to use ATM or debt? Thank you.

是HPC還是AI雲？您打算購買 GPU 供自己使用還是將其混合使用？除了沙龍之外，它還可能部署在哪裡？重要的是，您計劃如何為這一資本密集型領域提供融資？我們要使用 ATM 還是債務？謝謝。

Another great question, Fedor. I mean, when you look at the different compute markets, very clearly the capital requirements associated for HPC and AI are significantly different. When we look at what is our rough cost to build out one exahash of compute power -- 1 megawatt of compute power with T21, it's roughly $1 million a megawatt.

另一個很好的問題，費多。我的意思是，當你觀察不同的計算市場時，你會發現 HPC 和 AI 相關的資本需求明顯不同。當我們計算使用 T21 建立 1 exahash 運算能力（即 1 兆瓦運算能力）的粗略成本時，每兆瓦大約為 100 萬美元。

Just to build out the infrastructure for HPC and AI, most estimates are putting it at $10 million a megawatt or more. When you include the value of the compute in that, it can easily go up to $30 million to $40 million a megawatt.

僅建造 HPC 和 AI 基礎設施，大多數估計需要 1000 萬美元/兆瓦或更多。如果算上計算的價值，每兆瓦的價值很容易達到 3,000 萬至 4,000 萬美元。

We don't have any interest in buying the actual HPC and AI compute. What we have an interest in is developing, owning and operating the infrastructure that provides the power to the HPC and AI compute. And there are so many hyperscalers and so many companies right now trying to deploy GPUs, that we don't have to worry about the actual value of the compute hardware and who is going to pay for it, because there are so many parties who want that space and who are valuing the infrastructure. Our core competencies and strengths is on building and operating energy infrastructure. So that's where we're going to focus our efforts.

我們對購買實際的 HPC 和 AI 計算沒有任何興趣。我們感興趣的是開發、擁有和營運為 HPC 和 AI 運算提供動力的基礎設施。現在有如此多的超大規模企業和如此多的公司正在嘗試部署 GPU，因此我們不必擔心計算硬體的實際價值以及誰將為其付費，因為有如此多的各方想要該空間以及誰正在重視基礎設施。我們的核心能力和優勢在於建立和營運能源基礎設施。所以這就是我們要集中精力的地方。

When it comes to the financing question, I mean, this is still very much open to very different structures. But what I can say is that based on the numerous conversations we've had with different parties so far, there is no shortage of different financing opportunities and financing structures available to help finance the construction of these different infrastructures and these different opportunities.

當談到融資問題時，我的意思是，這仍然對非常不同的結構持開放態度。但我可以說的是，根據迄今為止我們與各方進行的大量對話，不乏不同的融資機會和融資結構，可以幫助為這些不同的基礎設施和這些不同的機會的建設提供資金。

Got you. Thanks very much for your perspective and best of luck in Q3.

明白你了。非常感謝您的觀點，祝您第三季好運。

Thank you so much.

太感謝了。

Martin Toner, ATB Capital.

馬丁·托納，ATB 資本。

Good morning. Thanks so much for taking the question. You mentioned not having broke ground in Sharon and that creates some flexibility for you. Can you talk to how long you are willing to wait before you need to start committing to Bitcoin specific infrastructure development in Sharon, and what - -the possibility of that putting pressure on your 2024, 2025 exahash target?

早安.非常感謝您提出問題。你提到沙龍沒有破土動工，這為你創造了一些彈性。您能否談談您願意等待多長時間才能開始致力於沙龍的比特幣特定基礎設施開發，以及這對您的 2024 年、2025 年 exahash 目標施加壓力的可能性是什麼？

Sure, so there's two different components to Sharon. One, there's an immediately available 12 megawatts, which we're going to be - we're still finalizing the electrical plans for that and the site plan, but we'll be dropping in containers for that site to quickly deploy 12 megawatts by the end of the year.

當然，莎倫有兩個不同的組成部分。第一，我們將立即提供 12 兆瓦的電力 - 我們仍在最終確定該電力計劃和站點規劃，但我們將在該站點投放貨櫃，以便在 2020 年之前快速部署 12 兆瓦。

For the remaining capacity, for that 120 megawatts, we have to build out the substation. We're expecting to break ground on that at the beginning of next year. And when we look at when we actually need to start building out and finalizing what we're doing there with the data center and the allocation of those megawatts, we really need to have that decision or be working towards that decision within Q4, with hopefully a final decision sometime at the end of Q4 or at the beginning of Q1 if we want to meet those timelines at the end of 2025.

對於剩餘容量，即 120 兆瓦，我們必須建造變電站。我們預計在明年初破土動工。當我們考慮何時真正需要開始建置並最終確定我們在資料中心所做的事情以及這些兆瓦的分配時，我們確實需要做出該決定或在第四季度內努力實現該決定，希望如果我們想在2025 年底滿足這些時間表，我們將在第四季末或第一季初做出最終決定。

That's great. Yeah, I mean, putting words in your mouth, some of the initial build out is the same regardless of HPC or Bitcoin mining?

那太棒了。是的，我的意思是，無論 HPC 還是比特幣挖礦，一些初始構建都是相同的？

Yes, for the first 12 megawatts, since there's already location, since there's already capacity there, it's a very, very quick build out. We are going to drop the containers for the, both for the convenience, the speed and also the flexibility, that if we do want to convert those 12 megawatts later, they can be repurposed at a different location.

是的，對於前 12 兆瓦，因為已經有位置，因為那裡已經有容量，所以建造速度非常非常快。我們將丟棄這些貨櫃，既是為了方便、速度又是靈活性，如果我們以後確實想轉換這 12 兆瓦，它們可以在不同的地點重新利用。

Fantastic. And can you talk about whether or not you have the building capability in Pennsylvania and the necessary materials, like access to materials for the substation, transformer switches, et cetera. To be able to deliver that HPC compute in your stated timeline, which starts at 12 months?

極好的。您能否談談您在賓州是否有建造能力以及必要的材料，例如獲得變電站、變壓器開關等材料。為了能夠在您規定的時間表（從 12 個月開始）內交付 HPC 計算？

For HPC and AI compute specifically, no, we do not have on-hand the necessary equipment for that. And the reason for that is because we haven't determined the final plan there.

特別是對於 HPC 和 AI 計算，我們手邊沒有必要的設備。原因是我們還沒有確定最終的計劃。

Now, when we have determined the final plan for what we're going to do with the Sharon megawatts, that's when we'll go out and start procuring that equipment. So no, currently we do not have the necessary equipment for an HPC and AI build in Sharon specifically.

現在，當我們確定了沙龍兆瓦的最終計劃時，我們就會出去開始購買該設備。所以，目前我們還沒有專門在 Sharon 建造 HPC 和 AI 所需的設備。

Okay. Thanks so much. Do you see that as being a potential bottleneck or are you guys confident that you have the relationships and access to necessary materials and equipment?

好的。非常感謝。您是否認為這是一個潛在的瓶頸，或者您是否有信心擁有關係並能夠獲得必要的材料和設備？

We have at this point, over 12 months, 12 to 16 months if we wanted to get that energized by the end of the year. And I think the most realistic timeline for an HPC/AI build is really Q4 or Q1, which extends that timeline out to possibly 19 months. That gives us, I think, sufficient timeline to go out and procure those equipment, given our position in our existing industrial relationships with suppliers.

如果我們想在年底前實現這一目標，我們目前還有 12 個月、12 到 16 個月的時間。我認為 HPC/AI 構建最現實的時間表實際上是第 4 季或第 1 季度，該時間表可能會延長至 19 個月。我認為，考慮到我們在與供應商的現有工業關係中的地位，這給了我們足夠的時間去採購這些設備。

Okay. Fantastic. That's great. Just wondering on the -- I mean, I think we're all very, very curious on the pipeline of development opportunities. I mean, wondering, I mean, what are the chances that there's another Sharon out there? Is it possible that it could be in a different US ISO? And is it possible it could be somewhere in some other country?

好的。極好的。那太棒了。只是想知道——我的意思是，我認為我們都對發展機會的管道非常非常好奇。我的意思是，我想知道，那裡還有另一個沙龍的可能性有多大？它有可能位於不同的美國 ISO 中嗎？它有可能在其他國家的某個地方嗎？

Yeah, it's a great question. We have a -- we do have a global view towards new opportunities and growth opportunities, again, with a focus on securing the right energy profile and securing something that we believe is going to be economically sustainable for many years to come, and certainly there are opportunities all around the world.

是的，這是一個很好的問題。我們確實對新的機會和成長機會有全球視野，重點是確保正確的能源狀況，並確保我們相信在未來許多年裡經濟上可持續的東西，而且肯定有世界各地都有機會。

But what we're going to be focusing on over the 2025 and beyond, and even currently right now in our development pipeline, what we're currently focusing on is increasing our US exposure. We think that there are tremendous opportunities in the United States, and we do really like the PJM region. It's got numerous benefits in terms of its curtailment programs, demand response programs, opportunities for hedging and energy trading.

但我們將在 2025 年及以後重點關注，甚至目前在我們的開發管道中，我們目前重點關注的是增加我們在美國的曝光。我們認為美國有巨大的機會，而且我們非常喜歡 PJM 地區。它在限電計劃、需求響應計劃、對沖和能源交易機會方面有很多好處。

We think there are more opportunities like Sharon out there, and we would love to pursue more opportunities in PJM.

我們認為像 Sharon 這樣的機會還有很多，我們很樂意在 PJM 尋求更多機會。

That's great. Thanks very much. Is it fair to say the market has tightened since early June for power development opportunities?

那太棒了。非常感謝。可以說自六月初以來電力發展機會市場趨緊嗎？

There's always power available. Sites are constantly turning over. I don't know if necessarily the market's tightened, but certainly the demand and the interested parties for more power is increasing rapidly. So I don't know if market conditions have necessarily tightened so far -- (multiple speakers) can you repeat that?

總有可用的電源。網站不斷更新。我不知道市場是否一定會收緊，但肯定的是，對更多電力的需求和利害關係人正在迅速增加。所以我不知道到目前為止市場狀況是否必然收緊——（多個發言者）你能重複一遍嗎？

Thank you.

謝謝。

Joe Flynn, Compass Point Research & Trading.

Joe Flynn，Compass Point 研究與交易。

Hi guys. Thanks for the question. It looks like you built up a pretty strong balance sheet here, but maybe you could walk us through the remaining CapEx spend to get to the exahash targets in 2024 and 2025, and ultimately how we think about usage of the ATM going forward. Thanks.

嗨，大家好。謝謝你的提問。看起來您在這裡建立了相當強大的資產負債表，但也許您可以向我們介紹剩餘的資本支出支出，以實現 2024 年和 2025 年的 exahash 目標，以及最終我們如何考慮未來 ATM 的使用。謝謝。

Sure. Joe, I'm always glad to answer that question here. So let's first talk about where we are here regarding the 21 exahash and 21 petahash goals and targets that we have for the year end here. So we've already pointed out that we are fully funded for that, and let me give you some hard context to that.

當然。喬，我總是很高興在這裡回答這個問題。因此，讓我們先談談我們今年年底的 21 exahash 和 21 petahash 目標和具體目標。因此，我們已經指出，我們為此提供了充足的資金，讓我向您提供一些具體的背景資訊。

We've pointed out that we have almost $200 million in liquidity and that our cash flow from operations over the next several months is projected to be around anywhere between $8 million to $12 million a month, or roughly $50 million to $55 million here.

我們已經指出，我們擁有近 2 億美元的流動資金，未來幾個月的營運現金流預計約為每月 800 萬至 1,200 萬美元，或這裡約為 5,000 萬至 5,500 萬美元。

In terms of what we have left to spend here for the year-end targets here, we've figured out we have roughly at this point in time, we need to spend about another - we figure another $50 million will we have remaining here for the infrastructure build-out, and that's primarily really with the Wazoo, and it's finishing that completion.

就我們剩下的用於實現年終目標的資金而言，我們已經發現，在這個時間點上，我們還需要再花費大約 5000 萬美元——我們預計，我們還剩下 5000 萬美元。 ，這主要是由Wazoo 完成的，它正在完成這項工作。

And then secondly here for the miners, we have remaining payments of roughly about $67 million for miners, and we figure another $20 million to $25 million just for imports, duties, insurance, things of that sort. So overall, we're envisioning additional CapEx requirements for this year, roughly around $140 million, which again, we're very well positioned here forward.

其次，對於礦工來說，我們為礦工支付的剩餘款項約為 6,700 萬美元，我們還計算出另外 2,000 萬至 2,500 萬美元用於進口、關稅、保險等此類費用。因此，總體而言，我們預計今年的額外資本支出要求約為 1.4 億美元，這再次表明我們處於非常有利的位置。

Now, what we are not reflecting here yet is what our plans are for next year in terms of our CapEx, and that's still unfolding, particularly as things move ahead with Sharon and other opportunities here. So while we feel we're pretty well positioned at this point in time, that's something that we'll be addressing more in the future here.

現在，我們在這裡還沒有反映出我們明年在資本支出方面的計劃，而且這項計劃仍在展開，特別是隨著沙龍和其他機會的進展。因此，雖然我們覺得我們目前處於有利位置，但這是我們未來將更多解決的問題。

In reference to our ATM here, we've actually given the fact that our shares are now below $2, we've actually stepped back very, very dramatically in what we're doing here in the ATM, because we're going to be very selective going forward here.

就我們這裡的ATM 而言，我們實際上已經給出了這樣一個事實，即我們的股票現在低於2 美元，我們實際上已經非常非常戲劇性地後退了我們在ATM 上所做的事情，因為我們將在這裡非常有選擇性地前進。

We again, have the benefit of a strong cash flow from operations to fund ourselves going forward here. And secondly, I think, given the fact that we are now well positioned to be fully funded for this year and have actually a kitty for next year as well here, we are going to continue to be very judicious, more so I think with the ATM, over the next several months.

我們再次受益於來自營運的強勁現金流，為我們未來的發展提供資金。其次，我認為，考慮到我們現在已經做好了充分準備，今年的資金充足，而且明年這裡也有一隻小貓，我們將繼續非常明智，我認為更是如此ATM，在接下來的幾個月裡。

Thanks. And maybe if you could comment on the ending of the strategic alternatives process, just really any color there would be helpful.

謝謝。也許如果你可以評論戰略替代過程的結束，任何顏色都會有幫助。

Sure. Happy to. The special committee, obviously in consultation with its financial and legal and strategic advisors, did conduct a thorough review of all the different strategic alternatives in an effort to maximize shareholder value.

當然。很高興。特別委員會顯然在與其財務、法律和策略顧問協商後，確實對所有不同的策略選擇進行了徹底審查，以努力實現股東價值最大化。

Really, following the completion of this process based on the new strategic plan that we're moving forward with, the special committee has unanimously determined that, and really is certain that given all of the compelling opportunities ahead for value creation, the best path forward to maximize value for all shareholders is to just move forward with our standalone plan.

事實上，在基於我們正在推進的新戰略計劃的這一過程完成後，特別委員會一致確定，並且確實確定，考慮到未來創造價值的所有令人信服的機會，最好的前進道路為了實現所有股東的價值最大化，我們只需推進我們的獨立計劃。

Obviously, the board and management team remain open to any and all opportunities that may deliver value to shareholders. But right now, by far, the best opportunity is moving forward with standalone.

顯然，董事會和管理團隊對任何可能為股東帶來價值的機會持開放態度。但目前為止，最好的機會是繼續獨立發展。

Great. Thanks.

偉大的。謝謝。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi, guys. This is Thomas Shinske on for Brett. Congrats Ben on the new position within the team. I guess on Sharon and new site acquisitions, you mentioned that Sharon being close to a bunch of metropolitan areas is a good characteristic for the AI/HPC. I guess as you're looking in the PJM region, are you considering this characteristic for future site acquisitions? Yeah, I guess that's my question.

嗨，大家好。我是托馬斯·辛斯克（Thomas Shinske）替補布雷特。祝賀 Ben 在團隊中擔任新職務。我想在沙龍和新站點收購方面，您提到沙龍靠近許多大都市區對於人工智慧/高效能運算來說是一個很好的功能。我猜當您在 PJM 地區尋找時，您是否會在未來的網站收購中考慮這一特徵？是的，我想這就是我的問題。

Thanks Tom. Yeah, it's one of the many things that we're looking at now with different energy assets with the corporate development team. We're not only looking for sites that are good for Bitcoin mining. We're looking at sites that will help us, as we said, diversify and expand beyond Bitcoin mining itself. So this means, we're looking for sites that have more than one good application.

謝謝湯姆。是的，這是我們現在與企業開發團隊一起專注於不同能源資產的眾多事情之一。我們不僅在尋找適合比特幣挖礦的網站。正如我們所說，我們正在尋找能夠幫助我們實現多元化並超越比特幣挖礦本身的網站。因此，這意味著，我們正在尋找擁有多個優秀應用程式的網站。

Sometimes a site may only be good for one of the two applications. Maybe it's only good for Bitcoin mining. Maybe it's only good for HPC and AI ideally, and it's much harder to find those opportunities, but ideally you find an energy profile that's good for both.

有時，一個網站可能只適合這兩種應用程式之一。也許這只對比特幣挖礦有利。理想情況下，也許它只對 HPC 和 AI 有利，而且找到這些機會要困難得多，但理想情況下，您會找到對兩者都有利的能源狀況。

Awesome. And then just on the customer front, I know this is a little bit of ways down the road, but do you have your idea on an ideal co-location customer on the AI/HPC front? I know there's talk of hyperscalers, enterprises, AI startups who are a bit of a more risky play, because you don't know the longevity of the hosting contract. So just your thoughts there.

驚人的。然後就客戶方面而言，我知道這還有些遙遠，但是您對 AI/HPC 方面的理想託管客戶有什麼想法嗎？我知道有人說超大規模企業、企業、人工智慧新創公司的風險更大，因為你不知道託管合約的壽命有多長。所以只是你的想法。

Yeah, it's a good question. One of the things that we like about Bitcoin mining is that we have no customers, right. When we plug in Bitcoin mining compute, the customer is the network itself, and it becomes very, very easy for us to operate our business. When we look at HPC and AI, we don't want to get into the business of developing a sales force and building out a software platform and marketing out to individual customers.

是的，這是一個好問題。我們喜歡比特幣挖礦的原因之一是我們沒有客戶，對吧。當我們插入比特幣挖礦運算時，客戶就是網路本身，我們的業務運作變得非常非常容易。當我們考慮 HPC 和 AI 時，我們不想涉足發展銷售隊伍、建立軟體平台以及針對個人客戶進行行銷的業務。

Our primary focus here is, again, on developing, building and operating the high-quality electrical infrastructure. And so our ideal customer would be a hyperscaler probably, or somebody with a very, very strong credit profile and strong balance sheet that we can work with to take all the capacity and only work with one customer, and leave them to handle how they are going to sell off the compute or monetize the compute on their end.

我們的主要重點仍然是開發、建造和營運高品質的電力基礎設施。因此，我們理想的客戶可能是一家超大規模企業，或者是擁有非常非常強大的信用狀況和強大資產負債表的客戶，我們可以與他們合作，利用所有容量，只與一個客戶合作，讓他們自行處理自己的情況將出售計算或將計算貨幣化。

Awesome. Thank you.

驚人的。謝謝。

Thanks.

謝謝。

Martin Toner, ATB Capital.

馬丁·托納，ATB 資本。

Welcome back, Martin.

歡迎回來，馬丁。

Hey, thanks. My last question. Was the result of the PJM Reserve auction that you were more confident about what your cost of mine would be in that region?

嘿，謝謝。我的最後一個問題。PJM 儲備拍賣的結果是否顯示您對該地區的開採成本更有信心了？

We're still working on locking in our power provider there in Sharon. So the auction that just took place really is primarily for people who are providing a base-load capacity to the grid. That doesn't necessarily directly impact what we do here.

我們仍在努力鎖定沙龍的電力供應商。因此，剛剛進行的拍賣實際上主要是針對那些為電網提供基本負載容量的人。這不一定會直接影響我們在這裡所做的事情。

What it means is that those thermal generating assets and those more stable baseline assets are increasingly more valuable, and that's due to the increase of amount of renewables on the grid and the increasing value associated with grid stabilization programs.

這意味著那些火力發電資產和那些更穩定的基準資產越來越有價值，這是由於電網再生能源數量的增加以及與電網穩定計畫相關的價值的增加。

So it's not entirely clear the exact math and the exact uptimes for these different sites, given the auction that took place. But what it is certain of is that these energy trading and grid stabilization opportunities have tremendous and increasing value in the light of a changing energy profile in PJM.

因此，鑑於拍賣的進行，目前尚不完全清楚這些不同站點的確切數學和確切正常運行時間。但可以肯定的是，鑑於 PJM 能源狀況的變化，這些能源交易和電網穩定機會具有巨大且不斷增加的價值。

Great. Thank you. Thanks. That's it for me.

偉大的。謝謝。謝謝。對我來說就是這樣。

Thank you. That concludes our Q&A session. I will now hand the conference back to Ben Gagnon for closing remarks. Please go ahead.

謝謝。我們的問答環節到此結束。現在我將把會議交還給 Ben Gagnon 致閉幕詞。請繼續。

Thanks. I just want to thank everyone really briefly for joining us on today's call and reiterate, I'm very excited about our growth opportunities and look forward to updating you on all future developments. Thank you very much.

謝謝。我只想簡單地感謝大家參加今天的電話會議，並重申，我對我們的成長機會感到非常興奮，並期待向您通報所有未來的發展。非常感謝。

Thank you all.

謝謝大家。

Thank you, everyone. This concludes today's event. You may disconnect at this time and have a wonderful day. Thank you for your participation.

謝謝大家。今天的活動到此結束。此時您可能會斷開連接並度過美好的一天。感謝您的參與。