Bitfarms Ltd (BITF) 2024 Q3 法說會逐字稿

Good day and welcome to the BitFarms third quarter, 2024 conference call. (Operator Instruction) As a reminder, this call may be recorded. I would like to turn the call over to Tracy Krumme, Senior Vice President of Investor Relations and corporate communications. Please go ahead.

美好的一天，歡迎參加 BitFarms 2024 年第三季電話會議。（接線生說明）謹此提醒，本次通話可能會被錄音。我想將電話轉給投資者關係和企業傳播高級副總裁 Tracy Krumme。請繼續。

Thank you. Good morning, everyone and welcome to Bitfarms third quarter, 2024. Conference call with me on the call today is Ben Gagnon, Chief Executive Officer and Director and Jeff Lucas, Chief Financial Officer. 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.

謝謝。大家早安，歡迎來到 Bitfarms 2024 年第三季。今天與我一起參加電話會議的是執行長兼董事 Ben Gagnon 和財務長傑夫盧卡斯 (Jeff Lucas)。在我們開始之前，請注意本次電話會議正在網路直播，並附有今天新聞稿的演示文稿，您可以在我們的網站 Bitfarms.com 的投資者部分訪問我們的簡報。

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 the statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties. And I invite you to consult the farms 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，未來的結果可能與聲明中暗示的結果不同。前瞻性資訊是基於某些假設，並受到風險和不確定性的影響。我邀請您諮詢農場 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 or definitions of the aforementioned non- IFRS measures and the reconciliation to IFRS measures.

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以及我們的 MD&A 或上述非 IFRS 措施的定義以及與 IFRS 措施的調節。

Please note that all financial references are denominated in US dollars unless otherwise noted. I would also like to add that we will be attending the following upcoming equity conferences. Cantor Fitzgerald Crypto Digital Assets and AI Infrastructure conference in Miami, tomorrow.

請注意，除非另有說明，所有財務參考均以美元計價。我還想補充一點，我們將參加以下即將舉行的股權會議。坎托·菲茨杰拉德 (Cantor Fitzgerald) 加密數位資產和人工智慧基礎設施會議將於明天在邁阿密舉行。

We're off technology conference in New York City on November 19 and 20, B. Riley's crypto and Energy Infrastructure Conference in New York City on December 4, Northland's virtual growth conference on December 12, and lastly Needham's Growth Conference in New York City on January 14 and 15. If anyone would like to meet with us on those dates, please contact me or a sales representative from the firm and now turning to slide 3. It is my pleasure to turn the call over to Ben Gagnon, Chief Executive Officer and director. Ben. Please go ahead.

我們將結束11 月19 日至20 日在紐約市舉行的技術會議、12 月4 日在紐約市舉行的B. Riley 加密貨幣和能源基礎設施會議、12 月12 日在Northland 舉行的虛擬成長會議以及12 月12 日在紐約市舉行的Needham 增長會議。如果有人想在這些日期與我們會面，請聯絡我或該公司的銷售代表，現在轉向投影片 3。我很高興將電話轉給執行長兼董事 Ben Gagnon。本.請繼續。

Thanks Tracy and thank you everyone for joining today on today's call. I will be discussing an overview of our year-to-date accomplishments, our Q3 operational update and an overview of the strategic moves we've made in the quarter and our 2024 and 2025 goals and guidance.

感謝特雷西，也感謝大家參加今天的電話會議。我將討論我們今年迄今取得的成就、第三季度營運更新的概述以及我們在本季度採取的戰略舉措以及 2024 年和 2025 年目標和指導的概述。

I will then hand the call over to Jack to discuss the Q3 financials turning to slide 4, 12 months ago, we outlined our transformational fleet upgrade. This involved upgrading nearly our entire fleet of miners across at the time, our 11 data centers we had always planned for 2024 to be a transformational year, but we underestimated just how transformational it would be year-to-date.

然後，我會將電話轉交給傑克，討論第三季的財務狀況，轉向幻燈片 4，12 個月前，我們概述了我們的轉型機隊升級。這涉及到升級我們當時幾乎整個礦機隊伍、我們的 11 個資料中心，我們一直在計劃 2024 年是轉型的一年，但我們低估了今年迄今為止的轉型程度。

So far. In 2024 we've upgraded 10 data centers and added three new data centers to our portfolio. Unracked over 50,000 older generation miners and racked over 46,000 new miners increased our hash rate by 83% to 11.9 [XA] hash today improved our efficiency, 40% from 35 watts per terahash to 21 watts per terahash reaching our year and efficiency goal three months ahead of schedule and most importantly, significantly megawatt pipeline from 324 megawatts today to 950 by year end 2025 with a multi-year growth potential up to 1.6 gigawatts.

迄今為止。2024 年，我們升級了 10 個資料中心，並在我們的產品組合中新增了 3 個新資料中心。今天，部署了超過50,000 個老一代礦工並部署了超過46,000 個新礦工，將我們的哈希率提高了83% 至11.9 [XA] 哈希，提高了我們的效率，從每太拉哈希35瓦提高到每太拉哈希21 瓦，提高了40%，達到了我們的年度目標和三個月的效率目標提前完成，最重要的是，到2025 年底，待建項目數量將從目前的324兆瓦增至950 兆瓦，多年成長潛力高達1.6 吉瓦。

These numbers speak volumes to our accomplishments and the commitment of our global team to grow the company and drive improved performance. In addition to these tremendous quantitative improvements, we announced our acquisition of a stronghold digital mining which is the largest acquisition between two public companies in the Bitcoin mining sector yet. And we significantly enhanced our board of directors and leadership team turning to line 5 on our Q2 earnings call in August.

這些數字充分說明了我們的成就以及我們的全球團隊對發展公司和提高績效的承諾。除了這些龐大的數量改進之外，我們還宣布收購一家數位礦業公司，這是迄今為止比特幣礦業領域兩家上市公司之間最大的收購。我們顯著增強了董事會和領導團隊的實力，並在 8 月的第二季財報電話會議上轉向了第 5 行。

I outlined several goals and initiatives as Bitfarms, new CEO, these included first, the continued diversification of our portfolio beyond Bitcoin mining being here is to maximize utility of our strongest asset for megawatts in the most efficient and cost effective way possible by expanding into high growth and high value geographies and into synergistic business lines such as hosting HBC and AI heat recapture, recycling and energy generation.

作為新任首席執行官，我概述了Bitfarms 的幾個目標和舉措，其中包括：首先，我們的投資組合在比特幣挖礦之外繼續多元化，是透過擴展到高容量領域，以最有效和最具成本效益的方式最大限度地利用我們最強大的兆瓦資產。

Second, a strong focus on us expansion particularly in the PJM region which we identified as the most attractive energy market in the US. And third, building out an even stronger range of operators and introducing a new organizational structure in order to evaluate plan and execute on the significant opportunity with HPC- AI and the upcoming anticipated Bitcoin will run.

其次，重點關注美國的擴張，特別是 PJM 地區，我們認為該地區是美國最具吸引力的能源市場。第三，建立更強大的運營商範圍並引入新的組織結構，以便評估計劃並執行 HPC-AI 和即將到來的預期比特幣運行的重大機會。

I'm pleased to say that over the past three months, we've made significant progress on each of our goals and laid a strong foundation to execute our growth strategy. I'll now dive into the Q3 operational update and talk through several strategic actions. We've taken this quarter with these goals in mind.

我很高興地說，在過去的三個月裡，我們在每個目標上都取得了重大進展，並為執行我們的成長策略奠定了堅實的基礎。我現在將深入探討第三季的營運更新，並討論幾個策略行動。我們在本季考慮了這些目標。

Turning to slide 6 in line with the 1st and 2nd initiatives regarding continued diversification of our portfolio and expansion in the US. In Q3, we entered into an agreement to acquire stronghold digital mining. This transformative combination ensures a multi-year strategic growth path that we are incredibly excited about with this acquisition.

轉向幻燈片 6，根據有關我們的投資組合持續多元化和在美國擴張的第一和第二項舉措。第三季度，我們簽訂了收購據點數位採礦的協議。這種變革性的組合確保了多年的策略成長路徑，我們對此次收購感到非常興奮。

We are integrating vertically by acquiring two strategically located power facilities in Pennsylvania, expanding and rebalancing our portfolio with over 300 megawatts of US power capacity with the potential to increase our energy portfolio to over 950 megawatts a year in 2025 and 1.6 gigawatts in the next few years, creating energy trading and demand response opportunities to minimize energy prices.

我們正在透過收購賓州兩個戰略位置的電力設施進行垂直整合，擴大和重新平衡我們的投資組合，擁有超過300 兆瓦的美國電力容量，有可能在2025 年將我們的能源投資組合增加到每年950 兆瓦，並在未來幾年內增加到1.6 吉瓦多年來，創造能源交易和需求響應機會，以最大限度地降低能源價格。

And lastly creating an opportunity to cost effectively integrate HPC and A I into our portfolio with a merged HPC -AI and Bitcoin Mining Data Center. Turning to slide 7 upon closing the expected 307 megawatts available at these two locations would drive a 47% increase in our 2025 year-end megawatts from 648 megawatts to over 950 megawatts including our Sharon Pennsylvania site.

最後，透過合併 HPC-AI 和比特幣挖礦資料中心，創造一個機會，以經濟高效的方式將 HPC 和 AI 整合到我們的產品組合中。請參閱幻燈片7，關閉這兩個地點預計的307 兆瓦電力後，我們的2025 年底發電量將增加47%，從648 兆瓦增加到超過950 兆瓦，其中包括我們賓州的沙龍站點。

The combination of these three sites creates AP JM portfolio of approximately 427 megawatts in 2025 which is larger than our entire operational energy portfolio today. Importantly, these sites rebalance our portfolio back to the US and North America representing 47% and 65% of our year end 2025 portfolio respectively. While that end exposure will scale down to 35% significantly improving the size quality and distribution of our energy portfolio.

到 2025 年，這三個站點的組合將創建約 427 兆瓦的 AP JM 投資組合，比我們目前整個營運能源投資組合還要大。重要的是，這些網站將我們的投資組合重新平衡回美國和北美，分別占我們 2025 年底投資組合的 47% 和 65%。最終敞口將縮減至 35%，從而顯著改善我們能源投資組合的規模品質和分佈。

We have already begun maximizing the utility of the stronghold sites with two hosting agreements each for 10,000 miners. These 20,000 miners initially scheduled for deployment in our Yguazu facility are being deployed in Pennsylvania at Stronghold's Panther Creek and scrub grass facilities supporting approximately 4x hash redirecting these miners reduces our logistics duties set up and energy costs, driving a more optimal deployment and providing a pathway for continued profitable growth.

我們已經開始最大化據點站點的效用，簽訂了兩個託管協議，每個協議可容納 10,000 名礦工。這20,000 台礦工最初計劃部署在我們的Yguazu 設施中，目前正在部署在賓夕法尼亞州的Stronghold 的Panther Creek 和灌木叢設施中，支援大約4 倍哈希重定向這些礦工，減少了我們的物流職責設置和能源成本，推動更優化的部署並提供了​​一條途徑以實現持續獲利成長。

With these two hosting deals, we anticipate that nearly 75% of our hash rate will come from our North American data centers in the first half of next year, reaffirming our commitment to grow in the US. In addition, we continue to actively pursue other site acquisitions and growth opportunities in the US.

透過這兩項託管交易，我們預計明年上半年近 75% 的算力將來自我們的北美資料中心，這重申了我們在美國發展的承諾。此外，我們繼續積極尋求在美國的其他網站收購和成長機會。

Turning to slide 8 in line with our third initiative to strengthen our leadership team. We made significant progress by expanding our bench and reorganizing our operational structure in order to position ourselves for continued growth in 2025. Reflecting our commitment to operational excellence.

請參閱投影片 8，這是我們加強領導團隊的第三項措施。我們透過擴大陣容和重組營運結構取得了重大進展，以便為 2025 年的持續成長做好準備。體現了我們對卓越營運的承諾。

We've recruited numerous industry experts with the following leadership appointments, Liam Wilson as our Chief Operating Officer, a newly created role, Alex Brammer who replaces me in mining operations as senior Vice President, Benoit Gobeil promoted from EVP of Operations and Infrastructure to Chief Infrastructure Officer and Rachel Silverstein as General counsel, a newly created role as part of our emphasis on growing in the US.

我們招募了眾多行業專家，擔任以下領導職務：利亞姆·威爾遜(Liam Wilson) 擔任我們的首席營運官，這是一個新設立的職位；亞歷克斯·布拉默(Alex Brammer) 接替我擔任採礦業務高級副總裁；伯努瓦·戈貝爾(Benoit Gobeil) 從營運和基礎設施執行副總裁晉升為首席執行官基礎設施官員和Rachel Silverstein 擔任總法律顧問，這是我們新設立的職位，是我們強調在美國發展的一部分。

In addition, we reorganized our operations into two divisions, mining operations and infrastructure with Alex and Benoit heading up the divisions respectively. These new divisions are already delivering greater scalability and accountability in data center, construction, maintenance and operations and are laying the foundation for the establishment of HPC and AI operations. With these hires, we are laying an even stronger operational foundation enabling us to execute our growth plan.

此外，我們將業務重組為採礦業務和基礎設施兩個部門，由 Alex 和 Benoit 分別領導這兩個部門。這些新部門已經在資料中心、建設、維護和營運方面提供了更大的可擴展性和責任感，並為建立 HPC 和人工智慧營運奠定了基礎。透過這些招聘，我們正在奠定更強大的營運基礎，使我們能夠執行我們的成長計劃。

Turning to slide 9. In addition, we enhance our corporate governance and strengthen our board of directors with the appointment of two new directors including myself and with former lead director, Brian Howlett, now serving as our board chair, our board of directors now consists of 5 members, 4 of whom are independent with the upcoming special shareholder meeting scheduled to take place next week on the 20th.

轉到投影片 9。此外，我們透過任命包括我在內的兩位新董事以及現任董事會主席的前任首席董事 Brian Howlett 來加強我們的公司治理並加強我們的董事會，我們的董事會現在由 5 名成員、4 名成員組成。其中獨立人士與定於下週20 日舉行的特別股東大會無關。

The board is expected to increase to six board members with 5 independent subject to shareholder approval. On a related note, in Q3, we were able to reach a settlement agreement with riot platforms which we believe is in the best interest of the company and our shareholders.

經股東批​​准，董事會預計增加至 6 名董事會成員，其中 5 名獨立董事。與此相關的是，在第三季度，我們與防暴平台達成了和解協議，我們認為這符合公司和股東的最佳利益。

Importantly, this mutually beneficial agreement allows us to move forward as an independent company and to execute a growth strategy avoiding the costly and distracting proxy contest. Riot remains a shareholder at farms with current ownership of just under 20%.

重要的是，這項互惠互利的協議使我們能夠作為一家獨立公司向前發展，並執行成長策略，避免昂貴且分散注意力的代理權競爭。Riot 仍是農場的股東，目前持股比例略低於 20%。

Analysts have noted that Bitfarms shares provide good value and significant upside of Bitcoin price relative to peers and riot remaining a top shareholder is a positive market signal underscoring the value potential of our growth.

分析師指出，Bitfarms 的股票具有良好的價值，比特幣價格相對於同行有顯著的上漲空間，而 riot 仍然是最大股東，這是一個積極的市場訊號，強調了我們成長的價值潛力。

Turn to slide 10 I will now take a few minutes to discuss our guidance. Well, we are now at 11.9x hash, we are behind schedule on delivering our mid-year code access target for the following reasons. First, we have some minor construction delays at several sites that have been overcome but delayed energization by weeks or a few months.

轉到幻燈片 10，我現在將花幾分鐘時間討論我們的指導。好吧，我們現在的雜湊值是 11.9 倍，由於以下原因，我們在實現年中程式碼存取目標方面落後於計劃。首先，我們在幾個工地出現了一些輕微的施工延誤，這些延誤已經克服，但通電時間卻推遲了幾週或幾個月。

Second, over the past few months, we've experienced shipping delays and extended minor warranty servicing that goes beyond the 2,700 minors replaced a few months ago despite improvements in recent minor shipments continued warranty servicing has impeded the achievement of our hash rate target. We've been working closely with fit me to address these issues and are implementing an efficient solution.

其次，在過去的幾個月裡，我們經歷了運輸延誤和延長的次要保固服務，超出了幾個月前更換的2,700 個次要服務，儘管最近的次要發貨量有所改善，但持續的保固服務阻礙了我們實現哈希率目標。我們一直與 fit me 密切合作來解決這些問題，並正在實施有效的解決方案。

We will be upgrading the remaining 18,853 Bitmain T21 miners to be delivered by Bitmain as part of our refresh, announced last year Bitmain will now be sending 18,853 more powerful and efficient S21 pro miners operating at 234 Terahash and 15 watts per Terahash. Representing more than a 20% improvement from the T21 miners both energy efficiency and hash rate.

作為更新的一部分，我們將升級比特大陸交付的剩餘 18,853 台 T21 礦機，去年宣布比特大陸現在將發送 18,853 台更強大、更高效的 S21 專業礦機，運行速度為 234 Terahash 和每 Terahash 15 瓦。與 T21 礦機相比，能源效率和算力均提高了 20% 以上。

This capital efficient upgrade allows us to expeditiously upgrade the remaining liners to be delivered for better performance with minimal impact on the cash while preserving the full upside of the Bitcoin. Well, all of the miners are scheduled to ship before the end of the year. This significant upgrade and continued RMA servicing will push our year-end target of 21x hash into the first half of 2025.

這種資本效率的升級使我們能夠迅速升級剩餘的襯裡，以實現更好的性能，同時對現金的影響最小，同時保留比特幣的全部優勢。好吧，所有礦機都計劃在今年年底前發貨。此次重大升級和持續的 RMA 服務將把我們 21 倍哈希的年終目標推到 2025 年上半年。

It will also improve our energy efficiency by an additional 10% from 21 watts per Terahash to 19 watts per Terahash. The majority of the upgraded miners will be deployed in Pennsylvania and Quebec, and this is the backdrop of rapidly improving macro conditions. We believe this is a rare opportunity to upgrade minors for better performance before minor prices increase.

它還將使我們的能源效率額外提高 10%，從每 Terahash 21 瓦提高到每 Terahash 19 瓦。大部分升級後的礦機將部署在賓州和魁北克省，這是宏觀環境迅速改善的背景。我們相信，這是在次要價格上漲之前升級次要以獲得更好性能的難得機會。

Turning to slide 11, looking ahead to 2025 demand for immediate capacity for both HPC AI and Bitcoin data centers is surging, and turnkey assets are highly sought after. Data center development continues to accelerate, driving more scarcity and making access to power very valuable. KKR estimates that $250 billion will be spent annually on the data center boom.

轉向幻燈片 11，展望 2025 年，對 HPC AI 和比特幣資料中心的即時容量的需求正在激增，交鑰匙資產受到高度追捧。資料中心的發展持續加速，導致資源更加稀缺，並使電力變得非常有價值。KKR 估計每年將有 2500 億美元用於資料中心的繁榮。

The US is the biggest developer of data centers consuming about 16 to 18 gigawatts of power compared to about 6 gigawatts each in Europe. And Asia KKR's global head of digital infrastructure believes over the next 3 to 4 years that the 18 gigawatts could double if not triple.

美國是最大的資料中心開發商，消耗約 16 至 18 吉瓦的電力，而歐洲每個資料中心的電力消耗約為 6 吉瓦。亞洲 KKR 數位基礎設施全球主管相信，在未來 3 到 4 年內，18 吉瓦的裝置容量可能會增加一倍，甚至三倍。

We have just over 500 megawatts of secured power and infrastructure for 2025 which represents one of the largest portfolios of flexible megawatts amongst any publicly traded miners. This gives us unparalleled flexibility to approach this bull market and take advantage of strategic opportunities with this in mind, we've taken important steps to ensure we're getting the best value from our assets.

到 2025 年，我們擁有超過 500 兆瓦的安全電力和基礎設施，這是所有上市礦商中最大的靈活兆瓦投資組合之一。這為我們提供了無與倫比的靈活性來應對這個牛市並利用戰略機遇，考慮到這一點，我們已採取重要步驟來確保我們從我們的資產中獲得最佳價值。

First, we've changed our deployment plans by reallocating the miners from [Iguazu] to the US with the stronghold hosting agreements. In doing so, we have freed up the 200 megawatts at the Yguazu site entirely and have applied for a delay in energization 60 days to March 1, 2025, in line with the contract with 200 megawatts of cost-effective high uptime renewable energy and new infrastructure.

首先，我們改變了我們的部署計劃，透過據點託管協議將礦工從[伊瓜蘇]重新分配到美國。在此過程中，我們完全釋放了Yguazu 站點的200 兆瓦電力，併申請將通電延遲60 天至2025 年3 月1 日，按照合同，提供200 兆瓦經濟高效、高正常運行時間的可再生能源和新能源基礎設施。

Iguazu is a marquee asset going into a Bitcoin market that is capable of producing approximately 15x hash. It's filled with the latest S21 XT minors management is currently evaluating all strategic options to best monetize the site. Second in Q3, we assume control of our site in sharing Pennsylvania. This is 120 megawatt site strategically located in the PJM interconnection market providing access to low cost flexible power.

Iguazu 是進入比特幣市場的重要資產，能夠產生約 15 倍的哈希值。它充滿了最新的 S21 XT 未成年人，管理層目前正在評估所有策略選項，以最好地透過該網站獲利。第二季度，我們控制了共享賓州的站點。該 120 兆瓦站點策略性地位於 PJM 互連市場，提供低成本靈活電力。

The site is very well suited for both Bitcoin mining and HPC and AI. We are currently evaluating the best way to monetize these megawatts third and as discussed a few minutes ago, we acquired high value megawatts in Pennsylvania through stronghold of the 307 megawatts available in 2025. These sites are currently contracted to utilize approximately 100 megawatts for hosting and we are evaluating the best way to monetize the remaining 200 megawatts.

該網站非常適合比特幣挖礦、高效能運算和人工智慧。我們目前正在評估將這些兆瓦貨幣化的最佳方式，正如幾分鐘前所討論的，我們透過 2025 年可用的 307 兆瓦的據點在賓夕法尼亞州獲得了高價值兆瓦。這些站點目前已簽訂合同，使用約 100 兆瓦的電量進行託管，我們正在評估將剩餘 200 兆瓦貨幣化的最佳方式。

We now have sufficient megawatt capacity to go well beyond the previously guided, 35x has a year in 2025. However, as we continue to refine our 2025 plans and actively rework around Bitcoin mining and HPC and A I, we believe it would be premature to maintain the 35x hash guidance.

我們現在擁有足夠的兆瓦容量，遠遠超出先前指導的 2025 年容量的 35 倍。然而，隨著我們繼續完善 2025 年計劃並積極圍繞比特幣挖礦、HPC 和 AI 進行返工，我們認為維持 35 倍哈希指導還為時過早。

We will issue updated guidance once these strategies are finalized, turning to slide 12, we own and operate a portfolio of high-quality energy assets that are monetized through Bitcoin mining at the times we are not growing hash rate at any cost.

一旦這些策略最終確定，我們將發布更新的指導意見，請參閱幻燈片12，我們擁有並經營一系列優質能源資產，這些資產透過比特幣挖礦貨幣化，而我們不會不惜一切代價提高哈希率。

We're focused on getting the best utilization and driving the maximum value of our energy assets for our shareholders. When we take a step back and look at how we do this. We believe that a combination of self mining hosting, energy trading and HPC and AI creates a more powerful and resilient portfolio.

我們致力於為股東實現能源資產的最佳利用並實現最大價值。當我們退一步看看我們是如何做到這一點的時候。我們相信，自挖礦託管、能源交易以及高效能運算和人工智慧的結合可以創造出更強大、更有彈性的投資組合。

We're conducting a thorough evaluation of all of our energy assets looking at a host of different metrics, both qualitative and quantitative to determine which size would be best suited for which activities that said we're pleased to announce that we have two different US sites for a 1-to-2-megawatt HBC and a pilot.

我們正在對我們所有的能源資產進行徹底評估，考慮一系列不同的定性和定量指標，以確定哪種規模最適合哪些活動，我們很高興地宣布，我們有兩種不同的美國能源資產1 至2兆瓦HBC 和飛行員的站點。

While still in early stages, we have the land and power secured at both sites and are in active conversations with potential partners and suppliers discussing potential accelerated deployment in 2025 and are currently in the process of finalizing terms, equipment plans and budgets.

雖然仍處於早期階段，但我們已在兩個地點獲得土地和電力，並正在與潛在合作夥伴和供應商積極對話，討論 2025 年加速部署的可能性，目前正在敲定條款、設備計劃和預算。

We believe both of these sites are well suited for development for a number of reasons. First, they're well located within a few hours from major metropolitan centers on major Fiber trunk lines and are in or near data center clusters. Second, the power is secure and cost effective with high uptime and no curtailment requirements. And third, the land is cleared and ready for accelerated construction.

我們相信，出於多種原因，這兩個網站都非常適合開發。首先，它們位於主要光纖幹線上，距離主要大都市中心僅數小時路程，並且位於資料中心叢集內或附近。其次，電力安全且具有成本效益，正常運作時間長且無限電力需求。第三，土地已清理乾淨，準備加速興建。

We believe that initiating work at a pilot site will allow us to prudently and cost effectively evaluate this significant opportunity and to get a firm handle on the space technology and infrastructure before committing a significant amount of capital on a larger HPC and a site. This pilot reinforces our commitment to diversifying beyond Bitcoin mining and is an important first step into an exciting new business line.

我們相信，在試點站點啟動工作將使我們能夠審慎且具有成本效益地評估這一重大機遇，並在投入大量資金建設更大的高效能運算和站點之前牢牢掌握空間技術和基礎設施。這項試點計畫強化了我們對比特幣挖礦之外的多元化的承諾，也是邁向令人興奮的新業務線的重要第一步。

We expect to provide an update on our progress in 2025. Turning to slide 13 before I turn the call over to Jeff, I want to reiterate the significance of what we've accomplished over the past 10 months, we've refreshed nearly our entire fleet of miners significantly improved our mining economics built from the ground up. A 70-megawatt state of the art Data center acquired three new sites in the US embarked on an HPC and I strategy and completely revamped our operational structure and strengthened our leadership team.

我們預計將在 2025 年提供最新進展。在將電話轉給傑夫之前，請參閱幻燈片13，我想重申我們在過去10 個月中所取得的成就的重要性，我們幾乎更新了整個礦機隊伍，顯著改善了我們從頭開始建立的採礦經濟向上。一個 70 兆瓦的最先進資料中心在美國收購了三個新站點，開始實施 HPC 和 I 策略，並徹底改造了我們的營運結構並加強了我們的領導團隊。

We are now uniquely positioned with the strategic pipeline of over 950 megawatts in 2025 with nearly half a gigawatt of power infrastructure that is highly flexible, representing a massive, secure and cost effective growth opportunity as we enter into the anticipated 2025 Bitcoin gold cycle, we are now a stronger company with a significantly expanded energy portfolio with up to 1.6 gigawatts available over the coming years and we are well equipped to take advantage of the significant opportunities in front of us.

我們現在處於獨特的地位，到2025 年擁有超過950 兆瓦的戰略管道，擁有近半吉瓦的高度靈活的電力基礎設施，隨著我們進入預期的2025 年比特幣黃金周期，這代表著巨大、安全和具有成本效益的成長機會，我們現在，我們是一家更強大的公司，能源產品組合顯著擴大，未來幾年的發電量將高達1.6 吉瓦，我們已做好充分準備，充分利用擺在我們面前的重大機會。

It's an exciting time in the Bitcoin industry on the heels of the election and with Bitcoin hitting new record highs and I've never been more excited or confident in our growth prospects and our ability to execute. Turning to 514, I'll now turn the call over to Jeff.

選舉之後，比特幣行業創下了新的歷史新高，這是比特幣行業的一個激動人心的時刻，我對我們的成長前景和執行能力從未如此興奮或充滿信心。轉到 514，我現在將電話轉給傑夫。

Thank you, Ben and thanks everybody for joining us today. I will provide an overview of our third quarter, financial performance and position. Turning now to slide 15. Let's start with Q3 results during the quarter. We earned 703 Bitcoin 14% more than the 614 Bitcoin mine during the second quarter.

謝謝本，也謝謝大家今天加入我們。我將概述我們第三季的財務業績和狀況。現在轉到投影片 15。讓我們從本季第三季的業績開始。第二季我們賺了 703 個比特幣，比 614 個比特幣多了 14%。

The increase is driven by the 54% growth in our average hash rate from 6.7x hash in the second quarter to 10.3x hash in the third quarter. It's more than offset the impact of the April 2024 having and a 3% increase in the average cash rate quarter over quarter.

這一增長是由於我們的平均哈希率增長了 54%，從第二季度的 6.7 倍哈希值增長到第三季度的 10.3 倍哈希值。這足以抵銷 2024 年 4 月平均現金利率較上季成長 3% 的影響。

Total revenue was $45 million in the third quarter, a $3 million or 8% increase from the second quarter and a 30% increase year over year revenue from mining activities was $43 million compared to $40 million in the prior quarter.

第三季總收入為 4,500 萬美元，比第二季增加 300 萬美元，或 8%，年增 30%。

An increase of over 7% the balance of the revenue is earned by our electrical subsidiary Volta which provides commercial services in addition to cost effectively supporting our data center operating activities, general and administrative expense or G&A excluding non-cash stock based compensation

我們的電力子公司Volta 賺取了超過7% 的收入餘額，該子公司除了以經濟高效的方式支持我們的資料中心營運活動、一般和行政費用或G&A（不包括非現金股票薪酬）之外，也提供商業服務

. And a second quarter, Canadian sales tax refund was $22 million compared to $11 million in the prior quarter. The $11 million increase is too large to one-time non-recurring costs which totalled $12 million in the quarter and accounted for $9 million of the quarter over quarter increase.

。第二季度，加拿大銷售稅退稅額為 2,200 萬加元，而上一季為 1,100 萬加元。1,100 萬美元的成長對於一次性非經常性成本來說太大了，該成本本季總計 1,200 萬美元，佔季度環比增長的 900 萬美元。

These one time non-recurring charges include the riot requisition expenses for the settlement of the employment dispute with the former CEO and expenses associated with the acquisition of stronghold in australian Pennsylvania site.

這些一次性費用包括用於解決與前執行長的僱用糾紛的防暴徵用費用以及與收購澳洲賓州據點相關的費用。

The balance of the increase was due to higher compensation expense. As the company made several key management hires to build on our leadership team as well as higher insurance duties and other expenses associated with the company's growth. For Q3. Our operating loss was $44 million up from $24 million in the second quarter. Driven by the fact as I just referenced.

增加的餘額是由於補償費用增加所致。由於公司聘請了幾名關鍵管理人員來組建我們的領導團隊，以及更高的保險職責和與公司發展相關的其他費用。對於第三季。我們的營運虧損為 4,400 萬美元，高於第二季的 2,400 萬美元。正如我剛才提到的，受事實驅動。

This operating loss reflects non cash depreciation expense of $29 million including $10 million for accelerated depreciation on all the miners. Compared to the prior quarter of depreciation of $57 million of which $46 million was accelerated depreciation.

這項營運虧損反映了 2,900 萬美元的非現金折舊費用，其中包括所有礦機的加速折舊費用 1,000 萬美元。與上一季相比，折舊 5,700 萬美元，其中 4,600 萬美元是加速折舊。

In Q3 report of financial income and expense includes a $6 million non cash gain in the revaluation of the financial liability for warrants issued in earlier financing compared to a $1 million non cash loss on the revaluation of the financial liability in the second quarter.

在第三季的財務收入和支出報告中，包括對早期融資中發行的認股權證的金融負債進行重估時產生的600 萬美元非現金收益，而第二季度對金融負債進行重估時產生了100 萬美元的非現金損失。

Under IFRS, we are required to recognize a liability for these warrants even though they cannot be settled for cash net loss for Q3 was $37 million or loss of $0.8 per share. And we do a net loss of $27 million or a loss of $0.7 per share in the second quarter.

根據《國際財務報告準則》，我們必須確認這些認股權證的負債，即使它們無法結算，因為第三季的現金淨虧損為 3,700 萬美元或每股虧損 0.8 美元。第二季我們淨虧損 2,700 萬美元，即每股虧損 0.7 美元。

Now let's turn our attention to operating performance and improve Bitcoin metrics. Gross mining profit was $17 million at 38% of mining revenue down from $21 million at 51% in the prior quarter. Our overall corporate electricity rate for the quarter was $4.7 per kilowatt hour. An increase from $4.3 per kilowatt hour in the second quarter.

現在讓我們將注意力轉向營運績效並改善比特幣指標。採礦毛利為 1,700 萬美元，佔採礦收入的 38%，低於上一季的 2,100 萬美元，佔採礦收入的 51%。本季我們的整體企業電價為每度電 4.7 美元。較第二季度每千瓦時 4.3 美元有所增長。

The increase was driven largely by higher winter electricity rates in Argentina and a rate increase in Paraguay instituted at the beginning of the third quarter. Importantly, with our improving electrical efficiency from an average of 28 watts per Terahash in the second quarter to 23 watts per Terahash. In the third quarter, our electricity cost per Terahash to increase over the quarter by 10% to $2.7 from $0.3 per Terahash per day.

這一增長主要是由於阿根廷冬季電價上漲以及巴拉圭在第三季初實施的電價上漲所致。重要的是，我們的電效率從第二季的平均每 Terahash 28 瓦提高到每 Terahash 23 瓦。第三季度，每 Terahash 的電力成本較本季增加 10%，從每天每 Terahash 0.3 美元增加到 2.7 美元。

I'll add that in September. We achieved our year-end target of 21 watt per Terahash three months ahead of schedule, which equates to about $2.4 per Terahash. An additional 11% reduction in electricity cost per Terahash. Our direct mining cost per Bitcoin in the second quarter was $36,000. Our total cash cost to mine. Bitcoin is $52,400 and our revenue per Bitcoin was $61,000 resulting in a cash profit per Bitcoin of about $8500.

我將在九月添加這一點。我們提前三個月實現了每 Terahash 21 瓦的年終目標，相當於每 Terahash 約 2.4 美元。每 Terahash 的電力成本額外降低 11%。第二季每個比特幣的直接挖礦成本為 36,000 美元。我們的總現金成本。比特幣價格為 52,400 美元，每個比特幣的收入為 61,000 美元，每個比特幣的現金利潤約為 8500 美元。

Turn now to flight 16 for the third quarter. Our adjusted but that was $6 million. Our 14% of revenue compared to $12 million. A 28% of revenue in the second quarter. The lower adjusted EBITDA largely reflected the impact of the having along with higher genes associated with the expansion of our operating activities.

現在轉向第三季的 16 號班機。我們調整後是 600 萬美元。相比之下，我們的收入為 1200 萬美元，佔 14%。佔第二季營收的28%。較低的調整後 EBITDA 在很大程度上反映了與我們經營活動擴張相關的較高基因的影響。

As we've noted in previous quarterly earnings calls. Our adjusted EBITA is very straightforward, being purely a measure of the cash profitability of our mining operations and the proper contribution of our volta subsidiary.

正如我們在先前的季度財報電話會議中指出的那樣。我們調整後的 EBITA 非常簡單，純粹是衡量我們採礦業務的現金獲利能力以及我們 Volta 子公司的適當貢獻。

We do not reflect [mark] to market adjustments of our Bitcoin holdings or any other balance sheet valuation adjustments in our adjusted EBITDA stated simply our adjusted EBITDA of $6 million in the third quarter, equates to cash profit for Bitcoin of $8500 multiplied by 703 Bitcoin [Mor] in the quarter plus approximately $4000 of profit for a Volta let's go subsidiary

我們沒有在調整後的EBITDA 中反映我們持有的比特幣的市場調整或任何其他資產負債表估值調整，簡單地說，我們第三季調整後的EBITDA 為600 萬美元，相當於比特幣現金利潤8500 美元乘以703 比特幣[Mor] 本季加上 Volta Let's Go 子公司約 4000 美元的利潤

Turning now to slide 17 at September 30, we had total liquidity of $146 million consisting of cash of $73 million in Bitcoin also valued at $73 million at October 31, we held 1,188 Bitcoin up from 1,147 Bitcoin at the end of September and 905 Bitcoin at the end of June.

現在轉向9 月30 日的幻燈片17，我們的總流動性為1.46 億美元，其中包括7,300 萬美元的比特幣現金，截至10 月31 日的價值也為7,300 萬美元，我們持有1,188 個比特幣，高於9 月底的1,147 個比特幣和905 個比特幣。

Our higher BTC treasury balance reflects a solid cash position and strong cash flow from operations. Further. Our synthetic model continues to grow, increasing from 208 equivalent Bitcoin at the end of June to 602 Bitcoin at September 30 to 802 Bitcoin as of October 31.

我們較高的比特幣庫存餘額反映了穩健的現金狀況和強勁的營運現金流。更遠。我們的合成模型持續成長，從 6 月底的 208 個等值比特幣增加到 9 月 30 日的 602 個比特幣，再到截至 10 月 31 日的 802 個比特幣。

As a reminder, our synthetic [HODL] strategy enables us to utilize excess Bitcoin generated each month to fund our growth at a far lower cost of capital than external funding sources while maintaining upside potential by applying a portion of the proceeds towards the purchase of long dated Bitcoin call options in regard to our ATM facility which we initiated in March and used solely to fund our growth initiative to complete upgrade.

提醒一下，我們的綜合[HODL] 策略使我們能夠利用每月產生的多餘比特幣，以遠低於外部融資來源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資產來保持上行潛力。

We raised net proceeds of $66 million in the third quarter and a subsequent $39 million since September 30th. Lastly, I wish to point out that the growth and diversification initiatives that Ben has spoken about are all done with a keen eye on a creative growth and we have and will continue to weigh financing options that provide the greatest shareholder return in minimal dilution.

我們在第三季籌集了 6,600 萬美元的淨收益，自 9 月 30 日以來又籌集了 3,900 萬美元。最後，我想指出，本談到的成長和多元化舉措都是在敏銳地關注創造性成長的情況下完成的，我們已經並將繼續權衡以最小稀釋提供最大股東回報的融資選擇。

Before I hand the call back to the operator for Q&A, I'd like to echo Ben's enthusiasm about the strong position (inaudible) in. We've laid a solid foundation in 2024 that sets us up nicely to execute on our growth strategy into 2025 and beyond our entire team, including the recent leadership editions are aligned and working towards these goals. And we look forward to keeping everyone updated on our progress with that. I'll hand it over to the operator for Q&A.

在我將電話交還給接線員進行問答之前，我想表達一下 Ben 對 中強勢地位（聽不清楚）的熱情。我們已經在 2024 年奠定了堅實的基礎，這使我們能夠很好地執行到 2025 年及之後的成長策略，我們整個團隊，包括最近的領導層都在協調一致並努力實現這些目標。我們期待讓大家了解我們在這方面的最新進展。我會將其交給接線員進行問答。

Thank you. (Operator Instruction) Our first question comes from Mike Colonnese with H.C. Wainwright & Co. Your line is open.

謝謝。（操作員說明）我們的第一個問題來自 Mike Colonnese 和 H.C. Wainwright & Co. 您的線路已開通。

Hi, good morning, Ben, Jeff and team and thank you for taking my questions today. First one for me. If you could provide more detail and discussions, you're having with prospective customers for the HPC AI vertical. I know you announced your intentions of entering the space last quarter. So it'd be great to get more color there. And you know, what could investors really expect as it relates to the potential economics from an HPC AI hosting deal?

嗨，早安，本、傑夫和團隊，感謝你們今天回答我的問題。對我來說第一個。如果您可以提供更多詳細資訊和討論，那麼您正在與 HPC AI 垂直領域的潛在客戶進行交流。我知道您上個季度宣布了進入該領域的意圖。所以如果能有更多的顏色那就太好了。您知道，當涉及 HPC 人工智慧託管交易的潛在經濟效益時，投資者真正的期望是什麼？

Hey Mike. Thanks for the question. You know, we're in active conversations here with multiple different parties. You really, when you look at what it takes to deploy an HPC AI site, there's a few different things that we need to bring into our warehouse from other parties.

嘿麥克。謝謝你的提問。你知道，我們正在與多個不同各方進行積極對話。事實上，當您了解部署 HPC AI 網站需要什麼時，我們需要從其他方將一些不同的東西引入我們的倉庫。

And really, it's, it's the specialized expertise on what is effectively very, different infrastructure and very, different equipment. You know, we have a number of different parties calling us. You know, our phone is, very busy right now because we have a huge pipeline of megawatts available for us in the near term.

事實上，它是針對非常不同的基礎設施和非常不同的設備的專業知識。您知道，有許多不同的團體打電話給我們。您知道，我們的電話現在非常繁忙，因為我們在短期內有大量兆瓦可用的管道。

And, and really when you look at the revenues that you can get on an HPC AI (inaudible) relative to Bitcoin mining, the effective value, I think that most of these deals are looking at, we're going to be in the, you know, $100 a megawatt hour plus kind of revenue before you start adding all these other services and fees.

而且，實際上，當你查看 HPC 人工智慧（聽不清楚）相對於比特幣挖礦的收入時，我認為大多數交易都在關注有效價值，我們將處於，你知道，在開始添加所有其他服務和費用之前，每兆瓦時100 美元加上某種收入。

So it is more revenue right now than Bitcoin mining. But one of the things that we've been talking about for several months. Now, Mike is that we believe, and we still believe that the next maybe 15 to 18 months, we're going to have better economics and a better return on our invested capital with our Bitcoin mining efforts than we will on the HPC and AI.

所以現在的收入比比特幣挖礦還要多。但我們已經討論了幾個月的事情之一。現在，麥克是我們所相信的，我們仍然相信，在接下來的15 到18 個月內，我們的比特幣挖礦工作將比HPC 和人工智慧帶來更好的經濟效益和更好的投資回報。

And it's really towards the tail end of 2025 or towards the tail end or the beginning of 2026 that we want to begin integrating HPC and AI into our portfolio in a meaningful way that's contributing to revenues when looking at the one megawatt HPC and AI site that's really for us not to be a meaningful contributor of revenues, but for us to properly develop this technology and bring these expertise into our, company and into our portfolio.

實際上，到2025 年底或2026 年底或年初，我們希望開始以一種有意義的方式將HPC 和AI 整合到我們的產品組合中，當考慮到1 兆瓦HPC 和AI 站點時，這會為收入做出貢獻。

That's great color. Ben, appreciate that. And just one more for me, how should we think about the cadence of hash rate expansion from where we are today at 11.9x hash and, and as we progress through the first half of 2025 to, to get to the 21.

那顏色真棒。本，很感激。對我來說還有一個問題，我們應該如何考慮算力擴展的節奏，從今天的 11.9 倍算力，到 2025 年上半年達到 21 倍。

Yeah, we're continuing to plug in miners regularly we've received and, and deployed the first miners at the hosting agreements that we've announced with stronghold just this week. So, we're, we're receiving the first minors and plugging in.

是的，我們將繼續定期插入我們收到的礦機，並根據本週我們剛剛與要塞宣布的託管協議部署第一批礦機。所以，我們正在接收第一批未成年人並插入。

We should see you know, continued progress on hash rate, but it's really that, you know, the towards the end of the New year and with the holidays and everything else as well as us just trying to be a lot more conservative in our guidance strategy.

我們應該看到你知道，哈希率的持續進步，但事實上，你知道，在新年即將結束時，假期和其他一切以及我們只是試圖在我們的指導中更加保守戰略。

What we I think you should just expect is kind of regular linear growth that, you know, you can track with our monthly production reports and the progress is going to be or the sorry, the 21x hash target is going to be hit, you know, in that first half of 2025.

我認為你應該期待的是一種有規律的線性增長，你知道，你可以通過我們的月度生產報告進行跟踪，進度將會是或者抱歉，21 倍哈希目標將會達到，你知道，在2025年上半年。

Great, thanks man.

太好了，謝謝夥計。

Thanks Mike.

謝謝邁克。

Thank you. Our next question comes from Mike Grondahl with Northland. Your line is open.

謝謝。我們的下一個問題來自 Northland 的 Mike Grondahl。您的線路已開通。

Hey, thanks guys and congrats on the HPC progress. In terms of the two pilots, the,1 to 2 megawatts are there megawatts behind those. So those sites could be used for, you know, larger projects once the pilots you know, have proceeded and, you've learned what you needed to learn. Any number you can give us at each site, like how many other megawatts are available if any?

嘿，謝謝大家，恭喜 HPC 取得的進展。就兩名飛行員而言，1到2兆瓦還落後於他們。因此，一旦您認識的試點已經開始，並且您已經了解了需要學習的內容，這些網站就可以用於更大的專案。您可以在每個站點向我們提供任何數字，例如還有多少其他可用兆瓦（如果有）？

Hey, Mike. Good question. The so we've got the two different sites. The goal would be to finalize on one of the two as opposed to building out two similar pilots. Both sites have expansion capacity in different, quantum's. The one of the sites has an expansion capacity of about 20x megawatts and the other one is in the triple figures.

嘿，麥克。好問題。這樣我們就有了兩個不同的站點。我們的目標是最終確定兩者之一，而不是建立兩個類似的試點計畫。兩個站點都具有不同量子的擴展能力。其中一個站點的擴展容量約為 20 倍兆瓦，另一個站點的擴展容量為三位數。

Got it. Okay. So, one small and one's large. Okay.

知道了。好的。所以，一小一大。好的。

Correct.

正確的。

When do you think you'll decide on one side or the second site? And when you do that, will you communicate if it's, you know, if it's the 20x or the triple digit site.

您認為什麼時候會決定選擇一側還是另一側？當你這樣做時，如果是 20 倍或三位數的網站，你會溝通嗎？

That's. Going to be dependent. I think largely on the strategic partner that we end up working with. The different sites have different advantages for the different strategic partners based on their proximity to different metropolitan centers. So hard to determine which site, you know, would be the final choice because it really is, dependent on which strategic partners we're going with.

就是這樣。會產生依賴性。我主要考慮的是我們最終合作的策略夥伴。不同的地點由於靠近不同的大都會中心，對於不同的策略夥伴來說具有不同的優勢。你知道，很難確定哪個網站將是最終選擇，因為它確實是最終選擇，這取決於我們與哪些策略合作夥伴合作。

Fair. And then it, you know, it sounds like you've made some progress with you know, strategic partner customer. Have you been able to explore the financing availability kind of terms? And do you feel like you understand that? Well.

公平的。然後，您知道，聽起來您與策略夥伴客戶取得了一些進展。您是否能夠探索融資可用性類型的條款？你覺得你明白這一點嗎？出色地。

Yeah, I mean, I'll add a quick comment here that may pass it off to Jeffrey Lucas. But we've had numerous conversations on the finance side. I think there's no shortage of capital that's available at the moment, especially for infrastructure projects like this and especially with Bitcoin pumping right now.

是的，我的意思是，我會在這裡添加一個簡短的評論，可能會將其傳遞給傑弗裡·盧卡斯。但我們在財務方面進行了多次對話。我認為目前並不缺乏可用資金，特別是對於像這樣的基礎設施項目，尤其是現在比特幣的湧入。

You know, the opportunity here for both Bitcoin mining and HPC AI is very, very hot and I think capital is, is very much available right now. Maybe I can pass it off to Jeff Lucas to provide a little more color.

你知道，比特幣挖礦和高效能運算人工智慧的機會非常非常熱門，我認為現在資本非常多。也許我可以把它交給傑夫盧卡斯來提供更多的色彩。

Yeah, I actually, I think Ben covered it pretty well here. Just a couple of comments. We are seeing a large number of opportunities here to take advantage of what we're doing in HPC AI here for in terms of our own financing needs.

是的，實際上，我認為本在這裡講得很好。只是幾點評論。我們在這裡看到了大量的機會，可以利用我們在 HPC AI 領域所做的工作來滿足我們自己的融資需求。

But I think it's also very important to understand here that as we go forward and establishing our partnerships here, you know, we recognize that a lot of these parties here bring a lot more to play in terms of capital R and we know we can do as efficiently and as effectively.

但我認為理解這一點也非常重要：當我們繼續前進並在這裡建立合作夥伴關係時，我們認識到這裡的許多各方在資本 R 方面帶來了更多的發揮空間，我們知道我們可以做到同樣高效、同樣有效。

So in summary, here, a lot of opportunities that we're looking at right now, you know, in several $100 million should we pursue that path? But secondly, we'd be looking to work with the partners to have them play a pretty instrumental role. We would have a capital raise to take advantage of their more efficient cost of capital.

總而言之，我們現在正在尋找很多機會，你知道，我們應該走這條路嗎？但其次，我們希望與合作夥伴合作，讓他們扮演非常重要的角色。我們將籌集資金以利用他們更有效的資本成本。

Got it. Okay. Hey thanks guys.

知道了。好的。嘿，謝謝大家。

Thank you. Our next question comes from Joe Flynn with compass point research and trading your line is open.

謝謝。我們的下一個問題來自喬·弗林（Joe Flynn），他進行了羅盤點研究，並且您的交易線是開放的。

Hi, I was hoping to get some more color on ultimately, the decision to, you know, go forward with hosting [IC] sites, you know, rather than I think originally was supposed to be, you know, the addition of megawatts in Paraguay and a Yeah, just is that more related to the machine delays or, you know, maybe unexpected problems in Paraguay. Thanks.

嗨，我希望最終得到更多的信息，決定，你知道，繼續託管 [IC] 站點，你知道，而不是我認為最初應該是，你知道，增加兆瓦巴拉圭和是的，這與機器延誤更相關，或者，你知道，也許巴拉圭出現了意想不到的問題。謝謝。

Thanks for the question. The decision to move the inventory from Paraguay off to the stronghold sites was due to a number of different factors. You know, at the end of the day, we are portfolio managers and we are constantly looking at our portfolio of assets and our growth pipeline and working to you know, manage our positions in order to drive you know, an optimum outcome.

謝謝你的提問。將庫存從巴拉圭轉移到據點的決定是出於多種不同的因素。您知道，歸根結底，我們是投資組合經理，我們不斷關注我們的資產組合和成長管道，並努力管理我們的頭寸，以實現最佳結果。

When we're looking at the decision to deploy in Paraguay versus the United States effectively by deploying in the United States, we were able to do a couple of things really quickly. One we were able to focus on, you know, deployments as early as this month, which started, you know, as I mentioned a few minutes ago, we had our first few miners plugged in this week.

當我們考慮在巴拉圭部署而不是在美國部署時，我們能夠非常迅速地做幾件事。我們早在本月就能夠專注於部署，正如我幾分鐘前提到的那樣，我們在本週就開始了第一批礦機的部署。

But the second thing is, you know, really, it's more optimal deployment around the T21 specifically. So we're able to save on logistics duties. We end up getting a lower all in power cost in the stronghold sites. And one of the advantages with the T21 which is not prevalent in the other minor models is the ability for them to be overclocked.

但第二件事是，你知道，實際上，它是圍繞 T21 進行的更優化的部署。因此我們能夠節省物流費用。我們最終在據點站點獲得了更低的總電力成本。T21 的優點之一是超頻能力，這在其他小型型號中並不常見。

And so the PSU on those miners are capable of doing, you know, well over five kilowatts and at the stronghold sites, we have the ability to do a lot of energy demand response programs and energy trading and having that greater flexibility with the T21 means that we can get a lot more utility out of those assets, then we would be able to deploy them in Paraguay where we've got a static fixed cost of electricity. When we look at Paraguay and Yguazu specifically, you know, how do we get the best value for that site?

因此，這些礦機上的 PSU 能夠提供超過 5 千瓦的功率，在據點站點，我們有能力執行大量能源需求響應計劃和能源交易，並通過 T21 手段實現更大的靈活性我們可以從這些資產中獲得更多的效用，然後我們就可以將它們部署在巴拉圭，那裡的電力成本是靜態的。當我們具體關注巴拉圭和伊瓜蘇時，您知道，我們如何獲得該網站的最佳價值？

That site, we could either have 100 megawatts, you know, accounted for and 100 megawatts that we would need to fill out or, or allocate to some strategy or we could have a full site of 200 megawatts and to have the full site clean ready and, and strategically flexible provides a lot more value to the Yguazu site. When we're looking at what are the strategic opportunities to either deploy more miners or, or host or, or do something else with that site?

該站點，我們可以擁有 100 兆瓦，你知道，我們需要填寫或分配 100 兆瓦，或者分配給某些策略，或者我們可以擁有 200 兆瓦的完整站點，並準備好整個站點清理而且，戰略上的靈活性為Yguazu 網站提供了更多的價值。當我們考慮部署更多礦工或託管或在該站點上做其他事情的戰略機會是什麼？

I appreciate the color and then, you know, looking forward into 2025 I think you mentioned, you know, you're still, you know, deciding ultimately how to the best, you know, deployment of the megawatts, but I guess related to the integration of stronghold site.

我欣賞這種顏色，然後，你知道，展望 2025 年，我想你提到過，你知道，你仍然，你知道，最終決定如何最好地部署兆瓦，但我想與整合據點站點。

I mean, do you have all necessary approvals to ultimately generate power through the plants or, you know, take power from the grid? And just how do you guys think about that mix between importing and you know, your own generation?

我的意思是，您是否擁有最終透過發電廠發電或從電網獲取電力所需的所有必要批准？你們如何看待進口和你們這一代之間的混合？

Yes. So those sites are active, they've been active power plants for, you know, at this point over three decades, they also have the ability to, to actively draw down power from the grid. So those sites have been, you know, in operation, doing both those things, generating power and, and drawing down power from the grid for several years.

是的。因此，這些站點是活躍的，它們一直是活躍的發電廠，三十多年來，它們也有能力主動從電網獲取電力。因此，您知道，這些站點多年來一直在運行，既發電又從電網獲取電力。

When we're looking at, you know, how do we get the, the best utility and value out of those sites? You know, we were doing things like refining the equipment deployment schedules so that we can get more utility out of those, out of those miners and out of those sites.

當我們考慮時，您知道，我們如何從這些網站中獲得最佳的實用性和價值？你知道，我們正在做諸如完善設備部署計劃之類的事情，以便我們可以從這些設備、這些礦工和這些站點中獲得更多效用。

But there's a lot of strategic flexibility there for the 200 megawatts which remains. And when you're looking at a Bitcoin bull market and HPC&AI really, the answer is there's no shortage of opportunities to monetize those 200 megawatts right now and just like the Yguazu site to have 200 megawatts of, of near-term capacity in 2025 cost effectively. That is a unique asset going into a Bitcoin Bowl market or, or when you're in discussions with HPC and AI Hypers Scalar.

但對於剩下的 200 兆瓦來說，還有很大的策略彈性。當你真正關注比特幣牛市和 HPC&AI 時，答案是，現在不乏將這 200 兆瓦貨幣化的機會，就像 Yguazu 站點在 2025 年擁有 200 兆瓦的近期容量一樣有效地。這是進入比特幣碗市場或與 HPC 和 AI Hypers Scalar 討論時的獨特資產。

Great.

偉大的。

Thanks.

謝謝。

Thank you. Our next question comes from Brian Dobson with Clear Street. Your line is open.

謝謝。我們的下一個問題來自 Clear Street 的 Brian Dobson。您的線路已開通。

Hi, good morning. Thanks so much for taking my question. So, I guess if we can maybe take it up to 30,000 feet and take a view of the broader industry for a second. How, do you think an administration change in Washington, could potentially impact regulations in the United States?

嗨，早安。非常感謝您提出我的問題。所以，我想我們是否可以飛到 30,000 英尺的高度，看看更廣泛的行業。您認為華盛頓政府的更迭可能會對美國的監管產生怎樣的潛在影響？

And, I guess how are you viewing that? And have you gotten any additional color on what regulations might look like? I know it's early stages but if you could perhaps just contribute a little bit to the conversation that's going on in the industry right now, that would be appreciated.

而且，我想你對此有何看法？您對法規可能會是什麼樣子有其他了解嗎？我知道現在還處於早期階段，但如果您能為目前行業中正在進行的對話做出一點貢獻，我們將不勝感激。

Thanks, Brian. Yeah, it's a good question. You know, when you look at what happened there with the election and, and kind of where things fell out. I think one of the clear things that happened is Pennsylvania, you know, which is a, you know, a big swing state voted very clearly in Favor of Trump.

謝謝，布萊恩。是的，這是一個好問題。你知道，當你看看選舉中發生的事情以及事情的結果。我認為發生的一件明顯的事情是賓州，你知道，這是一個搖擺州，非常明確地投票支持川普。

And I think energy policies, the ability for us to, you know, tap into the energy assets that we have there at the stronghold sites, as well as the sharing Pennsylvania sites I think are a lot more favourable and a lot more valuable now that the election is over and, Trump has been, you know, victorious in his campaign here that bodes really, really well for energy assets, energy infrastructure, regulatory, environment, regulatory red tape. And moving forward there with, with our expansion plans

我認為能源政策，我們能夠利用我們在據點站點以及共享賓夕法尼亞站點所擁有的能源資產，我認為現在更加有利，也更有價值選舉已經結束，特朗普在這裡的競選活動中取得了勝利，這對能源資產、能源基礎設施、監管、環境、監管繁文縟節來說是非常非常好的兆頭。並隨著我們的擴張計劃向前推進

. So we're very, very bullish on our US. Energy assets is part of the reason why we've done such a strategic refocus on the US and our you know, our North American portfolio. But surely, you know, the future for energy in the United States, especially in Pennsylvania and, and really specifically at a stronghold asset is looking brighter than ever now under a Trump administration.

。所以我們非常非常看好美國。能源資產是我們對美國和北美投資組合進行策略性重新關注的部分原因。但可以肯定的是，你知道，美國能源的未來，尤其是賓州，特別是在川普政府領導下的據點資產，看起來比以往任何時候都更加光明。

Let me add one comment here if I can also, in terms of the capital side, stating the obvious, you know, that expect to be a different playing field here with the SEC, we actually enjoy a very constructive relationship in a dialogue with the SEC, particularly as we're working through our filings in connection with the stronghold acquisition. Actually, we only expect that to get a little easier if anything going forward.

讓我在這裡補充一點評論，如果我也可以的話，就資本方面而言，顯而易見的是，你知道，期望與SEC 建立一個不同的競爭環境，我們實際上在與SEC 的對話中享有非常建設性的關係。事實上，我們只希望如果未來有什麼進展的話，事情會變得更容易一些。

A good thing. Also add a little bit of color on how you're thinking about potential returns on call it growing out or, you know, building out your mining facilities versus HPC given the recent run up in in Bitcoin. Has that, has that changed the math for you as far as where you'd like to take the company?

一件好事。另外，請補充一點關於您如何考慮成長的潛在回報，或者考慮到最近比特幣的上漲，您知道，相對於高效能運算而言，建造您的採礦設施。這是否改變了你對公司發展方向的考量？

You know, it's, a great question. I think one very, very relevant today with Bitcoin almost at 90,000, the math is really has not changed at all because these were the exact economic situations that we've been talking about for at this point, 6,9, maybe, maybe even 12 months.

你知道，這是一個很好的問題。我認為今天與比特幣幾乎90,000非常非常相關，數學實際上根本沒有改變，因為這些是我們此時一直在談論的確切經濟狀況，6,9，也許，甚至也許12個月。

Now, you know, we've been talking about how hash price equates out to an equivalent revenue on a per megawatt hour basis. What do we expect for hash price to do, you know, post having and what we've outlined is, you know, historically, every single having cycle, you know, that's happened other than the first one has been that we've seen a 300% to 400% increase in hash price from the 1st month exiting the having to the peak of that Bitcoin bull market.

現在，您知道，我們一直在討論哈希價格如何等同於每兆瓦時的同等收入。我們對哈希價格的期望是什麼，你知道，發布後，我們概述的是，你知道，歷史上，每一個週期，你知道，除了我們看到的第一個週期之外，還發生過這種情況從退出比特幣牛市的第一個月到頂峰，哈希價格上漲了 300% 到 400%。

And you know, what I outlined here was the, if historical cycles repeat that we should see anywhere from on the very, very conservative and a $0.12 hash price on the moderate end of 15 and on the high end, you know, even as high as 20 now, that's assuming that history would repeat itself, there's no guarantee that history would repeat itself.

你知道，我在這裡概述的是，如果歷史週期重複，我們應該在 15 的溫和端和高端看到非常非常保守的 0.12 美元哈希價格，你知道，即使如此高現在20歲了，這是假設歷史會重演，但不能保證歷史會重演。

But those are the situations that we as a Bitcoin miner are working towards and when you look at the value that that hash price would equate to on a megawatt hour and you, you, you know, convert it over into the, the T21 or an S21 pro or what have you, you'd see that once hash price starts doing what it's doing, it's up about 10% this week.

但這些就是我們作為比特幣礦工正在努力解決的情況，當你查看哈希價格相當於每兆瓦時的價值時，你知道，將其轉換為 T21 或S21 pro 或其他東西，你會發現，一旦哈希價格開始發揮作用，本週它就會上漲約10%。

With the Bitcoin price, we'll see that the hash price is actually going to drive a much better return on invested capital in 2025 than an investment in Bitcoin mining or sorry, an investment in H BC and A I would today, but that doesn't mean that the H BC and AI is not a great technology and a great business line to add in.

透過比特幣價格，我們將看到，到2025 年，哈希價格實際上將比投資比特幣挖礦或抱歉，投資H BC 和A 我今天會帶來更好的投資資本回報，但這並沒有「但這並不意味著 H BC 和人工智慧不是一項偉大的技術，也不是一個可以添加的偉大業務線。

It just means that in the near immediate future, you know, the next 12 to15 months, we still believe Bitcoin mining is, going to be the best use for our capital. And we think that there's going to be maybe a phase shift that happens kind of at that 12 to15 mark, right where and then HPC and AI is really the more attractive place to be getting better returns on your invested capital. And so that's what we've outlined for you know, quite a few months now and, and that's still consistent today with Bitcoin price rally.

這只是意味著在不久的將來，你知道，接下來的 12 到 15 個月，我們仍然相信比特幣挖礦將是我們資本的最佳用途。我們認為，可能會在 12 到 15 之間發生一個階段性轉變，此時 HPC 和人工智慧確實是更有吸引力的地方，可以讓您的投資資本獲得更好的回報。這就是我們在幾個月前為您概述的內容，並且今天仍然與比特幣價格上漲一致。

Glad to hear. Thanks so much.

很高興聽到。非常感謝。

Thank you.

謝謝。

Thank you. Our next question comes from Lucas Pipes with B, Riley. Your line is open.

謝謝。我們的下一個問題來自 Lucas Pipes 和 B, Riley。您的線路已開通。

Thank you very much operator and Good morning, everyone. This is [fer shovelling] asking questions on behalf of look at pipe and my first one is on HPC side. Technically, about slide 12. You pointed on accelerated deployment for HPC and AI side. And what exactly is this and what, what is the timeline and the associated CapEx for these pilot project? Thank you.

非常感謝接線員，大家早安。這是 [fer sholling] 代表 Look at Pipe 提出問題，我的第一個問題是在 HPC 方面。從技術上講，關於幻燈片 12。您提到了 HPC 和 AI 方面的加速部署。這到底是什麼？謝謝。

Thanks. This is a good question. You know what we've previously outlined with regards to HPC and AI is that the earliest that we could have something online is at the end of 2025 or at the beginning of 2026. You know, that was a timeline that worked out well, both from an infrastructure and construction time frame, but also from, you know, most of the HPC and AI client time frames for when they would expect to get their GP US deployed.

謝謝。這是一個好問題。你知道，我們之前關於 HPC 和 AI 的概述是，我們最早可以在 2025 年底或 2026 年初實現線上化。您知道，這個時間表效果很好，無論是從基礎設施和施工時間框架來看，還是從大多數 HPC 和 AI 用戶端預計何時部署 GP US 的時間框架來看。

And online, what we're looking at is can we make that timeline even faster than the Q4 or the Q1 with the pilot project? So we can get that understanding, we can get that skills and the expertise in hand before we start allocating more capital into a more meaningful lea size deployment.

在網路上，我們正​​在考慮的是，我們能否透過試點計畫使該時間表比第四季度或第一季更快？因此，在我們開始將更多資本分配到更有意義的租賃規模部署之前，我們可以獲得這種理解，我們可以掌握這些技能和專業知識。

And, and so that's, that's really what that, you know, accelerated deployment, time frame, time frame is from when it comes to the CapEx requirements. I think I'll pass it off to Jeff Lucas here in a second. But just to say that, you know, re reiterate something that we said before, you know, when it comes to HPC and AI, we're really much more focused on the infrastructure side as opposed to the compute side.

而且，這就是，您知道，加速部署、時間框架、時間框架實際上是從資本支出要求開始的。我想我稍後會將其轉交給傑夫盧卡斯。但只是想說，你知道，重申我們之前說過的話，你知道，當談到 HPC 和 AI 時，我們實際上更關注基礎設施方面，而不是計算方面。

And so, by focusing on the infrastructure as opposed to the compute, you cut out, you know, up to 75% of the CapEx associated with an HPC and AI deployment. If, if you're only doing the infrastructure.

因此，專注於基礎設施而不是計算，您可以削減與 HPC 和 AI 部署相關的高達 75% 的資本支出。如果，如果你只做基礎設施。

Thank you for this. And the second one, technical. So three or four quarters ago, you're probably the first one who described the performance of Bitmain T21 minor and mentioned it, it could work better than statement characteristics. And can you tell maybe the same about S21 pro minor if you had a chance to, test this machine, how efficient they are.

謝謝你。第二個是技術性的。所以三、四個季度前，你可能是第一個描述比特大陸 T21 Minor 性能並提到它可以比聲明特性更好的人。如果您有機會測試這台機器，您能否告訴我們 S21 pro Minor 的情況是否相同，它們的效率如何。

The S21 Pro is, even more efficient and powerful. It's about 20% more efficient and about 20% more powerful on, you know, so this is a very, capable machine. The main difference, I think between a T21 and S 21 besides just the, the stated hash rate and the efficiency, which is, which is higher in both categories is the fact that the T21 has a lot more flexibility in terms of its power consumption.

S21 Pro 更有效率、更強大。你知道，它的效率提高了大約 20%，功能也提高了大約 20%，所以這是一台非常強大的機器。我認為 T21 和 S 21 之間的主要區別除了所規定的哈希率和效率（即在這兩個類別中都較高）之外，還在於 T21 在功耗方面具有更大的靈活性。

But the S21 Pro is a fantastic unit. Everybody who's been deploying them on market has had nothing but positive things to say. And we look forward to receiving our, our first S21 here. S21 pros here. Next month.

但 S21 Pro 是一款出色的設備。每個在市場上部署它們的人都除了積極的事情之外沒有什麼可說的。我們期待在這裡收到我們的第一台 S21。S21 專業人士在這裡。下個月。

Got you and specifically, have you seen their performance kind of beyond 234 terahertz per second or they, they didn't cross the line.

具體來說，您是否看到他們每秒超過 234 太赫茲的性能，或者他們沒有跨越界限。

I'm sorry, are you asking about overclocking on the overclocking?

不好意思，你問的是超頻上的超頻嗎？

Like you talked previously about the T21.

就像您之前談到的 T21 一樣。

So, on the T21 the difference here is that because the T21 the T21 was specifically designed around that energy flexibility. So it had by the manufacturers default, a normal energy mode and a high energy mode. So on the T21 it wasn't actually over clocking, we were actually using the minor according to specifications from the manufacturer when it comes to the S21 pro.

因此，T21 的不同之處在於，因為 T21 T21 是專門圍繞能源靈活性而設計的。因此，製造商預設具有正常能量模式和高能量模式。所以在 T21 上它實際上並沒有超頻，我們實際上是根據製造商在 S21 pro 上的規格使用了次要的。

You know, we haven't, we haven't done this in testing and, and we don't actively do this in, in operation. But yeah, the most of these miners can do better performance and, overclocking. And I think most of the industry numbers that I've seen on the S21 Pro they can, they can do well over 260 Terahash quite reliably.

你知道，我們還沒有在測試中這樣做，並且在操作中我們也沒有積極地這樣做。但是，是的，這些礦工中的大多數都可以實現更好的性能和超頻。我認為我在 S21 Pro 上看到的大多數行業數據都可以，它們可以非常可靠地超過 260 Terahash。

That's very helpful. Thank you. And, if you allow me to squeeze the last one, a short one. Sorry if I missed this, what was the main reason behind increase in [M&A] expenses quarter over quarter?

這非常有幫助。謝謝。而且，如果你允許我擠最後一個，一個短的。抱歉，如果我錯過了這一點，[併購]費用逐季增加的主要原因是什麼？

So, the largest driver, the increase were actually non-recurring expenses. Many associated with some of the onetime events including the riot requisition here, we had a settlement with the former CEO and others. So we actually incurred roughly around $11 million of expenses that are non-recurring during the quarter, $11 million or $12 million.

因此，最大的推動因素實際上是非經常性支出。許多與一些一次性事件有關，包括這裡的防暴請求，我們與前執行長和其他人達成了和解。因此，本季度我們實際上產生了大約 1100 萬美元左右的非經常性費用，即 1100 萬美元或 1200 萬美元。

I don't anticipate recurring to a small degree. There were also some of the expenses associated with the acquisition stronghold. You know, we're going to incur M&A costs as we're pursuing new opportunities going forward here, but nothing of the magnitude that we incurred in the third quarter.

我預計這種情況不會小幅復發。還有一些與收購據點相關的費用。你知道，當我們在這裡尋求新的機會時，我們將產生併購成本，但與第三季我們產生的規模相比還沒有那麼大。

Thank you, Jeff. I turned over for now and continued. Best of luck for you. Thank you.

謝謝你，傑夫。我暫時翻身繼續。祝你好運。謝謝。

Thank you. Our next question comes from Martin Toner with ATB capital markets. Your line is open.

謝謝。我們的下一個問題來自 ATB 資本市場的 Martin Toner。您的線路已開通。

Good.

好的。

Morning. Thanks for taking my question. Can you I know you talked about it a bit already but can you reiterate the source of caution around Paraguay and the build out and X hash there and just give us a sense for like where that could fit into your, you know, plans going forward into next year.

早晨。感謝您提出我的問題。我知道你已經談過這個問題了，但是你能重申一下巴拉圭周圍的謹慎態度以及那裡的建設和 X 哈希嗎？

Sure. First, I'd like to rephrase, you know, it's not that we are exercising caution, I would say toward towards parades really. It's more about managing our portfolio to try and create the most optimal scenarios with our minor deployment schedules and our capital allocation.

當然。首先，我想重新表達一下，你知道，這並不是說我們要謹慎行事，我想說的是，我們真的要對遊行保持謹慎。更多的是管理我們的投資組合，嘗試透過我們的次要部署計劃和資本分配來創建最佳場景。

And so, you know, the original plan with Paraguay was originally devised before the stronghold transaction had materialized as the stronghold transaction, you know, move forward and was announced the ability for us to drive an optimal result out of our portfolio meant that, you know, you shouldn't stay static in your positions.

因此，您知道，與巴拉圭的最初計劃最初是在據點交易實現之前製定的，因為據點交易向前推進並宣布我們有能力從我們的投資組合中獲得最佳結果，這意味著，您知道，你不應該在自己的位置上保持靜止。

We needed to move minors around, we needed to adjust the schedules. We needed to do things like upgrading some of the minors in order to drive that optimal performance. So I I'd really strongly state it wasn't a caution around Paraguay. It's really more about managing the portfolio to try and create those optimal scenarios for our minor deployment schedules and our investors.

我們需要讓未成年人四處走動，我們需要調整時間表。我們需要做一些事情，例如昇級一些未成年人，以推動最佳性能。所以我真的要強烈聲明，這不是對巴拉圭的警告。實際上更多的是管理投資組合，嘗試為我們的小型部署計劃和投資者創建最佳場景。

You know, we still remain very long on Paraguay and [LatAm], we have 280 megawatts about to be ready there in, in Paraguay, 340 across the entire [LatAm] region. And we still remain very, bullish on that area because the power is renewable, cost effective and high up time. But how do we optimize the existing minor deployments, given the characteristics of the minors and, and various other factors? That was really what was coming into play here.

你知道，我們在巴拉圭和[拉丁美洲]仍然停留很長一段時間，我們在巴拉圭準備了280兆瓦，在整個[拉丁美洲]地區有340兆瓦。我們仍然非常看好該領域，因為電力是可再生的、具有成本效益且運行時間長。但是，考慮到未成年人的特徵以及其他各種因素，我們如何優化現有的未成年人部署？這確實是這裡發揮作用的地方。

That's great. Thank you very much. That's all for me.

那太棒了。非常感謝。這就是我的全部。

Thank you. There are no further questions at this time. I'd like to turn the call back over to Ben Gagnon for close remarks.

謝謝。目前沒有其他問題。我想將電話轉回給本·加格農 (Ben Gagnon)，讓其發表詳細評論。

Thank you very much. Thank you for everyone for your time today. Again, I'd like to restate. I I've never been more excited about our future. I really look forward to updating you all on our progress as we continue to execute our transformation and growth plan to capture additional market share within both Bitcoin mining and expanding into synergistic value-added business lines. Thank you very much.

非常感謝。感謝大家今天抽出寶貴的時間。我想再次重申。我對我們的未來從未如此興奮。我真的很期待向大家通報我們的最新進展，因為我們將繼續執行我們的轉型和成長計劃，以在比特幣挖礦和擴展到協同增值業務領域中獲得更多的市場份額。非常感謝。

Thank you all.

謝謝大家。

Thank you for your participation. This does include the program, and you may now disconnect. Everyone. Have a great day.

感謝您的參與。這確實包括該程序，您現在可以斷開連接。每個人。祝你有美好的一天。