Bitfarms Ltd (BITF) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Bitfarms fourth quarter 2024 earnings conference call. At this time all participants are in a listen-only mode. Please be advised that today's conference is being recorded. After the speaker's presentation, there will be a question and answer session. (Operator Instructions) I would now like to hand the conference over to your speaker today, Tracy Krumme, SVP of Investor Relations and Corporate Communications.

您好，感謝您的支持。歡迎參加 Bitfarms 2024 年第四季財報電話會議。此時所有參與者都處於只聽模式。請注意，今天的會議正在錄音。演講者演講結束後，將有問答環節。（操作員指示）現在，我想將會議交給今天的發言人，投資者關係和企業傳播高級副總裁 Tracy Krumme。

Thank you. Good morning, everyone, and welcome to Bitfarms fourth 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 that this call is being webcast with an accompanying slide 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，歡迎參加 Bitfarms 2024 年第四季電話會議。今天與我一起參加電話會議的還有執行長兼董事 Ben Gagnon 和財務長 Jeff Lucas。在我們開始之前請注意，本次通話將透過網路直播，並附帶幻燈片演示。今天的新聞稿和我們的簡報可以在我們網站 bitfarms.com 的投資者部分找到。

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 it's subject to risks and uncertainties. And I invite you to consult Bitfarms MD&A for a complete list.

翻到投影片 2，我想提醒大家，電話會議期間將會做出某些前瞻性的陳述，未來的結果可能與陳述中暗示的結果不同。前瞻性資訊是基於某些假設，並受風險和不確定性的影響。我邀請您諮詢 Bitfarms MD&A 以獲取完整清單。

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 reconciliation to IFRS measures. Please note that all financial references are denominated in US dollars, unless otherwise noted.

請注意，本文將引用 IFRS 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。我們邀請聽眾參閱今天的新聞稿和我們的 MD&A，以了解上述非國際財務報告準則指標的定義及其與國際財務報告準則指標的協調。請注意，除非另有說明，所有財務參考均以美元計價。

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.

現在翻到幻燈片 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 us today. On today's call I will be discussing our 2024 and year-to-date 2025 accomplishments, and providing an overview of what the new Bitfarms is focused on in 2025 and beyond.

謝謝 Tracy，也謝謝大家今天的到來。在今天的電話會議上，我將討論我們 2024 年和 2025 年年初至今取得的成就，並概述新 Bitfarms 在 2025 年及以後的重點。

Turning to slide 4. Bitfarms is a completely different company than we were at the beginning of 2024. Across nearly every dimension, we have rapidly transformed ourselves from the international Bitcoin miner to a North American energy and coffee company.

翻到幻燈片 4。Bitfarms 與 2024 年初時的公司完全不同。在幾乎所有方面，我們都已迅速從國際比特幣礦工轉型為北美能源和咖啡公司。

The improvements speak for themselves. In our Bitcoin compute portfolio since January 1, 2024, we've nearly tripled our hash rate to 18.6 exahash under management and improved our efficiency by 45%. Reaching our Q2 2025 efficiency guidance of 19 watts per terahash three months ahead of schedule.

這些改進是不言而喻的。在我們的比特幣計算組合中，自 2024 年 1 月 1 日起，我們管理的哈希率幾乎增加了兩倍，達到 18.6 exahash，效率提高了 45%。提前三個月達到我們 2025 年第二季每太赫茲 19 瓦的效率指引目標。

Both of these improvements were driven by our fleet upgrade, which reduced the average age of our active miner fleet from approximately three years old to approximately one-year old today. In our energy portfolio over the same period, we've increased our energy capacity by over 90% to 461 energized megawatts a day.

這兩項改進均由我們的機隊升級推動，這使我們現役礦工機隊的平均年齡從大約三年縮短到今天的大約一年。在同一時期，在我們的能源組合中，能源容量增加了 90% 以上，達到每天 461 兆瓦。

We've built an energy pipeline of over 1.4 gigawatts with nearly 80% based in the US. And we reduced our expected average price of power to $4.3 per kilowatt hour and achieved far greater control over our energy costs through our PJM portfolio.

我們已經建造了超過 1.4 千兆瓦的能源管道，其中近 80% 位於美國。我們將預期平均電價降至每千瓦時 4.3 美元，並透過 PJM 投資組合對能源成本實現了更大的控制。

With higher efficiencies in our coffee portfolio and lower energy costs in our energy portfolio, we have driven nearly a 50% reduction in our hash cost to roughly $22 per petahash. This largely de-risks our portfolio and provides a foundation of higher levels of profitability and cash flow through 2026 and beyond, while we focus the company and our capital on new growth opportunities in the US and with HPC.

隨著我們的咖啡產品組合效率的提高和能源產品組合能源成本的降低，我們的雜湊成本已降低近 50%，降至每 Petahash 約 22 美元。這在很大程度上降低了我們投資組合的風險，並為 2026 年及以後更高水平的盈利能力和現金流奠定了基礎，同時我們將公司和資本的重點放在美國和 HPC 的新增長機會上。

Importantly, Bitfarms is now a US focused company with the vast majority of our pipeline in the US for the first time in our eight-year history. The US now represents 33% of the energized megawatts in our portfolio. And this is expected to increase to nearly 80% over the coming years as we execute on our growth pipeline. Almost all of which is in the US.

重要的是，Bitfarms 現在是一家專注於美國的公司，在我們八年的歷史中，我們的絕大部分管道首次位於美國。美國目前占我們投資組合中通電兆瓦的 33%。隨著我們實施成長計劃，預計未來幾年這一比例將增至近 80%。其中幾乎全部在美國。

Our momentum has only accelerated during the first quarter. We've closed our transformative acquisition of stronghold digital mining, the largest M&A deal between two public miners in our industry. We closed the strategic sale of our 200 megawatt equals to data center our largest site ever constructed. We advanced our HPC and AI strategy with the engagement of two new advisors.

我們的發展動能在第一季才有所加速。我們完成了對 Stronghold Digital Mining 的變革性收購，這是我們行業兩家上市公司之間最大的併購交易。我們完成了 200 兆瓦資料中心的策略性出售，這是我們有史以來建造的最大資料中心。我們在兩位新顧問的參與下推進了我們的 HPC 和 AI 策略。

We hired two new critical team members: an SVP of infrastructure, and an SVP of HPC and AI. And we significantly improved our hash rate reaching 18.6 exahash under management, which if ran at 100% 24/7 would be capable of producing over BTC10 a day with current mining economics in which we expect to be competitive in generating free cash flow through 2026 and beyond.

我們聘請了兩位新的關鍵團隊成員：一位基礎設施資深副總裁和一位 HPC 和 AI 資深副總裁。我們顯著提高了哈希率，在管理下達到了 18.6 exahash，如果以 100% 全天候運行，在目前的挖礦經濟條件下，每天將能夠產出超過 10 BTC，我們預計在 2026 年及以後，我們將在產生自由現金流方面具有競爭力。

We are very different and a much stronger company today than when we started or even ended last year. And I would now like to spend some time discussing how our two most recent transactions were such big drivers in our transformation, and why they have set us up so strongly for an exciting future in 2025 and beyond.

與去年成立之初甚至結束之時相比，我們如今已截然不同，而且實力更加強大。現在我想花點時間討論一下我們最近的兩筆交易如何成為我們轉型的巨大推動力，以及為什麼它們為我們在 2025 年及以後的激動人心的未來奠定瞭如此強大的基礎。

Moving to slide 5. Just last week we announced both the close of our acquisition of stronghold digital mining and the close of the strategic sale of our Yguazu site in Paraguay.

移至投影片 5。就在上週，我們宣布完成對 Stronghold Digital Mining 的收購，並完成對巴拉圭伊瓜蘇 (Yguazu) 工廠的策略性出售。

Well these are two separate transactions, they both fall under the same portfolio management strategy. And so it is helpful to view their impact together. Completing these two transactions has completely transformed our portfolio and we are now bigger, better, and stronger as a result.

嗯，這是兩筆獨立的交易，它們都屬於相同的投資組合管理策略。因此，將它們的影響放在一起來看是有幫助的。完成這兩項交易徹底改變了我們的投資組合，使我們變得更大、更好、更強大。

First, our energy portfolio is both larger today and able to grow bigger and faster into the future. Inclusive of the sale of our largest ever built Yguazu, we still increased our energized megawatts and secured a growth pipeline of energy assets that could scale our Pennsylvania infrastructure portfolio to over 1 gigawatt in the coming years.

首先，我們的能源組合現在規模更大，未來還能成長得更快。包括出售我們有史以來最大的伊瓜蘇核電站在內，我們仍然增加了發電容量兆瓦，並確保了能源資產的成長管道，這可以在未來幾年將我們的賓州基礎設施組合規模擴大到 1 千兆瓦以上。

Second, we are driving stronger operating economics across our portfolio. By switching to more cost-effective American energy and by managing our energy costs through the use of PJM's robust power trading, curtailment, and demand response programs, we are able to reduce our number one operating expense energy. Controlling our energy costs is critical to controlling our future. And we are now able to do so with much greater scale, precision, and flexibility with our growing PJM portfolio.

其次，我們正在推動整個投資組合的經營經濟效益的提升。透過轉向更具成本效益的美國能源，並透過使用 PJM 強大的電力交易、削減和需求響應計劃來管理我們的能源成本，我們能夠降低我們的頭號營運費用能源。控制能源成本對於控制我們的未來至關重要。現在，我們能夠利用不斷增長的 PJM 產品組合以更大的規模、更精確的精度和更大的靈活性來實現這一目標。

Lastly, both of these creative transactions have better capitalized us for 2025 and beyond for the following reasons. First, the sale of the Yguazu reduced our planned CapEx requirements for 2025 to less than $100 million, 20% lower than we laid out at the start of the year. And frees up the invested capital and profits from the sale of our Yguazu site for reinvestment in US infrastructure. Second, we've avoided the additional significant expenses that would have been required to both complete construction, energize, and fill the 200-megawatt Yguazu site with new miners. We estimate this to be a savings of $325 million.

最後，由於以下原因，這兩項創意的交易為我們 2025 年及以後的發展提供了更好的資本。首先，出售伊瓜蘇礦使我們 2025 年的計畫資本支出需求減少至不到 1 億美元，比我們年初制定的計畫低 20%。並釋放出售伊瓜蘇工廠所獲得的投資資本和利潤，用於對美國基礎設施的再投資。其次，我們避免了完成建設、通電以及為 200 兆瓦的伊瓜蘇礦場注入新礦工所需的額外巨額開支。我們估計這將節省 3.25 億美元。

And third, with stronghold we acquired two fully operating sites. Both of which have been upgraded over the last four months for our hosting agreements. This transaction was primarily paid for in equity. And all stronghold loans have been paid in full saving significant interest expense and preserving our financial flexibility to work with strategic financing partners for potential HPC and AI projects. To summarize, the strategic rationale for both buying stronghold and simultaneously selling Yguazu are two sides of the same coin.

第三，我們透過 Stronghold 獲得了兩個全面運作的站點。在過去的四個月裡，這兩項服務都根據我們的託管協議進行了升級。此次交易主要以股權支付。所有堡壘貸款均已全額償還，從而節省了大量利息支出，並保留了我們的財務靈活性，以便與戰略融資合作夥伴合作開展潛在的 HPC 和 AI 項目。總而言之，購買要塞和同時出售伊瓜甦的戰略原理是同一枚硬幣的兩面。

Through these transactions, we have rebalanced our portfolio to the US, where we expect to achieve greater yields per megawatt. We have reduced our average cost of power across our portfolio. We have minimized our CapEx requirements while improving both liquidity and direct operating margins to help finance new infrastructure investments. And lastly, we have secured what we believe to be highly desirable sites for HPC. That enable us to diversify beyond Bitcoin mining into energy-generation trading and HPC and AI.

透過這些交易，我們重新平衡了我們的投資組合至美國，我們期望在美國實現更高的每兆瓦收益。我們降低了整個投資組合的平均電力成本。我們已將資本支出要求降至最低，同時提高了流動性和直接營業利潤率，以幫助為新的基礎設施投資提供資金。最後，我們已經獲得了我們認為非常適合 HPC 的場地。這使我們能夠從比特幣挖礦擴展到能源生產交易、高效能運算和人工智慧。

This level of portfolio management is unheard of in our industry. Closing a large public M&A deal simultaneously with a large strategic sale was a heavy lift. And I'm incredibly proud of the Bitfarms team and what we have accomplished here in this quarter. We have transformed this company in short order. And it is truly a testament to how much stronger the new bid forms is today and what we can accomplish in the future.

這種水準的投資組合管理在我們的行業中是聞所未聞的。同時完成一筆大型公開併購交易和一筆大型策略出售是一項艱鉅的任務。我為 Bitfarms 團隊以及我們在本季所取得的成就感到無比自豪。我們很快就改變了這家公司。這確實證明了新的投標形式在今天有多麼強大，以及我們在未來可以取得什麼成就。

Turning to slide 6. As we look towards our future it now looks very different than it did a year ago today. With our vertical integration into power generation and having secured the largest growth pipeline in the company's history we now need to think about our megawatts a little differently than we have in the past.

翻到幻燈片 6。當我們展望未來時，它看起來與一年前截然不同。隨著我們垂直整合到發電領域，並獲得了公司歷史上最大的成長管道，我們現在需要以與過去略有不同的方式思考我們的兆瓦。

I believe the simplest way to think about it is in three buckets. The first bucket consists of 461 energized megawatts and tracks megawatts currently being monetized. Today this primarily means via Bitcoin mining. But as we diversify beyond Bitcoin mining. It will eventually include other use cases like HPC and AI. For investors who are interested in Bitfarms' current operating footprint and current cash flow out of operations, this would be the most important metric.

我認為最簡單的思考方式是將其分為三類。第一個桶子由 461 個通電兆瓦組成，追蹤目前正在貨幣化的兆瓦。今天這主要意味著透過比特幣挖礦。但隨著我們業務多元化，超越了比特幣挖礦。它最終將包括 HPC 和 AI 等其他用例。對於對 Bitfarms 目前營運足跡和當前營運現金流感興趣的投資者來說，這將是最重要的指標。

The second bucket consists of over 131 megawatts under development and measures megawatts that are secured for near- to medium-term growth. These are megawatts that are approved for development and don't require any further regulatory approvals or permits to begin development or energize. For investors who are interested in near-term growth potential this metric best captures it.

第二類包括正在開發的超過 131 兆瓦的電力，用於衡量確保近期至中期成長的兆瓦數。這些兆瓦已經獲得開發批准，不需要任何進一步的監管批准或許可即可開始開發或通電。對於關注近期成長潛力的投資人來說，這個指標最能體現這一點。

The third bucket consists of over 800 megawatts in the megawatt pipeline. And measures the megawatts that are in process but still require more regulatory work approvals, certainty, or clarity before they can be developed over a multi-year time frame. For long-term investors who are interested in our growth potential through 2028 this metric best represents the company's long-term potential, direction, and strategy.

第三桶包括超過 800 兆瓦的兆瓦管道。並測量正在進行中但仍需要更多監管工作批准、確定性或清晰度才能在多年時間內開發的兆瓦數。對於關注我們到 2028 年的成長潛力的長期投資者來說，這項指標最能代表公司的長期潛力、方向和策略。

Turning to slide 7. This slide shows the path to over 1.4 gigawatts of power capacity and how our growth efforts transform our portfolio into one comprised of nearly 80% US megawatts and 90% North American megawatts.

翻到幻燈片 7。這張投影片展示了實現超過 1.4 千兆瓦電力容量的途徑，以及我們的成長努力如何將我們的產品組合轉變為由近 80% 美國兆瓦和 90% 北美兆瓦組成的產品組合。

As you will see, we have 461 megawatts energized today. Growing to 500 megawatts by year end the results of planned megawatts under development at both Sharon and Panther Creek. Likewise, in 2026, we anticipate growth of 92 megawatts for a total of 592 megawatts coming from Sharon, Panther Creek, and Washington. Finally, growth from year end 2026 through 2028 is anticipated to come for megawatts currently under study and application at Panther Creek and Scrubgrass for a total of 1.4 gigawatts.

如您所見，我們今天的發電量為 461 兆瓦。到年底，Sharon 和 Panther Creek 計劃開發的兆瓦發電量將成長至 500 兆瓦。同樣，到 2026 年，我們預計來自 Sharon、Panther Creek 和華盛頓的發電量將增加 92 兆瓦，總計達到 592 兆瓦。最後，預計從 2026 年底到 2028 年，Panther Creek 和 Scrubgrass 目前正在研究和應用的兆瓦總量將成長至 1.4 千兆瓦。

As we look to this future and execute on our growth pipeline, we will continue to improve our portfolio composition by prioritizing the US, Canada, and those energy assets that have opportunities beyond Bitcoin. We expect this will drive both lower overall energy costs and better yields per megawatt creating lasting value for shareholders.

當我們展望未來並執行我們的成長管道時，我們將繼續改善我們的投資組合結構，優先考慮美國、加拿大和那些擁有超越比特幣機會的能源資產。我們預計這將降低整體能源成本並提高每兆瓦的收益，為股東創造持久價值。

Turning to slide 8. The largest and most exciting part of our megawatt pipeline is the gigawatt of potential in the US. Our new focus on the US and our American energy assets are attracting a lot of interest from investors. Through these assets, we are opening up exciting new opportunities for Bitfarms in areas beyond Bitcoin mining including energy generation trading and HPC and AI that weren't possible in Latin America and will define this company's future for many years to come.

翻到第 8 張投影片。我們的兆瓦管道中最大、最令人興奮的部分是美國的千兆瓦潛力。我們對美國和美國能源資產的新關注吸引了大量投資者的興趣。透過這些資產，我們為 Bitfarms 在比特幣挖礦以外的領域開闢了令人興奮的新機遇，包括能源生產交易以及拉丁美洲無法實現的 HPC 和 AI，並將決定該公司未來多年的未來。

This gigawatt of potential is easiest to understand when separated into the tranches discussed on slide 6. And separating out the generation as we have done here on this slide. At both Panther Creek and Scrubgrass, we have two operating power plants that are capable of producing power and selling power into the grid.

當將這一千兆瓦的潛力分成第 6 張投影片中討論的各個部分時，最容易理解。正如我們在這張投影片上所做的那樣，將各個世代區分開來。在 Panther Creek 和 Scrubgrass，我們擁有兩座營運中的發電廠，能夠生產電力並向電網出售電力。

They are also able to draw down and consume from the grid a similar quantum of power that the power plants can produce. As of today, it's not possible to monetize 100% of the power generated from the power plants and the power from the grid simultaneously.

它們也能夠從電網中提取和消耗與發電廠生產的電力類似的電力。截至目前，還不可能同時將發電廠產生的電力和電網產生的電力 100% 貨幣化。

To do so, we will need to make further investments into the data center infrastructure and get greater clarity from FERC. We have strong confidence that this regulatory clarity is coming and will support our site plans. And while this regulatory approval process is ongoing, we can choose to provide 142 megawatts of power for the existing data centers from either the power plants or the grid at our discretion. Currently, our data centers are being supplied by the power plants as the lower cost option.

為此，我們需要對資料中心基礎設施進行進一步投資，並從聯邦能源管理委員會獲得更明確的資訊。我們堅信，監管明確性即將到來，並將支持我們的場地規劃。在這個監管審批過程進行的同時，我們可以自行選擇從發電廠或電網為現有資料中心提供 142 兆瓦的電力。目前，我們的資料中心由發電廠供電，因為這是成本較低的選擇。

Beyond this, we also have six different power applications across the two sites that are well underway and at various stages in the approval process. But cumulatively have the potential to scale both of these sites between 400 and 500 megawatts by 2028. Lastly with 120 megawatts of potential, Sharon is the smallest Pennsylvania site. But still bigger than any of our sites outside of Pennsylvania.

除此之外，我們在兩個站點還有六種不同的電力應用，這些應用正在順利進行中，並且處於審批過程的不同階段。但到 2028 年，這兩座電廠的累積發電量都有可能達到 400 至 500 兆瓦。最後，Sharon 電廠擁有 120 兆瓦的發電潛力，是賓州最小的電廠。但仍然比我們在賓夕法尼亞州以外的任何站點都要大。

Sharon has 12 megawatts operating today, increasing to 30 megawatts in the second quarter. Sharon also has 80 megawatts actively under development for 2026. And 10 megawatts in the pipeline that is subject to additional reviews, studies, and approvals for a total of 120 megawatts. The three sites add up to a cumulative 1 gigawatt of potential.

沙龍目前營運 12 兆瓦的電力，第二季將增加到 30 兆瓦。沙龍還計劃為 2026 年積極開發 80 兆瓦的發電能力。另外還有 10 兆瓦的發電量正在籌備中，但需要進一步的審查、研究和批准，總計將達到 120 兆瓦。這三個站點的累計發電潛力為 1 千兆瓦。

Turning to slide 9. I'd like to take a minute now to touch on our HPC and AI strategy in more detail. And discuss a few key strategic moves we've made in the last few weeks that have positioned us very well to capitalize on this massive growth opportunity.

翻到第 9 張投影片。現在我想花一點時間更詳細地談談我們的 HPC 和 AI 策略。並討論我們在過去幾週採取的一些關鍵策略舉措，這些舉措使我們能夠很好地利用這一巨大的成長機會。

Just last week, seven members from our team participated in the annual Nvidia GTC conference in San Jose. Our team was booked back to back with potential partners in the space from all angles including financing, development, infrastructure, and end use customers.

就在上週，我們團隊的七名成員參加了在聖荷西舉行的年度 Nvidia GTC 會議。我們的團隊與該領域各個角度的潛在合作夥伴進行了接連不斷的會面，包括融資、開發、基礎設施和最終用途客戶。

Most of the interest was focused on three things power, land, and fiber. And that's what we have in spades at all three Pennsylvania sites. Having met one on one with over a dozen respective counterparts in the space the feedback was all incredibly positive and exciting.

大部分興趣集中在電力、土地和光纖這三件事。這正是我們在賓州的三個站點所擁有的。在與該領域十幾位同行進行一對一會談後，得到的回饋都非常積極和令人興奮。

Each site has power availability in the short term, long-term growth potential. And multiple sources of power including on-site generation at Scrubgrass and Panther Creek. Having multiple sources of energy improves reliability, and reduces anticipated CapEx and OpEx for HPC, and makes these sites very appealing for potential HPC customers especially hyper scalers.

每個站點都具有短期電力可用性和長期成長潛力。並且擁有多種電源，包括 Scrubgrass 和 Panther Creek 的現場發電。擁有多種能源可以提高可靠性，並降低 HPC 的預期資本支出和營運支出，並使這些站點對潛在的 HPC 客戶（尤其是超大規模客戶）非常有吸引力。

This message was reinforced in Jensen Huang's address at GTC as power opportunities are in short supply and are the primary bottleneck on growth. Bitfarms we've known this for a long period of time and it's one of the many reasons why our team was so bullish on the Pennsylvania sites.

黃仁勳在 GTC 大會上的演講中強調了這一訊息，因為電力機會短缺，是成長的主要瓶頸。我們很早就知道 Bitfarms 這一點，這也是我們的團隊如此看好賓州場館的眾多原因之一。

On the back of our pivot into HPC, we've also made two critical hires: James Bond, our new SVP of HPC; and Craig Hibbard, our new SVP of Infrastructure.

在我們轉向 HPC 的過程中，我們還聘請了兩位關鍵人物：新任 HPC 高級副總裁 James Bond 和新任基礎設施高級副總裁 Craig Hibbard。

James is a subject-matter expert in HPC and AI with over 20 years of experience and joins us from Hewlett-Packard where he spent 15 years leading the North American HPC and AI infrastructure platforms category which grew to 2 billion in 2024 representing 160% year-to-year growth. At HPE in North America James was responsible for all HPC and AI go to market activities and his experience implementing HBC solutions at scale making the ideal candidate to lead this new chapter of Bitfarms.

James 是 HPC 和 AI 領域的主題專家，擁有 20 多年的經驗，在加入惠普之前，他曾在惠普工作 15 年，領導北美 HPC 和 AI 基礎設施平台類別，該類別的市場規模在 2024 年增長到 20 億美元，同比增長 160%。在北美 HPE，James 負責所有 HPC 和 AI 的上市活動，他擁有大規模實施 HBC 解決方案的經驗，是領導 Bitfarms 這一新篇章的理想人選。

Craig, our new SVP of Infrastructure, has extensive experience leading large scale digital infrastructure projects and recently spearheaded the rapid design and construction of over 200 megawatts of digital infrastructure for a US firm specializing in digital assets in HBC and AI.

我們新任基礎設施高級副總裁 Craig 擁有領導大型數位基礎設施項目的豐富經驗，最近他率先為一家專門從事 HBC 和 AI 數位資產的美國公司快速設計和建設了超過 200 兆瓦的數位基礎設施。

Based in Pennsylvania, Craig will play a critical role in leading the development of a rapidly expanding TJM portfolio. James and Craig will be working intimately with our strategic partners, ASC and Worldwide Technology, to complete the comprehensive feasibility analysis and all of our North American sites and advise on our global HPC and AI strategy.

克雷格將駐紮在賓夕法尼亞州，在領導快速擴張的 TJM 產品組合開發方面發揮關鍵作用。James 和 Craig 將與我們的策略夥伴 ASC 和 Worldwide Technology 密切合作，完成全面的可行性分析和我們所有北美站點的分析，並就我們的全球 HPC 和 AI 策略提供建議。

In parallel, ASG and WWT will help build accelerated sales and development strategies, and market our sites on behalf of Bitfarms to potential customers. Both of these initiatives are well underway. And ASG has already delivered initial high-level feasibility reports for three PJM sites. All three reports confirm that the Pennsylvania sites are both well suited for HPC and AI conversion and high potential. All three are strategically located near other data center campuses and peering hubs. And they have the necessary power land and fiber infrastructure to support HPC.

同時，ASG 和 WWT 將協助制定加速銷售和發展策略，並代表 Bitfarms 向潛在客戶推銷我們的網站。這兩項舉措均在順利進行中。ASG 已經為三個 PJM 站點提交了初步的高級可行性報告。三份報告均證實，賓州的場地非常適合 HPC 和 AI 轉換，並且具有很高的潛力。這三個資料中心均位於其他資料中心園區和對等中心附近的戰略位置。並且他們擁有支援 HPC 所需的電力、土地和光纖基礎設施。

The cooler climate in Pennsylvania should also be expected to improve power efficiency and costs which for HPC makes Pennsylvania megawatts more valuable per unit than the same megawatts in Texas.

賓州較涼爽的氣候也有望提高電力效率和成本，對於 HPC 而言，這使得賓州兆瓦的單位價值比德州的相同兆瓦更高。

These three maps show the fiber connectivity at our three Pennsylvania sites: Panther Creek, Scrubgrass, and Sharon. Each site has robust fiber infrastructure within 10 miles of each facility. Fiber infrastructure is one of if not the first question asked when meeting with hyperscalers and other potential partners. Square has seven metro networks. Panther Creek has eight, and Sharon has nine in close proximity.

這三張地圖顯示了我們賓州三個站點的光纖連接：Panther Creek、Scrubgrass 和 Sharon。每個站點均在每個設施 10 英里範圍內擁有強大的光纖基礎設施。在與超大規模企業和其他潛在合作夥伴會面時，光纖基礎設施是首先要問的問題之一。Square 擁有七個城域網路。Panther Creek 有八個，而 Sharon 附近有九個。

It's also important to note the proximity of these PGM facilities to metro areas and long haul infrastructure like peering and interconnection hubs. Scrubgrass and Sharon are both approximately one hour from Pittsburgh. And Panther Creek is just two hours away from both New York City and Philadelphia. We expect to receive full detailed feasibility studies from our partners in Q2 for our remaining North American sites. At which point, we will provide an update regarding our plans with HPC and AI.

也要注意這些 PGM 設施與大都會區域和長途基礎設施（如對等互連和互連中心）的距離。斯克魯格拉斯和莎朗距離匹茲堡均約一小時車程。而 Panther Creek 距離紐約市和費城都只有兩小時的車程。我們預計將在第二季度從我們的合作夥伴那裡收到我們剩餘的北美站點的全面詳細的可行性研究。屆時，我們將提供有關 HPC 和 AI 計劃的最新資訊。

With these recent actions we now have the properties the internal team. And the strategic engineering and marketing advisors in place. Taking a holistic approach to advancing our HBC and AI business.

透過最近的這些行動，我們現在擁有了內部團隊的屬性。並有策略工程和行銷顧問到位。採取整體方法來推進我們的 HBC 和 AI 業務。

Turning to slide 10. Shifting gears a bit, I'll now discuss a new strategy we recently initiated Bitcoin One. This is a continuation with a few strategic changes of our synthetic caudal program which was launched as a pilot program in Q4 of 2023.

翻到第 10 張投影片。稍微轉換一下話題，我現在來討論一下我們最近啟動的比特幣一號 (Bitcoin One) 新策略。這是我們在 2023 年第四季作為試點計畫啟動的合成尾部 (Synthetic Caudal) 計畫的延續，並進行了一些策略調整。

As a reminder, that strategy involves selling Bitcoin to fund OpEx and CapEx while preserving upside to Bitcoin through long date Bitcoin call options for between 10% and 20% of each Bitcoin sold.

提醒一下，該策略涉及出售比特幣來資助營運支出和資本支出，同時透過長期比特幣看漲期權保留比特幣的上漲空間，每售出一個比特幣，期權費為 10% 到 20%。

This program enabled us to utilize excess Bitcoin generated each month to fund our growth at a far lower cost of capital than external or diluted funding sources while maintaining upside to Bitcoin.

該計劃使我們能夠利用每月產生的過剩比特幣來資助我們的成長，其資本成本遠低於外部或稀釋的資金來源，同時保持比特幣的上漲空間。

This program was a key source of low-cost capital enabling superior returns and outperformance to Bitcoin.

該計劃是低成本資本的主要來源，可實現優於比特幣的回報和表現。

Since the program's inception in Q4 of 2023 through December 31, of 2024, it outperformed Bitcoin price and we achieved a 135% return in US dollar terms. Generating a trading profit of approximately $18 million. Building off this proven success. We developed a more robust program which we initiated in Q1 Bitcoin One.

自該計劃於 2023 年第四季度啟動以來，截至 2024 年 12 月 31 日，其表現優於比特幣價格，我們實現了以美元計算的 135% 的回報。產生約1800萬美元的交易利潤。以此證明的成功為基礎。我們開發了一個更強大的程序，並於第一季 Bitcoin One 啟動。

This is a quantitative investment multi-strategy program that employs a disciplined approach to Bitcoin accumulation through diversification strategic leverage and market timing. Bitcoin One focuses on active Bitcoin treasury management through discretionary and rules-based trading algorithms. And an active managed volatility targeting program that trades crypto volatility as an asset class and harvests the risk premium that arises from that volatility.

這是一個量化投資多策略計劃，透過多元化策略槓桿和市場時機採用規範的方法進行比特幣累積。Bitcoin One 專注於透過自主決定和基於規則的交易演算法進行積極的比特幣資金管理。還有一個主動管理波動率目標計劃，將加密貨幣波動率作為一種資產類別進行交易，並收穫由該波動率產生的風險溢價。

This program is positioned for the ongoing maturation of the digital asset ecosystem providing a scalable and risk-managed solution for Bitfarms to monetize Bitcoin's volatility.

該計劃旨在促進數位資產生態系統的持續成熟，為 Bitfarms 提供可擴展且可管理風險的解決方案，以實現比特幣波動性的貨幣化。

We believe that the combination of Bitcoin One. And the predictable cash flow of Bitcoin from our mining operations gives us a unique advantage in both markets that enable us to drive better, probabilistic returns, and accumulate more Bitcoin faster and cheaper.

我們相信，Bitcoin One 和我們挖礦業務產生的可預測比特幣現金流的結合，使我們在兩個市場中都擁有獨特的優勢，使我們能夠獲得更好的機率回報，並更快、更便宜地累積更多比特幣。

Turning to slide 11. In summary, we've made significant progress here today and expect this momentum to continue throughout the rest of 2025. All of the strategic moves we've made in the last few months have been carefully considered and made with two main goals in mind.

翻到第 11 張投影片。總而言之，我們今天在這裡取得了重大進展，並預計這種勢頭將在 2025 年剩餘時間內繼續保持。我們在過去幾個月中採取的所有戰略舉措都經過了仔細的考慮，並著眼於兩個主要目標。

To grow our operations in the US and to utilize our megawatts in the most value add and cost effective way possible. Whether that be through Bitcoin mining or HPC and AI. Our key strength is acquiring and managing valuable property assets and maximizing the value of those assets through our operational excellence.

擴大我們在美國的業務，並盡可能以最具附加價值和成本效益的方式利用我們的兆瓦。無論是透過比特幣挖礦還是 HPC 和 AI。我們的主要優勢是獲取和管理有價值的財產資產，並透過卓越的營運實現這些資產的價值最大化。

I now like to highlight four main takeaways before I pass the call over to Jeff. First, we are now in an extremely strong position. We've completely transformed our growth pipeline over the past 15 months from Latin American energy to a cheaper, bigger, and better US based pipeline.

在將電話轉給傑夫之前，我想強調四個主要要點。首先，我們現在處於極為有利的地位。在過去的 15 個月裡，我們徹底改變了成長管道，從拉丁美洲能源轉向更便宜、更大、更好的美國通路。

Second, our Bitcoin business is strong. And we remain bullish on mining economics for the mining fleet that we have. With our lower hash costs derived from our competitive energy prices and greatly improved efficiency from the fleet upgrade program, we anticipate that our Bitcoin com portfolio largely de-risked the business through 2026, and should provide a strong cash flow and low CapEx foundation for the company as we look to diversify beyond Bitcoin mining.

第二，我們的比特幣業務強勁。我們仍然對我們現有的採礦船隊的採礦經濟前景持樂觀態度。由於我們的有競爭力的能源價格帶來了較低的哈希成本，並且透過機隊升級計劃大大提高了效率，我們預計，到 2026 年，我們的比特幣 com 投資組合將在很大程度上降低業務風險，並且應該為公司提供強勁的現金流和低資本支出基礎，因為我們尋求在比特幣挖礦之外實現多元化。

Importantly, with this new competitive fleet that we now operate we have no need nor plans for a large minor purchase in 2025 or 2026. And we'll instead focus our efforts and capital on developing US energy and HPC infrastructure.

重要的是，憑藉我們目前營運的這支具有競爭力的新船隊，我們沒有必要也不計劃在 2025 年或 2026 年進行大規模的小規模採購。我們將集中精力和資金開發美國能源和高效能運算基礎設施。

Third, we are taking a long term view on how to best manage our energy assets. Well we remain bullish on Bitcoin mining and are confident in our core business especially in the near term. In the long term, we believe HPC and AI presents a meaningful opportunity to create lasting shareholder value which is why we have taken tangible steps to advance our HBC business. We have now secured the properties hired the best internal team and brought in the strongest external partners.

第三，我們正在從長遠角度考慮如何最好地管理我們的能源資產。我們仍然看好比特幣挖礦，並對我們的核心業務充滿信心，尤其是在短期內。從長遠來看，我們相信 HPC 和 AI 為創造持久股東價值提供了有意義的機會，這就是我們採取實際措施來推進 HBC 業務的原因。我們現在已經確保這些房產聘請了最好的內部團隊，並引入了最強大的外部合作夥伴。

Lastly, I'd like to emphasize the importance of the significant changes we've made to our team over the past few months. With the recent hiring of our SVP of HBC and AI, and our SVP of infrastructure, we have now filled all key management positions in the company.

最後，我想強調我們過去幾個月對團隊所做的重大改變的重要性。隨著我們最近聘請了 HBC 和 AI 高級副總裁以及基礎設施高級副總裁，我們現在已經填補了公司所有關鍵管理職位。

We've also completely revamped our operational structure. And as evidenced by the accomplishments in Q1, we are now beginning to reap the benefits of the strong team we worked incredibly hard to build. I'd like to thank all of our team members for their commitment to the Bitfarms' mission. And I've never been more confident in our team and our ability to execute.

我們也徹底改造了我們的營運結構。從第一季的成就可以看出，我們努力打造的強大團隊現在開始帶來效益。我要感謝我們所有團隊成員對 Bitfarms 使命的承諾。我從未像現在這樣對我們的團隊和執行能力充滿信心。

Turning to slide 12, and with that I will turn the call over to Jeff for the financial update.

翻到第 12 張投影片，我將把電話轉給 Jeff 來報告財務最新情況。

Thank you, Ben, and thanks everyone for joining us today. Before I review our fourth quarter results, I'd like to underscore just how transformational the initiative has Ben reviewed will be for our company. First, we are better capitalized for 2025 and beyond. The stronghold transaction was paid primarily with equity and its outstanding debt of approximately $45 million was paid in full.

謝謝你，本，也謝謝大家今天的到來。在回顧我們第四季度的業績之前，我想強調一下本所回顧的這項計劃將對我們公司產生多大的變革作用。首先，我們為2025年及以後做好了更充足的準備。該堡壘交易主要以股權支付，其​​約 4500 萬美元的未償債務已全部償還。

The sale of Yguazu reduced that plan CapEx requirements for 2025 to less than $100 million, 20% lower than originally planned. Freeing up invested capital from the sale for reinvestment in US infrastructure. Second, our Bitcoin mining business remains strong. With the lower hash cost of our new fleet, our Bitcoin mining portfolio is largely the risk in positions as to build from any potential BTC upside. Importantly, we have no plans for large minor purchases in 2025 or 2026. And we will instead focus our capital on developing US energy and HPC infrastructure.

伊瓜蘇的出售使該計劃 2025 年的資本支出要求降至 1 億美元以下，比原計劃低 20%。釋放出售所得的投資資本，用於美國基礎設施的再投資。其次，我們的比特幣挖礦業務依然強勁。由於我們新礦機隊的哈希成本較低，我們的比特幣挖礦組合在很大程度上承擔了從任何潛在的 BTC 上漲中建立的風險。重要的是，我們沒有在 2025 年或 2026 年進行大規模小額採購的計劃。我們將把資金集中在開發美國能源和高效能運算基礎設施。

Third, a highly valued North American assets and the cash flow from our mining operations will enable us to utilize debt financing to fund our energy and HTC infrastructure development at a lower cost of capital and with significantly less dilution and equity funding creating long-term shareholder value.

第三，高估值的北美資產和我們採礦業務的現金流將使我們能夠利用債務融資以較低的資本成本為我們的能源和 HTC 基礎設施開發提供資金，並且稀釋程度顯著降低，股權融資可以創造長期股東價值。

Please now turn to slide 13. Let's review our fourth quarter financial results. In the fourth quarter we earn BTC654 for total revenue of $56 million, up 21% compared to the third quarter.

現在請翻到第 13 張投影片。讓我們回顧一下第四季度的財務表現。第四季我們獲利654BTC，總營收5,600萬美元，較第三季成長21%。

Revenue from mining activities was $55 million with the balance of $1.6 million earned at Volta, our electrical services subsidiary.

採礦活動的收入為 5,500 萬美元，其餘 160 萬美元來自我們的電力服務子公司 Volta。

Our direct money profit was $26 million representing a direct money margin of 47% and an average of $39,000 per Bitcoin mine. Cash, general and administrative expense are G&A with $14 million and include unusual and non-recurring professional service fees of about $1.3 million in the quarter. Primarily for expenses incurred in connection with the stronghold acquisition.

我們的直接利潤為 2,600 萬美元，即直接利潤率為 47%，平均每個比特幣礦場的直接利潤為 39,000 美元。現金、一般及行政開支為 1,400 萬美元，其中包括本季約 130 萬美元的不尋常及非經常性專業服務費用。主要用於與據點收購有關的費用。

Operating loss was $16 million in the quarter. And for the quarter, the company reported net financial income of $22 million inclusive of an $18 million gain on derivative assets and liabilities. Largely driven by our synthetic hollow program, and a $6 million gain on the revaluation of warrant liability for warrants issued in earlier financing.

本季營業虧損為 1,600 萬美元。本季度，該公司報告淨財務收入為 2,200 萬美元，其中包括 1,800 萬美元的衍生資產和負債收益。主要得益於我們的合成空心項目，以及對早期融資中發行的認股權證的認股權證責任重估的 600 萬美元收益。

As a result, net income for the fourth quarter was $15 million or $0.03 per share. Compared to a net loss of $37 million or $0.08 per share in the third quarter.

因此，第四季淨收入為 1500 萬美元，即每股 0.03 美元。相比之下，第三季淨虧損為 3,700 萬美元，即每股 0.08 美元。

Turning now to slide 14. For the fourth quarter our adjusted EBITDA debt was $14 million or 25% of revenue. Compared to $6 million or 12% of revenue in the third quarter.

現在翻到第 14 張投影片。第四季度，我們的調整後 EBITDA 債務為 1,400 萬美元，佔營收的 25%。相比之下，第三季的營收為 600 萬美元，佔 12%。

As we've noted in previous quarterly earnings calls, our adjusted EBITDA debt is very straightforward. Being purely a measure of the cash profitability of our mining operations and the profit contribution of our Volta subsidiary. We do not reflect mark to market adjustments of our Bitcoin holdings or any other balance sheet valuation adjustments in our adjusted EBITDA .

正如我們在先前的季度收益電話會議中指出的那樣，我們的調整後 EBITDA 債務非常簡單。純粹衡量我們採礦業務的現金獲利能力和 Volta 子公司的利潤貢獻。我們沒有在調整後的 EBITDA 中反映比特幣持有量的市價調整或任何其他資產負債表估值調整。

Now, let's turn our attention to fourth quarter operating performance and put Bitcoin metrics. Gross mining profit in the quarter was $26 million or 47% of mining revenue. Our direct-mining cost for Bitcoin in the fourth quarter was $40,800 with all-in cash cost to mine a Bitcoin at $60,800. compared to revenue per Bitcoin earned at $83,400. Resulting in cash profit per Bitcoin of just over $22,600 turning it out to slide 15. Our reviewer liquidity and anticipated capital needs.

現在，讓我們將注意力轉向第四季度的營運表現並考慮比特幣指標。本季採礦總利潤為 2,600 萬美元，佔採礦收入的 47%。我們第四季的比特幣直接挖礦成本為 40,800 美元，挖取一個比特幣的全部現金成本為 60,800 美元，而每個比特幣的收入為 83,400 美元。導致每比特幣的現金利潤略高於 22,600 美元，跌幅達 15%。我們的審查員流動性和預期的資本需求。

As of March 26, we had total liquidity of approximately $135 million in product of cash and unencumbered Bitcoin. In addition, we have $31 million in payments from [Hive] due over the next six months from the [Glazer] sale. And our buying our mining business remains strong, generating $8 million to $12 million per month in cash from our mining activities. Providing more than sufficient liquidity to fund our identified CapEx for 2025.

截至 3 月 26 日，我們的現金和無抵押比特幣產品總流動資金約為 1.35 億美元。此外，未來六個月內，我們將從 [Glazer] 出售中支付 3,100 萬美元給 [Hive]。我們的採礦業務依然保持強勁，每月從採礦活動中產生 800 萬至 1,200 萬美元的現金。提供充足的流動性來資助我們確定的 2025 年資本支出。

I wish to emphasize a few important points about our financial requirements going forward. First, 2024 represented a one-off fleetwide upgrade in investments into new miners. Second, the strategic sale of our 200-megawatt Yguazu facility reduced our 2025 CapEx requirements significantly by over $325 million including $85 million on the buildup of the facility, and an additional $240 million or so for procuring and installing minors.

我想強調我們未來財務需求的幾個要點。首先，2024 年代表新採礦船的投資一次性全面升級。其次，我們策略性地出售了 200 兆瓦的伊瓜蘇核電廠，這大幅減少了我們 2025 年的資本支出需求 3.25 億美元以上，其中包括 8,500 萬美元的核電廠建設費用，以及約 2.4 億美元的小型核電廠採購和安裝費用。

Third, with the Yguazu sale done and our fleet upgrade largely complete, the company has no identified plans for large minor purchases in 2025 or 2026. So for the balance of 2025, identified capital expenditures, including infrastructure development, and the remaining deployment of a minor upgrades, are projected to be under $100 million. With the lion's share of that capital being invested in infrastructure to increase a megawatts under management from 460 megawatts today to 590 megawatts in 2026.

第三，隨著伊瓜蘇油輪出售交易的完成以及我們船隊升級工作的基本完成，該公司尚未確定在 2025 年或 2026 年進行大規模小規模採購的計劃。因此，到 2025 年，預計確定的資本支出（包括基礎設施開發和剩餘的小規模升級部署）將低於 1 億美元。其中大部分資金將投資於基礎設施建設，以將管理的電力容量從目前的 460 兆瓦增加到 2026 年的 590 兆瓦。

Lastly, with virtually no debt on the balance sheet and strong cash flows from a mining business, we believe we have a lot of options to finance potential HPC and AI projects and are engaged in active discussions for development of our North American sites.

最後，由於資產負債表上幾乎沒有債務，而且採礦業務的現金流強勁，我們相信我們有很多選擇來為潛在的 HPC 和 AI 項目提供資金，並且正在積極討論開發我們的北美站點。

Turning now to slide 16. Before we proceed to Q&A, I'd like to echo Ben's enthusiasm about the strong position Bitfarms is in with some market commentary on Bitcoin mining economics. While we recognize that Bitcoin price pulled back during the first quarter, we believe the current mining sector represents a potential opportunity for investors of most publicly traded miners especially Bitfarms. And here's why. This hatch price sensitivity table shows our best current estimate of money economics for 2025 and 2026. On the Y-axis it's Bitcoin price. On the X-axis is current network difficulty in our forecast of network cash rate at the end of every quarter to 2026.

現在翻到第 16 張投影片。在我們進入問答環節之前，我想附和 Ben 對 Bitfarms 強勢地位的熱情，並對比特幣挖礦經濟發表一些市場評論。雖然我們意識到比特幣價格在第一季有所回落，但我們認為當前的採礦業對大多數上市礦商尤其是 Bitfarms 的投資者來說是一個潛在的機會。原因如下。這張孵化價格敏感度表顯示了我們對 2025 年和 2026 年貨幣經濟的最佳當前估計。Y 軸是比特幣價格。X 軸代表的是我們對 2026 年每個季度末網路現金利率的預測中的當前網路難度。

With these two variables, we can create a hash price sensitivity table. To make the chart more impactful, we overlay an implied direct money margin relative to a hash cost of $22 per petahash and our best forecast on expected Bitcoin price ranges per quarter to 2026, as represented by the highlighted sections outlined in black.

利用這兩個變量，我們可以建立一個哈希價格敏感度表。為了使圖表更具影響力，我們疊加了相對於每 Petahash 22 美元哈希成本的隱含直接貨幣利潤，以及我們對 2026 年每季比特幣價格範圍的最佳預測，如黑色突出顯示的部分所示。

This table makes clear that when combined with competitively priced electricity like Bitfarms has, new-gen miners are largely insulated from Bitcoin price pullbacks. And are expected to generate free-cash flow and even challenging medical conditions during 2025 and 2026.

該表清楚地表明，當與 Bitfarms 等具有競爭力的電力相結合時，新一代礦工基本上不會受到比特幣價格回調的影響。並預計在 2025 年和 2026 年期間產生自由現金流，甚至挑戰醫療條件。

Assuming Bitcoin at $80,000 today, with 20 watts of hash efficiency, and $43 per megawatt-hour electricity costs, a miner would achieve a direct margin of roughly 50% with substantial potential left side to rising Bitcoin prices.

假設比特幣現在的價格為 80,000 美元，哈希效率為 20 瓦，每兆瓦時的電力成本為 43 美元，那麼礦工將獲得大約 50% 的直接利潤，並且比特幣價格上漲具有巨大的潛在利潤空間。

If Bitcoin is able to stay over $100,000 or $125,000 for most of 2025 direct mining margins should range between 50% and 75% for the year. This is an industry that could perform quite well in 2025.

如果比特幣在 2025 年的大部分時間裡能夠保持在 100,000 美元或 125,000 美元以上，那麼全年的直接挖礦利潤率應該在 50% 到 75% 之間。這個行業在 2025 年可能會表現得相當出色。

With that, I'll turn the call over to Ben before we commence Q&A.

在我們開始問答環節之前，我會將電話轉給本。

Thanks Jeff. Just like to reiterate for everyone that our original investment thesis on Bitcoin remains unchanged. We continue to believe that 2025 will be bullish for Bitcoin mining economics and it has high potential to create a lot of shareholder value in 2025 from our existing fleet and footprint. We expect a probable correction in mining economics in 2026, driven by continued network cash rate growth and a correction in Bitcoin price from a new all-time high, which we expect to set later in 2025.

謝謝傑夫。只是想向大家重申，我們對比特幣的原始投資論點保持不變。我們仍然相信，2025 年比特幣挖礦經濟將呈現看漲勢頭，並且我們現有的礦機隊和足跡很有可能在 2025 年為股東創造大量價值。我們預計，2026 年挖礦經濟可能會出現調整，主要原因是網路現金利率持續成長，以及比特幣價格從歷史新高回調，我們預計比特幣價格將在 2025 年稍後創下歷史新高。

This dovetails well with a more realistic expectation for bringing in HPC revenues in 2026. Even with a 2026 correction under these conditions, it would likely bring us back to similar levels of hash-price economics and direct margins that we see today, which are healthy. This is the base case. And there's a lot of upside potential and exposure to rising Bitcoin prices, especially in 2025. Thank you. And with that, I'll pass the call back to the moderator for Q&A.

這與 2026 年實現 HPC 收入的更現實的預期相吻合。即使在這些條件下進行 2026 年的調整，也可能會讓我們回到與今天類似的哈希價格經濟和直接利潤水平，這是健康的。這是基本情況。比特幣價格上漲具有很大的上漲潛力和風險敞口，尤其是在 2025 年。謝謝。說完這些，我會將電話轉回給主持人問答。

(Operator Instructions)

（操作員指示）

[Brad Nobuk], Cantor Fitzgerald.

[布拉德·諾布克]，康托·菲茨傑拉德。

Hi guys, thanks for taking my question, and congrats on the two new hires. It's nice to see. As maybe you look at the stronghold sites clearly there's a plan for you guys to potentially use those for more AI HPC capacity rather than Bitcoin mining. I guess this could you give us an update on timing there from a regulatory stance of what you guys need when you expect to get those approvals. And to what extent the site as is today is of interest to potential partners without those approvals, or do we need those approvals first?

大家好，感謝您回答我的問題，並恭喜兩位新進員工的加入。很高興看到。正如您可能看到的，據點網站顯然有一個計劃，您可能會利用這些網站來獲得更多的 AI HPC 容量，而不是比特幣挖礦。我想您能否從監管角度向我們介紹時間安排的最新情況，即您預計何時能獲得這些批准。如果沒有這些批准，那麼目前的場地在多大程度上會引起潛在合作夥伴的興趣，或者我們是否首先需要這些批准？

Thanks Brad. Yeah. So there's a couple of different buckets of energy there at the stronghold site as I spoke to on one of the earlier slides. For the existing generating capacity and the existing grid import capacity, there's no further regulatory approval to operate either of those. Right now we can either provide power directly from the generating assets to the data center or we can draw down a similar quantum of power from the grid. Where regulatory approvals come into play is when we're trying to look at a configuration for all of the megawatts on those sites.

謝謝布拉德。是的。正如我在之前的一張幻燈片中提到的那樣，據點那裡有幾種不同的能量桶。對於現有的發電能力和現有的電網輸入能力，目前還沒有獲得進一步的監管批准。現在，我們可以直接從發電資產向資料中心提供電力，也可以從電網中獲得類似數量的電力。當我們試圖研究這些站點上所有兆瓦的配置時，監管部門的批准就會發揮作用。

So that's the additional megawatts that are under study and application, which can be as fast as maybe 12 months and as long as 36 months across the six different applications in the two different sites. But I think what's really interesting for the HPC here is that you know we have immediate power capacity now in 2025 that we use are clean out for HPC it would be available in a 2026 frame. And this has a multi-year growth potential and when a lot of these hyperscaler or HPC customers are looking to invest 100 megawatts (technical difficulty). Thinking about is I'm going to make investment into a site say your time frame. I want to know whether I'm going to be able to expand growth on that 100 megawatts (technical difficulty).

這就是正在研究和應用的額外兆瓦，在兩個不同站點的六個不同應用中，最快可能需要 12 個月，最長可能需要 36 個月。但我認為對 HPC 來說真正有趣的是，你知道我們現在擁有的即時電力容量在 2025 年已經耗盡，可用於 HPC，它將在 2026 年投入使用。這具有多年的成長潛力，當許多超大規模或 HPC 客戶希望投資 100 兆瓦時（技術難度）。我正在考慮的是，我將對一個網站進行投資，就像你的時間框架一樣。我想知道我是否能夠擴大這 100 兆瓦的成長（技術難度）。

Oh. Awesome, really appreciate it. And Jeff I have a question for you just on the CapEx side, I know you guys said you're expecting less than $100 million CapEx for this year. Could you maybe just bucket that I guess how much of that is going towards Bitcoin mining versus maybe how much of that is going towards infrastructure that could potentially be leveraged or used for AICC?

哦。太棒了，非常感謝。傑夫，我有一個關於資本支出的問題想問你，我知道你們說過預計今年的資本支出將低於 1 億美元。您能否簡單估算一下，其中有多少用於比特幣挖礦，有多少用於可能被利用或用於 AICC 的基礎設施？

Sure. I'm very glad to do that here. So as I mentioned we have less than $100 million of capital expenditures more like around $95 million for the year. Really. but only a small portion of that's going to be going towards minors and that's really more logistics cost associated with implementing and completing out the upgrade program that we began actually in 2024. So around $7 million or the $95 is going towards that. The balance of the money really is going towards building out the infrastructure. Predominantly regarding stronghold and the sharing facilities here with a smaller portion actually happening in the Baie-Comeau in the Quebec area, and some final work is being done in Argentina as well.

當然。我很高興在這裡做這件事。正如我所提到的，我們今年的資本支出不到 1 億美元，約為 9,500 萬美元。確實如此。但其中只有一小部分將用於未成年人，而這實際上是與實施和完成我們實際上在 2024 年開始的升級計劃相關的更多物流成本。因此，大約有 700 萬美元或 95 美元將用於此。剩餘的資金實際上將用於建設基礎設施。主要涉及這裡的堡壘和共享設施，一小部分實際上發生在魁北克地區的 Baie-Comeau，還有一些最後的工作也在阿根廷進行。

Perfect, thank you guys. I really appreciate it.

太好了，謝謝大家。我真的很感激。

[Mike Colonies], HC Rainwriting Company.

[Mike Colonies]，HC Rainwriting 公司。

Good morning, Ben, Jeff, and team. Congrats on all the progress you guys have made over the recent months here. First one the HCC AI side, and then you alluded to online on the approval and available energy. But it sounds like the early findings from the HPC and AI feasibility studies are going really well. And I was just curious based on conversations you're having with prospective customers be hyperscalers or other AI parties. What are their due diligent timelines like and follow with a customer most likely utilize your energy assets at those facilities? Would it be more of a public shell type set up fully constructed data center. Just trying to get a better sense of the timeline of monetization if a deal were to be secured over the year term.

早安，本、傑夫和團隊。恭喜你們最近幾個月的所有進步。首先是 HCC AI 方面，然後您提到了在線批准和可用能量。但聽起來 HPC 和 AI 可行性研究的早期結果進展非常順利。我只是對您與潛在客戶（超大規模企業或其他 AI 方）的對話感到好奇。他們的盡職調查時間表是怎樣的？客戶最有可能在這些設施中利用您的能源資產嗎？它會不會更像是一個公共空殼類型的、完全建成的資料中心？如果要在一年內達成交易，只是想更了解貨幣化的時間表。

Thanks Mike. Yeah it's a great question when you're looking at potential deals with hyperscalers. These are not Bitcoin miners they're not acting with the same sort of kind of aggressive growth stance where you know you could get a deal done in a couple of days. These companies really spend a lot of time on their due diligence. And I think an aggressive timeline would be six to nine months. I think a more realistic timeline is 9 to 12 and it could go beyond that as well.

謝謝邁克。是的，當您考慮與超大規模企業達成潛在交易時，這是一個很好的問題。他們不是比特幣礦工，他們沒有採取那種積極的成長姿態，你知道你可以在幾天內完成交易。這些公司確實花費了大量的時間進行盡職調查。我認為一個積極的時間表應該是六到九個月。我認為更現實的時間表是 9 到 12，也可能超出這個時間。

The conversations are such though with a hyperscaler that you know you are going to know fairly early on if the site is not of interest to them you know they're not going to spend six months to do a quick evaluation. They're going to do a quick evaluation and see whether or not the site is worth investing time into. But to complete the full due diligence it's probably a 9 to 12 month estimate.

然而，與超大規模提供者的對話是這樣的，你知道你會很早就知道他們是否對該網站不感興趣，你知道他們不會花六個月的時間進行快速評估。他們將進行快速評估，看看網站是否值得投入時間。但要完成全部盡職調查，大概需要 9 到 12 個月的時間。

Now, when you're looking at how do you build out the timeline and what does an actual structure look like. The you know opportunities here is that, especially on the powered land and the powered shell components, those are things that you can start in advance of a deal taking place and it's something that's going to be helpful for advancing the deal while the deal is going through the process and also accelerate the timelines and the expected valuation of it.

現在，當您查看如何建立時間軸以及實際結構是什麼樣的時。您知道這裡的機會是，特別是在動力土地和動力外殼組件方面，這些都是您可以在交易發生之前開始的事情，這將有助於在交易進行過程中推進交易，並加快時間表和預期估值。

Because the timeline to energization here is really what's driving value in HPC deals. This year.Tthe potential CapEx and potential returns that you get across these scenarios you can think of it like a spectrum. And they're not really mutually exclusive when you start on the lowest CapEx side which is just powered land. CapEx requirements are pretty modest. And you can get a fairly decent (technical difficulty) from a development (technical difficulty)or the end customer lined up to start working on a powered shell and then beyond that you have full bill to suit so really you have a spectrum of options from our perspective you'd start we'd start on powered land. And powered land construction can start in advance of the deal being signed. It would be helpful for advancing a deal with a potential hyper scalar client.

因為這裡的通電時間表才是真正推動 HPC 交易價值的因素。今年，您可以將這些場景中獲得的潛在資本支出和潛在回報想像成一個範圍。當你從最低的資本支出（即供電土地）開始時，它們實際上並不是互相排斥的。資本支出要求相當適中。您可以從開發（技術難度）或最終客戶那裡獲得相當不錯的（技術難度），開始在動力外殼上工作，然後除此之外，您還可以獲得全額賬單，因此從我們的角度來看，您確實有一系列的選擇，您將從動力土地開始。並且可以在協議簽署之前開始電力土地建設。這將有助於與潛在的超標量客戶達成交易。

Kind of, that's super helpful Ben. I appreciate that. And on the Bitcoin mining side. And you guys laid out the 21 exahash target last year just curious as to when you'd expect to achieve that. I know you mentioned 18.6 currently operating. And then is there a potential to or is there a marketing environment in which you'd potentially expand beyond that number? I know you guys are really focused on developing the power assets and infrastructure. I'm just curious if let's say Bitcoin and hash prices were really to soar here if you'd have the willingness to go ahead and expand beyond the 21.

有點，這對本來說非常有幫助。我很感激。以及比特幣挖礦方面。你們去年制定了 21 exahash 的目標，只是好奇你們預計何時能夠實現這一目標。我知道您提到目前正在運行的 18.6。那麼，有沒有潛力或是否存在一個行銷環境可以讓您超越這個數字呢？我知道你們確實專注於開發電力資產和基礎設施。我只是好奇，如果比特幣和哈希價格真的在這裡飆升，你是否願意繼續擴大到 21 以上。

Yeah, it's a good question. We have been making a lot of progress here on our hash rate especially this quarter. We're at 18.6% as of yesterday and that number is continuing to track upwards. We're expecting to see continued progress here on our operational hash rate over the second quarter.

是的，這是個好問題。我們的哈希率已經取得了很大進展，尤其是本季。截至昨天，這一比例已達到 18.6%，並且仍在繼續上升。我們預計第二季度我們的營運哈希率將繼續取得進展。

The big gap here between where we are where we are today and 21 exahash is largely due with the minor repairs the RMAs and the upgrades that have been going forward. We recently signed a smaller upgrade deal. So we're upgrading about 4,000 of the miners. And that'll be done in the second quarter. And it's really going to be a function of when the RMAs are completed and when these upgrades are done for us to be able to push that number as close to the '21 as possible.

我們目前的狀況與 21 exahash 之間的巨大差距主要是由於 RMA 的小修和正在進行的升級造成的。我們最近簽署了一項規模較小的升級協議。因此，我們正在升級約 4,000 台礦工。這將在第二季完成。這實際上取決於 RMA 何時完成以及這些升級何時完成，以便我們能夠將這個數字盡可能接近 21。

When it comes to future minor purchases, as I said on the call, we don't have any plans right now for future minor purchases. We're really happy and confident with the fleet that we have now. We think it positions us really well for 2025 and 2026. We do have opportunities here for potentially increasing our exahash under management

至於未來的小額採購，正如我在電話中所說，我們目前還沒有任何未來小額採購的計劃。我們對目前擁有的船隊感到非常滿意和有信心。我們認為這將為我們在 2025 年和 2026 年做好充分準備。我們確實有機會潛在地增加我們管理下的 exahash

If other companies or customers would like to pay for the minors through hosting. And we can achieve I think better returns on investment with potential hosting customers in Bitcoin mining. But our focus here is really on directing capital to source longer. Those more sticky long-term assets like the energy infrastructure and the HPC infrastructure. And we just think that's a better allocation of capital for 2025 and 2026.

如果其他公司或客戶願意透過託管為未成年人付費。我認為，我們可以為比特幣挖礦的潛在託管客戶帶來更好的投資回報。但我們這裡的重點其實是引導資本更長時間的來源。那些更具黏性的長期資產，例如能源基礎設施和 HPC 基礎設施。我們只是認為這是 2025 年和 2026 年更好的資本配置。

Great. Thanks for taking my questions now.

偉大的。感謝您現在回答我的問題。

Thanks, Mike.

謝謝，麥克。

Mike Grandall, Northland.

麥克·格蘭達爾，北地。

Hey, thank you, guys. Ben, you said something in your prepared remarks and I just want to make sure I heard it right. I think related to the Pennsylvania sites you said 142 megawatts were currently available. And then you needed that clarity from FERC over the next 12 to 36 months on the remaining is that correct? 142 are available today across those three sites?

嘿，謝謝大家。本，你在準備好的發言中說了一些話，我只是想確保我聽得正確。我認為您說的賓州場址目前有 142 兆瓦可用電力。然後您需要 FERC 在未來 12 到 36 個月內澄清剩餘問題，對嗎？目前這三個站點上共有 142 個可用資源嗎？

So let me break that down a little bit more specifically. So we have 142 megawatts of active data center capacity across Panther Creek and scrub grass today. And that 142 megawatts can be provided or can be powered up by either the power plants or the grid. And that's done at our discretion whichever is the more cost effective option is the one that we can use and we can switch back and forth as needed or as necessary over time. The expansion beyond 142.

讓我更具體地解釋一下。因此，我們目前在 Panther Creek 和灌木叢中擁有 142 兆瓦的活躍資料中心容量。並且 142 兆瓦的電力可以由發電廠或電網提供。我們可以自行決定採用哪種更具成本效益的方案，並且可以根據需要或隨著時間的推移來回切換。超越142的擴展。

Is really going to be dependent on two things one investing in more data center infrastructure so that we can consume or power more than 142 megawatts of compute at those two sites.

實際上將取決於兩件事，一是投資更多的資料中心基礎設施，以便我們可以在這兩個站點消耗或供電超過 142 兆瓦的運算能力。

There is more power available at both of those two sites to build out more data center compute in 2025 and 2026. And it's part of the plans there for us to reach 500 megawatts by the end of this year. It's to develop additional power and capacity at the Panther Creek site specifically. The regulatory approvals come into place is with regards to a configuration where we use the grid connection to provide a primary power source for the data centers and then use the power plants to provide a redundant source of power to the data centers. And this is something that's going through the regulatory approval process with a lot of large scale data centers.

這兩個站點都擁有更多的電力，可以在 2025 年和 2026 年建立更多的資料中心運算能力。這是我們今年年底達到 500 兆瓦的計劃的一部分。其目的是為了在 Panther Creek 站點開發額外的電力和容量。監管部門的批准涉及一種配置，即使用電網連接為資料中心提供主要電源，然後使用發電廠為資料中心提供冗餘電源。許多大型資料中心正在經歷監管部門的審批程序。

Amazon and Microsoft, I think, are the big ones who are driving this effort forward with FERC. And that's kind of what is going on there with regulatory approval processes for running both of those simultaneously. And then with regards to the six power applications, that's less of a regulatory approval process and more of just a standard applications process. You know power applications and these large interconnection agreements they take time to work through the system and there's a bureaucracy in place there that just takes that just takes time.

我認為，亞馬遜和微軟是推動聯邦能源管理委員會 (FERC) 推動這項努力的主要公司。這就是同時運作這兩項業務的監管審批流程正在發生的事情。至於六項電力應用，這不太屬於監管審批流程，而更像是標準應用流程。您知道，電力應用和這些大型互連協議需要時間來通過系統，並且存在一個官僚機構，這需要時間。

So the fastest that we could expect I think any of these applications to be approved and moved from the megawatt pipeline to the megawatts under development would be about 12 months. And on the long end for the full scale of the six applications it's about 36 months.

因此，我認為我們預計最快的時間是這些申請獲得批准並從兆瓦級計畫轉移到正在開發的兆瓦級計畫大約需要 12 個月。而從長期來看，這六項申請的全部時間大約是 36 個月。

Got it. Thank you. And then you also mentioned a Q2 feasibility study. I think that related to other sites. Not Panther Creek Scrubgrass and Sharon. But could you just clarify that, too?

知道了。謝謝。然後您也提到了第二季的可行性研究。我認為這與其他網站有關。不是 Panther Creek Scrubgrass 和 Sharon。但您能澄清一下嗎？

Yeah. So we we've engaged our two strategic advisers to help us run feasibility assessments across all of our North American sites. So they first prioritize the Pennsylvania sites, Panther Creek, Scrubgrass, and Sharon. But they're also doing Washington and our Quebec portfolios. So in the second quarter we expect to receive all of these reports for all of the sites from both of the partners. And that's really going to be a crucial step and milestone here for us advancing our HPC and AI strategy because that's when we should have the full suite of information in hand for us to be moving forward more aggressively.

是的。因此，我們聘請了兩位策略顧問來幫助我們對所有北美站點進行可行性評估。因此，他們首先優先考慮賓州的地點、Panther Creek、Scrubgrass 和 Sharon。但他們也負責華盛頓和魁北克的投資組合。因此，我們預計將在第二季收到雙方合作夥伴的所有站點的所有報告。這對我們推進 HPC 和 AI 戰略來說確實是一個關鍵的一步和里程碑，因為那時我們應該掌握全套訊息，以便我們能夠更積極地向前邁進。

Got it. Okay great thanks guys.

知道了。好的，非常感謝大家。

Thanks Mike.

謝謝邁克。

Brian Kinstlinger, Alliance Global Partners.

布萊恩金斯特林格 (Brian Kinstlinger)，Alliance Global Partners 成員。

Hi, great. Thanks for all the details on the new capital allocation strategy. With the key hires in place, and maybe I missed it, Can you update us on the HPC pilots you talked about in November and maybe the timelines you expect for those projects?

嗨，太好了。感謝您提供有關新資本配置策略的所有詳細資訊。在關鍵人員到位的情況下，也許我錯過了，您能否向我們介紹一下您在 11 月談到的 HPC 試點項目以及您預計這些項目的時間表？

So yes. it's a good question we haven't made any announcement on the HPC pilot and the reason for that is because we had one potential customer who was very interested in a small 1 to 2 megawatt pilot project particularly at our Washington locations. And that pilot project was largely going to be driven by that customer demand as we move forward with those conversations.

是的。這是個好問題，我們還沒有宣布任何有關 HPC 試點的消息，原因是我們有一位潛在客戶對一個 1 到 2 兆瓦的小型試點項目非常感興趣，特別是在我們位於華盛頓的地區。隨著我們推進這些對話，該試點計畫將主要由客戶需求推動。

Their scope and their interest went from more of a pilot project to a full-site potential so it was increasing the capacity from about 1 to 2 megawatts to maybe 8 to 15 megawatts of potential capacity. But it's taking it's going to take more time in order to build out whether or not that's a viable alternative for those sites. And whether or not they've got the financing on their end in order to move forward. So as of right now, we don't have any timeline or any plan for you know the pilot and when that could be developed or energized and we're going to be focusing our efforts. And our capital on kind of the powered land and the probably the powered shell potential here in the Pennsylvania sites.

他們的範圍和興趣從更多的試點項目轉向了全場潛力，因此將容量從大約 1 到 2 兆瓦增加到可能 8 到 15 兆瓦的潛在容量。但這需要更多的時間才能確定這是否是這些站點的可行替代方案。以及他們是否有足夠的資金來推進這項進程。因此，截至目前，我們還沒有任何時間表或計劃來指導試點項目以及何時可以開發或啟動該項目，我們將集中精力。我們的資本集中在賓州的發電土地上，以及發電殼的潛力。

Great thanks man.

非常感謝。

Nick Giles. B. Riley.

尼克·吉爾斯。B·萊利。

Hey. thanks, operator. Good morning, everyone. Ben, you noted the longer due diligence process for hyper scales. Now, I was wondering if you could just expand a little more on customer preference. Should we think about hyperscales at the very top and would that require more the build to suit model or yeah, I'll start there?

嘿，謝謝，接線生。大家早安。本，你注意到超大規模的盡職調查過程需要更長的時間。現在，我想知道您是否可以進一步闡述客戶偏好。我們是否應該考慮最頂層的超大規模，這是否需要更多適合模型的構建，或者是的，我將從那裡開始？

Yeah. It's going to be specific to the hyperscaler customer. Certain customers would or certain hyperscalers are much more interested in build to suit certain hyper scalers are much more interested in in powered land and doing everything all themselves. It really depends on the hyperscaler and their strategy. But I think the hyperscaler is the preferred way to go.

是的。它將專門針對超大規模客戶。某些客戶或某些超大規模企業對建造適合特定需求的建築更感興趣，而某些超大規模企業對電力驅動的土地和自己做所有事情更感興趣。這實際上取決於超大規模企業及其策略。但我認為超大規模是首選方法。

You know it is a bit of a trade off with a non-hyperscaler client you could probably achieve higher margins but you have a less strong credit with the counter party you're going to have higher cost of capital associated with financing a project with a non-hyperscale or tenant and so you know when you look at the trade off between margins and cost of capital on a project like that, I think the all in blended figure favors the hyper scalers over another counter party.

您知道，與非超大規模客戶之間需要進行一些權衡，您可能會獲得更高的利潤，但您在交易對手方的信譽較差，因此，與非超大規模客戶或租戶一起融資項目所需的資本成本會更高，因此，當您考慮在這樣的項目中利潤率和資本成本之間的權衡時，我認為總體混合數據對超大規模客戶更有利，而不是其他對手。

But it's really going to be site and deal and counterparty specific. And so it's hard to say anything definitively one way or the other. I would just say in general, the credit worthiness of a hyper scalar customer and the lower cost of capital associated with financing a hyper scalar customer and the infrastructure for them is likely going to provide a better return in value for shareholders.

但它實際上將與地點、交易和交易對手具體相關。因此，很難以任何方式明確地說出任何事情。我只想說，總的來說，超標量客戶的信用價值以及為超標量客戶和他們的基礎設施融資相關的較低資本成本可能會為股東帶來更好的價值回報。

Appreciate that and you know you noted no large CapEx plans for Bitcoin mining in 2025. But you guys have made some pretty timely minor purchases in the past. So could we see you be opportunistic if machines were to trade at a discount or should we think about something like that is off the table at this point?

感謝您的理解，您知道 2025 年比特幣挖礦沒有大型資本支出計劃。但你們過去也進行過一些相當及時的小額採購。那麼，如果機器以折扣價交易，我們是否可以看到你抓住機會，或者我們是否應該考慮目前這樣的事情已經不再考慮了？

Yeah, that's a really good question. The way that we approach minor purchases is I think pretty different than the way a lot of the industry does we've never been focused on growth for growths sake. We've always been a company that focuses on return on invested capital and trying to get a better a better deal for shareholders through not buying the most expensive miners or the most efficient miners. And really focusing on those miners where we can get a little bit of an of an edge and a better return.

是的，這是一個非常好的問題。我認為，我們處理小額採購的方式與許多行業的方式截然不同，我們從來沒有為了成長而成長。我們一直是一家專注於投資資本回報的公司，並試圖透過不購買最昂貴的礦機或最高效的礦機來為股東爭取更好的交易。我們真正關注的是那些能夠讓我們獲得一點優勢和更好回報的礦工。

With minor prices today, we still have not seen minor prices really adjust really at all over the last maybe 15, 18 months. And they stayed flat as Bitcoin has gone both up and down and mining economics has kind of fluctuated here.

從今天的小宗商品價格來看，在過去的 15 到 18 個月裡，我們還沒有看到小宗商品價格有任何真正的調整。儘管比特幣有漲有跌，採礦經濟也出現波動，但它們仍然保持穩定。

If economics change, it's certainly something that we would we could look at. But you know we don't expect that to happen. And we still think that over 2025 and 2026 our fleet is really competitively positioned from an efficiency and a cost perspective we expect that the Bitcoin price and the way that the network cash rate is going to grow those sites are going to be generating you know nice margins and free-cash flow for quite some time so there's not going to be any financial pressure for us to upgrade the fleet. We're going to just focus on optimizing the fleet running it the best that we can, and achieving those diversification beyond Bitcoin objectives that we've outlined.

如果經濟發生變化，這肯定是我們應該關注的事情。但你知道我們並不期望這樣的事情發生。我們仍然認為，從效率和成本的角度來看，到 2025 年和 2026 年，我們的船隊將真正具有競爭力，我們預計比特幣價格和網絡現金利率的增長方式將使這些站點在相當長的一段時間內產生良好的利潤率和自由現金流，因此我們不會有任何財務壓力來升級船隊。我們將只專注於盡可能優化運行的車隊，並實現我們所概述的超越比特幣目標的多樣化。

And I really appreciate all the color this morning so you and the team keep up the good work.

我真的很感謝今天早上的所有色彩，所以你和你的團隊繼續保持良好的工作。

Thank you.

謝謝。

Thanks.

謝謝。

Bill Papanastasio. KBW.

比爾·帕帕納斯塔西奧。KBW。

Good morning, and congrats on all the progress recently for my first question perhaps you can speak to the terms that you'd expect to secure from AI HPC hosting opportunities and maybe draw some parallels to how they may differ from agreements that have been signed by some of your peers. I think there's a lot of confusion out there on the market today and just based on your discussions with some of these counterparties. Curious if you anticipate any material changes to economics or demand given the recent headlines? Thank you.

早安，恭喜您最近取得的所有進展，對於我的第一個問題，也許您可以談談您期望從 AI HPC 託管機會中獲得的條款，並可以比較它們與您的一些同行簽署的協議有何不同。我認為當今市場上存在著許多混亂，這僅基於您與其中一些交易對手的討論。好奇根據最近的新聞頭條，您是否預測經濟或需求會發生任何重大變化？謝謝。

Yeah thanks Bill. I'm not surprised that that investors are a little bit confused because there's been a lot of numbers thrown out there over the last couple of months. I would think that or it's our position that kind of core scientific quarterly deals are probably not likely to be repeated. And especially as you look towards potential hyperscaler customers deal structures can vary wildly based on how you actually want to position yourselves or how the hyperscaler wants to position themselves triple net leases, I think are pretty common structures and pretty attractive structures from our perspective when we're trying to focus on the infrastructure and the energy aspects.

是的，謝謝比爾。投資人有點困惑，我並不感到驚訝，因為過去幾個月已經出現了許多數據。我認為，或者我們的立場是，這種核心科學季度交易可能不太可能重複發生。特別是當您著眼於潛在的超大規模客戶時，交易結構可能會有很大差異，這取決於您實際上想要如何定位自己，或者超大規模客戶想要如何定位自己三重淨租賃，我認為從我們的角度來看，當我們試圖關注基礎設施和能源方面時，這些結構是非常常見的，而且非常有吸引力。

But you know, it's a little early and premature for us to provide any sort of specifics as to what those economics would look like other than to say that you know with the with the cost effective energy and the scale that we have in in Pennsylvania as well as the various kind of geographical and infrastructure features of those three sites we have no shortage of interest for those sites. And I think if you look at kind of how the industry has actually performed, you have a lot of sites that have been under development.

但你知道，現在提供任何有關這些經濟狀況的具體細節還為時過早，只能說，你知道，鑑於我們在賓夕法尼亞州擁有的成本效益能源和規模，以及這三個站點的各種地理和基礎設施特點，我們對這些站點並不缺乏興趣。我認為，如果你看看這個行業的實際表現，你會發現有很多網站正在開發中。

But you also have a pretty healthy ratio of sites that are being signed up for releasing. The market doesn't seem to be overheated at all on the infrastructure side at least in our opinion or opinion that we've gotten from a lot of our strategic advisers it seems to be a very healthy market and robust market and if you've got a good site. And if you're able to develop the infrastructure for it on a timely basis. You're likely you're likely going to be able to find a tenant for that site over the next year or two that seems to be the general.

但已簽約發布的網站數量也相當可觀。至少在我們看來，或者從我們的許多策略顧問那裡得到的意見來看，基礎設施方面的市場似乎根本沒有過熱，這似乎是一個非常健康和強勁的市場，如果你有一個好的網站。如果您能夠及時為其開發基礎設施。您很可能能夠在未來一兩年內為該地點找到一個租戶，這似乎是一般情況。

Kind of consensus on where the market is. I know the market was a little bit concerned around Microsoft's comments. But really, I think that's one player amongst many and really the opportunity here on the HPC and AI infrastructure has not slowed down at all.

對於市場現狀的某種共識。我知道市場對微軟的評論有點擔心。但實際上，我認為這只是眾多參與者中的一個，而且 HPC 和 AI 基礎設施方面的機會實際上根本沒有放緩。

Appreciate that color. For the second question obviously we've seen a shift in focus towards the North American portfolio with plans to develop energy and HPC infrastructure. Perhaps you can speak to the remaining portfolio in South America is there a potential for further divestment in that region to fund growth in Pennsylvania?

欣賞那種顏色。對於第二個問題，我們顯然看到重點轉向北美投資組合，並計劃開發能源和 HPC 基礎設施。也許您可以談談南美洲剩餘的投資組合是否有可能進一步撤資該地區以資助賓州的發展？

Yeah. So these the sites that we have in Latin America are up and running. They're profitable sites generating free cash flow. The site that we had here with Yguazu was a bit of a different situation right because it wasn't up and running it wasn't generating free cash flow it didn't already have minors secured for it and so there was a lot of cost associated with securing the minors and building that site up to the full 200 megawatts.

是的。我們在拉丁美洲的這些站點均已啟動並運行。它們是產生自由現金流的獲利網站。我們與伊瓜蘇 (Yguazu) 合作的電廠情況有些不同，因為它尚未啟動並運行，沒有產生自由現金流，也沒有為其獲得小額資金，因此，獲得小額資金和建設 200 兆瓦的電廠需要花費大量成本。

And that's a very different proposition than keeping a profitable and free cash flow generating site online. I think that we don't have an unhealthy emotional attachment to any particular site. I think if the economics were compelling we're obviously going to look at it and look at all those opportunities for creating shareholder value that come our way. But it's a bit of a different basket to be looking at an operating free cash flow generating site versus a site that is not operating and had substantial costs associated with bringing it up and running.

這與保持一個可獲利且能產生自由現金流的網站在線是截然不同的主張。我認為我們對任何特定網站都沒有不健康的情感依戀。我認為，如果經濟狀況令人信服，我們顯然會考慮它，並考慮所有為我們創造股東價值的機會。但是，將正在運作的、能產生自由現金流的站點與尚未運作且在建立和運作過程中產生大量成本的站點進行比較，是完全不同的。

Brian Dobson, Clear Street.

布萊恩‧多布森 (Brian Dobson)，《清晰街》。

Hey, thanks very much for taking my question. So I mean in our view but Bitcoin miners have excellent experience for HPC development. But as you're as you're speaking with potential clients I guess how do you frame that and what what's the reaction then about the company's I guess past experience.

嘿，非常感謝您回答我的問題。所以我的意思是，在我們看來，比特幣礦工在 HPC 開發方面擁有豐富的經驗。但是當您與潛在客戶交談時，我猜您會如何表達這一點，以及他們對公司過去的經驗有何反應。

Yeah, it's a good question. I think when you When you're a Bitcoin miner you're used to doing deals pretty quickly and pretty aggressively you're very opportunistic when you are looking at the HPC space.

是的，這是個好問題。我認為，當你是比特幣礦工時，你習慣於非常快速且積極地進行交易，當你關注 HPC 領域時，你會非常有機會。

It's a very different space. People are taking a lot more effort. They take a lot more time. And they do a lot more diligence before they move forward on a deal. And it's very important that they do all of that because these are significantly more capital intensive projects than Bitcoin mining right for 2024 our rough cost to deploy a megawatt of miners and infrastructure was about $1 million dollars a megawatt.

這是一個非常不同的空間。人們付出了更多的努力。它們需要花費更多時間。在達成交易之前，他們會做更多的盡職調查。他們必須做到這一切，因為這些項目的資本密集程度遠高於比特幣挖礦，到 2024 年，我們部署一兆瓦礦機和基礎設施的粗略成本約為每兆瓦 100 萬美元。

Whereas for HPC and AI you're looking at probably anywhere between $30 million $40 million dollars depending on the GPUs and the servers and other equipment that you're choosing to operate in and so that level of capital intensity does require a more stringent diligence process. I think if you go into these conversations without having the right resources in hand without being knowledgeable it's pretty easy to you know.

而對於 HPC 和 AI，您可能需要花費 3000 萬美元到 4000 萬美元，具體取決於您選擇使用的 GPU、伺服器和其他設備，因此這種資本密集度確實需要更嚴格的盡職調查流程。我認為，如果你在參與這些對話時手頭上沒有合適的資源，又不具備足夠的知識，那麼就很容易出錯。

Just not have that go anywhere and for the potential hyper scales just stop taking your calls so that's why it's so important for us to engage with you know the right strategic advisers and recruit the right people internally to help us manage these processes and present a very strong footing forward with potential HBC customers and so far it's gone very well with our strategic advisors.

只是不要讓它去任何地方，對於潛在的超大規模，只需停止接聽您的電話，所以這就是為什麼我們與您知道的合適的戰略顧問合作並在內部招募合適的人才來幫助我們管理這些流程並向潛在的 HBC 客戶展示非常堅實的基礎是如此重要，到目前為止，我們的戰略顧問的合作進展順利。

And our team they are filling in the knowledge gaps and really bringing us up to speed very quickly on an educational perspective as to what we need to do what we need to learn. And how we can take our core competencies as a Bitcoin miner and apply them to this new industry with HPC and AI with the greatest efficiency and outcome.

我們的團隊正在填補知識空白，並從教育角度讓我們快速了解我們需要做什麼、需要學習什麼。以及我們如何將作為比特幣礦工的核心競爭力應用到這個具有 HPC 和 AI 的新產業中，並獲得最高的效率和成果。

Great, thanks very much.

太好了，非常感謝。

Thanks, Brian.

謝謝，布萊恩。

Thank you. I would now like to turn the call back over to Ben Gagnon for any closing remarks.

謝謝。現在我想將電話轉回給 Ben Gagnon，請他做最後發言。

Okay. Well, thank you, everyone for joining today. I'd just like to reiterate one more time just how significant the strategic moves we've made over the last few months are across nearly every dimension. We have rapidly transformed this company, and are now a US focused energy and compute company with a strong underlying Bitcoin mining business and exciting potential to expand into HBC and AI in 2025 and beyond. We look forward to keeping you up to date on our progress. Thank you very much.

好的。好吧，謝謝大家今天的參加。我只想再次重申，過去幾個月我們採取的策略舉措在幾乎各方面都具有多麼重大的意義。我們已迅速改造這家公司，使其成為一家專注於美國的能源和計算公司，擁有強大的比特幣挖礦業務，並預計在 2025 年及以後擴展到 HBC 和 AI 領域。我們期待向您通報我們的進展。非常感謝。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。