Bitfarms Ltd (BITF) 2025 Q1 法說會逐字稿

Thank you for standing by and welcome to Bitfarms Ltd' first quarter 2025 earnings conference call. . (Operator Instructions)

感謝您的支持，歡迎參加 Bitfarms Ltd 2025 年第一季財報電話會議。.（操作員指令）

I would now like to hand the call over to Tracy Krumme, SVP Investor Relations and corporate communications. Please go ahead.

現在，我想將電話交給投資者關係和企業傳播高級副總裁 Tracy Krumme。請繼續。

Thank you and welcome to Bitfarm's first quarter 2025 conference call. With me on the call today is Ben Gannon, Chief Executive Officer and director, and Jeff Lucas, Chief Financial Officer.

感謝您並歡迎參加 Bitfarm 2025 年第一季電話會議。今天與我一起參加電話會議的還有執行長兼董事 Ben Gannon 和財務長傑夫盧卡斯 (Jeff Lucas)。

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

在我們開始之前，請注意，本次通話正在進行網路直播，並附帶幻燈片簡報。今天的新聞稿和我們的簡報可以在我們的網站 thefarms.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.

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。

The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to consult the farm's MDNA for a complete list.

前瞻性資訊是基於某些假設，並受風險和不確定性的影響，我邀請您查閱農場的 MDNA 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.

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。

We invite listeners to refer to today's press release and our MDNA for definitions of the aforementioned non IFRS measures and their reconciliations to IFRS measures. Please note that all financial references are denominated in US dollars unless otherwise noted.

我們邀請聽眾參閱今天的新聞稿和我們的 MDNA，以了解上述非國際財務報告準則 (IFRS) 指標的定義及其與國際財務報告準則 (IFRS) 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。

I'd also like to remind everyone that we will be at the following upcoming conferences. Consensus 25, which takes place today through May 16th in Toronto. The Ames summit in London from May 19th to 20th, Bitcoin 2025 conference in Las Vegas, from May 27th to May 29th, HPE Discover in Las Vegas from June 23rd to June 26th and Northland's virtual Growth Conference on June 25th.

我也想提醒大家，我們將參加即將召開的以下會議。第 25 屆共識會議將於今天至 5 月 16 日在多倫多舉行。5 月 19 日至 20 日在倫敦舉行的艾姆斯峰會、5 月 27 日至 29 日在拉斯維加斯舉行的比特幣 2025 會議、6 月 23 日至 6 月 26 日在拉斯維加斯舉行的 HPE Discover 以及 6 月 25 日舉行的 Northland 虛擬增長會議。

There will be opportunities for in-person one on one investor meetings around these conferences. So if interested, please reach out to investors@bidfarms.com.

在這些會議期間，將有機會與投資者進行一對一的面對面會議。如有興趣，請聯絡 investors@bidfarms.com。

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. Good morning and welcome to Bitfarms Q1 2025 earnings presentation. I'm thrilled to address our esteemed audience of investors, analysts, and stakeholders who have joined us today. Your support and engagement are invaluable as we navigate one of the most transformative periods in Bitfarm's history, turning to slide 4.

謝謝，特蕾西。早安，歡迎參加 Bitfarms 2025 年第一季財報。我很高興向今天參加我們會議的尊敬的投資者、分析師和利益相關者發表講話。當我們經歷 Bitfarm 歷史上最具變革性的時期之一時，您的支持和參與是無價的，請翻到投影片 4。

The global demand for compute power is surging, driven by AI innovation, cloud computing, and data intensive applications. Bitfarms is fully equipped to meet this insatiable demand with our robust North American energy portfolio and operational expertise.

在人工智慧創新、雲端運算和資料密集型應用的推動下，全球對運算能力的需求正在激增。憑藉我們強大的北美能源組合和營運專業知識，Bitfarms 完全有能力滿足這一無限需求。

A recent McKenzie report cited that by 2030, companies across the compute value chain need to invest a staggering $5.2 trillion into data centers to meet worldwide demand for AI alone.

麥肯錫最近的一份報告指出，到 2030 年，整個運算價值鏈上的公司需要在資料中心投資高達 5.2 兆美元才能滿足全球對人工智慧的需求。

This is based off of a projected 156 gigawatts of AI related data center capacity demand by 2030, 125 of which will be added in the next 5 years. In 5 years, the power needs for HBCN AI will be almost 10 times the power needs of Bitcoin today.

這是基於預計到 2030 年人工智慧相關資料中心容量需求為 156 千兆瓦，其中 125 千兆瓦將在未來 5 年內增加。5 年後，HBCN AI 的電力需求將幾乎是當今比特幣電力需求的 10 倍。

The bottleneck on the growth is not chips but power, and this is where Bitfarms comes into play. We are no longer solely a Bitcoin mining company. We are evolving into a leading North American energy and compute infrastructure company.

成長的瓶頸不是晶片而是電力，這就是 Bitfarms 發揮作用的地方。我們不再只是一家比特幣挖礦公司。我們正在發展成為北美領先的能源和運算基礎設施公司。

The strategic pivot leverages our core competencies and energy portfolio, positioning us at the forefront of the exciting high growth sectors of high performance computing, artificial intelligence, and energy infrastructure while maintaining cost effective and efficient upside to rising Bitcoin prices.

這項策略重點充分利用了我們的核心競爭力和能源組合，使我們處於高效能運算、人工智慧和能源基礎設施等令人興奮的高成長領域的前沿，同時保持成本效益並有效應對比特幣價格上漲。

Today we'll guide you through our solid progress in Q1 with a focus on two key priorities for 2025 continued US expansion and advancing our HPC in AI business.

今天，我們將向您介紹我們在第一季度取得的穩定進展，重點關注 2025 年的兩個關鍵優先事項：繼續在美國擴張以及推進我們在 AI 業務中的 HPC。

By focusing on these priorities, we aim to drive long-term shareholder value, capitalize on macro tailwinds in energy and concrete markets, and establish big farms as a leader in powering tomorrow's economy.

透過關注這些優先事項，我們旨在推動長期股東價值，利用能源和混凝土市場的宏觀順風，並將大型農場打造為推動未來經濟發展的領導者。

Turning to slide 5. In 11, we made extraordinary progress in rebalancing our portfolio towards the United States and HPC and AI infrastructure, executing two transformative transactions that set the stage for our future growth.

翻到幻燈片 5。2011年，我們在重新平衡投資組合向美國、高效能運算和人工智慧基礎設施方面取得了非凡的進展，執行了兩項變革性交易，為我們未來的成長奠定了基礎。

First, we acquired strategic US energy campuses and power generation facilities, giving us immediate HPC development opportunities and a robust multi-year growth pipeline in Pennsylvania.

首先，我們收購了美國戰略性能源園區和發電設施，為我們在賓州提供了直接的 HPC 發展機會和強勁的多年成長管道。

With these two flagship campuses, each boasting a multi-year pathway to nearly 500 megawatts of power capacity in prime locations, we are attracting interest from institutions with a robust appetite for power and compute infrastructure.

憑藉這兩個旗艦校區，每個校區都擁有在黃金地段實現近 500 兆瓦電力容量的多年途徑，我們吸引了對電力和計算基礎設施有著強烈需求的機構的興趣。

Second, we strategically divested our Iguazu Paraguay Bitcoin mining site. This site was purpose-built for Bitcoin mining and lacked the fiber and market demand for HPC and AI conversion, making it misaligned with our new HPC and US centric strategy.

其次，我們策略性地剝離了巴拉圭伊瓜蘇比特幣挖礦場。該網站專為比特幣挖礦而建，缺乏 HPC 和 AI 轉換的光纖和市場需求，這與我們新的 HPC 和以美國為中心的策略不一致。

The strategic site divestiture was profitable and brought in significant cash proceeds for reinvestment in our US growth initiatives. More importantly, it allowed us to avoid hundreds of millions of dollars in capital expenditures needed to complete and equip the site for Bitcoin mining, preserving our balance sheet strength for higher value opportunities and keeping our capital, time and efforts focused on the US and HPC.

此次策略性場地剝離帶來了利潤，並帶來了大量現金收益，可用於再投資於我們的美國成長計畫。更重要的是，它使我們避免了完成和裝備比特幣挖礦站點所需的數億美元資本支出，保持了我們的資產負債表實力以獲得更高價值的機會，並將我們的資本、時間和精力集中在美國和 HPC 上。

The rapid and simultaneous execution of these transactions demonstrates Spit Farm's agility and forward thinking approach towards managing and developing our energy and conduit infrastructure portfolio.

這些交易的快速和同時執行體現了 Spit Farm 在管理和開發我們的能源和管道基礎設施組合方面的靈活性和前瞻性思維方式。

We're not just planning for the future, we're building it to support this pivot, we've restructured our organization, streamlining operations and aligning teams for HBC and AI development in the US. We've onboarded top tier executives with expertise in HPC AI and construction management, enabling us to collaborate at an accelerated pace with our world-class advisors WWT and ASG.

我們不僅僅是在規劃未來，我們還在建立未來以支持這一轉變，我們已經重組了組織，精簡了運營，並協調了美國 HBC 和 AI 開發的團隊。我們聘請了在 HPC AI 和建築管理方面擁有專業知識的頂級高管，使我們能夠與世界一流的顧問 WWT 和 ASG 加快合作。

These advisors have brought extensive resources and expertise, helping us assess, design, and co-market our HPC assets to prospective clients, significantly collapsing development timelines and ensuring better outcomes.

這些顧問帶來了豐富的資源和專業知識，幫助我們評估、設計和向潛在客戶共同推銷我們的 HPC 資產，大大縮短了開發時間表並確保了更好的結果。

Lastly, on the Bitcoin mining front, we grew our ex a hash under management over 50% in the first quarter to 19.5% a hash. We are now incredibly well positioned to take advantage of rising Bitcoin prices with almost no planned Bitcoin mining CapEx remaining Importantly, with fewer than 300 minors left to clear US customs, and those 300 scheduled to clear this week, we have practically no foreseeable tariff risk on our minors.

最後，在比特幣挖礦方面，我們管理的哈希值在第一季成長了 50% 以上，達到 19.5%。我們現在處於非常有利的位置，可以利用比特幣價格上漲的優勢，而且幾乎沒有剩餘的計畫比特幣挖礦資本支出。重要的是，剩下不到 300 個未成年人需要清關美國海關，而這 300 個計劃於本周清關，因此我們的未成年人幾乎沒有可預見的關稅風險。

Over 94% of our purchase miners are now installed, and with the final install of remaining miners occurring this quarter, we've effectively completed our planned Bitcoin mining growth initiatives.

我們購買的礦機目前已安裝超過 94%，隨著本季剩餘礦機的最終安裝，我們已有效完成計劃中的比特幣挖礦增長計劃。

Through this fleet upgrade, we have gained market share and reduced our operating costs for dramatically. Importantly, with no material CapEx planned for Bitcoin mining, the majority of our current 2025 CapEx investments will focus on electrical infrastructure, namely substations, transmission lines, and civil works.

透過此次機隊升級，我們獲得了市場份額並大幅降低了營運成本。重要的是，由於沒有為比特幣挖礦計劃任何實質性的資本支出，我們目前 2025 年資本支出的大部分將集中在電力基礎設施上，即變電站、輸電線路和土木工程。

The capstone of our Q1 achievements actually occurred on April 1st when we secured up to $300 million from a division of Macquarie Group, one of the world's largest infrastructure investors.

我們第一季成就的頂峰實際上發生在 4 月 1 日，當時我們從全球最大的基礎設施投資者之一麥格理集團的一個部門獲得了高達 3 億美元的資金。

The deal validates our HPC and AI development thesis and provides the capital to begin development of our Panther Creek campus, which I'll discuss shortly. The initial $50 million tranche is secured by Bitfarm's assets with an additional $250 million that will become available as we achieve specific development milestones.

該交易驗證了我們的 HPC 和 AI 開發論點，並為開始開發我們的 Panther Creek 園區提供了資金，我很快就會對此進行討論。最初的 5,000 萬美元部分由 Bitfarm 的資產擔保，另外 2.5 億美元將在我們實現特定的開發里程碑後到位。

This partnership not only strengthens our financial position, but also opens doors to other top tier collaborators, enhancing our credibility and outcomes in the HPC and AI market.

此次合作不僅增強了我們的財務狀況，也為其他頂級合作夥伴打開了大門，提高了我們在 HPC 和 AI 市場的信譽和成果。

Turning to slide 6.

翻到幻燈片 6。

The foundation we built in Q1 was what we needed to do as a company to facilitate our pivot to HPC in the US. I'm proud to say that we accomplished in Q1 exactly what we sought out to get done.

我們在第一季建立的基礎正是我們作為一家公司所需要做的，以促進我們在美國轉型為 HPC 。我很自豪地說，我們在第一季完成了我們想要完成的任務。

Now with this foundation complete and with the right people, advisors and assets in place, we are focused on developing our HBC business in a systematic and scalable fashion.

現在，基礎已經完備，並且擁有合適的人才、顧問和資產，我們將專注於以系統化和可擴展的方式發展我們的 HBC 業務。

Our HPC and anti-business is being built on a structured repeatable process designed for scalability and efficiency across our portfolio of data centers. For every site, we will seek to convert into HBC. We will develop the master plans while pursuing site-specific strategic financing partners or structures to finance the infrastructure development in an a creative fashion to our shareholders.

我們的 HPC 和反業務建立在結構化的可重複流程之上，旨在實現整個資料中心組合的可擴展性和效率。對於每個站點，我們將尋求將其轉換為 HBC。我們將製定總體規劃，同時尋求特定地點的策略性融資合作夥伴或結構，以一種對股東有創意的方式為基礎設施建設提供資金。

Afterwards, construction of infrastructure and the customer acquisition process will both ramp simultaneously in order to accelerate timelines. This repeatable approach ensures we can streamline workflows and replicate our success and learning at Panther Creek across other sites in our portfolio while maintaining consistency, optimizing resources, and wherever possible, collapsing timelines.

隨後，基礎設施建設和客戶獲取過程將同時進行，以加快進度。這種可重複的方法確保我們可以簡化工作流程，並將我們在 Panther Creek 的成功和學習複製到我們投資組合中的其他站點，同時保持一致性、優化資源，並盡可能縮短時間表。

I would now like to take a moment to zoom in on Panther Creek, where we have secured initial financing and are making great progress on the master site planning.

現在我想花點時間詳細介紹 Panther Creek，我們已經獲得了初始融資，並且在整體場地規劃方面取得了很大進展。

Turning to slide 7.

翻到幻燈片 7。

With a potential capacity of nearly 500 megawatts supported by multiple power sources, ample fiber access, and strategically located near major metropolitan areas and existing data center clusters, Panther Creek is going to be our first HBC campus.

Panther Creek 將成為我們的第一個 HBC 園區，其潛在容量接近 500 兆瓦，由多個電源和充足的光纖接入提供支持，並且地理位置優越，靠近主要大都市區和現有的數據中心集群。

We've made significant progress on Panther Creek's development since we secured the site in March. On this slide, we have some renders of one of the conceptual data center plans for Panther Creek that are coming out of the design and engineering of the site master plan.

自從三月我們獲得該地塊以來，我們在 Panther Creek 的開發方面取得了重大進展。在這張投影片上，我們展示了 Panther Creek 資料中心概念規劃的一部分效果圖，這些規劃源自於場地總體規劃的設計和工程。

So far we've created preliminary site map plans, 3D models, and test fits for various data center designs, allowing us to optimize the campus layout across numerous phases of development and designs.

到目前為止，我們已經為各種資料中心設計創建了初步的場地地圖規劃、3D 模型和測試擬合，使我們能夠在多個開發和設計階段優化校園佈局。

Phase 1 and phase 2 substation design and engineering are nearly complete, and we've also conducted site visits with leading manufacturers and suppliers of modular data center infrastructure, exploring innovative solutions to accelerate deployment and reduce costs as we build for the HPC needs of the future.

第一階段和第二階段變電站的設計和工程已接近完成，我們還與模組化資料中心基礎設施的領先製造商和供應商進行了現場訪問，探索創新解決方案，以加速部署並降低成本，滿足未來的 HPC 需求。

Further engineering, design, and planning are underway with the goal of finalizing the master plan for Panther Creek in the 2nd quarter.

進一步的工程、設計和規劃正在進行中，目標是在第二季完成 Panther Creek 的總體規劃。

Once complete, we'll break ground in the second half of 2025, initiating construction of transmission lines, securing key substation equipment, and beginning civil works to prepare the land for active construction.

工程完工後，我們將於2025年下半年破土動工，啟動輸電線路建設，固定關鍵變電站設備，並開始土建工程，為積極施工做好準備。

Simultaneously, we'll be ramping up customer acquisition efforts, engaging prospective clients to refine the infrastructure based on their specific needs. This dual track approach ensures we're building a market ready facility that maximizes value without wasting any time.

同時，我們將加大客戶獲取力度，與潛在客戶合作，根據他們的特定需求完善基礎設施。這種雙軌制方法確保我們能夠建立一個可立即投入市場的設施，從而在不浪費任何時間的情況下實現價值最大化。

Turning to slide 8. I'm excited to share that the feasibility assessments from WWT and ASG have validated the suitability of all of our US sites. Panther Creek, Scrubgrass, Sharon, in Washington State for HBC and AI conversion.

翻到第 8 張投影片。我很高興地告訴大家，WWT 和 ASG 的可行性評估已經驗證了我們所有美國站點的適用性。華盛頓州的 Panther Creek、Scrubgrass、Sharon 進行 HBC 和 AI 轉換。

These sites boast the critical attributes needed for high performance data centers, immediate power capacity, ample land, robust fiber networks, proximity to major metropolitan areas, and positioning in high demand compute markets. For example, Panther Creek, Scrubgrass and Sharon in Pennsylvania benefit from their location in the PJM Interconnection, one of the largest and most reliable power markets in the US with access to multiple power sources for enhanced reliability.

這些站點具備高效能資料中心所需的關鍵屬性、即時電力容量、充足的土地、強大的光纖網路、靠近主要大都市以及在高需求運算市場的定位。例如，賓州的 Panther Creek、Scrubgrass 和 Sharon 受益於其位於 PJM 互聯網絡中的地理位置，該網路是美國最大、最可靠的電力市場之一，可以使用多種電源來提高可靠性。

In Washington, our site is strategically positioned in a region known for its stable, low cost hydropower below $0.03 per kilowatt hour, and the existing data center cluster that is developed around it, making it an ideal location for HPC and AI development.

在華盛頓，我們的站點位於一個以穩定、低成本（低於每千瓦時 0.03 美元）的水電而聞名的地區，並且周圍開發了現有的數據中心集群，使其成為 HPC 和 AI 開發的理想地點。

These assessments confirm that our US portfolio is not just viable but exceptionally well suited for conversion each site is ready to support the infrastructure demands of AI workloads from power intensive GPU clusters to high-speed data connectivity.

這些評估證實，我們的美國投資組合不僅可行，而且非常適合轉換，每個站點都已準備好支援從高功耗 GPU 叢集到高速資料連接的 AI 工作負載的基礎設施需求。

Our ultimate objective will be to convert all US sites to HBC and AI over time, starting with Panther Creek as our flagship campus. This validation strengthens our confidence in our strategy and positions the farms to capture a significant share of the rapidly growing HPC in a market.

我們的最終目標是隨著時間的推移將所有美國站點轉換為 HBC 和 AI，首先從 Panther Creek 作為我們的旗艦園區。此次驗證增強了我們對策略的信心，並使農場能夠在快速成長的 HPC 市場中佔據相當大的份額。

Importantly, the work at Panther Creek also serves as a blueprint for our broader US portfolio. We're undertaking similar planning and engineering across all our US sites, creating a scalable pipeline of HPC and AI data centers to bring to market.

重要的是，Panther Creek 的工作也為我們更廣泛的美國投資組合提供了藍圖。我們正在美國所有站點進行類似的規劃和工程，創建可擴展的 HPC 和 AI 資料中心管道以推向市場。

Each campus and site will benefit from the lessons learned at Panther Creek, improving efficiency and reducing development timelines as we expand development across our US portfolio.

隨著我們擴大美國投資組合的開發，每個校園和站點都將受益於 Panther Creek 的經驗教訓，從而提高效率並縮短開發時間。

Turning to slide 9.

翻到第 9 張投影片。

As we look to the future, Bitfarms is poised for extraordinary growth in 2025 and beyond.

展望未來，Bitfarms 預計在 2025 年及以後實現非凡成長。

Building off of our strong Bitcoin mining experience and foundation, our strategic pivot to HPC and AI infrastructure aligns us with the rampant demand for compute power driven by AI innovation, cloud computing, and data intensive applications. With a clear path to 1.4 gigawatts of power capacity, we're building an exciting energy and compute portfolio to power tomorrow's economy.

基於我們強大的比特幣挖礦經驗和基礎，我們以 HPC 和 AI 基礎設施為戰略重點，滿足了 AI 創新、雲端運算和資料密集型應用所驅動的運算能力的旺盛需求。我們擁有明確的 1.4 千兆瓦電力容量目標，正在建立令人興奮的能源和運算組合，為未來經濟提供動力。

Our energy portfolio has been rebalanced to 70% North American with all US sites validated for HBC and AI conversion. We are now well positioned to maximize the value of our power portfolio through HBC conversion and of the structured development processes, world-class team, and advisors to do so rapidly and efficiently.

我們的能源組合已重新平衡至 70% 來自北美，所有美國站點均已驗證 HBC 和 AI 轉換。現在，我們已做好準備，透過 HBC 轉換以及結構化開發流程、世界一流的團隊和顧問，快速且有效率地實現電力組合價值的最大化。

Our Bitcoin mining operations produce free cash flow to support the business and our HPC development, and our Bitcoin 1 program builds off the success we achieved in 2024, delivering cost effective exposure to rising Bitcoin prices and seeking to amplify returns.

我們的比特幣挖礦業務產生自由現金流來支持業務和我們的 HPC 開發，我們的比特幣 1 計劃建立在我們 2024 年取得的成功的基礎上，以具有成本效益的方式接觸不斷上漲的比特幣價格並尋求放大回報。

Lastly, we are doing this with a financial foundation that is stronger than ever. With up to $300 million in financing from a division of Macquarie Group, coupled with strong liquidity, we have the capital to execute our vision creatively with minimal delusion.

最後，我們這樣做的財務基礎比以往任何時候都更加強大。憑藉麥格理集團旗下一個部門提供的高達 3 億美元的融資，加上強大的流動性，我們擁有足夠的資本以最少的妄想創造性地實現我們的願景。

It forms is not just adapting to the future, we're building it, and for our shareholders, this represents an unparalleled opportunity to invest in a company at the forefront of a transformative industry with significant upside potential that we believe has yet to be recognized by the market.

它的形成不僅僅是適應未來，我們還在建立未來，對於我們的股東來說，這是一個無與倫比的機會，可以投資於一家處於變革行業前沿的公司，我們相信，該公司具有巨大的上升潛力，但尚未得到市場的認可。

Thank you for joining us on this exciting journey. I'm confident that our strategic vision, discipline, execution, and strong financial position will deliver exceptional value in the quarters and years ahead.

感謝您與我們一起踏上這段激動人心的旅程。我相信，我們的策略願景、紀律、執行力和強大的財務狀況將在未來幾季和幾年帶來非凡的價值。

Turning to slide 10, and with that, I will turn the call over to Jeff for the financial update.

翻到第 10 張投影片，我會把電話交給 Jeff 來報告財務最新情況。

Thanks, Ben, and thanks everyone for joining us this morning.

謝謝，本，也謝謝大家今天早上加入我們。

Before we dive into the first quarter numbers, I'd like to highlight a few key elements about our financial position. We are well capitalized for 2025 and beyond, and our financing model as we focus on HPC and AI is straightforward.

在深入研究第一季的數據之前，我想先強調我們財務狀況的幾個關鍵要素。我們為 2025 年及以後做好了充足的資本，而且我們專注於 HPC 和 AI 的融資模式非常簡單。

Our Bitcoin mining business remains solid, achieving steady mining margins and providing a consistent cash flow stream to fund our GNA and debt service as we build up Fanta Creek.

我們的比特幣挖礦業務仍然穩健，實現了穩定的挖礦利潤率，並在我們建造 Fanta Creek 的過程中提供了穩定的現金流來資助我們的 GNA 和債務服務。

With our minor upgrades to fancy complete, we have no plans nor the need for any substantial minor purchase programs. Our low CapEx mining business is largely de-risked and is well positioned to benefit from any potential Bitcoin upside, and importantly, the CapEx requirements to grow our HBC and AI business in the near term are funded with the recent finance and Security from Macquarie Group.

由於我們對 fancy complete 進行了小規模升級，因此我們沒有任何計劃也不需要進行任何實質性的小型購買計劃。我們的低資本支出挖礦業務基本上沒有風險，並且能夠從任何潛在的比特幣上漲中受益，重要的是，短期內發展我們的 HBC 和 AI 業務的資本支出需求由麥格理集團最近的融資和擔保提供資金。

In short, with steady with steady mining economics, no plans for additional large amount of purchases, minimal impact expected from potential tariffs, and the remainder of this year's capital expenditures funded or with financing in place, we are confident that our financial position will enable us to efficiently and cost effectively grow a US HBC and AI business.

簡而言之，由於採礦經濟保持穩定，沒有額外大量採購的計劃，潛在關稅的影響預計很小，並且今年剩餘的資本支出已獲得資金或融資到位，我們相信我們的財務狀況將使我們能夠高效且經濟地發展美國 HBC 和 AI 業務。

Turning now to slide 11.

現在翻到第 11 張投影片。

We are excited to join forces with Macquarie to finance their HBC and AI business cost effectively with minimal dilution in addition to funding the initial phase of a build out at Panther Creek, their expertise and their vast experience in HBC and AI infrastructure financing will be integral as we look to further scale of the project and to expand to other sites within our portfolio.

我們很高興能與麥格理聯手，以最低的稀釋度為他們的 HBC 和 AI 業務提供成本有效的融資，此外還為 Panther Creek 的初始建設階段提供資金，他們的專業知識和在 HBC 和 AI 基礎設施融資方面的豐富經驗將是不可或缺的，因為我們期待進一步擴大項目規模並擴展到我們投資組合中的其他站點。

Are highly valued and appreciating North American assets combined with a higher margin and predictable earning stream characteristics of HPC and AI enabled us to secure this attractive debt facility.

被高度重視和升值的北美資產，加上更高的利潤率和可預測的 HPC 和 AI 收益流特徵，使我們能夠獲得這項有吸引力的債務融資。

These funds are dedicated to financing the HBC data center development at our Panther Creek location. Announced in April, the initial tranche of $50 million will cover the soft cost development with the $250 million project financing tranche built for drawing as we achieve specific development milestones.

這些資金專門用於資助我們位於 Panther Creek 的 HBC 資料中心開發。今年 4 月，我們宣布首筆 5,000 萬美元的資金將用於軟成本開發，而 2.5 億美元的專案融資部分將用於在我們實現特定的開發里程碑時提取資金。

Turning to slide 12, our first quarter financial performance with the acquisition of Stronghold, our operations expanded to encompass power generation and hosting. In the first quarter, we earned and received 699 Bitcoin for total revenues of $67 million up 33% year over year.

轉到投影片 12，我們第一季的財務表現隨著對 Stronghold 的收購，我們的業務擴展到涵蓋發電和託管。第一季度，我們賺取並收到了 699 比特幣，總收入為 6,700 萬美元，年增 33%。

Revenue from our mining activities was $65 million with a balance of about $2 million from our Volt electrical services subsidiary and from strongholds Bitcoin hosting electricity generation businesses following on March 14th acquisition date.

我們的採礦活動收入為 6,500 萬美元，其中約 200 萬美元來自我們的 Volt 電力服務子公司以及自 3 月 14 日收購以來的 Strongholds Bitcoin 託管發電業務。

Our gross mining profit was $28 million representing a direct mining margin of 43% and an average of $40,100 per Bitcoin mine.

我們的採礦總利潤為 2800 萬美元，直接採礦利潤為 43%，平均每個比特幣礦場 40,100 美元。

Cash GNA was $20 million and included unusual and non-recurring professional service fees of about $2 million in the quarter, primarily for expenses incurred in connection with the stronghold acquisition and the sale of our Iguazu facility to hive digital assets.

現金 GNA 為 2000 萬美元，其中包括本季約 200 萬美元的不尋常和非經常性專業服務費，主要用於與據點收購和出售我們的伊瓜蘇工廠以進行蜂巢數位資產相關的費用。

Operating loss of $32 million in the quarter and included $17 million in impairment charges attributed largely to our Argentine operation and the impact there of higher energy prices and unfavorable foreign exchange rate movements.

本季營業虧損 3,200 萬美元，其中包括 1,700 萬美元的減損費用，這主要歸因於我們的阿根廷業務以及那裡能源價格上漲和不利的外匯匯率變動的影響。

As a result, net loss for the first quarter was $36 million or $0.07 per share. Turning to slide 13, for the first quarter, our adjusted of that was $15 million or 23% of revenue. This encompasses primarily our self-mining revenue supplemented by income earned on our hosting activities and our electricity generation.

因此，第一季淨虧損為 3,600 萬美元，即每股 0.07 美元。翻到第 13 張投影片，第一季度，我們的調整後利潤為 1,500 萬美元，佔營收的 23%。這主要包括我們的自採收入，以及託管活動和發電所獲得的收入。

Focusing on first quarter operating performance and per bitcoin metrics, gross mining profit was $28 million of 43% of mining revenue.

專注於第一季的營運表現和每個比特幣的指標，採礦總利潤為 2,800 萬美元，佔採礦收入的 43%。

Our direct mining cost for Bitcoin in the first quarter was $47,800 with our all-in cash cost to mine a Bitcoin at $72,300 compared to revenue per Bitcoin earned of $92,500 resulting in profit per Bitcoin of just over $20,000 for a cash profit contribution from our mining activities of about $14 million.

我們第一季的比特幣直接挖礦成本為 47,800 美元，挖取一枚比特幣的全部現金成本為 72,300 美元，而每枚比特幣的收入為 92,500 美元，每枚比特幣的利潤略高於 20,000 美元，我們的挖礦活動貢獻的現金利潤約為 1400 萬美元。

I wish to note that as we continue to prioritize growing our HBC and AI business, we no longer plan to publish monthly production reports. Instead, we'll be providing regular updates on progress with our HBC and AI initiatives. We believe this aligns more closely with the strategic direction of our business.

我想指出的是，由於我們繼續優先發展我們的 HBC 和 AI 業務，我們不再計劃發布每月的生產報告。相反，我們將定期更新我們的 HBC 和 AI 計劃的進展。我們相信這與我們業務的策略方向更加契合。

Turning to slide 14. I now speak to our liquidity in our anticipated capital needs.

翻到第 14 張投影片。我現在談談我們預期資本需求中的流動性。

As of May 13th, we had total liquidity of approximately $150 million comprised of cash and uncovered BTC. In addition, under the Iguazu sale agreement, we expect to receive from Hive $26 million ratably over the next 5 remaining months, and we project generating on average about $8 million per month of free cash flow from our mining operations.

截至 5 月 13 日，我們的總流動資金約為 1.5 億美元，包括現金和未發現的 BTC。此外，根據伊瓜蘇出售協議，我們預計在未來 5 個月內從 Hive 按比例獲得 2,600 萬美元，我們預計我們的採礦業務每月平均產生約 800 萬美元的自由現金流。

We anticipate this to be sufficient to meet our remaining CapEx needs for 2025, which we project to be under $100 million. Importantly, this number does not include any near term HBC and AI capital needs, which are planned to be funded by Macquarie.

我們預計這足以滿足我們 2025 年剩餘的資本支出需求，我們預計該需求將低於 1 億美元。重要的是，這個數字不包括任何近期的 HBC 和 AI 資本需求，這些需求計劃由麥格理提供資金。

In closing, we believe our financial position provides a solid foundation to execute on the HBC and AI initiatives that Ben laid out this morning, and we look forward to keeping you updated as we continue to scale our US operations.

最後，我們相信我們的財務狀況為執行 Ben 今早提出的 HBC 和 AI 計劃提供了堅實的基礎，我們期待在繼續擴大美國業務的同時向您通報最新情況。

With that, I'll turn the call back to the operator for questions and answers.

說完這些，我會將電話轉回給接線生，以便進行問答。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Mike Colonies, HC Rainwriting Company.

麥克‧科洛尼斯 (Mike Colonies)，HC Rainwriting 公司。

Hi, good morning guys, and thank you for taking my questions. First one for me is on the HBCAI side. Jeff, you highlighted $100 million or so of CapEx, that's not including any additional development of the HBC data centers, but if you could provide maybe some more specifics as to what the, infrastructure development.

大家早安，謝謝你們回答我的問題。對我來說，第一個是在 HBCAI 方面。傑夫，你強調了 1 億美元左右的資本支出，這還不包括 HBC 資料中心的任何額外開發，但你是否可以提供一些有關基礎設施開發的更多細節。

To continue to build out the 500 megawatts of total expected capacity that would entail that that total number and then you know from an infrastructure development standpoint. what would need to happen thereafter, in terms of client discussions for you guys to bring the site to the next stage.

繼續建造預計總容量 500 兆瓦，這將需要這個總數，然後您從基礎設施開發的角度知道。此後，在與客戶的討論方面，你們需要做什麼才能將站點帶入下一階段。

So let me start off initially here by just commenting here that we're actually working now in the final stages of a massive development plan what we're going to do with Panda Creek. So we're actually going to have a lot more information, forthcoming shortly here in terms of what those expenditures are going to be. But right now we're still in the process of putting together the expectations here. But then maybe you want to add about some of the timeline timelines and expectations that we have there.

首先我要說的是，我們實際上正在製定一個大規模開發計劃的最後階段，我們將對 Panda Creek 進行開發。因此，我們實際上將會獲得更多有關這些支出的信息，很快就會公佈。但現在我們仍處於整合期望的過程中。但也許您想添加一些我們的時間表和期望。

Yeah, happy to, and thanks for the question, Mike. So first thing is, as Jeff said, we're completing our master site plan. It's supposed to be done this quarter, and that's one of the next key development milestones in order to access the full $300 million dollar facility with Macquarie. Just to give you a ballpark of, what that $300 million can accomplish for us at that Panther Creek site.

是的，很高興，謝謝你的提問，麥克。因此，首先，正如傑夫所說，我們正在完成整體場地規劃。該項目預計將於本季完成，這是獲得麥格理 3 億美元全額貸款的下一個關鍵發展里程碑之一。只是想給你一個大概的印象，這 3 億美元能為我們在 Panther Creek 工廠帶來什麼。

Effectively we can build out, all of the like powered land infrastructure for the full 500 megawatts there at the Panther Creek location, or we can build out the initial substation and the first building of HPC for the for the power campus, and we need further financing to finish out the remaining 5 or 6 buildings there.

實際上，我們可以在 Panther Creek 地點建造所有類似的 500 兆瓦電力陸地基礎設施，或者我們可以為電力園區建造初始變電站和第一座 HPC 大樓，並且我們需要進一步的融資來完成剩下的 5 或 6 棟建築。

Got it. That's very helpful, man. Appreciate that. And then on the Bitcoin mining side, you guys have obviously improved the fleet efficiency quite a bit through the transformative fleet upgrade here to 19 Joules and Terra hash, but curious, is there any further room to optimize or improve your overall power costs on the Bitcoin mining side?

知道了。這非常有幫助，老兄。非常感謝。然後在比特幣挖礦方面，你們顯然透過將機隊升級到 19 焦耳和 Terra 哈希，大大提高了機隊效率，但好奇的是，在比特幣挖礦方面，是否還有進一步優化或改善整體電力成本的空間？

So we have two different things there. I mean, first we had the, we have about 6% of the miners still remaining to be installed. All of those miners that are waiting to be installed have efficiency higher than the 19, so there's going to be marginal improvement there on the energy efficiency side, and I think the big part of this here is that with the PGM facilities that we've secured and the active mining that we're doing throughout Pennsylvania, we now have a lot of energy trading. Opportunities in our portfolio.

所以我們有兩個不同的東西。我的意思是，首先，我們還有大約 6% 的礦機尚未安裝。所有等待安裝的礦機的效率都高於 19，因此在能源效率方面將會有邊際改善，我認為這裡最大的原因是我們已經獲得了 PGM 設施，並且我們在賓夕法尼亞州各地積極進行採礦，我們現在有大量的能源交易。我們投資組合中的機會。

So, for the first time we have a lot more control and flexibility of our power prices. But what this means is that you know we're not seeking to achieve a certain dollar per megawatt hour figure or seeking to do is optimize free cash flow out of those mining operations on a daily basis. And so some days it might make sense to pay, a higher price and flex a little bit more hash rates.

因此，我們第一次對電價有了更多的控制權和彈性。但這意味著，您知道我們並不尋求實現每兆瓦時一定數量的美元數字，也不尋求每天優化這些採礦業務的自由現金流。因此，有時支付更高的價格並獲得稍微多一點的哈希率可能是有意義的。

Some days it makes sense to. Run less and target a lower price. So with those PGM facilities we have a lot more control over energy, and that gives us a lot more downside protection, a lot more optimization here on the free cash flow, and that's our big way here of managing hash costs rolling forward.

有時候這是有意義的。減少運行次數並降低價格。因此，透過這些 PGM 設施，我們可以對能源進行更多的控制，這為我們提供了更多的下行保護，對自由現金流進行了更多的優化，這是我們管理哈希成本的重要方法。

Thanks bye.

謝謝再見。

Thanks, Mike.

謝謝，麥克。

Thomas Shinsky, Cancer.

湯瑪斯‧辛斯基，巨蟹座。

Hi Ben and Jeff, this is, Thomas on for Brett.

嗨，班和傑夫，我是布雷特的湯瑪斯。

Thank you for taking my question. I guess he just mentioned the master plan as part of the additional milestones for the additional $250 million secondary trons from Macquarie. I guess what, specific other development milestones must be met to access the additional $250 Million?

感謝您回答我的問題。我猜他剛才提到總體規劃是麥格理額外 2.5 億美元二級市場投資的額外里程碑的一部分。我想問一下，必須滿足其他特定的發展里程碑才能獲得額外的 2.5 億美元？

Jeff, you want to take that?

傑夫，你想拿走那個嗎？

Yeah, actually the milestones are pretty straightforward here going forward here. The way it works here is that as we put together the mass development plan we've identified what the anticipated capital expenditures are going to be along the way. Once we have the, really the approval from Macquarie for the mass development plan, we can begin drawing upon that facility here to take advantage of each of the various, tranches of the capital requirements arise. So it's actually a pretty straightforward mechanism here.

是的，實際上這裡的里程碑非常簡單。這裡的工作方式是，當我們制定大規模開發計畫時，我們已經確定了預期的資本支出。一旦我們真正獲得麥格理對大規模開發計畫的批准，我們就可以開始利用這項便利性來滿足各個出現的資本需求。所以這其實是一個非常簡單的機制。

Awesome thanks and then just one more if I may Ben you mentioned as we enter the second half of 2025 you will look to start securing you know some critical substation infrastructure. I was just wondering if you've already put you know yourself in the queue for some of the long lead items here given the high demand for this infrastructure.

非常感謝，如果可以的話，我再問一句，本，你提到，當我們進入 2025 年下半年時，你將開始保護一些關鍵的變電站基礎設施。我只是想知道，鑑於對該基礎設施的高需求，您是否已經將自己列入了一些長期項目的隊列中。

Thanks Tom. We're still working on the master plans. We haven't placed deposits on any of the any of the equipment yet, there are timelines here so that we should expect to have, the first tranches of additional power probably in 12 to 18 months from today, at the Panther Creek location, and that includes, our anticipation that we'd be putting orders down, for substation equipment, in the second half of next of this year.

謝謝湯姆。我們仍在製定總體規劃。我們尚未對任何設備支付定金，但這裡有時間表，因此我們預計從今天起大概 12 到 18 個月後，在 Panther Creek 地點將獲得第一批額外電力，這包括我們預計將在今年下半年下達變電站設備訂單。

Awesome thanks guys.

太棒了，謝謝大家。

Mike Grandall, Northland Capital Markets.

麥克‧格蘭達爾 (Mike Grandall)，北國資本市場 (Northland Capital Markets)。

Hey guys, thanks. It seems like you're off to a nice start with Panther Creek.

嘿，大家，謝謝。看起來您在 Panther Creek 已經有了一個良好的開始。

How would you rank Scrubgrass Sharon in Washington state? Do you guys have an internal ranking or will it be customer demand that drives what's next? Just kind of like your thoughts there.

您如何評價華盛頓州的 Scrubgrass Sharon？你們有內部排名嗎？還是由客戶需求來推動下一步的排名？有點像你的想法。

Good thanks Mike. It's a great question. We've had a lot of initial conversations with potential customers and Panther Creek stands out as, the best opportunity site that we have in our portfolio. That's due to a couple of reasons.

很好，謝謝邁克。這是一個很好的問題。我們與許多潛在客戶進行了初步交談，而 Panther Creek 是我們投資組合中最好的機會地點。這是由於幾個原因造成的。

One, it's got the most amount of immediate power over the next 12 to 18 months, and it also has a very clear runway here for the next 3 years to scale up, to several 100 megawatts. And third, that proximity to New York and Philadelphia is probably the best geographical location that we have in our portfolio for HPC, most in demand, as we look across our other sites Washington, Scrubgrass, Sharon, and the sites have different qualities and attractiveness to different kinds of customers.

首先，它擁有未來 12 到 18 個月內最多的即時電力，而且它還擁有非常清晰的未來 3 年擴大至幾百兆瓦的運行路線。第三，靠近紐約和費城可能是我們 HPC 投資組合中最好的地理位置，也是最需要的，因為我們看看華盛頓、斯克魯格拉斯、沙倫等其他站點，這些站點對不同類型的客戶有不同的品質和吸引力。

Scrub grass, very similar kind of footprint and demand as Panther Creek, but Panther Creek's just a little bit further along in the, additional power connections to the grid that we're going to be able to use to scale that up to several 100 megawatts, but it effectively has almost all of the same characteristics as Panther Creek.

灌木草，其足跡和需求與 Panther Creek 非常相似，但 Panther Creek 稍微遠一點，它擁有與電網的額外電力連接，我們將能夠利用這些連接將電力規模擴大到幾百兆瓦，但它實際上具有與 Panther Creek 幾乎相同的所有特徵。

It's just Panther Creek is a little bit further advanced in its timeline. Sharon is an interesting one as well because it has 110 megawatts there that should be ready in the back half of next year. It's that's a very attractive one as well. It's got the size and scale to, facilitate a lot of interested customers, but it's a little bit lower in the priority queue or a little bit, it just doesn't have the further expansion capacity that really makes Panther Creek and scrub grass, such exciting prospects.

只是 Panther Creek 在時間線上稍微領先了一點。沙龍也是一個有趣的地方，因為那裡有 110 兆瓦的電力，應該會在明年下半年投入使用。這也是非常有吸引力的。它的規模和範圍足以吸引許多有興趣的客戶，但它的優先順序稍微低一點，或者說，它不具備進一步擴展的能力，而這正是 Panther Creek 和灌木草如此令人興奮的前景所在。

With that multi-year development ramp up to, almost 500 megawatts. Washington is a very different kind of site, it's a much smaller site, so it would be targeting a different kind of customer, but it also has.

經過多年的發展，發電量已達到近 500 兆瓦。華盛頓是一個非常不同的站點，它是一個小得多的站點，因此它將針對不同類型的客戶，但它也有。

Probably the most cost effective and reliable power in our portfolio for HPC in Washington, the expected price is about $26 or $27 a megawatt hour. So that's the lowest possible cost we have across our entire portfolio. It means that we'd have really healthy margins, and we'd be going after a different kind of customer, probably something like a government agency. Who'd be interested in taking the whole site and having the data sovereignty and the security also themselves. So the different sites have different, attractive qualities for different potential customers.

這可能是我們為華盛頓的 HPC 提供的產品組合中最具成本效益和最可靠的電力，預期價格約為每兆瓦時 26 美元或 27 美元。這是我們整個投資組合中最低的成本。這意味著我們將擁有非常健康的利潤率，並且我們將吸引不同類型的客戶，可能是政府機構之類的客戶。誰有興趣接管整個網站並擁有資料主權和安全性。因此，不同的網站對於不同的潛在客戶具有不同的吸引力。

And clearly Panther Creek is our flagship one that we're going to develop, but after we've completed our master site plans here in this quarter, we're going to be replicating similar efforts across all of those other sites in the US that we have a pipeline here of sites to market to customers simultaneously.

顯然，Panther Creek 是我們要開發的旗艦項目，但在本季度完成總體場地規劃後，我們將在美國所有其他場地上複製類似的努力，我們在這裡擁有場地管道，可以同時向客戶推銷。

Got it. That, that's.

知道了。那是，那麼。

Helpful. And then slide 14 has, CapEx needs for 2025, less than $100 million excluding HPC. That less than $100 million what is it going for? Is that a little bit more infrastructure? Just help us where that's being Spent.

很有幫助。然後第 14 張投影片顯示，2025 年的資本支出需求（不包括 HPC）不到 1 億美元。那不到 1 億美元要用來做什麼呢？這是否意味著基礎設施更加完善了？只要幫助我們找到花錢的地方即可。

Sure, let me start off in a bank I call up that if you wish. First of all, we actually have that amount here. It's around $75 million is where we are at this point in time here, which roughly about $5 million actually logistics costs associated with our miners as we have further deployment strategic locations of these.

當然，如果您願意的話，我可以先從銀行開始，我可以打電話給那家銀行。首先，我們這裡確實有這個金額。目前我們的成本約為 7500 萬美元，其中約 500 萬美元實際上是與我們的礦工相關的物流成本，因為我們在戰略位置進一步部署了這些礦工。

On top of that, the balance of that really is going to be spent primarily in Sharon and to agree on the scrub grass and panto locations as a sort of building out, as Ben points out, the electrical infrastructure, and for that we have about roughly around $70 million to $65 million for that overall. So that's kind of where we have it allocated at this point in time.

除此之外，剩餘的資金實際上將主要用於沙龍，並同意在灌木草和 panto 位置進行建設，正如本指出的那樣，用於建設電力基礎設施，為此我們總共大約有 7000 萬至 6500 萬美元。這就是我們目前分配的位置。

Got it. Okay.

知道了。好的。

Hey, thanks for that color, Jeff.

嘿，謝謝你的顏色，傑夫。

Brian Kinstlinger, Alliance Global Partners.

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

Great, thanks so much. Last quarter you mentioned the hyper scalers would go through a quick assessment initially to see if the location is worth dedicating their time for a more thorough evaluation. At what point and what do they need to see to, com to start that initial assessment.

太好了，非常感謝。上個季度您提到，超級擴展者首先會進行快速評估，以確定該位置是否值得他們花時間進行更徹底的評估。在什麼時候以及他們需要看到什麼來開始初步評估。

So thanks for the question. I mean we had initial conversations with potential customers even before we had closed on the stronghold transaction. One of the key things for, large scale potential customers like that is the certainty around their investments and so it's really important for us to secure the sites before those advance to the next level and the next, big thing here for us is completing the master site plan because that includes things like.

感謝您的提問。我的意思是，甚至在完成堡壘交易之前，我們就與潛在客戶進行了初步交談。對於像這樣的大型潛在客戶來說，關鍵的事情之一就是他們投資的確定性，因此，在這些專案進入下一階段之前，我們必須確保場地安全，而接下來對我們來說最重要的事情是完成總體場地規劃，因為其中包括以下內容。

The timeline expectations, the budget estimates, the Gantt charts for how construction builds out over time, what are the phases of development and expected power draws at what points in time, and I that is really the next key thing that we need with that in place, it's a lot easier to go and have these serious conversations with potential customers.

時間表預期、預算估算、甘特圖（表示施工如何隨時間推移而進行）、開發階段以及預計在什麼時間點的電力消耗，這些都是我們需要的下一個關鍵事項，有了這些，我們就可以更輕鬆地與潛在客戶進行嚴肅的對話。

Great. And my follow up, you've sold 60% to 70% of your Bitcoins mined over the last two quarters with the financing in place for HPC and AI in your limited CapEx for Bitcoin mining, how should we think about, Bitcoin Hoddle versus plan sales going forward?

偉大的。我的後續問題是，你們已經出售了過去兩個季度開採的 60% 到 70% 的比特幣，並且在有限的比特幣挖礦資本支出中為 HPC 和 AI 提供了融資，我們應該如何看待比特幣 Hoddle 與未來的計劃銷售？

So really for the sales going forward here, we plan to use that to address our operating requirements here, which are roughly about, the fixed costs that we face are roughly about $6 to $6.2 million a month. So above and beyond that though, we're going to be looking to accumulating a hole here, are using it very strategically and tactically for a Bitcoin one program here as a means of using derivatives and instruments like that, to really enhance the value and the quantity of Bitcoin that we have.

因此，對於未來的銷售，我們計劃利用它來滿足我們的營運需求，我們面臨的固定成本約為每月 600 萬至 620 萬美元。因此，除此之外，我們還將尋求在這裡積累一個漏洞，並將其非常戰略性和戰術性地用於比特幣一號計劃，作為使用衍生品和類似工具的手段，以真正提高我們擁有的比特幣的價值和數量。

Here.

這裡。

Great. Thank you.

偉大的。謝謝。

Nick Giles, B. Riley.

尼克吉爾斯、B.萊利。

Thank you very much, operator. And good morning, everyone. This is Feather Chabelin on behalf of Nick Chal. Ben and Jeff, my first one, is about macro, environment.

非常感謝，接線生。大家早安。我是 Feather Chabelin，代表 Nick Chal。我的第一個作品《本和傑夫》是關於宏觀、環境的。

Where are you now in the process of discussion, with potential tenants for your HPC capacity and how would you frame up the interests of the capacity in PJM specifically?

您現在與 HPC 容量的潛在租戶的討論進度如何？您如何具體規劃 PJM 容量的利益？

Thank you.

謝謝。

And thanks for the question. As we said, we've had initial conversations with customers to verify and gauge their interests, but what we really needed to do to take those conversations to, the next stage here is to have the certainty and the timelines for energization and power availability and the construction schedule and associated budgets and costs.

感謝您的提問。正如我們所說，我們已經與客戶進行了初步對話，以驗證和評估他們的興趣，但我們真正需要做的是將這些對話推進到下一階段，以確定通電和電力供應的時間表以及施工進度和相關預算和成本。

All of that is in the planning stages right now in that master site plan, development phase which should be expected to be done this quarter, and then we're going to be ramping up those efforts quite aggressively here, not just out of Panther Creek location but replicating the exact same process here of, doing the simultaneous master site plan for a site as well as going to secure or seeking out.

目前，所有這一切都處於總體場地規劃的規劃階段，預計開發階段將在本季度完成，然後我們將在這裡加大力度，不僅僅是在 Panther Creek 地區，而且將在這裡複製完全相同的過程，同時為場地制定總體場地規劃，並進行保護或尋找。

Site specific financing or site specific financing partner for that particular conversion or new construction build so that we can also put that into the pipeline of sites that are being marketed out to customers simultaneously.

針對特定改建或新建工程，我們專門為場地提供融資或為場地提供融資合作夥伴，以便我們能夠將其納入同時向客戶推銷的場地管道中。

Thank you for this call. And my next one is.

感謝您的來電。我的下一個是。

You already finished the assessment of potential HPC site.

您已完成對潛在 HPC 站點的評估。

So, and what would be the CapEx need per one megawatt of gross capacity and what are you looking for in terms of your prospective customer or customers for this HPC capacity, and, are you expecting kind of CapEx split for development with HPC megawatts, between you and potential tenants? Any.

那麼，每兆瓦總容量需要多少資本支出，您對這種 HPC 容量的潛在客戶有何要求，您是否期望您和潛在租戶之間對 HPC 兆瓦開發的資本支出進行分攤？任何。

Color here would.

這裡的顏色會。

Be, would be helpful.

是，會有幫助的。

Yeah, it's a good question. The big thing here for us as a business, when you're looking at how we're driving shareholder value, kind of look at where we as a business are priced and valued. I think most of the Bitcoin miners are maybe somewhere in kind of like a 3 to 5 multiple of adjusted EBITDA , we're a bit lower, we're roughly, 2 times adjusted EBITDA , and when you look at what the data center res are doing is 20 to 30 X. So the big unlock here in shareholder value comes from the long term contracted revenues themselves, as opposed to, any particular.

是的，這是個好問題。對於我們作為一家企業來說，最重要的是，當你觀察我們如何推動股東價值時，看看我們作為一家企業的定價和估值。我認為大多數比特幣礦工的調整後 EBITDA 可能在 3 到 5 倍之間，我們的稍微低一些，大約是 2 倍，而當你看看數據中心的情況時，我們的調整後 EBITDA 是 20 到 30 倍。因此，股東價值的巨大釋放來自於長期合約收入本身，而不是任何特定的收入。

Facet of the of the development, in itself, and so there's a variety of different business structures and models that we could use in order to secure those contracted revenues and there's a balancing act between CapEx associated with the model, the revenues that are possible per unit of megawatt hours sold, and the margins that you'd get on each unit of energy sold as well.

開發本身就是一個方面，因此我們可以使用各種不同的業務結構和模型來確保這些合約收入，並且在與模型相關的資本支出、每單位兆瓦時可能獲得的收入以及每單位售出能源所獲得的利潤之間保持平衡。

You kind of think of it as a spectrum, with the lowest cost being on the powered land. That would be in the few hundreds of thousands of dollars a megawatt. Once you get up to the powered shell, we'd probably in the below $2 to $4 million a megawatt range and to move up the stack further to, have a completely completed building ready to throw in racks, it's going to be closer to maybe $8 to $10 million a megawatt. We think the sweeter spot here at least for Panther Creek is probably going to be on, the powered shell range.

你可以把它想像成一個頻譜，其中供電土地的成本最低。每兆瓦的成本約為幾十萬美元。一旦建造好供電外殼，成本可能會在每兆瓦 200 萬到 400 萬美元之間，而進一步提升成本，擁有一座完全竣工並準備安裝機架的建築，成本可能會接近每兆瓦 800 萬到 1000 萬美元。我們認為，至少對 Panther Creek 來說，這裡的最佳地點可能是動力砲彈射程。

That things that seems to be in most of our conversations where the sweet spot is between CapEx investment, total revenue per megawatt hour, and margin is trying to focus on. Not the most amount of revenue per unit of megawatt hour sold, but how do we convert over the most amount of megawatts for the least amount of CapEx with a focus on our return on invested capital.

在我們的大多數談話中，似乎都集中在資本支出投資、每兆瓦時總收入和利潤率之間的最佳平衡點。重點不在於每賣出一單位兆瓦時能獲得多少最高收入，而在於如何以最少的資本支出獲得最多的兆瓦數，並專注於投資資本的回報。

So, that gives you kind of a sense of kind of what are the relative costs and the way that we're looking at the various business structures. I'd also say that across our portfolio of sites, different models are going to make sense for the different sites and the different potential customers.

因此，這讓您大致了解相對成本是多少，以及我們看待各種業務結構的方式。我還想說，在我們的網站組合中，不同的模型對於不同的網站和不同的潛在客戶來說是有意義的。

It could very well be that you know in these conversations with potential Hyperscale’s customers you know they want to take over and control more of the build and more of the operations and with things like government agencies maybe in Washington, they're more keen to just have a site turnkey ready to plug in computers or maybe even want to have those computers, on site already, so there's a variety of different business models that we're approaching. But really the primary next steps here are the master site plans and the financing in place to begin construction and conversion across all those sites.

很有可能，在與 Hyperscale 的潛在客戶進行這些對話時，您知道他們想要接管和控制更多的建設和運營，而對於像華盛頓的政府機構這樣的機構，他們更熱衷於擁有一個可以隨時插入計算機的交鑰匙現場，或者甚至希望現場已經有這些計算機，因此，我們正在採用各種不同的商業模式。但實際上，接下來的主要步驟是製定總體場地規劃，並為開始所有場地的建設和改造提供資金。

Thank you, Ben. That's extremely helpful. And I promise the last one, it's a quick follow up on Mac financing. So 50, it's, I know someone already asked it but want to understand it a little bit better. $50 million is initial draw and 250 is conditional again, could you clarify what milestones should be achieved to be able to draw the next trenches and what is the size of these trenches? Just want to understand the timeline here.

謝謝你，本。這非常有幫助。我保證最後一個，這是 Mac 融資的快速跟進。所以 50，我知道有人已經問過了，但我想更好地理解。 5000 萬美元是初始提款，2.5 億美元又是有條件的，您能否澄清一下，為了能夠繪製下一個戰壕，應該實現哪些里程碑，以及這些戰壕的大小是多少？只是想了解這裡的時間軸。

Thank you.

謝謝。

So we have a fair.

因此我們有一個市集。

Amount of, I'm sorry, Ben, did you.

數量，對不起，本，你做到了嗎。

Want to comment?

想要評論嗎？

Yeah, I mean just maybe I can just sum up the question really quickly, there's only two tranches here. There's the 50 and then there's the 250 for the total of 300, there's one key development milestone here for the 250 as Jeff said to earlier, which is the completion of the master site planning that includes, all the engineering schematics, the designs, the site maps, the budgets, the ant charts for construction. So it's a very comprehensive multi-year development plan, that we need to have in place in order for us to convert over and access the full $300 million under that facility, but there's just the two tranches there, the 50 and the 250.

是的，我的意思是也許我可以很快地總結這個問題，這裡只有兩個部分。先有 50 個，然後有 250 個，總共 300 個，正如 Jeff 之前所說的，這 250 個有一個關鍵的發展里程碑，即完成總體場地規劃，其中包括所有工程示意圖、設計、場地地圖、預算、施工圖表。因此，這是一項非常全面的多年期發展計劃，我們需要製定這項計劃，以便我們能夠轉換並獲得該機制下的全部 3 億美元，但目前只有兩部分，即 50 億美元和 250 億美元。

In a reference by the way, to when we specifically draw that's as it needs arise. So once we have the math plan development plan in place here, we're going to proceed to get, we have a particular project or investments, then we actually can just present that and work with Mcquary on that and get that financed as the, payment stream Unfolds.

順便提一下，當我們具體繪製時，它就是按照需要出現的。因此，一旦我們制定了數學計劃開發計劃，我們就會著手進行，我們有一個特定的項目或投資，然後我們實際上可以提出它並與麥格理合作，並在支付流展開時獲得融資。

Thank you, Ben and Jeff. I appreciate all the call. Continue, best of luck.

謝謝你，本和傑夫。我感謝大家的來電。繼續，祝你好運。

Thank you.

謝謝。

Martin Toner, ATB Capital.

ATB Capital 的 Martin Toner。

Good morning everyone. Thanks so much for taking my question. I believe the Macquarie financing is for 2 years, just wondering where you think you'll be in terms of development at that time and or I guess slightly before that and how you, what options do you think there will be to refinance and increase financing from there.

大家早安。非常感謝您回答我的問題。我相信麥格理的融資期限是 2 年，我只是想知道您認為那時您的發展情況會如何，或者我猜在那之前不久，您認為有哪些選擇可以進行再融資並增加融資。

So happy to jump in there it's a good question, Martin so the facility as I said, would be enough, in our calculations right now to either do the first HBC data center building completely, and a bit of infrastructure beyond that to the electrical or it's enough for us to do all of the powered land infrastructure for the entire site, as we continue to develop and as we continue to make progress on the HBC site.

很高興能參與進來，這是個好問題，馬丁，正如我所說的，在我們目前的計算中，這些設施足以完全完成第一個 HBC 數據中心的建設，以及一些超出電氣範圍的基礎設施，或者足以讓我們為整個站點完成所有的電力陸地基礎設施，隨著我們繼續開發和繼續在 HBC 站點上取得進展。

We should expect that, opportunities for raising further capital at increasingly lower costs are going to be available and so as we've made progress and, want to expand the development process beyond, the first building on to the next several buildings we'll be seeking.

我們應該預料到，以越來越低的成本籌集更多資金的機會將會出現，因此，隨著我們取得進展，我們希望將開發過程從第一棟建築擴展到接下來的幾棟建築。

More financing at that time and we expect to have you know increasingly lower cost capital as we get further through the project and we get closer to.

屆時將有更多的融資，隨著專案進一步推進，我們預計資本成本將越來越低。

Contracted revenues and free flow or free cash flow on the site.

網站上的合約收入和自由流或自由現金流。

Super, thank you. .

非常好，謝謝。。

You, what conditions would, motivate you to build out infrastructure for the entire site as opposed to like going for that like first dollar of rental revenue which seems important for lower cost financing going forward.

什麼條件會促使您為整個站點建立基礎設施，而不是追求第一筆租金收入，這對於未來降低融資成本似乎很重要。

Yeah, it's a great question. I mean really what we're trying to focus on right now is the infrastructure which is, going to service either different kind of fork in the road that you want to take. So that's the high level stuff of the substation infrastructure, the transmission line infrastructure, the civil works on the land that prepares the land for construction. Those are the areas that regardless of which final direction, is taken.

是的，這是一個很好的問題。我的意思是，我們現在真正要關注的是基礎設施，它將為您想要走的不同類型的岔路提供服務。這就是變電站基礎設施、輸電線路基礎設施、為建設做準備的土地土木工程等高層建築。無論最終採取什麼方向，這些都是需要考慮的領域。

Those are the steps that need to be done regardless and so you know as we progress here further with the initial site works, initial infrastructure works, and conversations with the potential customers, it's really going to be the potential customers demand and timelines which are going to ultimately determine. how we're.

無論如何，這些都是需要完成的步驟，因此，隨著我們在初始場地工作、初始基礎設施工作以及與潛在客戶的對話方面取得進一步進展，最終將由潛在客戶的需求和時間表來決定我們的進展。

Moving forward and what's being prioritized either the total amount of land or the first building, it's highly likely.

展望未來，優先考慮的是土地總量還是第一棟建築，這很有可能。

That the first building will be prioritized over the entire powered land, but really that's going to be dependent on the outcome of the conversations that we're going to be having at a much more accelerated pace in the second.

第一棟建築將優先於整個供電土地，但實際上這將取決於我們在第二棟建築中以更快的速度進行的對話的結果。

Super.

極好的。

Congrats to the team on the program. That's all for me.

祝賀該專案的團隊。對我來說就這些了。

Thanks Mark.

謝謝馬克。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

Yeah, good morning and thanks for taking my questions.

是的，早上好，感謝您回答我的問題。

For the first one here, Ben, perhaps you can take a minute to speak to your Outlook for Bitcoin over the medium term and how that could translate to the Bitcoin mining industry.

首先，本，也許您可以花一點時間談談您對比特幣的中期展望，以及這對比特幣挖礦業有何影響。

A number of peers including the farms have been cooling cap expend and diluted financing recently.

包括農場在內的多家同業近期都在降低資本支出並稀釋融資。

Perhaps you can share your thoughts on the prospect for attracting investor dollars here going forward, thanks.

也許您可以分享您對未來吸引投資者資金前景的看法，謝謝。

Hey Bill, yeah, absolutely happy to speak to that. We actually had the same outlook on Bitcoin mining economics since about mid-2023. So for the last two years we've been operating under the same set of assumptions which was at the end of 2023, we expect that mining prices or mining hardware prices should be at their lows with kind of fear and uncertainty going into the having. We should take advantage of that by locking in as much of the mining hardware as possible.

嘿，比爾，是的，很高興談論這個。事實上，自 2023 年中期以來，我們對比特幣挖礦經濟的看法就是一樣的。因此，在過去的兩年裡，我們一直在同一套假設下運作，即在 2023 年底，我們預計採礦價格或採礦硬體價格應該處於低位，並且存在某種恐懼和不確定性。我們應該利用這一點，鎖定盡可能多的採礦硬體。

And we want to get that hardware in place for the 2025 bull run, which we have done now, and it was always our view that, 2025 bull run was really going to be, the big opportunity here for miners and that we'd want to have that diversification kind of sometime in 2026. \

我們希望為 2025 年的牛市準備好硬件，我們現在已經做到了，我們一直認為，2025 年的牛市對礦業公司來說真的是一個大機遇，我們希望在 2026 年的某個時候實現這種多樣化。\

So, that we have a differing revenue stream if Bitcoin pulls back in 2026 as we kind of forecast it. So when you look at where we are now middle of the year in 2025, we've done what we sought out to do in order to best position ourselves where we think the Bitcoin mining, economic cycle is going to play out and so far it's played out.

因此，如果比特幣像我們預測的那樣在 2026 年回落，我們的收入來源就會有所不同。因此，當你回顧我們現在所處的 2025 年年中時，我們已經做了我們想要做的事情，以便將自己定位在我們認為比特幣挖礦、經濟週期將會發揮作用的最佳位置，到目前為止，它已經發揮作用了。

More or less along what we anticipated, last quarter we actually had a sensitivity table in the in the Q4 deck which showed what were our expectations for Bitcoin price over time and what was our expectation for ending network cash rate for each quarter so. What we did there if you refer back to that slide, there's kind of a sensitivity table and more of a refined area within that sensitivity table which gives, the reader management's best expectations for where Bitcoin price where network cash rate should be at the end of each fiscal quarter through 2026, and what that means for implied hash prices. It also overlays on top of that.

或多或少符合我們的預期，上個季度我們在第四季度報告中實際上有一個敏感度表，其中顯示了我們對比特幣價格隨時間變化的預期，以及我們對每個季度末網絡現金利率的預期。如果您回顧一下那張投影片，我們所做的就是，那裡有一個敏感度表，並且在敏感度表中有一個更精細的區域，它為讀者管理層提供了對比特幣價格、網路現金利率在 2026 年每個財政季度末的最佳預期，以及這對隱含哈希價格意味著什麼。它也覆蓋在其上。

Some sensitivity colours there so that you can see what the implied direct mining margins would be across those scenarios. We're pretty confident that the Bitcoin mining infrastructure that we have right now and the Bitcoin mining hardware efficiency and hash cost that we have is going to be generating pretty healthy margins and free cash flow through 2026, and you know that's a view that we've had for at this point, quite some time now, and it really has not changed. I think our focus here is, really making sure that we had that.

這裡有一些敏感度顏色，以便您可以看到在這些場景中隱含的直接採礦利潤是多少。我們非常有信心，我們目前擁有的比特幣挖礦基礎設施以及比特幣挖礦硬體效率和哈希成本將在 2026 年之前產生相當健康的利潤率和自由現金流，你知道，這是我們目前相當長一段時間以來一直持有的觀點，而且它確實沒有改變。我認為我們現在的重點是確保我們確實擁有這一點。

That that Bitcoin mining infrastructure in place so we have that upside exposure to Bitcoin prices, but where we stand now in the middle of 2025, we think the best opportunity for us to invest capital is not in further bitcoin mining right now, but it's actually in, electrical infrastructure specifically for HBC and AI.

由於比特幣挖礦基礎設施已經到位，因此我們可以從比特幣價格中獲得上行空間，但就目前 2025 年中期的情況而言，我們認為投資的最佳機會不是現在進一步進行比特幣挖礦，而是專門針對 HBC 和 AI 的電力基礎設施。

Awesome, always appreciate your color on Bitcoin mining then, and now just taking a step back and running through all the progress, with the transition from.

太棒了，一直很欣賞你對比特幣挖礦的見解，現在我們回顧所有的進展，以及從中過渡的過程。

Some of your Bitcoin mining plans to bringing AI HBC capacity online and securing a long term par partner, what would you say are the biggest lessons learned over the past year or so? Thanks.

您的一些比特幣挖礦計劃包括將 AI HBC 容量上線並確保長期合作夥伴，您認為過去一年左右學到的最大教訓是什麼？謝謝。

Yeah, that's an interesting question Bill you know we started off on this with great expertise in energy infrastructure, and development.

是的，比爾，這是一個有趣的問題，你知道我們在能源基礎設施和開發方面擁有豐富的專業知識，因此開始研究這個問題。

I think some of the areas that you know were new to us and things that we didn't understand were just the different levels of requirements and quality controls around HPC which has never really been prevalent in our business before which is why we engage with.

我認為某些領域對我們來說是新的，我們不了解的事情只是圍繞 HPC 的不同級別的要求和品質控制，這在我們的業務中以前從未真正流行過，這就是我們參與的原因。

Specific advisers to help us bring in those resources and really get caught up to speed really quickly in terms of what the differences are between the two businesses and the infrastructure that we're building, hard to say. what's the biggest lessons, but I can give you like one example.

具體的顧問可以幫助我們引入這些資源，並真正快速地了解兩家公司之間的差異以及我們正在建立的基礎設施，很難說最大的教訓是什麼，但我可以給你一個例子。

We have a site in in Quebec for instance that, is next to a former industrial plant with a big coal chimney and coal chimney has been there for decades. It's Been untouched for decades, but it raised concerns for the structural integrity of the adjacent property to ours on our property for HPC development. It was things like that trying to think beyond even not only what our facility is capable of, but what are the implications for, the significant amount of CapEx that goes into an HBC site.

例如，我們在魁北克有一個工廠，它毗鄰一座前工業廠，工廠裡有一個巨大的煤煙囪，而這個煤煙囪已經存在幾十年了。幾十年來它一直未被觸及，但它引起了人們對我們用於 HPC 開發的財產的相鄰財產的結構完整性的擔憂。諸如此類的事情不僅試圖思考我們的設施能夠做什麼，而且還試圖思考對 HBC 站點的大量資本支出有何影響。

For even the adjacent properties which might impact us and that hasn't really been a consideration for us before in the past on BTC, but with our con our advisors of WWT and ASG we've really learned a lot very quickly, we've done the full assessments of all of our sites across the US and Canada we've got the site priority list we understand what are the areas to focus on what are the areas to address.

即使是相鄰的房地產也可能對我們產生影響，這在 BTC 以前我們並沒有真正考慮過，但在 WWT 和 ASG 顧問的幫助下，我們很快就學到了很多東西，我們對美國和加拿大的所有場地進行了全面評估，我們有了場地優先級列表，我們了解需要關注哪些領域，需要解決哪些領域。

What are the areas of concern, what are the areas that are strategic, value add and are really strong marketing points, we've learned all of that through our advisers in the last couple of months. So we're in a really strong place right now, in the development process. We're basically laid a very strong foundation here and now we have a very clear identified. Structured and repeatable process that we're going to be implementing across all of our US sites in our portfolio.

哪些領域值得關注，哪些領域具有策略意義、增值潛力大、行銷力度強，這些都是我們在過去幾個月透過顧問了解到的。因此，在開發過程中，我們目前處於非常有利的地位。我們基本上已經奠定了非常堅實的基礎，現在我們已經有了非常明確的認知。我們將在我們投資組合中的所有美國站點實施結構化且可重複的流程。

Brian Dobson, Clear Street.

布萊恩‧多布森 (Brian Dobson)，《清晰街》。

Yeah, thanks very much for taking my question. As you, as you speak to consultants and potential clients, do you think just from a very high level you could characterize the willingness to devote resources on the set of enterprises and hyper scales for call it near term data center expansion. There's been some hand wringing in the industry that that this type of spending is slowing down. Do you think you could just address that?

是的，非常感謝您回答我的問題。當您與顧問和潛在客戶交談時，您是否認為僅從非常高的層面就可以描述出在企業和超大規模上投入資源的意願，即所謂的近期資料中心擴展。業內有些人擔心這種支出正在放緩。您認為您可以解決這個問題嗎？

Yeah, the demand here for HPC data centers is really insatiable. I know there's been, obviously a lot of market news around Vee and around Microsoft over the last several months, but really that doesn't come up in most of the conversations that we've had with potential customers. Everyone is moving at full speed, and I think, the key thing here is that those are really short term kind of market reactions to headlines.

是的，這裡對 HPC 資料中心的需求確實是無法滿足的。我知道，過去幾個月來，圍繞 Vee 和微軟的市場新聞明顯很多，但實際上，在我們與潛在客戶的大多數對話中，這些新聞並沒有出現。每個人都在全速前進，我認為，關鍵在於這些都是市場對新聞頭條的短期反應。

But when you're looking at the investments that are taking place in the kind of development timelines associated with HBC, hundreds of millions if not billions of dollars, going into these sites, multiple year timelines, you can't get distracted in that process with a headline. You have to keep moving forward or you'll never get the site completed and so you know for I think most of the customers out there.

但是，當您查看與 HBC 相關的開發時間表中的投資時，數億美元甚至數十億美元的投資投入這些站點，耗時數年，您不能因為一個標題而分散注意力。你必須繼續前進，否則你將永遠無法完成這個網站，所以你知道，我認為大多數客戶都是這樣的。

Deep see, the Microsoft News did not impact them at all. Their demand is still rampant, and when you look at kind of the expected.

深看，Microsoft News 根本沒有對他們造成影響。他們的需求依然旺盛，你可以從某種程度上預料到。

Growth in this demand over time, it matches the same kind of dynamics that we have in Bitcoin as a compute market, there's really only been one time in Bitcoin's history where the bottleneck on growth has been chips, and now it was the 2021 silicone shortage. Throughout the rest of Bitcoin's history, in that compute market, the growth, the bottleneck on growth has always been power.

隨著時間的推移，這種需求不斷增長，這與比特幣作為計算市場的動態一致，在比特幣的歷史上，只有一次增長瓶頸是晶片，那就是 2021 年的矽膠短缺。在比特幣的其餘歷史中，在計算市場中，成長、成長的瓶頸始終是電力。

And that's the exact same situation that's playing out in in HPC, I cited that McKenzie report at the beginning of the presentation which outlined 156 gigawatts of expected demand for HPC. The Bitcoin network right now is about 15 to 20 gigawatts, and so it's almost a 10 times increase in total demand compared to where Bitcoin is today, and most of that does not exist.

這與 HPC 中的情況完全相同，我在演講開始時引用了 McKenzie 的報告，其中概述了 HPC 的預期需求為 156 千兆瓦。目前，比特幣網路的功率約為 15 至 20 千兆瓦，因此與比特幣目前的情況相比，總需求幾乎增加了 10 倍，而且其中大部分需求並不存在。

So we don't see any slowing down in the demand. We don't see any slowing down in the investment, we are still very much in what seems like kind of.

因此，我們認為需求不會有任何放緩。我們沒有看到投資有任何放緩，我們仍然處於某種狀態。

1990s internet kind of stage where people are just getting their first websites. People are just kind of understanding how this technology works. They're just getting their first exposure here, but we haven't even really started to dig beneath the surface on what AI is going to do and what the levels of energy consumption and comp computer are going to be required to unlock, that next phase of this industrial revolution.

20 世紀 90 年代的網路階段，人們剛創建自己的第一個網站。人們只是稍微了解一下這項技術的工作原理。他們才剛開始接觸人工智慧，但我們甚至還沒有真正開始深入研究人工智慧將要做什麼，以及需要什麼樣的能源消耗水平和電腦來解鎖這場工業革命的下一階段。

Yeah, very good, thanks very much.

是的，非常好，非常感謝。

Thank you.

謝謝。

Joe Flynn, Compass Point Research & Trading, LLC.

喬·弗林（Joe Flynn），Compass Point Research & Trading, LLC。

I wonder, go into more detail on the comment you made, in regard to Panther Creek being best suited for a powered shell approach, just wondering, what else [tomate.] You know how you came to that decision, and if you see opportunities, maybe to bypass some of the due diligence process we've seen the market for more of the More of the fully built on sites and then in in that regard.

我想知道，請更詳細地說明您關於 Panther Creek 最適合動力外殼方法的評論，只是想知道，還有什麼 [tomate]。您知道您是如何做出這個決定的，如果您看到機會，也許可以繞過一些盡職調查過程，我們已經看到市場上有更多完全建成的場地，然後在這方面。

How would you think about what is the goal to ultimately pre-lease the site which then the requiring capital would become, the equity component of the financing, or how do you, think about next steps in that regard? Thanks.

您認為最終的目標是預租場地，然後所需的資本將成為融資的股權部分，或者您如何考慮這方面的下一步？謝謝。

Yeah thanks Joe. Our primary goal here is unlocking shareholder value through long term high margin contracted revenues, that is the big driver of shareholder value for us that we're trying to tap into and you know we always have had a focus in this company of return on invested capital and that means that oftentimes we're doing things like. We don't want to buy the most efficient and most expensive miner, because we believe that we can get a better ROIC by going kind of one tier down in the mining stack saving a lot of CapEx and getting a better ROIC, we're still very much in the.

是的，謝謝喬。我們的主要目標是透過長期高利潤的合約收入來釋放股東價值，這是我們努力挖掘的股東價值的主要驅動力。你知道，我們公司一直注重投資資本報酬率，這意味著我們經常會這樣做。我們不想購買最高效、最昂貴的礦機，因為我們相信，透過在挖礦堆疊中降低一層，我們可以獲得更好的投資回報率，從而節省大量的資本支出並獲得更好的投資回報率，我們仍然處於這種狀態。

Decision and planning stage here with the various customer conversations that are happening and we'll be ramping up in the second half of this year so you know it's really going to be determined by what are the demands of the potential customers and what would that mean in terms of CapEx timeline and expected ROIC you know we expect that.

這裡是決策和規劃階段，我們會與各種客戶進行對話，並將在今年下半年加大力度，所以你知道這實際上將取決於潛在客戶的需求是什麼，以及這對資本支出時間表和預期投資回報率意味著什麼，你知道我們期待這一點。

The further you go along the stack and the more CapEx involved, yes, you're going to get higher revenues, yes, you're going to get higher margins, but we think that there might be a trade-off there on the return on the invested capital bit, and that those.

你沿著堆疊走得越遠，涉及的資本支出就越多，是的，你會獲得更高的收入，是的，你會獲得更高的利潤率，但我們認為，在投資資本的回報上可能會有一個權衡，而且這些。

Marginal increases in in extra CapEx may not be justified by the actual margins that you get and may actually result in in in a worse ROIC or a lower ROIC than kind of going lower in the stack as we've always done with Bitcoin mining but again this is very preliminary.

額外資本支出的邊際增加可能無法透過您獲得的實際利潤來證明，並且實際上可能導致更差的 ROIC 或更低的 ROIC，而不是像我們在比特幣挖礦中一直做的那樣降低堆疊，但這仍然是非常初步的。

We're going to do whatever makes the most sense in terms of unlocking shareholder value through those long term contracted revenues in those high margins with that emphasis on how do we balance out the CapEx and the ROIC in order to deliver that best return for shareholders and that's ultimately going to be driven by the customer demand and the customer conversations that we're continuing to have.

我們將盡一切可能透過高利潤率的長期合約收入來釋放股東價值，重點是如何平衡資本支出和投資回報率，以便為股東帶來最佳回報，而這最終將由客戶需求和我們持續進行的客戶對話來驅動。

Great thanks.

非常感謝。

Thank you. I would now like to turn the conference back to Ben Gaggon for closing remarks, sir.

謝謝。先生，現在我想請 Ben Gaggon 致閉幕詞。

Thank you everyone for joining today. Just like to reiterate our recent strategic moves to rapidly transform this company. We've quickly become a US focused energy and com company, and we have a strong underlying Bitcoin mining business with a lot of exciting potential to H and AI. We really look forward to keeping you up to date on our progress and thank you very much for attending the call.

感謝大家今天的參與。我想重申一下我們最近為快速轉型這家公司所採取的策略性舉措。我們已迅速成為一家專注於美國的能源和通訊公司，並且擁有強大的比特幣挖礦業務，對 H 和 AI 具有巨大的潛力。我們非常期待向您通報我們的進度，非常感謝您參加電話會議。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating. You may now disconnect.

感謝您的參與。您現在可以斷開連線。