Bitfarms Ltd (BITF) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待，歡迎參加 Bitfarms 2025 年第三季財報電話會議。（操作說明）

I would now like to hand the call over to Jennifer Drew-Bear from Bitfarms' Investor Relations. Please go ahead.

現在我將電話交給 Bitfarms 投資者關係部的 Jennifer Drew-Bear。請繼續。

Thank you, and welcome to Bitfarms' third-quarter 2025 conference call. With me on the call today are Ben Gagnon, Chief Executive Officer and Director; and Jonathan Mir, Chief Financial Officer. 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, bitfarms.com, under the Investors section.

謝謝，歡迎參加 Bitfarms 2025 年第三季電話會議。今天與我一起參加電話會議的有執行長兼董事 Ben Gagnon 和財務長 Jonathan Mir。在開始之前，請注意，本次電話會議將進行網路直播，並配有幻燈片簡報。您可以在我們網站 bitfarms.com 的「投資者」專欄下查看今天的新聞稿和簡報。

Turning to Slide 2. I'd like to remind everyone that certain forward-looking statements will be made during the call, and that future results could differ from those implied in this statement. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties, and I invite you to consult Bitfarms' MD&A for a complete list.

翻到第二張幻燈片。我想提醒大家，本次電話會議中會做出一些前瞻性陳述，未來的結果可能與本陳述中暗示的結果有所不同。前瞻性資訊基於某些假設，並受風險和不確定性的影響，請查閱 Bitfarms 的管理層討論與分析以獲取完整清單。

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 definition of the aforementioned non-IFRS measures and their reconciliations to IFRS measures. Please note that all financial references are denominated in US dollars, unless otherwise noted.

請注意，本文將提及一些國際財務報告準則（IFRS）未認可的指標，因此這些指標可能與其他公司提供的類似指標不具可比性。我們邀請聽眾參考今天的新聞稿和我們的管理層討論與分析，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調節。請注意，除非另有說明，所有財務數據均以美元計價。

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.

現在來看第三張投影片。我很高興將電話轉交給執行長兼董事 Ben Gagnon。本，請繼續。

Good morning, everyone, and welcome to Bitfarms' third quarter 2025 earnings call. We made strong, steady progress in Q3, building on the momentum from the first half of the year as we advance our transformation into a leading North American HPC and AI infrastructure company.

各位早安，歡迎參加 Bitfarms 2025 年第三季財報電話會議。我們在第三季取得了強勁、穩定的進展，延續了上半年的發展勢頭，繼續推進轉型，成為北美領先的高效能運算和人工智慧基礎設施公司。

Today, I'll walk you through our investment thesis, value proposition and key developments, including updates on our energy portfolio and site-specific advancements, all of which gives Bitfarms a competitive advantage to capitalize on the surge in demand for HPC and AI infrastructure.

今天，我將帶您了解我們的投資理念、價值主張和關鍵進展，包括我們的能源組合和特定地點的改進的最新情況，所有這些都使 Bitfarms 擁有競爭優勢，可以充分利用對高效能運算和人工智慧基礎設施的激增需求。

Turning to Slide 4. I would like to kick off today's call by outlining our market thesis, one that we believe differentiates us from our peers and best aligns Bitfarms with long-term investors in our transition to HPC and AI. Infrastructure is not a bubble. Since the invention of modern compute, the supply of compute has increased exponentially.

翻到第4張投影片。我想先概述我們的市場理念，我們相信這一理念使我們與同行區分開來，並使 Bitfarms 在向高效能運算和人工智慧轉型的過程中與長期投資者的利益保持一致。基礎建設不是泡沫。自現代電腦發明以來，計算資源的供給呈指數級增長。

As compute grows, so too does the data center industry that powers it. This is a trend that has a trajectory of over 20 years of exponential growth and an annualized growth rate of 8.8% behind it. This isn't a bubble. It's a reflection of a new paradigm that showed no signs of slowing down before AI and now as AI rewrites the rules of how humans interact with computers, the demand for data center capacity is accelerating. But the demand for compute and infrastructure has reached an impasse.

隨著運算能力的成長，為其提供支援的資料中心產業也隨之發展壯大。這一趨勢已經持續了 20 多年，呈指數級增長，年均增長率達到 8.8%。這不是泡沫。這反映了一種新的範式，這種範式在人工智慧出現之前就已沒有放緩的跡象，而現在隨著人工智慧改寫人​​類與電腦互動的規則，對資料中心容量的需求正在加速成長。但對計算和基礎設施的需求已經陷入僵局。

Data centers that used to be measured in kilowatts are now being measured in megawatts and gigawatts. Racks that used to support 10 kilowatts are now being designed to support 370 kilowatts. The exponential increase in demand for power can no longer be met at the pace of the market demands. And as a result, the lease rates for data center infrastructure, which have grown at an average rate of 3% over the last 20 years, are now growing at an average rate of 12% since 2022, and we expect this trend to continue.

過去以千瓦衡量的資料中心，現在以兆瓦和吉瓦衡量了。以前只能支援 10 千瓦的機架，現在設計成可以支援 370 千瓦。電力需求的指數級成長已經無法以市場需求的速度來滿足。因此，過去 20 年資料中心基礎設施的租賃價格平均成長率為 3%，而自 2022 年以來，平均成長率已達到 12%，我們預計這一趨勢還將持續。

Turning to Slide 5. Infrastructure is a bottleneck. As manufacturers continually introduce newer, more efficient chips and increase production every year, this trend continues to accelerate. Next year, NVIDIA alone is expected to be shipping somewhere between 10 and 15 gigawatts of GPUs. And that doesn't include, of course, AMD, Intel, Qualcomm and others who are also producing their own hardware with over 100 gigawatts of chips expected to be produced by 2030.

翻到第5張投影片。基礎設施是瓶頸。隨著製造商不斷推出更新、更有效率的晶片並逐年提高產量，這一趨勢仍在加速發展。預計明年僅英偉達一家就將出貨 10 至 15 吉瓦的 GPU。當然，這還不包括 AMD、英特爾、高通和其他也在生產自己硬體的公司，預計到 2030 年，這些公司將生產超過 100 吉瓦的晶片。

While the supply of compute chips continues to increase, the growth in data center infrastructure is happening at a much slower pace. It is not silicon nor capital that will be the real bottleneck for continued growth in HPC and AI, but power and infrastructure. Over the next few years, the gap between the amount of chips that are being produced and the megawatts and the racks available to plug them in and operate them will continue to widen significantly.

雖然計算晶片的供應量持續成長，但資料中心基礎設施的成長速度卻慢得多。真正限制高效能運算和人工智慧持續發展的瓶頸，既不是矽，也不是資金，而是電力和基礎設施。在接下來的幾年裡，晶片的產量與可用於連接和運行這些晶片的兆瓦電力和機架數量之間的差距將繼續顯著擴大。

We strongly believe that as this dynamic continues to play out, the value and the economics will continue to move in favor of those who own the energy and data center infrastructure. We've watched this play out in the market with the contracts that have been announced in the industry to date. When Core Scientific and CoreWeave announced their landmark transaction in April of last year, the rates were contracted around $120 per kilowatt per month.

我們堅信，隨著這種動態的持續發展，能源和資料中心基礎設施的擁有者將繼續獲得價值和經濟效益。我們已經透過業內迄今為止公佈的合約觀察了這一趨勢在市場上的發展。去年 4 月，Core Scientific 和 CoreWeave 宣布達成具有里程碑意義的交易時，合約價格約為每千瓦每​​月 120 美元。

As we've moved further along this curve that's shown on the slide, those rates have continued to trend upward. Most of the contracts over the past few months have been around $150 per kilowatt per month. As time goes on, this trend is expected to continue with analysts predicting a massive shortfall of nearly 45 gigawatts of power for data centers by 2030.

正如投影片上所示的曲線，隨著我們不斷深入，這些比率持續呈上升趨勢。過去幾個月的大部分合約價格都在每千瓦每月 150 美元左右。隨著時間的推移，這一趨勢預計將持續下去，分析師預測到 2030 年，資料中心將出現近 45 吉瓦的巨大電力缺口。

Just within the last 2 weeks, Satya Nadella, the CEO of Microsoft, confirmed the shortfall when he publicly stated on a recent podcast that they have GPUs they cannot deploy. We believe that over time, the companies who've allocated and will continue to allocate billions of dollars into compute will be increasingly economically incentivized to pay rising prices in order to deploy their compute faster and with greater certainty, because every day they do not deploy is a day of revenue they will never recover and because their customers will simply move on to a competitor.

就在過去兩週內，微軟執行長薩蒂亞·納德拉在最近的一次播客節目中公開表示，他們有一些GPU無法部署，證實了這個短缺問題。我們相信，隨著時間的推移，那些已經並將繼續在計算領域投入數十億美元的公司，將越來越有經濟動力去支付不斷上漲的價格，以便更快、更確定地部署其計算能力，因為他們每耽誤一天部署，就意味著損失一天的收入，而且他們的客戶會轉而選擇競爭對手。

With direct operating margins for new GPUs typically in the 80s or 90% range, this infrastructure expense is a modest cost driver for those who own the compute, equivalent to a low single-digit percentage of OpEx. If this cost were to double, it would not impact direct OpEx for the customer by more than a low single-digit percentage. These rates, which are largely inconsequential for the customer are very significant for Bitfarms as the developer.

由於新 GPU 的直接營運利潤率通常在 80% 到 90% 之間，因此對於擁有運算資源的用戶來說，這項基礎設施支出只是一筆適度的成本支出，相當於營運支出的個位數百分比。即使這項成本翻倍，也不會對客戶的直接營運支出造成超過個位數百分比的影響。這些費率對客戶而言基本上無關緊要，但對開發商 Bitfarms 來說卻意義重大。

With OpEx costs that are largely fixed, every additional dollar earned in a lease goes to the bottom line. This is what Bitfarms is aiming to optimize for, not the fastest contract, but the highest value per megawatt and the greatest margins for the longest period of time with great customers. We believe this will be the primary driver of our multiple expansion and what drives shareholder value creation long term.

由於營運成本基本上固定，租賃中每多賺一美元都會增加利潤。Bitfarms 的目標是優化的不是最快的合約，而是每兆瓦最高的價值和最長時間內最大的利潤，同時還要擁有優質的客戶。我們相信這將是我們估值倍數擴張的主要驅動力，也是長期創造股東價值的驅動力。

Our investment thesis is clear and backed by decades of data. Our conviction is high, backed by consistent incoming demand. We don't want to cap our upside by signing leases prematurely. Instead, Bitfarms plans to optimize and achieve higher lease rates and margins through the following three strategic actions.

我們的投資理念清晰明確，並有數十年的數據支撐。我們信心十足，持續的市場需求也印證了這一點。我們不想因為過早簽訂租賃合約而限制我們的上漲空間。相反，Bitfarms 計劃透過以下三個策略舉措來優化並實現更高的租賃費率和利潤率。

One, prioritize infrastructure development first by minimizing the time between signing a lease and generating revenue for a customer, we will minimize the discount that would otherwise be applied to the lease rates and locked into multiyear contracts; two, take advantage of the increasing gap between supply of data center infrastructure and data center demand to lock in higher rates and greater margins under multiyear agreements; and three, while the industry is focused on NVIDIA GB200 and GB300, Bitfarms plans to leapfrog NVIDIA's Blackwell architecture and lead the industry in developing infrastructure for NVIDIA's next-generation Vera Rubin GPUs across 99% of our 2026 and 2027 development portfolio.

第一，優先發展基礎設施，盡可能縮短從簽訂租賃協議到為客戶創造收入的時間，從而最大限度地減少原本會應用於租賃費率並鎖定在多年合約中的折扣；第二，利用資料中心基礎設施供應與資料中心需求之間日益擴大的差距，在多年協議中鎖定更高的費率和更大的利潤；第三，當業界專注於NVIDIA GB200和GB300時，Bitfarms計畫超越NVIDIA的Blackwell架構，並在2026年和2027年開發組合的99%中引領業界為NVIDIA的下一代Vera Rubin GPU開發基礎設施。

With Vera Rubin GPUs expected to begin shipping in Q4 of 2026, and the infrastructure requirements to support them largely incompatible with facilities designed for Blackwell GPUs, we believe Vera Rubin infrastructure will be in the greatest demand and shortest supply in 2027 and will command significantly greater economics.

Vera Rubin GPU 預計將於 2026 年第四季開始出貨，而支援它們的基礎設施需求與為 Blackwell GPU 設計的設施在很大程度上不相容，因此我們認為 Vera Rubin 基礎設施將在 2027 年需求最大、供應最短缺，並將具有更高的經濟效益。

Turning to Slide 6. We are able to take this approach because we have a robust balance sheet to fund development and know the value of what we own. While we don't have the largest portfolio of power among the public miners who are transitioning to HPC and AI, we do have the largest portfolios of power in each of the regions in which we operate, none of which are in Texas and all of which are either existing or emerging data center hubs. With consistent inbound demand for our sites, we have high conviction in the value of our unique energy portfolio, the demand for our power and our ability to develop next-generation HPC and AI infrastructure.

翻到第6張投影片。我們之所以能夠採取這種做法，是因為我們擁有穩健的資產負債表來為發展提供資金，並且了解我們所擁有資產的價值。雖然在向高效能運算和人工智慧轉型的公共礦商中，我們的電力資產組合並非最大，但我們在我們營運的每個地區都擁有最大的電力資產組合，而這些地區都不在德克薩斯州，而且都是現有的或新興的資料中心樞紐。由於我們站點持續受到市場需求，我們對自身獨特的能源組合的價值、電力需求以及開發下一代高效能運算和人工智慧基礎設施的能力充滿信心。

We believe that not all megawatts are created equal. Our megawatts are strategically located in high-value areas that have multiyear waitlist to secure the power we have today. Our campuses are close to major metros and existing data center clusters, have ample access to major fiber trunk lines and undersea fiber optic cables and benefit from temperate climate compared to places like Texas.

我們認為並非所有兆瓦電力都具有相同的價值。我們的兆瓦級電站策略性地分佈在高價值地區，這些地區需要排隊等候多年才能獲得我們今天所擁有的電力。我們的園區靠近主要都會區和現有資料中心集群，可以方便地接入主要光纖幹線和海底光纜，並且與德克薩斯州等地相比，氣候溫和。

While Texas is undisputably a great energy market and arguably the easiest market to grow and develop megawatts in the US, there are, of course, trade-offs. The trade-off to short-term development efficiencies is long-term operating inefficiencies. It is no secret that besides power, the primary challenge with data centers is cooling and cooling is becoming an increasingly more difficult problem to solve as energy density continues to increase with every generation of new hardware.

德州無疑是一個巨大的能源市場，可以說是美國最容易發展和擴大兆瓦級電力的市場，但當然，凡事都有利弊。短期發展效率的提升是以長期營運效率的降低為代價的。眾所周知，除了電力之外，資料中心面臨的主要挑戰是冷卻，而隨著每一代新硬體的能量密度不斷增加，冷卻正變得越來越難以解決。

Building and operating data centers in a hot, arid desert climate like Texas as opposed to cooler northern climates like Pennsylvania, Washington and Quebec means more CapEx and OpEx for cooling. This isn't an opinion. It's math and engineering.

在德克薩斯州這樣炎熱、乾旱的沙漠氣候中建造和運營數據中心，與在賓夕法尼亞州、華盛頓州和魁北克省等較涼爽的北方氣候中建設和運營數據中心相比，意味著需要更多的資本支出和運營支出用於冷卻。這不是個人觀點。它涉及數學和工程學。

If we built our exact same data center for Panther Creek with the same design, equipment and materials in Texas, it would have a PuE of about 1.4 to about 1.5. Whereas in Pennsylvania, Quebec or Washington, it would be about 1.2 to 1.3. That means for every megawatt we are converting, more of those electrons are going to compute, which is the revenue-generating activity for customers as opposed to supporting revenue generation through cooling. Simply put, our megawatts are harder to get in higher demand areas, produce more value for customers and are worth more per megawatt.

如果我們用相同的設計、設備和材料在德克薩斯州為 Panther Creek 建造完全相同的資料中心，其 PuE 值約為 1.4 到 1.5。而在賓州、魁北克省或華盛頓州，PuE 值約為 1.2 到 1.3。這意味著，我們每轉換一兆瓦的電力，更多的電力將用於計算，這才是為客戶創造收入的活動，而不是用於透過冷卻來支援收入的產生。簡而言之，在需求較高的地區，我們的兆瓦電力更難取得，能為客戶創造更多價值，而且每兆瓦電力的價值更高。

In Pennsylvania, we have the strategic foresight to acquire our three campuses and submit our energy applications in 2024 before the HPC and AI demand really came into play in the state earlier this year. This has positioned us with secured power at Panther Creek and Sharon and at the front of the queue with very well-advanced power applications at Scrubgrass.

在賓州，我們有戰略遠見，在 HPC 和 AI 需求在今年早些時候真正在該州發揮作用之前，就收購了我們的三個校區，並在 2024 年提交了我們的能源申請。這使我們在 Panther Creek 和 Sharon 獲得了穩定的電力供應，並且在 Scrubgrass 的電力申請方面處於領先地位，申請進度非常先進。

In Quebec, new power allocations are almost impossible to get with numerous data center applications denied by the province in the past year. Bitfarms has 170 megawatts operating with some of the cheapest power rates for data centers in North America and 100% renewable. 100% of these megawatts are currently being utilized for Bitcoin mining.

在魁北克，由於過去一年該省拒絕了大量資料中心申請，因此幾乎不可能獲得新的電力分配。Bitfarms擁有170兆瓦的運作容量，其資料中心電價在北美地區極具競爭力，並且100%使用再生能源。目前，這些容量100%用於比特幣挖礦。

And just in the last month, we confirmed that we will be able to convert our Bitcoin megawatts for HPC and AI. This means our Quebec portfolio represents a unique and strategic opportunity to increase total data center megawatts in the province by 25% from about 700 megawatts today, while fulfilling 2 strategic national and provincial objectives, the scaling back of Bitcoin mining megawatts while increasing HPC and AI infrastructure and data sovereignty.

就在上個月，我們確認我們將能夠把比特幣的兆瓦能量轉換為高效能運算和人工智慧所需的能量。這意味著我們在魁北克的投資組合代表著一個獨特且具有戰略意義的機會，可以將該省的資料中心總裝置容量從目前的約 700 兆瓦增加 25%，同時實現 2 個國家和省級戰略目標：減少比特幣挖礦裝置容量，同時增加高效能運算和人工智慧基礎設施以及資料主權。

In Washington, we have 18 megawatts of secured power in the largest data center cluster on the West Coast with the cheapest power in the US for data centers and 100% renewable. Because of this, the area has a 10-year wait list for power. Everybody is looking to grow here, and it is nearly impossible to do so outside of secured megawatts like ours. This means that despite the relatively smaller scale of Washington, sites in the area are in high demand by both enterprise and hyperscalers alike. I'd now like to spend a few minutes discussing Washington and the news we issued this morning in more detail.

在華盛頓，我們擁有西海岸最大的資料中心集群，18 兆瓦的電力供應安全有保障，這是美國資料中心最便宜的電力，並且 100% 為再生能源。因此，該地區電力供應需要排隊等候10年。這裡每個人都想發展壯大，如果沒有像我們這樣有保障的兆瓦電力，幾乎不可能做到這一點。這意味著，儘管華盛頓的規模相對較小，但該地區的辦公地點仍然受到企業和超大規模資料中心營運商的熱烈追捧。現在我想花幾分鐘時間更詳細地討論華盛頓以及我們今天早上發布的新聞。

Turning to Slide 7. Earlier this morning, we announced plans for the conversion of our 18-megawatt Washington site to HPC and AI workloads. We signed a fully funded binding agreement for $128 million for all the critical IT infrastructure and building materials to develop the full 18 megawatts of gross capacity with anticipated industry-leading energy efficiency between 1.2 and 1.3 PuE.

請翻到第7張投影片。今天早些時候，我們宣布了將位於華盛頓的 18 兆瓦站點改造為高效能運算和人工智慧工作負載的計畫。我們簽署了一份資金充足的約束性協議，金額為 1.28 億美元，用於所有關鍵的 IT 基礎設施和建築材料，以開發全部 18 兆瓦的總容量，預計能源效率將達到行業領先水平，介於 1.2 至 1.3 PuE 之間。

The state-of-the-art facility will feature: one, validated reference designs, ensuring compatibility and performance with NVIDIA GB300s; two, modular infrastructure, enabling phased deployment and scalability, reducing the downtime of Bitcoin mining revenues and ramping up our time to HPC and AI revenues; and three, proven thermal and power management systems critical for HPC and AI operations. The construction team is in Washington today with the general contractor and are kicking off the conversion of the Washington site, which is targeted for completion in December 2026.

這個最先進的設施將具備以下特點：一、經過驗證的參考設計，確保與 NVIDIA GB300 的兼容性和性能；二、模組化基礎設施，支援分階段部署和可擴展性，減少比特幣挖礦收入的停機時間，並加快我們實現高效能運算和人工智慧收入的速度；三、高效能驗證的散熱和電源管理系統，這對人工智慧和電力管理系統運行至關重要。施工團隊今天與總承包商一起來到華盛頓，啟動華盛頓場地的改造工程，預計將於 2026 年 12 月完工。

Turning to Slide 8. I would now like to discuss monetization strategy at Washington. With decade-long wait times for new power and the cheapest power in the US for data centers, we are actively pursuing colocation for both hyperscaler and enterprise, where we can capitalize on the long wait times as previously discussed. This morning, for the first time, we announced we are also pursuing GPU as a service or cloud.

翻到第8張幻燈片。我現在想在華盛頓討論一下貨幣化策略。由於新電力供應需要長達十年的等待時間，而且美國資料中心的電力價格最低，我們正在積極尋求為超大規模資料中心和企業提供託管服務，以便利用之前討論過的長時間等待時間。今天早上，我們首次宣布，我們也在探索 GPU 即服務或雲端服務。

While our focus is on developing next-generation Vera Rubin infrastructure across most of our portfolio, we believe there are some compelling reasons to potentially go with cloud as a monetization strategy at Moses Lake specifically. One, GPU as a service would enable us to capture the benefit of the lowest cost power for data centers in the US for ourselves and generate what we expect to be above-market margins and returns for cloud.

雖然我們的重點是為我們大部分投資組合開發下一代 Vera Rubin 基礎設施，但我們認為，對於摩西湖來說，採用雲端作為貨幣化策略有一些令人信服的理由。第一，GPU 即服務將使我們能夠利用美國資料中心最低的電力成本，並為自己創造我們預期高於市場水平的雲端利潤和回報。

Two, the relatively smaller scale makes cloud at this site easier to execute and finance. We have more than enough liquidity to consider the site and strategy fully funded today and are in active discussions with leading GPU manufacturers on GPU sourcing and financing, which we believe could be done on very attractive terms. GPU financing could materially reduce CapEx requirements and enhance expected returns.

第二，相對較小的規模使得該站點的雲端部署和融資更加容易。我們目前擁有充足的流動資金，足以支持網站和策略的全面實施，並且正在與領先的 GPU 製造商積極討論 GPU 採購和融資事宜，我們相信可以以非常優惠的條件完成。GPU融資可以大幅降低資本支出需求並提高預期回報。

Three, we expect that by demonstrating our ability to execute across the entire stack, we will also be able to better understand customer needs, provide better quality service and negotiate better leases at our other facilities.

第三，我們期望透過展示我們在整個技術堆疊上的執行能力，我們也能更了解客戶需求，提供更高品質的服務，並在我們其他設施中協商更好的租賃條件。

Lastly, but most importantly, despite being less than 1% of our total development portfolio, we believe that the conversion of just our Moses Lake site to GPU as a service could produce more net operating income per year than we have ever generated with Bitcoin mining, providing the company with a strong cash flow foundation that would fund OpEx, G&A, debt service and contribute to CapEx as we wind down our Bitcoin mining business. I will now walk through the rest of our sites in a bit more detail, starting with Panther Creek.

最後，也是最重要的一點，儘管僅占我們全部開發項目組合的不到 1%，但我們相信，僅將我們的摩西湖礦場轉換為 GPU 即服務，每年就能產生比我們以往通過比特幣挖礦產生的淨營業收入更多的收入，從而為公司提供強大的現金流基礎，用於支付運營支出、一般支出、支付債務，並在業務接下來，我將更詳細地介紹我們其餘的景點，首先從黑豹溪開始。

Turning to Slide 9. Panther Creek is our flagship HPC and AI campus in Eastern Pennsylvania. As we've discussed previously, we have 350 megawatts of secured power with PPL. This power is contractually obligated to be delivered with 50 megawatts at the end of 2026 and 300 megawatts at the end of 2027.

翻到第9張投影片。Panther Creek 是我們在賓州東部的旗艦高效能運算和人工智慧園區。正如我們之前討論過的，我們已經從 PPL 獲得了 350 兆瓦的電力保障。根據合約規定，該電力將在 2026 年底交付 50 兆瓦，在 2027 年底交付 300 兆瓦。

The site has sufficient acreage for the development of the entire 350 megawatts with capacity to go beyond that. Additionally, we have $200 million remaining on our project facility with Macquarie that is intended to finance Phase 1 of the project as well as a few long lead time expenses for Phase 2. We also have some exciting news around potential further capacity expansion at Panther Creek.

該地塊面積足夠大，可以開發全部 350 兆瓦的裝置容量，並且有能力超出這個數字。此外，我們在麥格理銀行的專案融資中還有 2 億美元剩餘，用於資助專案的第一階段以及第二階段的一些長期準備費用。我們還有一些關於 Panther Creek 潛在進一步擴容的令人振奮的消息。

Lately, there have been a number of developments, including the recent 403 letter from the Department of Energy and commitments to deploy more natural gas energy generation in Pennsylvania that have given us line of sight to expand beyond the existing 350 megawatts of secured power capacity. We have received positive indication on converting our existing interconnection service agreement, or ISA 60 megawatts to a firm energy service agreement, or ESA, of 60 megawatts to expand power to 410 megawatts and on a recent load study to expand power capacity to over 500 megawatts of growth capacity.

最近出現了一些進展，包括能源部最近發出的 403 信函，以及在賓州部署更多天然氣發電的承諾，這些都讓我們看到了將電力容量擴大到現有 350 兆瓦以上的可能性。我們已收到積極的訊號，將我們現有的互聯服務協議（ISA）60兆瓦轉換為固定能源服務協議（ESA）60兆瓦，以將電力擴大到410兆瓦，並且最近的負載研究也表明，電力容量將擴大到500兆瓦以上。

With these positive developments that could meaningfully expand capacity at this campus and in line with our investment thesis, we are modifying our original Phase 1 designed for Blackwell GPUs and planning a new Phase 3 and Phase 4. The entire campus will now be developed for NVIDIA's Vera Rubin GPUs and their greater energy density to accommodate our new expectations on future expanded power capacity.

鑑於這些積極的進展可能會顯著擴大該園區的產能，並符合我們的投資理念，我們正在修改最初為 Blackwell GPU 設計的 1 階段，併規劃新的 3 階段和 4 階段。整個園區將按照 NVIDIA Vera Rubin GPU 及其更高的能量密度進行開發，以滿足我們對未來擴展電力容量的新期望。

This is expected to delay the energization of Phase 1 marginally from December 2026 into the first half of 2027, with no anticipated impacts to Phase 2 time lines. We believe this will enable the company to achieve significantly higher economics in line with our long-term thesis and strategy.

預計這將使第一階段的通電時間從 2026 年 12 月略微推遲到 2027 年上半年，預計不會對第二階段的時間表產生影響。我們相信這將使公司能夠實現更高的經濟效益，這與我們的長期理念和策略相符。

Turning to Slide 10. Moving on to Sharon, where we have 110 megawatts of power secured by an ESA with FirstEnergy and PJM under development. We are currently operating 30 megawatts of Bitcoin mining on site, but have started development on an additional 80-megawatt substation, bringing the total available for HPC and AI uses to 110 megawatts. We expect to have the full 110-megawatt substation online by year-end 2026.

翻到第10張投影片。接下來是 Sharon，我們已經透過與 FirstEnergy 和 PJM 的 ESA 協議獲得了 110 兆瓦的電力，目前正在開發中。我們目前在現場運行 30 兆瓦的比特幣挖礦，但已開始開發另一個 80 兆瓦的變電站，使可用於高效能運算和人工智慧的總功率達到 110 兆瓦。我們預計到 2026 年底，這座 110 兆瓦的變電站將全部投入營運。

We recently closed on the purchase of the land for the site, effectively ending our lease and enabling us to move forward with our planned development of HPC and AI infrastructure. Similarly to Panther Creek, we will be working to develop the campus for Vera Rubin GPUs, targeting site completion and revenue in the first half of 2027 for the full 110 megawatts of gross capacity.

我們最近完成了該地塊的購買，有效地結束了我們的租賃合同，使我們能夠推進我們計劃中的高效能運算和人工智慧基礎設施的開發。與 Panther Creek 類似，我們將致力於開發 Vera Rubin GPU 園區，目標是在 2027 年上半年完成園區建設並實現 110 兆瓦總容量的收入。

Turning to Slide 11. In Quebec, we have 170 megawatts of low-cost hydropower currently operating across multiple Bitcoin mining sites, almost all of which are within a roughly 90-minute drive from Montreal. This is an incredibly attractive opportunity for hyperscalers who are following what's called a regional campus strategy. This is something that was pioneered by Amazon, where smaller sites can be directly connected with direct fiber infrastructure in order to reduce the latency between sites below 2 milliseconds, enabling many sites to be connected together to function as one larger site.

翻到第11張幻燈片。在魁北克，我們目前有 170 兆瓦的低成本水力發電，用於多個比特幣挖礦場，幾乎所有這些挖礦場都位於距離蒙特婁約 90 分鐘車程的範圍內。對於正在推行區域園區策略的超大規模資料中心營運商來說，這是一個極具吸引力的機會。這是亞馬遜率先採用的技術，它允許較小的站點透過光纖基礎設施直接連接，從而將站點之間的延遲降低到 2 毫秒以下，使許多站點能夠連接在一起，作為一個更大的站點運行。

As I mentioned, it's almost impossible to grow organically in the province. And in October, we confirmed the ability to convert over our Bitcoin mining infrastructure to HPC and AI with regulators and utilities in the region. With that pathway clear, we are accelerating our plans in Quebec. We will focus our development efforts on the city of Sherbrooke, where we have 96 megawatts, robust fiber connectivity, a strong and developed local labor force and ample support from the local energy utility and municipality.

正如我之前提到的，在這個省份幾乎不可能進行有機種植。10 月份，我們向該地區的監管機構和公用事業公司確認了將我們的比特幣挖礦基礎設施轉換為高效能運算和人工智慧的能力。既然這條道路已經明確，我們將加快在魁北克的計畫。我們將把發展重點放在舍布魯克市，我們擁有 96 兆瓦的電力、強大的光纖連接、強大且發達的本地勞動力，以及當地能源公司和市政當局的大力支持。

We will be applying some of the standardized engineering and design plans completed for our Washington site to Sherbrooke in order to convert these facilities from Bitcoin mining into next-generation HPC and AI infrastructure adapted for Vera Rubin GPUs.

我們將把為華盛頓基地完成的一些標準化工程和設計方案應用到舍布魯克，以便將這些設施從比特幣挖礦改造為適用於 Vera Rubin GPU 的下一代 HPC 和 AI 基礎設施。

Similar to Washington, Quebec has a cool climate and some of the lowest cost energy in North America for data centers. With strong unmet demand for GPU cloud in Montreal, Sherbrooke also represents a potential opportunity to scale up a cloud business in 2027 with VR200s, a strategy that we will evaluate as we work through the engineering and development plans for Sherbrooke. The remaining 74 megawatts of Bitcoin mining in the province are earmarked for potential expansion in 2028, and we look forward to providing more detailed plans for Quebec in 2026.

與華盛頓州類似，魁北克的氣候涼爽，而且擁有北美資料中心最低的能源成本。由於蒙特婁對 GPU 雲端的巨大未滿足需求，Sherbrooke 也代表著一個潛在的機會，可以在 2027 年利用 VR200s 擴大雲端業務規模，我們將在製定 Sherbrooke 的工程和開發計劃時評估這項策略。該省剩餘的 74 兆瓦比特幣挖礦容量已預留用於 2028 年的潛在擴張，我們期待在 2026 年為魁北克省提供更詳細的計劃。

Turning to Slide 12. Last, but certainly not least, we have our Scrubgrass campus in Pennsylvania. This is about 30 minutes away from our Sharon, Pennsylvania campus on the western side of the state. With the exception of the new Panther Creek Phase 3 and Phase 4, which I spoke to a minute ago, this is the only power in our portfolio that is not 100% fully secured today. This is a very, very exciting development opportunity for Bitfarms. We believe this is the only campus outside of Texas for public miners converting to HPC and AI that has over 1 gigawatt of potential capacity.

翻到第12張投影片。最後，但同樣重要的是，我們在賓州還有斯克拉布格拉斯校區。這裡距離我們位於賓州西部的沙龍校區約 30 分鐘車程。除了我剛才提到的 Panther Creek 三期和四期項目之外，這是我們投資組合中唯一一個目前尚未 100% 完全保障的電力項目。對於Bitfarms來說，這是一個非常非常令人興奮的發展機會。我們相信，這是德州以外唯一一個公共礦業公司轉型為高效能運算和人工智慧的園區，其潛在產能超過 1 吉瓦。

And while we have made great progress on developing the power story for this giga campus, there are still quite a few steps to be taken in order to contractually secure the power, which falls into 2 buckets. First, we have completed three conceptual load studies with FirstEnergy, starting with 250 megawatts, 500 and then 750 megawatts, thus moving over to what's called a detailed load study with FirstEnergy, which would eventually be converted over to firm service in an ESA.

雖然我們在為這個超級園區制定電力方案方面取得了巨大進展，但為了透過合約確保電力供應，仍有許多步驟需要完成，這些步驟可以分為兩大類。首先，我們與 FirstEnergy 完成了三項概念性負載研究，分別為 250 兆瓦、500 兆瓦和 750 兆瓦，轉向與 FirstEnergy 進行所謂的詳細負載研究，最終將在能源服務協議 (ESA) 中轉化為可靠的服務。

Second, we have made substantial progress on evaluating the potential to add additional generating capacity on site. This could be accomplished by building a 3- to 4-mile pipeline from our campus to the second largest natural gas pipeline in the US, the Tennessee Natural Gas Pipeline, which we have confirmed could supply up to 550 megawatts of natural gas, multiplying our generation capacity on site.

第二，我們在評估現場增加發電能力的潛力方面取得了實質進展。這可以透過建造一條從我們的校園到美國第二大天然氣管道——田納西天然氣管道——的 3 到 4 英里長的管道來實現，我們已經確認該管道可以供應高達 550 兆瓦的天然氣，從而成倍提高我們現場的發電能力。

We're still in the early stages of evaluating how we would expand the generating capacity, and we'll provide more details as we progress. Combined, the two buckets could potentially provide 1.3 gigawatts of gross capacity. And additionally, there is very good fiber infrastructure in the area with our 8 fiber infrastructure networks nearby and is in close proximity to Pittsburgh and Cleveland as well as the other data centers, which are starting to pop up throughout the state.

我們目前仍處於評估如何擴大發電能力的早期階段，隨著工作的進展，我們將提供更多細節。這兩個水桶加起來，總容量可達 1​​.3 吉瓦。此外，該地區的光纖基礎設施非常完善，附近有我們 8 個光纖基礎設施網絡，而且距離匹茲堡和克利夫蘭以及全州各地正在湧現的其他資料中心都很近。

The earliest time that we anticipate we could have additional power at this kind of scale implemented at Scrubgrass is around 2028. Though this is a longer lead time campus for us, we believe that with the forecast on power and demand for HPC and AI infrastructure, the timing for our giga campus will play-in well with the cycle, our investment thesis and our other development plans.

我們預計最早能在 Scrubgrass 實現這種規模的額外電力供應的時間約為 2028 年。雖然這對我們來說是一個需要較長準備時間的園區，但我們相信，根據對高效能運算和人工智慧基礎設施的電力和需求的預測，我們超級園區的建設時機將與經濟週期、我們的投資理念和其他發展計畫相契合。

Turning to Slide 13. To sum up, we believe that we are incredibly well positioned to execute against our investment thesis in 2026 and 2027 and maximize long-term shareholder value. One, we have a very unique portfolio of energy assets that we aim to fully convert to HPC and AI infrastructure. Two, we have announced our plans to convert our Washington site to HPC and AI workloads and lead the industry in the development of next-generation data centers for NVIDIA's Vera Rubin GPUs.

翻到第13張幻燈片。總而言之，我們相信我們已做好充分準備，在 2026 年和 2027 年執行我們的投資策略，並最大限度地提高股東的長期價值。第一，我們擁有非常獨特的能源資產組合，我們的目標是將其完全轉化為高效能運算和人工智慧基礎設施。第二，我們宣布了將華盛頓基地改造為高效能運算和人工智慧工作負載的計劃，並將引領業界開發用於英偉達 Vera Rubin GPU 的下一代資料中心。

Three, we are actively evaluating a potential cloud monetization strategy for our Washington site, which we believe would be a meaningful driver of cash flows and could eclipse any Bitcoin mining cash flows we have ever generated. Four, we are well capitalized to make our currently planned investments with a financial flexibility that exceeds $1 billion across cash, Bitcoin and our Panther Creek project facility with Macquarie, all of which are going to fund CapEx.

第三，我們正在積極評估華盛頓站點的潛在雲端貨幣化策略，我們相信這將是現金流的重要驅動力，並可能超過我們以往產生的任何比特幣挖礦現金流。第四，我們擁有充足的資金，可以進行我們目前計劃的投資，財務靈活性超過 10 億美元，包括現金、比特幣以及我們在麥格理銀行的 Panther Creek 項目融資，所有這些都將用於資本支出。

As we continue to produce strong free cash flows from our Bitcoin mining operations that fund OpEx, G&A, debt service and contribute to CapEx with no further planned minor CapEx.

我們持續從比特幣挖礦業務產生強勁的自由現金流，用於支付營運支出、一般及行政費用、償還債務，並為資本支出做出貢獻，目前沒有進一步的小額資本支出計畫。

And lastly, we continue to execute on our US pivot with the anticipated sale of our Paso Pe facility and our full LATAM exit. Our transition to US GAAP for Q4, the establishment of our New York City office and working towards a US redomicile in 2026. We believe this would give us significantly greater index inclusion and meaningfully improve the institutional composition of our cap table.

最後，我們將繼續推動我們的美國戰略轉型，預計將出售我們在帕索佩的工廠，並全面退出拉丁美洲市場。我們將於第四季度過渡到美國通用會計準則，在紐約市設立辦事處，並努力在 2026 年將公司總部遷至美國。我們相信這將使我們獲得更高的指數納入率，並顯著改善我們股權結構的機構組成。

I now have the pleasure to hand the call over to our new CFO, Jonathan Mir. Turning to Slide 14. Jonathan, over to you.

現在我很高興將電話交給我們的新任財務長喬納森·米爾。翻到第14張投影片。喬納森，該你了。

Thank you, Ben, for the warm introduction. I'm excited to join Bitfarms at this pivotal moment in the company's transformation. My principal objectives as the new CFO are centered around capital allocation, capital sourcing and capital structure. I'm working hand-in-hand with the operations and development teams on the ground to ensure we implement financing plans that are appropriate for the company and its assets, efficient and support long-term shareholder value creation and that we are also allocating capital to its best possible risk-adjusted returns.

謝謝本的熱情介紹。我很高興在這個公司轉型的重要時刻加入 Bitfarms。我作為新任財務長的主要目標集中在資本配置、資本來源和資本結構方面。我正與第一線營運和開發團隊緊密合作，以確保我們實施的融資計劃適合公司及其資產，高效且支持長期股東價值創造，同時確保我們將資本分配到風險調整後收益最佳的項目上。

With an extensive background in energy infrastructure strategy and financing, I believe there's an extraordinary opportunity to use our strong balance sheet, unique assets and the talents of our people to create value in the high-growth HPC/AI space. I look forward to working closely with the team to deliver on our strategy and capture the exceptional long-term shareholder value that would accompany our successful execution.

憑藉在能源基礎設施策略和融資方面的豐富經驗，我相信我們擁有絕佳的機會，可以利用我們強大的資產負債表、獨特的資產和員工的才能，在高速成長的高效能運算/人工智慧領域創造價值。我期待與團隊緊密合作，實現我們的策略目標，並獲得成功執行後所帶來的卓越的長期股東價值。

Turning to Slide 15. Today, Bitfarms has the strongest balance sheet and most available capital in the company's history. In Q3, we were able to execute across several initiatives. First and foremost, we recently completed a very successful convertible note offering, where we were able to upsize the offering to $588 million while improving on pricing, preserving upside and minimizing potential equity dilution through a 125% capped call. Bitfarms chose to issue convertible notes because they allow us to access capital at a lower coupon than straight debt and with less dilution than straight equity.

翻到第15張投影片。如今，Bitfarms 擁有公司歷史上最強勁的資產負債表和最多的可用資金。第三季度，我們成功執行了多項計畫。首先，我們最近成功完成了一次可轉換債券發行，在提高定價的同時，我們成功地將發行規模擴大到 5.88 億美元，並透過 125% 上限的選擇權將潛在的股權稀釋降至最低。Bitfarms 選擇發行可轉換債券，是因為它們使我們能夠以比普通債務更低的票息獲得資金，並且比普通股權的稀釋程度更低。

The cash settled capped calls we purchased allow us to offset economic dilution up until $11.88 per share, representing a significant premium to the share price today. It is also important to highlight that investor commitment to Bitfarms is strong. 100% of institutional investors that management met with during the marketing process participated in the transaction and invested their capital in Bitfarms. We're thrilled with the outcome of this raise, and it will allow us to advance our pipeline in tangible ways.

我們購買的現金結算上限選擇權可以抵消高達每股 11.88 美元的經濟稀釋，這比今天的股價有相當大的溢價。值得強調的是，投資者對Bitfarms的承諾非常堅定。在市場推廣過程中，管理層接觸的所有機構投資者都參與了這筆交易，並將資金投資於Bitfarms。我們對此次融資的結果感到非常興奮，這將使我們能夠以實際的方式推進我們的專案進展。

Second, we converted our previously announced $300 million debt facility with Macquarie to a project-specific financing facility dedicated to the development of our Panther Creek data center. Moving the debt facility from a corporate level to the asset level materially enhances financial flexibility for the entire company. In October, we drew an additional $50 million from the facility in order to accelerate development of the site for a total of $100 million drawn to date.

其次，我們將先前宣布的與麥格理銀行達成的 3 億美元債務融資協議，轉為專門用於開發 Panther Creek 資料中心的專案專案融資。將債務融資從公司層面轉移到資產層面，可以顯著提高整個公司的財務靈活性。10 月份，我們又從該基金中提取了 5,000 萬美元，以加快該地點的開發，迄今已提取了 1 億美元。

Finally, we maintained steady and efficient mining operations throughout the quarter, achieving approximately $8 million in monthly free cash flow after G&A. We expect to use this cash flow to support our HPC/AI development projects.

最後，我們在整個季度保持了穩定和高效的採礦運營，在扣除一般及行政費用後，每月自由現金流約為 800 萬美元。我們計劃利用這筆現金流來支援我們的高效能運算/人工智慧開發項目。

Looking ahead, we anticipate continuing to use a mix of both corporate level and project level debt and equity financing as we advance our project milestones. On an ongoing basis, we will evaluate a wide range of opportunities and choose those that we believe support both a strong, stable balance sheet and realize the full potential shareholder value creation that would accompany the successful execution of our plans and fund milestone objectives.

展望未來，我們預計將繼續採用公司層級和專案層面的債務和股權融資相結合的方式，推進我們的專案里程碑。我們將持續評估各種機會，並選擇我們認為既能支持強大、穩定的資產負債表，又能充分發揮股東價值創造潛力的機會，從而成功執行我們的計劃並實現里程碑目標。

Turning to Slide 16. Let's focus now on our third quarter financial performance. In Q3, we achieved a total revenue of $84 million from continuing and discontinued operations. With the intention to sell the Paso Pe site in order to complete our Latin American exit, all revenue from that asset is classified as discontinuing operations.

翻到第16張幻燈片。現在讓我們專注於第三季的財務表現。第三季度，我們從持續經營和終止經營業務中實現了總收入 8,400 萬美元。為了完成我們在拉丁美洲的退出，我們打算出售 Paso Pe 地塊，因此該資產的所有收入均被歸類為終止經營業務。

From continuing operations, we earned 520 Bitcoin and achieved revenue of $69 million, representing a year-over-year increase of 156% in revenue. For our continuing operations, our gross mining profit was $21 million, representing a gross mining margin of 35% and an average direct cost of $48,200 per Bitcoin mined.

從持續經營中，我們獲得了 520 個比特幣，並實現了 6,900 萬美元的收入，年增 156%。就我們持續的營運而言，我們的毛挖礦利潤為 2,100 萬美元，毛挖礦利潤率為 35%，每挖出一枚比特幣的平均直接成本為 48,200 美元。

During the third quarter, we introduced a new program for digital asset management, Bitcoin 2.1, which is designed to offset Bitcoin production costs and achieve higher value per Bitcoin sold as a low-cost and low-risk funding mechanism for the energy infrastructure investments that define Bitfarms going forward. It is important to highlight that we are not a Bitcoin treasury company.

第三季度，我們推出了一項新的數位資產管理計畫——比特幣 2.1，旨在抵消比特幣的生產成本，並實現每枚比特幣更高的價值，作為低成本、低風險的融資機制，用於未來定義 Bitfarms 的能源基礎設施投資。需要強調的是，我們並非比特幣金庫公司。

The goal of this program is not to accumulate Bitcoin, but rather to offset the production cost of Bitcoin and by doing so, contribute to cost effectively funding our HPC/AI initiatives. This is a multi-strategy program that primarily sells both short and long-dated out-of-the-money covered calls on the Bitcoin and treasury as well as for Bitcoin production.

該計劃的目標不是累積比特幣，而是抵消比特幣的生產成本，從而為我們的高效能運算/人工智慧計劃提供經濟有效的資金支援。這是一個多策略計劃，主要賣出比特幣和國債的短期和長期虛值備兌買權，以及比特幣生產選擇權。

During Q3, we incurred an all-in cost per Bitcoin of $82,400 from continuing operations. When considering our net gain of $13.3 million from derivatives against our all-in production costs, it would bring the effective all-in cost down to $55,200.

第三季度，我們因持續經營活動而產生的每枚比特幣的總成本為 82,400 美元。如果將我們從衍生性商品中獲得的 1,330 萬美元淨收益與我們的綜合生產成本進行比較，則實際綜合成本將降至 55,200 美元。

Cash G&A for Q3 was $14 million compared to $20 million in Q3 2024. The improvement was largely driven by lower professional services costs. Operating loss from continuing operations was $29 million for the quarter, including impairment charge of $9 million of nonfinancial assets. As a result, net loss from continuing operations for Q3 was $46 million or $0.08 per share.

第三季現金一般及行政費用為 1,400 萬美元，而 2024 年第三季為 2,000 萬美元。這項改善主要得益於專業服務成本的降低。本季持續經營業務的營業虧損為 2,900 萬美元，其中包括 900 萬美元的非金融資產減損支出。因此，第三季持續經營業務淨虧損為 4,600 萬美元，即每股虧損 0.08 美元。

For the third quarter, our adjusted EBITDA from continuing operations was $20 million or 28% of revenue, up from $2 million or 8% of revenue year-over-year in Q3 2024 and up from $9 million or 15% of revenue in Q2 2025.

第三季度，我們持續經營業務的調整後 EBITDA 為 2,000 萬美元，佔營收的 28%，高於 2024 年第三季的 200 萬美元（佔營收的 8%），也高於 2025 年第二季的 900 萬美元（佔營收的 15%）。

Turning to Slide 17. Before we begin Q&A, I'd like to reiterate our strong financial position and review our expected capital investment plans for the next 12 months. We are extremely well capitalized to fund our HPC/AI growth initiatives. We have a war chest of over $1 billion, comprised of roughly $820 million in cash and Bitcoin and the remaining $200 million available to draw from our Macquarie facility.

翻到第17張幻燈片。在開始問答環節之前，我想重申我們穩健的財務狀況，並回顧我們未來 12 個月的預期資本投資計畫。我們擁有非常充足的資金來支援我們的高效能運算/人工智慧成長計劃。我們擁有超過 10 億美元的資金儲備，其中包括約 8.2 億美元的現金和比特幣，以及可從麥格理銀行提取的剩餘 2 億美元。

With these funds, we expect to be able to fully finance the build-out of our Washington site and the initial phases of construction at our Sharon, Sherbrooke and Panther Creek sites. As we advance our development, the actual investment in our projects will be dependent on a number of factors.

有了這些資金，我們預計能夠為華盛頓工廠的建設以及沙龍、舍布魯克和黑豹溪工廠的初期建設階段提供全額資金。隨著我們發展的推進，專案的實際投資將取決於多種因素。

We are currently focused on executing on the initial phases of our projects, beginning construction and securing long lead time items to ensure our project time lines. We will continuously evaluate a wide range of financing alternatives at both the corporate and project level, maximizing shareholder value with accretive financing will determine our choices as well as the need for a healthy balance sheet.

我們目前專注於執行專案的初始階段，開始施工並確保長期交貨所需的物料，以確保專案按時完成。我們將持續評估公司和專案層面的各種融資方案，透過增值融資最大限度地提高股東價值，這將決定我們的選擇，同時也將決定我們保持健康資產負債表的必要性。

In closing, I'll underscore that Bitfarms is in the strongest financial position in the company's history, and we have a clear vision of how we are going to best utilize this capital to advance our HPC/AI build-outs in North America. The entire Bitfarms team is incredibly enthusiastic and engaged about the opportunities ahead.

最後，我要強調的是，Bitfarms 目前處於公司歷史上最強勁的財務狀況，我們對如何最好地利用這筆資金來推進我們在北美的 HPC/AI 建設有著清晰的願景。Bitfarms 的整個團隊都對未來的機會充滿熱情和積極性。

With that, I'll now turn the call over to the operator for Q&A.

接下來，我將把電話轉交給接線生進行問答環節。

(Operator Instructions)

（操作說明）

Mike Colonies of HC Wainwright. Please go ahead, Mike.

HC Wainwright 的 Mike Colonies。請繼續，麥克。

Hi, good morning, guys. Appreciate all the color on the HPC strategy this morning. First for me, Ben, you mentioned that infrastructure for the Vera Rubin GPU should command a premium to the Blackwell infrastructure. Can you share more on how you guys are thinking about economics there and the CapEx differences?

大家好，早安。非常感謝今天早上對高效能運算策略的詳細闡述。首先，Ben，你提到 Vera Rubin GPU 的基礎設施應該比 Blackwell 的基礎設施價格更高。能否詳細說說你​​們是如何考慮那邊的經濟狀況以及資本支出方面的差異？

Thanks, Mike. Yes, happy to speak to that a little bit. There's kind of 2 driving forces there with our expectations on Vera Rubin economics. The first is that as the dynamic continues to play out where the infrastructure is going to be an increasingly greater and greater shortage, there's going to be a driver there that will drive the economics. And the second part of this is that the economics around supply and demand imbalance are really specific to GPU models. So if you look at H100s, H200s, the GBs, the 200s and 300s and then what's going to be the next series, the VR, there's a lot more infrastructure available to support those older GPUs, which have less specific requirements.

謝謝你，麥克。是的，我很樂意就此稍作探討。我們對維拉·魯賓經濟學的期望主要受兩種因素所驅動。首先，隨著基礎設施短缺問題日益嚴重，這種動態趨勢將會持續下去，並最終推動經濟發展。第二點是，供需失衡相關的經濟學原理實際上與 GPU 型號密切相關。所以，如果你看看 H100s、H200s、GBs、200s 和 300s，以及即將推出的下一代 VR 系列，你會發現有更多的基礎設施可以支援這些較舊的 GPU，因為它們的具體要求較少。

And when you look at what's going to happen with the VR series, the energy density is going up from 190 kilowatts per rack with the GB300s to upwards of 370 kilowatts per rack with the VR200s. And so a lot of the infrastructure that's being built right now is not going to be compatible with the next generation. And as companies allocate all this money into those Vera Rubin GPUs, they're going to be very economically incentivized to deploy them.

展望 VR 系列的發展趨勢，其能量密度將從 GB300 的每機架 190 千瓦增加到 VR200 的每機架 370 千瓦以上。因此，目前正在建設的許多基礎設施將與下一代不相容。隨著各公司將大量資金投入 Vera Rubin GPU 中，他們將有強大的經濟動力部署這些 GPU。

And what I spoke to with regards to our investment thesis earlier today, is that as this dynamic continues to play out, would you rather sit on your GPUs and not deploy them? Or would you rather pay a higher infrastructure expense in order to deploy them and start monetizing the asset. And really, the margins are so high on these GPUs, especially when the GPU is the newest, most cutting-edge state-of-the-art GPUs as the Vera Rubins will be in 2027, that the economic incentive to deploy those faster with very few options available should drive higher economics. We don't have a firm price point of exactly where that's going to lie, but we think the trend is abundantly clear that the economics next year and in 2027, they're just going to continue to get better and better, especially as the shortfall continues to get exacerbated.

當我今天早些時候談到我們的投資理念時，我想說的是，隨著這種動態的持續發展，您是否寧願讓您的 GPU 閒置而不部署它們？或者，您寧願支付更高的基礎設施費用來部署它們並開始從資產中獲利？事實上，這些 GPU 的利潤非常高，尤其是當 GPU 是像 Vera Rubin 那樣最新、最先進的 GPU 時（Vera Rubin 將於 2027 年問世），在選擇非常有限的情況下，更快地部署這些 GPU 的經濟動力應該會推動更高的經濟效益。我們目前還沒有確切的價格點，但我們認為趨勢非常明顯，明年和 2027 年的經濟狀況只會越來越好，尤其是在缺口持續擴大的情況下。

Really helpful color there, Ben. And how should we think about the wind down of your mining operations in the coming years, specifically as it relates to the pace and timing of hash rate coming offline as you start to convert and make further progress in converting your data centers over to HPC/AI?

本，這個顏色真的很有幫助。那麼，我們該如何看待您未來幾年逐步停止挖礦業務的問題呢？特別是當您開始將資料中心轉型為高效能運算/人工智慧時，哈希率下線的速度和時間安排會如何變化？

Yeah, happy to speak to that. I mean the first area is the LATAM export that we've been working on. We obviously shut down our Argentina facility earlier this year. And I think one of the big areas here is the Paso Pe facility, which is an asset that's being held for sale. That represents around a little bit under 20% of our hash rate.

是的，我很樂意談論這個主題。我的意思是，第一個領域是我們一直在努力拓展的拉丁美洲出口市場。我們顯然在今年稍早關閉了位於阿根廷的工廠。我認為這裡的一個重要方面是 Paso Pe 工廠，這是一項待售資產。這大約占我們哈希率的20%左右。

And so that will impact the hash rate for the company rolling forward. But when we look at transactions like this, just like how we looked at the economics around shutting down the Argentina facility, we expect to pull forward a significant amount of expected free cash flow from those operations today so that we can reinvest them more immediately in the US, in North American HPC and AI infrastructure to greater effect.

因此，這將對公司未來的哈希率產生影響。但當我們審視這類交易時，就像我們審視關閉阿根廷工廠的經濟效益一樣，我們預計今天就能從這些業務中提前提取大量預期自由現金流，以便我們能夠更迅速地將其再投資於美國、北美的高效能運算和人工智慧基礎設施，從而取得更大的成效。

So while it should have an impact on the free cash flow from operations, really the impact is very mitigated by the fact that we're taking 1 to 2 years' worth of free cash flow from operations and bringing it forward for reinvestment now. And then we also have the derisking factor with regards to having less and less Bitcoin exposure or Bitcoin mining exposure, I should say.

因此，雖然這應該會對經營活動產生的自由現金流產生影響，但實際上，由於我們將 1 到 2 年的經營活動自由現金流提前用於再投資，這種影響被大大減輕了。此外，隨著比特幣曝險或比特幣挖礦曝險的減少，我們也存在降低風險的因素。

So as we move forward through 2026, the next sites that would be coming offline, would be coming offline as we develop the HPC and AI infrastructure and they would get replaced. Washington would probably happen sometime in the -- probably middle of the year, and that would be about 1 exahash and everything else will kind of come off slowly as we convert over the facilities to HPC and AI. So it would be a bit of an orderly transformation, and we'll continue to update the market as we announce those plans.

因此，隨著我們推進到 2026 年，接下來將要下線的站點，將隨著我們開發高效能運算和人工智慧基礎設施而下線，並被替換掉。華盛頓計畫可能會在年中某個時候進行，屆時算力將達到 1 exahash，隨著我們將設施轉換為 HPC 和 AI，其他一切都會慢慢減少。因此，這將是一個循序漸進的轉型過程，我們將隨著計劃的公佈繼續向市場更新資訊。

Great. Thank you for taking my questions.

偉大的。謝謝您回答我的問題。

Thanks, Mike.

謝謝你，麥克。

Brett Nola, Cantor Fitzgerald.

Brett Nola，坎托·菲茨杰拉德。

Hi guys, thanks for taking my question. Thanks for a lot of the color on the different sites throughout the call. I guess when it comes to maybe your PA sites and getting additional power, I feel like that's kind of like the biggest catalyst maybe over the near term. I believe Stronghold was kind of in queue before you guys went out and acquired it, which was probably, I don't know, over a year ago now. Do you have any idea on an update of when you expect to maybe expand the power capacity at both Panther Creek and Scrubgrass. Is that a couple of months thing? Within 6 months thing? How should we think about the timing there?

大家好，感謝你們回答我的問題。感謝你在通話過程中各個網站上提供的豐富資訊。我想，就你們的公共廣播站點和獲取額外電力而言，我覺得這可能是近期內最大的催化劑。我相信《要塞》在你們收購它之前就已經在開發計劃中了，那大概是，我不知道，一年多以前吧。請問您預計何時能夠擴大 Panther Creek 和 Scrubgrass 的發電能力？是幾個月的時間嗎？六個月內完成？我們該如何考慮時機問題？

Thanks, Brett. Yes, it's a pretty exciting development there at Panther Creek because just over the last couple of weeks, we've received positive indications on the conversion of the ISA to an ESA as well as the expansion with an additional load study. It's a little too early to say exactly when that would come on to site. What we're planning here is an additional Phase 3 and Phase 4, which would come likely after Phase 2. But it's possible that the conversion of the ISA to an ESA could happen very quickly because all of the infrastructure is in place.

謝謝你，布雷特。是的，Panther Creek 的發展相當令人振奮，因為就在過去幾週，我們收到了關於將 ISA 轉換為 ESA 以及透過額外的負荷研究進行擴建的積極跡象。現在說它何時上線還為時過早。我們計劃在此基礎上增加第三階段和第四階段，這很可能在第二階段之後進行。但由於所有基礎設施都已到位，ISA 向 ESA 的轉換可能會很快發生。

There is no investments that need to be made. It's really just subject to the regulatory approval and signings and paperwork for all of that to be converted over. So I would think within the Phase 3, it's not really clear exactly when that's going to take place, but it could happen quickly. It could take several months. When it comes to a Phase 4, that's likely going to be a 2028 deal.

無需進行任何投資。實際上，這一切只需要獲得監管部門的批准，並完成所有必要的簽署和文件手續即可完成轉換。所以我認為在第三階段，雖然還不清楚具體何時發生，但可能很快就會發生。可能需要幾個月的時間。至於第四階段，很可能要等到 2028 年才能達成協議。

Awesome. And then on the GPU cloud as a service, the CapEx figure that you've noted on, I guess, maybe converting that Bitcoin mining to host GPUs, that was not including the GPUs, correct?

驚人的。然後，關於 GPU 雲端服務，您提到的資本支出數字，我猜可能是將比特幣挖礦轉換為託管 GPU，但那不包括 GPU 本身，對嗎？

Correct. That's not including GPUs and some of the construction costs associated with converting over the facility. So there will be additional expenses at the Washington site. We've had several conversations now with some of the leading GPU manufacturers, and we think that there's very attractive financing options on the GPUs as well that would really keep the CapEx requirement down to basically the infrastructure expense, and we'd be able to fund potentially up to 100% of the compute through these GPU manufacturers, which could be done on what we believe to be really attractive terms. And we also think that it would provide a significantly greater return profile on doing GPU as a service or cloud.

正確的。這還不包括GPU以及與改造該設施相關的一些建造成本。因此，華盛頓計畫地點將產生額外的費用。我們已經與一些領先的 GPU 製造商進行了多次對話，我們認為 GPU 方面也有非常有吸引力的融資方案，可以將資本支出需求真正降低到基本基礎設施費用，並且我們能夠透過這些 GPU 製造商為高達 100% 的計算提供資金，我們認為這可以以非常優惠的條件實現。我們也認為，採用 GPU 即服務或雲端服務模式將帶來更高的投資報酬率。

And from a capital allocation, I guess, standpoint, what is your guys' preference? Obviously, the PA sites appear to be leaning more towards colocation, Washington site cloud. Do you guys expect to kind of grow both businesses at the same time? Is there a preference for one to kind of get online sooner than the other?

從資本配置的角度來看，你們的偏好是什麼？顯然，賓夕法尼亞州的站點似乎更傾向於託管，華盛頓站點雲。你們打算同時發展這兩項業務嗎？是否有人更希望其中一個人比另一個人更早上線？

The expectation is that the Washington site will be the first site that's fully online. The Sharon site will probably be the second site that's fully online because Scrubgrass -- sorry, Panther Creek is split out into those 2 phases in 2027 with additional Phases 3 and Phase 4, which still needing to be confirmed. Our priority is managing the critical path and all the project management time lines that we have across our various facilities.

預計華盛頓站點將是第一個完全上線的站點。Sharon 場地很可能是第二個完全上線的場地，因為 Scrubgrass（抱歉，是 Panther Creek）在 2027 年分為這兩個階段，還有額外的第 3 階段和第 4 階段，這些階段仍需確認。我們的首要任務是管理關鍵路徑以及我們各個工廠的所有專案管理時間表。

But when we're looking at capital and how we'd allocate it across, it's managing the critical path, and it's also making sure that when it comes to looking at the opportunities around cloud, we're doing so in a way that makes sense and is affordable. And one of the benefits of doing it at Washington is a relatively smaller scale does make it very cost effective to do it. It's something that we could consider fully funded today. It's something that we could get financing for it at scale, whereas when you're looking at the really large campuses that we have in Pennsylvania, a colocation strategy is going to be a lot easier to finance.

但是，當我們審視資本以及如何分配資本時，我們需要考慮關鍵路徑的管理，同時也要確保在考慮雲端運算方面的機會時，我們採取的方式是合理且經濟實惠的。在華盛頓進行這項工作的優勢之一是規模相對較小，因此成本效益很高。這是我們今天可以考慮的完全有資金支持的項目。我們可以大規模地獲得融資，而對於我們在賓州擁有的那些規模非常大的園區來說，託管策略更容易獲得融資。

Awesome, thank you guys. I really appreciate it.

太棒了，謝謝大家。我非常感謝。

Stephen Glagola, JonesTrading.

Stephen Glagola，JonesTrading。

Hey Ben, On the $128 million critical IT supply agreement for Washington, can you clarify the counterparty to that agreement? Is that T5? Or is that another firm? And then additionally, just a follow-up to the last one on the GPU cloud model potentially at Washington and Sherbrooke. Can you maybe elaborate on what factors make GPU as a service compelling relative to standard colocation in these markets? And sort of how are you evaluating both potential GPU risk and your, let's say, return on invested capital IRR hurdle for the cloud opportunity? Thank you.

嘿，本，關於華盛頓那份價值 1.28 億美元的關鍵 IT 供應協議，你能解釋一下該協議的交易對手是誰嗎？那是T5嗎？還是那是另一家公司？此外，還想就華盛頓和舍布魯克可能採用的 GPU 雲端模型進行後續探討。您能否詳細說明一下，在這些市場中，GPU 即服務相對於標準託管服務有哪些優點？那麼，您是如何評估潛在的 GPU 風險以及您在雲端計算機會方面的投資報酬率 (IRR) 目標的呢？謝謝。

Yes. Thanks, Stephen. When it comes to the supply agreement that we have for the Washington site, it's not with T5., it is with a large publicly traded American national company who serves and supplies data center equipment and data center services. The facility is really an attractive facility for both colocation and both cloud. But when you look at the opportunities that we have here to go fully up the stack and what that might mean for the company, both in terms of a free cash flow perspective as well as our ability to really demonstrate ourselves not only as a developer, but as an operator, I think there's a lot of tangible benefits there that will pay dividends in the long run.

是的。謝謝你，史蒂芬。至於我們與華盛頓站點簽訂的供應協議，不是與 T5 簽訂的，而是與一家大型上市的美國國家公司簽訂的，該公司為資料中心提供設備和資料中心服務。該設施對於託管和雲端服務都極具吸引力。但是，當我們審視我們在這裡所擁有的全面向上發展的機會，以及這對公司可能意味著什麼時，無論是從自由現金流的角度來看，還是從我們真正證明自己不僅是開發商還是運營商的能力來看，我認為這其中有很多切實的好處，從長遠來看，這些好處將會帶來豐厚的回報。

The conversion of the site according to our modeling and similar transactions that have happened in the market over the last couple of months, indicate that this one site could be worth significantly more than the entire Bitcoin mining business that the company has been operating for multiple years. And so that would provide us with a really strong free cash flow foundation as the Bitcoin mining business winds down.

根據我們的模型和過去幾個月市場上發生的類似交易，該網站的價值可能遠遠超過該公司多年來一直在運營的整個比特幣挖礦業務。因此，隨著比特幣挖礦業務的逐步結束，這將為我們提供一個非常強大的自由現金流基礎。

It will also enable us to better understand and better learn these facilities as we're looking to provide service and work with hyperscale and enterprise customers and neocloud customers on really large campuses. And so the benefit of doing it at the smaller facility is that we should be able to extract a lot of knowledge and value that we can apply to a lot of our other facilities as well.

這將使我們能夠更好地了解和學習這些設施，因為我們希望在非常大的園區內為超大規模和企業客戶以及新雲端客戶提供服務和合作。因此，在較小的工廠進行這項工作的好處是，我們應該能夠提取大量知識和價值，這些知識和價值也可以應用到我們的許多其他工廠中。

All right, thank you.

好的，謝謝。

Thanks, Stephen.

謝謝你，史蒂芬。

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

Hey Ben, just curious, what would you describe as the 2 biggest challenges to maybe meeting your time lines for Washington, Sharon and Panther Creek? Like what's going to be the potential bottlenecks and how are you dealing with them?

嘿，Ben，我很好奇，你認為在華盛頓、沙龍和黑豹溪計畫上，按時完成專案面臨的兩大挑戰是什麼？例如，潛在的瓶頸是什麼？你們是如何應對的？

Mike, I mean the potential bottlenecks in construction are a little hard to forecast. I mean construction is something that is changing every single day on the ground. I think that the key way that you mitigate potential risk in construction is having great partners with your owners rep, your general contractors, having a great team of project managers internally who are making sure they're on track of everything, every step of the way, and they're trying to think forward on all the potential problems in managing that -- those critical paths.

麥克，我的意思是，建築施工中可能出現的瓶頸很難預測。我的意思是，建築業每天都在改變。我認為降低建築施工潛在風險的關鍵在於與業主代表、總承包商建立良好的合作關係，並在內部組建一支優秀的專案管理團隊，確保專案每一步都按計劃進行，並努力預先考慮管理這些關鍵路徑時可能出現的所有潛在問題。

It's not possible, I think, to identify what would be the key bottleneck or the key risk. But I think with the team that we have in place, the strategic partners that we have in place and the kind of groups that we're working with on the contracting side or on the owner's rep side, we're in a really strong position to execute.

我認為，不可能確定哪個是關鍵瓶頸或關鍵風險。但我認為，憑藉我們現有的團隊、策略夥伴以及我們在合約方或業主代表方合作的團隊，我們處於非常有利的執行地位。

Great. And then any rough guidelines or framework you can give us for sort of like 2026 CapEx?

偉大的。那麼，您能否為我們提供一些關於2026年資本支出的粗略指導方針或框架？

So when we're looking at 2026 CapEx, we've outlined some of the numbers for Washington. We're still working on clear path forward as we're revising for Vera Rubin. The real challenge with providing full CapEx figures for 2026 is that the Vera Rubin infrastructure is so new that even NVIDIA hasn't completed their validated reference designs to support that equipment and that infrastructure. So that's something that's adjusting in real time and still moving forward. We should expect to have a better indication of what CapEx looks like in 2026 in Q1.

因此，在展望 2026 年資本支出時，我們列出了華盛頓的一些數據。我們仍在努力尋找明確的前進方向，同時也為維拉·魯賓進行修訂。提供 2026 年完整資本支出數據的真正挑戰在於，Vera Rubin 基礎設施非常新，甚至 NVIDIA 都還沒有完成支援該設備和基礎設施的已驗證參考設計。所以這是個會即時調整並不斷推進的事情。我們應該會在第一季更了解 2026 年的資本支出情況。

From our conversations that we're having with the various different engineering firms and suppliers and partners of NVIDIA, NVIDIA is going to be producing the first Vera Rubin GPUs and taking them for their own purposes in probably Q2 of next year. And so sometime in Q1, the reference design should be relatively final, and we should be clear in terms of what the CapEx implications are for 2027 and 2026.

根據我們與英偉達旗下各工程公司、供應商和合作夥伴的交流，英偉達可能會在明年第二季生產首批 Vera Rubin GPU，並將其用於自身用途。因此，在第一季某個時候，參考設計應該會相對最終確定，我們應該能夠清楚地了解 2027 年和 2026 年的資本支出影響。

Got it. Okay. Hey, thank you.

知道了。好的。嘿，謝謝。

Nick Giles, B Riley.

尼克·吉爾斯，B·萊利。

Thanks, operator. Good morning, guys. Appreciate all the detail here. Ben, you mentioned the higher rack density of the Vera Rubin gen and that it could make the rack density suited for Blackwells obsolete. And it wasn't that long ago that 100 kilowatts per rack was the high end of the rack density. So how are you thinking about future proofing as this trend continues? And are there any contract structures that could protect you from the need to upgrade later down the road?

謝謝接線生。各位早安。非常感謝您提供的所有細節。Ben，你提到 Vera Rubin 系列的機架密度更高，這可能會使 Blackwells 適用的機架密度過時。不久之前，每機架 100 千瓦還是機架密度的上限。隨著這種趨勢的持續發展，您是如何考慮如何應對未來的挑戰的？是否存在某種合約結構可以保護您免於日後升級的需要？

Thanks, Nick. It's a great question. The evolution of hardware is happening at a rapid pace, right? The GB200s were 150, the GB300s were 190 kilowatts per rack. And now the Vera Rubins are going to be over 370. And what that means is that your cooling needs to provide a lot more capacity in a very small footprint. It also means that your electrical distribution is very different. Most of the networking is more or less the same. But on the cooling and the electrical, it's a really big challenge.

謝謝你，尼克。這是一個很好的問題。硬體發展日新月異，對吧？GB200 的功率為每機架 150 千瓦，GB300 的功率為每機架 190 千瓦。現在維拉·魯賓家族的人口將超過 370 人。這意味著你的冷卻系統需要在非常小的空間內提供更大的冷卻能力。這也意味著你們的電力分配系統非常不同。大部分網路功能都大同小異。但在冷卻和電氣方面，這確實是一個很大的挑戰。

And one of the things that NVIDIA is looking at doing is increasing the voltage and even going to direct DC systems for the Vera Rubin technology. So they're looking at switching over to 800-volt DC. That doesn't mean that you necessarily have to go upwards of 800 volts or switch over to DC, but it does mean that as the increasing energy density continues to accelerate, you need to be rethinking your energy infrastructure and how you're actually building out these facilities.

NVIDIA 正在考慮的其中一件事是提高電壓，甚至將 Vera Rubin 技術轉向直接直流系統。所以他們正在考慮改用800伏特直流電。這並不意味著你必須使用800伏特以上的電壓或改用直流電，但這確實意味著，隨著能量密度持續加速成長，你需要重新思考你的能源基礎設施以及你實際建造這些設施的方式。

I think one of the ways that you try and do this is you try and build for the hardware at the time and then you try and lock that in with multiyear agreements, which help you to recover your investment and capitalize those investments over a long period of time. When you're signing an agreement for 5, 10, 15 years, most of the time, those agreements don't anticipate material upgrades to the infrastructure or any upgrades to the infrastructure.

我認為實現這一目標的方法之一是，根據當時的硬體條件進行開發，然後透過多年協議鎖定硬件，這有助於在較長的時間內收回投資並實現投資回報。當你簽訂為期 5 年、10 年、15 年的協議時，大多數情況下，這些協議不會預料到基礎設施的實質升級，也不會預料到基礎設施的任何升級。

And so you're locking yourself in, the customer is locking themselves in with the infrastructure that they have in hand. And so I think the best way to mitigate those risks is to spread out your facilities, make sure you have a pipeline that exists over multiple years and make sure that you're building to the technology that's coming, not to the technology that already exists today because if you're building for today's technology by the time the facility is done, it's obsolete.

因此，你把自己困住了，客戶也把自己困在了他們現有的基礎設施中。所以我認為降低這些風險的最佳方法是分散你的設施，確保你的專案儲備能夠持續多年，並確保你的建設是面向未來的技術，而不是面向當今的技術，因為如果你按照今天的技術來建設，那麼等到設施建成時，它就已經過時了。

I really appreciate that perspective. That takes me to my next question. You mentioned the pipeline. Obviously, you have a lot of growth in front of you, but how much time are you spending on M&A opportunities? And where does that ultimately rank in terms of capital allocation?

我非常欣賞這種觀點。這就引出了我的下一個問題。你提到了管道。顯然，你們還有很大的發展空間，但你們在併購機會上投入了多少時間呢？那麼，就資本配置而言，這最終排在什麼位置呢？

Virtually none, Nick. Our focus as a management team is execution, execution, execution. We don't believe that there is a tremendous value that comes for our shareholders for looking at opportunities that are 2029, 2030 and these kind of long lead time items. We believe the value comes from executing against our existing portfolio. And we continue to get inbounds in terms of new opportunities and growth opportunities, but none of them seem to compare at all with what we already have in hand. And so I think the best opportunity for us is to continue to execute against our existing pipeline. There will be a time in the future where we're going to want to continue to expand that pipeline. But that's probably an easy year or 1.5 years out from today.

幾乎沒有，尼克。作為管理團隊，我們的重點是執行、執行、再執行。我們認為，對於我們的股東而言，關注 2029 年、2030 年以及這類需要較長準備時間的項目，並不會帶來巨大的價值。我們認為價值來自於對現有投資組合的有效執行。我們不斷獲得新的機會和成長機會，但它們似乎都無法與我們已經擁有的資源相提並論。所以我認為對我們來說，最好的機會是繼續推進我們現有的專案計畫。未來某個時候，我們會希望繼續擴大這條管道的規模。但那大概是距離現在還有一年半的時間。

Got it. That's good to hear. Maybe one more, if I could, just for Jonathan. Sorry if I missed any commentary around this earlier, but how are you ultimately thinking about the Bitcoin treasury? Would you look to liquidate these holdings around the time that mining operations wind down? Or would those be separate time lines?

知道了。聽到這個消息真好。如果可以的話，也許我會再寫一篇，就為了喬納森。如果我之前錯過了相關的評論，請見諒，但您最終是如何看待比特幣金庫的？您是否會在採礦作業逐漸停止前後考慮清算這些持股？或者說，它們是不同的時間線？

So to be -- first, it's nice to meet you. So we are definitely not operating as a Bitcoin treasury company, and we don't want to be one. What we're doing right now through programs like Bitcoin 2.1 is offset Bitcoin production costs and achieve higher value per Bitcoin sold in a low-risk, low-cost funding mechanism for the energy infrastructure investments that define Bitcoin going forward. The program primarily sells short and long-dated out-of-the-money calls on the Bitcoin and the treasury as well as for Bitcoin production. So our efforts are focused around maximizing yield and minimizing costs. And we expect the Bitcoin treasury to wind down into strength as we allocate it to CapEx.

所以，首先，很高興認識你。所以，我們絕對不是比特幣金庫公司，我們也不想成為比特幣金庫公司。我們現在透過比特幣 2.1 等項目所做的，是抵消比特幣的生產成本，並透過低風險、低成本的融資機制，為定義比特幣未來發展的能源基礎設施投資實現更高的每枚比特幣的價值。該計劃主要出售比特幣和國債的短期和長期虛值看漲期權，以及比特幣生產期權。因此，我們的工作重點是最大限度地提高產量並最大限度地降低成本。我們預計，隨著我們將比特幣資金分配到資本支出中，比特幣儲備將逐漸走強。

Understood. Guys, thanks again for all the detail and continued best of luck.

明白了。各位，再次感謝你們提供的所有細節，祝你們一切順利。

Thanks, Nick.

謝謝你，尼克。

Martin Toner, ATB Capital Markets.

Martin Toner，ATB Capital Markets。

Thanks for taking my question and congrats on all this progress, guys. My question is around the GPUs. What's your confidence in being able to acquire them on a timely basis? And would you go through a distributor that comes with the financing or who might finance them?

感謝各位回答我的問題，也祝賀你們取得的這些進展！我的問題與GPU有關。你對及時獲得這些資源有多大信心？你會選擇透過提供融資或可能提供融資的經銷商嗎？

Thanks, Martin. Yeah, happy to speak to that. We've had quite a few conversations with leading GPU manufacturers. As you probably know, NVIDIA produces GPUs themselves, but they also sell chips to a lot of OEM manufacturers. When you speak with those manufacturers, they often have finance programs in place, and those finance programs are -- can be pretty attractive, especially if you have the right infrastructure to ensure the quality and the lifespan of those GPUs. So going with an OEM manufacturer has a lot of benefits.

謝謝你，馬丁。是的，我很樂意談論這個主題。我們已經與多家領先的GPU製造商進行了多次交流。您可能知道，NVIDIA 自己生產 GPU，但他們也向許多 OEM 製造商出售晶片。當你與這些製造商交談時，他們通常會提供融資方案，這些融資方案可能非常有吸引力，特別是如果你有合適的基礎設施來確保這些 GPU 的品質和使用壽命。因此，選擇OEM製造商有很多好處。

They'll provide a full turnkey solution with regards to the servers themselves, and they can often come with financing. With our time line for end of next year on Washington, we're highly confident in sourcing our GPUs, and we believe that there's a lot of financing options out there that we are evaluating and could really juice up those return profiles.

他們會提供伺服器本身的完整交鑰匙解決方案，而且通常還會提供融資。鑑於我們計劃明年年底在華盛頓啟動項目，我們對採購GPU非常有信心，並且我們相信有很多融資方案可供選擇，我們正在評估這些方案，它們可以真正提高投資回報率。

That's great. Thanks. Is there a good exahash number to use for Q4?

那太棒了。謝謝。對於第四季來說，有沒有比較好的 Exahash 值？

Our exahash should stay relatively consistent in Q4 when you're looking at our continuing operations. It's not possible right now to really forecast the impact or when the impact from the Paso Pe sale is going to happen. But the site continues to run today. It continues to hash. It continues to generate free cash flow. It's just not classified there under normal revenue according to IFRS standards, we have to hold that under discontinuing operations. But I think if you just look at the hash rate associated with our -- the rest of our portfolio, that will stay relatively constant -- it will stay constant throughout Q4, and then we'll make adjustments to it throughout 2026 as we execute on the HPC and AI development.

從我們持續經營業務的角度來看，第四季我們的 exahash 應該會保持相對穩定。目前還無法真正預測 Paso Pe 出售的影響，也無法預測其影響何時發生。但該網站至今仍在運作。它繼續發出哈希信號。它持續產生自由現金流。根據國際財務報告準則，這筆收入不屬於正常收入，我們必須將其歸類為終止經營業務。但我認為，如果你只看與我們相關的哈希率——我們投資組合的其他部分，它將保持相對穩定——它將在整個第四季度保持穩定，然後我們將在 2026 年隨著 HPC 和 AI 開發的推進對其進行調整。

Fantastic. Can you give us a sense for initial conversations with customers of the GPU as a service product, reaction and confidence in being able to like contract them on a timely basis?

極好的。您能否談談您與客戶就 GPU 作為服務產品進行的初步溝通情況，以及客戶的回饋和對能否及時與他們簽訂合約的信心？

So conversations on the GPU front are really new for us because we've only started evaluating this in the last month or 2 as we've seen the market dynamic really take hold. I think the inbound demands that we've had across Washington and specifically Panther Creek is a lot. And when we're looking at what's the best way to service those customers, what's the best way to lock in long-term value under those agreements, there's a variety of different customers who are coming to us, and some of them want the GPUs included in there, and there's an associated premium that could be potentially extracted from that.

因此，關於 GPU 方面的討論對我們來說真的很新，因為我們只是在過去一兩個月才開始評估它，因為我們看到市場動態真正確立了。我認為我們在華盛頓州，特別是黑豹溪地區收到的入境需求非常大。當我們考慮如何以最佳方式服務這些客戶，如何以最佳方式根據這些協議鎖定長期價值時，我們會遇到各種各樣的客戶，其中一些客戶希望將 GPU 包含在內，而這其中可能包含相關的溢價。

So it's a little too early to indicate exactly what we would expect with economics, but we do believe the economics from our conversations and from the internal modeling that we've done and from the transactions that a lot of the companies in the space have announced in the last couple of months is very compelling, especially when we can execute it at a smaller site like Washington, which we can consider fully funded today.

因此，現在就斷言我們對經濟效益的預期還為時過早，但我們相信，根據我們的交流、我們所做的內部建模以及該領域許多公司在過去幾個月宣布的交易，經濟效益非常有吸引力，尤其是當我們能夠在像華盛頓這樣規模較小的地點執行該項目時，而我們目前可以認為該項目已獲得全額資金。

That's very helpful. Thanks very much. Thanks for taking my questions. That's it.

那很有幫助。非常感謝。謝謝您回答我的問題。就是這樣。

Thanks, Martin.

謝謝你，馬丁。

Brian Dobson, ClearStreet. Please go ahead, Brian.

Brian Dobson，ClearStreet。請繼續，布萊恩。

Yes, thanks very much. I guess more broadly speaking about Bitcoin mining, as more and more miners transition megawatts to HPC? How do you see the global hash rate evolving over the next few years?

是的，非常感謝。我想更廣泛地說，就比特幣挖礦而言，隨著越來越多的礦工將兆瓦級的運算資源轉移到高效能運算（HPC）領域，情況是否也是如此？您認為未來幾年全球哈希率將如何發展？

No, interesting question, Brian. Personally, I think the hash rate is going to continue to evolve at the same rate that it has been evolving. But if Bitcoin price is not moving up meaningfully, that would be a major headwind to further growth. I think what you'll see more likely is that Bitcoin miners will continue to rotate out to lower and lower cost jurisdictions.

不，布萊恩，這個問題很有趣。我個人認為，哈希率將繼續以目前的速度發展。但如果比特幣價格沒有顯著上漲，將對進一步成長構成重大阻礙。我認為更有可能發生的是，比特幣礦工會繼續轉移到成本越來越低的地區。

And I think one of the big dynamics that is taking place is that the public miners represented almost one third of the entire network, and they all seem very keen on moving over to the higher economics associated with HPC and AI. So that removes a lot of the available and current existing infrastructure for Bitcoin mining.

我認為正在發生的一大變化是，公共礦工幾乎佔整個網路的三分之一，而且他們似乎都非常熱衷於轉向與高效能運算和人工智慧相關的更高經濟效益。這樣一來，很多現有的比特幣挖礦基礎設施就被移除了。

So there could be some potential headwinds in exahash growth for the network. But I think what you'll see is it's just going to rotate off to different jurisdictions. We've seen huge growth in the Middle East, in Africa. I think Russia is a very large booming market for Bitcoin mining right now. And I think the best opportunity for most miners in the United States really is this transition to HPC and AI.

因此，該網路在 exahash 成長方面可能會遇到一些潛在的阻力。但我認為你會看到這種情況是，它會輪流轉移到不同的司法管轄區。我們看到中東和非洲都出現了巨大的成長。我認為俄羅斯目前是一個非常龐大且蓬勃發展的比特幣挖礦市場。我認為，對於美國的大多數礦工來說，最好的機會就是向高效能運算和人工智慧的轉型。

And the economics are really going to drive that forward because the US is the best market to invest in for HPC and AI, whereas Bitcoin mining is largely location agnostic. And it's happy to go to cheaper locations, higher-risk locations, more remote locations than HPC and AI is.

經濟因素將真正推動這一趨勢發展，因為美國是高效能運算和人工智慧領域最佳的投資市場，而比特幣挖礦在很大程度上不受地理限制。而且它樂於前往比高效能運算和人工智慧更便宜、風險更高、更偏遠的地方。

Yeah, excellent. And then just a quick follow-up. So as you're reviewing your portfolio, do you see an opportunity to engage in this type of megawatt redeployment in a broader sense?

是的，太好了。然後還有一個簡短的後續問題。因此，當您審查投資組合時，您是否看到有機會在更廣泛的意義上參與這種兆瓦級電力重新部署？

When we're looking at whether or not we could redeploy our Bitcoin mining assets somewhere else, I think the opportunities are really few. And really, I don't think that's a great use of management's resources or time. I think the best opportunity is to basically bring forward what should be estimated free cash flow for mining operations today into cash and reinvest those into HPC and AI.

當我們考慮是否可以將比特幣挖礦資產重新部署到其他地方時，我認為機會真的很少。說實話，我認為這並不是對管理層資源或時間的合理利用。我認為最好的機會是將目前採礦業務預計產生的自由現金流提前轉化為現金，並將這些現金再投資於高效能運算和人工智慧領域。

Great, thanks Ben.

太好了，謝謝你，本。

Michael Donovan, Compass Point.

Michael Donovan，指南針點。

Hi, Ben and Jonathan. Ben, you mentioned dollar per kilowatt trends. Can you quantify a premium on dollar per kilowatt that you're seeing for power secured in Pennsylvania or Washington versus Texas?

嗨，本和喬納森。本，你提到了每千瓦時的價格趨勢。您能否量化一下在賓夕法尼亞州或華盛頓州獲得的電力與在德克薩斯州獲得的電力相比，每千瓦時電力價格的溢價？

Yes, it's a good question. There's a few variables that go into dollar per kilowatt on these leases. One is obviously time line, one is location. Another one is risk factors that go into the development time line. And so it's not really possible to pinpoint an exact price per location because there's multiple factors which come into play when you're looking at what the total lease rates can accumulate to.

是的，這是個好問題。影響這些租賃合約中每千瓦時價格的因素有很多。一個顯然​​是時間線，一個是地點。另一個因素是影響開發時間表的風險因素。因此，要準確地確定每個地點的價格是不可能的，因為在考慮總租賃價格時，需要考慮多種因素。

I think if you look around at the transactions that are here and you look around at kind of what Bitfarms could secure today at Pennsylvania before it's even really broken ground at our Panther Creek site, which we plan to do next month, we could probably lock in $140 to $150 per kilowatt per month. But I think when you look at that rate, that rate takes into consideration the location. It also takes into consideration the shovel has not been put in the ground yet.

我認為，如果你看看這裡的交易情況，再看看 Bitfarms 今天在賓夕法尼亞州能夠獲得的收益，甚至在我們位於 Panther Creek 的場地真正破土動工之前（我們計劃下個月動工），我們可能就能鎖定每千瓦每月 140 至 150 美元的收入。但我認為，當你查看這個利率時，你會發現這個利率已經考慮到了地理位置的因素。它還考慮到了鏟子還沒有插到地上的情況。

And what we don't want to do is we don't want to lock in a lot of discounts that would be associated with the build time line and the uncertainties around the build time line into a 10-, 15-year agreement. What we'd rather do is we'd rather execute against our construction milestones utilizing the substantial war chest that we have today. And the closer we can bring that window down from signing a lease to actually generating revenue from a customer, the more that we should expect to get. It's hard to put an exact price, but I would think that if that window was shorter, we could probably get upwards of $180 per kilowatt per month if we didn't have the risk and uncertainty priced into the time line that would bring it down to $140 to $150 per kilowatt today. That's internal estimates and modeling. So there's a lot of factors that go into that.

我們不想把與建造時間表以及建造時間表的不確定性相關的許多折扣鎖定在 10 年、15 年的協議中。我們更願意利用目前擁有的雄厚資金，並按計劃完成我們的建設里程碑。我們越能縮短從簽訂租賃協議到實際從客戶那裡獲得收入的時間窗口，我們就越應該期望獲得更多收益。很難給出確切的價格，但我認為，如果這個時間窗口更短，我們或許可以拿到每月每千瓦時 180 美元以上的價格，前提是我們忽略了時間線上的風險和不確定性，否則價格今天可能會降到每千瓦時 140 到 150 美元。這是內部估算和建模。所以這其中有很多因素要考慮。

And we also think that as you execute against 2026 and as the gap between data center supply and data center demand continues to exacerbate, those numbers could get even better. And when we look at how does the margins work out for these contracts, you're largely looking at pretty fixed OpEx. And so the difference for the company between getting $140 per kilowatt hour, $140 per kilowatt per month versus $150 or $180 is not only a huge increase in terms of the top line revenue, but it's an even larger increase in terms of the profit margin, in terms of what your adjusted EBITDA is going to be.

我們還認為，隨著您朝著 2026 年的目標邁進，以及資料中心供應與資料中心需求之間的差距繼續擴大，這些數字可能會變得更好。當我們查看這些合約的利潤率時，會發現營運支出基本上是固定的。因此，對於公司而言，每千瓦時 140 美元、每月每千瓦時 140 美元與 150 美元或 180 美元之間的區別，不僅在總收入方面是巨大的增長，而且在利潤率方面，也就是調整後的 EBITDA 方面，增長幅度更大。

And then not that all translates out into that multiple expansion that we're targeting with this transformation, right? So if you're getting a significantly higher free cash flow out of that operation, that's what the multiple expansion is going to be based on. So we really want to make sure that -- we're not pricing in those discounts. We're trying to maximize the dollar per kilowatt per month in the lease, and that's going to be the way that we achieve the highest multiple expansion for shareholders in the long term.

但這並不意味著所有這一切都能轉化為我們透過這次轉型所追求的多重擴張，對吧？因此，如果該業務能帶來顯著更高的自由現金流，那麼本益比擴張就是以此為基礎的。所以我們真的想確保——我們沒有把這些折扣考慮在內。我們正在努力使租賃合約中每千瓦時每月的收益最大化，這將是我們實現股東長期最高倍數成長的方式。

That's helpful, Ben. And you talked about connecting data centers to be one campus, and I was hoping you can unpack this a bit more. How can we think about distance between hauls or pods versus theoretical loss and performance for compute?

那很有幫助，本。您之前提到將資料中心連接起來，形成一個統一的園區，我希望您能再詳細解釋一下。我們如何看待運輸或運輸艙之間的距離與計算的理論損失和性能之間的關係？

Yeah. There's a strategy that Amazon pioneered. It's called the regional campus strategy, and they've effectively determined that somewhere around 300 miles is the cost-effective range to build direct fiber infrastructure. But the real thing is the latency that you could get between your sites. Now obviously, when you're looking at these facilities, you're even concerned about the latency in rack and in between racks or inside the facility to go from one rack to another rack on the other side of the facility. So that latency is becoming an increasingly bigger bottleneck as you're looking at performance on the high, high end of GPUs.

是的。這是亞馬遜首創的策略。這被稱為區域園區策略，他們已經有效地確定，建造直接光纖基礎設施的成本效益範圍在 300 英里左右。但真正的問題是網站之間可能出現的延遲。顯然，在考察這些設施時，您甚至會擔心機架內部、機架之間或設施內部從一個機架到另一個機架的延遲。因此，隨著高階 GPU 效能的提升，延遲正逐漸成為越來越大的瓶頸。

But what we've seen is that most of our facilities in Montreal, where we'd be looking at this regional campus strategy, they're much closer than 300 miles. They're all within 90 minutes of Montreal. Many of them are 15-, 20-minute drive apart from each other. And so it would be possible to reduce the latency below 2 milliseconds with direct fiber. It would be pretty cost effective to do so. And you'd get a lot of benefits from doing that in terms of the scalability, given it's just so difficult to scale up new megawatts in the province.

但我們發現，我們在蒙特婁的大多數設施（我們將在那裡推行區域校園戰略）之間的距離都遠小於 300 英里。它們距離蒙特婁都在90分鐘車程之內。它們之間很多都相距 15 到 20 分鐘車程。因此，使用光纖直連可以將延遲降低到 2 毫秒以下。這樣做成本效益很高。這樣做在可擴展性方面會帶來許多好處，因為在該省擴大新的兆瓦發電規模實在太難了。

Appreciate it, Ben.

謝謝你，本。

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

謝謝。現在我謹將會議交還給本·加尼翁先生，請他作閉幕致詞。

Thank you very much. I would like to thank everyone for attending our earnings call this morning. The management team is very excited. Our long-term investment strategy, we believe, is fully aligned with long-term investors. And we are really, really excited about the future of this company and what we're building at Bitfarms, and we appreciate your continued support. Thank you.

非常感謝。感謝各位今天上午參加我們的財報電話會議。管理團隊非常興奮。我們相信，我們的長期投資策略與長期投資者的理念完全一致。我們對公司的未來以及我們在 Bitfarms 所取得的成就感到非常非常興奮，感謝你們一直以來的支持。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。