Bit Digital Inc (BTBT) 2024 Q3 法說會逐字稿

Hello, and welcome to the Bit Digital third quarter 2024 earnings conference call. Good morning, good afternoon, and good evening, depending on where you are joining us from. Thank you for being here. (Operator Instructions) Also, as a reminder, today's conference is being recorded.

您好，歡迎參加 Bit Digital 2024 年第三季財報電話會議。早安、下午好、晚上好，取決於您從哪裡加入我們。感謝您來到這裡。（操作員指示）另外，提醒一下，今天的會議正在錄製中。

I'll now hand the call over to your host, Cameron Schnier, Head of Investor Relations at Bit Digital. Cameron, the floor is yours.

現在我將把電話轉交給主持人、Bit Digital 投資者關係主管 Cameron Schnier。卡梅倫，地板是你的。

Thank you. Good morning, and welcome to the Bit Digital third quarter 2024 earnings call. Joining us on the call today are Sam Tabar, Chief Executive Officer; and Eric Huang, Chief Financial Officer.

謝謝。早安，歡迎參加 Bit Digital 2024 年第三季財報電話會議。今天加入我們電話會議的是執行長 Sam Tabar；和財務長 Eric Huang。

Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. I, therefore, refer you to our latest 20-F filing, yesterday's 6-K filing and our other SEC filings.

在開始之前，我想提醒所有與會者，我們今天將發表的一些聲明具有前瞻性。這些事項涉及風險和不確定性，可能導致我們的結果與這些聲明中預測的結果有重大差異。因此，我建議您參閱我們最新的 20-F 文件、昨天的 6-K 文件以及我們其他 SEC 文件。

Our comments today may also include non-GAAP financial measures. Additional details and reconciliation and the most directly comparable GAAP financial measures can be found in our 20-F filing and today's 6-K filing, which are on our website. After our prepared remarks, we'll open the call up for questions. If you'd like to ask a question, please hit number one on your keypad.

我們今天的評論可能還包括非公認會計準則財務指標。更多詳細資訊、調整表以及最直接可比較的 GAAP 財務指標可以在我們網站上的 20-F 備案和今天的 6-K 備案中找到。在我們準備好的發言之後，我們將開始提問。如果您想提問，請按鍵盤上的數字一。

With that important note covered, I will now turn the call over to Sam to discuss our performance. Sam?

講完這一重要說明後，我現在將把電話轉給 Sam，討論我們的表現。薩姆？

Thank you, Cam. Ladies and gentlemen, thank you for joining us on the call today. Today, I will dive into our third quarter results, discuss some ongoing strategic initiatives and provide some color on what we envision as the future for Bit Digital. Eric will then provide more detail on our financial results, and then we will open the line for your questions.

謝謝你，卡姆。女士們先生們，感謝您今天加入我們的電話會議。今天，我將深入探討我們第三季的業績，討論一些正在進行的策略舉措，並就我們對 Bit Digital 未來的設想提供一些見解。然後埃里克將提供有關我們財務業績的更多詳細信息，然後我們將開通您的提問熱線。

The third quarter of 2024 and the last 12 months have revolved around laying the foundation for the future of Bit Digital. We've embraced a completely different mindset than when we previously had when we were strictly a Bitcoin miner. We now make decisions that we think will bear fruit over a longer time line. We prefer this mindset over the near-term fixation and macro sensitivity inherent to Bitcoin mining decisions.

2024 年第三季和過去 12 個月的重點是為 Bit Digital 的未來奠定基礎。與之前嚴格意義上的比特幣礦工相比，我們現在的心態完全不同。我們現在做出的決定，我們認為會在更長的時間內取得成果。我們更喜歡這種心態，而不是比特幣挖礦決策固有的近期固定性和宏觀敏感性。

In October, we announced the acquisition of Enovum, an owner, operator and developer of high-performance computing data centers, for approximately $46 million. This was a transformational deal for Bit Digital. Why? Because the transaction vertically integrated our HPC operations with an existing, fully operational and fully leased Tier 3 data center in a major city.

10 月，我們宣布以約 4,600 萬美元收購 Enovum，這是一家高效能運算資料中心的所有者、營運商和開發商。對於 Bit Digital 來說，這是一筆變革性的交易。為什麼？因為該交易將我們的 HPC 業務與主要城市現有的、全面運營且完全租賃的三級資料中心垂直整合。

We added colocation as a new business and revenue line. We also added a strong mix of existing and prospective customers. Further, we gained a strong pipeline of expansion site opportunities and an extremely experienced team with a proven track record to lead the development process. The benefit of adding a highly experienced team cannot be understated. Developing Tier 3 data centers was not a skill we possessed in-house. We solved this gap through M&A, and now we have what we believe to be one of the best data center teams in the world. This is a huge advantage in terms of accelerating our time to market.

我們新增了託管作為新的業務和收入線。我們也增加了現有和潛在客戶的強大組合。此外，我們還獲得了強大的擴建地點機會和一支經驗豐富的團隊，他們在領導開發過程方面擁有良好的記錄。增加經驗豐富的團隊的好處不可小覷。開發三級資料中心並不是我們內部擁有的技能。我們透過併購解決了這一差距，現在我們擁有我們認為是世界上最好的資料中心團隊之一。就加快我們的上市時間而言，這是一個巨大的優勢。

The Enovum team is adept at bringing new sites online in an accelerated time line. We are pushing forward with our development pipeline and expect to be able to add 8 megawatts by 2Q 2025 and reach a total of 32 megawatts by the end of the year. We will likely dedicate a portion of the near-term megawatts to Bit Digital's GPUs.

Enovum 團隊擅長快速上線新網站。我們正在推進我們的開發項目，預計到 2025 年第二季將能夠增加 8 兆瓦，到年底總容量達到 32 兆瓦。我們可能會將近期兆瓦的一部分專門用於 Bit Digital 的 GPU。

Our pipeline remains strong. We are conducting diligence on a location that has the potential to reach 40 megawatts by mid-2025 and an additional 100 megawatts in around 18 months. We're currently evaluating the viability of being able to bring this site online to meet a specific customer's time line, and we will only pursue this project with a firm customer commitment and our own assurance that we can satisfy the time line.

我們的管道仍然強勁。我們正在對一個地點進行盡職調查，預計到 2025 年中期發電量預計將達到 40 兆瓦，並在大約 18 個月內再增加 100 兆瓦。我們目前正在評估使網站上線以滿足特定客戶的時間表的可行性，並且只有在對客戶做出堅定的承諾並保證我們能夠滿足時間表的情況下，我們才會開展該專案。

In aggregate, we have seen around 90 megawatts of incremental customer demand since our initial Enovum announcement last month. The demand is spread across five to six clients with various time lines. Right now, we are seeing that deployment time is -- we are seeing that deployment time is the key factor in turning indications of demand into firm commitments. We are in the final stages of securing the real estate for our 2Q '25 deployment and beginning to place equipment orders to meet that time line.

自上個月首次宣布 Enovum 以來，我們總共看到了約 90 兆瓦的客戶需求增量。需求分佈在五到六個不同時間線的客戶。現在，我們看到部署時間是將需求跡象轉化為堅定承諾的關鍵因素。我們正處於確保 25 年第二季部署所需場地的最後階段，並開始下設備訂單以滿足該時間表。

I'll now move to our GPU cloud business. We announced the term sheet with Boosteroid, the third largest cloud gaming provider in the world, on our last earnings call. Since then, we've executed an MSA, and we've placed an initial order of -- for about 300 GPUs. These GPUs are in the process of being delivered to data centers in the US, and we expect revenue generation to begin by the end of this month. This is just the starting quantity of GPUs. It is smaller than the initial quantity that we outlined as this deployment does not include the GPUs to be delivered to European data centers, though we expect that deployment to begin in the near term.

我現在將轉向我們的 GPU 雲端業務。我們在上次財報電話會議上宣布了與全球第三大雲遊戲供應商 Boosteroid 的投資意向書。從那時起，我們執行了 MSA，並為大約 300 個 GPU 下了初始訂單。這些 GPU 正在交付給美國的資料中心，我們預計本月底開始創造收入。這只是 GPU 的起始數量。它比我們概述的初始數量要小，因為此部署不包括將交付給歐洲資料中心的 GPU，但我們預計部署將在短期內開始。

Overall, we now expect our deployment with Boosteroid to reach around 10,000 GPUs through the course of 2025. The deployment cadence should be gradual, though there may be some lumpiness depending on the size of certain purchase orders. We are extremely proud to formally begin our relationship with Boosteroid, and we look forward to going alongside them in the years to come.

總體而言，我們現在預計到 2025 年，Boosteroid 的部署數量將達到約 10,000 個 GPU。部署節奏應該是漸進的，儘管根據某些採購訂單的大小可能會有一些波動。我們非常自豪能夠正式開始與 Boosteroid 建立合作關係，我們期待在未來的歲月裡與他們並肩作戰。

Moving to what we refer to as our anchor customer. Recall that we currently have a contract with this customer to deploy an additional 2,000 H100s, but we disclosed that our customer is considering upgrading the contract for newer generation NVIDIA chips. While nothing has yet been formalized, we expect our customer will likely upgrade the contract for Blackwell. Based on our conversations with NVIDIA and OEMs, we are confident in receiving a relatively early allocation of B200 and GB200s.

轉向我們所說的主要客戶。回想一下，我們目前與該客戶簽訂了額外部署 2,000 個 H100 的合同，但我們透露，我們的客戶正在考慮升級合約以使用新一代 NVIDIA 晶片。雖然尚未正式確定任何內容，但我們預計我們的客戶可能會升級 Blackwell 的合約。根據我們與 NVIDIA 和 OEM 廠商的對話，我們有信心獲得相對較早的 B200 和 GB200 分配。

At this stage, timing for starting the next tranche of the contract is subject to when we will be able to receive those chips. We don't have much greater visibility beyond publicly available information from NVIDIA. But we do think that 2Q '25 is a decent bet on when we were able to -- when we'd be able to receive the Blackwell chips.

在此階段，啟動下一批合約的時間取決於我們何時能夠收到這些籌碼。除了 NVIDIA 公開提供的資訊外，我們沒有更多的可見性。但我們確實認為，當我們能夠收到 Blackwell 晶片時，25 年第二季是一個不錯的選擇。

We made significant hires during the third quarter and beyond. Our GPU cloud business is now run by a world-class team. We hired an extremely experienced and proven Head of Revenue and an extremely experienced and proven CTO and multiple new hires on the engineering and business development side for the respective business and technology teams.

我們在第三季及以後進行了大量招募。我們的GPU雲端業務現在由世界一流的團隊營運。我們聘請了一位經驗豐富且久經考驗的收入主管和一位經驗豐富且久經考驗的首席技術官，並為各自的業務和技術團隊聘請了工程和業務開發方面的多名新員工。

Our collective intelligence in the HPC industry has gone up exponentially. This is particularly beneficial given that the GPU-as-a-Service market has become more competitive since the end of 2023 when we launched this business.

我們在 HPC 產業的集體智慧呈指數級增長。鑑於自 2023 年底我們推出這項業務以來，GPU 即服務市場的競爭變得更加激烈，這一點尤其有利。

In the current market, it's become increasingly difficult to pre-sell GPU capacity, similar to what we did with our first customer. The supply of H100s in the market has increased, and it has become more challenging to win deals without an available inventory on hand. The sales cycle has compressed from months to weeks in some cases.

在當前市場中，預售 GPU 容量變得越來越困難，類似於我們對第一個客戶所做的事情。市場上 H100 的供應量有所增加，在沒有可用庫存的情況下贏得交易變得更具挑戰性。在某些情況下，銷售週期已從幾個月壓縮到幾週。

We are evaluating pre-ordering more GPUs prior to having them contracted to better compete for the types of customers where deployment speed is the key determinant. However, we are more inclined to build inventories of the newest GPU models to reduce the risk of obsoletes. We are currently in the queue for GB200s and (inaudible) 200s.

我們正在評估在簽訂合約之前預購更多 GPU，以便更好地競爭部署速度是關鍵決定因素的客戶類型。然而，我們更傾向於建立最新 GPU 型號的庫存，以降低過時的風險。我們目前正在排隊等待 GB200 和（聽不清楚）200。

Our pipeline has continued to grow in tandem with the institutionalization of our sales process. We are now actively vetting and negotiating anywhere between five to 10 deals at any given time. The pipeline is dynamic in the current market. We have passed on various deals based on pricing or certain customer nuances and missed out on different deals due to not being able to meet deployment time lines.

隨著銷售流程的製度化，我們的管道不斷成長。我們現在正在任何特定時間積極審查和談判 5 到 10 筆交易。該管道在當前市場上充滿活力。我們根據定價或某些客戶細微差別放棄了各種交易，並由於無法滿足部署時間軸而錯過了不同的交易。

We have several deals that are being finalized. Last week, we signed term sheets with two new customers and executed an MSA and purchase order with a third new customer. The MSA pertains to 64 GPU deployment that commenced last week on a month-to-month contract worth about $1.2 million of annualized revenue. We fulfilled that deployment using GPUs we had on inventory, having purchased 42 H200s or 336 GPU cards in October for around $9.7 million.

我們有幾項交易正在敲定。上週，我們與兩位新客戶簽署了條款清單，並與第三個新客戶簽署了 MSA 和採購訂單。MSA 涉及 64 個 GPU 部署，該部署於上週開始，按月簽訂的合約價值約為 120 萬美元的年收入。我們使用庫存中的 GPU 完成了該部署，並在 10 月以約 970 萬美元的價格購買了 42 個 H200 或 336 個 GPU 卡。

And another new customer term sheet is for 576 H200s for a 12-month period, representing $10 million of revenue. And another term sheet provides yet another new customer that provides for 512 H200s over a period of at least six months, representing $5 million of revenue over the initial six-month term. The MSA has been executed with this client and an initial two server purchase order was executed, and those units have begun earning revenue. The remainder of this deployment is expected prior to year-end.

另一份新客戶條款清單是為期 12 個月的 576 台 H200，相當於 1,000 萬美元的收入。另一份條款清單提供了另一位新客戶，在至少六個月的時間內提供 512 台 H200，相當於在最初的六個月期限內帶來 500 萬美元的收入。MSA 已與該客戶一起執行，並執行了最初的兩台伺服器採購訂單，這些設備已開始賺取收入。此次部署的剩餘部分預計在年底前完成。

We are also actively negotiating several other deals that have the (technical difficulty) we are also actively negotiating several other deals that have the potential to begin generating revenue by year-end. In aggregate, we remain confident in hitting our $100 million run rate revenue target for our HPC business by year-end 2024.

我們也正在積極談判其他幾項具有（技術難度）的交易，我們也正在積極談判其他幾項有可能在年底開始產生收入的交易。總的來說，我們仍有信心在 2024 年底前實現 HPC 業務 1 億美元的營運收入目標。

In the rapidly evolving cloud computing landscape, many competitors have entered the market, viewing it simply as a matter of deploying capital, racking and stacking GPUs and then just handing over the access keys. This oversimplification has led to solutions that fall short on performance and reliability, resulting in a wave of cautious buyers who have been burned by underperforming platforms.

在快速發展的雲端運算領域，許多競爭對手已經進入市場，將其視為簡單的部署資本、機架和堆疊 GPU，然後交出存取金鑰的問題。這種過度簡化導致解決方案在性能和可靠性方面存在不足，從而導致一波謹慎的買家被表現不佳的平台所困擾。

Bit Digital recognizes this challenge and sees it as an opportunity. We've assembled top-tier talent to build future-proof performance-first solution engineered to meet and exceed the needs of the most demanding machine learning and AI workloads.

Bit Digital 認識到這項挑戰並將其視為機會。我們聚集了頂尖人才來建立面向未來、性能優先的解決方案，旨在滿足並超越最苛刻的機器學習和人工智慧工作負載的需求。

Our platform is designed not only to address today's market complexities, but also to anticipate where the industry is heading. Our focus on a performance-first design means that buyers can trust us to deliver a reliable long-term solution built for even the most advanced applications. This commitment not only restores buyer confidence, but also fosters high retention rates, resonating with customers who are looking for a stable partner in their journey towards innovation.

我們平台的設計不僅是為了解決當今市場的複雜性，也是為了預測產業的發展方向。我們專注於性能第一的設計，這意味著買家可以相信我們能夠提供可靠的長期解決方案，即使是最先進的應用程式也是如此。這項承諾不僅恢復了買家的信心，還培養了高保留率，與在創新之旅中尋找穩定合作夥伴的客戶產生共鳴。

By delivering on these promises, Bit Digital aims to be the platform of choice for machine learning and AI pioneers who require infrastructure as forward-thinking as they are. While we are in the early stages of this build-out, we believe we have the right framework to create a platform that will expand our revenue and margin opportunities, improve customer retention and reduce churn based on industry-leading reliability and performance.

透過兌現這些承諾，Bit Digital 旨在成為需要基礎設施前瞻性的機器學習和人工智慧先驅者的首選平台。雖然我們正處於這項建設的早期階段，但我們相信我們擁有正確的框架來創建一個平台，該平台將擴大我們的收入和利潤機會，提高客戶保留率並基於行業領先的可靠性和性能減少客戶流失。

The third quarter was challenging for our mining business. It was the first full quarter following the April halving event and hash price reached all -- new all-time lows. This coincided with a period in which our electricity costs increased due to normal seasonal patterns. Seasonal increases were most acute in Texas and to a lesser extent, in Upstate New York. These factors coalesced to produce underwhelming mining margins for the quarter. But Bitcoin prices have since rallied about 50% compared to the 3Q average.

第三季對我們的採礦業務來說充滿挑戰。這是四月份減半事件之後的第一個完整季度，哈希值達到了歷史新低。這恰逢我們的電力成本因正常季節性模式而增加的時期。德州的季節性成長最為嚴重，紐約州北部的季節性成長幅度較小。這些因素綜合在一起導致本季的採礦利潤率低迷。但與第三季平均相比，比特幣價格此後上漲了約 50%。

Also, our variable electricity costs have subsided from summer highs. However, network hash rate continues to grow, which will partially offset the benefit of higher Bitcoin prices. During the quarter, we were informed that Coinmint, our largest hosting provider, was acquired by a third-party, and we received notice of termination for our hosting contracts at those sites.

此外，我們的變動電力成本已從夏季高點回落。然而，網路哈希率持續成長，這將部分抵消比特幣價格上漲的好處。在本季度，我們獲悉我們最大的託管提供商 Coinmint 被第三方收購，並且我們收到了這些網站託管合約的終止通知。

At the end of the third quarter, we were using approximately 46 megawatts from Coinmint sites. Notably, we are running more than 10,000 S19 type miners with Coinmint. Those units run at an average of 31 joules per terahash, which is inefficient in the current market and are close to the end of their operational lives.

截至第三季末，我們使用了 Coinmint 站點的約 46 兆瓦電量。值得注意的是，我們正在 Coinmint 上運行超過 10,000 台 S19 型礦機。這些裝置的平均運行速度為 31 焦耳/太哈希，這在當前市場上效率較低，並且已接近其使用壽命。

For context, our fleet-wide efficiency was approximately 28 joules per terahash. So the S19s were a considerable drag on our fleet efficiency. We plan on selling those units and replacing the hash rate with newer generation machines. By doing so, we can replace the lost hash rate with around 50% less megawatts. We have already signed term sheets for more than enough hosting capacity to replace that lost hash rate.

就上下文而言，我們整個機隊的效率約為 28 焦耳/太哈哈希。因此，S19 嚴重拖累了我們機隊的效率。我們計劃出售這些設備並用新一代機器取代哈希率。透過這樣做，我們可以用減少約 50% 的兆瓦來彌補損失的算力。我們已經簽署了足夠的託管容量的條款清單，以取代遺失的雜湊率。

We've been very cautious about fleet growth this year, but see this time as a golden opportunity to high-grade our fleet and improve our mining margins. That said, mining CapEx will remain a relatively small portion of our company spend given our plans to develop our data center pipeline and increase our GPU fleet. We're currently assessing different hosting and miner purchase opportunities through the lens of maximizing cost efficiency and compressing payback periods.

我們對今年船隊的成長非常謹慎，但認為這次是升級我們的船隊並提高採礦利潤的黃金機會。也就是說，鑑於我們計劃開發資料中心管道並增加 GPU 機群，挖礦資本支出仍將占我們公司支出的相對較小部分。我們目前正在透過最大化成本效率和壓縮投資回收期的角度來評估不同的託管和礦機購買機會。

We plan to return to around an operational exahash of around three in the first half of 2025. The price of ETH was down 24% at the end of the third quarter 2024 quarter-over-quarter, resulting in unrealized losses on that position. The price of ETH has since recovered and is up 20% quarter-to-date. We hold a significant portion -- sorry, we hold a significant position in both Bitcoin and ETH.

我們計劃在 2025 年上半年恢復到 3 左右的營運 exahash 左右。截至 2024 年第三季末，ETH 價格環比下跌 24%，導致該部位出現未實現損失。此後，ETH 的價格已經回升，本季迄今上漲了 20%。我們持有很大一部分——抱歉，我們在比特幣和 ETH 中都持有重要份額。

We are not Bitcoin or ETH maximalists. We are shareholder maximalists. We believe that both Bitcoin and ETH will increase in price on a structural basis over time. We think the broader market is starting to understand that Bitcoin and ETH serve different purposes and carry different value propositions. We're still early in terms of awareness, but we expect ETH will continue to benefit from a rising public understanding of its underlying utility. We remain bullish on diversification.

我們不是比特幣或以太坊的極端主義者。我們是股東最大化主義者。我們相信，隨著時間的推移，比特幣和以太坊的價格都會出現結構性上漲。我們認為更廣泛的市場開始認識到比特幣和以太坊有不同的用途並具有不同的價值主張。我們的認識還處於早期階段，但我們預計 ETH 將繼續受益於公眾對其潛在效用的不斷加深的了解。我們仍然看好多元化。

I'll now hand over the line to Eric, who will discuss our financial results.

我現在將電話交給埃里克，他將討論我們的財務表現。

Thank you, Sam. I will now discuss certain financial results for the third quarter of 2024. Total revenue was $22.7 million, a 96% increase compared to the prior year. The revenue increase was driven by the contribution of our HPC businesses and partially offset by decreased mining revenue.

謝謝你，山姆。我現在將討論 2024 年第三季的某些財務表現。總收入為 2,270 萬美元，比上年增長 96%。收入的成長是由我們的 HPC 業務的貢獻所推動的，但部分被挖礦收入的下降所抵消。

Our Bitcoin production decreased 59% year-over-year to a 165.4 Bitcoins. Despite more than doubling our hash rate growth, the impact of having coupled with higher network difficulty led to decreased production. Bitcoin mining revenue decreased 11% from the prior year to $10.1 million with higher Bitcoin prices partially offsetting the decrease in production.

我們的比特幣產量年減 59% 至 165.4 個比特幣。儘管我們的哈希率增長了一倍多，但網路難度增加的影響導致產量下降。比特幣挖礦收入較前一年下降 11% 至 1,010 萬美元，比特幣價格上漲部分抵消了產量的下降。

Our HPC services business recognized $12.2 million of revenue during this quarter. As a reminder, this business began generating revenue in early 2024. And we earned a 161.9 Ethereums from native staking rewards during the quarter, representing approximately $450,000 in revenue.

我們的 HPC 服務業務本季實現營收 1,220 萬美元。提醒一下，該業務於 2024 年初開始產生收入。本季我們從原生質押獎勵中獲得了 161.9 個以太坊，相當於約 45 萬美元的收入。

Our total cost of revenue was $15.5 million compared to $8.8 million in the prior year, and the increase was driven by an increase in our active mining fleet, higher Bitcoin network difficulty and the start of our HPC business.

我們的總收入成本為 1,550 萬美元，而上一年為 880 萬美元，這一增長是由於我們活躍採礦隊的增加、比特幣網絡難度的提高以及 HPC 業務的啟動推動的。

Gross profit increased by a 162% from the prior year to $7.2 million. Our HPC services business was the main driver of gross profit, contributing $6.7 million towards the total, while ETH staking added $435,000 and mining contributed $112,000. The total gross margin expanded 800 bps from the prior year to 32%, with the addition of HPC offsetting lower mining margins related to increased Bitcoin network difficulty and reduced block rewards.

毛利較上年成長 162%，達到 720 萬美元。我們的 HPC 服務業務是毛利的主要驅動力，為總利潤貢獻了 670 萬美元，而 ETH 質押增加了 435,000 美元，挖礦貢獻了 112,000 美元。總毛利率較上年增長 800 個基點，達到 32%，HPC 的增加抵消了因比特幣網路難度增加和區塊獎勵減少而導致的採礦利潤率下降。

General and administrative costs were approximately $13.7 million compared to $4.9 million during the prior year's quarter. Third quarter 2024 G&A expenses includes $5 million of stock-based compensation and $4.8 million of professional and consulting expenses. The increase related to the prior year can be partially attributed to expense related to our acquisition of Enovum as well as expenses related to hiring new employees for our HPC business.

一般及行政費用約為 1,370 萬美元，去年同期為 490 萬美元。2024 年第三季的一般管理費用包括 500 萬美元的股票薪酬和 480 萬美元的專業和諮詢費用。與前一年相關的成長部分歸因於我們收購 Enovum 的相關費用以及為我們的 HPC 業務僱用新員工的相關費用。

Depreciation and amortization expense was $8.4 million for the third quarter compared to $3.6 million last year, with the increase driven by a larger mining fleet and our GPU fleet that was deployed in early 2024.

第三季的折舊和攤銷費用為 840 萬美元，而去年為 360 萬美元，成長是由更大的採礦隊和 2024 年初部署的 GPU 隊推動的。

Adjusted EBITDA was negative $21.8 million for the quarter compared to negative $2.9 million last year. Adjusted EBITDA for 3Q includes $21.9 million unrealized losses on digital assets as well as certain costs for our Enovum transaction and new hire that we would expect to be non-recurring. We expect normalized going forward G&A to be more along the lines of prior quarters with slightly upward adjustments for additional headcount.

本季調整後 EBITDA 為負 2,180 萬美元，去年為負 290 萬美元。第三季調整後的 EBITDA 包括 2,190 萬美元的數位資產未實現損失，以及我們預計不會經常發生的 Enovum 交易和新員工的某些成本。我們預計未來正常化的一般管理費用將與前幾季的情況更加一致，並將因增加員工人數而略有上調。

GAAP earnings per share was a loss of $0.26 for the quarter compared to a loss of $0.08 in the prior year with the change in digital asset prices being the primary driver of the decrease.

本季 GAAP 每股收益虧損 0.26 美元，而去年同期虧損 0.08 美元，數位資產價格的變動是下降的主要驅動因素。

Turning to our balance sheet. We held approximately a $106 million of cash and restricted cash as of September 30, 2024, and our digital assets recognition was worth approximately a $118 million. Total assets amounted to $376 million at the end of the quarter, while shareholders' equity was $315 million.

轉向我們的資產負債表。截至 2024 年 9 月 30 日，我們持有約 1.06 億美元的現金和限制性現金，我們的數位資產確認價值約為 1.18 億美元。截至本季末，總資產為 3.76 億美元，股東權益為 3.15 億美元。

Our balance sheet remains debt-free, but we continue to evaluate potential debt financing options to accelerate growth of our HPC business. The Enovum transaction and planned CapEx related to data center infrastructure opens new possibilities for financing that we are actively exploring. CapEx was approximately $1.6 million during the quarter. The CapEx was used for deposits on certain HPC equipments.

我們的資產負債表仍然沒有債務，但我們繼續評估潛在的債務融資方案，以加速我們的 HPC 業務的成長。Enovum 交易和與資料中心基礎設施相關的計劃資本支出為我們正在積極探索的融資開闢了新的可能性。本季資本支出約 160 萬美元。資本支出用於某些 HPC 設備的押金。

As a note, this will be the last quarter that we file as a foreign private issuer, and we will soon transition to a domestic filer and plan on filing a 10-K when we publish our 2024 annual results.

請注意，這將是我們作為外國私人發行人提交文件的最後一個季度，我們很快將過渡為國內提交人，併計劃在發布 2024 年年度業績時提交 10-K。

I'll now turn the call back to Sam for closing remarks.

現在我將把電話轉回給 Sam 做結束語。

Thank you, Eric. We are extremely excited about the direction of Bit Digital. The company has been completely transformed relative to where we were just a few years ago. We believe we are on a credible path towards becoming one of the preeminent players in the HPC industry.

謝謝你，埃里克。我們對 Bit Digital 的發展方向感到非常興奮。與幾年前相比，公司已經發生了徹底的轉變。我們相信，我們正走在成為 HPC 行業卓越參與者之一的可靠道路上。

We entered the HPC market in 2023 with our existing team at the time and relied on our core competencies to launch that business. We continue to believe that there are overlapping skill sets between Bitcoin mining and HPC and that they can be synergistic or complementary businesses under the same umbrella.

我們與當時的現有團隊於 2023 年進入 HPC 市場，並依靠我們的核心能力來開展這項業務。我們仍然相信，比特幣挖礦和高效能運算之間存在重疊的技能，它們可以在同一保護傘下成為協同或互補的業務。

That said, the overlapping skill is like comparing the basic skill sets of a taxi driver and the Formula 1 driver. Both Bitcoin mining and HPC require capital, but deploying capital is just the beginning of the HPC life cycle. HPC isn't just about winning customers. It's about keeping those customers happy and retaining them. Unreliability is a critical issue in the HPC market, and it creates churn. Churn creates opportunity for a customer-first business model, which is what we are driving towards.

也就是說，重疊技能就像比較計程車司機和一級方程式賽車司機的基本技能一樣。比特幣挖礦和 HPC 都需要資金，但部署資金只是 HPC 生命週期的開始。HPC 不僅僅是贏得客戶。這是為了讓這些客戶滿意並留住他們。不可靠性是 HPC 市場的關鍵問題，它會造成客戶流失。客戶流失為客戶至上的商業模式創造了機會，這也是我們正在努力實現的目標。

We learned quickly that we need to augment our talent base to really compete in this industry. The GPU-as-a-Service market has become more competitive, and we needed to recruit top talent to effectively compete. We solved that need by hiring a Head of Revenue and CTO in addition to other key team members across the sales and technical functions. We then acquired one of the best HPC data center teams in the business through our acquisition of Enovum.

我們很快就了解到，我們需要擴大我們的人才基礎，才能真正在這個行業中競爭。GPU 即服務市場的競爭變得更加激烈，我們需要招募頂尖人才來有效競爭。除了銷售和技術職能部門的其他關鍵團隊成員外，我們還聘請了收入主管和首席技術官，從而解決了這一需求。然後，我們透過收購 Enovum 獲得了業內最好的 HPC 資料中心團隊之一。

The groundwork is now in place for us to become a formidable player in both the GPU cloud and HPC data center business. We are only scratching the surface on the operational synergies we can achieve between our GPU cloud business and our HPC data centers business. There has never been a more exciting time to be a part of Bit Digital.

現在，我們已具備成為 GPU 雲端和 HPC 資料中心業務領域強大參與者的基礎。我們只是觸及了 GPU 雲端業務和 HPC 資料中心業務之間可以實現的營運協同效應的表面。成為 Bit Digital 的一員從未有過如此令人興奮的時刻。

As for our mining fleet, we are planning to opportunistically high-grade our fleet to lower production costs and enhance our competitive position. However, it's clear to us that simply maintaining market share requires significant capital given the explosive growth in network hash rate.

至於我們的採礦船隊，我們計劃趁機提高我們的船隊等級，以降低生產成本並增強我們的競爭地位。然而，我們很清楚，鑑於網路哈希率的爆炸性增長，僅僅維持市場份額就需要大量資本。

Bitcoin mining is an arms race. Essentially, companies like us that are investing heavily in HPC can't compete with pure-play miners on an exahash basis given that capital is finite. But we are comfortable with this dynamic. We view HPC as a better long-term investment for our company and are comfortable viewing our mining business as a noncapital-intensive call option on higher Bitcoin prices.

比特幣挖礦是一場軍備競賽。從本質上講，鑑於資本是有限的，像我們這樣在 HPC 上投入巨資的公司無法與純粹的礦商在 exahash 的基礎上競爭。但我們對這種動態感到滿意。我們認為 HPC 對我們公司來說是一項更好的長期投資，並且很樂意將我們的挖礦業務視為比特幣價格上漲的非資本密集型看漲期權。

It doesn't seem realistic to us for a company to maintain material market share in mining while also developing a highly competitive HPC platform. Eventually, hard choices on where to invest capital will need to be made.

對我們來說，一家公司既要維持採礦業的重要市場份額，同時還要開發具有高度競爭力的 HPC 平台，這似乎不太現實。最終，需要就資本投資方向做出艱難的選擇。

The predictability of HPC cash flow can be helpful in smoothing out the volatility inherent to Bitcoin mining. HPC provides stable revenues. Digital asset offers [spicy] asset appreciation. Stable and spice is the perfect balance for our company. This was on display during 3Q when our HPC business helped offset a challenging quarter for our mining business.

HPC 現金流的可預測性有助於消除比特幣挖礦固有的波動性。HPC 提供穩定的收入。數位資產提供[辣]資產增值。穩定和香料是我們公司的完美平衡。這一點在第三季度就得到了體現，當時我們的 HPC 業務幫助我們抵消了採礦業務充滿挑戰的季度的影響。

However, an unrealized loss on our digital asset position caused our headline results to appear underwhelming. This dynamic in our digital asset position looks like it could reverse during the fourth quarter based on current asset prices.

然而，我們的數位資產部位未實現的損失導致我們的整體績效顯得平淡無奇。根據當前資產價格，我們數位資產部位的這種動態看起來可能會在第四季發生逆轉。

Our perception is that the market doesn't ascribe proper sum-of part value to a company that has both an HPC business and a digital asset business. We suspect that separating the two businesses may result in a more appropriate valuation for each discrete business line, and that is something we are continually studying internally.

我們的看法是，市場並未對同時擁有 HPC 業務和數位資產業務的公司賦予適當的部分價值總和。我們懷疑，分離這兩項業務可能會導致對每條獨立業務線的估值更合適，這是我們內部不斷研究的問題。

We believe our HPC business is primed for an exciting and prosperous future and that we have exposure to the most promising and exciting asset class of the 21st century with our digital asset position. If the market continues to underappreciate that concept, we may proceed with the separation of the business lines.

我們相信，我們的 HPC 業務已準備好迎接令人興奮和繁榮的未來，並且憑藉我們的數位資產地位，我們可以接觸到 21 世紀最有前途和令人興奮的資產類別。如果市場繼續低估這個概念，我們可能會繼續進行業務線的分離。

For now, we are laser-focused on prudent capital allocation. We currently have a wide menu of options for capital deployment compared to where we were as a company 18 months ago. Capital is finite, and we fortunately have three distinct options to choose from for deploying capital at any given time.

目前，我們的重點是審慎的資本配置。與 18 個月前相比，我們目前有更廣泛的資本部署選項。資本是有限的，幸運的是，我們在任何特定時間都可以選擇三種不同的選項來部署資本。

Funding needs for our data center business enables us to be more selective in terms of the GPU contracts we pursue and vice versa. These new business lines have opened an array of financing options that weren't available to us previously as a Bitcoin miner. We're actively assessing these options and looking to understand what the most cost-effective sources of capital we can reasonably pursue.

我們資料中心業務的資金需求使我們能夠在追求的 GPU 合約方面更具選擇性，反之亦然。這些新的業務線為我們提供了一系列以前作為比特幣礦工無法獲得的融資選項。我們正在積極評估這些選擇，並尋求了解我們可以合理追求的最具成本效益的資本來源。

Specifically, we're looking at potential commercial mortgage financing options for our data center build-out. We're also looking at various vendor-based financing and leasing options on the GPU side.

具體來說，我們正在為我們的資料中心擴建尋找潛在的商業抵押融資選項。我們也在 GPU 方面考慮各種以供應商為基礎的融資和租賃選項。

Cost-effective and non-dilutive growth financing is the goal. We continue to evaluate more traditional corporate credit options and were recently close to a deal with a prominent counterparty, but decided to hold off until we had a fuller understanding of the financing options available to us in the wake of the Enovum deal. We will provide -- we will continue to prioritize long-term value creation for all stakeholders as we evaluate options for sustainably growing our business.

目標是具有成本效益且不稀釋的成長融資。我們繼續評估更傳統的企業信貸選擇，最近接近與一家知名交易對手達成協議，但決定推遲，直到我們對 Enovum 交易後可用的融資選擇有更全面的了解。在我們評估永續發展業務的選項時，我們將繼續優先考慮為所有利害關係人創造長期價值。

Lastly, to reiterate Eric's point from earlier, this will be the last quarter that we file a 6-K. We will convert to domestic issuer status and our next annual filing will be in the form of a 10-K. We believe that this move should incrementally help our stock become more accessible for certain investors.

最後，重申 Eric 先前的觀點，這將是我們提交 6-K 的最後一個季度。我們將轉換為國內發行人身份，下一次年度備案將以 10-K 的形式進行。我們相信，此舉將逐步幫助某些投資者更容易獲得我們的股票。

With that, I would like to open the line for some questions.

說到這裡，我想提出一些問題。

(Operator Instructions)

（操作員說明）

Mike Grondahl, Northland Securities.

麥克‧格隆達爾，北國證券。

It's Mike. Your pipeline on the GPU rental business and with Enovum is pretty robust. But can you help me, Sam, you're doing about $4 million of revenue a month in that business, the GPU rental business. How are you getting to like $8 million at the end of the year? I think that gets you to your $100 million annual run rate target roughly. Can you kind of help me with that bridge?

是麥克。你們在 GPU 租賃業務和 Enovum 方面的管道非常強大。但你能幫我嗎，Sam，你在 GPU 租賃業務上每個月的收入約為 400 萬美元。年底你是如何獲得 800 萬美元的？我認為這可以讓您大致達到 1 億美元的年運行率目標。你能幫我修那座橋嗎？

Yeah. So it's late November. We reaffirm that by year-end, our revenue target will hit a $100 million. I'll discuss why. First of all, we're pretty confident. And we're expecting the term sheets that we announced today on the call to commence prior to year-end. And combined with Enovum, that gets us to about 90% of the way there, and we still have a very busy sales cycle. As shown this week, deals can come in bunches, and we now have the institutional bandwidth and processes to manage sales.

是的。所以現在已經是十一月下旬了。我們重申，到年底，我們的收入目標將達到 1 億美元。我將討論原因。首先，我們非常有信心。我們預計今天在電話會議上宣布的投資意向書將在年底前開始實施。與 Enovum 結合，我們已經完成了大約 90% 的工作，而且我們仍然有一個非常繁忙的銷售週期。如本週所示，交易可能會成批出現，而我們現在擁有管理銷售的機構頻寬和流程。

Deployment time lines will effectively determine whether we reach the run rate in December or January. But currently, we're almost 90% there with the term sheets and the MSA that we announced today, including the Enovum contribution.

部署時間軸將有效地決定我們是否能在 12 月或 1 月達到運行率。但目前，我們今天宣布的條款清單和 MSA 已完成近 90%，其中包括 Enovum 的貢獻。

Okay. And if I remember right, the Enovum contribution was like $1.6 million in the fourth quarter. Is that number still accurate?

好的。如果我沒記錯的話，Enovum 在第四季的貢獻約為 160 萬美元。這個數字還準確嗎？

I believe it's about $7 million by the year-end. Eric, who's on the line, our CFO, can you confirm that?

我相信到年底大約會達到 700 萬美元。艾瑞克（Eric），我們的財務長，你能確認一下嗎？

Yeah, that's a $7 million ARR going forward, starting the fourth quarter of this year.

是的，從今年第四季開始，ARR 為 700 萬美元。

Okay. I guess I was asking about the fourth quarter of '24, the contribution from the acquisition. I had in my notes $1.6 million.

好的。我想我問的是 24 年第四季的收購貢獻。我的筆記裡有 160 萬美元。

Yeah, but we look at it from an annualized -- go ahead (inaudible)

是的，但我們從年化角度來看——繼續（聽不清楚）

You are right. It's -- $1.6 million is the aggregate sort of revenue that we recognize, but the December run rate would just be slightly higher. So $1.6 million annualized versus $7 million, there's not a huge delta. It's just that certain contracts passing towards [MD] are higher, so a higher run rate in 1Q.

你是對的。160 萬美元是我們確認的總收入，但 12 月的運行率會略高一些。因此，年化 160 萬美元與年化 700 萬美元相比，差異並不大。只是某些傳遞給[MD]的合約更高，因此第一季的運行率更高。

Yeah, I was giving the annualized number. Yes.

是的，我給的是年化數字。是的。

Okay. And then secondly, Sam, can you spend a minute -- Coinmint basically gave you 90 days on 36 megawatts. It sounds like you've replaced that. How should we think about average exahash 4Q, 1Q and 2Q '25 for your Bitcoin business?

好的。其次，Sam，你能花一分鐘嗎？聽起來你已經替換它了。我們應該如何看待您的比特幣業務 25 年第 4 季、第 1 季和第 2 季的平均 exahash？

Yeah. Well, as mentioned, we will get to three by the first half of next year. We were running about 1.4 exahash with Coinmint. And -- but again, we plan to return to around three exahash by, I think, around end of February, likely at the cost of around $15 million to $20 million, depending on the contracts.

是的。嗯，正如前面提到的，到明年上半年我們將達到三個。我們使用 Coinmint 運行了大約 1.4 exahash。而且，我們計劃在 2 月底左右恢復到大約 3 exahash，成本可能約為 1500 萬至 2000 萬美元，具體取決於合約。

But just as a reminder, Coinmint cost of production was slightly above our company-wide average on a year-to-date basis. And mining will remain a small part of our capital deployment going forward. We have signaled our intention to maintain a small fleet, and this represents maintenance CapEx to maintain the size and make the fleet more efficient, lower production costs and increase our margin of safety from a production cost perspective in a low hash rate price environment.

但提醒一下，今年迄今為止，Coinmint 的生產成本略高於我們全公司的平均值。採礦業仍將是我們未來資本部署的一小部分。我們已表示有意維持小型機隊，這代表維護資本支出，以維持規模並使機隊更加高效，降低生產成本，並在低算力價格環境下從生產成本角度提高我們的安全邊際。

We're still not interested in owning mining infrastructure, vertically integrating our mining, given the volatility of Bitcoin, that remains our position.

考慮到比特幣的波動性，我們仍然對擁有挖礦基礎設施、垂直整合我們的挖礦不感興趣，這仍然是我們的立場。

And did you say 3.0 by the end of February or by midyear?

你說 3.0 是二月底還是年中？

Well, it's somewhere between conservatively end of -- by the end of the first half of the year and potentially by the end of February. So it's going to be somewhere in that range.

嗯，保守地說是在今年上半年末和二月底之間。所以它會在這個範圍內的某個地方。

In that window. Okay. And then lastly, I don't know, since July 1, or the end of June, how much did you guys pull off the ATM, maybe number of shares up until last Friday in total dollars raised?

在那扇窗戶裡。好的。最後，我不知道，自 7 月 1 日或 6 月底以來，你們從 ATM 提取了多少資金，或截至上週五籌集的總美元數？

Well, I think we issued 38 million shares on the ATM since the end of June. We have massive CapEx plans and the equity issuance has been the bridge gap. Fortunately -- look, we need to ensure that we have enough capital to get the ball rolling in our data center build-out and to provide for near term GPU ramp.

嗯，我認為自 6 月底以來我們在 ATM 發行了 3800 萬股。我們有大規模的資本支出計劃，而股票發行則彌補了這一缺口。幸運的是，我們需要確保有足夠的資金來推動資料中心的擴建，並為近期的 GPU 升級做好準備。

And we've been careful on the credit side. Being risk adverse has always been in our DNA. So getting acclimatized to new industries where more risk is appropriate and can be underwritten confidently is something that we've -- basically it's been our North Star.

我們在信貸方面一直很謹慎。規避風險一直是我們的基因。因此，適應更多風險合適且可以自信地承保的新行業是我們的工作——基本上這是我們的北極星。

As mentioned on my call, we're very, very close to a massive debt deal, but we didn't feel like we had a firm enough handle on all the available financing options. And the deal would have made alternative options difficult, and we're very -- very wary of maintenance covenants. So we are looking at commercial real estate loans. We're evaluating other financing avenues. We're just being very thorough as we evaluate financing options. Our North Star is to not dilute, rather go on the debt side. We will get there.

正如我在電話會議中提到的，我們非常非常接近達成大規模債務協議，但我們覺得我們對所有可用的融資選擇還沒有足夠堅定的把握。這筆交易將使其他選擇變得困難，而且我們對維護契約非常非常謹慎。所以我們正在考慮商業房地產貸款。我們正在評估其他融資途徑。我們在評估融資方案時非常徹底。我們的北極星不是稀釋，而是負債。我們會到達那裡。

Got it. And just as a follow-up, the 38 million shares, do you have an average price or dollar amount raised? And then just, what is the pro forma new share count fully diluted?

知道了。作為後續，3800萬股，你有平均價格或籌集的金額嗎？那麼，完全稀釋後的備考新股數量是多少呢？

I don't have that information in front of me. I can try and get back to you perhaps after the call.

我面前沒有這些資訊。也許通話後我可以嘗試回覆您。

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Sam, you went through a couple of the new HPC deals that I think totaled to about $20 million on an annual basis, 1 MSA and 2 signed. Could you just kind of give us a little more detail on that again because it wasn't really clear to me? Apologies.

Sam，您經歷了幾項新的 HPC 交易，我認為這些交易每年總計約 2000 萬美元，其中 1 項 MSA 和 2 項已簽署。您能否再次向我們提供更多詳細信息，因為我不太清楚？抱歉。

No, that's okay. Perhaps the confusion is I'm using the annualized run rate number as opposed to the absolute contribution. Cam or Eric, why don't you drill down a little bit on giving the information on client 1, Boosteroid, client 3, client 4 and client 5 and how that gets us to $90 million.

不，沒關係。也許令人困惑的是我使用的是年化運行率數字而不是絕對貢獻。卡姆或艾瑞克，你為什麼不深入了解一下有關客戶 1、Boosteroid、客戶 3、客戶 4 和客戶 5 的信息，以及如何讓我們獲得 9000 萬美元。

I mean, I could just sort of walk through the term sheet. So there's three total term sheets, two of them have converted into a -- the (inaudible) two have already moved to the MSA, so there's one that hasn't. One term sheet is for 576 H200s for 12 months. That's around $10 million of revenue. The other is 512 H200s for a period of at least six months. The six month period represents around $5 million of revenue, annualized gets to around $10 million. The MSA for this has been signed and -- from initial purchase order, a small one, went through. We expect the remainder of that to be through year-end.

我的意思是，我可以大致瀏覽一下條款清單。總共有三份條款清單，其中兩份已轉換為——（聽不清楚）兩份已經移至 MSA，所以還有一份尚未移至 MSA。一份投資意向書包含 576 台 H200，為期 12 個月。這大約是 1000 萬美元的收入。另一個是 512 H200，使用期限至少為六個月。這六個月的收入約為 500 萬美元，年化收入約為 1,000 萬美元。相關的 MSA 已經簽署，並且從最初的一份小訂單開始，就已經完成。我們預計剩餘時間將持續到年底。

And the third is a month-to-month contract. That's term sheet and MSA. That's 54 GPUs, representing $1.2 million of annualized revenue. It's around $21 million to $22 million ARR total across those 3. [2] to 3 are already at the MSA stage. One, we still have to, in that MSA. And based on what we have on hand, I mean, it's a total of like 1,160 H200s across those three, we already had 336 on hand. So it's basically solving for an additional 800.

第三種是按月簽訂的合約。這就是投資意向書和 MSA。即 54 個 GPU，相當於 120 萬美元的年收入。這 3 個項目的 ARR 總額約為 2,100 萬至 2,200 萬美元。第一，我們仍然必須在 MSA 中這樣做。根據我們現有的情況，我的意思是，這三台機器總共有 1,160 輛 H200，我們手上已經有 336 輛。所以它基本上解決了額外的800。

And you might look at vendor financing for that as you have in the past?

您可能會像過去一樣考慮供應商融資嗎？

Yeah, perhaps. I mean, I think for the initial -- for the aggregate GPUs, just to solve for that, probably in the range of $25 million sale. Like we certainly could look to other options or take it down on the balance sheet based on the cash, still working through that. So we'll provide those details when we finalize the respective deals.

是的，也許吧。我的意思是，我認為對於最初的 GPU 總量來說，只是為了解決這個問題，銷售額可能在 2500 萬美元左右。就像我們當然可以尋找其他選擇或根據現金將其記在資產負債表上一樣，仍在解決這個問題。因此，當我們敲定相應交易時，我們將提供這些詳細資訊。

Great. And what about the power side? I think Sam alluded to having data center optionality in the US versus building Enovum. Is that sort of the way to think about it, because Enovum won't be ready to handle that capacity at this juncture?

偉大的。那麼電源方面呢？我認為 Sam 提到了在美國擁有資料中心而不是建立 Enovum。這是一種思考方式嗎，因為 Enovum 目前還沒有準備好處理這種容量？

(inaudible) Go ahead.

（聽不清楚）繼續吧。

Is it for the 4Q deployments? Some of those will be going to Iceland with the capacity we already have. And there's -- I think the Enovum capacity issue you were referring to, just like building additional by 2Q and the note that we might take some of that capacity for our own, this would -- that would pertain to separate contracts, not the three term sheets mentioned today.

是為了第四季的部署嗎？其中一些將利用我們已有的運力運往冰島。我認為您提到的 Enovum 容量問題，就像到第二季度進行額外建設一樣，並且我們可能會將其中一些容量用於我們自己，這將涉及單獨的合同，而不是三個合同今天提到的條款清單。

The GPUs required for Boosteroid aren't the high-end NVIDIA type. Am I right in assuming that? Can you give us some --

Boosteroid 所需的 GPU 不是高階 NVIDIA 類型。我的假設正確嗎？你能給我們一些嗎--

That's right.

這是正確的。

Cost ballparks on that?

費用大約是多少？

Yeah, they're lower --

是的，他們更低--

Go ahead.

前進。

Those are gaming GPUs and specifically made by AMD. So certainly, a huge cost differential. But I mean, for that initial 300 GP deployment, it's a very small number.

這些是遊戲 GPU，由 AMD 專門製造。當然，成本差異巨大。但我的意思是，對於最初的 300 GP 部署來說，這是一個非常小的數字。

Okay. And obviously, you're very confident that contract accelerates in deployment. When do you think you'll be able to signal to the Street on how that looks?

好的。顯然，您對合約加速部署非常有信心。您認為什麼時候能夠向華爾街表明情況如何？

You're referring to our target run rate or something else?

您指的是我們的目標運行率還是其他？

Yeah. No, the Boosteroid GPU deployment getting you to your target run rate with that.

是的。不，Boosteroid GPU 部署可以讓您達到目標執行率。

Yeah. We're pretty confident. I mean, like just last week, three deals in a row. So we still have November and December -- half of November and December. We're pretty confident we'll -- right now, we're almost at 90%.

是的。我們很有信心。我的意思是，就像上週一樣，連續三筆交易。所以我們還有 11 月和 12 月——11 月和 12 月的一半。我們非常有信心——現在，我們幾乎完成了 90%。

Yeah, I understand that. I'm more curious about Boosteroid specifically, because there seems to be pretty big targets there. I just was wondering about your confidence there and when you might be able to give us more insight on that?

是的，我明白。我對 Boosteroid 更好奇，因為那裡似乎有相當大的目標。我只是想知道您對此的信心以及您什麼時候可以給我們更多的見解？

Yeah. I mean there has been -- yes, the MSA there has been signed. There's been a purchase order of about 300 GPUs. Another deployment is expected in Europe this year. It's going to be a gradual build-out, and it's going to be lumpy based on orders. It could also be lumpy based on orders and market conditions. But based on our order book for other customers, a gradual and slow deployment cadence would frankly be the best scenario for us just in terms of capital deployment.

是的。我的意思是，是的，MSA 已經簽署了。有大約 300 個 GPU 的採購訂單。預計今年將在歐洲進行另一次部署。這將是一個逐步的建設，並且會根據訂單而變得不穩定。根據訂單和市場狀況，它也可能是不穩定的。但根據我們為其他客戶提供的訂單，坦白說，就資本部署而言，漸進且緩慢的部署節奏對我們來說是最好的方案。

So margins are very high. They're -- We don't have the precise IRR, but it meets our threshold for this sort of contract. Our CapEx for the first deployment is about $2 million.

所以利潤率非常高。他們——我們沒有精確的內部收益率，但它符合我們簽訂此類合約的門檻。我們首次部署的資本支出約為 200 萬美元。

Right. But that doesn't include your -- I guess, your -- the payments you need to make to secure power and space racks, right?

正確的。但這不包括你的——我想，你的——你需要為確保電源和空間機架而支付的費用，對吧？

That was in the form of pass-throughs to the client.

這是以傳遞給客戶的形式進行的。

Okay. On Coinmint and your hash rate changes, I understand you're not going to take the S19s, but you'd look to something like maybe an S21 where for the same power you use half the machines and get the same hash rate. Is that the right way to think about it?

好的。關於 Coinmint 和你的哈希率變化，我知道你不會選擇 S19，但你會尋找類似 S21 的東西，在相同的功率下，你使用一半的機器並獲得相同的哈希率。這是正確的思考方式嗎？

I think so, yes. That is the right way.

我想是的，是的。這是正確的方法。

Okay. And you mentioned something about $20 million to $25 million. Would that be the amount you need to spend to get to your three exahash the way you're looking at it now?

好的。你提到了大約 2000 萬到 2500 萬美元。這是否是您需要花費的金額才能達到您現在所看到的 3 exahash？

Yeah. I would love Eric -- for Eric to confirm. But just before that, I just want to mention that we are the exclusive partner to Boosteroid, just worth mentioning. But going back to your question, Eric, do you want to confirm that number?

是的。我很喜歡艾瑞克——請艾瑞克確認。但在此之前，我想提一下，我們是 Boosteroid 的獨家合作夥伴，值得一提。但回到你的問題，艾瑞克，你想確認這個數字嗎？

I mean, that's (inaudible) $20 million to $25 million. Just -- if it's about an exahash, you can look at market prices, but probably closer to [$10 million to $15 million] for that deployment, Kevin.

我的意思是，這是（聽不清楚）2000 萬至 2500 萬美元。只是 - 如果是關於 exahash，您可以查看市場價格，但該部署的價格可能接近 [1000 萬至 1500 萬美元]，Kevin。

Congrats on the HPC growth.

恭喜 HPC 的成長。

Brian Dobson, Clear Street.

布萊恩‧多布森，《清街》。

So you had mentioned potentially separating the Bitcoin mining business, and that's understandable. I guess, at its core, do you see that potential move as an effort to make the company's new focus easier to understand for investors?

所以你提到了可能分離比特幣挖礦業務，這是可以理解的。我想，從本質上講，您是否認為這項潛在舉措是為了讓投資者更容易理解公司的新重點？

Yeah, absolutely. We have two different conversations going on these days, one with retail, one with institutions. They both want different things. We continue to study it. It seems a very viable way to unlock the value of the HPC business. The valuations and multiples on that are much higher than Bitcoin mining.

是的，絕對是。這些天我們正在進行兩種不同的對話，一種是針對零售業，另一種是針對機構。他們都想要不同的東西。我們繼續研究它。這似乎是釋放 HPC 業務價值的一種非常可行的方法。其估值和倍數遠高於比特幣挖礦。

This also has massive benefits from a financing perspective. So, some banks are reluctant to deal with anything crypto. So this makes it a much cleaner story for lenders if we were more pure-play HPC company than having that crypto business, which limits our financing options. But again, from a valuation perspective, it is -- night and day, it does make sense to, frankly, pursue this option sooner rather than later.

從融資角度來看，這也有巨大的優勢。因此，有些銀行不願意處理任何加密貨幣。因此，如果我們是一家純粹的 HPC 公司，而不是擁有加密業務（加密業務限制了我們的融資選擇），那麼對於貸方來說，這會是一個更清晰的故事。但同樣，從估值的角度來看，坦白說，日以繼夜地追求這種選擇確實是有意義的，宜早不宜遲。

Yes, that makes a lot of sense. And I like your description of the business as stable and spicy because at this point, I think it's fair to say that HPC is the core of the business, the future of the company going forward. So I guess --

是的，這很有意義。我喜歡您對業務的描述，即穩定而熱情，因為在這一點上，我認為可以公平地說 HPC 是業務的核心，是公司未來的未來。所以我猜--

Absolutely.

絕對地。

We don't disagree.

我們不同意。

So on that note, as you're looking at Enovum, the acquisition there, as you peer into that pipeline, which is attractive that you brought that over, what are you most excited about?

因此，在這一點上，當您關注 Enovum 的收購時，當您深入了解該管道時，您將其引入很有吸引力，您最興奮的是什麼？

About Enovum?

關於伊諾維姆？

Yes.

是的。

I mean... Yes. I mean, I would love to -- just as a thought, I will answer that question preliminarily, but I do want to mention that we have Billy, the CEO of Enovum on the line. I'd love for him to pipe in, no pun intended. But with respect to our pipeline development schedule, that's one of the things I'm extremely excited about. We kept the total pipeline constant at 288 megawatts in our deck.

我是說...是的。我的意思是，我很樂意——只是作為一個想法，我會初步回答這個問題，但我確實想提一下，我們有 Enovum 首席執行官比利 (Billy) 在線。我很想讓他插話，沒有雙關語的意思。但就我們的管道開發計劃而言，這是我非常興奮的事情之一。我們將甲板上的總管道功率保持在 288 兆瓦。

We noted that we see an additional 100 megawatts based on conversations from the utility at a site we are reviewing, but we won't include that in the pipeline for now. If capital was unlimited, we'd break ground on it today, but we're not ready to formalize that site quite yet. We're still studying time lines internally. And we are planning on moving ahead with our plans. And Billy, I would love to perhaps hear from you on that. Billy, the floor is yours.

我們注意到，根據我們正在審查的一個站點與公用事業公司的對話，我們看到了額外的 100 兆瓦，但我們暫時不會將其納入管道。如果資本是無限的，我們今天就會破土動工，但我們還沒有準備好將網站正式化。我們仍在內部研究時間軸。我們正計劃繼續我們的計劃。比利，我很想聽聽你的意見。比利，地板是你的。

Good morning, everyone. Yes. So, I mean, it's just been just over 30 days since the acquisition. So I mean, we're formalizing procurement processes. We have a good line of sight on major long lead time items. What excites us the most is bringing all of this capacity online to meet the customer demands that we have for 2025. We're evaluating a different amount of -- large amount of projects, sites. It's a bit of a dynamic process right now. But, like I said, we have a very good line of sight, and we're looking -- we're very anxious to deliver.

大家早安。是的。所以，我的意思是，距離收購剛剛過去 30 天。所以我的意思是，我們正在規範採購流程。我們對主要的長交貨期項目有良好的視野。最令我們興奮的是，將所有這些產能上線，以滿足 2025 年的客戶需求。我們正在評估不同數量的大量項目、地點。現在這是一個動態的過程。但是，就像我說的，我們有很好的視線，我們正在尋找——我們非常渴望交付。

We will take our next question --

我們將回答下一個問題--

I also have -- Yes. Just to mention, as the next question comes on, I also have our Head of Revenue on the line on the GPU-as-a-Service business in case there are questions relating to that. So who's next?

我也有——是的。順便提一下，在下一個問題出現時，我們的 GPU 即服務業務收入主管也正在熱線中，以防出現與此相關的問題。那麼下一個是誰呢？

Joe Gomes, NOBLE Capital Markets.

喬·戈麥斯，NOBLE 資本市場。

It's Josh filling in for Joe. So, you guys were talking about just obviously, the HPC side of the business. And I wanted to see kind of just an update just kind of on the site pipeline? You guys mentioned on the call earlier, but have you guys really secured any power outside the Montreal area? You guys were talking about going to Western Canada, Ontario, maybe the British Columbia, but can you kind of expand on that?

喬許（Josh）取代喬（Joe）。所以，很明顯，你們正在談論業務的 HPC 方面。我想看看網站管道上的更新？你們之前在電話中提到過，但是你們真的在蒙特利爾地區以外獲得了電力嗎？你們正在談論去加拿大西部、安大略省，也許還有不列顛哥倫比亞省，但你能擴展一下嗎？

Billy, why don't you take that on? The floor is yours.

比利，你為什麼不接受這個？地板是你的。

Sure. Like I mentioned, we had a couple of projects on the line for Western Canada, Ontario. In the last couple of weeks, we've had an -- a site in the United States come across our table that we're actively vetting right now. So it'd be the first project that we would do in the United States, but we're well aligned and ready to go to execute that.

當然。就像我提到的，我們有幾個針對加拿大西部、安大略省的計畫。在過去的幾周里，我們的桌子上出現了一個美國網站，我們現在正在積極審查它。因此，這將是我們在美國開展的第一個項目，但我們已做好充分準備並準備好執行該項目。

Okay. Perfect. And you guys talked about obviously having the 3 exahash maybe by the end of February potentially and then going into maybe the end of the second quarter, middle of the year. With Bitcoin kind of trading at where it's at, maybe is there a chance that we might see like active hash rate higher than that, like you guys maybe activating idle miners?

好的。完美的。你們談到顯然可能會在 2 月底之前進行 3 exahash，然後可能會在第二季末、年中進行。就比特幣的交易現狀而言，也許我們可能會看到活躍的哈希率比這更高，就像你們可能會啟動閒置的礦工一樣？

Well, I think the Bitcoin price going up is kind of sometimes misleading because there is another -- the other part of the equation which is hash rate difficulty, and that obviously has an effect on the margins of Bitcoin mining -- of the business of Bitcoin mining, which makes it a little bit more complicated than just the price of Bitcoin.

嗯，我認為比特幣價格的上漲有時會產生誤導，因為還有另一個因素——等式的另一部分是哈希率難度，這顯然會影響比特幣挖礦的利潤——比特幣挖礦，這使得它比比特幣的價格稍微複雜一些。

We think that capital is finite, and we have huge ambitions, and we're frankly executing on those ambitions on our GPU cloud and data center business. And so, that's where we have to really kind of put the capital. But we still remain at an incredible call option on digital assets. And as I mentioned earlier, our company is stable and spice. We have the stability of HPC revenues, and we have the spice of our digital assets position, both in Bitcoin and Ethereum.

我們認為資本是有限的，但我們有巨大的抱負，坦白說，我們正在 GPU 雲端和資料中心業務上實現這些抱負。因此，這就是我們必須真正投入資本的地方。但我們仍然對數位資產持有令人難以置信的看漲期權。正如我之前提到的，我們的公司穩定而有趣。我們擁有穩定的 HPC 收入，並且我們擁有比特幣和以太坊數位資產地位的香料。

Yeah. And this is Eric speaking, if I may add, with the most recent [halvening] happened in April. So we see this increase of Bitcoin price as opportunity to upgrade the fleet. So what we're going to do is we're going to sell some of the older models rather than keep them running and replace them with newer generations miners because we put those older models as a way of storing Bitcoin.

是的。如果我可以補充一下，這是艾瑞克（Eric）的發言，最近一次[減半]發生在四月。因此，我們將比特幣價格的上漲視為升級船隊的機會。因此，我們要做的是出售一些舊型號，而不是讓它們繼續運行並用新一代礦機取代它們，因為我們將這些舊型號作為儲存比特幣的一種方式。

When the Bitcoin prices are higher, we can sell them at a relatively higher price. And with the halvening just happened, we wouldn't necessarily have halvening in the next [3.5] years. So that gives us more stable, predictable revenue for this cycle. So upgrading and liquidating older models will be the strategy we're taking for the next couple of quarters.

當比特幣價格較高時，我們可以以相對較高的價格出售。由於減半剛發生，我們不一定會在未來 [3.5] 年內減半。因此，這為我們帶來了本週期更穩定、可預測的收入。因此，升級和清理舊型號將是我們未來幾季採取的策略。

We do not have any further questions in the queue.

我們隊列中沒有任何其他問題。

Great. Okay. I guess that concludes the call. We look forward to engaging with our stakeholders on any further questions. And thank you very much for the call today, everybody.

偉大的。好的。我想通話就到此結束了。我們期待與利害關係人就任何進一步的問題進行交流。非常感謝大家今天打電話來。

This concludes today's call. Thank you for your participation. 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。