Bitdeer Technologies Group (BTDR) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Bitdeer Q3 2024 earnings call. At this time, all participants are in a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Bitdeer 2024 年第三季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Yujia Zhai from the Orange Group. Please go ahead.

現在我想把今天的會議交給你們的發言人，來自 Orange Group 的翟宇佳。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Bitdeer's third quarter 2024 earnings conference call. Joining me today are Jihan Wu, Chairman and CEO; Matt Kong, Chief Business Officer; Haris Basit, Chief Strategy Officer; and Jeff LaBerge, Head of Capital Markets and Strategic Initiatives. Harris will begin today by providing a high-level overview of Bitdeer's third quarter results and then cover the company's strategy as well as provide a detailed business update. After that, Jeff will cover Bitdeer's third quarter financial results in more detail and then we will open the call for questions.

謝謝接線員，大家早安。歡迎參加 Bitdeer 2024 年第三季財報電話會議。今天加入我的是董事長兼執行長吳忌寒； Matt Kong，首席商務長；哈里斯‧巴斯特 (Haris Basit)，首席策略長；以及資本市場和策略計畫主管 Jeff LaBerge。哈里斯今天將首先對 Bitdeer 第三季業績進行高度概述，然後介紹公司的策略並提供詳細的業務更新。之後，Jeff 將更詳細地介紹 Bitdeer 第三季的財務業績，然後我們將開始提問。

Before management begins their formal remarks, we would like to remind everyone that during today's call, we may make certain forward-looking statements. These statements are based on management's current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from those expressed or implied in such forward-looking statements. For a more complete discussion on forward-looking statements and the risks and uncertainties related to Bitdeer’s business, please refer to its filings with the SEC.

在管理階層開始正式發言之前，我們想提醒大家，在今天的電話會議中，我們可能會做出某些前瞻性陳述。這些陳述是基於管理階層目前的預期，並受到風險和不確定性的影響，可能導致實際結果與此類前瞻性陳述中明示或暗示的結果有重大差異。有關前瞻性陳述以及與 Bitdeer 業務相關的風險和不確定性的更完整討論，請參閱其向 SEC 提交的文件。

Further, in addition to discussing results that are calculated in accordance with International Financial Reporting Standards, or IFRS, we will also make references to certain non-IFRS financial measures, such as adjusted EBITDA and adjusted profit. For more detailed information on our non-IFRS financial measures, please refer to our earnings release that was published earlier today, which can be found on Bitdeer’s Investor Relations website. Thank you.

此外，除了討論根據國際財務報告準則（IFRS）計算的結果外，我們還將參考某些非國際財務報告準則（non-IFRS）的財務指標，例如調整後的 EBITDA 和調整後的利潤。有關我們的非 IFRS 財務指標的更多詳細信息，請參閱今天早些時候發布的收益報告，該報告可在 Bitdeer 的投資者關係網站上找到。謝謝。

I will now turn the call over to Haris. Haris?

我現在將把電話轉給哈里斯。哈里斯？

Thank you, Yujia, and good day, everyone. Welcome to our first earnings call since we became a public company last year. Bitdeer stands out in the industry with a unique value proposition, and we are excited to share the many developments happening at the company and walk you through the progress we've made since last quarter. Before diving in, I'd like to briefly highlight our Q3 financial results, and Jeff will provide more details in his section.

謝謝你，宇佳，大家好。歡迎參加去年我們成為上市公司以來的第一次財報電話會議。Bitdeer 憑藉獨特的價值主張在業界脫穎而出，我們很高興分享該公司發生的許多發展，並帶您了解我們自上季以來的進展。在深入討論之前，我想簡要介紹一下我們第三季度的財務業績，傑夫將在他的部分中提供更多詳細資訊。

For Q3, total revenue was $62 million, gross profit was $2.8 million, and adjusted EBITDA was negative $8.5 million. This lower performance compared to Q3 last year was primarily driven by the impact of the 2024 halving, higher global network hash rate, lower hosting and cloud mining revenue, and higher R&D costs related to the one-off development expense of our SEAL02 chip.

第三季總營收為 6,200 萬美元，毛利為 280 萬美元，調整後 EBITDA 為負 850 萬美元。與去年第三季相比，業績下降的主要原因是 2024 年減半、全球網路哈希率上升、託管和雲端挖礦收入下降以及與 SEAL02 晶片一次性開發費用相關的研發成本上升。

These negative impacts were partially offset by slightly higher average self-mining hash rates for the quarter and higher Bitcoin prices. While many of our peers have pursued a self-mining hash rate growth strategy, we pursued a more long-term strategy of first focusing resources on the development of our own ASIC technology. We believe this significantly differentiates our business from the rest of the sector in terms of our strategic positioning, revenue and cost structure.

這些負面影響被本季平均自挖礦算力略高和比特幣價格上漲部分抵銷。雖然我們的許多同行都奉行自挖礦算力成長策略，但我們奉行更長期的策略，即首先將資源集中在開發我們自己的 ASIC 技術上。我們相信，這使我們的業務在策略定位、收入和成本結構方面與行業其他公司顯著不同。

In parallel, we strategically expanded our energy infrastructure pipeline to be online when our mining rigs are also available. This allows us to rapidly increase our self-mining hash rate using our own ASIC technology in the coming months and years. This strategic focus on technology has been a core part of our strategy and is driven by the DNA of our leadership team, which has a proven track record of founding and scaling successful tech companies.

同時，我們策略性地擴大了我們的能源基礎設施管道，以便在我們的採礦設備可用時上線。這使我們能夠在未來幾個月和幾年內使用我們自己的 ASIC 技術快速提高自挖礦哈希率。這種對技術的策略重點一直是我們策略的核心部分，並由我們的領導團隊的 DNA 驅動，該團隊在創建和擴展成功的科技公司方面擁有良好的記錄。

As we look ahead, we anticipate the industry moving towards modernization, which will require Bitcoin miners to diversify and differentiate their business models in order to remain competitive. To this end, we are focused on building a vertically integrated business by developing industryleading hardware and software solutions across our ASICs and AI cloud business lines, as well as ensuring geographical diversification across our global operations and supply chain. We are prioritizing strategic growth anchored in deep R&D to create a strong competitive moat around our business.

展望未來，我們預計該行業將走向現代化，這將要求比特幣礦商實現業務模式多元化和差異化，以保持競爭力。為此，我們致力於透過在 ASIC 和人工智慧雲端業務線中開發業界領先的硬體和軟體解決方案來建立垂直整合的業務，並確保我們的全球營運和供應鏈的地理多元化。我們優先考慮以深度研發為基礎的策略成長，以圍繞我們的業務打造強大的競爭護城河。

With regards to our ASIC business, we have made significant strides in our product roadmap this year and are ramping up to commercialize our advanced SEALMINER ASICs to disrupt what industry experts have estimated to be a $4 billion to $5 billion market annually over the next five years. We see strong demand for diversified ASIC solutions and suppliers.

就我們的 ASIC 業務而言，我們今年在產品路線圖上取得了重大進展，並正在加速將我們先進的 SEALMINER ASIC 商業化，以顛覆行業專家估計的未來五年每年 40 億至 50 億美元的市場。我們看到對多元化 ASIC 解決方案和供應商的強勁需求。

Commercializing our SEALMINER ASICs will enable us to enter this growing market, diversify our revenue streams, and significantly accelerate the growth of our self-mining business. Having our own ASIC mining rig is a big step towards full vertical integration and will provide us with distinct advantages, including a diversified revenue stream, lower cost structure, higher capital efficiency, and dramatically improved supply chain compared to the rest of the industry.

我們的 SEALMINER ASIC 的商業化將使我們能夠進入這個不斷成長的市場，使我們的收入來源多樣化，並顯著加速我們自挖礦業務的成長。擁有自己的ASIC 礦機是邁向全面垂直整合的一大步，並將為我們提供明顯的優勢，包括多元化的收入來源、更低的成本結構、更高的資本效率以及與行業其他公司相比顯著改善的供應鏈。

We announced our R&D technology roadmap for our SEALMINER products in early June and have already energized the first batch of SEALMINER A1 mining rigs powered by the SEAL01 chip. These chips are performing within our expectations. We began mass production in October and have plans to install 3.7 exahash in phases between December of this year and Q1 2025.

我們於 6 月初公佈了 SEALMINER 產品的研發技術路線圖，並已為第一批搭載 SEAL01 晶片的 SEALMINER A1 礦機提供了動力。這些晶片的性能符合我們的預期。我們於 10 月開始量產，並計劃在今年 12 月至 2025 年第一季之間分階段安裝 3.7 exahash。

This deployment will coincide with the energization of our Tydal, Norway Phase 1 Project as well as our hydro cooling lines at our Rockdale, Texas facility. In October, we successfully incorporated our SEAL02 chip into our SEALMINER A2 mining rigs, including both air-cooled and hydro-cooled models. Testing of SEALMINER A2 mining rigs achieved 226 terahash per second for air-cooled and 446 terahash per second for hydro-cooled, with both having 16.5 joules per terahash efficiency.

此次部署將與我們挪威泰達爾一期計畫以及德州羅克代爾工廠水力冷卻線的通電同時進行。10 月，我們成功地將 SEAL02 晶片整合到我們的 SEALMINER A2 採礦設備中，包括風冷和水冷型號。SEALMINER A2 採礦設備的測試實現了風冷每秒 226 兆赫，水冷每秒 446 兆赫，兩者的效率均為 16.5 焦耳每兆赫。

We commenced mass production of our SEALMINER A2 and the first production run is expected to deliver 18 exahash per second, which will be used for self-mining and selling to external customers. Notably, the commercial sale of SEALMINER A2 will mark a significant milestone as we begin delivering these machines to customers starting in Q1 2025. We will continue to provide progress reports on our hash rate production as a commitment to maintaining transparency for all stakeholders, including shareholders, suppliers, and especially clients who will need clear guidance to make their commercial decisions.

我們開始批量生產 SEALMINER A2，首次生產預計每秒 18 exahash，將用於自挖礦和銷售給外部客戶。值得注意的是，SEALMINER A2 的商業銷售將標誌著一個重要的里程碑，因為我們將從 2025 年第一季開始向客戶交付這些機器。我們將繼續提供有關算力生產的進度報告，以承諾保持所有利害關係人的透明度，包括股東、供應商，尤其是需要明確指導才能做出商業決策的客戶。

In addition, we taped out our third generation chip with an industry-leading target efficiency of 10 joules per tera hash and anticipate initial sample wafers in Q2 2025. Looking forward, we remain fully committed to executing a successful market entry into the multibillion-dollar ASIC market in 2025. We are already engaged in discussions with a number of potential customers and early demand is promising, indicating strong interest in our cutting-edge technology and the industry's desire for technology and supply chain diversification. We are excited to meet this demand and begin driving a differentiated and diversified revenue stream for our shareholders.

此外，我們還推出了第三代晶片，其目標效率為業界領先的 10 焦耳/兆次哈希，並預計在 2025 年第二季推出初始樣品晶圓。展望未來，我們仍然完全致力於在 2025 年成功進入數十億美元的 ASIC 市場。我們已經與一些潛在客戶進行了洽談，早期需求前景看好，表明了對我們尖端技術的濃厚興趣以及行業對技術和供應鏈多元化的渴望。我們很高興能夠滿足這項需求，並開始為我們的股東帶來差異化和多元化的收入來源。

Last, but not least, I want to emphasize that we are planning to tape out a fourth generation chip in the second half of 2025, which we are targeting to achieve an unprecedented 5 joules per terahash energy efficiency. We believe this chip, along with the third generation chip, could position Bitdeer as the preeminent supplier of the most energy-efficient mining rigs on the market. We believe this will significantly strengthen our competitive position and unlock substantial value for our shareholders.

最後但並非最不重要的一點是，我想強調的是，我們計劃在 2025 年下半年推出第四代晶片，我們的目標是實現前所未有的每 terahash 5 焦耳的能源效率。我們相信這款晶片以及第三代晶片可以使 Bitdeer 成為市場上最節能礦機的卓越供應商。我們相信，這將顯著增強我們的競爭地位，並為我們的股東釋放巨大的價值。

Now, moving on to our AI cloud business. Our NVIDIA DGX SuperPOD system in Singapore achieved around 98% utilization in September, establishing ourselves as a leading provider of advanced AI computing solutions in Asia. We possess strong capabilities in deploying AI infrastructure and offering cloud platform services such as bare metal, virtual machine, and serverless GPU.

現在，轉向我們的人工智慧雲端業務。我們位於新加坡的 NVIDIA DGX SuperPOD 系統 9 月的使用率達到約 98%，奠定了亞洲先進 AI 運算解決方案領先供應商的地位。我們擁有強大的AI基礎架構部署能力，以及裸機、虛擬機器、Serverless GPU等雲端平台服務能力。

These support computing across multiple regions utilizing both our own and third party assets. We have also recently expanded our GPU cloud capacity into Canada. Our cloud services business model and technology allows us to collaborate with partners to scale quickly in response to customer demand. Demand has been steadily increasing for our GPU cloud services, and we are positioning Bitdeer to serve the rapidly expanding market of companies focused on LLM training and inference, catering to small and medium-sized companies as well as large corporations.

這些支援利用我們自己和第三方資產跨多個區域進行計算。我們最近也將 GPU 雲端容量擴展到了加拿大。我們的雲端服務業務模式和技術使我們能夠與合作夥伴協作，快速擴展以滿足客戶需求。對我們的 GPU 雲端服務的需求一直在穩步增長，我們將 Bitdeer 定位於服務於快速擴張的專注於 LLM 培訓和推理的公司市場，滿足中小型公司和大型企業的需求。

In terms of our energy assets, we are actively exploring opportunities to leverage our global power capacity of 2.5 gigawatts to capitalize on the significant boom in demand for power for HPC and AI data centers. In July, we engaged TLM Group, a leading consultant in HPC and AI data center development to perform a comprehensive suitability analysis on each of our sites.

在我們的能源資產方面，我們正在積極探索利用我們2.5吉瓦的全球電力容量的機會，以利用高效能運算和人工智慧資料中心電力需求的大幅成長。7 月，我們聘請了高效能運算和人工智慧資料中心開發領域的領先顧問 TLM Group，對我們的每個站點進行了全面的適用性分析。

TLM Group completed their feasibility assessment of our US sites and confirmed the suitability of several of them for Tier 3 HPC and AI data centers. These sites have abundant power available in a short time frame, low latency fiber, and plentiful water resources. We have commenced discussions with development partners and potential end users for these sites.

TLM Group 完成了我們美國站點的可行性評估，並確認其中幾個站點適合第 3 級 HPC 和人工智慧資料中心。這些站點在短時間內擁有充足的可用電力、低延遲光纖和豐富的水資源。我們已開始與這些網站的開發合作夥伴和潛在最終用戶進行討論。

A shortage of reliable power for AI data centers is a critical challenge for the industry, and we are well positioned to leverage our substantial power capacity to meet this growing demand. We are actively collaborating with leading data center developers and advisors to secure long-term partnerships and strategic opportunities that can position Bitdeer to play a significant role in the rapidly evolving HPC and AI ecosystem.

人工智慧資料中心可靠電力的短缺是該行業面臨的一項嚴峻挑戰，我們完全有能力利用我們強大的電力能力來滿足這一不斷增長的需求。我們正在與領先的資料中心開發人員和顧問積極合作，以確保長期合作夥伴關係和策略機會，使 Bitdeer 在快速發展的 HPC 和 AI 生態系統中發揮重要作用。

Moving on to the build-out of our additional 1.6 gigawatt electrical capacity and infrastructure. Construction across our global sites continues to progress steadily. This quarter, we incorporated more detailed updates into our monthly production reports to provide greater visibility into the status of our infrastructure expansion. The 40 megawatt Phase 1 expansion at Tydal, Norway remains on schedule to be energized in December 2024.

繼續擴大我們額外的 1.6 吉瓦電力容量和基礎設施。我們全球站點的建設持續穩步推進。本季度，我們在月度生產報告中納入了更詳細的更新，以便更好地了解我們的基礎設施擴張狀態。挪威 Tydal 的 40 兆瓦一期擴建工程仍按計劃於 2024 年 12 月通電。

In Rockdale, Texas, the 100 megawatt hydrocooling conversion has been delayed by one month due to supply chain impacts from the US dock workers’ strike in early October. Base energization is now expected between January and March 2025. Meanwhile, the 500 megawatt project in Jigmeling, Bhutan is advancing well with the primary substation expected to be completed by Q1 2025. With these projects and other projects such as Phase 2 of Tydal, Norway and Phase 1 of Clarington, Ohio, we are poised to bring over 1.1 gigawatts of new power capacity online over the course of the next year.

在德州羅克代爾，由於 10 月初美國碼頭工人罷工對供應鏈造成影響，100 兆瓦水冷改造已推遲一個月。目前預計 2025 年 1 月至 3 月期間將實現基礎通電。同時，不丹吉格梅林的500兆瓦工程進展順利，主變電站預計於2025年第一季完工。透過這些項目以及其他項目，例如挪威泰達爾的第二階段和俄亥俄州克拉靈頓的第一階段，我們準備在明年提供超過 1.1 吉瓦的新發電容量。

In summary, we have many exciting milestones on the horizon. We remain on track to deliver our SEALMINER A2, A6, substantially grow our self-mining fleet at a competitive cost advantage, and leverage our industry-leading global power portfolio.

總之，我們即將迎來許多令人興奮的里程碑。我們仍將繼續交付 SEALMINER A2、A6，以具有競爭性的成本優勢大幅增加我們的自採機隊，並利用我們行業領先的全球電力組合。

I'll now turn it over to Jeff LaBerge, our Head of Capital Markets and Strategic Initiatives, to go over our financial results for the quarter.

現在我將把它交給我們的資本市場和策略計畫主管 Jeff LaBerge，以審查我們本季的財務表現。

Thank you, Haris. Before I go over this year's third quarter financial results, I'd like to remind everyone that all figures I refer to today are in US dollars and that all comparisons are to Q3 of last year. Q3 consolidated revenue was $62 million versus $87.3 million. Self-mining revenue was $31.5 million, up 4.7%, primarily due to an increase in our average self-mining hashrate for the quarter, to 7.8 exahash from 6.1 exahash, and higher year-over-year Bitcoin prices.

謝謝你，哈里斯。在回顧今年第三季的財務業績之前，我想提醒大家，我今天提到的所有數據均以美元為單位，所有比較都是與去年第三季進行的。第三季綜合營收為 6,200 萬美元，而去年同期為 8,730 萬美元。自挖礦營收為 3,150 萬美元，成長 4.7%，主要是由於本季我們的平均自挖礦算力從 6.1 exahash 增加到 7.8 exahash，以及比特幣價格較去年同期上漲。

These positive factors were largely offset by the April 2024 halving and higher global network hash rate. Cloud hash rate revenue was $7.1 million versus $15.6 million. This decline was primarily due to long-term cloud hash rate contracts rolling off. This hash rate was subsequently reallocated to our self-mining operations. General hosting revenue was $9.6 million versus $22.2 million. Membership hosting revenue was $9.9 million versus $16 million.

這些正面因素在很大程度上被 2024 年 4 月的減半和更高的全球網路哈希率所抵消。雲端算力收入為 710 萬美元，而去年同期為 1,560 萬美元。這種下降主要是由於長期雲端算力合約的終止。該哈希率隨後被重新分配給我們的自挖礦業務。一般託管收入為 960 萬美元，而去年同期為 2,220 萬美元。會員託管收入為 990 萬美元，去年同期為 1,600 萬美元。

The decrease in hosting revenue was mainly caused by two aspects. First, we're converting 100 megawatts of hosting capacity at our Texas facility to hydro-cooling capacity, which is expected to be fully renovated and equipped with SEALMINER hydro-cooled mining rigs by the first quarter of 2025. Second, some hosting customers removed less efficient miners after the halving in April 2024. This extra capacity is currently being replenished by new hosted mining rigs.

託管收入下降主要由兩個面向造成。首先，我們正在將德州工廠的 100 兆瓦託管容量轉換為水冷容量，預計到 2025 年第一季將進行全面翻新並配備 SEALMINER 水冷採礦設備。其次，一些託管客戶在 2024 年 4 月減半後移除了效率較低的礦機。目前，新的託管採礦設備正在補充這一額外容量。

Total gross profit for the quarter was $2.8 million versus $21.1 million, and gross margin was 4.5% versus 24.2%. The decrease in our gross margin was primarily driven by our lower hosting and cloud hash rate revenues and higher average power prices, primarily at our Rockdale, Texas facility. Total operating expenses for the quarter were $42.9 million versus $27.3 million. The increase was primarily driven by higher R&D costs, including a $13.4 million one-off incremental development expense related to the SEAL02 chip, higher stock-based compensation, and noncash amortization expenses of intangible assets related to the acquisition of FreeChain.

該季度的總毛利為 280 萬美元，而毛利率為 2,110 萬美元，毛利率為 4.5%，而毛利率為 24.2%。我們毛利率的下降主要是由於我們的託管和雲端算力收入較低以及平均電價較高（主要是在我們德克薩斯州羅克代爾的工廠）造成的。該季度的總營運支出為 4,290 萬美元，而同期為 2,730 萬美元。這一成長主要是由於研發成本上升，包括與 SEAL02 晶片相關的 1,340 萬美元一次性增量開發費用、更高的股票薪酬以及與收購 FreeChain 相關的無形資產的非現金攤銷費用。

Other net gain/loss for the quarter was a net loss of $14.7 million versus a net gain of $0.9 million. The net loss was due to a $14 million non-cash derivative gain on the Tether warrants offset by a $29 million non-cash derivative loss on the convertible bond issued in August. IFRS net loss was $50.1 million versus $1.8 million. Adjusted profit was negative $26.2 million versus positive $10.5 million. Adjusted EBITDA was negative $8.5 million versus positive $28 million. This quarter's losses were primarily due to the year-over-year revenue declines in our cloud hash rate and hosting businesses, lower gross profit margins in our self-mining businesses as a result of halving and higher R&D as described previously.

該季度的其他淨損益為淨虧損 1,470 萬美元，而淨收益為 90 萬美元。淨虧損是由於 Tether 認股權證的 1,400 萬美元非現金衍生性商品收益被 8 月發行的可轉換債券的 2,900 萬美元非現金衍生性商品損失所抵銷。IFRS 淨虧損為 5,010 萬美元，而 IFRS 淨虧損為 180 萬美元。調整後利潤為負 2,620 萬美元，而正為 1,050 萬美元。調整後 EBITDA 為負 850 萬美元，而正值為 2800 萬美元。本季虧損主要是由於我們的雲端算力和託管業務收入較去年同期下降，以及前面所述的減半和研發增加導致自挖礦業務毛利率下降。

Net cash used for operating activities was $90.7 million. Net cash generated from investing activities was $10.2 million, including $30.1 million of capital expenditure for infrastructure construction and mining machines, and the proceeds from disposal of cryptocurrencies of $39.9 million received from our principal business. Net cash generated from finance activities for the quarter was $168.1 million, primarily as a result of $166.3 million raised from our convertible notes issued in August.

用於經營活動的淨現金為 9,070 萬美元。投資活動產生的現金淨額為1,020萬美元，其中包括基礎建設和礦機的資本支出3,010萬美元，以及從主營業務中獲得的加密貨幣處置收益3,990萬美元。本季財務活動產生的現金淨額為 1.681 億美元，主要是由於我們 8 月發行的可轉換票據籌集了 1.663 億美元。

Looking forward, we expect CapEx spend to accelerate for the continued build-out of our global power and data center infrastructure. Between Q4 2024 and 2025, we anticipate infrastructure CapEx to be in the range of approximately $250 million to $275 million. It should be noted that this infrastructure spend assumes the sites are developed for Bitcoin mining and does not include CapEx for SEALMINERs used for self-mining. Finally, we ended the quarter in a strong financial position with $291.3 million in cash and cash equivalents, $39.7 million in cryptocurrencies, and $92.7 million in borrowing, excluding derivatives.

展望未來，我們預計資本支出將加速，以持續建立我們的全球電力和資料中心基礎設施。2024 年第四季至 2025 年，我們預計基礎設施資本支出將在約 2.5 億至 2.75 億美元之間。應該指出的是，該基礎設施支出假設這些站點是為比特幣挖礦而開發的，並且不包括用於自挖礦的 SEALMINER 的資本支出。最後，我們在本季末的財務狀況強勁，現金和現金等價物為 2.913 億美元，加密貨幣為 3,970 萬美元，借款為 9,270 萬美元（不包括衍生性商品）。

Thank you, everyone. That concludes our prepared remarks section of our earnings call. Operator, please open the call for questions.

謝謝大家。我們在財報電話會議上準備好的評論部分就到此結束。接線員，請打開電話提問。

(Operator Instructions)

（操作員說明）

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Yes, thank you and good morning and good afternoon everybody. And thanks for taking my question. Guys, thanks for the color around the TLM. I was hoping you could kind of talk a little bit more about that, the process, and kind of how that positions you to potentially look to secure some HPC partners over the next couple quarters?

是的，謝謝大家，早安，下午好。感謝您提出我的問題。夥計們，感謝 TLM 周圍的顏色。我希望您能多談談這一點、流程，以及您如何在未來幾季尋求一些 HPC 合作夥伴？

Hey, Greg, thank you for that question. So yeah, the TLM engagement has more or less concluded as we said on the call and we have very positive reports about our US sites, especially three of them, the two Ohio sites and Rockdale. We really can't say a lot about what we're doing now. We do have a lot of ongoing discussions, even today and over the past few weeks. And so we're not going to be ready to announce something, I think, for a little bit and we're just talking with folks that will make good partners for us in proceeding in an area here where it will be new for us. So, we're really trying to find the right partnerships. And I don't know, Jeff, did you want to add to that?

嘿，格雷格，謝謝你提出這個問題。所以，是的，正如我們在電話中所說，TLM 的參與或多或少已經結束，我們對我們的美國工廠有非常積極的報告，特別是其中的三個工廠，即俄亥俄州的兩個工廠和羅克代爾。對於我們現在正在做的事情，我們真的不能說太多。即使在今天和過去幾週，我們確實有很多正在進行的討論。因此，我認為，我們暫時還沒有準備好宣布一些事情，我們只是與那些將成為我們在一個對我們來說是全新的領域繼續前進的良好合作夥伴的人進行交談。因此，我們確實在努力尋找合適的合作夥伴。我不知道，傑夫，你想補充嗎？

Yeah, I would say, we've had a number of conversations, especially with potential partners. We are really looking, I think, focusing more on the structure of this partnership and how this should look from both a financing perspective and an operating perspective as well. We think there will be interest in these sites given the details that were uncovered during the TLM report. And ultimately, I think the financing and the actual structuring of it will be a main driver of returns overall in the long term. So we've been focusing a lot on that aspect.

是的，我想說，我們已經進行了許多對話，特別是與潛在合作夥伴的對話。我認為，我們確實正在更多地關注這種夥伴關係的結構，以及從融資角度和營運角度來看應該如何看待。鑑於 TLM 報告中披露的詳細信息，我們認為人們會對這些網站感興趣。最終，我認為融資和實際結構將成為長期整體回報的主要驅動力。所以我們一直非常關注這方面。

We can say that there's been significant interest expressed from multiple parties.

可以說，多方都表達了濃厚的興趣。

Okay, great. And then just, I did want to talk about the rollout of the SEALMINER. I mean, there's a lot going on there, especially when you talk about the efficiency of the rigs, realizing that you have a lot of existing infrastructure right now that's mining for Bitcoin and if we assume that kind of remains to be the case, any kind of way you could let us think about the rollout of those more efficient rigs and kind of thinking about maybe the scale-up of global, of your hash rate as kind of these new rigs are rolled out and deployed?

好的，太好了。然後，我確實想談談 SEALMINER 的推出。我的意思是，那裡發生了很多事情，特別是當你談論鑽機的效率時，意識到你現在有很多現有的基礎設施正在開採比特幣，如果我們假設這種情況仍然如此，任何你可以讓我們考慮一下這些更有效率的設備的推出，並考慮隨著這些新設備的推出和部署，您的哈希率可能會擴大全球範圍嗎？

Matt, go ahead.

馬特，繼續吧。

Yeah, I think now we have a lot of visibility in terms of doing self-mining and all the sale today of the main machines for the market. I think we are technically well positioned to do so. We have lots of powers secured, and also we have very good many machines now starting into the mass production. So going forward we have disclosed that we will have 18 exahash of hash power and this hash power will be allocated, I think, maybe for our self-mining and also part of it will go into the market to show our technology advancement. So going forward, I think we will have more along with the completion of our data center. So we will deploy more our A2 or even A3 mining machines to our data center to increase our self-hash rate.

是的，我認為現在我們在自挖礦以及今天市場上主要機器的所有銷售方面擁有很大的知名度。我認為我們在技術上完全有能力做到這一點。我們擁有大量的權力，而且我們有很多機器現在開始大規模生產。因此，展望未來，我們已經透露，我們將擁有 18 exahash 的算力，我認為，這些算力將被分配，也許用於我們的自挖礦，其中一部分將進入市場，以展示我們的技術進步。因此，展望未來，我認為隨著資料中心的建成，我們將會擁有更多。所以我們會在我們的資料中心部署更多的A2甚至A3礦機來提高我們的自算力。

Okay, great. And then just one more for me. Over the last couple quarters, kind of with the Bitcoin price where it was, it seemed like as a lot of the hosting contracts were rolling off, those kind of, like, that power infrastructure came back to Bitdeer and then you were able to kind of -- not kind of you were able to deploy more rigs on that infrastructure. Just given the real surge in Bitcoin over the last, I guess, couple months, has that kind of changed the dynamic around the Bitdeer’s ability to kind of reclaim some of that existing hosting infrastructure and convert it to self-mining?

好的，太好了。然後再給我一個。在過去的幾個季度中，隨著比特幣價格的變化，似乎很多託管合約都在滾動，這些電力基礎設施又回到了 Bitdeer，然後你就可以的——你不能在該基礎設施上部署更多的鑽孔機。考慮到比特幣在過去幾個月的真正飆升，我想這是否改變了 Bitdeer 回收部分現有託管基礎設施並將其轉換為自挖礦能力的動態？

Yeah, okay, let me answer this question. After AI starts to join the competition for power in the data center area and the Bitcoin increased a lot in price of course. So the value we see in the power supply has increased a lot. So it is in our interest to have those hosting capacity back. But at the same time, we need to make sure that those clients who engaged with us earlier for hosting service have a trust and have kind of a sense of reliability on us. So we will not push too hard. So now we will just use those chances and opportunities when customers create it themselves and to reclaim back those hosting capacity.

是啊，好吧，我來回答這個問題。在人工智慧開始加入資料中心領域的權力競爭之後，比特幣的價格當然也上漲了許多。所以我們看到電源的價值增加了很多。因此，恢復這些託管能力符合我們的利益。但同時，我們需要確保那些早期與我們合作提供託管服務的客戶對我們有信任感和可靠性。所以我們不會太用力。因此，現在我們將利用客戶自己創建的機會和機會，並收回這些託管容量。

And, Greg, I would add just to add to that, most of the general hosting customers were just contracts that were designed to roll off at this point right now and just were not renewed. So, like you said, that capacity will come back to us and we'll have it available to deploy for self-mining.

而且，格雷格，我想補充一點，大多數一般託管客戶只是旨在此時滾動的合同，只是沒有續簽。因此，正如您所說，該容量將返回給我們，我們將可部署用於自挖礦。

Okay, perfect. Super helpful. Thanks guys.

好的，完美。超有幫助。謝謝你們。

Thank you. Great. Thank you.

謝謝。偉大的。謝謝。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi guys, thanks for taking my question. I wanted to dig in a bit into your CapEx commentary. I think $250 million to $275 million over the next, call it, a year. Can you maybe just outline what that is going into? Which sites and then what those sites are also going to be used for? Is it more hosting capacity? Is it going to be self-mining?

大家好，感謝您提出我的問題。我想深入了解您的資本支出評論。我認為接下來的一年會花費 2.5 億到 2.75 億美元。能簡單概述一下這是怎麼回事嗎？哪些網站以及這些網站的用途是什麼？託管容量更大嗎？難道要自挖了？

Yeah, I'll go ahead and take that, Fred. So yeah, the number that we quoted in the earnings release, that $250 million to $275 million, has primarily to do with our existing sites that we've announced under construction right now. So that would be the Tydal, Norway site, Texas hydro conversion, Jigmeling, Bhutan, and then it also is considering Massillon, Ohio for assuming that does go to the Bitcoin mining. And it also has part of the Clarington Phase 1 upgrades as well.

是的，我會繼續接受，弗雷德。所以，是的，我們在財報中引用的數字，即 2.5 億至 2.75 億美元，主要與我們目前宣布正在建造的現有網站有關。因此，這將是挪威的泰達爾、德克薩斯州的水力發電廠、不丹的吉格梅林，然後它還在考慮俄亥俄州的馬西隆，假設確實用於比特幣開採。它還具有 Clarington 第一階段升級的一部分。

So those are the numbers that are incorporated into that. And from a mining standpoint, again, those numbers assume that the sites will be used for mining. And again, in most cases, moving forward, we will emphasize self-mining over hosting capacity, but that's not to say we would not be open to additional hosting conversations depending on, again, market cycles, market conditions.

這些就是納入其中的數字。從採礦的角度來看，這些數字再次假設這些地點將用於採礦。再說一遍，在大多數情況下，展望未來，我們將強調自我挖掘而不是託管容量，但這並不是說我們不會根據市場週期、市場條件接受額外的託管對話。

And when you say, kind of, for those sites, for Bitcoin mining, is that including all the electrical infrastructure as well as the powered shell? So the only thing in addition to that would be just machines being plugged in or is this just on the electrical infrastructure built-out of those sites and getting those sites energized from that perspective?

當你說，對於那些網站，對於比特幣挖礦，這是否包括所有電力基礎設施以及供電外殼？因此，除此之外唯一的事情就是插入機器，或者只是在這些站點構建的電力基礎設施上，並從這個角度為這些站點通電？

That would include the electrical infrastructure as well as the build-out. So essentially everything except the rigs.

這將包括電力基礎設施和擴建。所以基本上除了鑽孔機之外的所有東西。

Awesome, that's really helpful. And then just on the ASIC business, I saw kind of inventory had a big jump quarter-over-quarter on the balance sheet. I'm not sure if that was maybe due to the acquisition or just some working capital investments on your end in anticipation of those machines being mass produced. But could you just talk about the working capital dynamics needed for you guys to mass produce these chips? How much additional capital or inventory do you need or how should we think about the timing of that?

太棒了，這真的很有幫助。然後就 ASIC 業務而言，我看到資產負債表上的庫存環比大幅躍升。我不確定這是否是由於收購或只是由於您預計這些機器將被大規模生產而進行的一些營運資本投資。但您能談談您們大規模生產這些晶片所需的營運資金動態嗎？您需要多少額外資本或庫存，或者我們應該如何考慮其時機？

Yeah, okay. Working capital. Let me answer about that. TSMC has a very conservative approach into the crypto industry. So we need to pay that upfront when the wafer fabrication started. And we need another two months after the wafer comes back to us to mass produce the mining rigs. So for the ASIC mining rig business, roughly we need six months of working capital period for the cost of the mining rigs.

是啊，好吧。營運資金。讓我來回答一下。台積電對加密貨幣產業採取非常保守的態度。因此，我們需要在晶圓製造開始時預先支付費用。晶圓回到我們後，我們還需要兩個月才能大量生產採礦設備。所以對於ASIC礦機業務來說，大約需要六個月的營運資金期來支付礦機成本。

If you had to decide what that amount could potentially be for maybe SEAL01 and SEAL02, do you have a ballpark estimate for that? Is it too -- or too soon to tell?

如果您必須決定 SEAL01 和 SEAL02 的潛在金額是多少，您對此有一個大致的估計嗎？是不是現在下結論還太早？

The SEAL01, we are not making any more of those wafers. SEAL02, it's the 18 exahashes all that we've announced. And I think you recall what the capital requirements for that were. So, yeah, CapEx requirements for that would be on the order between $100 million, I could give a range, maybe $125 million to $175 million that we'd like to have.

SEAL01，我們不再生產這些晶圓。SEAL02，這是我們宣布的全部 18 個 exahash。我想您還記得其資本要求是什麼。所以，是的，資本支出要求大約在 1 億美元之間，我可以給出一個範圍，也許是我們想要的 1.25 億美元到 1.75 億美元。

Awesome. That's extremely helpful. And then Just to clarify one additional point, on the, I guess, pushback of hydro cooling conversion at Rockdale, I think you guys originally expected 3.4 exahash of your own rigs to be put there by year end. Is the reason why that's in pushback due to the delay there? Or am I thinking about that right?

驚人的。這非常有幫助。然後，為了澄清另外一點，我想，關於 Rockdale 水力冷卻轉換的推遲，我想你們最初預計到年底將有 3.4 exahash 的你們自己的鑽機被放置在那裡。這是因為延遲而被延後的原因嗎？或者說我想的對嗎？

Yes, it's mostly due to the delay in the mining farm constructions and the labor strike in the port.

是的，這主要是由於礦場建設延遲和港口工人罷工造成的。

All right, thank you guys, really appreciate it.

好的，謝謝大家，非常感謝。

Kevin Cassidy, Rosenblatt Securities.

凱文·卡西迪，羅森布拉特證券公司。

Yes, thanks for taking my question. Just for some clarification, the TLM had said you're suitable for Tier 3 data centers. Can you describe what the difference is between a Tier 3, say, and Tier 2, Tier 1 data center? Like, I guess what kind of customers would you be targeting?

是的，感謝您提出我的問題。需要澄清的是，TLM 表示您適合第 3 層資料中心。您能否描述第 3 層資料中心與第 2 層、第 1 層資料中心之間的差異？就像，我猜你會瞄準什麼樣的客戶？

So, we're looking, and the instructions we gave to TLM was really that is it suitable for a leading AI type of data center and for that application. So, we never really set specifically Tier 3, but I mean that's incorporated into that sort of description. And so there are requirements here that are far in excess of the requirements for a Bitcoin mining site, certainly, and even things like, are you next to a railroad line where hazardous materials are carried, what's the 100-year floodplain, and things like that.

所以，我們正在尋找，我們給 TLM 的指示實際上是它是否適合領先的人工智慧類型的資料中心和該應用程式。因此，我們從未真正具體設置過第 3 層，但我的意思是，它已納入此類描述中。因此，這裡的要求當然遠遠超過了比特幣採礦場的要求，甚至還有諸如您是否靠近運輸危險材料的鐵路線、什麼是 100 年洪氾區等等之類的要求。

So many additional requirements that are really about protecting the very large investment that goes into a modern AI or high-performance computing data center. So we asked them to find every bit of air on the on the sites and so they actually went through a pretty extensive list and there are a number of small things that we have addressed or can be addressed with a relatively small amount of money or time but they didn't find anything significant that could prevent or really delay those sites from use as AI or HPC. I do want to stress though that no decision has been made whether or not we will use those sites for AI or Bitcoin mining.

如此多的額外要求實際上是為了保護現代人工智慧或高效能運算資料中心的巨額投資。因此，我們要求他們找到網站上的每一點空氣，所以他們實際上瀏覽了一份相當廣泛的清單，並且我們已經解決了許多小問題，或者可以用相對較少的金錢或時間來解決但他們沒有發現任何重要的東西可以阻止或真正延遲這些網站用作人工智慧或高效能運算。但我確實想強調的是，我們尚未決定是否將這些網站用於人工智慧或比特幣挖礦。

I see, I see. And then maybe as you're making that decision, like, do you have an estimate of profitability of the HPC AI data center versus mining?

我明白了，我明白了。然後，也許當您做出決定時，您是否對 HPC AI 資料中心與挖礦的盈利能力進行了估計？

Can you repeat that, Kevin? You mean the probability of Bitcoin --

你能再說一次嗎，凱文？你說的是比特幣的機率--

Yeah, how much more would it be more profitable to co-host the HPC data center versus mining when you're looking at the decisions whether to convert any of these facilities.

是的，當您考慮是否轉換這些設施時，聯合託管 HPC 資料中心與挖礦相比，利潤會高多少。

I think there's a number of ways of looking at that and it really depends on how you model that Bitcoin mining site and what you assume hash price is going to be over the next few years. And so you can actually make the model come out either way. So one is more profitable or the other one is more profitable. So -- but there's a benefit in diversification of our revenue sources as well.

我認為有多種看待這個問題的方法，這實際上取決於您如何對比特幣挖礦網站進行建模以及您對未來幾年哈希價格的假設。所以你實際上可以讓模型以任何一種方式出現。因此，一種更有利可圖，或另一種更有利可圖。所以，我們的收入來源多角化也有好處。

And having a -- so we are thinking about it not just from the pure ROI, but also what impact it might have to our shareholders and the effect of having a reliable, fairly high margin revenue stream over the next 15 years and how that will affect our share price and our shareholders I think is also on our mind. So there's a balance of this to make diversification of our revenue stream part of this equation, not just pure ROI, especially since that's difficult to calculate for Bitcoin going forward.

因此，我們不僅從純粹的投資回報率角度考慮它，還考慮它可能對我們的股東產生的影響，以及在未來 15 年擁有可靠、相當高的利潤率收入流的影響，以及這將如何影響。我認為這也會影響我們的股價和股東。因此，需要保持平衡，使我們的收入來源多元化成為這個等式的一部分，而不僅僅是純粹的投資回報率，特別是因為比特幣的未來很難計算。

Okay, great. Thank you.

好的，太好了。謝謝。

Darren Aftahi, Roth.

達倫·阿夫塔希，羅斯。

Good morning. Thanks for taking my question. Two, if I may. First, as it pertains to your ASIC business and building the machines, the incoming administration, does that change anything in terms of just your position in the market, potential tariffs, just any kind of thoughts on that topic? Thanks.

早安.感謝您提出我的問題。如果可以的話，兩個。首先，由於它涉及您的 ASIC 業務和製造機器、即將上任的政府，這是否會改變您在市場中的地位、潛在的關稅以及對此主題的任何想法？謝謝。

Could you repeat that question again?

你能再重複一次這個問題嗎？

If the incoming administration changes, anything we're doing with regards to our ASIC manufacturing?

如果即將上任的政府發生變化，我們會對 ASIC 製造採取什麼措施？

I don't think so. Yeah, I think we're going to proceed the way we have been and I don't see any significant impact.

我不這麼認為。是的，我認為我們將按照以前的方式進行，我沒有看到任何重大影響。

Great. And then on your site, as you potentially think about moving forward with Tier 3 data center, like two things, how critical is it that you need to kind of hire human capital for that expertise in-house? And then two, as you approach a model, is it something that you want to kind of own and operate or you want to do something where it sort of outsources somebody else that's a cost plus model? And then, you kind of call the day, just trying to understand how you're thinking about the economics and the ownership of it. Thanks.

偉大的。然後在您的網站上，當您可能考慮推進第 3 級資料中心時，就像兩件事一樣，您需要在內部僱用人力資本來獲得該專業知識有多重要？然後兩個，當你接近一個模型時，你是否想要擁有並運營它，或者你想要做一些外包給其他人的成本加成模型？然後，你就結束了，只是想了解你如何看待經濟學及其所有權。謝謝。

I think we're open to a number of those possibilities and it depends a lot on who we end up partnering with on this and also who the end customer is. So I know that I'm not really answering your question because at this point we are open to those possibilities. We're having discussions with different groups that would result in different model for each of these. At some point, I do think we are going to have to add human capital to the company. But exactly what those human capital will need to bring depends a lot on which model we choose, of course. I don't really have a very precise answer for you right now because we're still open to that.

我認為我們對其中的許多可能性持開放態度，這在很大程度上取決於我們最終與誰合作以及最終客戶是誰。所以我知道我並沒有真正回答你的問題，因為此時我們對這些可能性持開放態度。我們正在與不同的團體進行討論，這將為每個團體帶來不同的模式。在某些時候，我確實認為我們將不得不為公司增加人力資本。但當然，這些人力資本到底需要帶來什麼，很大程度取決於我們選擇哪一種模式。我現在還沒有一個非常準確的答案，因為我們對此仍然持開放態度。

Squeeze one more in. Just given the regulatory environment in different jurisdictions, like, what is your views on just which of these markets in the US between Texas and Ohio might be a more likely site for, not necessarily from the characteristics of the site, but more in terms of like what we get through regulatory approval faster between Texas and Ohio?

再擠一根進去。考慮到不同司法管轄區的監管環境，例如，您對德克薩斯州和俄亥俄州之間的美國市場中的哪一個更有可能成為更可能的地點有何看法，不一定是從該地點的特徵來看，而是更多地從以下角度考慮：就像我們在德克薩斯州和俄亥俄州之間更快地獲得監管批准一樣？

Yeah, look, I think we think both are great environments to do business in. Our Clarington, Ohio, for example, we were in a meeting several weeks ago with the -- basically the entire council there for the whole county there. So they're very pro-business there. Everybody we've talked to there has been very excited about this opportunity. So from a -- I guess just overall regulatory standpoint, both markets are very attractive. And, I don't see the regulatory side really being a major factor in the decision. I think it's going to be more the commercial factors.

是的，我認為我們認為這兩個環境都是開展業務的絕佳環境。例如，我們在俄亥俄州的克拉靈頓，幾週前我們參加了一次會議，基本上是整個縣的整個委員會。所以他們非常支持商業。我們採訪過的每個人都對這個機會感到非常興奮。因此，我想從整體監管的角度來看，這兩個市場都非常有吸引力。而且，我認為監管方面並不是做出決定的真正主要因素。我認為這將更多是商業因素。

We have good relationships with the local communities and governments in all of those areas.

我們與所有這些領域的當地社區和政府都有良好的關係。

Mike Colonnese, H.C. Wainwright & Company.

科隆尼斯 (Mike Colonnese)，H.C.溫賴特公司。

Hi, good morning, good afternoon everyone. Thank you for taking my questions today. First one for me, I appreciate all the details on the ASIC market opportunity being a multi-billion dollar one over the coming years. But I'm curious, what is your goal from a market share perspective as we look out over the next few years? And how do you plan to win share from large established players like Bitmain and MicroBT? If you could just speak to your ability to scale production capacity in that business over time.

大家好，早安，下午好。感謝您今天回答我的問題。首先，我很欣賞 ASIC 市場機會的所有細節，該機會在未來幾年將達到數十億美元。但我很好奇，從市場佔有率的角度來看，您在未來幾年的目標是什麼？你們計劃如何從比特大陸和比特微等大型老牌企業中贏得份額？如果您能談談您隨著時間的推移擴大該業務生產能力的能力。

I think we will secure the market share by our technology and our stability of the mining rigs. And we also will provide a very transparent data on how much mining rigs we are going to produce in the foreseeable future and what is the collective behavior of a customer combined together. So every customers will make the decisions based on rational number and projections into the future. And we cannot foresee market shares, I think, because it's quite a little bit unpredictable because what is the capacity of Samsung and TSMC will happen? We are not quite sure. Right now, the semiconductor of an advanced node is fully loaded. So the capacity allocation is quite uncertain right now. But we have this kind of confidence that we will meet our design in the chips and the overall stability and cost overall in the whole [manual].

我認為我們將透過我們的技術和礦機的穩定性來確保市場份額。我們還將提供非常透明的數據，說明在可預見的未來我們將生產多少採礦設備，以及客戶的集體行為是什麼。因此，每個客戶都會根據理性數字和對未來的預測做出決定。我認為，我們無法預見市場份額，因為這是相當難以預測的，因為三星和台積電的產能會發生什麼？我們不太確定。現在，先進節點的半導體已滿載。因此，目前產能分配仍有很大的不確定性。但我們有這樣的信心，我們會滿足我們在晶片上的設計以及整體的穩定性和成本。[手動的]。

Got it. Thanks for the color there. And it sounds like the hosting business is still going through a bit of a transition period here over the last couple quarters. And it looks like you hosted about 9.5 exahash or so, give or take in October. Where can we expect that number to settle in as additional contracts really roll-off of the general hosting business?

知道了。感謝那裡的顏色。聽起來託管業務在過去幾季仍在經歷一段過渡期。看起來您在 10 月託管了大約 9.5 exahash 左右。隨著一般託管業務的額外合約真正減少，我們可以期望這個數字在哪裡穩定下來？

So, hard to say. I would say we would not anticipate it growing significantly from where it is now. As we said, now that we are manufacturing our own ASICs, we will certainly favor self-mining over hosting. So, we do have some of that capacity that may fill back in, but I think it's safe to say the majority of our excess capacity in the future will be allocated to self-mining.

所以，很難說。我想說的是，我們預計它不會比現在顯著成長。正如我們所說，既然我們正在製造自己的 ASIC，我們肯定會更喜歡自挖礦而不是託管。因此，我們確實有一些產能可以補充，但我認為可以肯定地說，未來我們的大部分過剩產能將分配給自挖礦。

Got it. Appreciate all the color guys. Thank you.

知道了。欣賞所有有顏色的人。謝謝。

Great. Thanks, Mike.

偉大的。謝謝，麥克。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Hey, great. Thanks for taking my question. I have two for you guys, one on the HPC opportunity and then second on the mining rig side. First, when you talk about development partners, could you just elaborate a bit more? Would this mean that someone actually comes in and shares the equity slice on those sites? And as part of that, there would be split economics? That type of development partner or more is it just on the construction side? And then after that, I'll ask my second question.

嘿，太棒了。感謝您提出我的問題。我有兩個建議給你們，第一個是 HPC 機會，第二個是採礦設備方面。首先，當您談到發展合作夥伴時，您能詳細說明一下嗎？這是否意味著有人真正進入並分享這些網站上的股權份額？作為其中的一部分，會出現經濟分裂嗎？那種類型的開發合作夥伴或更多只是在建設方面？然後，我會問第二個問題。

So, yeah, it could mean that. And some of the folks we're speaking with would be in that category. But as I said before, we haven't actually chosen a business model or partner on this yet. So there's no way for me to exactly say which model will be there, but we are looking at models that include some kind of an equity split and that's part of the conversation.

所以，是的，這可能意味著這個。我們正在交談的一些人就屬於這一類。但正如我之前所說，我們實際上還沒有為此選擇商業模式或合作夥伴。因此，我無法確切地說出哪種模型會出現，但我們正在研究包含某種股權分割的模型，這是對話的一部分。

Yeah, so John, that could look a couple ways. Obviously, we could bring in an infrastructure fund to just sort of financially back the project and then build that team through either outsourcing as well as internal team members, or we could go a partnership route where we would essentially partner with somebody who has those development capacity already. And so like Harris said, we've not settled down on a model yet. We're still exploring those.

是的，所以約翰，這可能有幾個方面。顯然，我們可以引入基礎設施基金來為該專案提供某種財務支持，然後透過外包和內部團隊成員來建立該團隊，或者我們可以走合作夥伴路線，我們基本上與擁有這些開發能力的人合作已經有能力了正如哈里斯所說，我們還沒有確定一個模型。我們仍在探索這些。

Yeah, I understand. That's helpful, guys. And then second one, as we think about the mining rig side and just I guess taking a step back, how do you think about the ASIC cycle as it relates to the Bitcoin cycle and where would you kind of -- or when would you expect prices for rigs to expand, margin to expand as it relates to a Bitcoin cycle?

是的，我明白。這很有幫助，夥計們。然後第二個問題，當我們考慮採礦設備方面時，我想退後一步，您如何看待 ASIC 週期，因為它與比特幣週期相關，您會在哪裡 - 或者您預計什麼時候與比特幣週期相關的鑽機價格和利潤會增加嗎？

Well, usually when the Bitcoin price goes high, I can feel that the semiconductor is also in kind of a very bull cycle as well. So when we compare the supply of the mining rigs, most of the cases are likely to be highly limited. And the mining rig price will drive up by the hash price. We have seen quite a stable hash price around $40, $45 for quite a long time. But recently you have seen the hash price increase a little bit. Right now it's around $40 -- $55 per petahash per day, increase a little bit.

嗯，通常當比特幣價格走高時，我能感覺到半導體也處於非常牛市的周期。因此，當我們比較礦機的供應時，大多數情況可能非常有限。礦機價格將隨著算力價格的上漲而上漲。很長一段時間以來，我們看到哈希價格相當穩定在 40 美元、45 美元左右。但最近你看到哈希價格略有上漲。現在每 petahash 每天大約 40 - 55 美元，稍微增加一點。

But there are lots of older fleets hasn't been energized because of the low energy efficiency. But when the Bitcoin price goes up, maybe lots of generation fleets will energize. So we will need to see the Bitcoin price increase, maybe another 20% or 30% to see the hash price goes up more significantly. But the good news is that even if the Bitcoin price goes down, because of the older generation of the mining that are running now will shut down as well. So it's really unlikely to see the hash price goes down if the Bitcoin price goes down.

但還有很多老舊船隊因為能源效率低而沒有通電。但當比特幣價格上漲時，也許許多發電車隊會充滿活力。因此，我們需要看到比特幣價格上漲，也許還要上漲 20% 或 30%，才能看到哈希價格更顯著上漲。但好消息是，即使比特幣價格下跌，因為現在正在運行的老一代挖礦也會關閉。因此，如果比特幣價格下跌，哈希值價格實際上不太可能下跌。

Got it. Understood. Thank you guys for that. Really appreciate it.

知道了。明白了。謝謝你們。真的很感激。

Lucas Pipes, B. Riley.

派普斯 (Lucas Pipes)，B. 萊利 (B. Riley)。

Thank you so much, operator. Good morning, everyone. This is Nick Giles on for Lucas. Guys, I was wondering just on TLM's assessment, are they still assessing sites outside of the US? And could you remind us on timing there, and could that assessment impact your expansion in Norway and how you go about that? Thank you very much.

非常感謝你，接線生。大家早安。我是盧卡斯的尼克吉爾斯。夥計們，我想知道 TLM 的評估，他們還在評估美國以外的網站嗎？您能否提醒我們在那裡的時間安排，該評估是否會影響您在挪威的擴張以及您將如何進行？非常感謝。

So, yeah, TLM is not actually evaluating the Norway sites. We will likely engage another local company to do that. What we do know obviously is that the Norway sites do have -- we're going to have, once our expansion is done, just right around 300 total megawatts. Norway's actually very well connected from a latency standpoint. Very number of submerged sea cables that run all throughout the country there. So, Norway's done a very good job of connecting to the rest of the EU. Obviously, water's there, power's there, and all hydropower. So we would anticipate those being very attractive sites from an HPC standpoint. But like I said, we'll engage a local firm to do a more detailed analysis.

所以，是的，TLM 實際上並未評估挪威站點。我們可能會聘請另一家當地公司來做這件事。我們所知道的顯然是，挪威站點確實擁有——一旦我們的擴建完成，我們將擁有大約 300 兆瓦的總容量。從延遲的角度來看，挪威實際上連接得很好。大量的海底電纜遍布全國。因此，挪威在與歐盟其他國家的聯繫方面做得非常好。顯然，水在那裡，電在那裡，而且都是水力發電。因此，從 HPC 的角度來看，我們預計這些網站非常有吸引力。但就像我說的，我們將聘請一家當地公司進行更詳細的分析。

Got it. Thanks. That's helpful. You have a number of expansion projects within your current footprint, obviously, but I was wondering if you could speak to any opportunities outside of that. Are you actively looking at any potential new sites, or have you put things on pause just given the amount of projects ongoing?

知道了。謝謝。這很有幫助。顯然，您目前的業務範圍內有許多擴建項目，但我想知道您是否可以談談除此之外的任何機會。您是否正在積極尋找任何潛在的新地點，或者考慮到正在進行的專案數量，您是否已經暫停了工作？

We're always looking. We get new sites and new opportunities sent to us all the time. We're taking a look at all of them. Obviously, we have a significant pipeline right now to develop very attractive assets. So any new acquisition would need to be very strategic for us. Pricing would come into play as well. So we're always open and looking for new opportunities, but we don't feel we're in the position where we need to force anything new, given the extensive pipeline that we already have.

我們一直在尋找。我們一直收到新的地點和新的機會。我們正在研究所有這些。顯然，我們現在有大量的管道來開發非常有吸引力的資產。因此，任何新的收購對我們來說都需要非常具有戰略意義。定價也會發揮作用。因此，我們始終保持開放態度並尋找新的機會，但考慮到我們已經擁有的廣泛管道，我們並不認為我們需要強制推出任何新產品。

Makes sense. Last one for me. How should we think about the split of the 18 exahash just between self-mining and external sales?

有道理。最後一張給我。我們應該如何看待 18 exahash 在自挖和外部銷售之間的分配？

Right now, the priority is to do self-mining because we see the incoming years we will have lots of our mining facilities will accomplish construction. So later those facilities idle is not quite optimal. But at the same time, we need to plan for long term of our ASIC selling business. That's big. And we do see a kind of responsibility to distribute our money mix to the whole ecosystem, not to concentrate too much of the hash rate to make sure that the Bitcoin network is decentralized as well.

目前，首要任務是進行自採礦，因為我們預計未來幾年我們將有許多採礦設施完成建設。所以後來那些設施閒置並不是很理想。但同時，我們需要為 ASIC 銷售業務進行長期規劃。那就大了。我們確實看到了一種責任，將我們的貨幣組合分配到整個生態系統，而不是集中太多的哈希率來確保比特幣網路也是去中心化的。

And if the end-of-the-year customers will order a really big chunk from us, we will need to sell the mining rigs from right now so the customers will have a test use of our mining rigs. So right now we got an 18 exahash that is planned to be manufactured and we have a kind of 30,000 units of air cooled or air cooled equivalent of hydrocooling manually being capacity locked through our website in the last week.

如果年底客戶向我們訂購很大一部分，我們將需要從現在開始出售礦機，以便客戶能夠測試使用我們的礦機。所以現在我們計劃生產 18 exahash，上週我們透過我們的網站手動鎖定了 30,000 颱風冷或相當於水冷的風冷裝置。

That's around one-third of the total hash rate we planned to manufacture at this point of time. So the majority will go to our self-mining and then we will allocate some of it to our customers. So, potentially they will have the confidence and the kind of mechanism to order more from us in the future.

這大約是我們目前計劃生產的總哈希率的三分之一。所以大部分會去我們自挖，然後我們會把一部分分配給我們的客戶。因此，他們將來可能會有信心和機制向我們訂購更多產品。

And Nick, what I would just add to that is, again, one of the advantages of our business model being both a manufacturer and a sell finder ourselves is that it allows us to be very market-based in our decisions. So if the conditions for selling mining rigs appear to be more attractive, we would be able to obviously capitalize on that. If we were, saw this to be less attractive, we could obviously use those rigs internally. So it allows us to essentially have the highest and best use for every rig that we ever manufacture.

尼克，我要補充的是，我們自己既是製造商又是銷售發現者的商業模式的優勢之一是，它使我們能夠在決策中非常基於市場。因此，如果出售礦機的條件看起來更具吸引力，我們顯然可以利用這一點。如果我們發現這不那麼有吸引力，我們顯然可以在內部使用這些裝備。因此，它使我們能夠最大限度地利用我們製造的每台鑽孔機。

Absolutely. Well, I appreciate all the color and continued best of luck.

絕對地。好吧，我很欣賞所有的顏色，祝你好運。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，聯盟全球合作夥伴。

Great. Thanks so much for taking my questions. The first question I have in terms of the A2 going into mass production, could you share what you think monthly production capabilities are? Maybe how we should think about those will also impact efficiency maybe over the next 12 months?

偉大的。非常感謝您回答我的問題。關於A2量產的第一個問題，可以分享一下您認為的月產能是多少嗎？也許我們該如何考慮這些因素也會影響未來 12 個月的效率？

Okay, we have been transparent as much as possible. I mean, how much hash rate we are going to manufacture is public, 18 exahash at this point in time. If we have more plans, we got more signals or securement from the supply chain, we will update this number more. And we don't see any problems right now to mass production the SEALMINER A2.

好的，我們已經盡可能保持透明。我的意思是，我們要製造多少哈希率是公開的，目前為 18 exahash。如果我們有更多的計劃，我們從供應鏈得到更多的訊號或安全，我們將更多地更新這個數字。我們目前沒有看到大規模生產 SEALMINER A2 的任何問題。

In terms of the high efficiency of our own mining operations, I think it's quite noticeable that our mining rig that is running on mining farm ourselves is quite older generations. It was like a four-year circles machine. That's because we concentrated our financial resources into building the mining facilities and develop our own mining chip, our own mining priority mining ASICs. And we did not buy quite much from other mining rig providers, except for from a few from (inaudible).

就我們自己的挖礦作業的高效率而言，我認為非常引人注目的是我們自己在礦場運行的礦機是相當老的一代。這就像一個四年的循環機器。因為我們集中財力建設挖礦設施，開發自己的挖礦晶片，自己的挖礦優先挖礦ASIC。我們沒有從其他採礦設備供應商那裡購買太多東西，除了一些來自（聽不清楚）。

But with our SEAL02 and SEAL03 expected, the mining hash rate power efficiency will increase a lot. Right now it's above the 35 to 40 joule per hash right now average on our mining operations, but it will be below 20, 16.5, or maybe even like around 11 or 12 in the next coming years. So the power efficiency of our hash rate will increase dramatically in the coming year.

但按照我們SEAL02和SEAL03的預期，挖礦算力功率效率將會提高很多。目前，我們的挖礦作業平均每個哈希消耗 35 至 40 焦耳，但在未來幾年內，該值將低於 20、16.5，甚至可能約為 11 或 12。因此，我們的算力效率將在未來一年大幅提高。

Great. My follow-up question is on the financials, quickly. With the SEALMINER03 tape-out, I think I saw on the press release in October, should we expect another one-time non-recurring R&D expense similar to what we saw in the third quarter?

偉大的。我的後續問題是關於財務的，很快。隨著 SEALMINER03 流片，我想我在 10 月的新聞稿中看到，我們是否應該期待另一項一次性非經常性研發費用，類似於我們在第三季度看到的情況？

Yes, doing chip design, [ethical design] is a large chip. We will discuss the very accurate R&D expenses number.

是的，做晶片設計，【倫理設計】就是一塊大晶片。我們將討論非常準確的研發費用數字。

Okay, thank you.

好的，謝謝。

Mike Grondahl, Northland.

麥克·格隆達爾，北國。

Hey guys, thanks. Two on the HPC side. How many people does Bitdeer have working on the HPC initiative? And as you've talked to financing partners, at a high level, what do some of those terms look like? And then maybe one on the ASIC side, you mentioned in the release that you're talking to a number of potential customers. How close are we to some orders there from those customers?

嘿夥計們，謝謝。HPC 方面有兩個。Bitdeer 有多少人參與 HPC 計劃？當您與融資合作夥伴進行高層交談時，其中一些條款是什麼樣的？然後也許是 ASIC 方面，您在新聞稿中提到您正在與許多潛在客戶交談。我們距離這些客戶的訂單還有多遠？

I think I'll take that first question. So unfortunately, I'm not going to be able to answer you directly here. We have three people that are working on looking at opportunities for partnerships and deals on the HPC AI side. We don't have anybody we've specifically hired with that background or expertise. We're looking at the business development side of it first. But we are engaged with consultants and other folks that are assisting us in that. And your second question --

我想我會回答第一個問題。不幸的是，我無法在這裡直接回答你。我們有三個人正在致力於尋找 HPC AI 方面的合作夥伴和交易機會。我們沒有專門聘請具有這種背景或專業知識的人。我們首先關注的是業務發展方面。但我們正在與顧問和其他在這方面協助我們的人合作。你的第二個問題--

Just about the terms. I mean, nothing we can really disclose just yet. Like I said, I guess it would fall into a couple different buckets as far as the types of terms we're looking at. Obviously, one would just be potentially an infrastructure fund that would essentially come in back the project and either invest at project level equity or end or debt. The other would be a development partner that would come in with equity as well as some of the development expense capital available as well. But nothing specifically as far as terms we could disclose at this time.

只是關於條款。我的意思是，我們目前還無法透露任何資訊。就像我說的，我想就我們正在考慮的術語類型而言，它會分為幾個不同的類別。顯然，它可能是一個基礎設施基金，本質上會回饋項目，並以項目層面的股權或最終或債務進行投資。另一個是開發合作夥伴，將提供股權以及一些可用的開發費用資本。但目前我們無法透露任何具體條款。

Mike, did you have an ASIC question also?

Mike，您也有 ASIC 問題嗎？

Yeah, the press release just says you're talking to a number of potential ASIC customers. Just kind of curious how close you are to maybe getting your first order there or when we begin to see some of that.

是的，新聞稿只是說您正在與一些潛在的 ASIC 客戶交談。只是有點好奇你離在那裡收到第一個訂單還有多遠，或者我們什麼時候開始看到其中的一些。

Yeah, actually in the last week, we started a procedure called capacity lock-in, which means that the interested customers of the SEALMINER A2, they will need to submit the interest of the amount. And actually we got 253,000 of units of interest and only 30,000 of those are satisfied. This kind of ordering, capital locking ordering is from 64 customers. And every unit, they will need to pay around $200, $199, specifically. And so far, they have -- let me check -- so far, they have paid around 12,000 units of capacity locking fees, $199. So I think the order, the interest, the demand, the enthusiasm, the supportive emotion from our customer basis is quite rare.

是的，實際上在上週，我們啟動了一個稱為容量鎖定的程序，這意味著對 SEALMINER A2 感興趣的客戶，他們將需要提交該金額的利息。實際上，我們有 253,000 個感興趣單位，但其中只有 30,000 個是滿意的。本次下單，鎖資金下單來自64家客戶。具體來說，每個單位他們需要支付 200 美元、199 美元左右。到目前為止，讓我查一下，他們已經支付了大約 12,000 單位的容量鎖定費用，即 199 美元。所以我認為我們客戶群的訂單、興趣、需求、熱情和支持情緒是相當罕見的。

Sure. Yeah, that's helpful data. Thank you.

當然。是的，這是有用的數據。謝謝。

Bill Papanastasiou, Stifel.

比爾·帕帕納斯塔西烏，斯蒂菲爾。

Yeah, good morning gentlemen. Thanks for taking my questions. For the first one, I was just hoping you could speak to the feasibility of sites outside the United States for AI HPC and whether there are -- whether those sites are a priority relative to the US sites. Can you draw any comparisons with respect to AI HPC demand and key considerations with respect to financing and counterparty risk in economics? Thank you.

是的，先生們早安。感謝您回答我的問題。對於第一個問題，我只是希望您能談談美國以外的 AI HPC 網站的可行性，以及是否存在——這些網站相對於美國網站是否具有優先權。您能否對人工智慧高效能運算的需求以及經濟學中融資和交易對手風險的關鍵考慮因素進行比較？謝謝。

Yeah, I guess I can address the outside of the US. So as I mentioned before, we believe the Norway sites will be very attractive given the renewable energy component as well as the fiber connectivity, water, obviously the climate there will be ideal for cooling as well. From the people we've spoken with, EU is likely 12, maybe 18 months behind where the US is as far as adoption.

是的，我想我可以向美國以外的地方講話。正如我之前提到的，我們相信挪威的站點將非常有吸引力，因為再生能源成分以及光纖連接、水，顯然那裡的氣候也將是理想的冷卻條件。從我們採訪過的人看來，歐盟在採用方面可能比美國落後 12 到 18 個月。

But in our view, EU is even more power constrained as far as the ability to bring new generation online than we are. So we think there will be a significant opportunity in Europe, given some of the data privacy laws that they have there, they will favor EU domicile data centers. So one advantage it gives us is that it gives us essentially a longer tail on this opportunity. Right now, the window for this HPC opportunity in the US is maybe two years, maybe three years, depending on who you believe. But we think that tail extends out longer in Europe and possibly in Asia as well with our Bhutan site. So that's sort of how we're looking at that right now.

但我們認為，就讓新一代上網的能力而言，歐盟的權力限制比我們更大。因此，我們認為歐洲將有一個重大機會，考慮到那裡的一些資料隱私法，他們將有利於歐盟住所資料中心。因此，它給我們帶來的一個優勢是，它本質上讓我們在這個機會上有了更長的尾巴。目前，美國 HPC 機會的窗口期可能是兩年，也可能是三年，這取決於你相信誰。但我們認為，尾巴在歐洲延伸得更長，可能在亞洲以及我們的不丹工廠也延伸得更長。這就是我們現在的看法。

Appreciate that. And then --

很欣賞這一點。進而--

Second part of your question, Bill?

你問題的第二部分，比爾？

Yeah. Was just, if you could just draw some comparisons with respect to how financing counterparty risk economics and so forth might differ between outside versus US.

是的。是的，如果你能對國外與美國之間融資交易對手風險經濟學等方面的差異進行一些比較的話。

I think it will be different. We don't have enough information right now. I think in Europe it will be less different than of course in Bhutan. In some cases, the tenant may end up being the same large hyperscaler as in the US, but it's too early for us right now to really intelligently answer that question about how it might differ. We do expect it to be significantly different but we are focused on the US right now.

我認為情況會有所不同。我們現在沒有足夠的資訊。我認為歐洲的情況與不丹的情況當然沒有什麼不同。在某些情況下，租戶最終可能會成為與美國相同的大型超大規模供應商，但我們現在要真正明智地回答有關其可能有何不同的問題還為時過早。我們確實預計情況會有很大不同，但我們現在關注的是美國。

Appreciate that. And then just for a second question, I know you guys touched on this on the call, but can you just provide an updated capital allocation methodology given the progress on SEALMINERs and the rise in Bitcoin mining economics? When you look at your over 1 gigawatt portfolio of power capacity, how are you thinking that mix of Bitcoin mining and HPC could change over the years and whether there's been any update to that? Thank you.

很欣賞這一點。接下來的第二個問題，我知道你們在電話會議上談到了這一點，但是考慮到 SEALMINER 的進展和比特幣挖礦經濟學的興起，你們能否提供更新的資本分配方法？當您查看超過 1 吉瓦的電力容量組合時，您如何看待比特幣挖礦和 HPC 的組合多年來可能發生的變化以及是否有任何更新？謝謝。

Yeah, so I would say it hasn't changed significantly. I think we're taking a very long-term view on this. Obviously, the thesis behind implementing some of the HPC into our power portfolio kind of stems just from looking to diversify and as Jihan mentioned earlier, not decentralizing the Bitcoin network as well. So having that mix of revenue, that stable revenue, a site on top of the Bitcoin mining revenue makes a lot of sense. So from that standpoint, I don't think it changes a ton, but obviously, we certainly welcome better Bitcoin mining economics right now and think that will help us out in the short term.

是的，所以我想說它沒有顯著改變。我認為我們對此採取了非常長遠的看法。顯然，在我們的電力組合中實施一些 HPC 背後的論點只是出於尋求多元化，正如 Jihan 之前提到的，而不是去中心化比特幣網路。因此，擁有這樣的收入組合，穩定的收入，在比特幣挖礦收入之上建立一個網站是很有意義的。因此，從這個角度來看，我認為這不會帶來太大變化，但顯然，我們現在當然歡迎更好的比特幣挖礦經濟，並認為這將在短期內幫助我們擺脫困境。

Appreciate the color. Thanks guys.

欣賞顏色。謝謝你們。

Thank you. That concludes our question-and-answer. Thank you for joining Bitdeer’s Q3 2024 earnings conference call. Have a great day.

謝謝。我們的問答到此結束。感謝您參加 Bitdeer 2024 年第三季財報電話會議。祝你有美好的一天。