Bitdeer Technologies Group (BTDR) 2026 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to Bitdeer's second-quarter 2026 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好。感謝各位稍候。歡迎參加 Bitdeer 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to turn the conference over to your first speaker today, Tesh Dahya, Head of Investor Relations. Please go ahead.

現在我想把會議交給今天的第一位講者，投資人關係主管 Tesh Dahya。請開始。

Thank you, operator, and good morning, everyone. Welcome to Bitdeer Technology Group's second-quarter 2026 earnings conference call. Joining me today are Jihan Wu, Founder, Chairman and Chief Executive Officer; Haris Basit, Chief Strategy Officer; and Michael Potter, Chief Financial Officer.

謝謝接線員，各位早安。歡迎參加 Bitdeer Technology Group 2026 年第二季財報電話會議。今天與我一同出席的有：創辦人、董事長兼執行長吳忌寒；策略長 Haris Basit；以及財務長 Michael Potter。

Today's call will begin with Haris providing a review of our recently announced Tydal, Norway, colocation lease agreement, followed by Michael, with a review of our business segments and second-quarter financial results.

今天的電話會議將先由 Haris 回顧我們近期宣布的挪威 Tydal 機房代管（colocation）租賃協議，接著由 Michael 回顧我們的業務分部與第二季財務結果。

Before management begins their formal remarks, I 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. For a more complete discussion of forward-looking statements and the risks and uncertainties related to Bitdeer's business and industry, please refer to the company's filings with the US Securities and Exchange Commission.

在管理層開始正式發言之前，我想提醒各位，在今天的電話會議中，我們可能會做出某些前瞻性陳述。這些陳述係基於管理層目前的預期，並受風險與不確定性影響，可能導致實際結果出現重大差異。如需更完整的前瞻性陳述以及與 Bitdeer 業務與產業相關之風險與不確定性討論，請參閱本公司向美國證券交易委員會提交的文件。

I also want to note that we will be discussing certain non-GAAP financial measures and operating metrics today. A reconciliation of these measures to the most directly comparable GAAP measures is included in our earnings release issued earlier today.

我也要說明，我們今天將討論若干非 GAAP 財務衡量指標與營運指標。這些指標與最直接可比的 GAAP 指標之調節表，已包含在我們今天稍早發布的財報新聞稿中。

These non-GAAP measures should not be considered in isolation from or as a substitute for the most directly comparable measures prepared in accordance with GAAP. As a reminder, changes to the fair value of our digital assets are reflected in GAAP net income and may introduce non-cash volatility into our reported results.

這些非 GAAP 指標不應被孤立看待，也不應作為依 GAAP 編製之最直接可比指標的替代。提醒各位，我們數位資產公允價值的變動會反映在 GAAP 淨利中，並可能為我們的揭露結果帶來非現金的波動。

With that, I will now turn the call over to Haris.

接下來，我把電話交給 Haris。

Thank you, Tesh, and good morning, everyone. This is our first earnings call since we announced the execution of our $4.7 billion colocation lease at Tydal, Norway, and I would like to begin by putting that agreement in context. Over the past several years, we have worked to build a power infrastructure portfolio that we believe is well positioned to support both our Bitcoin mining operations and our expansion into AI infrastructure.

謝謝你，Tesh，各位早安。這是我們宣布在挪威 Tydal 簽署 47 億美元機房代管租賃協議後的首次財報電話會議，我想先從該協議的背景脈絡談起。過去幾年，我們致力於建立一個電力基礎設施資產組合，我們相信該組合已具備良好定位，可同時支援我們的比特幣挖礦營運以及我們向 AI 基礎設施的擴張。

Tydal represents an important step in converting that portfolio into long-duration contracted revenue, and it establishes AI infrastructure colocation as an additional pillar of our business alongside our AI cloud, Bitdeer mining and ASIC development and manufacturing operations.

Tydal 是將該資產組合轉化為長期合約收入的重要一步，並使 AI 基礎設施代管成為我們業務的另一支柱，與我們的 AI 雲端、Bitdeer 挖礦以及 ASIC 研發與製造業務並列。

We are pleased with the terms of this agreement and with the caliber of Volta as our counterparty. We view Tydal as an important proof point for this strategy, and we intend to pursue additional opportunities of this kind as they arise. Agreements of this scale and complexity reflect the work of our team over the past several years, and I want to thank everyone involved for their efforts in reaching this milestone.

我們對本協議的條款以及 Volta 作為我們交易對手的水準感到滿意。我們將 Tydal 視為此一策略的重要驗證案例，並打算在出現更多此類機會時持續推進。如此規模與複雜度的協議，反映了我們團隊過去幾年的努力；我也要感謝所有參與者在達成此一里程碑上的付出。

With that, let me walk through the terms of the Tydal transaction in more detail. On August 4, we announced that our subsidiary, Tydal Data Center AS, has executed a 16-year colocation lease and services agreement with Volta at our Tydal campus in Norway.

接下來，我將更詳細說明 Tydal 交易的條款。8 月 4 日，我們宣布旗下子公司 Tydal Data Center AS 已在挪威 Tydal 園區與 Volta 簽署一份為期 16 年的機房代管租賃及服務協議。

Under the agreement, we are delivering 121 IT megawatts, supported by approximately 133 gross megawatts. This will be spread across four existing data halls and will be configured to run NVIDIA GPUs.

依據協議，我們將交付 121 IT 兆瓦（IT megawatts）的容量，並由約 133 總兆瓦（gross megawatts）支援。該容量將分布於四座既有機房廳（data halls），並配置為可運行 NVIDIA GPU。

The lease is expected to generate approximately $4.7 billion in contracted base term revenue over the initial 16-year term. An eight-year renewal option, if exercised, would increase the potential contract value to approximately $8 billion over 24 years with the tenant termination right at the end of year 10.

預期該租賃在最初 16 年期間將帶來約 47 億美元的已簽約基本期間收入。若承租方行使 8 年續約選擇權，合約潛在價值將在 24 年期間提升至約 80 億美元，且承租方在第 10 年末享有終止權。

The leases structured has a modified growth arrangement. Volta pays a combined base rent and service fee with a 3% annual escalator and electricity costs are fully reimbursed on a pass-through basis, which protects our margin from energy price volatility and provides a highly predictable cash flow. Over the 16-year based term, we expect this agreement to generate average annual revenue of approximately $2.4 million per IT megawatts.

該租賃結構採用修正後的成長安排。Volta 支付合併的基本租金與服務費，並設有每年 3% 的調升機制；電力成本則以轉嫁（pass-through）方式全額補償，這可保護我們的利潤率免受能源價格波動影響，並提供高度可預測的現金流。在 16 年基本期間內，我們預期本協議每 IT 兆瓦的平均年收入約為 240 萬美元。

Importantly, Volta's obligations are anticipated to be backed by an institutional grade credit structure. This anticipated credit enhancement meaningfully reduces our counterparty risk and improves the financeable quality of these contracted cash flows, which supports our plan to access attractive debt financing terms to fund the remaining development as Tydal.

重要的是，預期 Volta 的義務將由機構級的信用架構提供支持。此一預期的信用增強將顯著降低我們的交易對手風險，並提升這些已簽約現金流的可融資品質，從而支持我們以具吸引力的債務融資條件，為 Tydal 剩餘開發資金需求提供資金。

Our remaining capital expenditure is approximately $500 million, which we believe is significantly more capital efficient than a typical greenfield data center build. We expect to raise project-level financing to fully fund our remaining Tydal capital needs and to provide significant additional capital. Delivery is structured across two equal-sized phases targeting December 31, 2026, for the first phase, and March 31, 2027, for the second.

我們剩餘的資本支出約為 5 億美元，我們認為這在資本效率上顯著優於典型的綠地（greenfield）資料中心新建案。我們預期將籌措專案層級融資，以完全滿足 Tydal 剩餘資本需求，並提供可觀的額外資金。交付將分為兩個等規模階段：第一階段目標為 2026 年 12 月 31 日，第二階段目標為 2027 年 3 月 31 日。

A word on our tenant. Volta is a compute infrastructure developer focused on large-scale AI and data center deployments in power advantage markets. Volta has announced a $10 billion strategic partnership with an AI lab and a broader development pipeline exceeding 1 gigawatt.

簡要談一下我們的承租方。Volta 是一家算力基礎設施開發商，專注於在具電力優勢的市場進行大規模 AI 與資料中心部署。Volta 已宣布與一家 AI 實驗室建立 100 億美元的策略合作夥伴關係，且其更廣泛的開發管線超過 1 吉瓦。

In selecting Volta as our partner at Tydal, we evaluated their technical ability to execute a large-scale GPU deployment, the quality and enforceability of their anticipated credit support and their ability to move rapidly to match the anticipated Tydal construction timeline. It is important to note that Tydal will incorporate leading-edge NVIDIA GPUs, has one of the highest reliability grid connections in Europe, is 100% powered by renewable energy and has an extremely high energy efficiency with a PUE of approximately 1.1.

在選擇 Volta 作為我們在 Tydal 的合作夥伴時，我們評估了其執行大規模 GPU 部署的技術能力、其預期信用支持的品質與可執行性，以及其快速推進以配合 Tydal 預期施工時程的能力。需要強調的是，Tydal 將採用領先的 NVIDIA GPU，擁有歐洲最可靠的電網連接之一，100% 使用再生能源供電，且能源效率極高，PUE 約為 1.1。

Our broader power and infrastructure portfolio stands at approximately 3 gigawatts of total global electrical capacity at the end of the second quarter, up approximately 12% year over year. Furthermore, we continue to evaluate opportunities for additional grid connected and behind-the-meter expansion sites globally across both new and existing sites.

截至第二季末，我們更廣泛的電力與基礎設施資產組合之全球總電力容量約為 3 吉瓦，年增約 12%。此外，我們持續在全球範圍內、於新址與既有場址評估更多電網連接（grid connected）及表後（behind-the-meter）的擴張機會。

Our objective is straightforward: continue acquiring, building and converting powered infrastructure. We will share updates on our progress here when appropriate. I will now turn the call over to Michael to walk through our business segment updates and second-quarter financial results.

我們的目標很明確：持續取得、建置並轉化具電力供應的基礎設施。在適當時機，我們將在此分享進展更新。接下來我把電話交給 Michael，請他說明我們的業務分部更新與第二季財務結果。

Thank you, Haris, and good morning. I'm happy to join everyone for the first time as Bitdeer CFO. Execution remains our top priority. While the Tydal lease that Haris described has now been executed, there is significant work ahead to prepare for the first RFS date. We will update as appropriate as those milestones are achieved.

謝謝你，Haris，各位早安。我很高興首次以 Bitdeer 財務長的身分與各位一同參與。執行力仍是我們的首要優先事項。雖然 Haris 所描述的 Tydal 租賃現已完成簽署，但在準備第一個 RFS 日期之前，仍有大量工作要做。隨著這些里程碑達成，我們將在適當時機提供更新。

The focus in our view is on the quality of altered demand, robustness of the financing structure and contractual protections. We believe this transaction compares very favorably on these dimensions, and we look forward to demonstrating that through continued execution.

我們認為重點在於需求變化後的品質、融資結構的穩健性以及合約保障條款。我們相信這筆交易在這些面向的表現相當出色，並期待透過持續的執行來證明這一點。

Looking ahead, we see plenty of interest in various sites within our portfolio that could potentially be used as AI/HPC data centers. A key advantage of our model is the ability to utilize capacity for crypto mining until an AI data center is ready, ensuring our power assets remain productive and secured.

展望未來，我們看到投資人對我們投資組合內多個場址有相當濃厚的興趣，這些場址可能可用作 AI/HPC 資料中心。我們模式的一項關鍵優勢，是在 AI 資料中心就緒之前，能先將產能用於加密貨幣挖礦，確保我們的電力資產持續產生效益並受到保障。

Turning to our Bitcoin mining business. Self-mining hash rate reached approximately 73 exahash per second at the end of the second quarter, up approximately 342% year over year, supported by approximately 243,000 active self-mining rigs. This is an increase of approximately 113% year over year. We mined 783 Bitcoin in April, 921 Bitcoin in May and 990 Bitcoin in June. Total second-quarter production was approximately 2,694 Bitcoin, an increase of approximately 377% year over year.

接著談我們的比特幣挖礦業務。第二季末自營挖礦算力約達每秒 73 exahash（EH/s），年增約 342%，主要由約 243,000 台運行中的自營礦機支撐。這較去年同期增加約 113%。我們在 4 月挖出 783 枚比特幣、5 月 921 枚、6 月 990 枚。第二季總產量約 2,694 枚比特幣，年增約 377%。

Our co-mining hash rate also continued to accelerate meaningfully during the quarter. This reflects our continued deployment of seal miners into third-party facilities. It grew over 260% sequentially. We believe our combination of self-mining, co-mining and hosting gives us multiple channels to monetize our growing seal minor production.

我們的共同挖礦算力在本季也持續顯著加速成長。這反映我們持續將 SEALMINER 礦機部署至第三方設施。其較前一季成長超過 260%。我們相信，自營挖礦、共同挖礦與託管三者的組合，讓我們能透過多個管道將日益成長的 SEALMINER 礦機產量變現。

We have the flexibility to allocate hard work for the channel that offers the best returns as market conditions evolve. Our SEALMINER platform continues to reinforce our structural cost advantage. The commercial launch of our A4 Ultra Hydro unit operating at 9.45 joules per terahash at the chip level continues to lower our internal cost per exahash.

隨著市場狀況演變，我們具備彈性可將算力分配至回報最佳的管道。我們的 SEALMINER 平台持續強化我們在結構性成本上的優勢。我們商業化推出的 A4 Ultra Hydro 機型，在晶片層級能效達每太哈希 9.45 焦耳，持續降低我們每 exahash 的內部成本。

During the quarter, we also launched the SEALMINER DL1 Hydro, our first machine designed for script algorithm mining. This broadens our product line beyond Bitcoin-focused hardware. Our internal manufacturing capability means that we're not subject to third-party markups when deploying SEALMINER rig into our own fleet. This remains a structural cost advantage relative to other mining operators.

本季我們也推出 SEALMINER DL1 Hydro，這是我們第一台為 Scrypt 演算法挖礦所設計的機器。這使我們的產品線不再僅限於以比特幣為主的硬體。我們具備內部製造能力，意味著當我們將 SEALMINER 礦機部署到自有機隊時，不會受到第三方加價影響。相較其他礦業營運商，這仍是一項結構性的成本優勢。

In July, we broke ground on our first US-based manufacturing site, a 187,000-square-foot seal minor manufacturing facility in Sparks, Nevada. This is expected to be completed by the end of 2026, and we'll be capable of producing 10,000 units. It is expected to create approximately 70 high-quality local jobs.

7 月，我們在美國的第一個製造基地動工：位於內華達州斯帕克斯（Sparks）的 SEALMINER 礦機製造廠，面積 187,000 平方英尺。預計於 2026 年底完工，屆時可生產 10,000 台設備。預計將創造約 70 個高品質的在地工作機會。

At the Massillon, Ohio site, we have 174 megawatts of capacity currently online for mining. With reconstruction of two previously fire damage buildings underway, a significant portion of that cost has been recovered through supplier insurance coverage. We believe the associated capacity to be energized in phases during the third quarter.

在俄亥俄州馬西隆（Massillon）場址，我們目前已有 174 兆瓦的挖礦容量上線。隨著兩棟先前因火災受損建物的重建工程進行中，其中相當一部分成本已透過供應商保險理賠回收。我們預期相關容量將於第三季分階段送電啟用。

In June, we broke ground on our Fox Creek, Alberta site, a $155 million investment, includes a fully permitted 101-megawatt on-site natural gas power plant with grid interconnection. The site uses a closed-loop dry cooling system. Alberta's bring-your-own generation framework gives us the flexibility to curtail compute workloads and sell power back to the grid.

6 月，我們在加拿大亞伯達省 Fox Creek 場址動工，投資金額為 1.55 億美元，包含一座已取得完整許可、容量 101 兆瓦的現場天然氣發電廠，並具備與電網互聯。該場址採用閉環式乾式冷卻系統。亞伯達省的「自備發電」（bring-your-own generation）制度，讓我們能彈性削減運算工作負載，並將電力回售至電網。

Our AI business continued to scale during the quarter. AI cloud annual recurring revenue reached approximately $76 million at the end of June, an increase of approximately 77% quarter over quarter, utilization was approximately 95% across 4,248 deployed GPUs.

我們的 AI 業務在本季持續擴張。截至 6 月底，AI 雲端年度經常性收入（ARR）約達 7,600 萬美元，季增約 77%；在已部署的 4,248 顆 GPU 上，整體使用率約為 95%。

We also signed a new 10-year lease for 21.7 IT megawatts of capacity in Malaysia with handover expected in the first quarter of 2027. It is designed to support 128 NVIDIA GB300 NVL72 systems. On the product side, we deployed NVIDIA's Nemotron 3 model onto our Bitdeer AI Model Studio on the first day of its launch.

我們也在馬來西亞簽署一份新的 10 年期租約，取得 21.7 IT 兆瓦的容量，預計於 2027 年第一季交付。其設計可支援 128 套 NVIDIA GB300 NVL72 系統。在產品方面，我們於 NVIDIA Nemotron 3 模型發布首日，即將其部署至我們的 Bitdeer AI Model Studio。

Turning to our financial results. Second-quarter revenue was approximately $228.8 million, an increase of approximately 47% year over year and approximately 21% sequentially. The year-over-year growth was driven primarily by the continued expansion of our self-mining hash rate and the associated increase in bitcoin production, along with accelerating contribution from our AI cloud business, which contributed $14 million, an increase of approximately 284% sequentially.

接著談我們的財務表現。第二季營收約 2.288 億美元，年增約 47%，較前一季增加約 21%。年增主要來自自營挖礦算力持續擴張及相應的比特幣產量提升，並加上 AI 雲端業務貢獻加速；AI 雲端貢獻 1,400 萬美元，較前一季增加約 284%。

Total gross profit was negative $8.5 million with a gross margin of approximately negative 3.7%. Importantly, this represents a $30.5 million sequential improvement that demonstrates the operating leverage of our vertically integrated model.

總毛利為負 850 萬美元，毛利率約為負 3.7%。重要的是，這較前一季改善 3,050 萬美元，展現我們垂直整合模式的營運槓桿效益。

This recovery was driven by two key factors: normalized seasonal power costs, which dropped approximately 15% sequentially, and an improvement in our blended fleet efficiency to 15.8 joules per terahash. On a year-over-year basis, our gross margins reflect continued but moderating pressure from the additional depreciation expense from our expanding mining fleet and the still challenging hash price environment.

這項回升主要由兩個關鍵因素帶動：季節性電力成本回歸常態，較前一季下降約 15%，以及我們整體機隊加權平均效率改善至每太哈希 15.8 焦耳。以年對年來看，我們的毛利率反映出：隨著挖礦機隊擴張帶來的額外折舊費用持續存在但壓力趨緩，以及算力價格（hash price）環境仍具挑戰。

Adjusted EBITDA was approximately $31.1 million, an increase of approximately 575% over the year and approximately 116% sequentially. This sequential improvement illustrates the operating leverage of our vertically integrated model as both hash price and power cost dynamics continue to stabilize. Operating loss in the quarter was $101.7 million and net loss per share was $0.37.

調整後 EBITDA 約 3,110 萬美元，年增約 575%，較前一季增加約 116%。這項季增改善說明，隨著算力價格與電力成本動態持續趨於穩定，我們垂直整合模式的營運槓桿正在顯現。本季營業損失為 1.017 億美元，每股淨損為 0.37 美元。

Turning to the balance sheet and cash flow. Net cash used in operating activities was approximately $158.5 million, an improvement of approximately $188 million sequentially. This was driven by the capitalization of SEALMINER-related inventory to PP&E as we're allocating those rigs for internal use.

接著談資產負債表與現金流。營運活動使用的淨現金約 1.585 億美元，較前一季改善約 1.88 億美元。這主要是因為我們將與 SEALMINER 相關的存貨資本化轉列至不動產、廠房及設備（PP&E），因為我們正將這些礦機配置為內部使用。

We ended the quarter with approximately $496 million in cash, cash equivalents and restricted cash compared to approximately $298 million at the end of the first quarter. Total long-term debt was approximately $1.8 billion, a reduction of approximately $78 million sequentially.

本季末，我們持有約 4.96 億美元的現金、約當現金及受限制現金，相較第一季末約 2.98 億美元。長期負債總額約 18 億美元，較前一季減少約 7,800 萬美元。

The increase in cash primarily reflects $457 million in proceeds from our at-the-market equity program during the quarter. We view this as a prudent capital raise, establishing the liquidity reserve necessary to execute on our AI/HPC pipeline, power land acquisition priorities and to help ensure that our Tydal site progresses on schedule.

現金增加主要反映本季我們透過隨市發行（ATM）股權計畫取得 4.57 億美元的募集款。我們認為這是一項審慎的資本募集，用以建立執行 AI/HPC 專案管線所需的流動性準備、支持電力與土地收購的優先事項，並協助確保我們的 Tydal 場址按計畫進度推進。

Today, we filed a new shelf registration statement since our previous shelf, which was about 1.5 years old, had largely used up its capacity. We now qualify as a well-known seasoned issuer, which makes us eligible for automatic shelf registration. Considering the increased size and scale of our business, we also filed a prospective supplement to move our existing ATM program to the new shelf and take down $1 billion for offering under that program.

今天，我們提交了一份新的擱置式註冊聲明（shelf registration statement），因為先前約 1.5 年前的擱置式註冊額度已大致用罄。我們目前符合「知名成熟發行人」（well-known seasoned issuer, WKSI）資格，因此可使用自動擱置式註冊（automatic shelf registration）。考量我們業務規模與量體的提升，我們也提交了一份前瞻性補充文件（prospectus supplement），將既有的 ATM 計畫移至新的擱置式註冊之下，並在該計畫下新增 10 億美元的發行額度。

Looking ahead, we expect to broaden our sources of capital with much of our remaining 2026 financing needs to be met through project-level debt financing, anchored by our previously discussed goals of accessing the debt markets for Tydal. We expect this debt financing will also unlock significant incremental liquidity to support our broader AI/HPC pipeline.

展望未來，我們預期將擴大資本來源，並以專案層級的債務融資滿足我們 2026 年剩餘融資需求的大部分，這也將以我們先前討論過、為 Tydal 進入債務市場的目標作為支撐。我們預期這項債務融資也將釋放可觀的新增流動性，以支持我們更廣泛的 AI/HPC 專案管線。

Our preference is to prioritize non-dilutive project level financing over equity issuance, wherever the underlying contracted cash flow support it. Consistent with this, in Q2, our Bitcoin wave per spend was funded entirely through cash generated by our mining operations and debt collateralized by our wafer bank, not equity issuance.

我們的偏好是在基礎合約現金流足以支撐的情況下，優先採用不稀釋股權的專案層級融資，而非發行股權。與此一致，在第二季，我們的 Bitcoin wave 每筆支出完全由挖礦營運所產生的現金，以及以我們的晶圓庫存作為擔保的債務所資助，而非透過發行股權。

In terms of guidance, we are revising our full-year crypto mining infrastructure capital expenditures to $200 million to $280 million, driven by additional infrastructure development opportunities we see in North America. As a reminder, this guidance excludes CapEx for SEALMINER hardware, GPUs, AI cloud or colocation development.

就財測而言，我們將全年加密挖礦基礎設施資本支出修正為 2 億至 2.8 億美元，主要受我們在北美看到的額外基礎設施開發機會所帶動。提醒一下，本指引不包含 SEALMINER 硬體、GPU、AI 雲端或機房代管（colocation）開發的資本支出。

On expenses, we continue to actively manage our overhead as we scale the organization to support our expanding co-location and AI cloud businesses alongside our core mining and ASIC manufacturing operations. And we expect our general and administrative expense run rate in the second half to reflect the incremental head count and infrastructure needed to support that growth.

在費用方面，隨著我們擴大組織規模，以支援持續擴張的機房代管與 AI 雲端業務，同時兼顧核心挖礦與 ASIC 製造營運，我們仍持續積極管理間接費用。我們預期下半年的一般及行政費用（G&A）支出率將反映為支援該成長所需新增的人力與基礎設施。

To summarize, the second quarter was a solid quarter for Bitdeer. In the past few months, we have clearly demonstrated our ability to deliver against our HPC/AI objectives. We executed our first major AI infrastructure colocation lease agreement at Tydal, officially launching our colocation data center business as a core pillar of our company. We reached this milestone on compelling terms and with the partner, Volta, we are excited to work with.

總結來說，第二季對 Bitdeer 而言是穩健的一季。在過去幾個月，我們已清楚展現達成 HPC/AI 目標的交付能力。我們在 Tydal 簽署了首份大型 AI 基礎設施機房代管租賃協議，正式啟動我們的機房代管資料中心業務，並將其作為公司核心支柱之一。我們以具吸引力的條件達成此里程碑，且合作夥伴 Volta 也讓我們非常期待共同合作。

Our underlying power portfolio continues to scale. Our AI cloud business is demonstrating strong momentum, and our Bitcoin mining and SEALMINER platforms illustrates the benefits of vertical integration.

我們的電力資產組合持續擴張。我們的 AI 雲端業務展現強勁動能，而我們的比特幣挖礦與 SEALMINER 平台也彰顯垂直整合的效益。

Thank you for joining us this morning. Operator, please open the call for questions.

感謝各位今天早上參與。接線員，請開放提問。

(Operator Instructions) Nick Giles, B. Riley Securities.

(接線員指示) Nick Giles，B. Riley Securities。

Guys, congrats on getting the first deal done here. You spoke to the pipeline and looking at new opportunities globally. I was just hoping you could frame up kind of some of the opportunities you're seeing outside of the US, how near term of these opportunities could be?

各位，恭喜你們完成了第一筆交易。你們提到專案管線並在全球尋找新機會。我想請你們協助說明一下在美國以外你們看到的機會大概有哪些，以及這些機會在時間上有多接近落地？

I want to make sure I understand your question. You want to know what our opportunities are outside the US?

我想確認我理解你的問題。你是想了解我們在美國以外有哪些機會？

Exactly. Yeah. Just hoping to get a better sense for the pipeline ex US? How many megawatts are you assessing today? And what's the earliest that some of these megawatts could be brought online?

沒錯。是的。希望能更了解美國以外的專案管線？你們目前正在評估多少兆瓦？以及最早有多少兆瓦可以上線？

So I'm sure Jihan could give some additional color on this. But we do have a lot of large Asia-based potential customers that are slowly starting to turn online. Our existing GPUs in Asia are quite used up, and we're expecting to add more capacity as customers come online.

我相信 Jihan 可以補充更多細節。不過我們確實有許多以亞洲為主的大型潛在客戶，正逐步開始上線。我們在亞洲現有的 GPU 產能已相當吃緊，並預期會隨著客戶上線而增加更多容量。

I don't know if Jihan has anything additional you want to talk about?

我不確定 Jihan 是否還有其他想補充的？

On the GPU deployment, I think the near future, mostly in Malaysia, we have data center already signed up. And we also have other opportunities in active discussion. And the demand side is also very strong. And usually, it is multiyear and highly profitable contract. And the problem right now is our execution. So we are quite busy on executing those AI contract with the states in Malaysia.

關於 GPU 部署，我認為近期主要會在馬來西亞，我們已經簽下資料中心。我們也有其他機會正在積極洽談中。需求端也非常強勁。而且通常是多年期且高獲利的合約。目前的問題在於我們的執行。因此我們正忙於在馬來西亞執行這些 AI 合約的落地。

And then Norway will be in the next. We reserved like 15 megawatts. I did a business and 15 megawatts, I can note in Norway ourselves that will be a little bit later than in Malaysia, and it is expected within next year. And then we will have some of our US data center activated, like in Tennessee and Washington.

接下來會是挪威。我們預留了大約 15 兆瓦。我在挪威自己做了一些業務，15 兆瓦我可以說在挪威會比馬來西亞稍晚一些，預期在明年之內。然後我們也會啟用部分美國的資料中心，例如田納西州與華盛頓州的據點。

That's helpful. Would you consider any new sites outside of the US for co-location purposes? Or are you seeing any opportunities for expansion in your European footprint on the colocation side?

這很有幫助。你們是否會考慮在美國以外新增機房代管據點？或者在歐洲的機房代管布局方面，你們是否看到任何擴張機會？

We are actively looking for other power land assets opportunities in Europe. But since we haven't done any deal yet so I think it's too early to really talk about our plan in Europe. And right now, our focus should be on execute the deal in Tydal. I think that's very important for us.

我們正在歐洲積極尋找其他電力與土地資產的機會。但由於我們尚未完成任何交易，我認為現在談我們在歐洲的計畫還太早。目前我們的重點應該放在把 Tydal 的交易執行到位。我認為這對我們非常重要。

If we can execute that, we will generate revenue and cash flows. I think that's -- and this will also generate kind of credibility of our data and execution. So I think that's super important for us right now.

如果我們能把那個案子執行好，就會產生營收與現金流。我認為那將——也會建立我們在資料與執行上的可信度。所以我認為這對我們現在非常重要。

Understood. And then maybe one more, if I could. I saw, if I read correctly, just at the Knoxville site, there was a full redesign of the project, and I believe ready-for-service time was slightly pushed out. Can you just talk about -- maybe provide some additional background on what drove that? Was that potential customer driven? Was that just kind of better fit in video architectures? What was the reason for that?

了解。如果可以的話我再問一個。我看到（如果我沒讀錯）在 Knoxville 據點，專案做了全面重新設計，我相信可投入服務（ready-for-service）的時間點也稍微往後延。你們能否談談——提供一些背景，這是什麼原因造成的？是潛在客戶的需求所驅動嗎？還是為了更符合某些（例如）架構？背後原因是什麼？

I don't know if you want to talk about that, Haris or you want me to jump in on it?

Haris，你想談這個嗎？還是要我來補充？

I think probably best for you, Michael.

我想可能你來說比較好，Michael。

So when we have been going to market and looking at the requirements around our Tydal, Norway, site, originally, we had expect to Tennessee to be two different projects, but the market demand is more for a single, more monolithic amount of megawatts offered in one place.

我們在推向市場並檢視挪威 Tydal 據點的需求時，原本預期田納西會是兩個不同的專案，但市場需求更偏好在同一地點提供單一、較為一體化（更「單體式」）的大規模兆瓦容量。

So we redesigned it instead of having two separate smaller sites inside our bigger site to just be one data hall complex. So that was the redesign we did, and it's reflected on -- from the discussions we've had with potential customers and what their requirements are.

因此我們重新設計，將原本在較大園區內的兩個較小據點，改為一個資料機房（data hall）園區。這就是我們所做的重新設計，也反映在我們與潛在客戶討論中所得到的需求與要求。

And the expectation actually aligns with the second phase. So there will be low phase one, phase two, it's only one phase, and they will all be online and at the same time. So if we look at the expected phase two, I think that's actually not pushing out a lot, but there will be a low phase one early activation.

而且實際上，這個預期與第二階段是對齊的。因此不會是低階段的一期、二期，而是只有一個階段，並且會在同一時間全部上線。所以如果我們看原本預期的第二期，我認為其實並沒有延後太多，但會有一個較小的一期提前啟用。

Nice work.

做得好。

[Mike Grundel, Broadman Capital].

[Mike Grundel，Broadman Capital]。

Could you spend a minute on how you decided on Volta and kind of what maybe their ultimate demand is? And then secondly, Rockdale and kind of Clarington, what are next steps at both of those sites?

你能否花一分鐘談談你們是如何決定選擇 Volta，以及他們最終的需求大概會是什麼？其次，Rockdale 以及 Clarington 這兩個場址，接下來各自的下一步是什麼？

Maybe I'll start with the Volta side and then have Michael or Jihan speak to the other sites. So why we chose Volta was really -- they have done a great job actually in finding innovative ways of addressing this business in both the capital markets, the customer that they have obtained and their contracts for the customer.

我先從 Volta 這邊開始，然後再請 Michael 或 Jihan 談談其他場址。我們之所以選擇 Volta，主要是因為——他們在以創新方式處理這門生意方面做得非常出色，無論是在資本市場端、他們取得的客戶，以及與該客戶簽訂的合約。

They also were able to move rapidly, which is something that we wanted to see at the Tydal site since that site is coming online in just a few months. And in general, the commercial terms were also very favorable. So we thought that they were the right choice for us at the Tydal side. Their ultimate demand can be much larger, but of course, they're just getting started. And -- so we -- the initial leases for 121 IT megawatts.

他們也能夠快速推進，這正是我們希望在 Tydal 場址看到的，因為該場址將在幾個月內上線。整體而言，商業條款也非常有利。因此我們認為，他們是我們在 Tydal 端的正確選擇。他們最終的需求可能會大得多，但當然，他們才剛起步。所以——我們——初始租約為 121 IT 兆瓦。

Got it. Then just an update on next steps at Rockdale and Clarington.

了解。那麼 Rockdale 和 Clarington 的下一步進展更新呢？

I don't know if Jihan wants to add some further color. But we're continuing to build out the power infrastructure as per our previously discussed timeline in Rockdale. That was something that was predating the batch zero or the allocation of the power in the site. And we're preparing in the background what we believe we need to do if we want to do an AI data center at that site.

我不知道 Jihan 是否想補充更多細節。但我們正依照先前討論的時程，持續在 Rockdale 擴建電力基礎設施。這項工作早於 batch zero 或該場址的電力分配之前就已在進行。同時我們也在幕後準備我們認為若要在該場址建置 AI 資料中心所需做的事情。

Clarington, we're developing it for crypto mining right now. The power is available, coming up soon, and we'd like to be able to make sure we use it fully. There's no big update on the lawsuit in Clarington now. The Motion to Dismiss that we had filed was turned down by the judge, which is pretty common in these pre-trial things, and it's gone into a discovery now. We continue to believe that the lawsuit doesn't have any merit, and we continue to work on that.

Clarington 目前我們正在把它開發用於加密貨幣挖礦。電力很快就會到位，我們希望確保能充分利用。Clarington 的訴訟目前沒有重大更新。我們提出的駁回動議被法官否決，這在這類審前程序中相當常見，案件目前已進入證據開示階段。我們仍然認為該訴訟毫無根據，並持續處理中。

Kevin Cassidy, Rosenblatt Securities.

Kevin Cassidy，Rosenblatt Securities。

Congratulations on landing Volta. Two things on that. Well, maybe with the Texas government putting a pause on the new data center grid, maybe Haris, you might have touched on that, but how does that affect your colocation opportunities in Texas?

恭喜拿下 Volta。關於這點有兩個問題。嗯，或許德州政府對新的資料中心電網暫停核准——Haris 你可能已經提到過——但這會如何影響你們在德州的機房託管（colocation）機會？

Michael, do you want to answer that one?

Michael，你要回答這題嗎？

It's still a little bit early to make strong comments on that because the actual criteria haven't come out yet. The one big site we have in Texas, which is Rockdale, that site, all the activity there is pre-batch zero and not related to that that we're working on. As the actual news gets out and the criteria come out, I think we'll be in a better position to be more specific in our comments.

現在要做出很明確的評論還有點早，因為實際的標準尚未公布。我們在德州最大的場址是 Rockdale；該場址目前所有活動都屬於 pre-batch zero，且與我們正在推進的那件事無關。等到實際消息更明朗、標準也公布後，我想我們會更有條件在評論上更具體。

Okay. Great. And with -- Volta is large Neo cloud and worldwide. Is there a chance to just expand your relationship with them to other sites?

好的。很好。另外——Volta 是大型 Neo cloud，且遍及全球。是否有機會把與他們的合作關係擴展到其他場址？

I mean there is that potential, of course, with Volta, but we haven't released any information on that yet.

我的意思是，當然與 Volta 確實有那樣的可能性，但我們目前尚未對外發布任何相關資訊。

Okay. Maybe I'll ask one other. How should we be modelling SEALMINER rigs going forward? And for external sales?

好的。我再問一個。未來我們應該如何建模（model）SEALMINER 礦機的部署？以及對外銷售呢？

So right now, the existing wafer inventory that we have, we've designated for internal use. With the very challenging hash rate and our desire to expand our ability to do self-mining and coal mining, we made the decision to use it internally. We have the capability and the capacity to deploy it, and that's the best way to get that working and earning us some cash.

所以目前我們現有的晶圓庫存已指定為內部使用。在算力（hash rate）非常具挑戰、且我們希望擴大自營挖礦與聯合挖礦能力的情況下，我們決定把它用於內部。我們具備部署的能力與產能，而這是讓它運轉並為我們帶來現金收入的最佳方式。

It is an example of our model being extremely flexible in that we do have a fair amount of powered land that's in earlier stages of development for other uses that we can quickly deploy cryptocurrency mining into it and make sure we generate cash off the power.

這也顯示我們的模式極具彈性：我們確實有相當一部分已通電的土地仍處於較早期的開發階段、原本可用於其他用途，但我們可以快速把加密貨幣挖礦部署進去，確保電力能產生現金收益。

Also, if you keep using the power, it's less likely that the utility will try and move it away from the land. So it's important that we can quickly react when we do get land into our portfolio and use it in the crypto mining that we do is a big advantage there.

此外，只要你持續用電，公用事業單位就比較不會嘗試把電力從這塊土地移走。因此，當我們把土地納入投資組合後，能夠快速反應並用於我們的加密貨幣挖礦，這是一項很大的優勢。

John Todaro, Needham.

John Todaro，Needham。

Congrats on the lease. First question, just as it relates to the lease. It was 133 gross megawatts signed. I think we had that site going for 225. Just trying to understand why Volta didn't go for the full amount, I mean are you keeping some for cloud? And if so, I guess, why and the strategy there? And then I have a follow-up.

恭喜簽下租約。第一個問題，關於租約本身。簽的是 133 總兆瓦（gross megawatts）。我記得我們原本預期該場址是 225。我想了解為什麼 Volta 沒有把全部容量都簽下來——你們是否保留一部分給雲端？如果是的話，原因與策略是什麼？然後我還有一個追問。

So the full amount of power there is actually 180 gross megawatts. And so of that 180 gross megawatts, so we're leasing 133 gross, which would be 121 IT megawatts to Volta and then retaining 47 megawatts growth for our own AI cloud use there.

該場址的總電力其實是 180 總兆瓦。在這 180 總兆瓦中，我們租出 133 總兆瓦（相當於 121 IT 兆瓦）給 Volta，並保留 47 兆瓦（gross）供我們自己的 AI 雲端在那裡使用。

So as you know, this market is dynamic. There's a lot of activity in the -- both the colocation and AI cloud space. We think there's still a lot of opportunities for us in Norway with the 47 megawatts that we've retained.

如你所知，這個市場是動態的。無論是機房託管（colocation）或 AI 雲端領域，都有大量活動。我們認為，憑藉我們保留的 47 兆瓦，在挪威仍有很多機會。

And we haven't made final decisions on exactly how that would be deployed and for whose benefit in terms of the ultimate tenants there. So we think that's significant potential upside for us, and we felt it would be beneficial for us to retain that power for ourselves.

而且我們尚未就具體如何部署、以及最終租戶是誰、將為誰帶來效益等做出最終決定。因此我們認為這對我們而言有相當可觀的上行潛力，也因此我們覺得把這部分電力保留自用會更有利。

Understood. And then just one on the credit guarantee. We've seen some in the past where you have kind of a Neo cloud and your off taker is like an Anthropic-like entity but they're still either the chip manufacturer or a hyperscaler involved in the credit guarantee. I guess, can you just walk us through a bit more how that process works and what maybe some of the other avenues you were looking at before ultimately settling on the way it's structured now?

了解。另外一題關於信用擔保（credit guarantee）。我們過去看過一些案例：你有一個類似 Neo cloud 的業者，而你的承購方（off taker）可能像 Anthropic 這類實體，但信用擔保仍會有晶片製造商或超大規模雲端業者（hyperscaler）參與。你能否再多帶我們走一遍這個流程是如何運作的，以及在最終採用目前這種架構之前，你們還看過哪些其他途徑？

Yeah. So I don't want to speak about the alternatives that we looked at since it was our proprietary in many cases. But the letter of credit structure here, I think, is quite useful, and it might be quite useful to the industry as a whole because for the first time, it has backing or credit backing from someone other than, as you said, someone who's chip vendor or a hyperscaler.

是的。因此我不想談我們看過的替代方案，因為在很多情況下那屬於我們的專有內容。但我認為這裡的信用狀（letter of credit）架構相當有用，而且可能對整個產業都很有用，因為這是第一次，它有來自非你所說的那種晶片供應商或超大規模雲端業者以外的第三方提供擔保或信用背書。

So it opens up additional funding opportunities, and it is a very high level of high rating for letters of credit from the types of banks that we expect these letters of credit to come from. So we know this is innovative and new to the industry, but we think it's going to be something that catches on.

因此它開啟了更多的融資機會，而且就我們預期會出具這些信用狀的銀行類型而言，這些信用狀將具備非常高等級、很高評級的信用水準。所以我們知道這對產業而言是創新且全新的，但我們認為它會成為一種會被廣泛採用的做法。

Congrats again on the week.

再次恭喜你們這一週的表現。

Brett Knoblauch, Cantor Fitzgerald.

Brett Knoblauch，Cantor Fitzgerald。

And I just have a few. Haris, on the Tydal lease, you kind of talked about an additional $500 million of CapEx needed. Curious how much money you guys have put into that site, call it, excluding the additional CapEx you need?

我這邊有幾個問題。Haris，關於 Tydal 租賃案，你提到還需要額外 5 億美元的資本支出（CapEx）。我想了解你們在該場址已經投入了多少資金？先不算你們還需要的額外 CapEx。

Actually, let me ask Michael to answer that question for how much has actually been put in.

其實，讓我請 Michael 來回答這個問題：實際上已經投入了多少。

I mean, we've put hundreds of millions of dollars of development into the site already, some of which has actually been spent around the AI data center and originally developing the site to be used as a cryptocurrency site. So we made a reasonably significant investment in there in the past, which prepared us so that we could act very quickly when this opportunity came up.

我的意思是，我們已經在該場址投入了數億美元的開發資金，其中一部分實際上用在 AI 資料中心相關，並且最初是把該場址開發成可用於加密貨幣的場址。所以我們過去在那裡做了相當可觀的投資，這也讓我們在這個機會出現時能夠非常快速地行動。

This is more of a brownfield or semi-developed sites than a complete greenfield. So it allowed us to act very quickly and meet the timelines that Volta was hoping for.

這更像是棕地（brownfield）或半開發的場址，而不是完全的綠地（greenfield）。因此它讓我們能夠非常快速地行動，並符合 Volta 所希望的時程。

Understood. And then high level, how should we think about how you're going to allocate capital between maybe leasing some of the power land you have and building your own AI or expanding your AI cloud business? I guess if we think about Volta and your AI cloud, to some extent, they probably compete against each other; you're both selling compute.

了解。再來從高層次來看，我們應該如何理解你們在資本配置上，會如何在「出租你們擁有的部分電力/土地」與「自建 AI 或擴張你們的 AI 雲端業務」之間做分配？我想如果看 Volta 與你們的 AI 雲端，在某種程度上它們可能彼此競爭；你們都是在賣算力。

Is there a preference for you to want to be bigger on the cloud side? Is this going to be a mix approach? I guess how are you guys thinking of it internally?

你們是否偏好在雲端端做得更大？還是會採取混合策略？你們內部是怎麼思考的？

I think Jihan can give some deeper color on that. But we're remaining flexible. If there's a good colocation deal that we feel it's in the best interest of the company to do, we can still execute on something like that.

我想 Jihan 可以就此提供更深入的說明。但我們會保持彈性。如果有一筆我們認為符合公司最佳利益的優質機房代管（colocation）交易，我們仍然可以執行類似的案子。

And if we look at what we can do around owning the GPUs ourselves or providing the GPUs ourselves and serving a customer ourselves, it's something that we strongly consider as well. We have said that we're going to do one or the other as the exclusive way to do it.

而如果我們評估由我們自己持有 GPU、或由我們自己提供 GPU 並直接服務客戶，這也是我們會強烈考慮的方向。我們並沒有說我們只會以其中一種方式作為唯一的、排他的做法。

Awesome. And then maybe if I can just follow up with one more. As I look at upon three gigs of kind of efficient power and power coming online over the next several quarters, I guess, is there a site that we should be focusing on that is kind of most ready or the next catalyst to either be leased or either to be converted? Or anything we should think about the future catalyst ramp here?

太好了。那我再追問一個。當我看到未來幾季將有大約 3GW 的相對高效率電力與電力容量上線時，我想問，有沒有哪個場址是我們應該特別關注、目前最就緒、或是下一個催化劑（catalyst），不論是要出租或是要轉換用途？或是對於未來這段催化劑/爬坡（ramp）有什麼我們應該注意的？

I think Jihan talked about this a little bit earlier that in Asia, we have ability to grow quickly in Malaysia because of the new site that we're signed up in Malaysia. So in the very short term, I think Malaysia is the one you see the most activity on.

我想 Jihan 先前稍早有提到，在亞洲，我們因為在馬來西亞簽下的新場址而具備快速成長的能力。所以在非常短期內，我認為馬來西亞會是你看到活動最頻繁的地方。

If you look at the table, we provide Washington State and Tennessee are the two that are sort of designated specifically for that that we're actively working on and doing construction and such. So in terms of any like soon news, those are two that are most likely to come out.

如果你看那張表，我們列出華盛頓州與田納西州，這兩個是特別指定、我們正在積極推進、進行施工等工作的場址。所以就近期可能出現的消息而言，最有可能的是這兩個。

The other site is really depending on where we are with our discussions with customers and what we decide to turn on on that. And as that happens, we'll make sure we'll update everybody.

其他場址則主要取決於我們與客戶討論的進展，以及我們決定要在那裡啟用哪些項目。而隨著進展，我們一定會向大家更新。

Mike Colonnese, HC Wainwright.

Mike Colonnese，HC Wainwright。

Congrats on the deal. Great to see. I have two. First, on the AI/HPC business. So Haris, you touched on this a bit earlier, but I just wanted to follow up on it. So if you could just talk about the preferred use for the additional 47 megawatts of gross capacity at Tydal at this stage.

恭喜這筆交易。很高興看到。我有兩個問題。第一個是關於 AI/HPC 業務。Haris，你先前稍早有提到一些，但我想再追問一下。能否談談在目前階段，你們對 Tydal 額外 47 兆瓦總容量（gross capacity）的偏好用途是什麼？

It sounds like you're considering either the GPUs and service type model or another colocation deal. If you were to do a co-location type of contract, would Volta be interested in this incremental capacity? Or would you be marketing that out to new prospective tenants?

聽起來你們正在考慮「自有 GPU 並提供服務」的模式，或是另一筆機房代管交易。如果你們要做一種類似代管的合約，Volta 會對這部分新增容量有興趣嗎？還是你們會把它對外行銷給新的潛在租戶？

I mean I don't really want to speak for Volta here on this call, but there is a lot of interest from both in expanding our relationship, and we will consider it along with other options.

我的意思是，我不太想在這通電話上替 Volta 發言，但雙方對於擴大合作關係都有很大的興趣，我們也會把這個選項與其他方案一起納入考量。

And then just given where GPU pricing is, obviously, you guys have had some success in that business as well. Would you say you're more or less likely to deploy your own GPUs to use that additional 47? Or do you think at this juncture, colocation model would be the preferred way?

另外，考量到目前 GPU 的定價，你們顯然在那塊業務也取得了一些成果。你會說你們更可能、還是更不可能部署自有 GPU 來使用這額外的 47 兆瓦？或者你認為在此時點，代管模式會是較偏好的方式？

We haven't made any final decisions for the 47 megawatts. But if you're looking for a forward-looking comment there, I don't know, Jihan, if you want to add some color there?

我們對這 47 兆瓦還沒有做出任何最終決定。但如果你想要一個前瞻性的評論，我不知道 Jihan 你是否想補充一些看法？

Actually, there are already some interested customers talking with us on those capacities. So for any GPU deal, we need to consider about the financing and the deployment technical together. So I think right now, it's not quite the right time to talk about too much.

其實已經有一些有興趣的客戶在跟我們洽談這些容量。所以對於任何 GPU 交易，我們需要同時考量融資與部署技術兩個面向。因此我認為現在還不是談太多的合適時機。

Our execution line, I think Malaysia right now is more in the front of it, so which means if we will get lots of interest from customers and we will focus to discussing with some Malaysia capacity. And after that, we will start to execute those [TDAs] 47 megawatts of air cloud.

我認為我們的執行主軸目前更偏向馬來西亞，這表示如果我們獲得大量客戶興趣，我們會優先聚焦在討論一些馬來西亞的容量。之後，我們才會開始執行那些 [TDAs] 47 兆瓦的 AI 雲端。

And then one more for me. Just on the Bitcoin mining side. So Bitdeer has been one of the few miners that is continue to aggressively expand capacity in this environment, really positioning you well for the next stage of the cycle here.

我這邊還有最後一個問題。關於比特幣挖礦業務。Bitdeer 一直是少數在這種環境下仍持續積極擴張產能的礦商之一，這確實讓你們在本輪週期的下一階段具備很好的布局。

Just curious how we should think about hash rate growth in the back half of the year? It sounds like you have the wafer inventory to develop, deploy, manufacture your own seal miners for your proprietary use. Just trying to think through the best way to model hash rate expansion from here.

只是好奇，我們應該如何看待今年下半年算力（hash rate）的成長？聽起來你們有晶圓庫存可用於研發、部署、製造自有的 SEAL 礦機供自用。只是想釐清，從現在起要如何用模型去推估算力擴張的最佳方式。

I think in general, for modeling purposes, if you look at the steady increase we've had over the last few quarters, it will be similar to that where we'll be deploying about the same amount of mining machines per month going forward. So it'll be -- I don't think we'll be greatly accelerating from where we are, but I think steady deployment at a reasonably high rate as we've shown over the last few quarters.

我想一般來說，就建模而言，如果你看我們過去幾個季度的穩定增長，未來也會類似，也就是我們往後每個月大概會部署相近數量的礦機。所以會是——我不認為我們會在目前基礎上大幅加速，但會如同過去幾個季度所展現的，以相當高且合理的速度穩定部署。

Brian Kinstlinger, Alliance Global Partners.

Brian Kinstlinger，Alliance Global Partners。

This is Kevin for Brian. For the Tydal, what tasks does Bitdeer need to accomplish between now and the beginning of both phases one and two?

我是 Kevin，代 Brian 發問。關於 Tydal，Bitdeer 在現在到第一期與第二期開始之間，需要完成哪些工作？

Well, I mean, phases one and two are full RFS, right? They will be completely ready for the customers' GPUs at that time. And so effectively, we have all of the long lead time items have been ordered. They will arrive -- the scheduled arrivals are before the respective RFS dates. We have to finish installing those.

嗯，我的意思是，第一期和第二期都是完整的 RFS（可投入服務），對吧？到那個時點，將會完全準備好讓客戶的 GPU 進駐。因此實際上，我們所有長交期項目都已下單。它們會到貨——排程到貨時間都在各自的 RFS 日期之前。我們需要完成安裝。

There's a commissioning part of it that is also very critical. So it's in very good state right now. We've had an engineering analysis, and it looks like it's we're going to hit our target dates. There's probably 100 things to do. Off the top of my head, I can't name what they are, but there's -- there's 100 people on site working on this, and it's moving ahead.

其中也有一個非常關鍵的部分是試運轉（commissioning）。所以目前狀態非常好。我們做過工程分析，看起來會達成目標日期。可能有大概 100 件事要做。我一時也說不出具體是哪些，但——現場有 100 個人在做這件事，進度正在推進。

There's no specific item that stands out that is more critical than the others that could potentially cause a problem. So we feel like we're in a pretty good position to hit those dates.

沒有任何一個特定項目比其他項目更關鍵、可能會造成問題而特別突出。所以我們覺得自己在達成那些日期方面處於相當好的位置。

Got it. And then Bitdeer recently announced it will lease 21.7-megawatt data center in Malaysia for AI cloud. Can you share some more details like the cost and how you finance the GPUs and any other infrastructure needed when you expect this data center will be ready for your customers? And then maybe could you share a range at full capacity of what the annual revenue run rate would be for this data center?

了解。另外，Bitdeer 最近宣布將在馬來西亞租賃一座 21.7 兆瓦（MW）的資料中心用於 AI 雲。你能分享更多細節嗎，例如成本、你們如何為 GPU 融資，以及其他所需基礎設施？以及你預期這座資料中心何時能準備好提供給客戶？另外，滿載時這座資料中心的年化營收 run rate 大概會落在什麼區間？

Yeah, it's a little bit early to talk about specifics and forward forecast on that. I'm sure that Jihan can give some additional color, but we do have several customers that are interested in it. And the GPU financing will depend on whatever contract we have and how it needs to be done based on that contract. When you have a good-quality customer backstopping the use of the GPU, it's normally much more straightforward to find financing for GPUs.

是的，現在談具體細節與前瞻性預測還稍早。我相信季翰可以補充一些背景，但我們確實有幾位客戶對此有興趣。而 GPU 的融資會取決於我們簽的是什麼合約，以及該合約要求如何安排。當有高品質客戶作為 GPU 使用的支撐時，通常要為 GPU 找到融資會更直接。

Ben Summers, BTIG.

Ben Summers，BTIG。

So Haris, you mentioned some exploring behind-the-meter opportunities. And I know you guys are doing some on-site generation in Alberta. But any additional color you can provide on preliminary conversations or steps you've taken to develop some behind-the-meter power moving forward?

Haris，你提到你們在探索一些表後（behind-the-meter）的機會。我也知道你們在阿爾伯塔有做一些現場發電。但就未來發展表後電力而言，你能否就初步洽談或已採取的步驟提供更多說明？

I think it's -- other than -- I was talking about Alberta in the past, I think it's too early to talk about that at any other site. So if any of those things develop further, we can mention it in the future.

我想——除了——我過去談到的阿爾伯塔之外，現在談其他任何地點都還太早。所以如果那些事情有進一步發展，我們未來再提。

We have talked about this being the first site, but that we do have the ability to expand it. So this is sort of a test of concept for us in Alberta underneath the program they have there to bring your own power. And the availability of stranded gas in quite a few locations in Alberta, which sort of ensures you get reasonable supply at reasonable costs.

我們確實提過這會是第一個據點，但我們也有能力擴大。所以這算是我們在阿爾伯塔的一個概念驗證（test of concept），是在他們那邊「自帶電力」（bring your own power）的計畫框架下進行。而且阿爾伯塔不少地點有擱淺天然氣（stranded gas）的可用性，某種程度上可確保以合理成本取得合理供應。

It is a site that, if Fox Creek works well for us, we can expand in using the same model and the capability we've been developing internally. We have looked at other sites that we can do more in. And if we decide to do it, we'll update everybody at that time.

這個據點如果 Fox Creek 對我們運作良好，我們可以用同樣的模式，以及我們內部正在建立的能力來擴張。我們也看過其他可以進一步推進的地點。如果我們決定要做，屆時會向大家更新。

Super helpful. And then just on the AI cloud business quickly. We touched on the expansion there. Just curious what you're seeing in terms of term length for new GPU cloud contracts and maybe how that's compared or how that's changed over the past 90 days?

非常有幫助。另外快速問一下 AI 雲業務。我們談到那邊的擴張。想請教你們在新 GPU 雲合約的合約期限（term length）方面看到什麼趨勢？以及相較於或在過去 90 天內有什麼變化？

Haris, Jihan, do you have any comments on that?

Haris、季翰，你們對此有什麼評論嗎？

Well, right now, what we are discussing with our customers on the contract mostly focusing on those long-term contracts, I mean, five years. We are not spending very much time on talking contracts shorter than that. And we will -- our expansion will mostly be supported by this kind of long-term contract.

嗯，目前我們與客戶討論的合約，主要聚焦在那些長期合約，也就是五年。我們不太花時間去談比這更短的合約。而且我們的擴張將主要由這類長期合約來支撐。

Thank you. And there are no further questions in the queue at this time. I will now turn the call over to Michael Potter for any closing comments.

謝謝。目前佇列中沒有其他問題。我現在把電話交給 Michael Potter，請他做結語。

Thanks, everyone, for joining us, and we look forward to speaking again soon. Operator, you can end the call.

謝謝各位參與，我們也期待很快再次與各位交流。接線生，你可以結束電話會議。

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

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。