Cipher Mining Inc (CIFR) 2023 Q4 法說會逐字稿

Good morning, and thank you for standing by, and welcome to Cipher Mining fourth quarter and full year 2023 business update conference call

早安，感謝您的耐心等待，歡迎參加 Cipher Mining 第四季和 2023 年全年業務更新電話會議

(Operator Instructions)

（操作員說明）

Please note that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I will now hand the conference over to your speaker host, Josh Kane, Head of Investor Relations.

我現在將會議交給演講主持人、投資者關係主管喬許凱恩 (Josh Kane)。

Josh, please go ahead.

喬什，請繼續。

Good morning, and thank you for joining us on this conference call to discuss Cipher Mining's Fourth Quarter and Full Year End 2023 business update.

早安，感謝您參加本次電話會議，討論 Cipher Mining 的 2023 年第四季和全年業務更新。

Joining me on the call today are Tyler Page, Chief Executive Officer, and Ed Farrell, Chief Financial Officer.

今天與我一起參加電話會議的還有執行長泰勒佩奇 (Tyler Page) 和財務長 Ed Farrell。

Please note that you may also review our press release and presentation, which can be found on the Investor Relations section of the company's website.

請注意，您也可以查看我們的新聞稿和簡報，這些內容可以在公司網站的投資者關係部分找到。

Please note that this call will also be simultaneously webcast on the Investor Relations section of the company's website.

請注意，本次電話會議也將在公司網站的投資者關係部分同時進行網路直播。

This conference call is the property of Cipher mining and any taping or other reproduction is expressly prohibited without prior consent before we start, I'd like to remind you that the following discussion as well as our press release and presentation contain forward-looking statements, including but not limited to, Cypress' financial outlook business plans and objectives and other future events and developments, including statements about the market potential of our business operations, potential competition and our goals and strategies.

本次電話會議屬於 Cipher Mining 的財產，在我們開始之前未經事先同意，明確禁止任何錄音或其他複製，我想提醒您，以下討論以及我們的新聞稿和演示文稿包含前瞻性陳述，包括但不限於賽普拉斯的財務展望、業務計劃和目標以及其他未來事件和發展，包括有關我們業務運營的市場潛力、潛在競爭以及我們的目標和策略的聲明。

The forward-looking statements and risks in this conference call, including responses to your questions, are based on current expectations as of today, and Cipher assumes no obligation to update or revise them whether as a result of new developments or otherwise, except as required by law.

本次電話會議中的前瞻性陳述和風險，包括對您的問題的答复，均基於截至今天的當前預期，Cipher 不承擔因新的發展或其他原因而更新或修改它們的義務，除非有要求。根據法律。

Additionally, the following discussion may contain non-GAAP financial measures.

此外，以下討論可能包含非公認會計準則財務指標。

We may use non-GAAP measures to describe the way in which we manage and operate our business.

我們可能會使用非公認會計準則衡量標準來描述我們管理和經營業務的方式。

We reconcile non-GAAP measures to the most directly comparable GAAP measures, and you are encouraged to examine those reconciliations which are filed at the end of our earnings release issued earlier this morning.

我們將非公認會計準則衡量標準與最直接可比較的公認會計準則衡量標準進行了調節，我們鼓勵您檢查在今天早上早些時候發布的收益報告末尾提交的這些調節表。

I will now turn the call over to Tyler page.

我現在將把電話轉到泰勒頁面。

Tyler?

泰勒？

Thanks, Josh.

謝謝，喬許。

Hi, this is Tyler page, CEOC. for mining.

大家好，這是 CEOC 泰勒佩奇。用於採礦。

Thank you very much for joining our fourth quarter 2023 business update call.

非常感謝您參加我們的 2023 年第四季業務更新電話會議。

Let me begin the call with a few summary financial statistics from our outstanding fourth quarter of 2023.

首先，我先介紹一下 2023 年第四季業績優異的一些財務統計摘要。

Ed will give a full breakdown of our numbers during his portion of the call, but I wanted to highlight our performance during the fourth quarter of 2023 upfront because it was the first quarter we have had since going public that featured completed operations at our original four data centers for the full quarter.

Ed 將在電話會議中詳細介紹我們的數據，但我想預先強調我們在 2023 年第四季度的業績，因為這是我們上市以來第一個季度完成了我們最初四個季度的運營整個季度的數據中心。

In this sense, it provides the most accurate view of the progress we have made toward our vision of Cipher's full capabilities as a low cost producer of Bitcoin.

從這個意義上說，它提供了我們在實現 Cipher 作為比特幣低成本生產商的全部能力的願景方面所取得的進展的最準確的視圖。

Our progress has been immense by mining 1,327 bitcoin in the quarter, a production increase of 252% year over year.

我們取得了巨大的進步，本季開採了 1,327 個比特幣，產量年增 252%。

We produced revenues of $43 million and GAAP net earnings of $11 million we early adopted the new accounting standard in 2023.

我們的營收為 4,300 萬美元，GAAP 淨利為 1,100 萬美元，我們早在 2023 年就採用了新會計準則。

And these numbers include mark-to-market gains on our Bitcoin inventory.

這些數字包括我們的比特幣庫存按市值計價的收益。

But I think it is important to highlight that even under the previous accounting treatment for Bitcoin.

但我認為重要的是要強調這一點，即使在先前對比特幣的會計處理下也是如此。

Cipher also would have produced positive GAAP net earnings for the quarter.

Cipher 也將在該季度產生正的 GAAP 淨利潤。

This is not something most of our competitors can say our adjusted earnings were even stronger.

我們的大多數競爭對手都不能說我們的調整後收益更加強勁。

We produced adjusted earnings of $28 million for the quarter, which represents massive progress and an improvement of over $50 million year over year.

本季調整後收益為 2800 萬美元，這代表著巨大的進步，同比增長超過 5000 萬美元。

We are very proud of these milestones as they demonstrate our relative strength and outperformance versus competitors.

我們對這些里程碑感到非常自豪，因為它們展示了我們相對於競爭對手的相對實力和卓越表現。

And with the upcoming having on the horizon, we believe that the relative advantages of being a low cost producer of bitcoin will only increase going forward.

隨著即將到來的事情的到來，我們相信作為低成本比特幣生產商的相對優勢只會在未來增加。

As of the end of February, Cipher held 1,433 bitcoin in inventory and $69 million of cash while our total self mining hash rate has grown to 7.4 Exa hash per second.

截至 2 月底，Cipher 持有 1,433 個比特幣庫存和 6,900 萬美元現金，而我們的自挖礦總哈希率已增長至每秒 7.4 Exa 哈希。

For those that follow the bitcoin mining space, you already know that having is nearly upon us, we have spoken repeatedly about how Cipher is built to thrive throughout market cycles.

對於那些關注比特幣挖礦領域的人來說，您已經知道擁有即將到來，我們已經多次談到 Cipher 是如何構建的，以便在整個市場週期中蓬勃發展。

While the cut in new bitcoin supply from the having is painful for the industry, it can reward thoughtful miners while exposing those miners who have not been disciplined in their strategic decision making.

雖然新比特幣供應的減少對該行業來說是痛苦的，但它可以獎勵有思想的礦工，同時暴露那些在戰略決策中沒有受到紀律約束的礦工。

Cipher has been very disciplined well planning for the having four years, we are built to succeed with approximately 96% of our portfolio energize through fixed-price power at an industry low cost of electricity of roughly $0.027 per kilowatt hour as a reminder, electricity represents the large majority of our operating costs and our low price is a key driver, our best in class unit economics.

Cipher 在過去的四年裡進行了非常嚴格的周密規劃，我們的產品組合中約96% 的產品均通過固定價格電力供電，電價行業較低，約為每千瓦時0.027 美元，提醒您，電力代表著成功。我們的大部分營運成本和低廉的價格是一個關鍵驅動因素，也是我們一流的單位經濟效益。

Furthermore, as we complete our expansions at bare and Chief and complete the full Black Pearl site.

此外，當我們完成 Bare 和 Chief 的擴張並完成完整的 Black Pearl 網站時。

Our overall rig fleet efficiency will improve from 29.9 joules.

我們的鑽機隊整體效率將從 29.9 焦耳提高。

Proterra has currently 22 joules Proterra house.

Proterra目前擁有22焦耳的Proterra房屋。

Turning to our growth plans.

轉向我們的成長計劃。

We expect to complete 30 megawatt expansions at each of our bare and chief joint venture data centers in the second quarter of this year.

我們預計今年第二季將在每個裸機資料中心和主要合資資料中心完成 30 兆瓦的擴建。

And for those expansions to add 1.25 extra cash per second of self mining capacity to our production.

對於這些擴展，我們的生產中自挖礦能力每秒可額外增加 1.25 現金。

We also expect to add an incremental 0.6 to 0.5 per second of self mining capacity via hardware and software optimization of our existing fleet that we expect to be fully online by the end of the third quarter.

我們也預計透過現有機隊的硬體和軟體優化，將自挖礦能力每秒增加 0.6 至 0.5 倍，我們預計將在第三季末完全上線。

Lastly, we are most excited about the enormous potential of BlackPearl, our 300 megawatt site in West Texas.

最後，我們對 BlackPearl 的巨大潛力感到非常興奮，BlackPearl 是我們位於德克薩斯州西部的 300 兆瓦發電站。

We recently commenced construction activity and aim to energize the site in the second quarter of 2025.

我們最近開始了施工活動，目標是在 2025 年第二季為該場地註入活力。

Slide 5 is a high-level overview of a Bitcoin mining business that we like to include each quarter to remind everyone how our business model works.

投影片 5 是比特幣挖礦業務的高級概述，我們希望每個季度都會提供該業務，以提醒每個人我們的業務模式是如何運作的。

We operate the box in the middle of the drawing that says mining equipment, which represents our data centers and mining rates.

我們操作圖中中間的方框，上面寫著採礦設備，它代表我們的資料中心和採礦率。

As I discussed earlier, the majority of our operating expenses is electricity, which our data centers convert into computing output.

正如我之前討論的，我們的大部分營運支出是電力，我們的資料中心將其轉化為計算輸出。

Unlike traditional data centers, which operate a similar model and sell their computing output to enterprise clients for dollars, CYPHER sales, its computing output called hash rate to the bitcoin network for Bitcoins to make this model operate profitably.

傳統資料中心採用類似的模式，將其計算輸出出售給企業客戶以換取美元，而傳統資料中心則不同，CYPHER 銷售其計算輸出，稱為比特幣網路的哈希率，以獲取比特幣，從而使該模式能夠獲利。

A bitcoin mining company needs to control both its electricity costs and the capital it spends to build new data centers, including mining equipment.

比特幣挖礦公司需要控制其電力成本和用於建造新資料中心（包括挖礦設備）的資本。

Controlling these costs enables a miner to be a lower cost producer.

控制這些成本可以使礦工成為成本更低的生產者。

And our focus at Cipher has always been on controlling these specific costs to produce the best possible unit economics.

我們 Cipher 的重點始終是控制這些特定成本，以產生盡可能最佳的單位經濟效益。

That illustration hopefully gives you a good sense of a straightforward Bitcoin mining business.

希望該插圖能讓您對簡單的比特幣挖礦業務有一個很好的認識。

Cipher, however, does have an additional element to our business that is incredibly valuable.

然而，Cipher 確實為我們的業務提供了一個非常有價值的附加元素。

We have the ability to sell power back to the grid at our Odessa facility.

我們有能力將電力賣回敖德薩工廠的電網。

Our power purchase agreement gives us a combination of downside risk protection as well as upside optionality to our revenue streams doesn't exist for most bitcoin miners.

我們的電力購買協議為我們提供了下行風險保護以及大多數比特幣礦商所不存在的收入流上行選擇的組合。

Let's now turn to page 6 and look at some recent bitcoin market events.

現在讓我們翻到第 6 頁，看看最近的一些比特幣市場事件。

Since our last business update, we've seen many positive headlines impacting bitcoin miners.

自從我們上次的業務更新以來，我們看到了許多影響比特幣礦工的積極頭條新聞。

The FCC's approval of the bitcoin ETFs in January has dominated the headlines and the price of bitcoin has positively reacted to the better than expected early inflows into the product.

1 月 FCC 對比特幣 ETF 的批准佔據了頭條新聞，比特幣價格對該產品的早期資金流入好於預期做出了積極反應。

We believe this is a massively positive development for the space as it will pull additional investment dollars into the ecosystem.

我們相信，這對該領域來說是一個巨大的積極發展，因為它將為生態系統帶來更多的投資。

In addition to the new U.S.

除了新美國

ETFs.

ETF。

In the past few months, we have also seen elevated periods of transaction fees paid to minor as well as a new accounting standard that provides investors transparency into the mark to market value of bitcoin held on balance sheet.

在過去的幾個月裡，我們也看到向未成年人支付的交易費用增加，以及新的會計標準為投資者提供了資產負債表上持有的比特幣市值的透明度。

While both of these good developments have provided additional tailwinds to the sector, we have also seen a counterbalancing steady climb to an all-time high in overall bitcoin network cash rates, which suppresses minor ECONOMICS, perhaps most noteworthy for Cypress shareholders and prospective investors.

雖然這兩項良好的發展都為該行業提供了額外的推動力，但我們也看到比特幣網絡現金整體利率穩步攀升至歷史新高，這抑制了較小的經濟因素，這對於賽普拉斯股東和潛在投資者來說可能是最值得注意的。

On February 26th, our majority shareholder bid theory announced plans to distribute the majority of its Cypress shares and breakup its concentrated position on our cap table, we believe greatly reducing our largest investor's ownership concentration, increases our free float and create a positive liquidity environment for our shares overall as we move forward as we head toward the halving next month.

2 月26 日，我們的大股東出價理論宣布計劃分配其大部分賽普拉斯股票，並打破其在我們的股權結構表中的集中地位，我們相信這將大大降低我們最大投資者的所有權集中度，增加我們的自由流通量，並為我們的公司創造積極的流動性環境。隨著我們朝著下個月減半的方向前進，我們的整體股價會上漲。

Cipher is focused on executing the expansion and build-out of data centers, optimizing the production from our current fleet and selectively looking for new growth opportunities.

Cipher 專注於執行資料中心的擴展和擴建，優化我們現有機群的生產，並選擇性地尋找新的成長機會。

We have reviewed many our acquisition opportunities over the past several months and expect the opportunities to improve as we go through the having.

在過去的幾個月裡，我們審查了許多收購機會，並期望隨著我們經歷收購機會，這些機會會有所改善。

We will evaluate these opportunities with the same disciplined approach as always, and hopefully find expansion options at cyclically low prices.

我們將一如既往地以同樣嚴格的方法評估這些機會，並希望以周期性低價找到擴張選項。

On Slide 7, we give a portfolio overview of our existing data centers and the time line for expected expansion in our self mining hash rate in 2023, we paid an average all in electricity costs of $8,626 per bitcoin produced at our data centers.

在投影片 7 中，我們概述了現有資料中心的投資組合，以及預計在 2023 年擴大自挖礦算力的時間表，我們為資料中心生產的每個比特幣支付的平均電費為 8,626 美元。

We are very proud of this number and it drives our best-in-class unit economics Please note that when some of our competitors talk about these costs, they only include electricity and not transmission and other charges.

我們對這個數字感到非常自豪，它推動了我們一流的單位經濟效益。請注意，當我們的一些競爭對手談論這些成本時，它們僅包括電力，而不包括傳輸和其他費用。

In contrast, when we talk about all in electricity costs, we mean the total cost to deliver electricity to our mining rigs.

相較之下，當我們談論所有電力成本時，我們指的是向採礦設備輸送電力的總成本。

So our numbers include all transmission and other charges and our low numbers dramatically demonstrate our competitive advantage on the left side of the slide, you have a snapshot of our four current data centers, along with our all in electricity cost per bitcoin at the respective sites for the year 2023.

因此，我們的數字包括所有傳輸費用和其他費用，我們的低數字極大地展示了我們在幻燈片左側的競爭優勢，您可以看到我們當前四個資料中心的快照，以及各個站點每比特幣的全部電力成本2023 年。

The chart on the right of the slide gives you a graphic illustration of the current Cipher hash rate as well as the additional growth opportunities in the coming year.

幻燈片右側的圖表為您提供了當前 Cipher 哈希率以及來年額外增長機會的圖形說明。

And a half.

和一半。

At this point, we will turn to production by site.

此時，我們將轉向按站點進行生產。

On Slide 8, you can see a picture of our fully operational Odessa facility.

在幻燈片 8 上，您可以看到我們全面運作的敖德薩工廠的圖片。

Odessa is the most significant part of our portfolio as it represents approximately 90% of our Bitcoin production.

敖德薩是我們投資組合中最重要的部分，因為它約占我們比特幣產量的 90%。

Odessa is a wholly owned facility with a five year fixed price power purchase agreement and some of the lowest cost power in the industry.

敖德薩是一家全資工廠，擁有五年固定價格購電協議和業界成本最低的電力。

In the third quarter of 2022, we began reporting a third party independent valuation to give investors a sense of how much value is represented in the power contract alone as always, and we'll talk more about it in his remarks.

2022 年第三季度，我們開始報告第三方獨立估值，讓投資者一如既往地了解電力合約本身代表了多少價值，我們將在他的演講中詳細討論這一點。

We currently generate approximately 6.4 extra cash per second at the site utilizing approximately 207 megawatts.

目前，我們利用約 207 兆瓦的電力，每秒可額外產生約 6.4 美元的現金。

We have mined roughly 635 bitcoin at the site through February 29 and had a recent maximum daily mining capacity of approximately 10.8 bitcoin per day.

截至 2 月 29 日，我們已在該網站開採了大約 635 個比特幣，最近的每日最大開採能力約為每天 10.8 個比特幣。

On Slide 9, we show a picture and highlights from our elbows data center, which we believe is a truly unique site.

在幻燈片 9 上，我們展示了肘部資料中心的圖片和亮點，我們相信這是一個真正獨特的網站。

Outdoors is 100% powered by wind.

室外100%由風提供動力。

And as a joint venture that we share with our energy provider, it currently has a total operating capacity of 40 megawatts when the wind blows that 40 megawatts power is roughly 1.3 extra hash per second of rig eyeballs can mine a maximum of roughly 2.2 bitcoin per day.

作為我們與能源供應商共享的合資企業，它目前的總營運能力為40 兆瓦，當風吹起時，40 兆瓦的電力大約每秒額外產生1.3 個哈希，每個鑽機最多可以開採約2.2 個比特幣。天。

And year to date, the site has mined approximately 88 bitcoin through February 29, roughly half of that total capacity and site production belong to Cipher.

今年迄今為止，截至 2 月 29 日，該網站已開採了約 88 個比特幣，其中總容量和網站產量的大約一半屬於 Cipher。

We are working to supplement the wind production at our doors with a grid connection, which would allow us to increase our uptime and generate more bitcoin with the existing equipment at the site.

我們正在努力透過電網連接補充我們門口的風力發電，這將使我們能夠增加正常運行時間並利用現場現有設備產生更多比特幣。

And we remain confident that we will have that arrangement in place later this year.

我們仍然相信我們將在今年晚些時候做出這樣的安排。

Slide 10 shows operational highlights from our parent chief data centers.

幻燈片 10 顯示了我們母公司首席資料中心的營運亮點。

Combine the sites operate 20 megawatts, which can generate approximately 0.7 extra cash per second and can generate roughly 1.1 bitcoin per day.

這些站點的營運功率為 20 兆瓦，每秒可產生約 0.7 額外現金，每天可產生約 1.1 比特幣。

And current market conditions and chief are also structured as joint ventures and future shared economics.

而目前的市場狀況和主要結構也是合資企業和未來的共享經濟。

Similar to Alberta, unlike our other sites, which have behind-the-meter power arrangements, bear and chief, are set up in front of the meter at a location in Texas that typically features attractive market prices finally, I will close with a few pictures of the expansion work underway at CYPHER.

與艾伯塔省類似，與我們的其他站點不同，這些站點具有電錶後面的電力安排，熊和酋長，是在德克薩斯州一個通常具有有吸引力的市場價格的位置的電錶前面設置的，最後，我將使用一些CYPHER 正在進行的擴建工作的圖片。

We are very busy every day working to expand our mining capacity in the coming months and we look forward to providing future updates on our progress.

我們每天都非常忙碌，致力於在未來幾個月擴大我們的採礦能力，我們期待在未來提供有關我們進展的最新資訊。

Now I'll turn it over to our Chief Financial Officer, Ed FEDERAL.

現在我將把它交給我們的財務長 Ed FEDERAL。

Thank you, Tyler, and hello to everyone on the call as a reminder, for those following the webcast presentation, I'll be referring to our results for the three months and 12 months ending December 31st, 2023.

謝謝你，泰勒，並向參加電話會議的所有人問好，作為提醒，對於那些關注網絡廣播演示的人，我將參考我們截至 2023 年 12 月 31 日的三個月和 12 個月的結果。

I will discuss some of the key financial metrics for Q4.

我將討論第四季度的一些關鍵財務指標。

Paul provide some additional fourth quarter color as well as walk through our full year results.

保羅提供了一些額外的第四季度數據，並概述了我們的全年業績。

This quarter marked our first quarter of operation since inception with all four of our data centers being fully deployed.

本季度是我們自成立以來的第一個營運季度，我們的所有四個資料中心都已全面部署。

And it's a testament to the dedication and tenacity of our entire team and the strength of our company that we were able to deliver positive GAAP earnings for the quarter even before adopting the new accounting standard related to the fair value of Bitcoin as observed across the industry top line growth doesn't always translate into bottom line earnings.

即使在採用整個行業觀察到的與比特幣公允價值相關的新會計準則之前，我們也能夠在本季度實現正的 GAAP 收益，這證明了我們整個團隊的奉獻精神和堅韌以及我們公司的實力頂線成長並不總是轉化為底線收益。

However, at Cipher this quarter showcased strong top line growth that also positively impact our bottom line.

然而，Cipher 本季的營收成長強勁，這也對我們的利潤產生了積極影響。

In the quarter, we mined 1,195 Bitcoin, which resulted in revenues of $43.4 million.

本季度，我們開採了 1,195 個比特幣，營收為 4,340 萬美元。

And achieving we all take great pride at that upon closer examination, these numbers become even more impressive.

我們都對此感到非常自豪，經過仔細檢查，這些數字變得更加令人印象深刻。

While our revenues were up 43% sequentially, the cost of power to generate those revenues was only up 2%, underscoring the value we get from our fixed base PPA at Odessa.

雖然我們的營收比上一季成長了 43%，但產生這些收入的電力成本僅成長了 2%，這突顯了我們從敖德薩固定基地購電協議中獲得的價值。

We will talk about it later, but the value of that PPA also increased by over [$13 million] in the quarter.

我們稍後會討論這個問題，但該 PPA 的價值在本季度也增加了超過 [1300 萬美元]。

Again, a testament to the capabilities of our power and origination team.

再次證明了我們的力量和原創團隊的能力。

Despite substantial top line growth in Q4 at $22.5 million, G&A expenses were down 6% from the prior period.

儘管第四季的收入大幅成長，達到 2,250 萬美元，但一般管理費用較上一季下降了 6%。

This emphasizes the significant potential for operational leverage with our within our business model.

這強調了我們的業務模式內營運槓桿的巨大潛力。

Looking ahead, we're excited about our prospects as we scale up operations significantly over the course of this year in 2025, we anticipate encountering industry headwinds such as the upcoming having in raising debt or cash rates, which are challenges that all of our competitors face.

展望未來，我們對我們的前景感到興奮，因為我們在 2025 年大幅擴大業務規模，我們預計會遇到行業逆風，例如即將提高債務或現金利率，這是我們所有競爭對手面臨的挑戰。

However, we firmly believe the cycle is well positioned to navigate these obstacles and emerge as a leader through this next cycle.

然而，我們堅信，該週期已準備好克服這些障礙，並在下一個週期中成為領導者。

In our third quarter business update, we talked about the challenging operating environment transitioning to the fourth quarter, we experienced much more favorable conditions marked by a rally in bitcoin price and a significant increase in our production as we fully energized our deficit as a result of fourth quarter was characterized by strong top line free cash flow.

在我們的第三季業務更新中，我們談到了過渡到第四季度的充滿挑戰的經營環境，我們經歷了更加有利的條件，以比特幣價格上漲和我們的產量顯著增加為標誌，因為我們充分補充了赤字，因為第四季度的特點是強勁的營收自由現金流。

These conditions, combined with our ability to draw on our ATM, led to a substantial improvement in our liquidity position.

這些條件，加上我們利用 ATM 提款的能力，使我們的流動性狀況得到了大幅改善。

I would also like to take a moment to talk about the new accounting standard, which requires entities that hold crypto assets to measure them at fair value.

我還想花點時間談談新的會計準則，該準則要求持有加密資產的實體以公允價值計量它們。

We believe this is an important step forward for the industry and positive development for institutions.

我們相信，這是產業向前邁出的重要一步，也是機構的積極發展。

Looking to invest in the space in December, fast be released new rules mandating companies to adopt the new standard for the fiscal year after December 15, 2024.

希望在 12 月投資該領域的公司很快就會發布新規則，要求公司在 2024 年 12 月 15 日之後的財年採用新標準。

For Additionally, fast be provided companies the option to early adopt the choice we made for the 2023 fiscal year.

此外，快速為公司提供提前採用我們為 2023 財年所做的選擇的選擇。

We underwent a rigorous process to transition this to this new standard and assessed our realized and unrealized gains and losses as well as the impact of previously reported bitcoin impairments, fair value adjustment for the fourth quarter compared to the prior accounting guidance resulted in net earnings impact of $3 million.

我們經歷了嚴格的流程來過渡到這一新標準，並評估了我們已實現和未實現的損益以及先前報告的比特幣減損的影響，與之前的會計指導相比，第四季度的公允價值調整對淨利潤產生了影響300萬美元。

Now let's turn our attention to the full year consolidated balance sheet and statement of operations.

現在讓我們將注意力轉向全年合併資產負債表和營運報表。

As of December 31, our total current assets stood at $155 million, up from $48 million at year end 2022.

截至 12 月 31 日，我們的流動資產總額為 1.55 億美元，高於 2022 年底的 4,800 萬美元。

Our accounts receivable was $622,000 versus $98,000 the previous year.

我們的應收帳款為 622,000 美元，而前一年為 98,000 美元。

And our prepaid expenses were $3.7 million versus $7.3 million in the prior year.

我們的預付費用為 370 萬美元，而前一年為 730 萬美元。

I should note that those prepaid expenses are primarily due to corporate insurance, which is worth highlighting because we were able to reduce our D&O premium significantly this year, we recorded a Bitcoin balance of $33 million, representing the 700 beauty bitcoin We held had in Treasury on December 31.

我應該指出的是，這些預付費用主要來自企業保險，這一點值得強調，因為我們今年能夠大幅降低D&O 保費，我們記錄的比特幣餘額為3300 萬美元，相當於我們在財政部持有的700 個美麗比特幣12月31日。

That number is up from 389 bitcoin we had at year end 2022, which was valued at $6.3 million net of impairment.

這個數字高於我們在 2022 年底擁有的 389 個比特幣，扣除減損後的價值為 630 萬美元。

As always, I'd like to dedicate a few minutes to the value of our progressive PPA derivative asset.

像往常一樣，我想花幾分鐘時間來探討我們漸進式 PPA 衍生性商品資產的價值。

We have previously highlighted the significant competitive advantage provided by our power contract at Odessa.

我們之前曾強調我們在敖德薩的電力合約所提供的顯著競爭優勢。

As a reminder, we began publishing for third party mark for this agreement for the third quarter of 2022 that Mark is represented as a derivative asset on our balance sheet that gets revalued each reporting period essentially reflects the in the money value of the contract relative to the current forward prices at our Odessa facility.

提醒一下，我們開始在2022 年第三季發布該協議的第三方馬克，馬克在我們的資產負債表上被表示為衍生資產，每個報告期都會重新估值，基本上反映了合約相對於的貨幣價值我們敖德薩工廠的當前遠期價格。

As of December 31, this asset was valued at $93.6 million, which represents an increase of $26.9 million year over year.

截至12月31日，該資產價值為9,360萬美元，年增2,690萬美元。

This change is recorded as a gain on our income statement.

這項變更在我們的損益表中記錄為收益。

It is important to note that this asset is in two components on the balance sheet, $31.5 million as a current asset and $61.7 million as a noncurrent asset.

值得注意的是，該資產在資產負債表上分為兩個部分：3,150 萬美元的流動資產和 6,170 萬美元的非流動資產。

The change in fair value of this contract will affect our GAAP earnings, but we excluded from our non-GAAP reporting.

該合約公允價值的變動將影響我們的 GAAP 收益，但我們將其排除在非 GAAP 報告之外。

Our other significant assets include property and equipment of $243.8 million, primarily attributed to our protests of facility.

我們的其他重要資產包括 2.438 億美元的財產和設備，主要歸因於我們對設施的抗議。

This figure includes minus related equipment of $163.5 million, as well as leasehold improvements valued at $139 million.

這一數字包括 1.635 億美元的減相關設備，以及價值 1.39 億美元的租賃改良。

These items are offset by $59.1 million of accumulated depreciation.

這些項目被 5,910 萬美元的累計折舊所抵銷。

In addition, we hold intangible assets of $8.1 million, which includes $7 million designated for the payment of black coal sites, and that's related for a CON approval.

此外，我們還持有 810 萬美元的無形資產，其中包括指定用於支付黑煤礦場費用的 700 萬美元，這與 CON 批准相關。

The remaining $1.1 million relates to capitalized software at year end, our equity investee interest in Alberta's balance sheet stands at $35.3 million.

剩餘的 110 萬美元與年底的資本化軟體有關，我們的股權投資對像在艾伯塔省資產負債表中的權益為 3,530 萬美元。

Our operating lease of 7.1 is primarily related to real estate leases.

我們的經營租賃 7.1 主要與房地產租賃有關。

Additionally, deposits of $23.9 million includes the previously reported Luminent's security deposit of $12.5 million and a $6.3 million deposit to Encore related to Wipro data center.

此外，2,390萬美元的押金包括先前報告的Luminent的1,250萬美元保證金以及向Encore支付的與Wipro資料中心相關的630萬美元押金。

I would like to report that our current liquidity position on February 29 is $158 million, comprised of $69 million in cash and $89 million worth of Bitcoin, assuming the $62,000 price per bitcoin.

我想報告一下，假設每個比特幣的價格為 62,000 美元，我們截至 2 月 29 日的當前流動性頭寸為 1.58 億美元，其中包括 6900 萬美元現金和價值 8900 萬美元的比特幣。

Now let's look at our GAAP operating results before delving into our full year numbers, I'd like to provide more detail on the quarter results.

現在，在深入研究全年數據之前，讓我們先看看我們的 GAAP 營運業績，我想提供有關季度業績的更多詳細資訊。

Considering this marks our first full quarter of operations with all four of our data centers at full capacity in the fourth quarter.

考慮到這標誌著我們第一個完整的季度運營，我們的所有四個資料中心在第四季度都滿載運作。

We mined 1,195 Bitcoin, resulting in $43.4 million in mining revenues versus the prior quarter when we mined 1,078 bitcoin producing $30.3 million in revenue.

我們開採了 1,195 個比特幣，產生了 4,340 萬美元的採礦收入，而上一季我們開採了 1,078 個比特幣，產生了 3,030 萬美元的收入。

We are particularly proud that despite significantly higher operating revenue, our operating expenses, including G&A and depreciation amortization, remained relatively flat quarter over quarter.

我們特別感到自豪的是，儘管營業收入顯著增加，但我們的營業費用（包括一般管理費用和折舊攤提）與上一季相比仍然相對持平。

As I mentioned earlier, G&A totaled $22.5 million, a decrease of 6% from the previous quarter.

正如我之前提到的，G&A 總額為 2,250 萬美元，比上一季下降 6%。

Depreciation and amortization came in at $16.8 million a slight increase from the $16.2 million in the previous quarter.

折舊和攤銷為 1,680 萬美元，比上一季的 1,620 萬美元略有增加。

Cost of revenue was $13.3 million, which includes our power and direct expenses related to Odessa, a 2% increase over last quarter.

收入成本為 1,330 萬美元，其中包括與敖德薩相關的電力和直接費用，比上季度增長 2%。

Now let me turn to our full year results, which we can see on Slide 15.

現在讓我來看看我們的全年業績，我們可以在幻燈片 15 中看到。

For the full year 2023, we mined 4,350 Bitcoin, resulting in $126.8 million of revenues generated entirely from our debt facility.

2023 年全年，我們開採了 4,350 個比特幣，1.268 億美元的收入完全來自我們的債務融資。

Cost of revenue for the year was $50.3 million versus $748,000 in the prior year.

本年度的收入成本為 5,030 萬美元，而上一年為 748,000 美元。

G&A expenses came in at $85.2 million in '23 versus $70.8 million in '22.

23 年的一般管理費用為 8,520 萬美元，而 22 年為 7,080 萬美元。

The increase of $14.4 million was primarily driven by compensation and benefits as we invest in building out our team, increasing our headcount from 22 employees to 36 employees.

增加 1,440 萬美元主要是由於我們投資建設團隊，將員工人數從 22 名增加到 36 名，因此薪資和福利推動了這一增長。

Depreciation and amortization for the year was $59.1 million versus $4.4 million in the prior year.

本年度折舊攤提為 5,910 萬美元，上一年為 440 萬美元。

This increase was primarily due to miners and equipment and leasehold improvements at Odessa being in service for a full year compared to only two months in the previous year.

這一成長主要是由於敖德薩的礦工和設備以及租賃權的改善，其服務期已長達一年，而去年僅為兩個月。

As we mentioned earlier, we recorded a positive change in the fair value of our derivative asset of $26.8 million year over year.

正如我們之前提到的，我們的衍生性商品資產公允價值年出現了 2,680 萬美元的正面變化。

Power sales amounted to $9.9 million in 2023 versus $500,000 in the previous year, reflecting the ramp up at Odessa over the course of 2023 for our JV sites, the line item titled equity in losses of equity investees was $2.5 million in 2023 compared to $37 million in 2022.

2023 年電力銷售額為990 萬美元，而上一年為50 萬美元，反映了2023 年我們合資企業站點在敖德薩的增長，股權投資損失中的權益項目2023 年為250 萬美元，而2023年為3,700 萬美元2022年。

It is worth noting that the losses in 2022 were primarily from the fair value contributions of miners to our JVs.

值得注意的是，2022年的虧損主要來自礦工對我們合資企業的公允價值貢獻。

At the time would Maina prices were much higher.

當時馬伊納的價格要高得多。

Let's now turn to our slide on our non-GAAP measures used to reconcile our adjusted earnings.

現在讓我們來看看用於調節調整後收益的非公認會計準則衡量指標的幻燈片。

Allow me to remind everyone that adjusted earnings exclude the impact of depreciation of fixed assets, the change in the fair value of our derivative assets deferred income tax expense, the change in fair value of warrant liability, stock compensation expense and other nonrecurring gains and losses.

請容許我提醒大家，調整後的收益排除了固定資產折舊、衍生性資產公允價值變動、遞延所得稅費用、認股權證負債公允價值變動、股票補償費用和其他非經常性損益的影響。

These supplemental financial measures are not measurements of financial performance in accordance with US GAAP and as such, they may not be comparable to similarly titled measures of other companies.

這些補充財務指標並非根據美國公認會計原則衡量財務業績，因此，它們可能無法與其他公司的類似標題指標進行比較。

We believe that these non-GAAP measures may be useful to investors in comparing our performance across reporting periods on a consistent basis.

我們相信，這些非公認會計原則衡量標準可能有助於投資者在一致的基礎上比較我們在不同報告期間內的表現。

Management uses these non-GAAP financial measures internally to help understand, manage and evaluate our business performance and to help make operating decisions when we adjust our fourth quarter GAAP results to the GAAP net income of $10.6 million.

管理層在內部使用這些非 GAAP 財務指標來幫助了解、管理和評估我們的業務績效，並在我們將第四季度 GAAP 業績調整為 1060 萬美元 GAAP 淨利潤時幫助做出營運決策。

We had $17.2 million for those items.

我們有 1720 萬美元用於購買這些物品。

I just listed that brings us to adjusted net income of $27.8 million for the quarter compared to $2.3 million in the previous quarter.

我剛剛列出，本季調整後淨利為 2,780 萬美元，而上一季為 230 萬美元。

For the full year, our adjusted GAAP results yielded an adjusted earnings gain of $46.2 million versus an adjusted earnings loss of $64.9 million in the previous year.

就全年而言，我們調整後的 GAAP 業績帶來了 4,620 萬美元的調整後獲利收益，而上一年的調整後獲利虧損為 6,490 萬美元。

I will conclude my remarks by saying we are extremely pleased with our financial performance in Q4 and throughout the entirety of 2023.

我最後想說的是，我們對第四季以及 2023 年全年的財務表現感到非常滿意。

Our philosophy continues to be that to be a leader in the mining space, we need to focus relentlessly on having best-in-class unit economics.

我們的理念仍然是，要成為採礦領域的領導者，我們需要不懈地專注於擁有一流的單位經濟效益。

We firmly believe 2023 validated our ability to deliver on our stated objective by successfully bringing online our initial four data centers.

我們堅信，2023 年我們最初的四個資料中心成功上線，證明了我們實現既定目標的能力。

We are excited about the next stage of growth that Tyler outlined and with our current financial position, free cash flow generation, lack of debt and best-in-class unit economics.

我們對泰勒概述的下一階段的增長以及我們當前的財務狀況、自由現金流的產生、債務的缺乏和一流的單位經濟效益感到興奮。

We believe we should be well positioned to be a leader through the next cycle.

我們相信，我們應該處於有利地位，能夠成為下一個週期的領導者。

We look forward to updating you in greater detail on our expansion plans when we report for the first quarter.

我們期待在第一季報告時向您提供有關我們擴張計劃的更多詳細資訊。

I will pause now and Tyler and I are happy to answer your questions.

我現在暫停一下，泰勒和我很樂意回答你的問題。

Thank you, ladies and gentlemen, to ask a question,

謝謝各位，女士們先生們，請教一個問題，

(Operator Instructions)

（操作員說明）

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Your line is open.

您的線路已開通。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

And congrats on the quarters quarter guide looks pretty solid despite the year for a dumb without even the accounting rule changes.

恭喜季度指南看起來相當可靠，儘管這一年是愚蠢的，甚至連會計規則都沒有改變。

I guess two questions, maybe one for each of you add when you talked about operational leverage Booz.

我猜想有兩個問題，也許你們每個人在談到營運槓桿博斯時都會提出一個問題。

So we noticed that as well as the G&A coming in a little bit lower than where we actually estimate for Q4 from if you can grow access to nine plus in G&A flat at '24.

因此，我們注意到，如果你能在 24 年獲得 9 個以上的 G&A 單位，那麼 G&A 的收入比我們對第四季度的實際估計值要低一些。

It seems like another big boost there.

這似乎是另一個巨大的推動力。

Is that how we should be expecting G&A to basically be flat over '24?

我們是否應該預期 G&A 在 24 年基本持平？

Yes, good morning, John.

是的，早上好，約翰。

Thanks, Rick.

謝謝，瑞克。

Thanks for listening and thanks for the question.

感謝您的聆聽並感謝您的提問。

But I would look at G&A over the next two quarters and being relatively flat.

但我會關注接下來兩季的一般行政費用，並且相對持平。

We don't look, as we've mentioned, we've built out the team.

正如我們所提到的，我們看起來並沒有建立團隊。

I think we'll get a lot of leverage from building out the team as we bring on more excess cash and we expand of our end, our data centers, we should expect some additional depreciation, depreciation and amortization.

我認為，隨著我們帶來更多多餘現金，並擴大我們的資料中心，我們將從建設團隊中獲得很大的槓桿作用，我們應該預期會有一些額外的折舊、折舊和攤提。

But when you neutralize that for the non-GAAP numbers, I would expect that not to be too much greater than we've been reporting in the fourth quarter of '23.

但是，當你抵銷非公認會計原則數字時，我預期這一數字不會比我們在 2023 年第四季報告的數字高出太多。

Is that helpful?

有幫助嗎？

Yes, that I think that, um, and then Tyler, on the jewelry side of things and apologies if I missed this, but can you just remind us on how many shares that vary still has right now, the time line for that distribution?

是的，我認為，嗯，然後泰勒，在珠寶方面，如果我錯過了這一點，我深表歉意，但是你能提醒我們現在還有多少不同的股票，分配的時間線嗎？

And then I believe there is no more lockups.

然後我相信就不再有鎖定了。

Is that correct?

那是對的嗎？

Yes.

是的。

Hey, John.

嘿，約翰。

So let me let me actually add one more piece of color to the answer about SG&A because I think it's important for context and then I'll answer the bid theory question as well.

因此，讓我實際上為 SG&A 的答案添加一點色彩，因為我認為這對於背景很重要，然後我也會回答出價理論問題。

I mean, I know you asked sort of for specific near term, but I think it's important to think about SG&A, especially as we come into the halving.

我的意思是，我知道您詢問了近期的具體情況，但我認為考慮SG&A 很重要，特別是當我們進入減半時。

And the way we look at SG&A, I do think is pretty differentiated from most other bitcoin miners.

我認為我們看待 SG&A 的方式與大多數其他比特幣礦工有很大不同。

And I think about that, that needs to be kept in mind as all the research analysts and investors in the space look at what happens to these companies post happening.

我認為，當該領域的所有研究分析師和投資者關注這些公司發生的情況時，需要牢記這一點。

And so we often talk about the relentless search for cheap power because that drives the unit economics and look in a post halving world as the world evolves and these sites get bigger, there's really kind of two ways to seek out that cheap power, some folks not not safer.

因此，我們經常談論對廉價電力的不懈追求，因為這推動了單位經濟，並且隨著世界的發展和這些站點變得越來越大，在減半後的世界中，確實有兩種方法來尋找廉價電力，有些人不是不安全。

We have gone to jurisdictions where there may be regulatory risk or other challenges that we find hard to underwrite and you get cheap power so long as they don't raise the minor tax or the government comes after mining or something like that.

我們已經去過那些可能有監管風險或其他挑戰的司法管轄區，我們發現這些挑戰很難承保，只要他們不提高小額稅收，或者政府在採礦或類似的事情上採取行動，你就能獲得廉價電力。

And maybe there are people that can underwrite that risk better than us.

也許有人可以比我們更好地承保這種風險。

The other way in the way that we've really focused since day one on doing this is to go to a place like Texas, where you can monetize the curtail ability of these data centers.

從第一天起，我們真正關注的另一種方式是去德克薩斯州這樣的地方，在那裡你可以透過這些資料中心的縮減能力來貨幣化。

And as we've talked about often, our data centers can can power up and they shut down within a minute, they can do it very quickly, they can respond to price signals.

正如我們經常談到的，我們的資料中心可以在一分鐘內啟動並關閉，他們可以非常快速地做到這一點，他們可以對價格訊號做出回應。

And we talk a lot about the opportunities to sort of be involved in providing power back to the grid, making extra cash to do it and that being a real hidden ability of what we can do.

我們談論了很多參與向電網提供電力、賺取額外現金的機會，這是我們能做的真正隱藏的能力。

And the thing is if you take what I'll call a more basic operating model for a miner where you just find a power cost and tried to run your rigs 100% of the time.

問題是，如果你採用我所說的更基本的礦工運作模式，你只需找到電力成本並嘗試 100% 地運行你的鑽孔機。

And that model is going to be more and more challenged.

這種模式將面臨越來越多的挑戰。

And if you did that in Texas, the average price in Texas is something like $0.06 a kilowatt hour.

如果您在德克薩斯州這樣做，則德克薩斯州的平均價格約為每千瓦時 0.06 美元。

And so to sort of manufacture your own lower electricity price, you have to be able to curtail your data centers, potentially participate in demand, response programs, et cetera.

因此，為了降低自己的電價，您必須能夠縮減資料中心，並可能參與需求、回應計畫等。

The only way to do that is to build a stack of talented people across ops, technology trading.

做到這一點的唯一方法是在營運、技術交易方面培養一批人才。

It's not easy.

這並不容易。

And we're one of the only companies that really does that at scale, and that will be an even bigger part of our story as we build Black Pearl.

我們是唯一真正大規模做到這一點的公司之一，這將成為我們打造黑珍珠號故事中更重要的一部分。

So that's all by way of saying that when RSG. and A. is building a different company with a different skill set of people and it scales very well so whereas I think now, you know, we're going to we're at half of less than half of the output will be from a megawatts perspective.

這就是 RSG 時的說法。 A. 正在建立一家不同的公司，擁有不同技能的人員，它的規模非常好，所以我認為現在，你知道，我們將有不到一半的產出將來自兆瓦視角。

And like a third less than a third of what will be from a hash rate perspective after we bring Black Pearl online that SG. and A. scales very, very well.

從算力的角度來看，當我們將 Black Pearl 上線後，SG 的雜湊率將減少三分之一。 A. 規模非常非常好。

It is not a linear scaling and so and your specific question was about the next quarter or two.

這不是線性縮放，因此您的具體問題是關於下一兩個季度的。

I think it's important to keep in mind that this will become one of our greatest relative strengths in the long term because we will bring on very large data centers with very little linear growth in SG&A.

我認為重要的是要記住，從長遠來看，這將成為我們最大的相對優勢之一，因為我們將建立一個非常大型的資料中心，而 SG&A 的線性成長非常小。

So we're sort of just getting started in some ways on the chassis that we're building to continue to source and produce our own cheap power and control our own destiny.

因此，我們在某種程度上剛開始建造我們正在建造的底盤，以繼續採購和生產我們自己的廉價電力並控制我們自己的命運。

So I think that's important context for SG&A just on a longer term, not exactly your question and then to get to your specific question and thank you for indulging me on that.

因此，我認為，從長遠來看，這對 SG&A 來說是重要的背景，而不完全是你的問題，然後我要回答你的具體問題，感謝你讓我回答這個問題。

Yes, so Fury is in the process of distributing those shares.

是的，弗瑞正在分配這些股份。

They put out a press release and they talked about this that they plan to end up with 50 million shares at

他們發布了一份新聞稿，並談到他們計劃最終以 5000 萬股的價格發行股票。

[Fury].

[憤怒]。

And so that will be below 20% of our overall shares, we have raised some money via the ATM.

因此，這將低於我們總股份的 20%，我們透過 ATM 籌集了一些資金。

So it will even be a little bit less than that on a percentage basis.

因此，它甚至會比按百分比計算的要少一些。

And that's in process right now.

現在正在進行中。

I don't know exactly where they are in that process because that's sort of outside of my conversations with them.

我不知道他們在這個過程中處於什麼位置，因為這有點超出了我與他們的對話範圍。

But I know it's sort of very short term.

但我知道這是非常短期的。

They're in the process I expect it to be days for them to complete those distributions.

他們正在處理中，我預計他們需要幾天時間才能完成這些分發。

And so we will go from where we were not that long ago when they were north of 80% of our cap table to decently below 20% and there are no more lockups on that.

因此，我們將從不久前的水平（當時他們在我們的上限表中的 80% 以上）降至略低於 20%，並且不再有鎖定。

So those will be freely tradable shares as they're distributed.

因此，這些股票在分配時將是可自由交易的股票。

I think it's good to give some context on this as well.

我認為就此提供一些背景也很好。

I've heard a lot from investors over the last year or so.

在過去一年左右的時間裡，我從投資者那裡聽到了很多消息。

Hey, Tyler.

嘿，泰勒。

We love the CYPHER business model.

我們喜歡 CYPHER 商業模式。

We love how you create your own a cheap cost of power.

我們喜歡您如何創造自己的廉價電力。

This is very sustainable.

這是非常可持續的。

You have a clean balance sheet.

你有一個乾淨的資產負債表。

We like everything about it, but we're an institutional investor and we don't buy the stock of companies with an 82% shareholder.

我們喜歡它的一切，但我們是機構投資者，我們不購買股東佔 82% 的公司的股票。

And so this has been a central challenge for us to solve that.

因此，這一直是我們解決這個問題的核心挑戰。

We focus every day on building a great business, but of course, we want to also have Cypress stock be a great investment.

我們每天都專注於打造偉大的業務，但當然，我們也希望賽普拉斯股票成為一項偉大的投資。

I think the very wonderful thing about this outcome is that if you think about what I would like to see on our cap table over time in a perfect world.

我認為這個結果的美妙之處在於，如果你想一想，在一個完美的世界裡，隨著時間的推移，我希望在我們的股權結構表上看到什麼。

We'd have a bunch of long-term investors that understand bitcoin mining.

我們有一群了解比特幣挖礦的長期投資者。

And so we sort of short circuit the time line here.

所以我們在這裡縮短了時間軸。

These are shares that are being distributed a bit here you already own.

這些是您已經擁有的、正在分配的股份。

So it's not adding new shares.

所以它沒有增加新股。

Is your existing shares going to investors that have been invested in theory and Bitcoin mining typically for a long time, sometimes longer than a decade.

您現有的股票是否會流向那些通常在理論上和比特幣挖礦領域投資了很長時間（有時甚至超過十年）的投資者？

So I think from our perspective at Cipher, we're really excited about this.

所以我認為從我們 Cipher 的角度來看，我們對此感到非常興奮。

I think just based on my conversations with investors, I have heard we trade at a discount to where our business model should be trading if we didn't have such a concentrated cap table.

我認為，根據我與投資者的對話，我聽說，如果我們沒有如此集中的股權結構表，我們的交易價格將低於我們的商業模式應有的交易價格。

And I believe that that discount will be removed and that, frankly, I think we should trade at a premium and based on just the results we've put out.

我相信折扣將被取消，坦白說，我認為我們應該基於我們發布的結果進行溢價交易。

So no lockups that distribution is in process, and I expect it to be completed within days income from our next question.

因此，分配過程中沒有鎖定，我預計它會在我們下一個問題的收入幾天內完成。

John Bridges, JPMorgan.

約翰‧布里奇斯，摩根大通。

Your line is open

您的線路已開通

A few housekeeping questions.

一些家政問題。

I guess it was in a second, but I wanted to ask you guys announced a big purchase with big main movers in December and included an option for 2024 for a look at your desk a site.

我想這是在一秒鐘之內，但我想問你們在 12 月宣布了一項與主要推動者的大筆收購，並包括 2024 年查看您的辦公桌和網站的選項。

And it has a very impressive power costs, which does a pretty agile.

而且它的電力成本非常可觀，這非常靈活。

Proterra has a question is, does it make sense to swap out machines at Odessa for maybe the T20 ones, some kind of how do you think about that?

Proterra 有一個問題是，將敖德薩的機器換成 T20 是否有意義，您對此有何看法？

Was the calculus for doing that and I have a few follow-ups.

是這樣做的微積分嗎？我有一些後續行動。

Thank you.

謝謝。

Sure, it's a great question, Reggie.

當然，這是一個很好的問題，雷吉。

The current plan is not to put the T. 20 ones from that large order.

目前的計劃不是從那個大訂單中訂購 T.20。

You mentioned which includes if you fully exercise the option up to 15.8 Exa hash of T. 20 ones, and that's it $14 at Terra hash, which is just an awesome price.

你提到，如果你完全行使 T.20 的 15.8 Exa 哈希選項，這就是 Terra 哈希的 14 美元，這是一個很棒的價格。

You know, if you look at the profitability of kind of where we are call it in F 19, J. Pro efficiency right now, it's hard to keep up with this but I think it's about at $165 or so per megawatt hour right now.

你知道，如果你看看我們現在所說的 F 19、J. Pro 效率的盈利能力，很難跟上這個水平，但我認為現在大約是每兆瓦時 165 美元左右。

So getting more and more profitable.

從而獲得越來越多的利潤。

And as everyone knows, that generally drives the cost of rigs.

眾所周知，這通常會增加鑽孔機的成本。

So having locked in $14 is just an awesome price on that purchase at our current plan is not to use those at Odessa.

因此，鎖定 14 美元對於購買來說是一個很棒的價格，因為我們目前的計劃是不使用敖德薩的那些。

We recall that we do have an order of 1.2 extra hash of S21 and that we are using at Odessa both to swap out for machines getting repaired and generally upgrade from the least efficient machines we have that and that replacement exercise gets us to a big part of the growth in hash rate that we projected for this year.

我們記得我們確實有1.2 個額外哈希值的S21，我們在敖德薩使用它來更換正在維修的機器，並且通常從我們擁有的效率最低的機器進行升級，而更換工作使我們獲得了很大一部分我們預期今年的哈希率成長。

So we've got a projection of 8.7 excess cash in the second quarter and the 9.3 extra cash in the third quarter.

因此，我們預測第二季有 8.7 的額外現金，第三季有 9.3 的額外現金。

That's largely the balance sheet expansions, but then also that's this swapping out and optimizing of the lowest sort of efficiency rigs at that site.

這主要是資產負債表的擴張，但也包括該地點效率最低的鑽孔機的更換和優化。

I mean, one of the thing I'd say is even at our current efficiency I think industry average is more like 34, 35 deals that Terra has were already decently more efficient than the industry average.

我的意思是，我要說的一件事是，即使按照我們目前的效率，我認為行業平均水平也更像是 34、35 筆交易，而 Terra 已經比行業平均更有效率了。

And as we mentioned by the time, we get all these things plugged in will be at 22 jewels Proterra ash, but that's the current plan.

正如我們當時提到的，我們將在 22 顆寶石 Proterra ash 上插入所有這些東西，但這就是當前的計劃。

I also we mentioned I mentioned in my prepared remarks that we are also working on various hardware and software optimizations.

我還提到，我在準備好的演講中提到，我們也在致力於各種硬體和軟體優化。

Obviously, over time, we learned a lot about operating these rigs in sort of environmental specifics and there are various software and hardware tricks of the trade that we also used to squeeze extra efficiencies out of those.

顯然，隨著時間的推移，我們學到了很多關於在特定環境下操作這些鑽機的知識，並且我們還使用了各種軟體和硬體技巧來從中榨取額外的效率。

So even our least efficient machines are becoming more efficient, just through minor upgrades, it don't include like a full swapping out.

因此，即使我們效率最低的機器也變得更加高效，只需通過較小的升級，它不包括完全更換。

And just just to kind of clarify there.

只是為了澄清一下。

So for that bid main announcement in December, there was a piece of it was 20 or 2025 there was an option for 2024.

因此，對於 12 月的主要投標公告，其中有一部分是 20 或 2025 年，也有 2024 年的選項。

I guess, based on what you kind of announced and disclosed so far today and in the last few weeks, are you does that assume that any of that option is used for 2024?

我想，根據您今天和過去幾週所宣布和披露的內容，您是否認為該選項中的任何一個都適用於 2024 年？

And if not, how are you thinking about that option?

如果沒有，您如何考慮這個選擇？

And can you extend that beyond '24?

你能把這延續到 24 年後嗎？

And then my last year soon after a lot of good right.

然後我去年很快就得到了很多好的權利。

There is, you know, that are colored lights.

你知道，有一種彩色的光。

It allows us the last one you made last year or yes, in the last month, it was what's your what is your appetite for tuck in acquisitions?

它讓我們可以看到你去年做的最後一個，或者是的，在上個月，你對收購的興趣是什麼？

Is my first question makes sense.

我的第一個問題有道理嗎？

Like I'm trying to figure out like 100% relative to that option yes, it has it has it been is it accounted for is it spoken for?

就像我試圖弄清楚相對於該選項 100% 是的，它已經被考慮到了嗎？

And if not like, what is the plan for that?

如果不喜歡，有什麼計畫？

Yes.

是的。

So the sizing of that option is tied out with BlackPearl.

因此，該選項的大小與 BlackPearl 相關。

So we could build the full 300 megawatts of Black Pearl buying rig T. 20 ones for $14 at a Terra hash.

因此，我們可以在 Terra 哈希上以 14 美元的價格建造完整的 300 兆瓦黑珍珠購買鑽孔機 T.20。

And so at Black Pearl, which will be energized in the first half of 2025.

黑珍珠號也是如此，將於 2025 年上半年充滿活力。

We have the ability to basically build that full site.

我們基本上有能力建立完整的網站。

If you look at slide 7 of our deck.

如果你看一下我們的投影片 7。

The walk out to 25.1 Exa hedges assumes that we plug in all those T. 20 ones at that site.

走向 25.1 Exa 對沖假設我們在該站點插入所有 T.20 對沖。

And keep in mind that the option is exercisable in calendar year 2024.

請記住，該選項可在 2024 年行使。

But when we exercise it, it takes a few months to deliver.

但當我們行使它時，需要幾個月的時間才能交付。

So here's how we're thinking about it at a baseline when we do CapEx planning for Black Pearl.

以下是我們在為黑珍珠進行資本支出規劃時的基準思考方式。

We've locked in the most important variable cost in CapEx.

我們已經鎖定了資本支出中最重要的變動成本。

That cost per Tara has can go up 600%.

每個 Tara 的成本可能會上漲 600%。

We've locked it with that option and if we find nothing else to do with rigs beyond the expansions we've already laid out.

我們已經用這個選項鎖定了它，如果我們發現除了我們已經佈置的擴展之外沒有其他與裝備有關的東西。

We can exercise that full option and build the full Black Pearl, the sort of great thing about this time line that we've got is also to your answer.

我們可以行使完整的選擇權並建造完整的黑珍珠號，我們所得到的這個時間線的偉大之處也在於你的答案。

Your second question about tuck-in acquisitions, and we are spending a lot of time looking at opportunities there is a lot for sale and there are companies for sale.

你的第二個問題是關於收購的，我們花了很多時間尋找機會，有很多可供出售的機會，也有公司可供出售。

There are ones that are well known.

其中有些是眾所周知的。

There's private ones that are less well known.

還有一些不太為人所知的私人項目。

There's domestic ones.

國內的也有啊

There's international ones there are sites.

有國際網站。

There are folks that want to get out of the hosting business.

有些人想退出託管業務。

There's folks that want to sell infrastructure.

有人想出售基礎設施。

So we are looking at a lot, I think a hallmark of our history has been an extremely disciplined focus on return on investment.

所以我們正在關注很多，我認為我們歷史的一個標誌是對投資回報的極其嚴格的關注。

And so we're just not going to overpay for stuff because that's ultimately what produces things like positive GAAP earnings is the discipline not to overpay for things.

因此，我們不會為某些東西支付過高的費用，因為這最終會產生諸如積極的 GAAP 收益之類的東西，這是不為某些東西支付過高的紀律。

So my hope is that we will find amazing opportunities at very low prices that are available right away.

因此，我希望我們能夠以非常低的價格立即找到令人驚嘆的機會。

We could exercise that Mid-Maine option right away to fill it, fill whatever we buy with new rigs.

我們可以立即行使緬因州中部的選項來填充它，用新鑽機填充我們購買的任何東西。

And then we can source other rigs for sort of the back half of Black Pearl.

然後我們可以為黑珍珠號的後半部購買其他鑽孔機。

But at a minimum, we can use the full option to build all of Black Barrel.

但至少，我們可以使用完整選項來建立所有 Black Barrel。

And it truly has optionality if we find a better way to use the investor.Does that make sense and does.

如果我們找到更好的方式來利用投資者，它確實具有選擇性。這是否有意義並且確實如此。

That does that it does make sense.

這樣做確實有意義。

One last point of clarification on that.

最後一點需要澄清。

So I assume that that means the option piece of it can be exercised at any point in '24 and not necessarily at the end of '24, correct?

所以我認為這意味著它的選擇權部分可以在 24 年的任何時候行使，而不一定在 24 年底，對嗎？

That's right.

這是正確的。

That's perfect.

那很完美。

Thank you so much.

太感謝了。

Joseph Vafi, Canaccord.

約瑟夫·瓦菲，Canaccord。

Your line is open.

您的線路已開通。

Hey, guys, good morning.

嘿，夥計們，早安。

Great to see the Q4 results and the adoption of new accounting standard, some just Jill, I was just thinking here, we've had this really nice run-up here in bitcoin that's been pretty rapid and precipitous.

很高興看到第四季度的結果和新會計標準的採用，有些只是吉爾，我只是在這裡想，我們在比特幣方面取得了非常好的增長，而且非常迅速和陡峭。

Just wondering how the higher bitcoin price is perhaps a having an effect on your operating strategy, the build-out strategy and the high-low strategy.

只是想知道較高的比特幣價格可能如何影響您的營運策略、擴張策略和高低策略。

Could you move black Pro forward faster now with some, you know, a higher, you know, average price per bitcoin selling them or does it make sense to hobble?

你現在能以更高的每比特幣平均價格來推動黑色專業人士更快地前進嗎？還是猶豫不決有意義？

Or do you have a less because the price is high?

還是因為價格高所以少買？

It's kind of a high-class problem, but just trying to see how it's affecting the business and maybe tweaking the strategy.

這是一個高級問題，但只是想看看它如何影響業務並可能調整策略。

Thanks, Joe. So good question.

謝謝，喬。好問題。

Because first of all, Black Pearl has an energization schedule, which is set for the second quarter of next year.

因為首先，黑珍珠號有一個通電時間表，預定明年第二季。

So unfortunately, we cannot move that up.

不幸的是，我們無法將其提升。

In addition to there just being a lot of logistics, we're clearing large 50 acre fields.

除了大量的後勤工作之外，我們還清理了 50 英畝的大片土地。

Now we have to install and build everything, but really the time line there, even if we wanted to the challenges, there's a there's an energization time line that we don't have optionality on.

現在我們必須安裝和建造一切，但實際上，即使我們想要挑戰，也有一個通電時間線，我們沒有選擇權。

Now what we do have optionality on is how much we build.

現在我們可以選擇的是我們建造多少。

And we sort of publicly committed to building the first half of it.

我們公開承諾要建造它的前半部。

We have an option to build the second half of it and the way I think of the increasing and economics of the business, frankly, which is tied to the higher bitcoin price, it makes it more likely that we could GreenLight the full 300 megawatts as opposed to just the first half of it, which we've committed to that we do have optionality on.

我們可以選擇建造它的後半部分，坦白說，我對業務成長和經濟性的看法，這與更高的比特幣價格有關，這使得我們更有可能綠光全部 300 兆瓦與僅前半部分相反，我們承諾我們確實有選擇權。

So I think of it in those terms and then speaking, more broadly about treasury management, let me remind everyone that in general, it's our goal to build a Bitcoin treasury over time.

所以我從這些角度來思考，然後更廣泛地談論金庫管理，讓我提醒大家，總的來說，我們的目標是隨著時間的推移建立一個比特幣金庫。

We need to do that thoughtfully about different ways we can tap capital.

我們需要深思熟慮地考慮利用資本的不同方式。

It's been very favorable to build that Treasury recently, but in addition to selling some bitcoin with regularity to pay our fee bills and holding an increasing number of Bitcoin.

最近建立財政部非常有利，但除了定期出售一些比特幣來支付我們的費用之外，還持有越來越多的比特幣。

We also hedge.

我們也對沖。

We did see a noticeable pickup in hedging over the last few months, and that's because we've had these big sort of known binary events, right things like the ETF approval date when everyone was coming into that week, for example, we put several costless collars around Bitcoin.

在過去的幾個月裡，我們確實看到對沖活動明顯增加，那是因為我們發生了這些大型已知的二元事件，例如ETF 批准日期，當每個人都進入那一周時，我們放了幾個比特幣周圍的無成本項圈。

We held in inventory where we protected the downside in case, we got a piece of bad news on that inventory and also we didn't pay anything for it other than giving up upside.

我們持有庫存，以保護下行空間，以防萬一，我們收到有關該庫存的壞消息，而且除了放棄上行空間之外，我們沒有為此支付任何費用。

That was well above the end market price sort of sell either selling at a better price than was in the market to buy downside insurance.

這遠高於最終市場價格，即以比市場上購買下行保險更好的價格出售。

And we continue to do that as well as looking at other ways to think about hedging.

我們將繼續這樣做，並尋找其他方式來考慮對沖。

We're following the hash rate derivatives market very closely to look at ideas.

我們正在密切關注哈希率衍生品市場以尋找想法。

We've got other known events coming up like but having but also things like there's time lines on the ETF approval, which may have an impact on the space.

我們還有其他已知的事件即將發生，例如 ETF 批准的時間表，這可能會對該領域產生影響。

It wouldn't surprise me if we continue to do things like costless collars, of course, that also comes down to an analysis of the relative economics.

如果我們繼續做無成本項圈之類的事情，我不會感到驚訝，當然，這也取決於對相關經濟學的分析。

We want to do that when the option map is very favorable and we can keep a lot of upside to protect downside.

我們希望在期權圖非常有利的情況下這樣做，並且我們可以保留大量上行空間以保護下行空間。

So it's not just we put this much in that bucket and this much in that bucket, it's dynamic.

所以，我們不僅僅是在那個桶子裡放了這麼多，而且在那個桶子裡放了這麼多，它是動態的。

But listen, the rising bitcoin price is certainly very helpful for our optionality, not only on sort of building the full Black Pearl.

但是聽著，比特幣價格的上漲無疑對我們的選擇非常有幫助，而不僅僅是建造完整的黑珍珠號。

But look, when we look at acquisition opportunities, it certainly is nice to have that going up.

但是，當我們考慮收​​購機會時，收購機會的增加肯定是件好事。

Sure.

當然。

That's great color.

那顏色真棒。

Thanks, Tyler.

謝謝，泰勒。

And then, Jim, just on I just wondering, transaction fees have been kind of in the news and I know you mentioned that how material was that in the quarter on on relative to overall revenue?

然後，吉姆，我只是想知道，交易費用已經出現在新聞中，我知道您提到過，相對於整體收入而言，本季交易費用有多大？

And I'm just trying to think about, you know, post having transaction fees, if you had any thoughts on that.

我只是想考慮一下，你知道，發布交易費用，如果你對此有任何想法。

Thanks a lot.

多謝。

Sure.

當然。

So I think it's a really important thing to keep in mind if you evaluate investing in a Bitcoin miner.

因此，我認為，如果您評估對比特幣礦機的投資，請記住這一點非常重要。

And again, we sort of have this extraordinary moment in the history of the space where you have the halving upon us, which we think is going to expose the less disciplined models in the space.

再說一次，我們在這個領域的歷史上經歷了一個非凡的時刻，我們面臨著減半，我們認為這將暴露這個領域中不太自律的模型。

You're going to have to have a better nuanced understanding of power going forward and a clean balance sheet, but also with ETFs available.

您必須對未來的電力有更細緻的了解，並擁有乾淨的資產負債表，而且還要有可用的 ETF。

I think a lot of the investors in the space historically have been in a short timeframe.

我認為歷史上該領域的許多投資者都處於很短的時間範圍內。

Investors are looking to trade bitcoin moves.

投資者正在尋求交易比特幣的走勢。

And these were the companies that had balances of Bitcoin.

這些是擁有比特幣餘額的公司。

And obviously there was GBTC. out there historically.

顯然還有 GBTC。歷史上就在那裡。

But now flash forward, you've got ETFs as an option and the same investors certainly seem to like MicroStrategy quite a bit.

但現在，您可以選擇 ETF，同樣的投資人似乎也非常喜歡 MicroStrategy。

And I think that draws a lot of the eyeballs that were trading these bitcoin mining companies really for their bitcoin balance.

我認為這吸引了許多人的眼球，他們實際上是為了他們的比特幣餘額而交易這些比特幣挖礦公司。

So I think you need to break out the balance from the mining business because they're sort of options to investors have other options.

所以我認為你需要打破採礦業務的平衡，因為他們是投資者有其他選擇的選擇。

And that's why it's so important that in this last quarter, we were profitable without marking the bitcoin held in treasury to market that from a GAAP basis, it was very important.

這就是為什麼它如此重要，在上個季度，我們在沒有將庫存中持有的比特幣標記為市場的情況下實現了盈利，從公認會計準則的基礎上來看，這是非常重要的。

I mean, that means not only are we a treasury balance, we're an operating business that is solid.

我的意思是，這意味著我們不僅有財務平衡，而且我們是一家穩健的營運企業。

And now to get to your question about transaction fees, what's so important and attractive about that non TREASURY piece of the business.

現在來回答您關於交易費用的問題，該業務的非財務部分有何重要和吸引力。

The operating mining business is that in the fourth quarter, we did see these spikes in transaction fees and they're not always sustained.

正在運營的挖礦業務是，在第四季度，我們確實看到了交易費用的飆升，但它們並不總是持續下去。

Sometimes there's, you know, a hot BRC. 20 token, typically from Asian investors.

有時，您知道，BRC 很熱門。 20 代幣，通常來自亞洲投資者。

I think sometimes we're trying to figure out like what's driving the fees today.

我想有時我們會試圖弄清楚是什麼推動了今天的費用。

And we saw periods we had days where we more than doubled our Coinbase rewards from the transaction fees.

我們看到過一段時期，我們的 Coinbase 交易費用獎勵增加了一倍以上。

So it is a massive potential upside.

因此，這是一個巨大的潛在上升空間。

We continue to see developments in the use of block space as being valuable.

我們繼續認為塊空間使用的發展是有價值的。

And so I think the thing that's important to remember, like why would you buy a bitcoin mining company?

所以我認為記住這一點很重要，例如你為什麼要買比特幣挖礦公司？

If there's an ETF out there, not only are you buying this sort of lever operationally leveraged operating business, but your long call option on transaction fees.

如果有ETF，您不僅可以購買這種槓桿操作的經營業務，還可以購買交易費用的多頭買權。

And so if we see those fees spike or they're more sustainable, that's extra basically that you get from this business and that has the potential.

因此，如果我們看到這些費用飆升或它們更具可持續性，那麼這基本上就是您從這項業務中獲得的收益，並且具有潛力。

So to spike rapidly, we'll see what happens with the spike in demand is generally we continue to see more investors come to the space and demand spike traditionally that makes transaction fees go up.

因此，為了迅速飆升，我們將看到需求激增會發生什麼，通常我們會繼續看到更多的投資者進入這個領域，傳統上需求激增會導致交易費用上漲。

Also, we've got these other uses for block space that we saw really last quarter.

此外，我們還有上個季度真正看到的塊空間的其他用途。

And on the magnitude, I don't know off the top of my head, the magnitude for the whole quarter, what it was in the aggregate, but we definitely had sustained days where it was 50% to 100% of the rewards we were getting from the PointBase rewards.

至於規模，我根本不知道整個季度的規模，總體來說是多少，但我們確實有過持續的日子，它是我們所獲得的獎勵的 50% 到 100%從PointBase獎勵中獲得。

Got it.

知道了。

Thanks.

謝謝。

That's good color, much.

這個顏色不錯，很多

Appreciate, Tyler.

欣賞，泰勒。

Yes, thank you.

是的，謝謝。

Gregory Lewis , BTIG.

格雷戈里·劉易斯，BTIG。

Your line is open.

您的線路已開通。

Yes, hi.

是的，嗨。

Thank you and good morning and thanks for taking my question from Tyler.

謝謝你，早安，謝謝你回答泰勒的問題。

I was hoping for a little bit of an update on our borrowers and where are the statuses of getting grid connected to their and any kind of time lines and thoughts around what else needs to happen in terms of spending to make that happen?

我希望了解我們的借款人的一些最新情況，以及他們的電網連接狀況如何，以及關於實現這一目標還需要在支出方面發生什麼的任何時間線和想法？

Sure.

當然。

Thanks for the question.

謝謝你的提問。

So I we still think that it is in the near term.

所以我仍然認為這是在短期內。

I think we could see it as soon as the next quarter.

我認為我們最快可以在下個季度看到它。

The only reason I haven't given a specific date is that it's basically negotiating contracts.

我沒有給出具體日期的唯一原因是它基本上是在談判合約。

Those contracts are all in motion and some of the contracts, the types of entities involved to do things like set up a grid connection don't necessarily move as quick as other contractual negotiations.

這些合約都在進行中，其中一些合約、涉及建立電網連接等事情的實體類型不一定像其他合約談判那樣快速進行。

And so that's the only reason we haven't been as specific because I just I can't it's hard to underwrite that exact time line.

因此，這是我們沒有那麼具體的唯一原因，因為我無法確定確切的時間表。

That said, it's in process.

也就是說，它正在進行中。

So my optimistic goal would be in the second quarter.

所以我樂觀的目標是第二季。

And I think that's achievable and then I'll remind everyone that we also have technically a 50 megawatt PPA there.

我認為這是可以實現的，然後我會提醒大家，技術上我們也有 50 兆瓦的購電協議。

So we would have potential for another 10 megawatts of expansion at Alberta.

因此，我們有潛力在艾伯塔省再擴建 10 兆瓦。

Should we choose to do that the grid connection you would think would add we're roughly 20% or so of uptime to the machines that are already there.

如果我們選擇這樣做，您可能會認為電網連接會為現有機器增加約 20% 左右的正常運作時間。

And so it would be no meaningful it's not going to move the entire ship, but it's an excellent way to squeeze more out of what we already have.

因此，它不會移動整艘船，這是沒有意義的，但這是從我們已有的資源中榨取更多資源的絕佳方式。

Okay, great.

好的，太好了。

And then just as we think about that then obviously the electricity costs there probably best in class.

正如我們所思考的那樣，顯然那裡的電費可能是同類中最好的。

It may be that with the grid connection, maybe it sort of trends up somewhere in more in line realizing that electricity pricing, you mentioned the PPA, but maybe it looks a little bit more like Odessa.

可能是隨著電網連接，也許它的趨勢在某個地方更符合電價的認識，你提到了購電協議，但也許它看起來更像敖德薩。

So maybe thinking more on that.

所以也許更多地考慮這一點。

I guess what I'm wondering is that the utilization improvement for probably far outstrips the as you know, I guess higher marginal cost of the electricity.

我想我想知道的是，利用率的提高可能遠遠超過你所知道的，我猜電力的邊際成本更高。

Is that kind of interest rate?

是這樣的利率嗎？

I mean, I think of it this way, right.

我的意思是，我是這樣想的，對吧。

So power tentative.

所以力量暫定。

First of all, our cheapest power in the portfolio as we show in the deck is at Albacora.

首先，正如我們在牌組中所展示的，我們的產品組合中最便宜的力量是在 Albacora。

And so it's great when the wind's blowing that is the strongest you know the strongest economics we have, obviously, when the wind blows, that's great when it doesn't blow, we're not currently drawing power in Texas.

因此，當風吹得最強勁時，這很好，你知道，我們擁有最強勁的經濟，顯然，當風吹時，當風不吹時，這很好，我們目前在德克薩斯州還沒有獲得電力。

Obviously, when the wind blows typically the grid market price is also lower.

顯然，當風通常吹時，電網市場價格也會較低。

So I do think it will be higher than we pay when we're drawing from the grid.

所以我確實認為它會比我們從電網中抽取時支付的費用更高。

But what we will do as we do it all the front of the meter sites, we will manage that sort of curtailment, right?

但是，當我們在電錶站點的所有前端進行操作時，我們將做什麼，我們將管理這種削減，對吧？

So we will avoid the most expensive free market hours will increase the utilization.

所以我們會避開最昂貴的自由市場時間來提高使用率。

And I think of it as three quarters of the time, it will be that cheap price and outdoors and one-quarter of the time it will be closer to bear and chief.

我認為四分之三的時間，它將是便宜的價格和戶外，四分之一的時間它將更接近熊和酋長。

Super helpful.

超有幫助。

Thank you for your time.

感謝您的時間。

Yes.

是的。

Thank you.

謝謝。

Josh Siegler, Cantor Fitzgerald.

喬許·西格勒，坎托·菲茨傑拉德。

Your line is open.

您的線路已開通。

Yes, hi.

是的，嗨。

Thanks for taking my question, guys.

謝謝你們提出我的問題，夥伴們。

First of all, I know it's still early stages by love to understand kind of how you're thinking about the pace of CapEx spending and the rollout of that spending as we head into the Black Pearl Energy Center division?

首先，我知道，當我們進入黑珍珠能源中心部門時，了解您如何考慮資本支出的節奏以及該支出的推出還處於早期階段？

Thank you.

謝謝。

Sure.

當然。

So it's early days and we're still at the point where we're testing different design decisions at Black Pearl.

所以現在還處於早期階段，我們仍處於在 Black Pearl 測試不同設計決策的階段。

So we're looking at air cooling, we're looking at Hydro.

所以我們正在考慮空氣冷卻，我們正在考慮水力冷卻。

I would say maybe we haven't completely ruled out immersion, but we're not favoring it.

我想說，也許我們還沒有完全排除沉浸式體驗，但我們並不贊成它。

It's more likely to be hydro or air-cooled as we look at cost projections at that site, it's running in line roughly with Odessa.

當我們查看該站點的成本預測時，它更有可能採用水冷或風冷，其運作與敖德薩大致一致。

So Odessa, we came in just above $500,000 per megawatt for the non-rig infrastructure we're tracking towards the same thing at Black Pearl, I'll say one difference.

因此，在敖德薩，我們的非鑽機基礎設施的價格略高於每兆瓦 50 萬美元，我們正在追蹤黑珍珠號的相同目標，我會說有一個區別。

So at Black Pearl, technically, we're building and owning the substation there for a 300 megawatt site.

因此，從技術上來說，在 Black Pearl，我們正在建造並擁有 300 兆瓦的變電站。

So if you include that as well, that would take the average cost.

因此，如果您也將其包括在內，則需要平均成本。

Again, it's early.

再說一遍，時間還早。

We like the building contingencies, et cetera, but we're forecasting $650,000 to $700,000 per megawatt for the non-rig infrastructure.

我們喜歡建造意外事件等，但我們預測非鑽機基礎設施每兆瓦的成本為 650,000 至 700,000 美元。

And then, of course, should we choose to put all the 20 ones there.

然後，當然，我們是否應該選擇將所有 20 個都放在那裡。

We've got that prices fixed and partially paid already.

我們已經確定了價格並已經支付了部分費用。

So we've paid.

所以我們已經付錢了。

I think in the course of that process of that CapEx, we've paid 20 something million so far from the low $20 million.

我認為在資本支出的過程中，我們已經從 2000 萬美元的低點支付了 20 多萬美元。

And then between the fees, Mark are to market our Bitcoin today, we've got about $165 million or so or I should say at the end of February.

然後，在費用之間，馬克今天將推銷我們的比特幣，我們已經獲得了大約 1.65 億美元左右，或者我應該說在 2 月底。

If you look at the numbers that we reported between cash and Bitcoin thus far, March has been a strong month, obviously with Bitcoin value.

如果你看一下我們迄今為止報告的現金和比特幣之間的數據，你會發現三月是一個強勁的月份，顯然比特幣的價值也是如此。

So between the cash on hand and what we expect to be ongoing operating cash flows.

因此，在手頭現金和我們預期的持續經營現金流之間。

We're very comfortable certainly with the first half of Black Pearl and as we continue to watch the market dynamics.

我們對黑珍珠號的上半年表現非常滿意，我們將繼續關注市場動態。

And I'm hoping that we'll push forward the tried to do the full 300 from day one.

我希望我們能從第一天起就努力完成 300 場比賽。

Yes, understood.

是的，明白了。

Then power, other public color and look, you know, in your presentation you broke down your energy cost by five on an all-in basis.

然後是電力、其他公共色彩和外觀，您知道，在您的演示中，您將能源成本總計減少了五。

And I think it's very helpful merely pointing out the operating leverage inherent in this business.

我認為僅僅指出該業務固有的營運槓桿就非常有幫助。

I'm curious, no blood flow comes online.

我很好奇，沒有血流在線。

How are you thinking about you know its impact on your all in energy cost per bitcoin mines and boards.

您如何看待它對每個比特幣礦場和礦場的能源成本的影響？

So let me give some color on how we're thinking about it.

那麼讓我來談談我們是如何思考這個問題的。

It's hard to project exactly so Black Pearl is a front of the meter site, but it is so what we will do is manage curtailment, and we plan to participate in demand response programs in Texas.

很難準確預測黑珍珠是電錶站點的前端，但我們要做的是管理限電，並且我們計劃參與德克薩斯州的需求響應計劃。

So things like ancillary services.

諸如輔助服務之類的事情。

So to give some color, I mentioned if you were what I'll call up a basic model, Bitcoin miner that just flips on machines and runs them 100% of the time costs in a spot like that in Texas would be something like $0.06 per kilowatt hour, which is not that attractive to us much, much higher than the rest of our portfolio, if you then sort of manually, operate and trade and curtail and to basically mirror what we've treated in curtailment at Odessa.

因此，為了提供一些色彩，我提到，如果你是我所說的基本模型，比特幣礦工只需打開機器並運行它們100%，那麼在德克薩斯州這樣的地方，每台比特幣礦當機的成本約為0.06 美元千瓦時，這對我們來說沒有那麼大的吸引力，比我們投資組合的其他部分高得多，如果你手動操作、交易和削減，基本上反映了我們在敖德薩削減時所處理的情況。

But where we've got it baked into the contract is a fixed price.

但我們將其納入合約的是固定價格。

And so in other words, think about we shut off the 5% most expensive times for floating prices in the market, which is basically what we have to do at Odessa that would take that $0.06 price somewhere down to like the mid $0.03 is $0.035, something like that if you then sort of make all the trading decisions around power optimization.

換句話說，考慮一下我們關閉了市場上浮動價格最昂貴的 5% 時間，這基本上就是我們在敖德薩要做的事情，它將 0.06 美元的價格降至 0.03 美元中間的 0.035 美元，如果您隨後圍繞功率優化做出所有交易決策，就會發生類似的情況。

So things like participating and actually ancillary services market looking at real time versus day-ahead markets, thinking about other things like congestion, trading and other things we can optimize if you did it perfectly, which we will not.

因此，像參與和實際輔助服務市場一樣，著眼於實時與日前市場，考慮其他事情，例如擁堵、交易和其他事情，如果你做得完美的話，我們可以優化，但我們不會。

But we will aim for we think you could get the price actually on a net basis below $0.02 per kilowatt hour.

但我們的目標是，我們認為實際淨價可以低於每千瓦時 0.02 美元。

And so in reality, the way we will operate the fully scaled up site, I would currently forecast to be somewhere between, let's call it $0.025 and $0.035 on a net basis, depending on how that ends up.

因此，實際上，我目前預測我們經營完全擴大規模的網站的方式將介於淨值 0.025 美元和 0.035 美元之間，具體取決於最終結果。

That's right on top of our portfolio basically.

這基本上就在我們的投資組合之上。

Understood.

明白了。

Thank you.

謝謝。

[Philip Meisel], Stifel.

[菲利普·梅塞爾]，斯蒂菲爾。

Your line is open.

您的線路已開通。

Yes, good morning, guys, and congrats on the Pennant Thank you for taking my questions.

是的，早上好，夥計們，恭喜你獲得錦旗，謝謝你回答我的問題。

I just have one here.

我這裡只有一張。

Tyler was just hoping you could share your thoughts on how you see the industry evolving over time with respect to consolidation.

泰勒只是希望您能分享您對行業在整合方面如何隨著時間的推移而發展的看法。

If we look at the universe of public big miners, it's evident that operators who focus purely on Bitcoin mining have achieved arguably superior financial performance and scale and a number of these players are building massive data centers.

如果我們看看公共大型礦商的整體情況，很明顯，純粹專注於比特幣挖礦的運營商已經取得了可以說是卓越的財務業績和規模，並且其中許多參與者正在建設大型數據中心。

And so what's your take on the appetite to acquire subscale peers?

那麼您對收購小規模同業的興趣有何看法？

Has that diminished at all?

這已經減少了嗎？

Thanks for the question.

謝謝你的提問。

I'd say we look at everything we're always looking for an opportunity.

我想說的是，我們會審視一切，一直在尋找機會。

I think you know, often sites are for sale or sellers are distressed for a reason.

我想您知道，網站被出售或賣家經常因某種原因而苦惱。

Sometimes, I'd say most typically we screen things out because we're just not interested in power prices that we don't think are sustainable through a bull and bear cycle.

有時，我想說，最典型的是，我們會篩選掉一些東西，因為我們只是對電價不感興趣，我們認為電價在牛市和熊市週期中是不可持續的。

The competitors, the competitive landscape is getting larger and larger scale.

競爭對手多，競爭格局越來越大。

It does make sense that the large-scale players are going to do better on a going forward basis.

大型企業在未來會做得更好，這確實是有道理的。

I think being a registered company in the U.S. gives people great access to capital markets to fund expansion and also gives you scale to negotiate in a lower CapEx, et cetera.

我認為，作為一家在美國註冊的公司，人們可以很方便地進入資本市場來為擴張提供資金，也可以讓你在較低的資本支出等方面進行談判。

I think there are folks out there that are basically to your point maybe bitcoin mining is not working that well.

我認為有些人基本上同意你的觀點，也許比特幣挖礦效果不太好。

And the shiny new toy is something like a eye.

這個閃亮的新玩具就像一隻眼睛。

We've looked at all kinds of AI. proposals and eyeball that that is not currently on our road map, we are much more interested in opportunities to sort of integrate upward into the power industry.

我們研究了各種人工智慧。提案和眼球目前不在我們的路線圖上，我們對向上融入電力產業的機會更感興趣。

And so we'll continue to look at that.

所以我們將繼續關注這一點。

But I think going forward to your question, it's dynamic.

但我認為，對於你的問題，它是動態的。

I mean, Bitcoin prices are going up so fast right now, who knows what the price is going to be at the halving, maybe bitcoin price bills, some of the less efficient guys out.

我的意思是，比特幣價格現在上漲得如此之快，誰知道減半時價格會是多少，也許比特幣價格帳單，一些效率較低的人出局了。

But if you assume we go forward with very large network cash rate growth and non completely parabolic bitcoin price increases, I think you're going to see, but dispersion among the miners, I think people are going to stop looking at these companies as the same thing and seeing them trading all in line and as I mentioned earlier, in our case.

但如果你假設我們繼續進行非常大的網路現金利率成長和非完全拋物線式的比特幣價格上漲，我想你會看到，但礦工之間的分散，我認為人們將不再將這些公司視為同樣的事情，看到他們都在排隊交易，正如我之前提到的，在我們的例子中。

We think the ability to have a team, a company operations technology that can effectively produce its own cheap power from the free market in the way we interact with the grid, particularly in places like Texas, and that's just going to make us more sustainable.

我們認為，擁有一個團隊、一個公司運作技術的能力，可以透過我們與電網互動的方式，從自由市場有效地生產自己的廉價電力，特別是在德克薩斯州這樣的地方，這只會讓我們變得更永續。

So from an M&A perspective, the challenges, you know, I don't we don't love the hosting business really in either direction around having with new chipsets coming out.

因此，從併購的角度來看，挑戰，你知道，我不喜歡託管業務，無論是在新晶片組問世的兩個方向上。

And I think that business is going to be challenged.

我認為該業務將面臨挑戰。

And so we're less interested in general and sites that are for sale that have hosted clients with contracts or maybe have obligations on the power side that they can't necessarily pass through to clients there are challenges like that, that sometimes make things for sale overall.

因此，我們對一般和待售網站不太感興趣，這些網站已經託管了簽訂合約的客戶，或者可能有權力方面的義務，他們不一定能傳遞給客戶，存在這樣的挑戰，有時會為客戶帶來麻煩。整體銷售。

I think the differentiator for us is are there companies that look at Cipher and say, wow, those are the best-in-class unit economics and they have large scale and expansion and a clean balance sheet.

我認為對我們來說，區別在於是否有公司看到 Cipher 後說，哇，這些公司的單位經濟效益是一流的，而且它們擁有大規模和擴張性以及乾淨的資產負債表。

So we'd love to effectively aggregate with them to become very large player.

因此，我們很樂意與他們有效地聚合，成為非常大的參與者。

I think that could be something that becomes interesting to us.

我認為這可能會讓我們變得有趣。

There is an interesting valuation gap, in our opinion, between us and some of the biggest miners where we think we're running a better company, frankly, and so if there are opportunities that we think are very good price and very accretive to shareholders, we're certainly looking.

我們認為，我們和一些最大的礦業公司之間存在著有趣的估值差距，坦白說，我們認為我們正在經營一家更好的公司，因此，如果有我們認為價格非常優惠且對股東非常有利的機會，我們當然在找。

Great.

偉大的。

That's a touch.

那是一種觸摸。

That's amazing color.

那是令人驚奇的顏色。

I think the strategy makes sense just given your superior unit economics, I don't know them the lowest cost producer of commodity or which ones and that's all the questions I have, Sanjay, thank you.

我認為考慮到你們優越的單位經濟效益，這個策略是有意義的，我不知道他們是成本最低的商品生產商，也不知道是哪些，這就是我的所有問題，桑傑，謝謝。

(Operator Instructions)

（操作員說明）

Joe Flynn, Compass Point. where your line is open.

喬·弗林，《指南針點》。您的線路開通的地方。

I guess most of my questions were asked, but I thought I'd maybe just ask about one thing that was brought up earlier at some point that, you know that fix your PPA, like if I think it's a 5-year deal.

我想我的大部分問題都被問到了，但我想我可能只想問一下早些時候提出的一件事，那就是修復你的購電協議，就像我認為這是一份為期5 年的協議一樣。

But can you walk us through maybe the the process of renegotiating that maybe you guys have clearly demonstrated, yes, best-in-class economics and fueled ultimately seems like risks there.

但是，您能否向我們介紹重新談判的過程，也許您已經清楚地證明了，是的，一流的經濟學，並且最終似乎加劇了風險。

Just regarding that, like are those kind of deals still out there for you Cognite, newer miners that have demonstrated a track record at fixed.

就這一點而言，像 Cognite 這樣的交易仍然存在，新礦工已經在固定價格上表現出了良好的業績記錄。

So thanks for the question.

謝謝你的提問。

I think from our perspective, part of the reason that contract was set up is fixed prices.

我認為從我們的角度來看，簽訂合約的部分原因是固定價格。

The market was a little bit cheap on a forward basis, and we could lock those prices over five years.

遠期市場有點便宜，我們可以在五年內鎖定這些價格。

And so we chose to do that.

所以我們選擇這樣做。

As you mentioned, we've got 3.5-ish years left on that contract.

正如您所提到的，我們的合約還剩 3.5 年左右。

We're in constant negotiations and it's sort of a it's a symbiotic relationship with our power provider there because they're giving us curtailment notices.

我們正在不斷進行談判，這與我們那裡的電力供應商是一種共生關係，因為他們向我們發出了限電通知。

We're managing curtailment.

我們正在管理限電。

We provide a lot of data.

我們提供大量數據。

We work.

我們工作。

We're in constant contact with them.

我們一直與他們保持聯繫。

So listen, even with that, amazingly cheap price over the life of that contract, we're going to pay something like a quarter billion dollars to our power provider.

因此，聽著，即使在合約有效期內價格非常便宜，我們也將向我們的電力提供者支付約 2.5 億美元。

So I think there's every commercial incentive for us to keep working.

所以我認為我們有充分的商業動機繼續工作。

We are co-located with their data center and we're in constant negotiations about things that happen beyond that five years, but also expansion opportunities, other opportunities potentially at sites with them in other places, et cetera.

我們與他們的資料中心位於同一地點，並且我們不斷就五年後發生的事情進行談判，而且還就擴展機會、與他們在其他地方的站點上潛在的其他機會等進行談判。

So I'm optimistic that over time will extend or alternatively, if if there are amazing sites down the street, we certainly have that capability now with four larger data centers in Texas and hopefully more in the pipeline as they come available and we'll find whatever the best outcome is for shareholders.

因此，我樂觀地認為，隨著時間的推移，或者如果街上有令人驚嘆的站點，我們現在當然擁有這種能力，在德克薩斯州有四個更大的數據中心，希望更多的資料中心可用，我們將找到對股東最好的結果。

But we've got a few years.

但我們還有幾年時間。

I think you know, yes, if those opportunities are available to new miners, I would say they won't even offer available to old miners because like that, counterparty, for example, gave anecdotes about how lots of miners had knocked on their door for an opportunity.

我想你知道，是的，如果這些機會提供給新礦工，我想說他們甚至不會向老礦工提供機會，因為這樣，交易對手就提供了關於有多少礦工敲門的軼事為了一個機會。

And, you know, from a counterparty perspective, we showed very professionally we could post double digit million of collateral to support the contract, et cetera.

而且，你知道，從交易對手的角度來看，我們非常專業地展示了我們可以提供數百萬美元的抵押品來支持合約等等。

So I think it's hard to go through the counterparty analysis, even if you have built space right now, as far as doing new deals.

因此，我認為就進行新交易而言，即使您現在已經建立了空間，也很難進行交易對手分析。

Like that, I mentioned the economics that we can effectively replicate from how we curtail at Odessa to take upfront of the meter floating price site and more or less through the tech ops and trading stack.

像這樣，我提到了我們可以有效地複製我們如何在敖德薩削減費用，以預先採取電錶浮動價格網站，併或多或少地通過技術操作和交易堆疊來複製經濟。

We've built manufacture our own results from the floating price.

我們已經根據浮動價格建立了自己的製造結果。

I think that means that right now floating price is more attractive than what we've seen for market hedges, which is why right now, we haven't been doing as many fixed price deals that will change over the course of years cycles happen.

我認為這意味著目前浮動價格比我們所看到的市場對沖更具吸引力，這就是為什麼現在我們還沒有進行那麼多會在多年周期中發生變化的固定價格交易。

So right now, I think the best way to do it is to tried to manage curtailment manually and participate in those demand response programs, whether you're us or anyone else.

因此，現在，我認為最好的方法是嘗試手動管理削減並參與這些需求響應計劃，無論您是我們還是其他任何人。

I think the differences we've invested years and a lot of money in a team, a tech stack and an operations set of procedures and people that can manually operate and take advantage of produce those economics, I think has very hard to do smaller scale or with a different team.

我認為我們在團隊、技術堆疊和操作程序集以及可以手動操作和利用產生這些經濟效益的人員方面投入了多年和大量資金的差異，我認為很難做更小的規模或與不同的團隊。

Mike Colonnese, H.C. Wainwright.

科隆尼斯 (Mike Colonnese)，H.C.溫賴特。

You lend itself and good morning, guys.

你們盡力了，早安，夥計們。

Great quarter and thank you for taking my question this morning.

很棒的季度，感謝您今天早上提出我的問題。

I'm curious to what price range you'd consider on a cost per megawatt basis to acquire infrastructure as you evaluate some of these M&A opportunities out there?

我很好奇，當您評估其中一些併購機會時，您會考慮以每兆瓦成本為基礎購買基礎設施的價格範圍是多少？

Thanks.

謝謝。

Mike.

麥克風。

And I'd say it's dynamic like everything else, right?

我想說它就像其他一切一樣是動態的，對吧？

Meaning Bitcoin prices going up, enthusiasm is going up.

意味著比特幣價格上漲，熱情也在上漲。

I don't think anyone's ever going to get the price we got for Black Pearl, we paid $7 million for a 300 megawatt, our COD approved site.

我認為沒有人能接受我們為黑珍珠號所付出的代價，我們為 300 兆瓦的 COD 批准場地支付了 700 萬美元。

So now it's not built, but but having the sort of approval and capacity to go to 300 megawatts.

所以現在它還沒有建成，但已經獲得了批准並且容量達到 300 兆瓦。

It's an amazing price and far far less than I've seen anyone achieve.

這是一個驚人的價格，遠低於我見過的任何人所達到的價格。

I think it's dynamic and it's really site-by-site.

我認為它是動態的，而且確實是逐個網站的。

It depends on what you're buying, what the power contract is what are the opportunities to do things like manage your curtailment and be paid for that so that you can sort of.

這取決於您要購買什麼，電力合約是什麼，有哪些機會可以做一些事情，例如管理您的限電並為此付費，以便您可以進行一些操作。

Again manufacture your own cheaper prices and then if there's hardware there, what's the state of the hardware?

再次以更便宜的價格製造自己的產品，然後如果那裡有硬件，硬體的狀態如何？

And we're doing diligence on some sites, some sites, the hardware, pristine, it at other places, it's not.

我們正在一些網站上進行盡職調查，有些網站的硬體是原始的，但在其他地方卻不是。

And so coming up with a secondary market value for things like if there are rigs, their substations, transformers, et cetera, sort of building containerized, et cetera.

因此，為諸如是否有鑽孔機、變電站、變壓器等、某種貨櫃建築等提出二級市場價值。

So I'd say every situation's a little bit different.

所以我想說每種情況都有點不同。

But where we always start is we typically look for a minimum of scale.

但我們總是從尋找最小規模開始。

We screen out things most often below 50 megawatts unless there's a compelling reason to look at them.

我們通常會篩選出低於 50 兆瓦的功率，除非有令人信服的理由要查看它們。

The next thing we look at is the power, how sustainable is the power?

接下來我們看的是電力，電力的可持續性如何？

What are the risks that the power could change?

權力變化可能帶來哪些風險？

Are there?

在那兒？

What's the regime like, et cetera.

政權是什麼樣的，等等。

And then beyond that, it's kind of a market price evaluation of what equipment might be there.

除此之外，這是對可能存在的設備的市場價格評估。

So it's hard to give a stock answer to that.

所以很難給一個固定的答案。

Other other than basically anything we do with capital at the company starts with a return on investment calculation, and that's whether we're buying rigs, buying power or buying a site.

除了基本上我們在公司用資本做的任何事情都是從投資回報計算開始的，這就是我們是否購買鑽孔機、購買電力或購買場地。

And so all I can say is we will remain very disciplined and trying to make investments that we think are going to have a fantastic return for shareholders.

因此，我只能說，我們將保持非常自律，並努力進行我們認為將為股東帶來豐厚回報的投資。

Thinking about the time we have our Q&A session.

想想我們進行問答環節的時間。

I will now turn the call back over to Mr. Tyler page for any closing remarks.

現在我將把電話轉回泰勒先生頁面以聽取結束語。

Well, look, thank you very much to everyone that participated on the call.

嗯，非常感謝參加電話會議的所有人。

We are really excited.

我們真的很興奮。

We have been thinking about the having for years and we built this business and even this earnings call getting excited to talk about where we would be positioned going into this really transitional transformational period in this space.

我們多年來一直在思考這個問題，我們建立了這項業務，甚至在這次財報電話會議上，我們也很興奮地談論在這個領域進入這個真正的過渡轉型時期我們將處於什麼位置。

So thank you for your time, and we're very excited to give you further updates in the coming months.

感謝您抽出寶貴的時間，我們很高興在未來幾個月內為您提供進一步的更新。

Ladies and gentlemen, that does conclude our conference for today.

女士們、先生們，今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。