Cipher Mining Inc (CIFR) 2024 Q2 法說會逐字稿

Good day and welcome to the Cipher Mining second-quarter business update conference call.

美好的一天，歡迎參加 Cipher Mining 第二季度業務更新電話會議。

(Operator Instructions) As a reminder, this call may be recorded.

（操作員說明）謹此提醒，此通話可能會被錄音。

I would now like to turn the call over to Joshua Kane, Head of Investor Relations.

我現在想將電話交給投資者關係主管約書亞·凱恩（Joshua Kane）。

Please go ahead.

請繼續。

Good morning and thank you for joining us on this conference call to address Cipher Mining's second quarter 2024 business update.

早安，感謝您參加本次電話會議，討論 Cipher Mining 的 2024 年第二季業務更新。

Joining me on the call today are Tyler Page, Chief Executive Officer, and Edward 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) 和財務長愛德華法雷爾 (Edward 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, and this conference call is the property of Cipher Mining and any taping or other reproduction is expressly prohibited without prior consent.

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，本次電話會議屬於 Cipher Mining 的財產，未經事先同意，明確禁止任何錄音或其他複製。

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 Cipher's 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.

在我們開始之前，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 Cipher 的財務前景、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。

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 mostly 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大多數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.

我現在將把電話轉給泰勒佩奇。

Tyler?

泰勒？

Thanks, Josh.

謝謝，喬許。

Hello, this is Tyler Page, CEO of Cipher Mining.

大家好，我是 Tyler Page，Cipher Mining 的執行長。

Thank you very much for joining our second quarter 2024 business update call.

非常感謝您參加我們的 2024 年第二季業務更新電話會議。

Let me begin the call with a few key metrics for Cipher as of the end of July 2024.

讓我先介紹截至 2024 年 7 月底 Cipher 的一些關鍵指標。

The upcoming growth of our business is the major theme of the call today, and Cipher's growth and expansion continued throughout the second quarter.

我們業務即將成長是今天電話會議的主題，Cipher 的成長和擴張在整個第二季度持續進行。

We have now grown to 8.7 exahash per second of self-mining capacity with a current fleet efficiency of 28.7 joules per terahash.

我們的自挖礦能力現已成長至每秒 8.7 exahash，目前的艦隊效率為 28.7 焦耳/terahash。

As we look to the rest of 2024, we plan a significant upgrade of mining rigs at our largest data center at Odessa that will bring our self-mining capacity to 13.5 exahash per second and improve our fleet-wide efficiency to 18.6 joules per terahash by year end.

展望2024 年剩餘的時間，我們計劃對敖德薩最大的資料中心的採礦設備進行重大升級，這將使我們的自採礦能力達到每秒13.5 exahash，並將我們整個艦隊的效率提高到每terahash 18.6 焦耳year end.

Those upgraded rigs are scheduled to ship in the third quarter, and we will install them as they arrive because the site is already prepared to take them.

這些升級後的鑽孔機計劃在第三季發貨，我們將在它們到達時進行安裝，因為現場已經準備好接收它們。

Our growth is then expected to accelerate considerably in 2025 with the addition of our new 300-megawatt Black Pearl data center reaching completion.

隨著我們新的 300 兆瓦黑色珍珠資料中心的竣工，我們的成長預計將在 2025 年大幅加速。

We expect that the data center will expand our self-mining capacity to 35 exahash per second and improve our fleet-wide efficiency to 15.3 joules per terahash.

我們預計資料中心將把我們的自挖礦能力擴大到每秒 35 exahash，並將我們整個艦隊的效率提高到每 terahash 15.3 焦耳。

Cipher has continued to build its Bitcoin inventory, and as of the end of July held 2,270 Bitcoin.

Cipher 繼續建立其比特幣庫存，截至 7 月底持有 2,270 個比特幣。

As a reminder for those that are newer to the story, Cipher is probably best known in the industry for its very competitive all-in weighted average power price of [$0.027] per kilowatt hour.

提醒那些剛接觸這個故事的人，Cipher 可能因其極具競爭力的每千瓦時 [0.027 美元] 的加權平均電價而在業界聞名。

Electricity represents the large majority of our operating costs, and our low price is a key driver of our best-in-class unit economics

電力占我們營運成本的大部分，而我們的低廉價格是我們一流的單位經濟效益的關鍵驅動力

I mentioned that our focus will largely be on Cipher's upcoming growth, and today I am very excited to provide early details of the extensive work we have been doing to build our pipeline of attractive new data center sites for future development.

我提到我們的重點將主要集中在 Cipher 即將到來的增長上，今天我非常高興能夠提供我們一直在為未來發展構建有吸引力的新數據中心站點管道而進行的廣泛工作的早期細節。

We have consistently said that owning our own infrastructure is vital to our success.

我們一直表示，擁有自己的基礎設施對於我們的成功至關重要。

Cipher has always sourced, owned and operated its own data centers.

Cipher 始終採購、擁有並經營自己的資料中心。

Historically, we have acquired sites that have already received interconnection approvals, but we recently expanded our scope and signed a letter of intent for an option to acquire three new sites in North America that are adjacent to transmission assets and in the final stages of approval for interconnection with a 500-megawatt targeted capacity per site.

從歷史上看，我們收購了已經獲得互連批准的站點，但我們最近擴大了範圍，並簽署了一份意向書，選擇收購北美的三個新站點，這些站點毗鄰輸電資產，並處於批准的最後階段。

By getting involved earlier in the development timeline, we can avoid broader bidding competitions and source valuable sites that most of our competitors cannot, while improving the long-term visibility for our supply chain and construction functions.

透過儘早參與開發時間表，我們可以避免更廣泛的投標競爭，並找到大多數競爭對手無法提供的有價值的場地，同時提高我們供應鏈和施工職能的長期可見性。

Our ultimate purchase price for the sites under our agreement will be very attractive and based on the number of megawatts approved for interconnection, limiting our downside risk.

根據我們的協議，我們對站點的最終購買價格將非常有吸引力，並且基於批准用於互連的兆瓦數，從而限制了我們的下行風險。

In addition to this purchase option, we are moving forward with a front-of-the-meter site in Texas called Reveille that has already been approved for 70 megawatts, and we believe can be expanded to 200 megawatts by the time it energizes in Q1 2027.

除了這個購買選項之外，我們還在德克薩斯州推進一個名為 Reveille 的用戶前站點，該站點已獲得 70 兆瓦的批准，我們相信在第一季通電時可以擴展到 200 兆瓦2027 年。

For future development after Black Pearl, we now have a potential pipeline of up to 1.7 gigawatts of capacity across four new sites.

對於黑珍珠號之後的未來發展，我們現在在四個新站點擁有高達 1.7 吉瓦容量的潛在管道。

Notably all of these future data center sites sit at the center of the major trends we see impacting the data center space in the coming years: the continued adoption of the Bitcoin network and related value of Bitcoin mining as a flexible load, as well as the meteoric growth of AI-related HPC data centers.

值得注意的是，所有這些未來的資料中心站點都處於我們認為影響未來幾年資料中心空間的主要趨勢的中心：比特幣網路的持續採用以及比特幣挖礦作為靈活負載的相關價值，以及與人工智慧相關的高效能運算資料中心迅速成長。

We believe large scale interconnections that can be used in a variety of ways will become more valuable over time.

我們相信，隨著時間的推移，可以多種方式使用的大規模互連將變得更有價值。

The four sites we intend to develop all have the necessary characteristics for development of HPC data centers, but also sit in locations with demand response programs that would allow us to monetize the flexibility of curtailment used in Bitcoin mining operations.

我們打算開發的四個站點都具有開發 HPC 資料中心所需的特徵，而且也位於具有需求響應計劃的位置，這將使我們能夠利用比特幣挖礦業務中使用的縮減的靈活性來貨幣化。

With these sites, we have a lot of optionality, which is exactly where we like to be positioned, in front of trends with the potential for massive growth.

有了這些網站，我們就有了很多選擇，這正是我們想要定位的地方，領先於具有巨大成長潛力的趨勢。

In connection with the updates on our pipeline of new sites, I am also pleased to announce the launch of our HPC infrastructure business.

關於我們新站點管道的更新，我還很高興地宣布啟動我們的 HPC 基礎設施業務。

Given the requirements for success in the HPC infrastructure business and the relative strength of Cipher Mining, we believe we will be a market leader in this space.

考慮到 HPC 基礎設施業務成功的要求以及 Cipher Mining 的相對優勢，我們相信我們將成為該領域的市場領導者。

In recent months, we have devoted considerable focus to the evolving HPC data center marketplace and have identified three specific advantages we have over competitors.

近幾個月來，我們非常關注不斷發展的 HPC 資料中心市場，並確定了我們相對於競爭對手的三個具體優勢。

A successful provider of HPC infrastructure needs to have access to the right data center sites, an experienced construction and operations team, and the capital to finance the necessary build-out.

成功的 HPC 基礎設施提供者需要擁有正確的資料中心站點、經驗豐富的建設和營運團隊以及為必要的擴建提供資金的資金。

Cipher is well positioned in all three areas.

Cipher 在這三個領域都處於有利地位。

Our pipelines sites all have access to adequate land and fiber necessary to service HPC customers.

我們的管道站點都擁有為 HPC 客戶提供服務所需的充足土地和光纖。

The existing construction and operations team at Cipher has extensive experience building and operating Tier 3 data centers at firms like Google, Vantage and Meta.

Cipher 現有的建置和營運團隊擁有在 Google、Vantage 和 Meta 等公司建置和營運 Tier 3 資料中心的豐富經驗。

As an example of the team's excellence being recognized, the Uptime Institute recently awarded our Odessa data center the management and operations stamp of approval.

作為團隊卓越表現得到認可的一個例子，Uptime Institute 最近向我們的敖德薩資料中心授予了管理和營運批准印章。

The Uptime Institute sets industry standards in the data center industry and has historically focused exclusively on traditional data centers.

Uptime Institute 制定了資料中心產業的行業標準，並且歷來只專注於傳統資料中心。

This is their first instance of branching out to the Bitcoin mining industry.

這是他們首次涉足比特幣挖礦行業。

Our team literally sets the standard for operational excellence in our industry.

我們的團隊確實為我們行業的卓越營運樹立了標準。

When it comes to financing expansion, our management team has deep Wall Street experience with a proven track record of raising capital.

在融資擴張方面，我們的管理團隊擁有豐富的華爾街經驗以及良好的融資記錄。

Over the last few months, we have been inundated with requests from HPC lenders and investors managing billions of dollars dedicated to the space, asking for information about our data center sites, our development pipeline, and our level of interest in being a provider of HPC infrastructure.

在過去的幾個月裡，我們收到了大量來自HPC 貸方和投資者的請求，他們管理著數十億美元的專用資金，要求提供有關我們的資料中心網站、我們的開發管道以及我們對成為HPC提供者的興趣程度的資訊基礎設施。

We have also had deep technical discussions with potential tenants, and we are confident in our ability to build powered shelves that will be very attractive to hyperscalers and other large tenants.

我們還與潛在租戶進行了深入的技術討論，我們對建造電動貨架的能力充滿信心，這對超大規模企業和其他大型租戶非常有吸引力。

Given our site portfolio, our unique strengths in construction and operations, and the level of investment capital available, we are excited to embark on a new major line of business for the company.

鑑於我們的場地組合、我們在建設和運營方面的獨特優勢以及可用的投資資本水平，我們很高興能為公司開展新的主要業務。

We are also still very excited about Bitcoin mining and the potential for managing the associated curtailment.

我們仍然對比特幣挖礦以及管理相關縮減的潛力感到非常興奮。

While it is too early to predict the exact mix of our business lines over time, Bitcoin mining and HPC infrastructure are complementary lines of business with different risk and payoff profiles, and even have the potential to converge.

雖然現在預測我們的業務線隨著時間的推移的確切組合還為時過早，但比特幣挖礦和 HPC 基礎設施是互補的業務線，具有不同的風險和回報狀況，甚至有可能融合。

We think Cipher is uniquely positioned to be best in class in both verticals and our strategy will be guided by our intent to maximize shareholder value over time as we develop our future data centers.

我們認為 Cipher 處於獨特的地位，在兩個垂直領域都是同類最佳，我們的策略將以我們在開發未來資料中心時不斷實現股東價值最大化的意圖為指導。

Now let's turn to the next data centers we are building.

現在讓我們轉向我們正在建造的下一個資料中心。

Slide 6 and 7 show a rendering of the completed data center at Black Pearl and photos from the current site work.

幻燈片 6 和 7 顯示了已竣工的黑珍珠資料中心的效果圖以及目前現場工作的照片。

We are scheduled to energize the site in the second quarter of 2025.

我們計劃於 2025 年第二季為該站點注入活力。

Our O&M building is taking shape at the site and steel erection, concrete foundations and underground electrical work is progressing on schedule.

我們的運維大樓正在現場初具規模，鋼結構安裝、混凝土基礎和地下電氣工程正在按計劃進行。

Our design envisions 250 megawatts of air-cooled and 50 megawatts of liquid cooled Bitcoin mining.

我們的設計設想了 250 兆瓦的風冷比特幣挖礦和 50 兆瓦的液冷比特幣挖礦。

We have had hyperscalers inquire about our willingness to repurpose a portion of the data center for HPC infrastructure, and while we haven't completely ruled it out, our current intent is to dedicate the full 300 megawatts to Bitcoin mining.

我們已經讓超大規模企業詢問我們是否願意將資料中心的一部分重新用於HPC 基礎設施，雖然我們還沒有完全排除這種可能性，但我們目前的意圖是將全部300 兆瓦用於比特幣挖礦。

At full capacity, the site is anticipated to produce roughly 21.5 exahash per second of hash rate.

在滿載運行時，該站點預計每秒可產生約 21.5 exahash 的雜湊率。

Slide 8 shows an overview of the Reveille data center site.

投影片 8 顯示了 Reveille 資料中心網站的概述。

The site is located in Cotulla, Texas in Load Zone South, which is a different area of ERCOT from Odessa and Black Pearl, which are located in Load Zone West.

該站點位於德克薩斯州科圖拉的南裝載區，與位於西裝載區的敖德薩和黑珍珠是不同的 ERCOT 區域。

It has been approved for 70 megawatts but based on early discussions with the transmission and distribution service provider, we believe we can expand the site to 200 megawatts in 2027.

該專案已獲得 70 兆瓦的批准，但根據與輸配電服務提供者的早期討論，我們相信我們可以在 2027 年將該站點擴大到 200 兆瓦。

Given that the timeline to energize this site aligns with the necessary timeline to manage the supply chain and build a Tier 3 data center, we have focused our initial planning and discussions for Reveille on HPC infrastructure.

鑑於啟動該站點的時間表與管理供應鏈和建設第 3 級資料中心的必要時間表一致，我們將 Reveille 的初步規劃和討論重點放在 HPC 基礎設施上。

It is still too early to determine the exact plan for the site, but we have had a high level of interest from capital providers and potential tenants, and our baseline plan now is to proceed with building a powered shell data center for HPC and securing a long term lease from a high quality tenant.

現在確定該網站的確切計劃還為時過早，但資本提供者和潛在租戶對我們表現出濃厚的興趣，我們現在的基準計劃是繼續為 HPC 建立動力外殼資料中心並確保來自高品質租戶的長期租賃。

Now let's move to a review of our current operations.

現在讓我們回顧一下我們目前的營運情況。

On Slide 10, we give a portfolio overview of our existing data centers and a near term timeline for expected scaling of our data centers and expansion in our self-mining hash rate.

在投影片 10 中，我們對現有資料中心的投資組合進行了概述，以及資料中心預期擴展和自挖礦算力擴展的近期時間表。

Year to date, we've paid an average all-in electricity cost of [$15,004] per Bitcoin produced at our data centers.

今年迄今為止，我們的資料中心生產的每個比特幣的平均總電費為 [15,004 美元]。

We are very proud of this number, and it drives our best-in-class unit economics.

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。

Please note that when some of our competitors talk about these costs, they only include electricity and not transmission and other charges.

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, so our numbers include all transmission and other charges, and our low numbers dramatically demonstrate our competitive advantage.

相較之下，當我們談論總電力成本時，我們指的是向我們的採礦設備輸送電力的總成本，因此我們的數字包括所有傳輸費用和其他費用，而我們的低數字極大地證明了我們的競爭優勢。

On the left side of this slide, you have an overview of our four current data centers along with our all-in electricity cost per Bitcoin at the sites year to date.

在這張投影片的左側，您可以概覽我們目前的四個資料中心，以及這些網站迄今為止每比特幣的總電力成本。

The charts on the right side of the slide give you a graphic illustration of the number of megawatts we manage related to our self-mining operations and the hash rate produced by those operations, as well as the additional growth opportunities in the coming year and a half.

幻燈片右側的圖表為您提供了我們管理的與自挖礦業務相關的兆瓦數和這些業務產生的哈希率的圖形說明，以及來年的額外增長機會和一半。

As you can see, we expect to manage 566 megawatts of self mining across our five data centers in 2025, and we expect those data centers to produce 35 exahash per second of hash rate

正如您所看到的，我們預計到 2025 年，我們的五個資料中心將管理 566 兆瓦的自挖礦，並且我們預計這些資料中心將產生每秒 35 exahash 的哈希率

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 11, you can see a picture of our Odessa facility.

在投影片 11 上，您可以看到我們敖德薩工廠的圖片。

Odessa is the most significant part of our portfolio as it represents approximately 86% of our Bitcoin production in July.

敖德薩是我們投資組合中最重要的部分，因為它約占我們 7 月比特幣產量的 86%。

Recently Odessa became the first Bitcoin mining data center to be awarded the Uptime Institute's stamp of approval for management and operations.

最近，敖德薩成為第一個獲得 Uptime Institute 管理和營運批准的比特幣挖礦資料中心。

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以及業界成本最低的電力。

We currently generate approximately 6.9 exahash per second at the site utilizing approximately 207 megawatts.

目前，我們使用約 207 兆瓦的電力，每秒產生約 6.9 exahash。

Those same 207 megawatts will generate roughly 11.3 exahash per second with the pending rig upgrade expected in the coming months.

那些相同的207兆瓦將每秒鐘產生約11.3的Exahash，而未來幾個月預計的待定鑽機升級。

We have mined roughly 1,622 Bitcoin at the site year-to-date through the end of July.

到7月底，我們在網站上大約開採了1,622個比特幣。

On this page, we also provide the observed all-in electricity cost per Bitcoin at the site post halving, which was $23,563.

在此頁面上，我們還提供了減半後觀察到的每個比特幣的總電力成本，即 23,563 美元。

Even after the recent halving reduced the number of new Bitcoin paid to miners, you can see how valuable it is for Cipher to have a cheap fixed price of power available on such a large portion of our portfolio.

即使在最近的減半減少了支付給礦工的新比特幣數量之後，您也可以看到，對於 Cipher 來說，在我們投資組合的很大一部分中提供廉價的固定電力價格是多麼有價值。

On slide 12, we highlight our joint venture data centers of Alborz, Bear and Chief.

在幻燈片 12 中，我們重點介紹了厄爾布爾士 (Alborz)、貝爾 (Bear) 和酋長 (Chief) 的合資資料中心。

With the recent expansions at each of Bear and Chief, the sites now have a total power capacity of 120 megawatts and currently generate approximately 3.7 exahash per second.

隨著最近 Bear 和 Chief 的擴建，這些站點的總發電能力達到 120 兆瓦，目前每秒發電量約為 3.7 exahash。

We own 49% of the JV sites, and they now generate roughly 14% of our overall Bitcoin production.

我們擁有 49% 的合資網站，它們現在的比特幣產量約占我們比特幣總產量的 14%。

On this page, we also provide the observed all-in electricity cost per Bitcoin at the sites post halving, which was $28,784.

在此頁面上，我們還提供了減半後在各網站觀察到的每比特幣的總電力成本，即 28,784 美元。

As a reminder, both Bear and Chief operate as front of the meter sites, so there will be some expected seasonal fluctuations with their electricity costs and summer months tend to be higher.

提醒一下，Bear 和 Chief 都是在電錶前運營的，因此預計其電費會出現一些季節性波動，夏季月份往往會更高。

As we turn towards the rest of 2024, we look forward to our continued growth in both our Bitcoin mining business and our new HPC infrastructure vertical.

在 2024 年剩餘的時間裡，我們期待比特幣挖礦業務和新的 HPC 基礎設施垂直領域的持續成長。

At this point, I'll turn it over to our Chief Financial Officer, Ed Farrell.

現在，我會將其交給我們的財務長 Ed Farrell。

Thank you, Tyler, and hello to everyone on the call.

謝謝你，泰勒，並向通話中的每個人問好。

As I've done on previous calls, I'd like to start by providing some high-level observations on the quarter, and then we'll go through the key line items in detail.

正如我在之前的電話會議中所做的那樣，我想首先提供一些有關本季的高層觀察，然後我們將詳細介紹關鍵的項目。

For anyone tracking Bitcoin and the miners, it should come as no surprise that revenues were down in the first full quarter after halving.

對於任何追蹤比特幣和礦工的人來說，減半後第一個完整季度的收入下降應該不足為奇。

From the outset, Tyler and I have emphasized designing a business that we drive through the entire cycle.

從一開始，泰勒和我就強調設計一個我們在整個週期中推動的業務。

Despite the anticipated drop in revenues, we are very encouraged by the business performance and the company's growth profile as we move past the recent halving.

儘管預計收入會下降，但隨著我們度過最近的減半，我們對業務表現和公司的成長狀況感到非常鼓舞。

Low-cost fixed price power and a strong balance sheet remain key strengths of our financial position.

低成本的固定價格功率和強大的資產負債表仍然是我們財務狀況的關鍵優勢。

Slides 14 and 15 give a snapshot which we provide every quarter on some of our financial metrics on both a sequential and year-over-year basis.

投影片 14 和 15 提供了我們每個季度按順序和同比提供的一些財務指標的快照。

Let's move onto slide 16 and delve into the numbers in more detail.

讓我們轉到幻燈片 16 並更詳細地研究這些數字。

In the second quarter, we faced significant industry-wide headwinds, including a drop in revenues driven by the halving as well as a drop of more than 50% in hash price over the cost of the quarter.

第二季度，我們面臨全行業的重大阻力，包括減半導致的收入下降以及算力價格較本季成本下降超過 50%。

For the quarter, we had a GAAP net loss of $15 million, a sequential decrease of 138% and a 16% decrease from the prior quarter, when we reported a net loss of $13 million.

本季度，我們的 GAAP 淨虧損為 1,500 萬美元，較上季下降 138%，較上一季淨虧損 1,300 萬美元下降 16%。

In the current quarter, we mined 563 Bitcoin, generating revenues of $37 million at an average price per Bitcoin of $65,000 compared to 924 Bitcoin in the first quarter of '24 at an average price of $52,000 for $48 million in revenues, a sequential decrease of 24%.

本季度，我們開採了563 個比特幣，產生了3700 萬美元的收入，平均價格為65,000 美元，而2024 年第一季我們開採了924 個比特幣，平均價格為52,000 美元，收入為4800 萬美元，季減了24%。

Year over year, our revenues increased 18% primarily driven by the increase in Bitcoin price partially offset by the halving in April.

與去年同期相比，我們的營收成長了 18%，這主要是由於比特幣價格上漲，但部分被 4 月的減半所抵消。

As I mentioned at the outset, our fixed price power is a critical contributor to our attractive unit economics.

正如我在一開始提到的，我們的固定價格能力是我們具有吸引力的單位經濟效益的關鍵因素。

In the current quarter, the cost of revenues declined 4% sequentially.

在本季度，收入的成本依序下降了4％。

When comparing revenues in the current quarter versus the same quarter in the prior year, you can see that the cost of power on a percentage basis was down significantly by our growth over the past year.

將本季的收入與上一年同季度的收入進行比較時，您可以看到，由於我們過去一年的增長，按百分比計算的電力成本顯著下降。

This is primarily attributable to our fixed price PPA at Odessa, which we've talked about in previous quarters.

這主要歸功於我們在敖德薩的固定價格購電協議，我們在前幾個季度已經討論過。

The value of that contract increased by $22 million this quarter alone, underscoring the inherent value of the power arrangement.

僅本季度，該合約的價值就增加了2200萬美元，強調了電力安排的固有價值。

I should point out that as the value of the PPA is in large part driven by the time remaining on the contract and the expected future energy prices, which are seasonal and volatile, it would not be surprising to see a decrease from quarter to quarter in periods going forward.

我應該指出，由於購電協議的價值在很大程度上是由合約剩餘時間和預期的未來能源價格驅動的，而這些價格具有季節性和波動性，因此看到季度與季度之間的下降也就不足為奇了。

Moving on, as you recall, we adopted the new crypto fair value accounting standard in 2023, and with the drop in Bitcoin price in the quarter, we recorded a loss of $21 million of the fair value of our Bitcoin holdings.

接下來，您還記得，我們​​在 2023 年採用了新的加密貨幣公允價值會計標準，隨著本季比特幣價格的下跌，我們所持有的比特幣公允價值損失了 2,100 萬美元。

However, this mark-to-market loss was offset by $5 million of realized gains from the sale of Bitcoin in the period.

然而，這一按市值計價的損失被同期出售比特幣實現的 500 萬美元收益所抵消。

Our philosophy towards the growth of our Bitcoin inventory and approach to treasury management has not changed.

我們對比特幣庫存成長的概念和資金管理方法沒有改變。

We remain optimistic about the long term outlook for Bitcoin and believe there is significant advantages to growing our Bitcoin inventory beyond mere price appreciation.

我們對比特幣的長期前景保持樂觀，並相信除了價格升值之外，增加比特幣庫存還有顯著的優勢。

We've discussed this in previous quarters, but it's worth reiterating: we maintain an opportunistic approach, continually assessing various funding avenues for our growth initiatives.

我們在前幾個季度已經討論過這一點，但值得重申：我們保持機會主義的態度，不斷評估我們成長計畫的各種融資途徑。

While we generally aim to increase the size of our Bitcoin inventory over time, our decisions are guided by the markets and our over-arching capital allocation strategy.

雖然我們的目標通常是隨著時間的推移增加比特幣庫存的規模，但我們的決策是由市場和我們的整體資本配置策略所指導的。

We constantly assess the markets to find the most attractive forms of capital available, weighing the pros and cons of different funding methods to support our business and expansion plans efficiently.

我們不斷評估市場，尋找最具吸引力的可用資本形式，權衡不同融資方式的利弊，以有效支持我們的業務和擴張計劃。

This might include using our cash reserves, Bitcoin holdings, or issuing equity.

這可能包括使用我們的現金儲備、持有的比特幣或發行股票。

Through this ongoing evaluation process, we determine our estimated cost of capital and manage our treasury dynamically.

透過這個持續的評估過程，我們確定了估計的資本成本並動態地管理我們的財務。

At June 30, we held 2,200 Bitcoin in treasury.

截至 6 月 30 日，我們持有 2,200 個比特幣。

As in previous quarters, I'd like to spend a minute on our G&A expenses and our philosophy for managing these costs.

與前幾季一樣，我想花一點時間介紹我們的一般管理費用以及我們管理這些成本的概念。

Last quarter, we began reporting compensation and benefits as a separate line item on the face of the income statement.

上個季度，我們開始在損益表中將薪資和福利作為單獨的項目報告。

Compensation and benefits increased $3 million sequentially to $16 million, primarily driven by share-based compensation.

薪資和福利環比增加 300 萬美元，達到 1,600 萬美元，這主要是由股權激勵推動的。

Current quarter versus prior year quarter increased by 29%, primarily due to an increase in headcount and share-based compensation.

本季與去年同期相比成長了 29%，主要是由於員工人數和股權激勵的增加。

Now onto general administrative expenses, which include IT, corporate insurance, professional fees, occupancy, and other public company expenses.

現在討論一般管理費用，包括 IT、公司保險、專業費用、佔用和其他上市公司費用。

These costs increased by $2 million driven by professional fees and public company expenses primarily related to Sarbanes-Oxley compliance.

這些成本增加了 200 萬美元，主要是由於與《薩班斯-奧克斯利法案》合規性相關的專業費用和上市公司費用。

Current year quarter versus prior year quarter, these expenses were down 3%.

與去年同期相比，本季這些費用下降了 3%。

As we have stated previously, building our team and technology stack are pivotal to maintaining the competitive edge, and as such, we have significant investments in both personnel and technology, anticipating that our model will scale effectively as we increase the total megawatts under management.

正如我們之前所說，建立我們的團隊和技術堆疊對於保持競爭優勢至關重要，因此，我們在人員和技術方面都進行了大量投資，預計隨著我們管理的總兆瓦數的增加，我們的模型將有效擴展。

We expect these investments to drive future top line growth, thereby positively impacting our bottom line.

我們預計這些投資將推動未來的收入成長，從而對我們的利潤產生積極影響。

Depreciation and amortization expense totaled $20 million, an increase of $3 million or 17% from the prior quarter and a 41% rise compared to the second quarter of 2023.

折舊和攤銷費用總計 2,000 萬美元，比上一季增加 300 萬美元，或 17%，與 2023 年第二季相比增加 41%。

The sequential increase was driven by our change in depreciation schedule for our miners.

環比增長是由我們對礦機折舊計劃的改變所推動的。

Previously, we accounted for the depreciation of miners over a five-year period, however given our recent fleet upgrade and the rapid efficiency gains with next-generation miners, we now believe that a three-year depreciation schedule is more appropriate.

在此之前，我們考慮了礦機五年內的折舊，但考慮到我們最近的機隊升級以及下一代礦機效率的快速提高，我們現在認為三年折舊時間表更為合適。

Our expectations for upgrade cycles and our ability to purchase and install much more efficient machines have evolved, and we believe this should be reflected in our accounting treatment for the entire fleet.

我們對升級週期的期望以及購買和安裝更有效率機器的能力已經發展，我們相信這應該反映在我們對整個機隊的會計處理中。

We made this change effective June 1 and accounted for it prospectively.

我們使這項變更於 6 月 1 日生效，並進行了前瞻性核算。

When comparing current quarter versus prior year quarter, the increase primarily relates to additional assets placed into service in late 2023 to complete Odessa.

將本季與去年同期相比，這一成長主要與 2023 年底竣工敖德薩投入使用的額外資產有關。

Now let's turn to our non-GAAP measures slide we use to reconcile adjusted earnings.

現在讓我們轉向我們用來調節調整後收益的非公認會計準則衡量指標投影片。

As always, I will remind you that adjusted earnings exclude the impact of depreciation and amortization, the non-cash change in the fair value of our derivative assets, deferred income tax expense, the non-cash change in fair value of the warrant liability, and share-based compensation.

像往常一樣，我會提醒您，調整後的收益不包括折舊和攤銷、我們的衍生資產公允價值的非現金變動、遞延所得稅費用、認股權證負債公允價值的非現金變動的影響，和股權激勵。

These supplemental financial measures are not measurements of financial performance in accordance with US GAAP, however we believe that these non-GAAP measures may be useful to investors for comparing our performance across reporting periods consistently.

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，但我們相信這些非公認會計原則指標可能有助於投資者一致地比較我們在不同報告期間的業績。

Internally, management uses these non-GAAP financial measures to better understand, manage and evaluate our business performance and to facilitate our operational decisions.

在內部，管理階層使用這些非公認會計準則財務指標來更好地了解、管理和評估我們的業務績效，並促進我們的營運決策。

When adjusting our second quarter GAAP net loss, we add $12 million for the items I just listed.

在調整第二季 GAAP 淨虧損時，我們為我剛剛列出的項目增加了 1,200 萬美元。

This brings us to an adjusted net loss of $3 million for the quarter compared to an adjusted net income of $63 million in the prior quarter and $8 million in the second quarter of last year.

這使我們本季調整後淨虧損為 300 萬美元，而上一季調整後淨利為 6,300 萬美元，去年第二季調整後淨利為 800 萬美元。

Now let's turn our attention to the balance sheet at June 30.

現在讓我們把注意力轉向 6 月 30 日的資產負債表。

Our total current assets amounted to $309 million, an increase of $154 million from the end of 2023.

我們的總資產總額為3.09億美元，比2023年底增加了1.54億美元。

Our cash position grew to $123 million, an increase of $36 million at the close of 2023.

我們的現金部位增至 1.23 億美元，到 2023 年底增加了 3,600 萬美元。

Our current liquidity position, $211 million, comprised of $71 million in cash and $140 million worth of Bitcoin.

我們目前的流動性部位為 2.11 億美元，其中包括 7,100 萬美元現金和價值 1.4 億美元的比特幣。

The decrease in our cash position subsequent to June 30 was primarily driven by deposits related to miners we contracted to purchase, and capital expenditures related to the build-out of our Black Pearl data center.

6 月 30 日之後我們現金部位的減少主要是由於與我們簽約購買的礦機相關的存款以及與我們的黑珍珠資料中心擴建相關的資本支出。

I'll now cover quickly some of our balance sheet line items at June 30.

我現在將快速介紹 6 月 30 日的一些資產負債表項目。

Prepaid expenses amounted to $4 million, flat from year end.

預付費用為 400 萬美元，與年底持平。

This balance is primarily related to corporate insurance.

該餘額主要與企業保險有關。

We recorded a Bitcoin balance of $138 million, reflecting the 2,200 Bitcoin held in treasury.

我們記錄的比特幣餘額為 1.38 億美元，相當於金庫持有 2,200 個比特幣。

This figure marked an increase from the 780 Bitcoin held at year end valued at $33 million.

這一數字較年底持有的 780 個比特幣價值 3,300 萬美元有所增加。

In the second quarter, we liquidated 153 Bitcoin worth $10 million.

第二季度，我們清算了 153 個比特幣，價值 1000 萬美元。

Now I'd like to shift our focus to the value of our Odessa power contract, which we record as a derivative asset.

現在我想將我們的注意力轉移到敖德薩電力合約的價值上，我們將其記錄為衍生資產。

We've discussed in the past the significant competitive advantage provided by this contract, enabling us to be a low-cost producer of Bitcoin.

我們過去已經討論過該合約提供的顯著競爭優勢，使我們能夠成為比特幣的低成本生產商。

As a reminder, we began reporting third party mark for this agreement in the third quarter of 2022.

謹此提醒，我們於 2022 年第三季開始報告該協議的第三方標記。

This mark is reflected as a derivative asset on our balance sheet and is subject to revaluation each reporting period.

該標記在我們的資產負債表上反映為衍生資產，並且每個報告期間都會進行重估。

Essentially, it represents the in-the-money value of the contract relative to the time value and prevailing forward power prices at our Odessa facility.

本質上，它代表了合約相對於我們敖德薩工廠的時間價值和現行遠期電價的價內價值。

As of June 30, this asset was valued at $123 million, reflecting a $22 million increase in the second quarter and an increase of $29 million from year end.

截至6月30日，該資產估值為1.23億美元，較第二季增加2,200萬美元，較年底增加2,900萬美元。

This change is recorded as a gain on our statement of operations.

這項變更在我們的營運報表中記錄為收益。

As always, fluctuations in the fair value of this contract will impact our GAAP earnings but we exclude it from adjusted earnings.

與往常一樣，該合約公允價值的波動將影響我們的 GAAP 收益，但我們將其排除在調整後收益之外。

Other significant assets include property and equipment totaling $239 million, primarily attributed to our Odessa facility.

其他重要資產包括總計 2.39 億美元的財產和設備，主要歸功於我們的敖德薩工廠。

Within this category, mining rigs and related equipment accounted for $177 million, leasehold improvements are valued at $137 million and construction in progress at $20 million.

在這一類別中，採礦設備和相關設備價值 1.77 億美元，租賃改良價值 1.37 億美元，在建工程價值 2,000 萬美元。

These figures are net of $95 million in accumulated depreciation.

這些數字扣除了 9500 萬美元的累計折舊。

Deposits on equipment of $58 million primarily consist of progress payments we've made in accordance with previously announced miner purchases.

5800 萬美元的設備押金主要包括我們根據先前宣布的礦機採購支付的進度付款。

Additionally, we hold intangible assets totaling $9 million with $7 million attributed to the Black Pearl site and its associated ERCOT approval, and the remaining $2 million related to capitalized software.

此外，我們持有總計 900 萬美元的無形資產，其中 700 萬美元歸因於 Black Pearl 網站及其相關的 ERCOT 批准，其餘 200 萬美元與資本化軟體相關。

At the end of the first quarter, our equity investee interest in Alborz, Bear and Chief JVs stand at $50 million, and we had operating lease obligations of $10 million.

截至第一季末，我們在 Alborz、Bear 和 Chief JVs 的股權投資權益為 5,000 萬美元，我們的經營租賃義務為 1,000 萬美元。

We had security deposits totaling $22 million, which includes the $13 million of collateral posted at our Odessa power provider and $6 million deposit to Encore related to the construction of our new Black Pearl data center.

我們的保證金總額為2200 萬美元，其中包括在我們的敖德薩電力供應商處提供的1300 萬美元的抵押金，以及向Encore 提供的與我們新的黑珍珠數據中心建設相關的600 萬美元的保證金。

There were no significant changes to the liability side of the balance sheet from year end, and as we reported in the past, we have no debt that hinders our capital structure.

自年底以來，資產負債表的負債方沒有發生重大變化，正如我們過去報告的那樣，我們沒有任何債務阻礙我們的資本結構。

As always, we look forward to updating you in greater detail on our growth plans over the coming quarters.

與往常一樣，我們期待向您提供有關我們未來幾季成長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。

(Operator Instructions) Brett Knoblauch, Cantor Fitzgerald.

（操作員說明）Brett Knoblauch、Cantor Fitzgerald。

Hi guys, thanks for taking my questions, and congrats on building up the infra pipeline, it's nice to see.

大家好，感謝您提出我的問題，並祝賀您建立了基礎設施管道，很高興看到。

Maybe this one's for Tyler.

也許這個是給泰勒的。

First, I think there's been some speculation about Cipher being an acquisition target out there.

首先，我認為有人猜測 Cipher 是收購目標。

Maybe you could provide any color or comment on that, and then secondly to that, could you provide some additional color on the M&A landscape and how you view maybe organic site acquisition versus inorganic opportunities out there, especially post halving?

也許您可以對此提供任何顏色或評論，其次，您能否提供一些關於併購景觀的額外顏色以及您如何看待有機網站收購與無機機會，特別是在減半後？

Thank you.

謝謝。

Sure Brett, thank you very much for the question.

當然，布雷特，非常感謝你提出這個問題。

Yes, this has been a popular topic.

是的，這一直是個熱門話題。

I think as far as market rumors about Cipher, I will stay consistent with what the company has been saying all along, which is we have no comment.

我想對於市場上有關Cipher的傳言，我會與該公司一直以來所說的保持一致，即我們不予置評。

It shouldn't be surprising to anyone that the press would speculate that we're a popular target, given all the growth and opportunity we just talked about on the call.

考慮到我們剛剛在電話會議上談到的所有成長和機會，媒體猜測我們是一個受歡迎的目標，這對任何人來說都不應該感到驚訝。

We're very bullish on our prospects, but the company has not put out anything and we will continue to have no comment on market rumors.

我們非常看好我們的前景，但該公司尚未發布任何消息，我們將繼續對市場傳言不予置評。

That's for the press to handle.

這是媒體要處理的事情。

I guess speaking then more broadly about--because I've talked about M&A on past calls, I think what we're seeing now is there is a fair amount of M&A in the industry.

我想更廣泛地說——因為我在過去的電話會議上談到了併購，我認為我們現在看到的是該行業有相當數量的併購。

It's really the expected chaos that's been unleashed by the halving, and I think it forces miners to sort of question what they are, right?

這確實是減半引發的預期混亂，我認為這迫使礦工質疑它們是什麼，對吧？

If we see all-time low hash costs over the last quarter, a miner has to decide to do one of two things -- excuse me, an all-time low hash price over the last quarter, so a miner has to decide what they're going to do with their own hash costs, so that the cost that they spend to produce a unit of compute, you can kind of go in two directions.

如果我們看到上個季度的哈希成本歷史最低，那麼礦工必須決定做兩件事之一 - 對不起，上個季度的哈希價格歷史最低，所以礦工必須決定他們要做什麼將處理自己的哈希成本，因此他們花費在生產一個計算單元上的成本可以有兩個方向。

One is to basically strip out all the overhead you possibly can to take it down to really just your power and basic operations cost, so that you can continue to make a profit margin, or alternatively you lean into growth, you get a more efficient fleet, you add topline hash rate and drive down your hash cost because you're spreading it across more terahash and you're pumping that electricity through more efficient machines.

一種是基本上消除所有可能的管理費用，將其降低到真正的電力和基本運營成本，這樣您就可以繼續賺取利潤率，或者您傾向於增長，您將獲得更有效率的機隊，你增加了顶线哈希率并降低了哈希成本，因为你将其分散到更多的太哈希上，并且你通过更高效的机器来输送电力。

That is definitely where we're going.

這絕對是我們要去的地方。

To give a sense, our recent hash cost was about $43 per petahash per day, that breaks down roughly into $19 or so of power cost and $24 of ops and G&A.

舉個例子，我們最近的哈希成本約為每天每 petahash 43 美元，大致分為 19 美元左右的電力成本和 24 美元的營運和一般管理費用。

And I view that as like, the $24 of overhead there is because we're a development company.

我認為，24 美元的管理費用是因為我們是一家開發公司。

We're adding these new sites, we've got all these expansions coming in the near term, and that will drive down our costs significantly.

我們正在添加這些新站點，所有這些擴充功能都將在短期內進行，這將顯著降低我們的成本。

To give you a sense, just looking at hash costs just post our Odessa upgrade, which is just a matter of rigs being delivered between now and year-end and us swapping out older rigs, just doing that will likely drive our hash costs to below $30 per petahash per day.

為了讓您有一個感覺，只需查看敖德薩升級後的哈希成本，這只是從現在到年底之間交付的鑽機以及我們更換舊鑽機的問題，僅僅這樣做就可能會將我們的哈希成本降低到以下水平每 petahash 每天 30 美元。

And so, if you have the opportunity with low power costs, now is a good time to buy equipment, invest in scale, and I think there's a lot of growth opportunity.

因此，如果你有機會降低電力成本，現在是購買設備、進行規模投資的好時機，我認為有很多成長機會。

I think the other thing you could do is try to strip out all the costs, and then you're really just a site that's trying to maximize your economics at a site, you're not a development company.

我認為你可以做的另一件事是嘗試消除所有成本，然後你實際上只是一個試圖最大化你的網站經濟效益的網站，你不是一家開發公司。

I think in general, that's what is driving a lot of the M&A, is folks trying to get to scale and maybe address their own shortcomings and their ability to do some part of the entire value chain.

我認為總的來說，這就是推動大量併購的原因，人們試圖擴大規模，也許可以解決自己的缺點以及完成整個價值鏈某些部分的能力。

We do that all in-house, so we source our own sites, we take it from dirt to an operating data center, and then we trade and manage curtailment and energy around the operations once it's done.

我們在內部完成所有這些工作，因此我們採購自己的站點，將其從泥土中轉移到正在運營的數據中心，然後在完成後圍繞運營進行交易和管理削減和能源。

What has happened is -- I've talked about M&A, we've been very busy this year.

發生的事情是——我談到了併購，今年我們非常忙碌。

We've been in a lot of data rooms looking at opportunities for sites, companies to acquire, etc. What has generally happened is we get outbid for built sites.

我們在許多資料室中尋找網站、公司收購等的機會。

Frankly, we think people overpay for built sites, and that may be rational for other companies because they don't have the capabilities to build--source their own sites and build their own sites.

坦白說，我們認為人們為建成的網站支付過高的費用，這對其他公司來說可能是合理的，因為他們沒有能力建立自己的網站並建立自己的網站。

We do, so I think we tend not to pay a premium, and often we don't make it to the final bidding round.

我們這樣做，所以我認為我們往往不會支付溢價，而且通常我們不會進入最後一輪投標。

What that's driven us towards is finding more sites earlier in the development chain.

這促使我們在開發鏈的早期階段找到更多網站。

That's where we see the highest return on our investment, and so from an M&A perspective, that's where we've ended up allocating our time and efforts, and that's why you see the new sites that are coming online.

這是我們投資回報率最高的地方，因此從併購的角度來看，這就是我們最終分配時間和精力的地方，這就是為什麼您會看到即將上線的新網站。

Perfect, and then maybe just following up on the timing of new sites coming online, so Black Pearl, call it middle of next year.

完美，然後也許只是跟進新網站上線的時間，所以黑珍珠，稱之為明年年中。

Can you provide an update on Cotulla and the new 1.5 gigs of sites that, I guess, you guys have kind of secured power for, or have options on, what's the timing of those potentially being energized and how should we think about maybe financial outlays for that and when that would occur?

您能否提供有關 Cotulla 和新 1.5 gig 網站的最新信息，我想你們有某種安全的權力，或者有選擇，這些潛在的激勵的時間是什麼，我們應該如何考慮可能的財務支出為此以及何時發生？

Yeah, so look - we're really excited about it, but I think everyone needs to understand that this is a longer-term opportunity.

是的，所以你看——我們對此感到非常興奮，但我認為每個人都需要明白這是一個長期的機會。

These sites are two and a half years away basically from energizing.

這些站點基本上距離通電還有兩年半的時間。

Now, the good news about that, and I think as we think about the HPC business, we've spent a lot of time talking to potential tenants and thinking about how we would build a data center with three 9s or five 9s of uptime, and the supply chains you have to manage for that.

現在，好消息是，我認為當我們考慮 HPC 業務時，我們花了很多時間與潛在租戶交談，並思考如何建立一個具有三個 9 或五個 9 正常運行時間的資料中心，以及您必須為此管理的供應鏈。

Those supply chains go out years, so I think -- I know there's a lot of buzz in the industry about people throwing in HPC revenue.

這些供應鏈會持續數年，所以我想——我知道業界有很多關於人們投入 HPC 收入的討論。

All I'd say is if you're going to do it by providing infrastructure to a large tenant, it takes a long time anyway before that revenue is going to materialize, and so the opportunity set here for us is those are well beyond Black Pearl.

我想說的是，如果你要透過向大型租戶提供基礎設施來實現這一目標，那麼無論如何，在收入實現之前都需要很長時間，因此這裡為我們提供的機會遠遠超出了黑人的範圍珍珠。

We have really a best-of option.

我們確實有一個最好的選擇。

We like Bitcoin mining, these sites would be great for Bitcoin mining.

我們喜歡比特幣挖礦，這些網站非常適合比特幣挖礦。

They are also very large scale and have the necessary components for HPC.

它們的規模也非常大，並且具有 HPC 所需的組件。

We've had so much interest in that space, we've spent a lot of time mapping out what it would take to build a data center with five 9s of uptime from scratch, and it lines up with that timeline.

我們對這個領域非常感興趣，我們花了很多時間來規劃如何從頭開始建立一個具有五個 9 個正常運行時間的資料中心，並且它與該時間表一致。

These are longer term projects, but I think where we see the industry going in the coming years is this value for interconnect, value for data centers that are in desired locations and have the desired qualities and we're like a best-of option between the two businesses, but that's part of the long term positioning for Cipher.

這些都是長期項目，但我認為我們看到該行業在未來幾年的發展方向是互連的價值，數據中心的價值，這些數據中心位於所需的位置並具有所需的質量，我們就像是兩者之間的最佳選擇這兩項業務，但這是 Cipher 長期定位的一部分。

Perfect, appreciate it.

完美，欣賞。

Thanks for all the color, guys.

謝謝你們所有的顏色。

Bill Papanastasiou, Stifel.

比爾·帕帕納斯塔西烏，斯蒂菲爾。

Hey, good morning gentlemen.

嘿，先生們早安。

Thank you for taking my questions.

感謝您回答我的問題。

For the first one here, I was just hoping, Tyler, you'd be able to share your philosophy on the HPC AI opportunity and how you're weighing the capital allocation strategy going forward.

對於這裡的第一個，泰勒，我只是希望您能夠分享您對 HPC AI 機會的理念以及您如何權衡未來的資本配置策略。

How might it look relative to Bitcoin mining now that you have these options in hand?

既然您已經有了這些選擇，那麼與比特幣挖礦相比，它看起來會如何？

Sure, thanks Bill.

當然，謝謝比爾。

I guess first of all, since there's -- I guess some of our competitors are taking different approaches in this space, so let me distinguish what we're interested in.

我想首先，因為我想我們的一些競爭對手在這個領域採取了不同的方法，所以讓我來區分一下我們感興趣的是什麼。

We do not plan to buy our own GPUs and be a seller of compute, that is not a business we think is very complementary to our skill sets, and it has its own risks and enormous capital outlays associated with it, so that is not our plan.

我們不打算購買自己的GPU 並成為計算銷售商，我們認為這不是一項與我們的技能組合非常互補的業務，而且它有其自身的風險和與之相關的巨大資本支出，因此這不是我們的目標。

Our plan is to be effectively a host for HPC infrastructure, and so what we hope to do is build out sites and have hyperscaler or other large high-quality tenants to sign a long-term lease.

我們的計劃是成為 HPC 基礎設施的有效託管者，因此我們希望做的是建造站點並讓超大規模企業或其他大型優質租戶簽署長期租約。

Now, it's still a little early.

現在看來，還有些早。

I have been very busy speaking to both the potential tenants and a lot of financiers.

我一直忙於與潛在租戶和許多金融家交談。

The market is extremely busy and interested in this.

市場非常忙碌，對此感興趣。

The thing to keep in mind that's very different about the two businesses is there's different markets and different times where we may make more money Bitcoin mining or we make more money in selling HPC infrastructure.

需要記住的是，這兩項業務的不同之處在於，市場和時代不同，我們可能會透過比特幣挖礦賺更多錢，或透過銷售 HPC 基礎設施賺更多錢。

The attractiveness of the HPC infrastructure opportunity is that those tend to be long term leases and obviously are not correlated with the ups and downs of Bitcoin price.

高效能運算基礎設施機會的吸引力在於，這些機會往往是長期租賃，並且顯然與比特幣價格的漲跌無關。

The other thing is even though that's a much more capital intensive business, there is quite a developed financing market with some of the biggest lenders and investors in the world, and if you're focusing on the piece of the business that we are, there's a lot of appetite to finance debt, and even equity if you set up a development company, to do very high LTC loans -- you know, up to 90% of the cost might be loaned if you have a hyperscaler tenant at a very reasonable interest rate.

另一件事是，儘管這是一項資本密集型業務，但融資市場相當發達，擁有世界上一些最大的貸方和投資者，如果您專注於我們的業務部分，那麼如果您成立了一家開發公司，則有很大的興趣為債務融資，甚至是股權融資，以進行非常高的LTC 貸款——您知道，如果您以非常合理的價格擁有超大規模租戶，則可能會貸出高達90% 的成本利率。

Then as you develop more and more sites, you have the opportunity -- you know, as they mature and have active tenants, there is a whole asset-based securities financing market that's available, so it is a very different business in how it operates compared to Bitcoin mining, where lenders have shied away from Bitcoin mining for the past two-plus years, and maybe that doesn't stay that way forever, but the successful Bitcoin miners, including Cipher, have pretty much entirely funded the build-outs with equity.

然後，當你開發越來越多的網站時，你就有機會——你知道，隨著它們成熟並擁有活躍的租戶，就會有一個完整的基於資產的證券融資市場，所以它的運作方式是一個非常不同的業務與比特幣挖礦相比，貸款人在過去兩年多的時間裡一直迴避比特幣挖礦，也許這種情況不會永遠保持下去，但包括Cipher 在內的成功的比特幣礦工幾乎完全為擴建提供了資金與股權。

Now, I think we can see really good ROI potentials on sites that you own and operate - you know, if you look at Black Pearl, of course everything is going to depend on what happens to hash price and Bitcoin price going forward, but we look at ROIs on Black Pearl of a year and a half to three years, depending on what happens on the market, and that's great.

現在，我認為我們可以在您擁有和經營的網站上看到非常好的投資回報潛力- 您知道，如果您看看黑珍珠，當然一切都將取決於哈希價格和比特幣價格的未來變化，但我們看看黑珍珠號一年半到三年的投資報酬率，這取決於市場上發生的情況，這很好。

I think going forward, we do have time.

我認為展望未來，我們確實有時間。

We're going to launch the HPC business.

我們要推出HPC業務。

I think it starts with getting a really high quality tenant that wants to sign up for a lease at one of these sites.

我認為首先要找到一個真正高品質的租戶，他想要在這些地點之一簽訂租賃合約。

We have had a lot of time with some of those big names.

我們與其中一些知名人士有很多時間。

Our construction and ops team, and I know you know this, Bill, because we went over it recently, but we've got a lot of people that are ex-Google, Vantage, Meta, have operated hyperscaler data centers.

我們的建立和營運團隊，我知道你知道這一點，比爾，因為我們最近討論過這個問題，但我們有很多前 Google、Vantage、Meta 的人都在經營超大規模資料中心。

We've had all-day meetings with technical teams, senior management with hyperscaler or potential tenants.

我們與技術團隊、高階管理層與超大規模企業或潛在租戶進行了全天會議。

I think our team is very well situated.

我認為我們的團隊位置非常好。

This is a big competitive advantage for us, so if that helps us secure a lease in the near term, where a lot of design input can come from the potential tenant, pretty soon we would be dedicating those sites, whether it's the site in Cotulla or the future sites under option, and then seeing where that business goes.

這對我們來說是一個巨大的競爭優勢，因此，如果這有助於我們在短期內獲得租約，潛在租戶可以提供大量設計投入，那麼很快我們就會將這些場地奉獻出來，無論是在科圖拉的場地或未來的未來網站，然後查看該業務的去向。

Again, Black Pearl, we expect to have a very, very robust Bitcoin mining business next year.

同樣，黑珍珠，我們預計明年比特幣挖礦業務將非常非常強勁。

I think in a perfect world, we will offset it with a very nice long term HPC tenant contract, and then we'll see as it goes.

我認為在一個完美的世界中，我們將透過一份非常好的長期 HPC 租戶合約來抵消它，然後我們將看到它的發展。

The great thing about those sites that we've got in the pipeline is they'd also be wonderful for Bitcoin mining.

我們正在準備的這些網站的偉大之處在於它們也非常適合比特幣挖礦。

I think the long term prospects for an HPC tenant are kind of nice.

我認為 HPC 租戶的長期前景是不錯的。

If you look at the longer term leases, they probably in the back years of those contracts will exceed what Bitcoin mining data centers are likely to produce, because hash price over long time periods tends to go down.

如果你看看長期租賃，這些合約的後幾年可能會超過比特幣挖礦資料中心可能產生的產量，因為長時間內的哈希價格往往會下降。

There's a cyclical nature around halving, we're very bullish over the next year and a half for hash price expansion, but the long term trend is that you've got to get more efficient, and so the great thing about HPC revenue would be the sort of back end of a potential lease, where the numbers are likely to be higher in dollar terms that you're being paid for producing that--providing that data center.

減半具有周期性，我們非常看好未來一年半的哈希價格擴張，但長期趨勢是你必須提高效率，因此 HPC 收入的好處是潛在租賃的後端，以美元計算，您為提供數據中心而獲得的報酬可能會更高。

Awesome, I appreciate that color.

太棒了，我很欣賞這個顏色。

I recall visiting the sites over a year ago and was really impressed with the team there in Odessa.

我記得一年多前訪問過這些網站，敖德薩的團隊給我留下了深刻的印象。

Just shifting gears here, Tyler, Cipher has been able to leapfrog a number of peers and is now a top five miner on account of scale with 35 exahash, so just focusing on the Bitcoin mining aspect of the business, I'm curious to hear how important it is for Cipher to maintain this level of network market share relative to peers going forward.

只是在這裡換檔，Tyler，Cipher 已經能夠超越許多同行，現在是規模排名前五的礦工，擁有 35 exahash，所以只專注於業務的比特幣挖礦方面，我很想听聽how important it is for Cipher to maintain this level of network market share relative to peers going forward.

How should we think about that?

我們該如何思考這個問題？

Yes, I think that's a good proxy for what we want to do, but we don't really do capital planning in terms of what's our market share.

是的，我認為這是我們想做的事情的一個很好的代表，但我們並沒有真正根據我們的市場份額進行資本規劃。

I guess we do as kind of a derivative of the way we think about it, but we're really focused on what's likely to happy to hash price and what will be our hash costs to produce the hash, and that margin, that spread between those two numbers is really the business.

我想我們的做法是我們思考方式的衍生，但我們真正關注的是可能會高興的哈希價格，以及產生哈希的哈希成本，以及利潤之間的差價。生意。

Listen, the foundation of that, as I harp on, on every one of our earnings calls, is the low-cost power.

聽著，正如我在每次財報電話會議上反覆強調的那樣，其基礎是低成本電力。

That drives -- you know, that's the number you cannot change or tweak, and so once you lock that in, you can then be opportunistic through the cycle to do things like improve the efficiency of your miners, so I would say versus the last couple years, we're still in a relatively cheap pricing period to acquire new rigs, and so the pick-up in efficiency can be very large for what is, at least compared to historical numbers, a smaller capital outlay.

這推動了——你知道，這是你無法改變或調整的數字，所以一旦你鎖定了它，你就可以在整個週期中機會主義地做一些事情，比如提高礦工的效率，所以我想說與上一個相比幾年來，我們仍處於購買新鑽機的相對便宜的定價時期，因此，至少與歷史數據相比，效率的提升可能非常大，而資本支出卻較小。

We tend to look at projections on--you know, can we lower -- how much do we lower our hash cost, what's the capital outlay to produce that, what's the payback period?

我們傾向於關注預測——你知道，我們可以降低——我們的哈希成本會降低多少，產生這個成本的資本支出是多少，投資回收期是多少？

Now, I guess the knock-on effect of that is it implies we will take market share, and certainly thinking about what happens to network hash rate will determine the market share, but that's all kind of accounted in the forecasting for hash price, so if Bitcoin prices go up, there will be more network hash rate, you'll be fighting for market share and you might have less of it, but of course Bitcoin prices will be higher.

現在，我想這會產生連鎖反應，這意味著我們將佔據市場份額，當然考慮網路哈希率的變化將決定市場份額，但這都是在哈希價格的預測中考慮的，所以如果比特幣價格上漲，網路哈希率就會更高，你會爭奪市場份額，你的市場份額可能會減少，但比特幣價格當然會更高。

Really, the dynamic we look at is forecasted hash price versus what our hash costs will be.

實際上，我們關注的動態是預測的哈希價格與我們的哈希成本的比較。

Appreciate the color, Tyler, and congrats again on those HPC AI announcements.

欣賞顏色，泰勒，並再次祝賀HPC AI公告。

Thanks Bill.

謝謝比爾。

John Todaro, Needham & Company.

John Todaro，Needham＆Company。

Great, thanks for taking my questions.

太好了，感謝您回答我的問題。

I have two of them, I guess first on the Bitcoin business and then the down the road HPC business.

我有兩個，我想首先是比特幣業務，然後是HPC業務。

Tyler, how do you think about allocating costs and investing in the business, and I guess another way to put it is how should investors be thinking about?

泰勒，你如何看待分配成本和投資業務，我想另一種說法是投資人該如何考慮？

Is it on more so a Bitcoin cost basis in this post-halving environment, or that cost on a hash basis as you've mentioned a few times here?

在減半後的環境中，它更多的是基於比特幣成本，還是像您在這裡多次提到的那樣基於哈希成本？

That's a good question, John.

這是個好問題，約翰。

I think this is--as investors get more savvy in the sector, I generally think the better way to think about things is hash price versus hash cost, because it accounts for the multiple variables, especially if you're projecting forward.

我認為，隨著投資者在該領域變得更加精明，我通常認為考慮問題的更好方法是哈希價格與哈希成本，因為它考慮了多個變量，特別是如果你預測未來。

I don't think the right thing to do is project forward on a cost per Bitcoin basis.

我認為正確的做法是以每比特幣的成本為基礎進行預測。

That said, we get this question, and almost big institutional investor that's maybe newer to the space, they always start with a framework of what's your cost per Bitcoin, right, because everyone follows the Bitcoin price.

也就是說，我們得到了這個問題，幾乎是該領域較新的大型機構投資者，他們總是從每個比特幣成本的框架開始，對吧，因為每個人都遵循比特幣價格。

It's easier to think of in that sense.

從這個意義上來說，更容易想到。

I guess on a backward looking basis, I'm comfortable doing that because you don't have to think about, well, what happens to network hash rates?

我想在回顧過去的基礎上，我很樂意這樣做，因為你不必考慮網路哈希率會發生什麼？

If we just look post-halving, if I translate our hash cost and hash price--hash cost numbers, rather, and I'm backwards looking just post-halving because that's what's most relevant, our power cost to produce a Bitcoin is about $24,000 a Bitcoin, and for our all-in cash costs, it's sub-$50,000, and that's post-halving in what we expect is -- you know, the expected bad environment post-halving, this is what it's supposed to be, the market that squeezes miners.

如果我們只看減半後，如果我翻譯我們的哈希成本和哈希價格- 相反，哈希成本數字，並且我向後看減半後，因為這是最相關的，我們生產比特幣的電力成本約為一個比特幣24,000 美元，對於我們的全部現金成本來說，它不到50,000 美元，這是我們預期的減半後的情況——你知道，減半後預期的惡劣環境，這就是它應該的樣子，擠壓礦工的市場。

This is a known-unknown when you go through the halving, that you're going to have a rough period.

當您度過一半的時間時，這是一個知名的，您將有一個艱難的時期。

I think backwards looking, I can tell you cash cost to produce a Bitcoin was sub-$50,000, and that's with this idea that, again, we are completely focused on growth.

我認為回顧過去，我可以告訴你，生產一個比特幣的現金成本低於 50,000 美元，而且我們再次完全專注於成長。

We think these trends around data centers and Bitcoin mining -- or rather Bitcoin network adoption are likely to be really big.

我們認為圍繞著資料中心和比特幣挖礦的這些趨勢——或者更確切地說，比特幣網路的採用可能會非常大。

And I know you know this and most of our investors know this, but as hash price goes up or as Bitcoin price goes up, in the moment those additional dollars per Bitcoin drop to our bottom line, so we're very focused on expansion but half the cash costs we're spending, I view as an investment in scale and expansion, and so those numbers will get better and better by year end when we have a fleet that is much more efficient and has a bigger topline hash rate, because of the upgrade at Odessa.

我知道你知道這一點，我們的大多數投資者都知道這一點，但隨著哈希價格上漲或比特幣價格上漲，每比特幣的額外美元跌至我們的底線，所以我們非常專注於擴張，但我们花费的现金成本的一半，我认为是对规模和扩张的投资，因此到年底，当我们拥有一支效率更高且拥有更高算力的车队时，这些数字将会变得越来越好，因為敖德薩的升級。

Then in 2025, we're projecting about a 15.5 joules per terahash efficiency across the entire fleet and potentially nearly tripling the top line, so that investment today that we sort of make in the people that originate these sites and build these high-quality data centers, that's now defrayed over a smaller, less efficient fleet.

然後，到 2025 年，我們預計整個機隊的效率約為 15.5 焦耳/太赫哈希，收入可能會增加近三倍，因此我們今天對創建這些網站並構建這些高品質數據的人員進行了投資中心，這已經被一個較小，效率較低的艦隊所支配。

We are very much on the growth side of--growth philosophy of driving down that hash cost, and then that translates to Bitcoin.

我們非常支持成長理念——降低哈希成本，然後轉換為比特幣。

But for a metric in the ugly months post-halving, which are expected to be ugly, we're spending less than $50,000 of cash, and that includes what I'll call this investment in the forward nature of the business and expansion, as well as the cash costs to actually pay for electricity and mine the Bitcoin.

但對於減半後糟糕的幾個月（預計會很糟糕）的指標來說，我們花費了不到 50,000 美元的現金，其中包括我所說的對業務和擴張的前瞻性投資，因為以及實際支付電費和挖礦比特幣的現金成本。

Got it.

知道了。

Thanks for that.

謝謝你。

Then just my other one, real quickly on HPC, we spent a lot of time due diligencing different sites and locations.

然後，我的另一個很快就在HPC上真實了，我們花了很多時間在不同的站點和位置進行了盡職調查。

In Texas, there is a little bit of a concern around curtailment.

在德州，人們對限電有些擔憂。

I guess, do you guys envision this site, if it is for HPC, say the full 200 megawatts for HPC which it sounds like is what you guys are leaning towards, do you envision curtailment at that site, and especially as you think about the broader 1.5 gigs, does that actually impact ERCOT approval?

我想，你們是否設想過這個站點，如果是用於 HPC，比如說 HPC 的 200 兆瓦，這聽起來就是你們所傾向於的，你們是否設想在該站點進行削減，特別是當您考慮到更廣泛的1.5 演出，這實際上會影響ERCOT 批准嗎？

Have there been questions about that piece, any kind of color on that?

對那件作品有任何疑問嗎？

Yes, I mean at a high level, I'd separate it even within ERCOT.

是的，我的意思是在較高的層面上，即使在 ERCOT 內我也會將其分開。

You apply to be a flexible load or an inflexible load.

您申請成為彈性負載或非彈性負載。

Part of the approval to do what we do at our Bitcoin mining data centers is getting what's called the LFL approval, the large flexible load approval, where mapping out curtailment is a big part of how they think about balancing the grid down there and the particular areas of transmission and distribution.

我們在比特幣挖礦資料中心所做的事情獲得批准的一部分是獲得所謂的 LFL 批准，即大型靈活負載批准，其中規劃限電是他們考慮平衡那裡的電網和特定情況的重要組成部分。配電領域。

The HPC opportunity, as you know, these have availability to power 100% of the time, and even the site at Reveille, the site in Cotulla, Texas, that set-up is a front of the meter site where, again, for Bitcoin mining, if we were to do Bitcoin mining there, we would absolutely manage curtailment because you're -- you know, when we manage curtailment, we're stripping out the highest prices we would be paying for power and cutting our overall average power cost nearly in half by stripping out nearly 5% of the most expensive hours.

如您所知，HPC 機會可以 100% 的時間供電，甚至位於德克薩斯州 Cotulla 的 Reveille 站點，該設置也是電錶站點的前端，同樣適用於比特幣採礦，如果我們要在那裡進行比特幣採礦，我們絕對會管理限電，因為你知道，當我們管理限電時，我們正在取消我們將支付的最高電力價格並削減我們的整體平均電力通過削減近5% 的最昂貴時間，成本幾乎減半。

HPC is a very different business -- you're being paid for that 100% uptime, and really most of the CapEx goes into that additional reliability of uptime.

HPC 是一項非常不同的業務——您獲得的報酬是 100% 的正常運行時間，而且實際上大部分資本支出都用於額外的正常運行時間可靠性。

I mean, to give you a sense, when we say three 9s of uptime, of course, I'm sure everyone knows, but when you're thinking about 99.9% uptime and then going out to five 9s, which is more typical for, say, a hyperscaler, so 99.999% of uptime, the cost goes up dramatically, right?

我的意思是，為了讓您有一個感覺，當我們說三個9 的正常運行時間時，當然，我相信每個人都知道，但是當您考慮99.9% 的正常運行時間，然後再考慮到5 個9 時，這對於，比如說，一個超大規模，所以 99.999% 的正常運行時間，成本會急劇上升，對嗎？

You might be spending $3 million to $4 million per megawatt for infrastructure to get three 9s of uptime, whereas you could be up to $10 million or even more, depending on the real estate location, for five 9s of uptime.

您可能會在每兆瓦基礎設施上花費300 萬至400 萬美元，以獲得三個9 的正常運行時間，而您可能會花費高達1000 萬美元甚至更多，具體取決於房地產位置，以獲得五個9 的正常運作時間。

But the point is, that is generally all built around the idea that you are not managing curtailment.

但關鍵是，這通常都是圍繞著這樣的想法建立的：您沒有管理限電。

Now, what I'll say, I did allude to this earlier on the call, this is a very dynamic market.

現在，我要說的是，我之前在電話會議中確實提到了這一點，這是一個非常活躍的市場。

A year ago, I think hyperscalers would only maybe look at real estate in a place like the Dulles corridor and want five 9s of uptime, and if you talked to them, they may have 300 line items that they require for redundancy and very specific technical design requirements.

一年前，我認為超大規模企業可能只會考慮像杜勒斯走廊這樣的地方的房地產，並希望有五個9 的正常運行時間，如果你與他們交談，他們可能有300 個行項目，需要冗餘和非常具體的技術設計要求。

What we've seen is there's now such a drive for megawatts, and it's kind of dynamic, megawatts that are available sooner are even more valuable.

我們所看到的是，現在存在著這樣一種對兆瓦的驅動力，而且它是一種動態的，越早可用的兆瓦就更有價值。

You've seen a lot more flexibility on the side of the potential tenants, and so I think playing that out, what that means and could be interesting over time is maybe that trend continues, and in the future curtailment becomes part of HPC.

你已經看到潛在租戶方面有更多的靈活性，所以我認為，隨著時間的推移，這意味著什麼，並且隨著時間的推移可能會很有趣，也許這種趨勢會持續下去，並且在未來，縮減將成為HPC 的一部分。

Maybe they say, hey, if you could drive down our costs, maybe we'd be willing to give up a couple percent of the uptime -- it all remains to be seen, that's pure speculation.

也許他們會說，嘿，如果你能降低我們的成本，也許我們願意放棄百分之幾的正常運行時間——這一切還有待觀察，這純粹是猜測。

I think we're really well positioned if that is what happens to the market, given just how much of that is our core business.

我認為，如果市場發生這種情況，考慮到其中有多少是我們的核心業務，我們確實處於有利地位。

We'll see, but based on let's call it the other compromises on location and some of the other technical requirements, it wouldn't surprise me if we see a market that continues to evolve on the HPC side in terms of what's required.

我們拭目以待，但基於讓我們稱之為位置上的其他妥協和其他一些技術要求，如果我們看到 HPC 方面的市場在需求方面繼續發展，我不會感到驚訝。

Appreciate that, thanks Tyler.

很欣賞這一點，謝謝泰勒。

Thank you.

謝謝。

Mike Colonnese, HC Wainwright.

麥克‧科隆尼斯 (Mike Colonnese)，HC 溫賴特 (HC Wainwright)。

Hi, good morning, guys, and congrats on all the recent deals.

嗨，早上好，夥計們，祝賀最近所有的交易。

Definitely a lot in the works right now for Cipher.

對於 Cipher 來說，現在肯定有很多工作要做。

I know it's still early days, but how should investors think about the revenue model and the economics for this upcoming HPC business, based on your planned go-to-market strategy which sounds like you're going to take more of a co-location approach here?

我知道現在還為時過早，但根據您計劃的上市策略，投資者應該如何考慮即將推出的 HPC 業務的收入模式和經濟狀況，這聽起來像是您將採取更多的託管方式接近這裡？

Yeah, thanks Mike.

是的，謝謝邁克。

I'd say, listen, first off, I'll try to give you a sense for what we've seen in preliminary discussions, but it's very clear to us that deals we would strike are pretty bespoke, so I don't know that the deals we've seen would necessarily be indicative.

我想說，聽著，首先，我會盡力讓您了解我們在初步討論中所看到的內容，但我們很清楚，我們將達成的交易是相當定制的，所以我不知道我們所看到的交易必然具有指示性。

But I think what we're seeing is gross margins in that business of 80%, and then financing quite a bit of that CapEx, depending on the stage you are, who the lender would be.

但我認為我們看到的是該業務的毛利率為 80%，然後為相當多的資本支出提供融資，具體取決於您所處的階段以及貸方是誰。

Anecdotally, I can tell you there's quite a few investors that are out there, that are interested in earlier stage financing, maybe when you're just building a data center or you have, say, a letter of intent from a large high-quality tenant.

有趣的是，我可以告訴你，有相當多的投資者對早期融資感興趣，也許當你剛剛建立一個資料中心，或者你有一封來自大型高品質的意向書時租戶。

There is a much more developed market if you've got a lease from a high-quality tenant that is, like, bank financing, and much more reasonably priced.

如果您從高品質租戶處獲得租賃，例如銀行融資，並且價格更合理，那麼市場就會更加發達。

These are all kind of dynamics we're looking at.

這些都是我們正在關注的動態。

Suffice to say investors are very interested in just the overall breadth of our portfolio and the potential capacity to do 1.7 gigawatts in the coming years has a lot of people excited.

可以說，投資者對我們投資組合的整體廣度非常感興趣，並且未來幾年實現 1.7 吉瓦的潛在產能讓許多人感到興奮。

I think it's really hard for us to size specifics because we're just doing lots and lots of meetings on this right now, trying to move quickly.

我認為我們真的很難確定具體細節，因為我們現在只是就此召開了很多很多會議，試圖快速採取行動。

For what it's worth, that's what we've seen on the type of business we're looking at, and we'll probably have more details as specific conversations advance.

就其價值而言，這就是我們在我們正在考慮的業務類型中看到的情況，隨著具體對話的進展，我們可能會獲得更多細節。

Got it.

知道了。

Thanks for that.

謝謝你。

Just curious what made you guys decide to go with the liquid cooled infrastructure for 50 of the total megawatts over at Black Pearl versus going air cooled for the full site, and how are you guys estimating out the CapEx-related costs for liquid cooled versus what you would otherwise see for the air cooled?

只是好奇是什麼讓你們決定在 Black Pearl 的 50 兆瓦總功率中使用液體冷卻基礎設施，而不是對整個站點採用空氣冷卻，以及你們如何估計液體冷卻與其他設備的資本支出相關成本否則你會看到風冷嗎？

Thanks.

謝謝。

Yeah, great question.

是的，很好的問題。

So look, we've been modeling a lot of different operating strategies in the test kitchen for a while now.

所以看，我們已經在測試廚房中模擬了許多不同的操作策略一段時間了。

Obviously, Texas is hot, and so managing that heat and efficiency and all the various ways you can under-clock and try to optimize your performance are all part of the analysis.

顯然，德克薩斯州很熱，因此管理熱量和效率以及所有可以降頻並嘗試優化性能的各種方法都是分析的一部分。

At a high level, air cooled tends to be the cheapest CapEx, and then the question is -- you know, also the OpEx is low but you're probably going to have worse efficiency and production.

從高水準來看，風冷往往是最便宜的資本支出，然後問題是 - 你知道，營運支出也很低，但你的效率和生產可能會更差。

The question is where do you cross over to make a bigger upfront investment worth it.

問題是你該從哪裡跨界才能讓更大的前期投資值得。

For us to do 50 of the 300 megawatts in hydro, you're talking about an incremental spend of probably close to $20 million, using round numbers.

如果我們要生產 300 兆瓦的水力發電中的 50 兆瓦，那麼增量支出可能接近 2,000 萬美元（以整數計算）。

I think what's important to us is, number one, we think we've arrived at a set-up and a system that's going to be best-in-class and will easily justify the incremental spend when we operate there.

我認為對我們來說重要的是，第一，我們認為我們已經建立了一個一流的設置和系統，並且很容易證明我們在那裡運營時增量支出的合理性。

I think the other thing is it's important for us to have a data center that, frankly, we can show off where we're doing hydro, because there's implications of that for HPC, obviously.

我認為另一件事是，擁有一個資料中心對我們來說很重要，坦白說，我們可以展示我們在哪裡進行水力發電，因為這顯然對高效能運算有影響。

I think as part of a large scale first step, we wanted to do 50.

我認為作為大規模第一步的一部分，我們想做 50 個。

Now that said, we know air cooling pretty well.

話雖如此，我們對空氣冷卻非常了解。

We know with our curtailment and energy trading strategy, we can operate well in Texas with air cooled, and so 50 megawatts ended up being the Goldilocks just right amount, that it's large scale but it's not increasing CapEx in a crazy way with new way of operating.

我們知道，透過我們的限電和能源交易策略，我們可以在德克薩斯州透過空氣冷卻良好地運營，因此50 兆瓦最終成為恰到好處的數量，它的規模很大，但它並沒有以新的方式以瘋狂的方式增加資本支出操作。

I'm sure as good as we are, we'll certainly stub our toe and learn some lessons along the way, but overall, that's kind of the incremental pick-up for the 50 megawatts of hydro that we're going to do there.

我確信，儘管我們做得很好，但我們肯定會在這個過程中犯錯並吸取一些教訓，但總的來說，這就是我們將在那裡進行的 50 兆瓦水力發電的增量增長。

Great, thanks for taking my questions, Tyler.

太好了，謝謝你回答我的問題，泰勒。

Thanks Mike.

謝謝邁克。

Tyler DiMatteo, BTIG.

泰勒·迪馬特奧，BTIG。

Yes, hi guys, good morning.

是的，大家好，早安。

Thanks for taking the question here.

感謝您在這裡提出問題。

Tyler, I'm curious, on the HPC opportunity and the sites, I guess at a high level, can you just add some color in terms of the actual sourcing process and your strategy for that, maybe who you're bidding against, how early does the process have to start?

泰勒，我很好奇，關於 HPC 機會和網站，我想在較高的層面上，您能否在實際採購流程和您的策略方面添加一些色彩，也許您要與誰競標，如何競標該過程必須儘早開始嗎？

I guess what I'm wondering, you hear a lot about HPC, I'm curious is there a sweet spot for megawatts?

我想我想知道的是，您聽說過很多有關 HPC 的內容，我很好奇是否存在兆瓦級的最佳點？

I know it's early days for customers, but is there a sweet spot as well?

我知道對於客戶來說現在還為時過早，但還有一個最佳點嗎？

Any thoughts there broadly?

有什麼廣泛的想法嗎？

Sure, so I'll go in reverse order on those questions, Tyler, thanks.

當然，所以我會以相反的順序回答這些問題，泰勒，謝謝。

The largest tenants, let's call them hyperscalers, are probably not looking sub-100, and really would prefer 200-plus megawatts.

最大的租戶（我們稱之為超大規模租戶）可能不會低於 100 兆瓦，實際上更喜歡 200 兆瓦以上。

I did mention earlier on the call, we've had a lot of people ring us up and ask about Black Pearl and hey, could we take that for HPC and ditch your Bitcoin mining plans?

我之前在電話中確實提到過，有很多人打電話給我們詢問 Black Pearl 的情況，嘿，我們可以將其用於 HPC 並放棄您的比特幣挖礦計劃嗎？

The answer has been no.

答案是否定的。

So I think from a scale perspective, that's the most attractive thing about this portfolio of sites we've sourced, is that we're hoping they are all approved for 500 megawatts of interconnect.

因此，我認為從規模角度來看，我們採購的這個站點組合最吸引人的一點是，我們希望它們都獲得批准用於 500 兆瓦的互連。

That process is not done, but we're very constructive on it, and I think the good news is we came up with a pricing framework that we're only paying for the amount of megawatts that get approved.

這個過程還沒有完成，但我們對此非常有建設性，我認為好消息是我們提出了一個定價框架，我們只為獲得批准的兆瓦量付費。

So our hope is that even if they don't get to 500 each, they are several hundred and in the ballpark, and they are all going to be very attractive.

所以我們的希望是，即使它們沒有達到 500 個，但也能達到幾百個，而且在大概範圍內，而且它們都將非常有吸引力。

I expect to have more color on those in the coming months.

我預計在接下來的幾個月裡會有更多的色彩。

I expect--well, I hesitate to give exact timing because sometimes approvals processes take a while, but in the coming months, I think we will have more color on some of that as far as what gets approved.

我預計——嗯，我猶豫是否給出確切的時間，因為有時批准過程需要一段時間，但在接下來的幾個月裡，我認為我們將在其中的一些內容上獲得更多的信息，直到獲得批准。

To take your first question on sourcing overall, I think this is something we take a great deal of pride in and I'm very proud of our team.

回答你關於整體採購的第一個問題，我認為這是我們非常自豪的事情，我為我們的團隊感到非常自豪。

It's no secret to everyone on the call, it's an extraordinarily hot market to source opportunities.

這對參加電話會議的每個人來說都不是秘密，這是一個非常熱門的尋找機會的市場。

You add on top of that that in Bitcoin mining specifically, it's a very active M&A environment, lots of assets are for sale, companies are for sale, et cetera.

除此之外，特別是在比特幣挖礦領域，這是一個非常活躍的併購環境，大量資產正在出售，公司正在出售，等等。

I think anyone can go buy a finished product, and what you see is, like I mentioned, people overspend in our opinion.

我認為任何人都可以去買成品，正如我所提到的，你所看到的是，我們認為人們超支了。

I think Bitcoin miners are optimists, and so when you're looking at an asset, you can price it with rosier assumptions about what's going to happen to Bitcoin and justify a higher cost.

我認為比特幣礦工是樂觀主義者，所以當你在考慮一項資產時，你可以對比特幣將發生的事情做出更樂觀的假設來定價，並證明更高的成本是合理的。

We tend to be a little bit more bearish in our forecasting just to protect the downside.

我們在預測中傾向於更加悲觀，只是為了保護下行空間。

It's not what we actually think is going to happen in the real world.

這並不是我們真正認為在現實世界中會發生的事情。

What we've observed is there are not very many of our competitors, and even this is true on the HPC side, like the hyperscalers have departments of people sourcing opportunities, but they're not necessarily experts in all the local rules for getting a site approved for interconnect, and so what we've found is there's just not as many people fishing in that pond and we've been pretty consistent on that.

我們觀察到，我們的競爭對手並不多，即使在 HPC 方面也是如此，就像超大規模企業有負責人員採購機會的部門，但他們不一定是獲得人才的所有當地規則的專家。互連，因此我們發現在該池塘釣魚的人並不多，而且我們在這一點上一直非常一致。

All of our sites were sourced as un-built dirt patches, and that's continued, and you've seen that with Black Pearl.

我們所有的場地都來自未建造的土塊，這種情況仍在繼續，您已經在黑珍珠號上看到了這一點。

We got a great 300 megawatt opportunity at Black Pearl for $7 million.

我們以 700 萬美元的價格在 Black Pearl 獲得了 300 兆瓦的絕佳機會。

Now, the downside to that is they're not ready as soon.

現在，這樣做的缺點是他們還沒有盡快準備好。

Sometimes I know our Twitter antagonists say we move too slowly.

有時我知道我們的Twitter對手說我們移動太慢。

I think we're just moving very deliberately to build what is ultimately the best company in this space.

我認為我們只是故意搬家，以建立最終是該領域最好的公司。

It's just that good things take time.

只是美好的事物需要時間。

Okay, great.

好的，太好了。

Thanks for answering the questions there, Tyler, really appreciate it.

感謝您回答那裡的問題，泰勒，真的很感激。

I'll turn it back to the queue here.

我會把它轉回這裡的隊列。

Reggie Smith, JP Morgan.

雷吉史密斯，摩根大通。

Hey Tyler.

嘿泰勒。

Thanks for taking the questions.

感謝您提出問題。

First, I wanted to give you guys credit for managing operating expenses.

首先，我想讚揚你們管理營運費用的能力。

It's not lost on us that you guys are holding the line there pretty well.

你們在那裡拿著很好的界線並沒有失去我們。

I guess just based on the last answer, it sounds like your M&A team is the real MVP, and you guys need to make sure that they don't leave and go to a hyperscaler.

我想根據最後一個答案，聽起來你們的併購團隊才是真正的 MVP，你們需要確保他們不會離開並前往超大規模企業。

But my question I wanted to ask you, thinking about what you've announced today, and I'm trying to, I guess frame the CapEx requirements for that, I think if I looked at the 1.5, 1.8 gigawatts you guys have announced today, if you were to build that as a miner, my math is that it could cost roughly $3 billion to build out.

但我想問你們的問題，考慮一下你們今天宣布的內容，我想框架資本支出要求，我想如果我看看你們今天宣布的 1.5、1.8 吉瓦，如果你們要作為礦工來建造它，我的數學是建造可能要花費約30億美元。

Thinking about HPC, rough math, I think for every 100 megawatts, you're looking at maybe a billion or $2 billion in just infrastructure build out.

考慮到 HPC，粗略計算一下，我認為每 100 兆瓦，您可能會花費 10 億或 20 億美元用於基礎設施建設。

One, I wanted to see if those numbers are correct; and then two, with that as kind of a backdrop, how do you think about balancing CapEx and returning capital to investors, or holding cash or whatever it is?

第一，我想看看這些數字是否正確；然後兩個，以此為背景，您如何看待平衡資本支出並向投資者返還資本，或持有現金或其他什麼？

It seems like there's a heavy period of investment that we're kind of looking at, and I'm curious how you balance that, so the question is are those numbers accurate?

我們似乎正在關註一個大量的投資時期，我很好奇你如何平衡這一點，所以問題是這些數字準確嗎？

And then two, how do you balance the need for CapEx with the need for returning cash or generating free cash flow?

第二，如何平衡資本支出的需求與返還現金或產生自由現金流的需求？

Thanks.

謝謝。

Sure, thanks Reggie.

當然，謝謝雷吉。

Let me say before I answer your questions that I'm very blessed -- I have a lot of MVPs here.

在回答您的問題之前，我要先說一下，我非常幸運——我這裡有很多 MVP。

I have about the easiest job in the world because I have really good people in sourcing sites, but also we've got MVPs in building the sites, operating the sites, trading and hedging, et cetera.

我的工作是世界上最簡單的，因為我在採購網站方面擁有非常優秀的人才，而且我們在建立網站、經營網站、交易和對沖等方面也有 MVP。

All I have to do is watch our great people do great work, so we're sort of an all-star team here that I get to just coach.

我所要做的就是看著我們優秀的員工做出出色的工作，所以我們是一支全明星團隊，我只能擔任教練。

That said, quick math on your numbers, yes, I'd say on the HPC side, that sounds ballpark correct.

也就是說，快速計算一下你的數字，是的，我會說在 HPC 方面，這聽起來是正確的。

It is a very capital-intensive business, and that's why when it comes to thinking about investment returns, it's really driven by the funding there.

這是一項資本非常密集的業務，這就是為什麼在考慮投資回報時，它實際上是由那裡的資金驅動的。

That's why we mentioned this is one of the legs of the stool -- you've got to have the sites; you've got to have the team that can do it.

這就是為什麼我們提到這是凳子的腿之一——你必須有站點；你必須擁有一個能夠做到這一點的團隊。

Again, we've already got the sites, we've got the team already hired, we don't need to go out and hire people that know how to build and develop HPC data centers.

再說一次，我們已經有了站點，我們已經聘請了團隊，我們不需要出去僱用知道如何建立和開發 HPC 資料中心的人員。

The third piece is the capital, and it's early on that.

第三塊是首都，而且還早。

I'd say we're comfortable talking about this business at such an early stage because of just the amount of interest from very high-quality lenders and investors that have been all over us for this business.

我想說，我們很樂意在這麼早的階段談論這項業務，因為非常優質的貸方和投資者對這項業務表現出了濃厚的興趣。

So yes, the capital outlay is enormous if you think about a 1.7 gigawatt-type portfolio, but the only way that will be built by Cipher is if lots of it is financed, debt financed, and that could include--you know, we've got multiple proposals for setting up devcos that would finance separately from the Bitcoin mining business.

所以，是的，如果你考慮一個 1.7 吉瓦型的投資組合，資本支出是巨大的，但 Cipher 構建的唯一方法是，如果其中大量資金得到融資、債務融資，這可能包括——你知道，我們已經有多項關於建立開發公司的提案，這些開發公司將獨立於比特幣挖礦業務進行融資。

There is a lot of structuring analysis and optimization that needs to be done, and none of that is finalized, so you're highlighting one of the main challenges, is just like wow, that's a lot of capital if you're going to do that all for HPC, and you would definitely not finance that business the way we finance Bitcoin mining.

有很多結構分析和優化需要完成，但這些都還沒有最終確定，所以你強調了主要挑戰之一，就像哇，如果你要做的話，那需要很多資本這一切都是為了HPC，你絕對不會像我們為比特幣挖礦提供資金一樣為該業務提供資金。

Now separately, running the numbers on -- without thinking about -- I don't know that I can do the math on the fly on what Bitcoin mining would likely to be on 1.7 gigawatts.

現在單獨運行這些數字——無需考慮——我不知道我是否可以即時計算出比特幣挖礦可能達到 1.7 吉瓦。

I think -- let me give you some framework for how we think about return on Black Pearl.

我認為 - 讓我給您一些框架，以了解我們如何看待黑珍珠的回報。

We look at the build costs, and that includes obviously where you're locking in rig prices as a massive part of the cost there.

我們會考慮建造成本，這顯然包括將鑽機價格鎖定為成本的很大一部分。

We look at ROIs under various forward hash price scenarios, and again we look at ROIs that we're targeting a year and a half to three years payback period on Black Pearl, so that's going to be a similar framework for how we decide what do with any data center for Bitcoin mining.

我們研究了各種遠期哈希價格情景下的投資回報率，我們再次研究了黑珍珠號的目標是一年半到三年的投資回收期，因此這將是一個類似的框架，用於我們如何決定做什麼與任何用於比特幣挖掘的資料中心。

Now, what becomes different is if we're thinking about these sites that are maybe two, three years off, how we finance them, I hope that someday reasonably priced debt financing becomes available for Bitcoin mining.

現在，不同的是，如果我們考慮這些可能需要兩三年的網站，我們如何為它們融資，我希望有一天能為比特幣挖礦提供價格合理的債務融資。

I think it will -- you need Bitcoin to be more generally accepted, maybe we've got broader acceptance across the investing universe here with continued growth of the ETFs and embraced by politicians, etc., and then you can debt finance more of it and it's less of just an equity finance game.

我認為它會——你需要比特幣被更廣泛地接受，也許隨著ETF 的持續增長並受到政客等的歡迎，我們已經在整個投資領域得到了更廣泛的接受，然後你可以通過債務融資更多的比特幣而且它不僅僅是一場股權融資遊戲。

That said, we'll have to see what the market looks like.

也就是說，我們必須看看市場是什麼樣子。

I know there's lots of avenues available to us to finance Bitcoin mining, but it's hard to project on the entire portfolio - that's a lot of capital.

我知道我們有很多途徑可以為比特幣挖礦提供資金，但很難對整個投資組合進行預測 - 這是大量的資本。

That's why I'm pretty comfortable saying a decent portion of that is highly likely to be HPC.

這就是為什麼我很放心地說其中很大一部分很可能是 HPC。

Perfect, thank you.

完美，謝謝。

Mike Grondahl, Northland.

麥克·格隆達爾，北國。

Hey, Tyler and Ed, thank you.

嘿，泰勒和艾德，謝謝你們。

Over the last 90 days, it sounds like you had a lot of discussions with hyperscalers and finance partners.

在過去的90天中，聽起來您與超級標準和金融夥伴進行了許多討論。

What was the biggest learning for you, and maybe what do you see as sort of the biggest challenge going forward with that HPC effort?

對您來說最大的收穫是什麼？

It's a good question, Mike, and I think you actually alluded to at least what I think the biggest challenge is, is that you're pulling together two pieces to make it work.

這是一個很好的問題，麥克，我認為你實際上至少提到了我認為最大的挑戰，那就是你要把兩部分整合在一起才能使其發揮作用。

You need to figure out a path for financing for any of these large-scale builds, and you need to figure out a high credit quality tenant, so we're running both in parallel.

您需要為任何這些大型建築找到融資途徑，並且需要找到高信用品質的租戶，因此我們同時進行這兩項工作。

We've learned quite a bit.

我們已經學到很多了。

I'd say on the tenant side, a lot of it is around the technical requirements, so our team, as I often highlight has spent a lot of time at places like Google, they've built hyperscaler data centers, the market a few years ago before they were at Cipher was a little bit different in that I think a hyperscaler tenant might be a lot more set in their ways about what their technical requirements might be, and to be specific, some of these potential tenants, imagine hundreds of requirements on an endless spread sheet for all the technical details of the build.

我想說，在租戶方面，很多都是圍繞著技術要求的，所以我們的團隊，正如我經常強調的那樣，在谷歌這樣的地方花了很多時間，他們建立了超大規模數據中心，市場上有一些幾年前他們在Cipher 之前有點不同，我認為超大規模租戶可能對他們的技術要求有更多的設定，具體來說，其中一些潛在租戶，想像一下數百個對構建的所有技術細節的無盡電子表格的要求。

It's not to say they're compromising any of what they want; it's more that there's some flexibility because I think there's such a desire for large scale sites, and so I think what's been interesting is learning just how flexible some tenants have become in what they're willing to accept.

這並不是說他們會在任何他們想要的東西上做出妥協；而是說他們會在任何他們想要的東西上做出妥協。更重要的是有一定的靈活性，因為我認為人們對大型場地有很大的渴望，所以我認為有趣的是了解一些租戶在他們願意接受的方面變得多麼靈活。

The most obvious first step of that is, like sure, we'd love a data center somewhere in West Texas, like what about -- I told you we got some inquiries about Black Pearl, but that's because fiber networks continue to get built out, it starts to become questions of what's nice to have versus must have as folks build out this massive need for capacity.

最明顯的第一步是，當然，我們希望在德克薩斯州西部的某個地方建立一個資料中心，例如——我告訴過你，我們收到了一些有關黑珍珠號的詢問，但那是因為光纖網路繼續建立隨著人們對容量的巨大需求，它開始成為「擁有什麼是好的，什麼是必須擁有」的問題。

I think on the financing side, still a learning process.

我認為在融資方面，仍然是一個學習的過程。

I think it's learning about, I think both how mature the financing market is for a full-on lease from a high quality tenant.

我認為它正在了解融資市場對於高品質租戶的全面租賃有多成熟。

I'm not sure I realized how quite fully developed and broadly acceptable by the biggest banks in the world that marketplace is.

我不確定我是否意識到市場上最大的銀行是多麼完全發展和廣泛地接受。

I think we're still learning kind of then if you go earlier in the financing and construction financing stages, like what the marketplace is like and what people are willing to loan for in the pre-leased stages, and that's also highly variable, so it's an ongoing learning experience.

我認為，如果你在融資和建設融資階段更早地進行，那麼我們仍在學習，例如市場是什麼樣的，以及人們願意在預租階段貸款的內容，這也是高度可變的，所以這是一個持續的學習經驗。

I mean, I think my calendar is chock-a-block full of meetings with people, and there's a pretty wide variety, actually, on what people will finance and how anxious they are to get in the business.

我的意思是，我認為我的日曆上充滿了與人們的會議，實際上，關於人們將資助什麼以及他們對進入這個行業有多渴望，有各種各樣的內容。

I think the number one takeaway, I think the hardest thing is lining up the two pieces simultaneously because they're very much connected, right?

我認為第一個要點是，我認為最困難的事情是同時排列這兩個部分，因為它們聯繫緊密，對嗎？

You want to get to a place where you have a full-on lease because that's going to give you the broadest, cheapest financing options.

您想要到達一個擁有全額租賃的地方，因為這將為您提供最廣泛、最便宜的融資選擇。

On the financing side, it's also just how bespoke it is, and I think it's indicative of a market that's just frenzied to find large scale sites that work.

在融資方面，這也取決於它的定製程度，我認為這表明市場正在瘋狂地尋找有效的大型網站。

Got it, that's helpful.

明白了，很有幫助。

Best of luck.

祝你好運。

Thank you.

謝謝。

Thank you.

謝謝。

That's all the time we have for questions.

這就是我們提問的時間。

I'd like to turn the call back over to Tyler Page for any closing remarks.

我想將電話轉回泰勒佩奇以聽取結束語。

Well, thank you everyone for taking time this morning to join us.

好的，謝謝大家今天早上抽出時間來加入我們。

We're at the cusp of a lot of growth and scale coming to Cipher, and we're really excited about where we're positioned, so look forward to giving future updates as everything builds out.

我們正處於 Cipher 大量成長和規模成長的風口浪尖，我們對自己的定位感到非常興奮，所以期待在一切順利進行時提供未來的更新。

Thank you again.

再次感謝您。

Thank you for your participation.

感謝您的參與。

This does conclude the program, and you may now disconnect.

這確實結束了程序，您現在可以斷開連接。

Everyone have a great day.

每個人都度過了美好的一天。