Cipher Mining Inc (CIFR) 2024 Q3 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the Cipher Mining third-quarter 2024 business update conference Call.

歡迎參加 Cipher Mining 2024 年第三季業務更新電話會議。

(Operator Instructions)

（操作員指令）

Please be advised, today's conference is being recorded.

請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Josh Kane, Head of Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係主管 Josh Kane。

Please go ahead.

請繼續。

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

早安，感謝您參加本次電話會議，討論 Cipher Mining 2024 年第三季的業務更新。

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，可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，並且本次電話會議屬於 Cipher Mining 的財產，未經事先同意，嚴禁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 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戰略的陳述。

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，無論是由於新的發展還是其他原因，Cipher 不承擔更新或修改這些前瞻性陳述和風險的義務，除非法律另有規定。

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

此外，以下討論可能包含非 GAAP 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指標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 were filed at the end of our earnings release issued earlier this morning.

我們將非公認會計準則 (non-GAAP) 指標與最直接可比較的公認會計準則 (GAAP) 指標進行協調，並鼓勵您檢查這些協調情況，這些協調情況已在我們今天早上發布的收益報告末尾提交。

I will now turn the call over to our CEO, Tyler Page.

現在我將電話轉給我們的執行長泰勒佩奇 (Tyler Page)。

Tyler?

泰勒？

Thanks, Josh.

謝謝，喬希。

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

大家好，我是 Cipher Mining 的執行長 Tyler Page。

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

非常感謝您參加我們的 2024 年第三季業務更新電話會議。

We've had an extremely busy few weeks recently at Cipher, and our business model has rapidly evolved from being just a Bitcoin miner to being a developer of HPC data centers, with a natural built-in offtake via Bitcoin mining for prospective sites.

最近幾週，Cipher 的工作異常忙碌，我們的商業模式也從單純的比特幣礦工迅速轉變為 HPC 資料中心的開發商，並透過潛在站點的比特幣挖礦自然地實現了內建銷售。

We believe that we have found a truly unique niche by opportunistically investing in greenfield development sites knowing that we can build and operate an HPC site for a tenant.

我們相信，透過機會性地投資綠地開發場地，我們已經找到了一個真正獨特的利基市場，因為我們知道我們可以為租戶建造和經營一個 HPC 站點。

Or if a high quality HPC tenant fails to materialize, we can always continue to expand our Bitcoin mining footprint, and put the sites to profitable use.

或者，如果無法找到高品質的 HPC 租戶，我們可以繼續擴大我們的比特幣挖礦足跡，並讓這些網站獲利。

We have closed five such deals to acquire greenfield data center development sites in the last two months.

在過去兩個月中，我們已經完成了五筆此類交易，以收購綠地資料中心開發場地。

Our current primary intent for these sites is to develop them as HPC data centers, but all five sites are located in Texas and would also be excellent sites for Bitcoin mining as we can always use our proven ability to manage power curtailment and produce our own best-in-class electricity costs.

我們目前的主要目的是將這些站點開發為 HPC 資料中心，但所有五個站點都位於德克薩斯州，並且也是比特幣挖礦的絕佳站點，因為我們始終可以利用我們經過驗證的能力來管理電力削減並產生我們自己一流的電力成本。

Cipher combines expertise in site origination at the front end of the development funnel, with an experienced team of construction and operations professionals that joined us from the hyperscalers.

Cipher 結合了開發通路前端站點發起的專業知識，以及來自超大規模企業的經驗豐富的建置和營運專業團隊。

Our team has built some of the most high-tech data centers in the world, and continues to innovate in both the HPC and Bitcoin mining space.

我們的團隊已經建立了一些世界上最先進的資料中心，並在 HPC 和比特幣挖礦領域不斷創新。

Further downstream, we believe Cipher's talents in operating the technology and trading needed to manage energy prices and the curtailment process will bear fruit as the entire data center industry evolves.

進一步來說，我們相信，隨著整個資料中心產業的發展，Cipher 在管理能源價格和削減流程所需的技術和交易方面的才能將會取得豐碩成果。

According to a recent research piece from JLL, data center industry demand is forecast to grow at a 23% compound annual growth rate through 2030.

根據 JLL 最近的一項研究，預計到 2030 年資料中心行業需求將以 23% 的複合年增長率成長。

The demand for large scale data centers, driven by the rise of large language models and AI, is seemingly growing even faster and those sites are increasingly hard to find.

受大型語言模型和人工智慧興起的推動，對大型資料中心的需求似乎增長得更快，而且這些網站也越來越難找到。

Regulators and system operators are now suggesting hyperscalers match requests for new power interconnections with new generation development in order to receive required approvals.

監管機構和系統營運商現在建議超大規模企業將新電力互連請求與新一代開發相匹配，以獲得所需的批准。

This trend will further extend waiting times for large interconnects.

這種趨勢將進一步延長大型互連的等待時間。

And this situation is juxtaposed against an environment where the chief executives of the hyperscalers are ramping up their CapEx spend in the race to be the winner in AI.

而這種情況與這樣的環境形成了鮮明對比：超大規模企業的執行長們正在增加資本支出，爭取在人工智慧領域取得勝利。

It is against this backdrop that we launched our HPC vertical.

正是在這樣的背景下，我們推出了 HPC 垂直業務。

We believe that large scale interconnects available in the next few years are exceedingly rare and valuable.

我們相信，未來幾年內可用的大規模互連極為稀有且有價值。

And I am excited to tell you more about our progress today.

今天我很高興向大家介紹我們所取得的進展。

Before I talk about our new development portfolio, let me begin the call by updating some key metrics for Cipher as of the end of September 2024.

在我談論我們的新開發組合之前，讓我先更新截至 2024 年 9 月底 Cipher 的一些關鍵指標。

While we have major growth coming in the near future with our new sites, we are also in the middle of a significant expansion of our Bitcoin mining business right now.

雖然我們在不久的將來會憑藉新網站實現大幅成長，但目前我們也正處於比特幣挖礦業務的大規模擴張之中。

We operated 9.3 exahash per second of self-mining capacity at quarter end, and as of this morning are in the middle of installing our Odessa upgrade and have grown to 10.5 exahash per second.

我們在季度末的自主採礦能力為每秒 9.3 exahash，截至今天早上，我們正​​在安裝 Odessa 升級版，並且已經成長到每秒 10.5 exahash。

By the end of the year, we expect our self-mining capacity to grow to 13.5 exahash per second with a fleet wide efficiency of 18.9 joules per terahash.

到今年年底，我們預計我們的自主採礦能力將成長到每秒 13.5 艾哈希，整個礦機的效率將達到每太哈希 18.9 焦耳。

Cipher continues to manage a significant Bitcoin inventory, holding 1,508 as of the end of the third quarter.

Cipher 繼續管理大量比特幣庫存，截至第三季末，其持有量為 1,508 份。

And we are probably best known in the Bitcoin mining industry for our very competitive all in weighted average power price of $0.027 per kilowatt hour.

我們在比特幣挖礦行業最出名的可能是我們極具競爭力的加權平均電價，為每千瓦時 0.027 美元。

Electricity represents the large majority of our operating costs, and our low price is a key driver of our outstanding unit economics.

電力占我們營運成本的絕大部分，低價是我們出色單位經濟效益的關鍵驅動因素。

In the next two months, as we complete the Odessa rig upgrade, we will be pumping the industry's cheapest electricity through one of its most efficient fleets.

在接下來的兩個月裡，隨著我們完成敖德薩鑽井平台的升級，我們將透過其最高效的艦隊之一輸送業內最便宜的電力。

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

現在讓我們回顧一下目前的營運情況。

On slide 6, we give a portfolio overview of our existing data centers in a near term timeline for expected scaling of our managed power capacity.

在第 6 張投影片中，我們概述了我們現有資料中心的近期投資組合，以便我們管理的電力容量實現預期的擴展。

Year to date, we paid an average all-in electricity cost of roughly $18,162 per Bitcoin produced at our data centers.

今年迄今為止，我們的資料中心每生產一比特幣支付的平均全電費約為 18,162 美元。

We are very proud of this number.

我們對這個數字感到非常自豪。

Please note that when we talk about all-in electricity costs, we mean the total cost to deliver electricity to our mining rigs.

請注意，當我們談到全包電力成本時，我們指的是向我們的採礦設備輸送電力的總成本。

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

因此，我們的數字包括所有稅費、傳輸費和其他費用，而我們較低的數字極大地證明了我們的競爭優勢。

On the left side of the slide, we show an overview of our production split across Odessa and our JV data centers, along with our all-in electricity cost per Bitcoin at the sites year-to-date.

在投影片的左側，我們展示了敖德薩和合資資料中心的生產分佈概況，以及今年迄今為止這些站點每比特幣的全部電力成本。

The chart on the right side of this slide gives you a graphic illustration of the number of megawatts we currently manage as well as the projected growth for the coming year.

這張投影片右側的圖表以圖形方式顯示了我們目前管理的兆瓦數以及未來一年的預期成長量。

As you can see, we currently expect to manage 927 megawatts across six data centers in 2025 when we bring Black Pearl and Barber Lake online.

如您所見，我們目前預計，到 2025 年，當我們將 Black Pearl 和 Barber Lake 投入使用時，我們將在六個資料中心管理 927 兆瓦的電力。

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

此時，我們將轉向按站點進行生產。

Slide 7 has a production summary of our Odessa facility.

投影片 7 是我們敖德薩工廠的生產摘要。

Odessa is the most significant part of our portfolio, as it represented approximately 83% of our Bitcoin production in September.

敖德薩是我們投資組合中最重要的部分，因為它占我們 9 月比特幣產量的約 83%。

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管理和營運認可的比特幣挖礦資料中心。

Odessa is a wholly-owned facility in the middle of a five-year fixed price power purchase agreement, and pays some of the lowest prices for power in the industry.

敖德薩是一家全資工廠，目前正處於五年期固定價格購電協議的中期，其支付的電價是業界最低的。

As of quarter end, we generated approximately 7.1 exahash per second at the site, using approximately 207 megawatts.

截至季度末，我們在該站點每秒產生約 7.1 exahash 的電力，耗電量約為 207 兆瓦。

Those same 207 megawatts will generate roughly 11.3 exahash per second, with the rig upgrade we are in the middle of executing now.

隨著我們現在正在執行的設備升級，同樣的 207 兆瓦將產生大約每秒 11.3 艾哈希的電力。

On this page, we also provide the observed all-in electricity cost per Bitcoin at the site post halving, which was roughly $25,488.

在此頁面上，我們還提供了減半後該網站觀察到的每比特幣全部電力成本，約為 25,488 美元。

Even after the April having 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 4 月減少了支付給礦工的新比特幣數量之後，你仍然可以看到，對於 Cipher 來說，在我們如此大比例的投資組合上提供廉價的固定電力價格是多麼有價值。

On slide 8, we highlight our joint venture data centers of Alborz, Bear & Chief.

在投影片 8 上，我們重點介紹了 Alborz、Bear 和 Chief 的合資資料中心。

With the recent expansions at each of Bear & Chief, the sites now have a total power capacity of 120 megawatts, and generate approximately 4.4 exahash per second.

隨著 Bear 和 Chief 兩個核電廠最近的擴建，現在這兩個核電廠的總發電容量已達到 120 兆瓦，每秒可產生約 4.4 艾哈希的電力。

We own 49% of the JV sites and our portion recently generated roughly 17% of our overall Bitcoin production.

我們擁有合資工廠的 49% 股份，我們的份額最近占我們整體比特幣產量的約 17%。

On this page, we also provide the observed all-in electricity cost per Bitcoin at the sites post halving, which was roughly $34,160.

在此頁面上，我們還提供了減半後該網站觀察到的每比特幣全部電力成本，約為 34,160 美元。

As a reminder, Bear & 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＆Chief 屬於電錶前端站點，因此其電力成本預計會出現一些季節性波動，夏季的電費往往會更高。

Now let's turn to an update on our development portfolio.

現在讓我們來看看我們開發組合的最新進展。

Slides 10 and 11 show a rendering of the completed data center at Black Pearl, and photos from the current site work underway.

第 10 和 11 張幻燈片展示了 Black Pearl 已完工資料中心的效果圖，以及目前現場施工的照片。

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

我們計劃於 2025 年第二季為該電站通電。

Everything for Phase 1, which is the first half of our building, and the full 300 megawatt substation is progressing on schedule.

第一階段（即我們建築的前半部分）和整個 300 兆瓦變電站的一切工作都在按計劃進行。

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

我們目前的設計設想了250兆瓦的空氣冷卻和50兆瓦的液體冷卻比特幣挖礦。

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

在滿載的情況下，該站點預計每秒可產生約 21.5 exahash 的雜湊率。

We have continued to receive inquiries on our willingness to repurpose a portion of the data center for HPC hosting, and ultimately our final design at the site will depend on what we think will produce the best outcome for shareholders.

我們不斷收到關於我們是否願意將資料中心的一部分重新用於 HPC 託管的詢問，最終我們對該網站的設計將取決於我們認為能為股東帶來最佳結果的想法。

Slide 12 gives an overview of our new Barber Lake site that we acquired last month.

投影片 12 概述了我們上個月收購的新 Barber Lake 站點。

We immediately recognized the potential for Barber Lake when we first saw it.

當我們第一次看到巴伯湖時，我們立即意識到了它的潛力。

The site has an approved capacity of 300 megawatts, and we purchased 250 acres of surrounding land.

該場址的核准容量為 300 兆瓦，我們購買了周邊 250 英畝的土地。

Perhaps most importantly, the site already has an existing energized substation, so any data center will be immediately available for use upon completion of construction.

也許最重要的是，該站點已經有一個現有的帶電變電站，因此任何資料中心在建造完成後都可以立即使用。

When you also consider that it is located next to the major fiber line running along I-20, this site is ideal to host a large HPC tenant.

如果您也考慮到它位於 I-20 沿線主要光纖線路旁，那麼該站點非常適合承載大型 HPC 租戶。

Every potential tenant who has seen it thus far has expressed interest given its optimal setup.

到目前為止，每個看到它的潛在租戶都因其最佳設置而表達了興趣。

We look forward to updating the market in more detail, as we progress in our various discussions.

隨著各種討論的進展，我們期待更詳細地更新市場狀況。

Slide 13 shows an overview of the Reveille site, which is the first site in our medium-term pipeline as it is scheduled to energize in 2027.

幻燈片 13 展示了 Reveille 站點的概覽，這是我們中期規劃中的第一個站點，計劃於 2027 年投入使用。

By the time we turn on Reveille, we will have already been managing our initial large HPC sites at Barber Lake and potentially Black Pearl.

當我們啟動 Reveille 時，我們將已經管理位於 Barber Lake 和可能的 Black Pearl 的初始大型 HPC 站點。

The site is located in Cotulla, Texas.

該工廠位於德克薩斯州科特拉。

It has been approved for 70 megawatts.

其發電容量已獲批准，為70兆瓦。

But based on early discussions with the transmission service provider, we believe we can expand the site capacity to 200 megawatts by the time the site is energized.

但根據與輸電服務提供者早期的討論，我們相信，在電站通電時，我們可以將電站容量擴大到 200 兆瓦。

Given the timeline to energization, we have a lot of flexibility on Cipher's strategy for the site.

考慮到通電時間表，我們對 Cipher 的站點策略具有很大的靈活性。

We may choose to build a powered shell data center for a hyperscaler, and secure a long-term lease from a high quality tenant.

我們可能會選擇為超大規模企業建造一個動力殼資料中心，並從優質租戶那裡獲得長期租約。

But we also have the potential to expand our capabilities, and will review a variety of potential business models including more of a multitenant model, or even managing our own fleet of GPUs.

但我們也有潛力擴展我們的能力，並將審查各種潛在的商業模式，包括更多的多租戶模型，甚至管理我們自己的 GPU 叢集。

We have some time to watch the market develop and evolve, before we complete our strategic planning.

在完成策略規劃之前，我們還有一些時間來觀察市場的發展和演變。

Slides 14 to 16 give overviews of the three sites covered by the purchase options that we recently acquired Mikeska, Milsing, and McLennan, or what we call the 3Ms for short.

投影片 14 至 16 概述了我們最近收購的購買選項所涵蓋的三個站點，即 Mikeska、Milsing 和 McLennan，我們簡稱為 3M。

These sites are the furthest out in our development pipeline, as they are pending final approval for interconnection.

這些網站是我們開發流程中最遠的，因為它們正在等待最終的互連批准。

And we expect the results of approval processes for the sites to be finalized in the coming year.

我們預計這些場址的審批結果將在明年最終確定。

We hope to receive approval for up to 500 megawatts at each site.

我們希望獲得每個站點高達 500 兆瓦的批准。

In addition to the interconnections, our purchase options also cover substantial parcels of land at each site.

除了互連之外，我們的購買選項還涵蓋每個站點的大片土地。

All three sites 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 if necessary.

這三個站點都具備開發 HPC 資料中心的必要特徵，而且位於有需求響應計劃的位置，這使得我們可以在必要時將比特幣挖礦操作中使用的削減靈活性貨幣化。

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，我們就有了很多的選擇，這正是我們希望走在潮流前沿的位置，並且具有巨大增長的潛力。

As you can see, our evolution as a development company has occurred rapidly so far.

如您所見，我們作為一家開發公司迄今為止發展迅速。

We are building on our demonstrated success of originating the best sites and power deals in Bitcoin mining, and bringing that expertise to the traditional large scale data center market.

我們正在利用我們在比特幣挖礦領域建立最佳站點和電力交易方面的成功，並將這些專業知識帶入傳統的大型資料中心市場。

As that market is evolving and forcing large tenants to go to non-traditional areas for the scale they need now, it feels like the entire market is moving towards us.

隨著市場不斷發展，迫使大型租戶前往非傳統區域以達到他們現在需要的規模，感覺整個市場正在向我們靠攏。

As we finalize our plans for Black Pearl and Barber Lake, and define our long-term ambitions at the sites further out in the pipeline, we are extremely confident in our positioning.

當我們最終確定黑珍珠湖和巴伯湖的計劃，並確定進一步規劃中的場址的長期目標時，我們對我們的定位非常有信心。

So why are we so confident in our positioning?

那我們為什麼對我們的定位如此有信心呢？

While we don't yet have specifics to confirm today on our current HPC business negotiations, a simple review of current market conditions and the economics of operating GPUs demonstrates why there is so much interest in our sites.

儘管我們今天還無法確認當前 HPC 業務談判的具體細節，但簡單回顧一下當前的市場狀況和運行 GPU 的經濟性，就能明白為什麼我們的網站受到如此大的興趣。

We have talked about the scarcity of overall capacity given the current and projected growth in the data center industry, and the dearth of large scale sites in particular.

我們已經討論過，鑑於資料中心產業目前和預期的成長，整體容量的稀缺性，尤其是大型站點的缺乏。

Against that backdrop, we have two of the largest suitable sites available that can be used as HPC data centers, before the end of 2025.

在此背景下，我們擁有兩個最大的合適場地，可在 2025 年底之前用作 HPC 資料中心。

Hyperscalers that want their own large site have few options in the market if they want to operate within the next three years.

如果超大規模企業希望在未來三年內運營，那麼在市場上幾乎沒有選擇。

And the general view among those companies is that they are in a race to win AI supremacy and need to accelerate development as quickly as possible.

這些公司的普遍觀點是，他們正在競相爭取人工智慧的霸主地位，並需要盡快加速發展。

Mark Zuckerberg recently said that he would, quote, rather risk building capacity before it is needed rather than too late given the long lead times for spinning up new infrastructure projects.

馬克·祖克柏最近表示，考慮到啟動新基礎設施項目的長期準備時間，他寧願在需要之前冒險建立產能，也不願為時已晚。

Hyperscalers can currently generate tremendous revenue from investing in GPUs.

超大規模企業目前可以透過投資 GPU 獲得巨額收入。

This year NVIDIA has estimated that companies can generate $5 to $7 of revenue over four years for every dollar spent on their GPUs.

今年 NVIDIA 估計，公司在 GPU 上每花費 1 美元，四年內就能產生 5 至 7 美元的收入。

To our potential tenants, Cipher can offer two extra years of operations on up to 600 megawatts across our Black Pearl and Barber Lake sites at a critical point in the race, compared to waiting for other sites to be ready.

對於我們的潛在租戶，與等待其他站點準備好相比，Cipher 可以在競爭的關鍵時刻在我們的 Black Pearl 和 Barber Lake 站點上提供額外兩年高達 600 兆瓦的運營時間。

The additional potential profit for tenants from that time acceleration, amounts to many billions of dollars.

時間加速為租戶帶來的額外潛在利潤高達數十億美元。

These are the exciting market dynamics that are currently driving interest in our data center sites, and ultimately giving us great confidence in the success of our HPC business.

這些令人興奮的市場動態目前正在推動人們對我們的資料中心網站的興趣，並最終讓我們對 HPC 業務的成功充滿信心。

We expect to sign a long-term lease with a high quality tenant that will generate substantial returns to Cipher shareholders, and I look forward to updating everyone when we have more specific details to share.

我們期望與優質租戶簽署長期租約，這將為 Cipher 股東帶來可觀的回報，我期待在有更多具體細節可以分享時向大家通報。

With that, I'll turn it over to our Chief Financial Officer, Ed Farrell.

接下來我將把主題交給我們的財務長 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。

I'd like to begin by sharing some high level thoughts on our recent site acquisitions, which are a critical part of our HPC initiative and represent significant investments for us this quarter.

首先，我想分享一些關於我們最近的站點收購的高層想法，這些站點收購是我們 HPC 計劃的關鍵部分，並且代表了我們本季的重大投資。

As Tyler has mentioned, being a leader in this space requires not only great sites, but also an experienced team and strong expertise in financing.

正如泰勒所說，要成為該領域的領導者不僅需要優質的場地，還需要經驗豐富的團隊和強大的融資專業知識。

The ability to secure such attractive sites is a direct result of the foundational work we did when we established the company.

能夠獲得如此有吸引力的地段，直接歸功於我們在創立公司時所做的基礎工作。

Although we are still in the early stages of our HPC initiative, we believe the strength of our team, our balance sheet, our tech stack, are key elements that will position us as a leading developer of HPC data centers.

儘管我們的 HPC 計劃仍處於早期階段，但我們相信，我們團隊的實力、我們的資產負債表、我們的技術堆疊是使我們成為領先 HPC 資料中心開發人員的關鍵要素。

The strategic investments we've made in these areas have enabled us to act swiftly, and capitalize on unique opportunities like Barber Lake.

我們在這些領域進行的策略性投資使我們能夠迅速採取行動，並利用巴伯湖等獨特的機會。

Turning to earnings, it comes as no surprise that the third quarter was a challenging one, given that it was the industry's first full quarter post halving, revenues were down.

談到收益，第三季度充滿挑戰並不令人意外，因為這是該行業減半後的第一個完整季度，收入下降。

However, we remain encouraged by the business' underlying performance and the company's overall growth trajectory.

然而，我們仍然對該業務的基本表現和公司的整體成長軌跡感到鼓舞。

Our access to low-cost fixed price power and our strong balance sheet continue to be critical strengths in maintaining a solid financial position.

我們獲得的低成本固定價格電力和強勁的資產負債表仍然是維持穩固財務狀況的關鍵優勢。

Slides 19 and 20 give a snapshot, which we provide every quarter of some of our financial metrics on both sequential and year-over-year basis.

投影片 19 和 20 提供了一個快照，我們提供了每個季度的一些財務指標（以連續和同比計算）。

Let's move on to slide 21 and dive into the numbers in more detail.

讓我們轉到第 21 張投影片並更詳細地了解這些數字。

Similar to last quarter, we encountered significant industry headwinds including a record low hash price, and a rising network cash rate.

與上一季類似，我們遇到了重大的行業阻力，包括創紀錄的低哈希價格和不斷上升的網路現金利率。

For the quarter we recorded a GAAP net loss of $87 million, compared to a loss of $15 million in the prior quarter and $19 million in the same quarter last year.

本季度，我們的 GAAP 淨虧損為 8,700 萬美元，而上一季的淨虧損為 1,500 萬美元，去年同期的淨虧損為 1,900 萬美元。

In the current quarter, we mined 396 Bitcoin, generating revenues of $24 million at an average price per Bitcoin of $61,000.

本季度，我們開採了 396 個比特幣，以每比特幣 61,000 美元的平均價格計算，創造了 2,400 萬美元的收入。

This compares to 563 Bitcoin mined in Q2 2024 at an average price of $65,000, resulting in $37 million in revenue, a sequential decrease of 35%.

相比之下，2024 年第二季開採的比特幣為 563 個，平均價格為 65,000 美元，營收為 3,700 萬美元，較上季下降 35%。

Year-over-year revenues decreased by 20% primarily due to the halving, the decline in Bitcoin prices, and the increase in network hash rate.

由於減半、比特幣價格下跌以及網路哈希率上升，年收入下降 20%。

As I mentioned earlier, our fixed price power remains a critical factor in maintaining attractive unit economics.

正如我之前提到的，我們的固定價格能力仍然是維持有吸引力的單位經濟的關鍵因素。

In the current quarter, our cost of revenues increased by 5% sequentially.

本季度，我們的營收成本較上季成長了 5%。

This increase was primarily driven by one-off expenses related to the fleet upgrade at Odessa.

這一成長主要源自於敖德薩機隊升級相關的一次性費用。

Excluding these, our cost of revenues remained flat quarter-over-quarter, thanks to our fixed price PPA at Odessa.

除此之外，由於我們在敖德薩的固定價格 PPA，我們的收入成本與上一季持平。

We'll discuss the quarterly pricing of the PPA in more detail later, but its true value is evident in the low-cost fixed price power, which is reflected in our cost of revenues.

我們稍後將更詳細地討論 PPA 的季度定價，但其真正價值體現在低成本的固定價格電力中，這反映在我們的收入成本中。

Moving on, as you recall, we adopted the new crypto fair value accounting standard in 2023 and with a drop in Bitcoin price in the quarter, we recorded an unrealized loss of $22 million on the fair value of our Bitcoin holdings.

繼續，正如您所記得的那樣，我們在 2023 年採用了新的加密貨幣公允價值會計準則，並且隨著本季度比特幣價格的下跌，我們記錄了比特幣持有量的公允價值 2200 萬美元的未實現損失。

However, this mark-to-market loss was offset by $20 million of realized gains from the sale of Bitcoin in the period.

然而，這一以市價計算的損失被該期間出售比特幣所實現的 2,000 萬美元收益所抵消。

This resulted in a net loss of $2 million, which is reported in the financials.

這導致淨虧損200萬美元，已在財務報告中報告。

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

我們對比特幣庫存成長的概念以及資金管理方法沒有改變。

We maintain an opportunistic approach, continuously evaluating various funding options to support our growth initiatives.

我們保持機會主義的態度，不斷評估各種融資選擇來支持我們的成長計劃。

While our general aim is to grow our Bitcoin inventory over time, our decisions are driven by market conditions, and our overall capital allocation strategy.

雖然我們的總體目標是隨著時間的推移增加我們的比特幣庫存，但我們的決策是由市場條件和我們的整體資本配置策略所驅動的。

We actively assess the markets to identify the most attractive sources of capital, carefully considering the advantages and disadvantages of different funding methods to support our business and expansion plans efficiently.

我們積極評估市場以確定最具吸引力的資金來源，並仔細考慮不同融資方式的優缺點，以有效地支持我們的業務和擴張計劃。

This may involve using our cash reserves, Bitcoin holdings or issuing equity.

這可能涉及使用我們的現金儲備、比特幣持有量或發行股票。

An example of this approach during the quarter was the acquisition of Barber Lake, which we funded through the sale of part of our Bitcoin inventory.

本季這種方法的一個例子是對 Barber Lake 的收購，我們透過出售部分比特幣庫存來籌集資金。

While we remain highly constructive on Bitcoin, using our Bitcoin holdings to fund the acquisition, was an optimal choice.

雖然我們仍然對比特幣持高度建設性態度，但使用我們持有的比特幣來資助收購是最佳選擇。

As Tyler has said, we exchanged one rare and valuable asset for an even more rare and valuable one.

正如泰勒所說，我們用一種稀有而有價值的資產去換取一種更稀有而有價值的資產。

As of September 30, we held 1,508 Bitcoin in our Treasury.

截至 9 月 30 日，我們的庫存中有 1,508 比特幣。

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

與前幾季一樣，我想花一點時間討論一下一般及行政費用以及我們管理這些成本的概念。

On a quarter-over-quarter basis these expenses remain relatively flat.

與上一季相比，這些費用保持相對穩定。

Compensation and benefits decreased $1 million sequentially to $15 million.

薪資和福利環比減少 100 萬美元至 1,500 萬美元。

This was primarily driven by a decrease in share-based compensation, and current quarter versus prior year quarter decreased 14%, also due to decrease in share-based compensation expense.

這主要是由於股權激勵費用的減少，本季較去年同期下降 14%，也是由於股權激勵費用的減少。

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

現在談談一般行政費用，其中包括 IT、公司保險、專業費用、入住率和其他上市公司費用。

Sequentially, these costs remain relatively flat.

因此，這些成本保持相對穩定。

On a current year quarter versus the prior year quarter, these expenses were up 31%, driven by professional fees, and public company expenses primarily related to Sarbanes-Oxley compliance.

與去年同期相比，本季度這些費用上漲了 31%，主要原因是專業費用以及主要與《薩班斯-奧克斯利法案》合規相關的上市公司費用。

As we discussed last quarter, we have made significant investments in both our team and technology stack, which we believe are crucial to our long-term success.

正如我們上個季度所討論的那樣，我們對團隊和技術堆疊進行了大量投資，我們相信這對我們的長期成功至關重要。

These investments have already proven to be key differentiators in early stages of our HPC initiative.

這些投資已被證明是我們 HPC 計劃早期階段的關鍵差異因素。

We expect them to continue to drive future top line growth, ultimately having a positive impact on our bottom line.

我們預計他們將繼續推動未來的營收成長，最終對我們的獲利產生正面影響。

Depreciation and amortization expense totaled $29 million, an increase of $9 million or 41% from the prior quarter and a 77% rise, compared to the third quarter of 2023.

折舊和攤銷費用總計 2,900 萬美元，比上一季增加 900 萬美元或 41%，與 2023 年第三季相比成長 77%。

The sequential increase was driven by the recent change in our depreciation schedule, for our mining rigs.

連續增長是由於我們採礦設備的折舊計劃最近發生變化。

As a reminder, we had previously accounted for the depreciation of rigs over a five-year period.

提醒一下，我們之前已經對五年內的鑽井平台的折舊進行了核算。

However, given our recent fleet upgrade and rapid efficiency gains with next generation rigs, we now believe that the three-year depreciation schedule is more appropriate.

然而，考慮到我們最近的船隊升級和下一代鑽機效率的快速提升，我們現在認為三年的折舊計劃更為合適。

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 of 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生了變化，我們相信這應該反映在我們對整個車隊的會計處理中。

We made this change in the second quarter and accounted for it prospectively.

我們在第二季度做出了這項改變，並進行了前瞻性會計。

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

現在讓我們轉到非公認會計準則衡量指標投影片，在其中我們調節調整後的收益。

As always, I'd like to remind you that adjusted earnings exclude the impact of depreciation and amortization, the non-cash changes in the fair value of our derivative asset, deferred income tax expense, the non-cash change in the fair value of the warrant liability, share-based compensation and other non-recurring gains.

像往常一樣，我想提醒您，調整後的收益不包括折舊和攤銷、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、股權激勵和其他非經常性收益的影響。

These supplemental financial measures are not measurements of financial performance in accordance with US GAAP.

這些補充財務指標並非符合美國公認會計準則的財務績效衡量標準。

However, we believe that these non-GAAP measures may be useful to investors for comparing, our performance across reporting periods consistently.

然而，我們相信這些非公認會計準則指標可能有助於投資人持續比較我們不同報告期間的表現。

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

內部管理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營運決策。

When adjusting our third quarter GAAP net loss, we add $84 million for the items I just listed.

在調整第三季 GAAP 淨虧損時，我們為剛才列出的項目增加了 8,400 萬美元。

This brings us to an adjusted net loss of $3 million for the quarter, compared to an adjusted net loss of $3 million in the prior quarter, and $2 million of net income in the third quarter of last year.

這使得本季的調整後淨虧損為 300 萬美元，而上一季的調整後淨虧損為 300 萬美元，去年第三季的淨收入為 200 萬美元。

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

現在我們把注意力轉向9月30日的資產負債表。

Our total current assets amounted to $152 million.

我們的流動資產總額為 1.52 億美元。

Our cash position came down to $25 million, a decrease of $97 million from the close of the second quarter of 2024.

我們的現金狀況降至 2,500 萬美元，比 2024 年第二季末減少了 9,700 萬美元。

Our liquidity position as of September 30 is $121 million, comprised of $25 million in cash and $95 million worth of Bitcoin.

截至 9 月 30 日，我們的流動資金狀況為 1.21 億美元，其中包括 2,500 萬美元的現金和價值 9,500 萬美元的比特幣。

During the quarter, we made significant investments with the purchase of Barber Lake for $67.5 million, $94 million in deposits for miners and $36 million for the development of Black Pearl.

本季度，我們進行了重大投資，以 6,750 萬美元收購了 Barber Lake，以 9,400 萬美元購買了礦工存款，並以 3,600 萬美元購買了 Black Pearl 的開發案。

I'll quickly cover some of our balance sheet line items.

我將快速介紹我們的一些資產負債表項目。

At September 30, prepaid expenses amounted to $3 million.

截至 9 月 30 日，預付費用總額為 300 萬美元。

This is primarily related to corporate insurance.

這主要與企業保險有關。

We reported a Bitcoin balance of $95 million, reflecting the 1,508 Bitcoin held in Treasury.

我們報告的比特幣餘額為 9,500 萬美元，反映了財政部持有的 1,508 比特幣。

This figure marks an increase from the 780 Bitcoin held at year end 2023 valued at $33 million.

這一數字較 2023 年底持有的 780 比特幣（價值 3,300 萬美元）有所增加。

In the third quarter. we liquidated 1,167 Bitcoin or $69 million.

在第三季。我們清算了 1,167 個比特幣，價值 6,900 萬美元。

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

現在，我想把我們的注意力轉向敖德薩電力合約的價值，我們將其記錄為衍生資產。

As we've discussed previously, this contract provides us with significant competitive advantage, enabling us to be a low-cost producer of Bitcoin.

正如我們之前討論過的，這份合約為我們提供了顯著的競爭優勢，使我們成為低成本的比特幣生產商。

To recap, we began reporting a third-party mark for this agreement in the third quarter of 2022.

回顧一下，我們從 2022 年第三季開始報告該協議的第三方標記。

This mark is recorded as a derivative asset on our balance sheet and has reevaluated each reporting period.

此標記在我們的資產負債表上記錄為衍生資產，並在每個報告期間重新評估。

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

本質上，它代表了基於時間價值和我們敖德薩工廠現行遠期電價的合約實際價值。

As we reminded investors each quarter, seasonality and gradual expiry of the contract impact the assets pricing leading to expected fluctuations in quarterly valuation.

正如我們每季提醒投資者的那樣，季節性和合約的逐漸到期會影響資產定價，從而導致季度估值預計出現波動。

Given the unexpectedly mild summer we experienced in Texas and the corresponding drop in forward power curve, we have seen a significant quarter-over-quarter decline in valuation.

鑑於我們在德克薩斯州經歷的意外溫和的夏季以及相應的遠期功率曲線的下降，我們看到估值環比大幅下降。

However, while this lower mark is reflected on our balance sheet, it in no way diminishes the substantial value and competitive advantage the contract provides by securing low-cost fixed price power at our Odessa site.

然而，雖然這個較低的分數反映在我們的資產負債表上，但它絲毫不會降低該合約透過確保我們敖德薩工廠的低成本固定價格電力所提供的巨大價值和競爭優勢。

As of September 30, this asset was valued at $74 million, reflecting a $49 million decrease in the third quarter and a decrease of $19 million from year-end.

截至 9 月 30 日，該資產價值為 7,400 萬美元，較第三季減少 4,900 萬美元，較年底減少 1,900 萬美元。

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

這項變更在我們的損益表中被記錄為損失。

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。

This is particularly important to note given the lower mark contributes to more than half of the net GAAP loss for the quarter.

由於較低的利潤率佔本季 GAAP 淨虧損的一半以上，因此這一點尤其重要。

Other significant assets include property and equipment totaling $311 million, primarily attributable to our Odessa facility.

其他重要資產包括總額為 3.11 億美元的財產和設備，主要歸因於我們的敖德薩工廠。

Within this category, mining rigs and related equipment account for $182 million.

在此類別中，採礦設備及相關設備的價值為 1.82 億美元。

Leasehold improvements are valued at $138 million.

租賃改良價值為 1.38 億美元。

Land of $25 million, infrastructure of $33 million and construction in-progress of $56 million.

土地價值 2500 萬美元、基礎建設價值 3300 萬美元、在建工程價值 5600 萬美元。

These figures are net of $123 million in accumulated depreciation.

這些數字已扣除 1.23 億美元的累計折舊。

Deposits on equipment of $145 million primarily consists of progress payments we've made in accordance with previously announced mining rig purchases.

1.45 億美元的設備押金主要包括我們根據先前宣布的採礦設備購買所支付的進度款。

Additionally, we hold intangible assets totaling $26 million with $24 million attributed to the ERCOT approval at Black Pearl and Barber Lake and the remaining $2 million related to capitalized software.

此外，我們持有總額為 2,600 萬美元的無形資產，其中 2,400 萬美元歸因於 Black Pearl 和 Barber Lake 的 ERCOT 批准，其餘 200 萬美元與資本化軟體有關。

At the end of the third quarter, our equity investee interest in Alborz's, Bear & Chief JVs stand at $55 million and we had operating lease obligations of $11 million.

截至第三季末，我們在 Alborz、Bear 和 Chief JVs 的股權投資權益為 5,500 萬美元，而我們的經營租賃義務為 1,100 萬美元。

We had security deposits totaling $15 million, which represent the encore deposits related to the construction of our Black Pearl and Barber Lake data centers.

我們的保證金總額為 1500 萬美元，這是與建設 Black Pearl 和 Barber Lake 資料中心相關的額外押金。

There were no significant changes to the liability side of the balance sheet from year end.

資產負債表的負債方與年終相比沒有重大變動。

And as we've reported in the past, we have no debt that hinges our capital structure.

正如我們過去所報告的那樣，我們並沒有影響我們資本結構的債務。

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

像往常一樣，我們期待在未來幾季向您更詳細地介紹我們的成長計劃。

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您的問題。

(Operator Instructions)

（操作員指令）

Mike Grondahl, Northland.

麥克·格朗達爾，北地。

Congratulations on the development pipeline.

祝賀開發進程順利。

You guys have made just a ton of progress there recently.

你們最近在那裡取得了巨大的進步。

And related to that, Tyler, I wanted to ask, how are you -- with two good opportunities, how are you thinking about allocating capital going forward between Bitcoin mining projects and HPC projects?

與此相關，泰勒，我想問一下，您怎麼樣——面對兩個好機會，您如何考慮在比特幣挖礦專案和 HPC 專案之間分配資金？

How are you thinking about that?

您覺得這個怎麼樣？

Mike, thanks for the question.

麥克，謝謝你的提問。

So -- and it's a good one because it's one that's occupying a lot of our head space.

所以 —— 這是一件好事，因為它佔據了我們腦中很大一部分空間。

I think the easiest way to answer that is to say that we're focused on what's going to drive the greatest shareholder returns.

我認為回答這個問題最簡單的方式就是說我們專注於如何帶來最大的股東回報。

We're driven on getting the stock value higher and the decision making goes around that.

我們致力於提高股票價值，決策也圍繞著這個目標。

I think they're both very good operating verticals to have.

我認為它們都是非常好的垂直營運公司。

They're just very different.

它們只是非常不同。

As you know well, the Bitcoin mining, process is really subject to kind of a cyclical market.

眾所周知，比特幣挖礦過程確實受到週期性市場的影響。

We go through 4 year halvings, we get chip upgrade cycles, we get booms and busts, and bull markets and bear markets.

我們經歷了四年的減半，經歷了晶片升級週期，經歷了繁榮與蕭條、牛市與熊市。

I think of the HPC hosting business is a very different kind of profile.

我認為 HPC 託管業務是一種非常不同的業務。

That is a business that you're going to have at least the way we are playing it, looking to have a really high quality counterparty on a long-term lease.

至少按照我們的做法，這是一個你要經營的業務，即尋求一個真正高品質的長期租賃對手。

So very reliable cash flows that can be heavily debt financed from a CapEx perspective.

因此，從資本支出角度來看，現金流非常可靠，可以透過大量債務融資。

It's just a completely different profile than Bitcoin mining.

這與比特幣挖礦完全不同。

I think one of the challenges of Bitcoin mining, at least where the market is today is that lenders and a lot of investors view it as obviously volatile, but also having a lot of correlated risk.

我認為比特幣挖礦的挑戰之一，至少在當今市場，是貸款人和許多投資者認為它明顯不穩定，而且存在許多相關風險。

And a lot of it is wrong way risk if you look at some of these miners in the sense that their business relies on hash-price the value of the equipment they own is related to that.

如果你從業務依賴哈希價格的角度來看這些礦工，你會發現很多都是錯誤的風險，他們所擁有的設備的價值與此相關。

And if they have a Bitcoin treasury, that's correlated as well.

如果他們有比特幣金庫，那麼這也是相關的。

And so, what's interesting about the HPC business is it really is a completely different profile.

因此，HPC 業務的有趣之處在於它確實是一個完全不同的業務。

If you've got a high-quality counterparty, you can be looking at loan-to-cost percentages north of 80% even.

如果您擁有優質的交易對手，您的貸款成本比甚至可能超過 80%。

And so I think when we look out, we're really driven on what drives the most value, that revenue stream will be valued differently by investors, but I think it's very complementary to Bitcoin mining.

因此，我認為，當我們觀察時，我們真正關注的是推動最大價值的因素，投資者對收入流的評價會有所不同，但我認為這與比特幣挖礦有很大的互補性。

I think what's been interesting about the way the market has developed over the last couple of months is, we have developed great strengths at finding large scale sites that may be overlooked.

我認為過去幾個月市場發展的有趣之處在於，我們在尋找可能被忽視的大型場地方面已經發揮了巨大優勢。

And again, Bitcoin mining traditionally was in different locations than HPC tenants were looking.

而且，比特幣挖礦傳統上位於與 HPC 租戶所尋找的位置不同的位置。

That is changing because they need such larger sites now.

這種情況正在改變，因為他們現在需要更大的場地。

And so that market has really kind of come to us.

所以這個市場確實已經向我們走來。

So as we go forward, I think of Cipher really as a data center development company that has this built-in kind of hedge that, let's say HPC turns and it's not as hot as it clearly is right now, we've got these sites that work great for Bitcoin mining if you can manage curtailment, which we do.

因此，隨著我們不斷前進，我認為 Cipher 實際上是一家數據中心開發公司，它具有這種內置的對沖功能，假設 HPC 出現轉變，並且它不再像現在這樣熱門，如果您可以管理縮減，我們就會擁有這些非常適合比特幣挖礦的站點，而我們做到了。

So I expect to have both businesses.

所以我希望能夠同時開展兩項業務。

It's really just a question of site specific, market specific, and where can we be the most opportunistic.

這實際上只是一個特定地點、特定市場的問題，以及我們在哪裡可以最有機會。

And then in terms of some of your initial discussions with HPC customers, hyperscalers, and really financing partners.

然後談到您與 HPC 客戶、超大規模企業以及真正的融資合作夥伴進行的一些初步討論。

I mean, are you getting past the initial stages of those discussions kind of where are those and how are they developing?

我的意思是，您是否已經度過了這些討論的初始階段，這些討論進行到了哪一步以及進展如何？

So let me speak really broadly and generally because I'm obligated to not get too specific on some of those discussions.

因此，請讓我廣泛而籠統地講一講，因為我有義務不對某些討論進行太具體的描述。

But look, if you look at that whole marketplace, I will oversimplify it.

但是，如果你看一下整個市場，我會將其過度簡化。

It is more complicated than this.

實際情況比這更複雜。

But roughly speaking, you're going to have a client that wants a long-term lease, say, 15 plus years and they are going to pay some percentage of the total cost to build at the site, including the value of the site.

但粗略地說，你會有一個客戶想要一份長期租約，比如說 15 年以上，他們會支付在該地點建設總成本的一定百分比，包括該地點的價值。

And the percentage they're going to pay in that lease is going to be somewhere from the high single-digits to the mid double-digits per annum.

他們在租賃中要支付的百分比將是每年高個位數到中兩位數之間。

And there are elements to that, it's a little bit more complicated in that, you're contributing these sites probably at a different value than we paid for them, for example, because we got such a great deal.

這其中有多種因素，具體來說，它稍微複雜一些，例如，您貢獻這些網站的價值可能與我們為它們支付的價值不同，因為我們得到了很大的優惠。

I mean, at Barber Lake, we've had multiple offers to buy it for multiples of what we paid for it already.

我的意思是，在巴伯湖，我們收到了多個報價，以我們已經支付的價格的數倍購買它。

So, that's basically how that business is going to work depending on the credit quality of the counterparty, they would pay a lower percent on the lease and if they're a little bit further out on the credit quality spectrum, they'd be more in the double-digits.

因此，這基本上就是該業務的運作方式，取決於交易對手的信用質量，他們將支付較低的租賃百分比，如果他們的信用質量範圍稍微遠一點，他們的百分比就會達到兩位數。

And then your ability to finance that, that market is pretty deep with an executed lease with a known counterparty.

然後，您有融資的能力，該市場與已知交易對手簽訂了租約，並且相當深入。

And again, the amount that can be financed is somewhat driven by that credit quality and the specifics.

而且，融資額度在某種程度上取決於信貸品質和具體情況。

But I would say, we have a lot of interest.

但我想說，我們非常感興趣。

We've got -- we've had many discussions.

我們已經進行過多次討論。

I would say we're pretty advanced.

我想說我們已經相當先進了。

So I can't give too many more specifics than that.

因此我無法透露太多具體細節。

But like I said and you heard in the comments at the beginning of the call, we're very confident in this marketplace and the level of interest we've received that we will get it all the way to the finish line.

但就像我說的，你們在電話會議開始時的評論中聽到的那樣，我們對這個市場以及我們所收到的興趣程度非常有信心，我們將一路走到終點。

Paul Golding, Macquarie.

麥格理的保羅‧戈爾丁 (Paul Golding)。

Thanks so much and congrats on all the development pipeline.

非常感謝，並祝賀所有開發流程。

I had a quick question on Black Pearl.

我對“黑珍珠”有一個簡短的問題。

Given all the conversations you're having with a potential HPC tenants, is there any change to how you're thinking about Black Pearl on a -- at a higher level in terms of whether there's optionality to slot in some HPC earlier if demand is there?

考慮到您與潛在 HPC 租戶進行的所有對話，您對 Black Pearl 的看法是否有任何改變——在更高層面上，如果您有需求，是否可以選擇更早插入一些 HPC？

And then I have a follow-up.

然後我有一個後續問題。

Thanks.

謝謝。

Sure.

當然。

So the way we are operating right now is that Black Pearl construction is going full speed ahead with the envisioned 300 megawatt Bitcoin mining data center that we have planned and everything is on-track.

所以我們現在的運作方式是，黑珍珠建設正在全速推進，我們計劃的 300 兆瓦比特幣挖礦資料中心正在建設中，一切都在按計劃進行。

I think that large scale sites that are energized in 2025 are so rare that we have received a lot of unsolicited reverse inquiry on the site for hosting HPC.

我認為 2025 年投入使用的大型資料中心非常罕見，因此我們收到了很多關於該資料中心託管 HPC 的主動反向詢問。

And so what I'd say is, we're flexible.

所以我想說的是，我們很靈活。

Again, we're kind of driven by what we think will produce the best returns for the company.

再說一遍，我們關心的是如何為公司帶來最大的回報。

If someone wants to offer the Moon and the stars for Black Pearl and we think it will produce a better investment return than building the Bitcoin facility there, we'll certainly entertain those offers.

如果有人願意為黑珍珠號提供月亮和星星，而且我們認為這將比在那裡建立比特幣設施產生更好的投資回報，我們肯定會接受這些提議。

So it's hard to say what may happen all the way at the end when it's up and running, but nothing has changed about our process and we've got hundreds of folks working out there every day making the progress that we showed in the pictures of the presentation.

因此很難說當它啟動並運行時最終會發生什麼，但我們的流程沒有任何改變，每天都有數百人在那裡工作，取得我們在演示圖片中所展示的進展。

Thanks, Tyler.

謝謝，泰勒。

And then when I think about Black Pearl, it has 250 air-cooled 50 megawatt split for liquid cooled.

然後當我想到黑珍珠時，它有 250 個風冷 50 兆瓦分離液冷。

Is there anything to glean from that in terms of how you see data center development bifurcating?

從您如何看待資料中心發展的分叉現象來看，有什麼可以藉鏡的嗎？

Is there a potential for that site to pivot maybe more over time towards liquid-cooled if you're looking to be positioned well for GPUs, direct to chip, et cetera?

如果您希望在 GPU、直接晶片等方面佔據有利位置，那麼該站點是否有可能隨著時間的推移而更多地轉向液冷？

How should we think about, maybe more macro for your whole fleet in terms of how you're approaching liquid since historically you've been air-cooled?

我們應該如何思考，也許應該為您的整個車隊提供更宏觀的考慮，考慮到您過去一直採用風冷的方式處理液體？

Thanks.

謝謝。

Great question.

好問題。

So we view it as really important to have hydro as something that we do.

因此，我們認為水力發電對我們來說非常重要。

Candidly, when we have modeled out investment returns and you look at the difference in CapEx and the spend for hydro, I'm not sure you're going to make it back-in Bitcoin mining.

坦白說，當我們模擬出投資回報並查看資本支出和水力發電支出的差額時，我不確定您是否會在比特幣挖礦中取得成功。

And so that's why we have generally favored doing air-cooled.

這就是我們普遍青睞風冷的原因。

We just think the ROI works better.

我們只是認為投資報酬率 (ROI) 更好。

We're pretty good at managing a fleet of air-cooled machines.

我們非常擅長管理風冷機器群。

That said, the industry more broadly, the data center industry is certainly moving there over time.

也就是說，從更廣泛的產業來看，資料中心產業肯定正在隨著時間的推移而發展。

And I think given that we've got such a large scale site at Black Pearl, it was our view that we should do something meaningful there in hydro so that we have credible experience managing that.

我認為，鑑於我們在黑珍珠港如此大規模的站點，我們認為我們應該在那裡的水力發電領域做一些有意義的事情，這樣我們才能在管理方面擁有可靠的經驗。

And exactly as you suggested, Paul, we want to be prepared for a world where everything is direct-to-chip cooled and we've got operational experience that we can show off doing that.

正如保羅所說的那樣，我們希望為一個一切都直接採用晶片冷卻的世界做好準備，並且我們擁有可以展示的營運經驗。

And it will be interesting to see how that progresses and to check-in on where the ROIs are over time on those megawatts versus the other megawatts to check our assumptions and our modeling.

觀察這一進程將會很有趣，並檢查這些兆瓦與其他兆瓦的投資回報率隨時間的變化情況，以檢查我們的假設和模型。

Mike Colonnese, H.C. Wainwright.

麥克·科隆內斯，H.C.溫賴特。

First one for me is a bit of a follow-up to the previous question there.

對我來說，第一個問題與上一個問題有點相似。

So it sounds like you're open to utilizing a portion of capacity at Black Pearl for HPC.

所以聽起來你願意利用 Black Pearl 的部分容量用於 HPC。

So I'm curious how that would impact your 2025 hash-rate outlook, which currently calls for 35 exahash per second, assuming you find a great deal on the HPC side?

所以我很好奇，假設您在 HPC 方面發現很多東西，這會對您的 2025 年哈希率展望產生什麼影響（目前要求每秒 35 exahash）？

Thanks, Mike.

謝謝，麥克。

So the 35 projection -- the 35 exahash projection by the end of next year envisions the full build-out for Bitcoin mining at Black Pearl.

因此，35 預測——到明年年底的 35 exahash 預測預示著黑珍珠比特幣挖礦將全面建成。

And Black Pearl represents an estimated 21.5ish of that exahash calculation.

而黑珍珠號 (Black Pearl) 約佔該 exahash 計算值的 21.5 左右。

So to answer your question, it would depend on what portion would end up being HPC and it would proportionately ramp that down depending on how much of the site we would potentially repurpose for HPC.

因此，要回答您的問題，這將取決於最終有多少部分將成為 HPC，並且它將根據我們可能將多少網站重新用於 HPC 而按比例減少這一比例。

Again, I think from our perspective, we are not changing anything about our scheduling, the progress we're making, et cetera.

再說一次，我認為從我們的角度來看，我們不會改變我們的日程安排、我們正在取得的進展等等。

It's just if someone -- I think the market is still kind of defining the pricing for large scale sites that can be energized in 2025 and it only keeps moving in one direction and there's just an astounding amount of enthusiasm for sites like that, which is why we want everyone to be knowledgeable that we're open to if we see something much better giving up a portion of that hashrate for something even better.

只是如果有人——我認為市場仍然在某種程度上決定著 2025 年可以通電的大型站點的定價，並且它只會朝著一個方向發展，而人們對這樣的站點的熱情是驚人的，這就是為什麼我們希望每個人都知道，如果我們看到更好的東西，我們願意放棄一部分哈希率來換取更好的東西。

But as is projected, 21.5 exahash coming out of Black Pearl by the end of next year.

但據預測，到明年年底，黑珍珠核電廠的發電量將達到 21.5 艾哈希。

And if you could just remind us of the remaining CapEx needed to complete the full build out at Black Pearl and really how assuming a portion of that capacity is allocated HPC, how that figure could be impacted as we progress through the coming quarters?

您能否提醒我們完成 Black Pearl 全面建設所需的剩餘資本支出，以及假設其中一部分容量分配給 HPC，那麼在接下來的幾個季度中，這個數字將受到怎樣的影響？

Sure.

當然。

So it's hard to give exact specifics on what could end up there, but let me talk about Black Pearl as we're thinking about it from the Bitcoin mining perspective because that's a little bit more well defined.

所以很難給出最終結果的具體細節，但讓我從比特幣挖礦的角度來談談黑珍珠，因為這個角度定義得更明確。

Let me remind you that it's a front of the meter site, so we don't have any kind of take or pay obligations there beyond hitting some minimum megawattage for certain deposits we've put down.

讓我提醒你一下，這是一個電錶前端站點，所以除了達到我們已經存入的某些押金的最低兆瓦數之外，我們沒有任何形式的承擔或支付義務。

The first phase, which is the first 150 megawatts of the site has about $77 million of infrastructure spending left to go.

第一階段是該電廠的第一個 150 兆瓦，目前還剩下約 7,700 萬美元的基礎建設支出。

And you could roughly double that if you were assuming the build out for the full 300 megawatts of Bitcoin mining.

如果你假設比特幣挖礦的全部電力為 300 兆瓦，那麼這個數字大約可以翻倍。

Now that's just -- that's sort of everything but the mining rigs.

現在這只是——除了採礦設備之外的一切。

The Reason why I'm giving some flexibility on the rigs is, if you do the full build-out of the 21.5 exahash as envisioned, recall that we have deposits down on options to buy rigs at very attractive prices, both the S21 XPs from Bitmain and the next generation Canaan machines.

我之所以在鑽機上給予一定的靈活性，是因為如果您按照設想全面構建 21.5 exahash，請記住，我們已經支付了定金，可以以非常優惠的價格購買鑽機，包括比特大陸的 S21 XP 和下一代嘉楠耘智的機器。

If we were to buy all of those next-gen machines to get to that 21.5 exahash at the site, we'd be paying about $340 million for those rigs.

如果我們購買所有這些新一代機器，以達到 21.5 exahash 的功率，我們將為這些鑽孔機支付約 3.4 億美元。

That said, those are options, it's not an obligation.

也就是說，這些都是選擇，不是義務。

And I'll remind you that we are currently upgrading Odessa and unplugging about 4.5 exahash of machines that we could go repurpose somewhere else.

我要提醒你，我們目前正在升級敖德薩，並拔掉大約 4.5 exahash 的機器，這些機器我們可以在其他地方重新利用。

And at a front of the meter site, we could, of course, just run curtailment and operate them profitably.

當然，在電錶前端，我們可以只進行限電，就能獲利。

All by way of saying that our plan is to do the full spend, get the really cutting-edge machines to get that full strength going into what we expect to be a Bitcoin and Bitcoin mining, bull market next year, but if conditions didn't materialize or something like that, we do not have excessive obligations and so can kind of manage that opportunistically.

總而言之，我們的計劃是全力投入，獲得真正先進的機器，全力投入我們預計的明年比特幣和比特幣挖礦牛市，但如果條件沒有實現或類似情況發生，我們也沒有過多的義務，所以可以機會主義地進行管理。

Bill Papanastasiou, Stifel.

史蒂費爾公司的比爾‧帕帕納斯塔西奧 (Bill Papanastasiou)。

Congrats on the recent developments with your hyperscale discussions and thanks again in advance for answering my questions.

恭喜您在超大規模討論方面取得的最新進展，並再次感謝您回答我的問題。

For the first one, just hoping you could share some more color Tyler, on the amount of capacity that these hyperscalers are looking for demanding.

對於第一個問題，Tyler，我只是希望您能分享更多關於這些超大規模資料中心所要求的容量的詳細資訊。

Do you have a potential customer in mind that is considering multiple sites?

您是否有一位正在考慮多個網站的潛在客戶？

I'm just curious to hear how advantage it has been to have one of the largest pipelines in the Bitcoin mining space?

我只是好奇，擁有比特幣挖礦領域最大的管道之一有什麼優勢？

Let me give some color.

讓我給一些顏色。

So at least in some of the discussions we have had, there seems to be a very outsized focus on 2025 capacity that effectively like near term quotas have not been met at some of those very large users of compute.

因此，至少在我們進行的一些討論中，似乎過於關注 2025 年的容量，而實際上，就像一些計算量很大的用戶尚未達到近期的配額一樣。

And so, the real focus has been on what's available sooner in the pipeline.

因此，真正的焦點在於哪些產品可以盡快面世。

That lines up very well for us as I mentioned, that we can sort of potentially expand to other pieces of that business over time.

正如我所提到的那樣，這對我們來說非常有利，我們可以隨著時間的推移逐漸擴展到該業務的其他部分。

But our first attempts will be, let's call it on a little bit more just the vanilla hosting kind of version of the business.

但是我們的首次嘗試是，讓我們將其稱為更類似於原始託管版本的業務。

Most of them screen for sites that are at least 100 megawatts.

他們中的大多數都會篩選至少 100 兆瓦的場地。

I think that's a general screen.

我認為那是一個普通的螢幕。

Sometimes it's even bigger, 150 megawatts.

有時甚至更大，達到150兆瓦。

I don't know how much more color I can give than that.

我不知道我還能給多少顏色。

Other than, you know, we've got, I don't know, a half dozen folks have expressed interest.

除此之外，你知道，我們有六個人表示了興趣。

Some of that has been reverse inquiry and they've found us.

其中一些是反向調查，他們已經找到了我們。

And certainly, as I've mentioned with Black Pearl, we really went into those discussions knowing how fantastic and rare Barber Lake is.

當然，正如我所提到的“黑珍珠”，我們在進行這些討論時確實知道巴伯湖有多麼美妙和罕見。

It's only after some of those discussions progressed and they got to know us that, people have been pretty aggressively asking also about Black Pearl, but that's generally kind of the state of the world.

只是在一些討論取得進展並且他們了解我們之後，人們才開始積極詢問有關黑珍珠號的情況，但這通常就是世界的現狀。

Appreciate the color there.

欣賞那裡的色彩。

And then just sticking with the power portfolio or power strategy, can you share some data points in terms of how the level of difficulty has changed to secure greenfield sites and Texas over the recent quarters, and how important will it be to secure more capacity at this point now that you have roughly 2 gigawatts of unallocated power, yet you know you're seeing a number of hyperscalers getting anxious due to the long lead times?

然後繼續討論電力組合或電力戰略，您能否分享一些數據點，說明最近幾個季度確保綠地站點和德克薩斯州的難度變化情況，以及現在確保更多容量有多重要，因為您現在有大約 2 千兆瓦的未分配電力，但您是否知道您看到許多超大規模企業由於交貨時間過長而感到焦慮？

Sure.

當然。

So, I mean, obviously for context, I'm sure, as everyone probably knows, having a 2.5 gigawatts is a very large portfolio.

所以，我的意思是，顯然就背景而言，我相信，正如大家可能知道的那樣，擁有 2.5 千兆瓦是一個非常大的投資組合。

We have found a lot of opportunities just, because historically bitcoin miners have used these big sites.

我們發現了很多機會，因為歷史上比特幣礦工曾經使用過這些大型網站。

So we've got some expertise in looking for them.

因此，我們擁有尋找它們的專業知識。

I do think it's getting more challenging to find them.

我確實認為找到它們變得越來越困難。

The sites we have found, they tend to be kind of sticky situations.

我們發現，這些站點的情況往往比較棘手。

I don't think, though we have been very active in participating in brokered deals.

儘管我們一直非常積極地參與經紀交易，但我不這麼認為。

We always get a call and a look, and we typically will go through and provide bids.

我們總是會接到電話和探望，通常我們會進行審核並提供投標。

I'm not sure we've even ever made a final round of bidding for a heavily marketed site.

我不確定我們是否曾經對一個經過大力行銷的網站進行過最後一輪競標。

That's not really our sweet spot.

這其實並不是我們的最佳狀態。

Our sweet spot has tended to be sites that, again, for whatever reason, they need to close quickly.

我們最看好的網站往往是那些無論出於什麼原因都需要迅速關閉的網站。

There's been some history at the sites that's complicated.

這些遺址有著一些複雜的歷史。

Maybe there's various constituents that are having challenges getting to agreement.

也許各個選民都面臨達成一致的困難。

Whatever, we've been able to kind of swoop in, and those have been sites where we've been able to really extract a lot of value.

不管怎樣，我們已經能夠迅速介入，並且從這些網站上我們能夠真正獲得很多價值。

If you look at what we have paid for sites, we've done a really, really good job on it.

如果你看看我們為網站支付的費用，你會發現我們在這方面做得非常非常好。

That means we don't get as many sites as we bid on, but we do tend to source these.

這意味著我們獲得的網站數量不會像我們競標的那麼多，但我們確實傾向於尋找這些網站。

I think if you look at our progress over the last quarter, in how we look at different timelines, it sort of is indicative that it's getting more challenging to find sites.

我認為，如果你看看我們上個季度的進展，看看我們如何看待不同的時間表，你會發現尋找網站變得越來越困難。

The options on the 3M sites, we mentioned are earlier in the development process than we have ever gone.

我們提到的 3M 站點上的選項比我們以往的開發過程處於更早的階段。

So typically we have bought sites that are greenfield, but they have an approved interconnection.

因此，通常我們購買的是未開發的土地，但它們具有已批准的互連。

In the case of the 3Ms, because we see this market getting tighter and tighter and tighter, and every element of the marketplace seems to be making them harder to get.

就 3M 而言，因為我們發現這個市場越來越緊張，而且市場的每個要素似乎都使它們更難獲得。

We've gone earlier in the development cycle to participate and we've been able to again, lock in extraordinarily favorable rates to acquire those data centers with some risk of the overall sizing of what gets approved.

我們在開發週期的早期就參與其中，並且能夠再次鎖定非常優惠的價格來收購這些資料中心，但也要承擔獲得批准的整體規模的一些風險。

Again, we're confident that those three sites will be very successful in securing large interconnects.

再次，我們相信這三個站點將非常成功地確保大型互連的安全。

They are bidding or they are applying for 500 megawatts each.

他們正在競標或申請 500 兆瓦。

And our pricing framework is fixed based on the number of megawatts that get approved.

我們的定價框架是根據獲得批准的兆瓦數固定的。

So I do think sites are going to be harder and harder to get.

因此我確實認為網站將變得越來越難獲得。

As I mentioned earlier, if you speak to some of the system operators, and maybe you've seen some of the quotes in the press.

正如我之前提到的，如果你與一些系統運營商交談，也許你已經在媒體上看到一些引述。

But hyperscalers now want these very large-scale sites and the operators of the grid are saying, you know, that is not a curtailable load typically the way they are run, and that's a lot of power that's being drawn off of our system.

但是超大規模企業現在想要這些非常大規模的站點，而電網營運商則說，你知道，這通常不是可削減的負載，而是從我們的系統中抽取了大量的電力。

Please think about providing generation to match.

請考慮提供匹配的生成。

And that's why you've seen things like Microsoft buying Three Mile Island or restarting Three Mile Island.

這就是為什麼你會看到微軟收購三哩島或重啟三哩島。

It's to have these discussions where they can match that generation with the load that they're putting on the grid.

他們可以透過這些討論將發電量與電網的負載進行匹配。

If that continues to go the way it seems to be going, it's going to be harder and harder, to get large scale interconnects and we think that puts even more value on the sites we're securing.

如果這種情況繼續發展下去，那麼獲得大規模互連將變得越來越困難，我們認為，這將使我們所保護的站點的價值進一步提高。

As we look out to the 2027 sites.

當我們展望2027年時。

Again, there's not as much market pressure from the business development folks at the hyperscalers on 2027.

再一次，超大規模企業的業務開發人員對 2027 年的市場壓力就沒那麼大。

They're so focused on the near term, but we see that changing over time and that's why we've moved earlier and earlier.

他們過於專注於短期目標，但我們發現這種情況會隨著時間的推移而改變，這就是我們採取行動越來越早的原因。

John Todaro, Needham & Company.

約翰·托達羅，Needham & Company。

Two for you, guys.

給你們兩個，夥計們。

So first off in the prepared remarks, Tyler, it sounds like there's a few different avenues you guys could go down with HPC.

因此，泰勒，首先在準備好的發言中，聽起來你們可以透過幾種不同的途徑採用 HPC。

Obviously it's a big CapEx list though.

顯然，這是一個龐大的資本支出清單。

So wondering if are you going to put any CapEx dollars towards building a dedicated site, without a lease in place from a customer or a major lease at that.

所以想知道您是否會投入任何資本支出來建立專用站點，而無需與客戶簽訂租約或主要租約。

And then I have a follow-up question?

然後我有一個後續問題？

So I think there's some basic CapEx we would spend, you know, preparing a site, grading it, et cetera and for future sites doing things like arranging to build a substation that can be used.

所以我認為我們會花費一些基本的資本支出，例如準備場地、對其進行分級等等，以及為未來的場地安排建造可使用的變電站等。

A lot of the sort of high voltage to mid-voltage infrastructure looks the same at both kinds of sites.

在這兩種場地，許多高壓到中壓基礎設施看起來都一樣。

And so that's the kind of things.

事情就是這樣的。

Those are the kinds of things we would do.

這些就是我們會做的事情。

We probably would not build a data center on spec without a tenant in mind, at least at this in our evolution, because based on our discussions, there are very particular design and build requirements depending on the prospective tenant.

至少在我們的發展過程中，我們可能不會在沒有考慮租戶的情況下按照規格建造資料中心，因為根據我們的討論，根據潛在租戶，有非常特殊的設計和建造要求。

And so to sort of build something on spec and hope that, they like it is again at this point in our evolution is probably not what we're going to do.

因此，按照規格建立某種東西並希望他們會喜歡，而在我們發展的這個階段，這可能不是我們要做的事情。

We would look to, you know, I think what you should expect would be we would get a term sheet, letter of intent kind of thing in place with a tenant that would have the design and build requirements envisioned.

我們會期待，你知道，我想你應該期待的是，我們會與租戶簽訂條款清單、意向書之類的東西，其中包含預想的設計和建造要求。

We would make progress on that as we come towards an executed final lease.

當我們簽署最終租約時，我們會在這方面取得進展。

And then on the lease we would look to debt finance as much as possible that build costs.

然後在租賃方面，我們會盡可能地尋求債務融資來支付建造成本。

So I do think we would have some spending in the months between letter of intent, and executed lease.

因此我確實認為我們會在意向書和簽訂租約之間的幾個月內有一些支出。

But fair to say there are a lot of avenues to provide that.

但公平地說，有很多途徑可以實現這一點。

There are many folks have been calling us up offering all different ways to sort of finance that CapEx.

很多人打電話給我們，提供各種不同的方式為資本支出提供融資。

So I think it's all easily within reach.

所以我認為這一切都是觸手可及的。

And then just to follow-up, there's been some talk of 2025 HPC, but unless you kind of -- it almost seems like would be cracking ground pretty quickly here.

然後只是為了後續跟進，有人談論 2025 年的 HPC，但除非你有點——它似乎幾乎會在這裡很快破土動工。

Is it more so that something would be signed in '25 and be more so generating revenue for the customer, or generating revenue in the lease in more so like a '26?

是在 25 年簽署某些協議，為客戶創造更多收入，還是在 26 年透過租賃創造收入？

Because it just seems like a very short timeframe to get a site up and running to capture that '25 demand?

因為建立一個網站並運行來滿足‘25’需求的時間似乎很短？

Yes, no doubt that if you're starting from scratch, that's going to be challenging.

是的，毫無疑問，如果你從零開始，這將是具有挑戰性的。

But the thing about Barber Lake of course is that the substation is sitting there and humming.

但巴伯湖的特色當然是變電站就在那裡，嗡嗡作響。

So it's really the downstream construction from there.

因此這實際上是來自那裡的下游建設。

And that is typically a long lead time gating item, after that to figure out a timeline.

這通常是一個很長的前置時間門控項目，之後需要製定時間表。

It's a little bit build and customer specific.

這是有點構建和客戶特定性。

If it's a customer that wants 5, 9s of uptime from day 1, the long lead time item is going to be generators.

如果客戶希望從第一天起就能獲得 5.9 秒的正常運作時間，那麼交付週期較長的專案就是發電機。

And you're probably not going to be getting generators in 2025 until maybe you'd get some at the very end of 2025.

而且您可能要到 2025 年底才會得到發電機。

But that would be the other question.

但那是另一個問題。

If they're willing to run with say 3, 9s of uptime forever, or in advance of receiving generators, you could be up and running by late next year at least.

如果他們願意永遠保持 3.9 秒的正常運作時間，或者在收到發電機之前，您至少可以在明年年底開始運作。

You could be getting started theoretically, but you would have to move quickly.

您可以從理論上開始，但您必須快速行動。

I think the one other thing to mention, is there's a lot of different models of this business.

我認為還有一件事要提，那就是這個行業有很多不同的模式。

There are some clients that have their own design and all their own equipment, and you're not procuring it.

有些客戶有自己的設計和所有設備，但你卻不採購。

You are providing basically the land and constructing the shell for them, on a build to suit basis.

您基本上是為他們提供土地並按需求建造外殼。

But they may be sitting on an inventory of generators.

但他們可能有發電機庫存。

So in that case it's really just a construction timeline, which admittedly is many months, it's going to be very late '25, but that is doable.

因此在這種情況下它實際上只是一個施工時間表，誠然需要好幾個月的時間，到 25 年就會非常晚了，但這是可行的。

So it depends a little bit on the tenants.

所以這在一定程度上取決於租戶。

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

Tyler, question for you. Obviously there's a lot of interest in HPC. We've seen some longer range deals from nuclear plants announced. We've seen it's one big deal of core scientific analysis, core weave.

泰勒，我問你一個問題。顯然，人們對 HPC 非常感興趣。我們已經看到一些核電廠的長期交易被宣布。我們已經看到，這是核心科學分析、核心編織的一大難題。

But I guess my question for you Tyler is are you surprised?

但是我想我要問你的問題是泰勒，你感到驚訝嗎？

And it kind of builds on the last question.

這與最後一個問題類似。

Are you surprised at the pace of development, and kind of the near term, because again, like if things aren't signed soon, it becomes very hard for something to be up by 2025?

您是否對發展速度以及近期的發展感到驚訝，因為如果不盡快簽署協議，到 2025 年之前很難取得進展？

What do you think is, is causing HPC application users to hesitate?

您認為是什麼導致HPC應用程式使用者猶豫不決？

Or why hasn't a deal been signed yet?

或者為什麼還沒有簽署協議？

Is it just nailing down the pricing or like what are some of the things that are kind of going through their heads as you kind of see it?

這僅僅是確定價格嗎，還是像您所看到的，他們腦子裡正在考慮的一些事情是什麼？

Well, I mean, I'd say based on our experience, there is a fair amount of diligence.

嗯，我的意思是，根據我們的經驗，我們需要相當多的勤勉。

So there are site visits, there's a fair amount of study of, geo-tech studies, things like that, understanding the sites, the risks that the companies that are spending billions of dollars, on this also tend to be very large companies with hundreds of thousands of employees.

因此，需要進行現場考察，進行大量的地質技術研究等，了解現場情況，了解風險，這些公司花費了數十億美元，而且往往都是擁有數十萬名員工的大公司。

And frankly while there's a lot of enthusiasm to go quickly and again, if you listen to the earnings calls of the hyperscalers, you can hear about the revenue, the CapEx investments, et cetera, related to their cloud services.

坦白說，雖然人們對雲端服務有著很大的熱情，但如果你聽聽超大規模企業的財報電話會議，你就會聽到與他們的雲端服務相關的收入、資本支出投資等資訊。

So I think that's kind of the big picture driver, of why they're in a hurry.

所以我認為這就是他們如此著急的宏觀驅動因素。

I think between diligence and just working with large organizations these things take time, these leases are complex.

我認為，勤勉和與大型組織合作這些事情需要時間，這些租約很複雜。

It's not, we're a very nimble company that does self-mining.

事實並非如此，我們是一家非常靈活的自主採礦公司。

So it's very easy for us to execute quickly here.

因此，我們可以很容易地在這裡快速執行。

Other things are a little bit more bureaucratic.

其他事情就稍微官僚一些。

Also not for nothing, there is a bit of a dating process.

也不是毫無意義的，有一個約會的過程。

They've got to get to know us.

他們必須了解我們。

I would say look, broadly speaking, the Bitcoin mining industry in general, has by design built things on the cheap.

我想說，從廣義上講，比特幣挖礦行業總體上在設計上就是以低成本來建構的。

We are at the low end of the revenue spectrum for data centers, often very high margin, but that margin is driven by squeezing costs out of builds.

我們處於資料中心收入範圍的低端，利潤率通常很高，但該利潤率是透過壓縮建造成本來驅動的。

And that is very different than the high end of the revenue spectrum where building 5, 9s of uptime requires a level of attention to detail and craftsmanship that I would say, not every company in this space has.

這與收入範圍的高端非常不同，在收入範圍中，建立 5.9 的正常運行時間需要一定程度的對細節和工藝的關注，我想說，並不是這個領域的每家公司都具備這種素質。

We happen to be blessed with a very talented and experienced construction and operations team that, have worked at places like Google and Meta on their data centers.

我們剛好擁有一支非常有才華和經驗豐富的建設和營運團隊，他們曾在 Google 和 Meta 等公司的資料中心工作。

And so, I think in the diligence process we show very well.

因此，我認為在勤奮過程中我們表現得非常好。

It's part of the reason for my confidence in addition to having these great sites, is we have a team that impresses.

我有信心的原因除了這些優秀的網站之外，還因為我們有一支令人印象深刻的團隊。

And so, I think overall, since your question is kind of about the industry.

所以，我認為總的來說，因為你的問題是關於行業的。

I think those are some of the reasons I would imagine and I would imagine, if we're not leading the charge, I know there are other folks that are involved in these types of discussions as well.

我想這些就是我能想到的一些原因，而且我可以想像，如果不是我們來帶頭，我知道還有其他人也會參與這類討論。

And given just the setup in the marketplace, I'm confident you'll probably see multiple folks with these deals.

鑑於市場設置，我相信您可能會看到多個人達成這些交易。

But I'm extremely confident in our prospects.

但我對我們的前景非常有信心。

Greg Lewis with BTIG.

BTIG 的 Greg Lewis。

I guess we're on the hour, so I'll just keep it to one.

我想我們已經按小時計時了，所以我就把它控制在一小時之內。

So Tyler and, I guess, Ed, as you kind of called out the write-down in power, can you just give us a little bit of thoughts around how you're thinking about the potential power book?

所以泰勒，我想還有艾德，正如你們所說的那樣，權力減記，你們能否給我們講講你們對潛在權力書的看法？

Just as we look at, if we were to look at like '26 electricity pricing in Texas, it looks like it's kind of like down and it's like two-year low.

正如我們所看到的，如果我們看看 26 年德克薩斯州的電價，它看起來有點下降，而且是兩年來的最低點。

If we were looking at a range, just kind of how are we thinking about that?

如果我們正在觀察一個範圍，那麼我們該如何思考呢？

Is this something that we're going to continue to build or just as we think about, we've been hearing from some miners that prices are low and really we can just kind of be in the spot market, and maybe not look to hedge as much as maybe, we might have thought about doing in the past?

這是我們會繼續建造的東西嗎？

It's a good question.

這是個好問題。

I think that, listen, we're always going to look for the most favorable way to lock in margins.

我認為，聽著，我們總是會尋找最有利的方式來鎖定利潤。

Sometimes that's floating in the spot market.

有時，這會在現貨市場上浮動。

Sometimes the market presents you with an opportunity to do a fixed price contract.

有時市場會給你提供簽訂固定價格合約的機會。

Let me speak to the contract and give some context on ERCOT.

讓我談談合約並提供一些有關 ERCOT 的背景資訊。

So of course, I'm sure everyone knows this.

所以當然我相信大家都知道這一點。

But the power contract is mark-to-market each quarter and that's going to depend on how much time is left and what the forward pricing curve is over those coming years.

但電力合約每季都是以市價計價的，這將取決於剩餘的時間以及未來幾年的遠期定價曲線。

And so the contract has always been in the money.

因此，合約一直是有價值的。

We have hedged at a very cheap price over the summer.

我們已經在夏季以非常便宜的價格進行了對沖。

I believe in the second quarter on a forward basis, those prices hit the highest they have, I think, maybe ever been, but certainly at least on a local high, on a forward basis.

我相信，從遠期角度來看，第二季這些價格將達到歷史最高水平，也許達到了有史以來的最高水平，但從遠期角度來看，至少是局部最高水平。

And so the contract marked up quite a bit.

因此合約價格上漲了不少。

Of course we have always stripped out that mark-to-market in our adjusted earnings, because it is a non-cash item.

當然，我們在調整後收益中始終剔除了市價，因為它是一項非現金項目。

It moves around a lot.

它四處移動。

I think the bigger thing is nothing changes about the fact that we're paying $0.027 per kilowatt hour for power.

我認為最重要的是我們支付每千瓦時電費 0.027 美元的事實沒有任何改變。

And that's really the value of that contract is in the ongoing operations.

該合約的價值實際上在於持續的營運。

So it came down, those prices on a forward basis came down from highs over the summer, and of course we expired another quarter of time value remaining.

因此，這些價格從夏季的高點回落，當然，我們剩餘的另一個季度的時間價值也到期了。

And that's the mark-to-market on the contract on that specific question.

這就是針對該具體問題的合約的市價。

More broadly speaking, look, the market continues to develop and it has implications for both the bitcoin mining industry and potentially where HPC goes over time.

更廣泛地說，市場不斷發展，這對比特幣挖礦業以及 HPC 的未來發展都有潛在影響。

You know, again, if grid operators are not going to want these huge loads coming onto their grids without generation and the users of the HPC are not going to want to wait for the time it would take to build generation.

你知道，再說一次，如果電網營運商不希望這些巨大的負載在沒有發電的情況下進入他們的電網，而 HPC 的用戶也不想等待建立發電所需的時間。

You could imagine a world where perhaps if you look at Texas dynamics, you get a solar ramp in the afternoon in the summer, and it's hot and prices spike.

你可以想像這樣一個世界，如果你觀察德州的動態，你會發現夏天下午太陽能發電量上升，天氣炎熱，價格飆升。

You could potentially manage going between generators, backup power, and not drawing from the grid for a couple of hours, and bringing kind of curtailment to an HPC load.

您可以管理發電機和備用電源之間的切換，並且在幾個小時內不從電網取電，並對 HPC 負載進行某種限制。

We're very excited about things like that, because we've been doing that business for a long time in bitcoin mining.

我們對這樣的事情感到非常興奮，因為我們在比特幣挖礦領域已經做了很長時間的業務。

And think we can bring a lot of expertise.

我認為我們可以帶來很多專業知識。

It depends.

這取決於。

This summer showed a lot of growth in batteries in Texas and so Power Dynamics were really different and will continue to evolve.

今年夏天德克薩斯州的電池發展迅速，因此 Power Dynamics 確實與眾不同並將繼續發展。

But I think that's always been one of our great strengths and we expect it to be going forward.

但我認為這一直是我們的一大優勢，我們期待它能繼續發展。

I'll turn it back to Tyler for any closing remarks.

我將把話題轉回給泰勒，請他做最後的發言。

Yes, thank you, everyone, again for joining.

是的，再次感謝大家的加入。

We're very excited about the future and look to providing more updates as soon as we can.

我們對未來充滿期待，並期待盡快提供更多更新。

Thank you.

謝謝。

Happy Halloween.

萬聖節快樂。

Ladies and gentlemen, that concludes today's presentation.

女士們、先生們，今天的演講到此結束。

You may now disconnect and have a wonderful day.

現在您可以斷開連接並享受美好的一天。