Cipher Mining Inc (CIFR) 2025 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Cipher Mining first-quarter 2025 business update conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Cipher Mining 2025 年第一季業務更新電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Courtney Knight, Head of Investor Relations. Please go ahead.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係主管 Courtney Knight。請繼續。

Good morning and thank you for joining us on this conference call to address Cipher Mining's business update for the first quarter of 2025.

早安，感謝您參加本次電話會議，討論 Cipher Mining 2025 年第一季的業務更新。

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 Tyler Page；以及財務長 Edward Farrell。

Please note that our press release and presentation can be found on the Investor Relations section of the company's website, where this conference call will also be simultaneously webcast. Please also note that this conference call is the property of Cipher Mining, and any taping or other reproduction is expressly prohibited without prior consent.

請注意，我們的新聞稿和簡報可以在公司網站的投資者關係部分找到，本次電話會議也將同時進行網路直播。另請注意，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行為。

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. These statements include, but are 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簡報包含前瞻性陳述。這些聲明包括但不限於 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 不承擔更新或修改這些陳述和風險的義務，無論是由於新的發展還是其他原因，除非法律要求。

Additionally, the following discussion may contain non-GAAP financial measures. We may use non-GAAP measures to describe the way in which we manage and operate our business. We reconcile non-GAAP measures to the most directly comparable GAAP measures, and you are encouraged to examine these reconciliations, which are filed at the end of our earnings release issued earlier this morning.

此外，以下討論可能包含非 GAAP 財務指標。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。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. Tyler?

現在我將電話轉給我們的執行長泰勒佩奇 (Tyler Page)。泰勒？

Thanks, Courtney. Good morning, everyone, and thank you for joining us today. I'm Tyler Page, CEO of Cipher Mining, and I'm pleased to welcome you to our first-quarter 2025 business update call.

謝謝，考特尼。大家早安，感謝大家今天加入我們。我是 Cipher Mining 的執行長 Tyler Page，很高興歡迎您參加我們的 2025 年第一季業務更新電話會議。

Q1 was a quarter of steady progress as we advanced our 2025 expansion plans. I'll provide more detail on those plans later in the call, but first, I want to highlight a few key metrics that speak to today's themes. Disciplined execution, disciplined operations, and strategic growth. Against a turbulent macro backdrop, our flexible and disciplined approach continues to give me confidence in our ongoing success.

隨著我們推進 2025 年擴張計劃，第一季取得了穩步進展。我將在稍後的電話會議中提供有關這些計劃的更多細節，但首先，我想強調一些與今天主題相關的關鍵指標。嚴謹的執行、嚴謹的營運和策略性的成長。在動盪的宏觀背景下，我們靈活而嚴謹的方法繼續讓我對我們持續的成功充滿信心。

In the first quarter, we mined 602 bitcoin in total across our four operating sites, up 3% from the 585 bitcoin mined in the fourth quarter. Excluding bitcoin mined through our joint ventures, we mined 524 bitcoin at our wholly owned Odessa data center, generating $49 million in revenue. This compares to the 492 bitcoin mined in Q4 2024, which resulted in $42 million in revenue, reflecting a 6.5% increase in production at Odessa and a 16% increase in revenue.

第一季度，我們在四個營運站點總共開採了 602 個比特幣，比第四季開採的 585 個比特幣成長了 3%。不包括透過合資企業開採的比特幣，我們在全資擁有的敖德薩資料中心開採了 524 個比特幣，創造了 4,900 萬美元的收入。相較之下，2024 年第四季開採了 492 個比特幣，產生了 4,200 萬美元的收入，反映出敖德薩的產量增加了 6.5%，營收成長了 16%。

As you may recall, we successfully completed our Odessa mining rig upgrade in the fourth quarter of last year, and we are continuing to see the benefits of that investment with solid and consistent production. For those less familiar with the Cipher story, I'd like to briefly revisit a few of Cipher core operational metrics and strengths, which allow us to achieve our top-line numbers.

您可能還記得，我們​​在去年第四季度成功完成了敖德薩採礦設備的升級，並且我們繼續透過穩定而持續的生產看到這項投資的收益。對於那些不太熟悉 Cipher 故事的人，我想簡要回顧一下 Cipher 的一些核心營運指標和優勢，這些指標和優勢使我們能夠實現我們的頂線數字。

Our fleet continues to operate with remarkable efficiency, currently standing at an impressive 18.9 joules per terahash, and our all-in weighted average power cost remains highly competitive at just $0.027 per kilowatt hour. Simply put, we are running some of the industry's lowest-cost power through one of its most efficient fleets to deliver exceptional unit economics.

我們的機組繼續以卓越的效率運行，目前達到了令人印象深刻的每太拉赫 18.9 焦耳，我們的全加權平均電力成本仍然具有很強的競爭力，僅為每千瓦時 0.027 美元。簡而言之，我們透過業界最高效的機組之一運產業內成本最低的電力，以實現卓越的單位經濟效益。

Across our sites in the first quarter, we paid an average all-in electricity cost of roughly $23,379 per bitcoin produced at our data centers. This is a highly competitive figure, as it reflects the total cost to deliver electricity to our mining rigs, including all taxes, transmission, and other charges. Our operating metrics underpin the strength and durability of our business, enabling us to remain adaptive and competitive across market cycles. Our strong operational foundation will remain a key advantage as we continue to grow and scale.

在第一季度，我們所有資料中心生產的每個比特幣的平均全電費約為 23,379 美元。這是一個極具競爭力的數字，因為它反映了向我們的採礦設備輸送電力的總成本，包括所有稅費、輸電費和其他費用。我們的營運指標支撐著我們業務的實力和持久性，使我們能夠在整個市場週期中保持適應性和競爭力。隨著我們繼續發展和擴大規模，我們強大的營運基礎仍將是我們的關鍵優勢。

Cipher's current operating capacity stands at 327 megawatts, with expected pipeline capacity expansion of approximately 2.8 gigawatts in the coming years.

Cipher 目前的營運容量為 327 兆瓦，預計未來幾年的管線容量將擴大約 2.8 千兆瓦。

We'll discuss our impressive pipeline in further depth later on the call, so I'd like to shift focus to our first quarter growth highlights across key verticals and our outlook for the path ahead amid market uncertainty.

我們將在稍後的電話會議上進一步深入討論我們令人印象深刻的產品線，因此我想將重點轉移到我們第一季在主要垂直領域的成長亮點以及我們在市場不確定性中對未來道路的展望。

In the first quarter, we made significant progress on the construction of Phase 1 of our 300 megawatt Black Pearl data center, meeting construction milestones we will discuss in greater detail later in the call. This accelerated progress and expected energization in May created a unique opportunity to accelerate our deployment timeline and bring hash rate online ahead of schedule.

在第一季度，我們的 300 兆瓦黑珍珠資料中心第一階段的建設取得了重大進展，達到了建設里程碑，我們將在稍後的電話會議中詳細討論。這項加速進展和預計 5 月的通電為加速我們的部署時間表和提前實現哈希率上線創造了獨特的機會。

We're pleased to report that we have made the strategic decision to immediately deploy rigs from inventory at the newly constructed site while we await the arrival of new rigs expected later this summer. We have now begun the process of relocating legacy rigs from our Odessa upgrade to the Black Pearl site for redeployment. We are confident that we can have these rigs plugged in ahead of energization, enabling us to bring approximately 2.5 exahashes per second online in the second quarter. This decision makes efficient use of idle assets at no additional capital expenditure for the company.

我們很高興地報告，我們已經做出戰略決策，立即在新建現場部署庫存鑽機，同時等待預計今年夏天晚些時候的新鑽機到來。我們現在已經開始將舊鑽孔機從敖德薩升級到黑珍珠站點進行重新部署。我們有信心在通電之前將這些鑽機插入電源，讓我們能夠在第二季度實現每秒約 2.5 exahashes 的線上發電量。這項決策使得公司能夠有效利用閒置資產，且無需增加任何資本支出。

The Cipher business was intentionally designed for this kind of operational flexibility. Our deep expertise in power curtailment and our ability to consistently produce best-in-class electricity costs allows us to effectively monetize older rigs, an advantage we expect to continue to benefit from over time.

Cipher 業務的設計初衷就是為了實現這種營運彈性。我們在電力削減方面的深厚專業知識以及持續提供一流電力成本的能力使我們能夠有效地將舊鑽機貨幣化，我們預計這一優勢將隨著時間的推移繼續受益。

This redeployment will bring Cipher's total self-mining hash rate to around 16 exahash per second by the end of the second quarter, and we expect to scale to approximately 23.1 exahash per second by the end of the third quarter as the company continues to monitor the tariff landscape and new rig delivery schedules come into focus. We have engaged in constructive commercial discussions with rig providers on mitigating tariff impact and remain confident that we are firmly on track to meet our previously announced projections and timeline.

此次重新部署將使 Cipher 的總自挖哈希率在第二季度末達到每秒 16 exahash 左右，並且我們預計，隨著公司繼續監控關稅形勢和新鑽機交付計劃的實施，到第三季度末將擴大到每秒約 23.1 exahash。我們已與鑽井平台供應商就減輕關稅影響進行了建設性的商業討論，並堅信我們正穩步實現先前宣布的預測和時間表。

Another way we've proactively structured our business to preserve optionality at sites is our evolution from being solely a bitcoin miner to being a developer of HPC data centers. We have been encouraged by the continued momentum in tenant interest across our sites with approximately half a dozen potential tenants currently under NDA and in data rooms alongside a series of recent site visits.

我們積極建立業務以保留網站可選性的另一種方式是，我們從單純的比特幣礦工轉變為 HPC 資料中心的開發人員。租戶對我們站點的興趣持續增長，這令我們感到鼓舞，目前大約有六名潛在租戶簽訂了保密協議並在數據室中，並且最近進行了一系列站點訪問。

In parallel, we've seen strong and sustained interest from an even broader group of financing partners eager to collaborate on the development of next-generation data centers. We're thrilled to announce today that we have signed a term sheet with Fortress Credit Advisors, LLC to be our financing partner at Barber Lake.

同時，我們看到更廣泛的融資合作夥伴群體表現出強烈而持續的興趣，他們渴望合作開發下一代資料中心。今天我們很高興地宣布，我們已經與 Fortress Credit Advisors, LLC 簽署了一份條款清單，成為我們在 Barber Lake 的融資合作夥伴。

Fortress Investment Group is a leading global alternative asset manager and one of the most active investors in single-tenant build-to-suit projects, having funded the development of over 43 million square feet in build-to-suit transactions. They will not only bring extensive experience in data center development but also a strong network of relationships with hyperscalers that complements our active discussions.

Fortress Investment Group 是全球領先的另類資產管理公司，也是單一租戶客製化建設專案最活躍的投資者之一，已為超過 4,300 萬平方英尺的客製化建設交易提供資金開發。他們不僅帶來了資料中心開發的豐富經驗，而且還與超大規模企業建立了強大的關係網絡，以補充我們的積極討論。

We are thrilled to be working with a best-in-class financing partner given Barber Lake's enormous potential for HPC with its 300 megawatts of already energized capacity. And now when we speak to tenants, we can represent that the entire construction cost of the data center is backstopped by deep pockets.

我們很高興能與一流的融資夥伴合作，因為 Barber Lake 擁有 300 兆瓦的發電容量，在 HPC 方面具有巨大的潛力。現在，當我們與租戶交談時，我們可以表示，資料中心的整個建造成本是由雄厚的資金支持的。

As a reminder, our current primary intent for our 2.8 gigawatt pipeline of sites is to develop them as HPC data centers whenever possible. Our pipeline is the culmination of the extensive work our team has done to source attractive new data center sites with access to adequate land and the fiber necessary to service HPC customers. We continue to believe that large-scale interconnects available in the next few years are exceedingly rare and valuable and will be in high demand.

提醒一下，我們目前對 2.8 千兆瓦站點管道的主要目的是盡可能將它們開發為 HPC 資料中心。我們的管道是我們團隊大量工作的成果，旨在尋找有吸引力的新資料中心站點，這些站點擁有足夠的土地和為 HPC 客戶提供服務所需的光纖。我們仍然相信，未來幾年內可用的大規模互連極為稀有且有價值，而且需求量很大。

As macro and equity markets have been particularly turbulent recently, it's a good time to discuss our active treasury management strategy and how it plays a critical role in managing risk, preserving optionality, and supporting long-term growth.

由於宏觀市場和股票市場最近特別動盪，現在是討論我們的積極資金管理策略以及它如何在管理風險、保留選擇性和支持長期成長方面發揮關鍵作用的好時機。

Our treasury management strategy has always been guided by a disciplined and balanced approach. We do not hold every bitcoin or sell every bitcoin to manage our treasury. Instead, we manage our treasury like a seasoned commodities producer, systematically selling a portion of our daily bitcoin production to cover operating expenses such as electricity, strategically holding a portion based on our long-term belief in bitcoin's value and appreciation potential and executing opportunistic sales and hedges when market conditions present accretive opportunities for the business.

我們的財務管理策略始終以嚴謹、平衡的方式為指導。我們不會持有每一個比特幣或出售每一個比特幣來管理我們的資金。相反，我們像經驗豐富的大宗商品生產商一樣管理我們的資金，系統地出售我們日常比特幣產量的一部分以支付電力等運營費用，根據我們對比特幣價值和升值潛力的長期信念戰略性地持有一部分，並在市場條件為業務提供增值機會時執行機會性銷售和對沖。

In Q1, our strategy outperformed simply holding bitcoin by 16% and outperformed daily liquidation by 2%. In addition to managing inventory levels, we also typically hedge approximately 10% of our holdings to mitigate downside risk, often using costless three-way structures. This percentage is dynamically adjusted based on market conditions and macroeconomic events.

在第一季度，我們的策略比單純持有比特幣的表現高出 16%，比每日清算的表現高出 2%。除了管理庫存水準外，我們通常還會對大約 10% 的持股進行對沖，以減輕下行風險，通常使用無成本的三向結構。此百分比根據市場狀況和宏觀經濟事件動態調整。

For example, we may increase our hedged exposure around key risk events such as FOMC meetings or major economic data releases. Our hedging strategy is actively managed and continuously recalibrated based on market movements, our outlook on bitcoin spot prices, and the evolving risk environment.

例如，我們可能會在聯邦公開市場委員會會議或主要經濟數據發布等關鍵風險事件前後增加對沖敞口。我們的對沖策略是積極管理的，並根據市場走勢、我們對比特幣現貨價格的展望以及不斷變化的風險環境不斷進行調整。

Last quarter, strong OTC hedge performance and well-timed deliverable forwards improved our effective spot price to nearly $96,000 per bitcoin. As we've discussed previously, we remain focused on thoughtfully evaluating funding options that support growth while minimizing dilution.

上個季度，強勁的場外對沖表現和適時的可交割遠期合約將我們的有效現貨價格提高到每比特幣近 96,000 美元。正如我們之前所討論的，我們仍然專注於仔細評估支持增長同時最大限度減少稀釋的融資選擇。

In addition to OTC hedges, we have used innovative first-to-market structured bitcoin deliverable forwards as well as negotiated bitcoin-backed loan facilities. As a result of our active treasury management in the last quarter, we unlocked $90 million in liquidity, capital that directly supported the continued growth and expansion of the business without diluting shareholders. In this way, our industry-leading treasury management aligns our capital strategy to support sustainable risk-adjusted growth.

除了場外對沖之外，我們還使用了創新的先入市場結構化比特幣可交割遠期合約以及協商的比特幣支援貸款工具。由於我們在上個季度採取了積極的資金管理措施，我們釋放了 9,000 萬美元的流動資金，這些資金直接支持了業務的持續成長和擴張，同時又不會稀釋股東權益。透過這種方式，我們行業領先的財務管理使我們的資本策略與支持可持續的風險調整成長一致。

Let's now turn to a review of our current operations, which continue to serve as a strong foundation for our success. Slide 7 has a production summary for our Odessa facility. Odessa is the most significant part of our portfolio, representing approximately 86% of our bitcoin production in April. As we've noted in the past, Odessa set a new industry benchmark as the first bitcoin mining data center to receive the Uptime Institute's stamp of approval for management and operations.

現在讓我們回顧一下我們目前的營運情況，這些營運將繼續為我們的成功奠定堅實的基礎。投影片 7 是我們敖德薩工廠的生產摘要。敖德薩是我們投資組合中最重要的部分，約占我們 4 月比特幣產量的 86%。正如我們過去所指出的，敖德薩作為第一個獲得 Uptime Institute 管理和營運認可的比特幣挖礦資料中心，樹立了新的產業標竿。

As of April, the current operating hash rate at the site is 11.3 exahashes per second using approximately 207 megawatts. Odessa's fleet efficiency stands at 17.6 joules per terahash.

截至 4 月，該站點的當前運行哈希率為每秒 11.3 艾哈希，使用約 207 兆瓦。敖德薩號的艦隊效率為每太拉什 17.6 焦耳。

On this page, we also provide the observed all-in electricity cost per bitcoin at the site over the quarter, which was roughly $20,899. Odessa is a wholly owned facility operating under a five-year fixed price power purchase agreement, securing some of the most competitive electricity rates in the industry and reinforcing our cost advantage and operational strengths. On slide 8, we provide a combined overview of our joint venture data centers of Alborz, Bear, and Chief.

在此頁面上，我們還提供了該網站本季觀察到的每比特幣全部電力成本，約為 20,899 美元。敖德薩是一家全資工廠，根據五年期固定價格購電協議運營，確保了業內最具競爭力的電價，並增強了我們的成本優勢和營運實力。在第 8 張投影片上，我們提供了 Alborz、Bear 和 Chief 合資資料中心的綜合概述。

With the 2024 expansions at Bear and Chief, the three sites have a total power capacity of 120 megawatts and can generate approximately 4.4 exahashes per second. We own 49% of the JV sites and our portion recently generated roughly 14% of our overall bitcoin production. On this page, we also provide the observed all-in electricity cost per bitcoin at the three sites in the first quarter, which was roughly $39,988.

隨著 2024 年 Bear 和 Chief 的擴建，這三個電廠的總發電容量將達到 120 兆瓦，每秒可產生約 4.4 艾哈希的電力。我們擁有合資公司 49% 的股份，我們的份額最近產生了約 14% 的整體比特幣產量。在此頁面上，我們還提供了第一季這三個網站觀察到的每比特幣總電力成本，約為 39,988 美元。

As a reminder, both Bear and Chief operate as front-of-the-meter sites, so there are expected seasonal fluctuations with their electricity costs.

提醒一下，Bear 和 Chief 都是電錶前端站點，因此預計其電力成本會出現季節性波動。

Let's now shift to an update on our development portfolio. We've organized the pipeline into near-term growth opportunities at Black Pearl and Barber Lake and longer-term expansion in 2026 and 2027. Black Pearl is our 300-megawatt data center in Wink, Texas, that is expected to energize in the second quarter. Phase 1 is currently under construction and will feature 150 megawatts of air-cooled bitcoin mining rigs.

現在讓我們來更新一下我們的開發組合。我們將管道劃分為黑珍珠和巴伯湖的近期成長機會以及 2026 年和 2027 年的長期擴張。Black Pearl 是我們位於德州溫克市的 300 兆瓦資料中心，預計將於第二季投入使用。第一階段目前正在建設中，將配備 150 兆瓦的風冷比特幣挖礦設備。

We continue to evaluate our options for the remaining 150 megawatts of capacity at the site, including the potential to build Phase 2 of the data center for HPC hosting. Ultimately, our final design at the site will depend on what we think will produce the best outcome for our shareholders.

我們將繼續評估該站點剩餘 150 兆瓦容量的選擇，包括建置用於 HPC 託管的資料中心第二階段的可能性。最終，我們對該場地的最終設計將取決於我們認為能為股東帶來最佳結果的方案。

On the right of the slide, we've included two photos of the substation infrastructure at our Black Pearl site. In the last few months, we made significant advancements on Phase 1, including receipt of all four substation transformers, which arrived ahead of schedule. All substation transformers will be ready to serve the full 300 megawatts capacity in Q2.

在幻燈片的右側，我們附上了黑珍珠站變電站基礎設施的兩張照片。在過去的幾個月裡，我們在第一階段取得了重大進展，包括提前收到所有四台變電站變壓器。所有變電站變壓器將在第二季準備好滿足 300 兆瓦的全部容量。

Excitingly, we are also nearing completion of the core and shell of Phase 1 and are ready to deploy rigs in the near term. We intend to have the rigs arrive in May and be ready to hash by the end of June. These four photos clearly illustrate the tremendous progress we have made in safely and rapidly building a best-in-class data center. We couldn't be prouder of our team's ongoing commitment and execution.

令人興奮的是，我們也即將完成第一階段的核心和外殼，並準備在短期內部署鑽孔機。我們計劃讓鑽孔機在五月到達，並在六月底準備好進行哈希處理。這四張照片清晰地展現了我們在安全、快速建立一流資料中心方面所取得的巨大進展。我們對我們團隊的持續承諾和執行感到無比自豪。

Slide 12 gives an overview of our Barber Lakes site. We are thrilled to announce Fortress as our JV financing partner to develop a next-generation data center at the site. The site has enormous potential for HPC, given its immediately available capacity of 300 megawatts and now 587 acres of surrounding land, plus its already energized substation.

幻燈片 12 概述了我們的 Barber Lakes 網站。我們很高興地宣布 Fortress 成為我們的合資融資合作夥伴，在該地點開發下一代資料中心。該場址擁有巨大的 HPC 潛力，因為它擁有 300 兆瓦的即時可用容量，周圍有 587 英畝的土地，加上已經通電的變電站。

Last quarter, we signed a memorandum of understanding to potentially expand the scope of the facility to include an additional 500 megawatt data center adjacent to the current 300 megawatt site. This would result in a total eventual capacity of 800 megawatts at Barber Lake.

上個季度，我們簽署了一份諒解備忘錄，可能擴大該設施的範圍，在現有 300 兆瓦資料中心附近再建立一個 500 兆瓦的資料中心。這將使巴伯湖的總發電容量最終達到 800 兆瓦。

The additional 500 megawatts of capacity are expected to come online by 2029. We are also pleased to share that this quarter we successfully drilled a test water well at the site and confirmed favorable flow rates, strengthening Barber Lake's potential for evaporative cooling. These results enhance the site's ability to optimize PUE and strengthen its suitability for high-performance computing applications.

預計到 2029 年將新增 500 兆瓦發電容量。我們也很高興告訴大家，本季我們成功地在現場鑽了一口測試水井，並確認了良好的流速，增強了巴伯湖的蒸發冷卻潛力。這些結果增強了網站優化 PUE 的能力並增強了其對高效能運算應用的適用性。

With the potential future expansion and the recent financing developments, we remain as confident as ever in the commercial potential at the site. These complex deals take time to come together, but the team is working diligently to finalize the best possible deal for Cipher.

隨著未來的潛在擴張和最近的融資發展，我們對該地點的商業潛力仍然充滿信心。這些複雜的交易需要時間來達成，但團隊正在努力為 Cipher 達成最佳交易。

Slide 13 outlines our expected growth in 2026 and highlights our latest site acquisition in Andrews County, Texas, called Stingray. The site, purchased last November, features 100 megawatts of front-of-the-meter capacity, all necessary regulatory approvals, and 250 acres of land adjacent to the transmission assets. The site is expected to energize in the third quarter of 2026, which complements our 2025 and 2027 energizations.

投影片 13 概述了我們對 2026 年的預期成長，並重點介紹了我們在德克薩斯州安德魯斯縣最新收購的名為 Stingray 的網站。該網站於去年 11 月購買，擁有 100 兆瓦的電網側容量、所有必要的監管批准以及毗鄰輸電資產的 250 英畝土地。該電站預計將於 2026 年第三季投入運行，與我們 2025 年和 2027 年的投入運作相輔相成。

Slide 14 outlines our expected growth in 2027 across four sites with 1.6 gigawatts of potential power capacity. Our Reveille site in Cotulla, Texas, is on track to energize in 2027. The site has already been approved for 70 megawatts, and we've submitted a request for additional capacity.

投影片 14 概述了我們預計 2027 年四個站點的成長情況，潛在發電容量為 1.6 千兆瓦。我們位於德克薩斯州科圖拉的 Reveille 工廠預計將於 2027 年投入使用。該站點已獲準建造 70 兆瓦的發電容量，並且我們已提交了增加容量的申請。

Our three M's, Mikeska, Milsing, and McLennan, are currently undergoing final interconnection approval processes, with decisions expected later this year. While our focus is primarily on near-term sites, this quarter we acquired an additional 26 acres at McLennan, making the site more accessible for construction and development. We're targeting up to 500 megawatts of capacity at each of these sites.

我們的三個 M，Mikeska、Milsing 和 McLennan，目前正在進行最終互連審批流程，預計將於今年稍後做出決定。雖然我們的重點主要放在近期場地上，但本季我們在麥克倫南又收購了 26 英畝土地，使該場地更適合建設和開發。我們的目標是使每個站點的發電容量達到 500 兆瓦。

In addition to interconnection rights, our purchase options also include significant land parcels at each location, all of which are well-suited for HPC data center development. The sites expected to energize in 2027 are located further east than our current portfolio and are positioned closer to major metropolitan areas. We've already seen early interest from potential tenants and believe these sites will be in high demand as development progresses.

除了互連權之外，我們的購買選項還包括每個地點的大片土地，這些土地都非常適合 HPC 資料中心開發。預計 2027 年投入營運的站點位置比我們目前的投資組合更靠東，並且更靠近主要大都市地區。我們已經看到了潛在租戶的早期興趣，並相信隨著開發的進展，這些地點的需求將會很高。

With a 2.8 gigawatt pipeline, a strong track record of production and execution, industry-leading treasury management and strategic flexibility, we're confident in our ability to become a leading data center developer for HPC infrastructure, while continuing to be best-in-class in bitcoin mining.

憑藉 2.8 千兆瓦的管道、強大的生產和執行記錄、行業領先的資金管理和戰略靈活性，我們有信心成為 HPC 基礎設施領先的數據中心開發商，同時繼續在比特幣挖礦領域保持一流水平。

I will now turn it over to our CFO, Ed Farrell, for a review of our first quarter financials.

現在我將把第一季的財務狀況轉交給我們的財務長 Ed Farrell 進行審查。

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

謝謝你，泰勒，也向電話裡的所有人問好。

Before I dive into our financial results, I'd like to remind everyone that today I will be discussing our performance for the first quarter of 2025, which ended on March 31.

在深入探討我們的財務表現之前，我想提醒大家，今天我將討論截至 3 月 31 日的 2025 年第一季的業績。

As Tyler highlighted, the first quarter reflected disciplined execution and steady production despite challenging market conditions. We believe this performance positions Cipher well for continued growth and operational optimization in 2025.

正如泰勒所強調的，儘管市場條件充滿挑戰，但第一季仍體現了嚴格的執行和穩定的生產。我們相信，這項業績將為 Cipher 在 2025 年的持續成長和營運優化奠定良好基礎。

As always, I'd like to begin with a review of our sequential and year-over-year financial performance outlined on slides 16 and 17.

像往常一樣，我想先回顧第 16 和 17 張投影片中概述的我們的連續和同比財務表現。

Despite a challenging market environment, Cipher continued to execute our strategy driving top-line growth. As Tyler stated, in the first quarter we reported $49 million in revenue, up 16% from $42 million in the fourth quarter of last year.

儘管市場環境充滿挑戰，Cipher 仍持續執行我們的策略，推動營收成長。正如泰勒所說，第一季我們的營收為 4,900 萬美元，比去年第四季的 4,200 萬美元成長了 16%。

As you may recall, we successfully completed our Odessa mining rig upgrade in Q4, placing over 36,000 rigs, and we can continue to see the benefits of that investment. Top-line revenue also benefited from higher average bitcoin price quarter-over-quarter, increasing from approximately $83,000 in Q4 to approximately $93,000 in Q1.

您可能還記得，我們​​在第四季度成功完成了敖德薩採礦設備的升級，安裝了超過 36,000 台設備，我們可以繼續看到這項投資的收益。營業收入也受惠於比特幣平均價格環比上漲，從第四季的約 83,000 美元上漲至第一季的約 93,000 美元。

While the average bitcoin price increased quarter over quarter, the spot price declined from approximately $93,000 at the end of Q4 to roughly $83,000 at the end of Q1, negatively impacting our bottom line through a $20 million unrealized mark-to-market loss on our bitcoin holdings. For the quarter, we reported a GAAP net loss of $39 million, or a net loss of $0.11 per share, and adjusted earnings of $6 million, or $0.02 per share.

雖然比特幣平均價格逐季上漲，但現貨價格卻從第四季末的約 93,000 美元下跌至第一季末的約 83,000 美元，導致我們持有的比特幣出現 2,000 萬美元的未實現市價損失，對我們的利潤產生了負面影響。本季度，我們報告的 GAAP 淨虧損為 3,900 萬美元，即每股淨虧損 0.11 美元，調整後收益為 600 萬美元，即每股 0.02 美元。

Additionally, bottom-line results were impacted by higher depreciation quarter over quarter. This was the first quarter in which we depreciated the full value of the new machines installed at Odessa in the fourth quarter of 2024. I will discuss this in more detail later in the call.

此外，季度折舊增加也對最終業績產生了影響。這是我們對 2024 年第四季在敖德薩安裝的新機器的全部價值進行折舊的第一個季度。我將在稍後的通話中更詳細地討論這個問題。

Despite a volatile market environment, this quarter's performance underscores our ability to deliver consistent production and revenue despite external headwinds and reflects the operational discipline of our team.

儘管市場環境動盪，但本季的業績凸顯了我們在面臨外部阻力的情況下仍能保持穩定生​​產和收入的能力，並反映了我們團隊的營運紀律。

Moving to slide 17, in the first quarter of 2025, we achieved a $1 million increase in revenue compared to the first quarter of 2024. This result reflects our ability to navigate a post-halving environment driven by our low-cost power and operational efficiency.

轉到第 17 張投影片，2025 年第一季度，與 2024 年第一季相比，我們的收入增加了 100 萬美元。這一結果反映了我們在低成本電力和營運效率的推動下應對減半後環境的能力。

As noted earlier, due to the decrease in bitcoin price and increased depreciation, we saw a significant decrease in GAAP and non-GAAP earnings year over year. This quarter, our GAAP net loss of $39 million, or a loss per share of $0.11 compared to net income of $40 million, or $0.13 per share in the first quarter of the prior year.

如前所述，由於比特幣價格下跌和貶值加劇，我們看到 GAAP 和非 GAAP 收益比去年同期大幅下降。本季度，我們的 GAAP 淨虧損為 3,900 萬美元，即每股虧損 0.11 美元，而去年同期第一季的淨收入為 4,000 萬美元，即每股虧損 0.13 美元。

Our adjusted earnings decreased from $63 million, or $0.21 per share, to $6 million, or $0.02 per share. In addition to being pre-halving quarter, Q1 2024 also benefited from approximately $41 million in unrealized gains on bitcoin compared to a $20 million unrealized loss this quarter. As noted earlier, the change to our depreciation schedule implemented in Q2 of last year had a significant impact on our results as well.

我們的調整後收益從 6,300 萬美元（即每股 0.21 美元）下降至 600 萬美元（即每股 0.02 美元）。除了是減半前的季度之外，2024 年第一季還受益於比特幣約 4,100 萬美元的未實現收益，而本季的未實現損失為 2,000 萬美元。如前所述，去年第二季實施的折舊計畫變更也對我們的業績產生了重大影響。

Let's move on to slide 18 and take a deeper look at the results of our operations. As Tyler mentioned, for the quarter, we mined 524 bitcoin at our wholly owned Odessa data center, generating $49 million in revenue at an average price of roughly $93,500 per bitcoin. This compares to the 492 bitcoin we mined in Q4 2024 at an average price of $83,000 per bitcoin, resulting in $42 million in revenue, a sequential increase of 16% in revenue, and a 6.5% increase in production.

讓我們翻到第 18 張投影片，深入了解我們的營運成果。正如泰勒所提到的，本季度，我們在全資擁有的敖德薩資料中心開採了 524 個比特幣，以每比特幣約 93,500 美元的平均價格創造了 4,900 萬美元的收入。相較之下，我們在 2024 年第四季開採了 492 個比特幣，平均價格為每比特幣 83,000 美元，帶來了 4,200 萬美元的收入，收入環比增長 16%，產量增長 6.5%。

Over the quarter, our cost of revenue decreased 18% sequentially. In the first quarter, we were curtailed less frequently and therefore did not need to purchase power as often as in the prior quarter. Year over year, the cost of revenue remained flat. Our low-cost, fixed-price power remains a critical factor in maintaining attractive unit economics.

本季度，我們的營收成本較上季下降 18%。第一季度，我們的限電次數減少，因此不需要像上一季那樣頻繁地購買電力。與去年同期相比，收入成本維持不變。我們的低成本、固定價格電力仍是維持有吸引力的單位經濟的關鍵因素。

Now, let's shift our focus to operating expenses. Compensation and benefits declined sequentially related to a decline in stock-paced compensation as well as a reduction of the bonus accrual. The increase of $1 million year over year is primarily related to an increase in headcount from the period last year. We now believe we have the right talent in place to support our continued growth.

現在，讓我們將注意力轉移到營運費用上。由於股票薪酬下降以及獎金累積減少，薪酬和福利連續下降。與去年同期相比增加 100 萬美元主要與去年同期員工人數增加有關。我們現在相信，我們擁有合適的人才來支持我們的持續成長。

Turning to general administrative expenses, which include IT, corporate insurance, professional fees, occupancy, and other public company costs, we saw a slight decrease quarter over quarter. On a year-over-year basis, G&A expenses rose by approximately $3 million, primarily driven by higher professional fees and public company costs. The key contributors to this increase were expenses related to strategic growth initiatives and Sarbanes-Oxley compliance.

至於一般行政開支，包括 IT、公司保險、專業費用、入住率和其他上市公司成本，我們發現其比去年同期略有下降。與去年同期相比，一般及行政費用增加了約 300 萬美元，主要原因是專業費用和上市公司成本增加。導致這一增長的主要原因是與策略性成長計劃和薩班斯-奧克斯利法案合規相關的費用。

For the quarter, depreciation and amortization expense totaled around $43 million, representing a 20% increase from the prior quarter and 152% increase year over year. These increases are primarily driven by our Q4 upgrade at Odessa, which brought online over 36,000 new mining rigs.

本季度，折舊和攤提費用總計約 4,300 萬美元，較上一季成長 20%，較去年同期成長 152%。這些成長主要得益於我們在敖德薩第四季的升級，此次升級帶來了超過 36,000 台新的採礦設備。

In addition, as previously reported, in Q2 last year, we changed our accounting policy for mining rig depreciation, decreasing the estimated useful life of miners from five years to three years. This change, coupled with the increased number of mining rigs in operation, explains the significant year-over-year increase.

此外，如前所述，去年第二季度，我們改變了礦機折舊的會計政策，將礦機的預計使用壽命從五年縮短至三年。這一變化，加上運行中的採礦設備數量的增加，解釋了同比大幅的增長。

The oldest rigs in our fleet will cease depreciating in the fourth quarter of this year. Equity and losses of equity investees for the quarter was $5 million. The impact in the current quarter primarily relates to a non-cash impairment charge identified by our Alborz JV related to their mining rigs.

我們船隊中最老的鑽井平台將在今年第四季停止貶值。本季股權投資對象的權益和損失為 500 萬美元。本季的影響主要與我們的 Alborz JV 確定的與其採礦設備有關的非現金減損費用有關。

In Q1, we recognized a $20 million unrealized loss on the fair value of our bitcoin inventory compared to an unrealized gain of $14 million in Q4. Unrealized gains and losses on bitcoin reflect the mark-to-market accounting of our holdings. While the average price of bitcoin rose during the quarter, the spot price at quarter end declined meaningfully compared to the end of Q4.

在第一季度，我們確認比特幣庫存的公允價值未實現損失為 2,000 萬美元，而第四季未實現收益為 1,400 萬美元。比特幣的未實現損益反映了我們持有的資產的以市價計價的會計。雖然本季比特幣的平均價格上漲，但季末的現貨價格與第四季末相比大幅下降。

In the quarter, we recognized $12 million of realized gains on bitcoin by challenging market conditions. This compares to $26 million in realized gains from selling bitcoin in the fourth quarter of last year. In Q1 of last year, we did not sell any bitcoin outside of minor sales for transaction fees.

本季度，我們透過具有挑戰性的市場條件實現了 1,200 萬美元的比特幣收益。相比之下，去年第四季出售比特幣獲得的收益為 2,600 萬美元。去年第一季度，除了收取交易費的少量銷售外，我們沒有出售任何比特幣。

Now let's turn to our non-GAAP measures slide where we reconcile our adjusted earnings. 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 assets, deferred income tax expense, the non-cash charge in the fair value of the warrant liability, share-based compensation, and the non-recurring gains.

現在讓我們轉到非公認會計準則衡量指標投影片，在其中我們核對調整後的收益。像往常一樣，我想提醒您，調整後的收益不包括折舊和攤銷的影響、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中的非現金費用、股權激勵和非經常性收益。

When adjusting our first-quarter GAAP net loss of $39 million, we added back $45 million for the items I just listed, resulting in adjusted net earnings of $6 million for the quarter. This compares to an adjusted net gain of $51 million in the previous quarter and $63 million in the previous year.

在調整第一季 GAAP 淨虧損 3,900 萬美元時，我們又為剛才列出的項目加回了 4,500 萬美元，導致本季調整後的淨收益為 600 萬美元。相較之下，上一季調整後淨收益為 5,100 萬美元，去年同期調整後淨收益為 6,300 萬美元。

Now let's turn our attention to the balance sheet. On slide 20, our total current assets at year-end were $155 million. Our cash position increased from $6 million in December to $23 million in March, an increase of $18 million from the previous quarter. As you may remember, we received a PIPE investment from SoftBank in January, in which SoftBank invested $50 million in Cipher through the purchase of approximately 10.4 million shares of our common stock.

現在讓我們把注意力轉向資產負債表。在第 20 張投影片上，我們年末的流動資產總額為 1.55 億美元。我們的現金狀況從 12 月的 600 萬美元增加到 3 月的 2,300 萬美元，比上一季增加了 1,800 萬美元。大家可能還記得，我們​​在一月份獲得了軟銀的 PIPE 投資，軟銀透過購買約 1,040 萬股普通股向 Cipher 投資了 5,000 萬美元。

Over the quarter, we deployed capital towards the ongoing construction to build out of Black Pearl, minor rig payments, and routine operating expenses. As Tyler mentioned, we remain disciplined in our approach to capital management and growth, and as of March 31, our total liquidity was $75 million.

本季度，我們為正在進行的「黑珍珠號」建造工程、小額鑽機付款和日常營運費用部署了資金。正如泰勒所提到的，我們在資本管理和成長方面保持嚴謹的態度，截至 3 月 31 日，我們的總流動資金為 7,500 萬美元。

I'll quickly cover some additional balance sheet line items as of March 31. Our prepaid expenses amounted to $3 million. This balance is primarily related to corporate insurance and was flat quarter over quarter.

我將快速介紹截至 3 月 31 日的一些其他資產負債表項目。我們的預付費用總額為 300 萬美元。該餘額主要與企業保險有關，且較上季持平。

Our Odessa power contract, which is reflected as a derivative asset on our balance sheet, represents the in-the-money value of the contract, influenced by the time value and prevailing forward power prices at our Odessa facility.

我們的敖德薩電力合約在我們的資產負債表中反映為衍生資產，代表合約的價內價值，受時間價值和我們敖德薩工廠現行遠期電價的影響。

Over the quarter, we had a marked market gain on our PPA driven by an upward shift in the forward curve for relevant power prices. The PPA ended the quarter valued at $93 million, up 9% from the prior quarter. While there are substantial fluctuations in the reported value quarter over quarter, the true value of this contract lies in its provision of low cost, fixed-price power at our Odessa site. This contract bolsters our competitive advantage now and over the life of the contract ending July 2027.

本季度，由於相關電價遠期曲線的上行，我們的 PPA 獲得了顯著的市場收益。本季末 PPA 價值為 9,300 萬美元，較上一季成長 9%。雖然報告的價值與上一季相比有大幅波動，但該合約的真正價值在於它在我們的敖德薩工廠提供低成本、固定價格的電力。該合約增強了我們現在以及在2027年7月結束的合約有效期內的競爭優勢。

Other significant assets include property and equipment totaling $478 million, primarily attributed to our Odessa facility. Within this category, mining rigs and related equipment account for $340 million. These sole improvements are valued at $138 million, land of $51 million, infrastructure of $28 million, and construction and progress at $120 million. These balances are net of $200 million in accumulated depreciation.

其他重要資產包括總額 4.78 億美元的財產和設備，主要歸因於我們的敖德薩工廠。在此類別中，採礦設備及相關設備價值 3.4 億美元。這些單獨的改良物價值 1.38 億美元，其中土地價值 5,100 萬美元，基礎設施價值 2,800 萬美元，建築和進度價值 1.2 億美元。這些餘額已扣除 2 億美元的累計折舊。

Deposits on equipment of $121 million primarily consist of deposits for mining rig purchases. Additionally, we hold intangible assets totaling $10 million, with $7 million attributed to [ERCOT] approval at Black Pearl, and the remaining $3 million related to capitalized software. These balances are net of $1 million in accumulated amortization.

1.21 億美元的設備押金主要包括購買採礦設備的押金。此外，我們持有總額為 1000 萬美元的無形資產，其中 700 萬美元歸因於 Black Pearl 的 [ERCOT] 批准，其餘 300 萬美元與資本化軟體有關。這些餘額是累計攤銷 100 萬美元的淨額。

At the end of the first quarter, our equity investee in Alborz, Bear and Chief JV stands at $48 million, and we had operating leases of $12 million. We had security deposits totaling $20 million, which primarily represent the encore deposits related to the construction of interconnects at the various data centers.

截至第一季末，我們在 Alborz、Bear 和 Chief JV 的股權投資額為 4,800 萬美元，經營租賃額為 1,200 萬美元。我們的保證金總額為 2000 萬美元，主要代表與各個資料中心互連建設相關的額外押金。

Our liabilities increased slightly quarter over quarter, driven by our gross initiatives. Our accounts payable increased $30 million, primarily related to vendor payments for Black Pearl construction, and our crude expenses decreased from $70 million to $66 million.

受整體措施的推動，我們的負債較上季略有增加。我們的應付帳款增加了 3000 萬美元，主要與黑珍珠建設的供應商付款有關，而我們的原油費用從 7000 萬美元減少到 6600 萬美元。

Short-term borrowings of $35 million relate to borrowings done to provide liquidity in the near term, while preserving bitcoin liquidity and selling production up front, and is one example of the strategic capital management Tyler discussed.

3500 萬美元的短期借款涉及為在短期內提供流動性而進行的借款，同時保持比特幣流動性並預先出售產品，這是泰勒討論的戰略資本管理的一個例子。

Before we conclude, I'd like to thank everyone for joining today's call. We remain committed to providing regular updates on our strategic initiatives and growth plans in quarters to come.

在結束之前，我想感謝大家參加今天的電話會議。我們將繼續致力於在未來幾季定期更新我們的策略舉措和成長計劃。

At this time, I will pause, and Tyler and I would be pleased to take your questions.

現在，我將暫停一下，泰勒和我很樂意回答你們的問題。

(Operator Instructions) Brett Knoblauch, Cantor Fitzgerald.

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

Hi, guys. Thanks for taking my question. On the Fortress announcement, could you maybe provide a bit more color there? Does that mean Barbara Lake would be going into a JV and just, I guess, more clarity on the terms of that financing arrangement?

嗨，大家好。感謝您回答我的問題。關於 Fortress 的公告，您能否提供更多詳細資訊？這是否意味著 Barbara Lake 將進入合資企業，並且，我想，這將使融資安排的條款更加清晰？

Sure. Thanks for the question. I will give you a sort of a high-level summary. I think we will wait to probably get into the exact blood and guts of sort of how waterfalls shake out and things like that, as it will be somewhat linked to the success and how the lease from the particular tenant ultimately looks.

當然。謝謝你的提問。我將給你一個高層次的總結。我認為，我們可能需要等待才能了解瀑佈如何震動等事情的確切情況，因為這將與成功以及特定租戶的租約最終如何發展息息相關。

Yes, at a high level, it will be a joint venture. They will be our financing partner. They unconditionally backstop the financing of a full data center build. That amount varies depending on the tenant and the specs that they want. That can vary quite a bit.

是的，從高層次上講，它將是一家合資企業。他們將成為我們的融資合作夥伴。他們無條件地支持整個資料中心建設的融資。該金額取決於租戶及其所需的規格。這可能會有很大差異。

A recent one was in the neighborhood of about $3.1 billion, $3.2 billion total. Our sort of share, again, I won't get into sort of every specific because I want to wait until we have a finalized deal to be a little bit more specific, but high level, we have the right to own up to 49% of the JV. We would contribute our assets, so the land, substation, interconnect, et cetera, and have value for that. And then we could invest more cash if we wanted to, but at the end of the day, sort of how that shakes out for our returns will largely depend on the ultimate sort of lease rates and then exit and cap rates.

最近的一次融資金額約為 31 億美元，總計 32 億美元。我們的股份種類，再說一次，我不會談論每一個具體細節，因為我想等到我們達成最終協議後再更具體地說，但高層次上，我們有權擁有合資企業高達 49% 的股份。我們將貢獻我們的資產，例如土地、變電站、互連等等，並賦予它們價值。然後，如果我們願意的話，我們可以投資更多的現金，但最終，這對我們的回報有何影響，很大程度上取決於最終的租賃率以及退出率和資本化率。

If we were to exit several years into the future, that will depend a little bit on what the market for data centers looks like. We're very bullish in that. I think it's fair to say, roughly speaking, I would expect us to be about 40% of the economics in a good situation, and that is without contributing a dollar of capital.

如果我們要在未來幾年退出，這將在一定程度上取決於資料中心的市場狀況。我們對此非常樂觀。我認為可以公平地說，粗略地說，我預計在良好情況下我們的經濟將達到 40% 左右，而且這還是在沒有投入一分錢資本的情況下。

So it's really the ability to go to potential tenants, and it's been our observation that while we get a lot of respect from potential tenants for our skill and expertise in construction and ops, it's not lost on us that if we're talking to a counterparty with $1 trillion market cap, and they're building a $3 billion asset, particularly in a volatile market, I think one of the drawbacks of the bitcoin miners in general is that they say, wow, that's a big obligation for you guys to backstop for such an important investment for us.

因此，這實際上是一種接觸潛在租戶的能力，而且據我們觀察，雖然我們在建築和運營方面的技能和專業知識贏得了潛在租戶的尊重，但我們並沒有忘記，如果我們正在與一個市值 1 萬億美元的交易對手交談，而他們正在構建一項 30 億美元的資產，特別是在動蕩的市場中，我認為比特幣交談，而他們正在構建一項 30 億美元的資產，特別是在動蕩的市場中，我認為比特幣交談。

So in this case, the ability to partner with someone that has built data centers for hyperscalers is obviously very well known and very credentialed, allows us, I think, to have a different kind of conversation to finalize a lease. So there will be some variability on exactly how the economics shake out, because it depends a bit on who the tenant and what the lease terms are, and then ultimately what the market looks like for data centers.

因此，在這種情況下，與為超大規模資料中心建設過的人合作的能力顯然非常知名且非常有資質，我認為，這讓我們能夠進行不同類型的對話以最終確定租約。因此，經濟情勢究竟如何變化會有一些變化，因為這在一定程度上取決於租戶是誰、租賃條款是什麼，以及最終資料中心的市場狀況。

Perfect. Thank you. That was very helpful. Moving to a high level on conversations, maybe since tariff announcements in early April, have you seen a pause, a step back, have conversations kind of continued to progress without any bumps in the road? I guess, what are you seeing just from where conversations are?

完美的。謝謝。這非常有幫助。談到高層對話，也許自從 4 月初宣布關稅以來，您是否看到了停頓、倒退，對話是否繼續順利進展？我猜，您從對話中看到了什麼？

Yeah. So I would say the pace of conversations has not abated, if anything, they have increased. We've had more reverse inquiries from very large investors and tenants around the world. I was doing a mental checklist as we were going through the call. I think in the last few months, I've met personally somewhere around the world or on a Zoom with three, four billionaire real estate developers that are very interested in what we've got going on, and they both can represent tenants and wanting to be an investor themselves.

是的。因此我想說，對話的節奏不僅沒有減慢，甚至有所加快。我們收到了來自世界各地大型投資者和租戶的更多反向詢問。當我們通話時，我正在心裡做一個檢查清單。我想在過去的幾個月裡，我在世界各地或透過 Zoom 與三、四位億萬富翁房地產開發商親自會面，他們對我們正在做的事情非常感興趣，他們既可以代表租戶，又想自己成為投資者。

I think on strictly the tenant side, yes, we have had deeper discussions in the past couple months. Nothing has abated on that. From the tariffs, I will say on the sort of very well-known big name hyperscaler side, I would say it sort of continues at the same pace that it seems to always do, which is everything moves in a hurry for a stretch, and then sometimes quiets down for a few weeks and then comes back to life.

我認為從租戶方面來說，是的，我們在過去的幾個月中進行了更深入的討論。這一點絲毫沒有減弱。從關稅方面來說，我想說，就非常知名的大型超大規模企業而言，它會以似乎總是相同的速度繼續發展，即一切都會快速發展一段時間，然後有時會平靜幾週，然後又恢復生機。

My understanding is that this is everyone's experience in general, dealing with them. But high level, I have not seen any change in the level of interest since the tariff announcements.

我的理解是，這是每個人與他們打交道的普遍經驗。但從高層來看，自從關稅公告發布以來，我沒有看到關注程度有任何變化。

Joseph Vafi, Canaccord Genuity.

Canaccord Genuity 的 Joseph Vafi。

Hey, guys. Good morning. Thanks for the opportunity to ask a question here. Maybe we drill down a little bit more, Tyler, on your financing strategy approach here at Barber Lake with Fortress. Maybe it's a little bit different than what we've seen from some of the other bitcoin miners you threw out that you could own 40% without putting any more capital in.

嘿，大家好。早安.感謝有機會在這裡提問。泰勒，也許我們可以更深入地探討一下您在巴伯湖與 Fortress 合作的融資策略方法。這可能與我們從其他一些比特幣礦工那裡看到的情況略有不同，你無需投入更多資金就可以擁有 40% 的股份。

I was just wondering, if you look across your pipeline and what might be a strategy over the medium to longer term, do you prefer that strategy of site acquisition and asset development on the acquisition side and then let somebody else do the CapEx? Or are you going to look at deals one at a time or maybe somewhere in between and then a quick follow-up?

我只是想知道，如果您縱觀您的管道以及中長期策略，您是否更喜歡在收購方面進行場地收購和資產開發的策略，然後讓其他人進行資本支出？或者您打算一次查看一個交易，或者先查看其中一個交易，然後再進行快速跟進？

Okay. Thanks, Joe. Great question. I would say we have a lot of optionality and we're very excited about it. So high level, as I've said before, we are big believers in the value of large-scale interconnects over the next certainly three years and maybe beyond, but with a particular premium on that. And so we really have positioned the company to take as much advantage as possible of finding opportunities in that window. So I view our partnership on Barber Lake as a first step to figure out sort of exactly how the model evolves over time.

好的。謝謝，喬。好問題。我想說我們有很多選擇，我們對此感到非常興奮。因此，正如我之前所說，從高層來看，我們非常相信未來三年甚至更長時間內大規模互連的價值，但對此要特別重視。因此，我們確實已讓公司盡可能地利用這一機會。因此，我認為我們在 Barber Lake 上的合作是弄清楚模型如何隨著時間推移而演變的第一步。

The most important thing from our perspective, I think, is just validating that we are serious and we can land a great tenant with a big lease. To me, once we do that at Barber Lake, suddenly the market should be revaluing the rest of our tremendous pipeline. We expect to have several large-scale sites under development in the not-too-distant future. And I think getting credentialed and getting one in the boat, so to say, is the most important thing.

我認為，從我們的角度來看，最重要的事情就是證明我們是認真的，我們可以透過簽訂大額租約來找到優秀的租戶。對我來說，一旦我們在巴伯湖做到這一點，市場就會突然重新評估我們其餘的龐大管道。我們預計在不久的將來將會有幾個大型站點正在開發中。我認為，獲得資格證書並上船是最重要的事情。

So when you think about the challenges to land the first one, I think it's obvious to everyone that a bitcoin miner has an expensive cost of capital to do bitcoin mining. And you don't want to fund the biggest, most expensive build you've ever done, the traditional bitcoin mining cost of capital. Hence, bringing in a partner to basically speak for all of the capital being there, we think is huge in landing that first tenant.

因此，當你考慮到實現第一個目標所面臨的挑戰時，我想每個人都清楚，比特幣礦工進行比特幣挖礦的資本成本是昂貴的。而且你也不想為你曾經做過的最大、最昂貴的建設提供資金，即傳統的比特幣挖礦資本成本。因此，我們認為，引入一個合作夥伴來代表那裡的所有資本，對於獲得第一個租戶至關重要。

Now, it's also extremely attractive, we think, on the ultimate economics, because we do believe we'll be developing the data center, we have a team that can develop, and we expect that to be a revenue line item for us. And then ultimately, the ability to not finance at our bitcoin mining cost of capital a huge piece of the ultimate economics in a market that we're very bullish on, we think is going to be awesome.

現在，我們認為，從最終的經濟效益來看，這也極具吸引力，因為我們確實相信我們將開發資料中心，我們擁有一支能夠開發的團隊，我們預計這將成為我們的收入。最終，我們認為，能夠不以比特幣挖礦的資本成本來融資，這對我們非常看好的市場來說是一個巨大的最終經濟效益，這將是一件非常棒的事情。

I think then, really the question becomes, how do you think about the subsequent sites and how you finance it? And a little bit of that depends on how the market evolves to view us. If they view us as a developer of HPC data centers, and we have access to capital in ways that are more favorable than bitcoin mining, we would love to own more of the economics when possible, we sort of are strictly driven by the math, and how can we get the best share return?

那麼我認為，真正的問題是，您如何考慮後續網站以及如何為其融資？這在一定程度上取決於市場如何看待我們。如果他們將我們視為 HPC 資料中心的開發商，並且我們能夠以比比特幣挖礦更有利的方式獲得資金，那麼我們很樂意在可能的情況下擁有更多的經濟利益，我們嚴格受數學驅動，我們如何才能獲得最佳的股票回報？

So it's a bit of a balance. I think we're blessed to have such a robust pipeline in the future. And so we want to, over time, capture as much of the economics as possible for Cipher and our shareholders.

所以這有點平衡。我認為我們很幸運未來能擁有如此強大的管道。因此，我們希望隨著時間的推移，為 Cipher 和我們的股東獲取盡可能多的經濟利益。

Then there's a separate question that's sort of in your question, which I'll take a stab at, which is, over time, how do you think of this business? I will say that I think our greatest edge, when I think about Cipher's value to an investor, is identifying great opportunities for greenfield development in the data center space. And so logically, I think the most likely way we evolve is that we will capture the most value in the early stage development section of ultimately the life of an HPC data center.

然後還有一個單獨的問題，有點像您的問題，我會嘗試回答，那就是，隨著時間的推移，您如何看待這項業務？我想說，當我考慮 Cipher 對投資者的價值時，我認為我們最大的優勢是發現資料中心領域綠地開發的巨大機會。因此從邏輯上講，我認為我們最有可能的發展方式是，我們將在 HPC 資料中心最終生命週期的早期開發階段中獲得最大價值。

So without committing, because it's years away, but if we have a 15 or 20-year lease on this site, and it is up and fully operational, and we're several years into it, there's a good chance that we would regularly sort of recycle that capital, potentially exit, to then deploy the profits we make back in the earlier stages of development, where we think we generate the most value.

因此，我們不會做出承諾，因為這還需要幾年的時間，但如果我們在這個地點擁有 15 年或 20 年的租約，並且它已經建成並全面投入運營，而且我們已經投入了幾年的時間，那麼我們很有可能定期回收這些資本，可能會退出，然後將我們賺取的利潤重新部署到開發的早期階段，我們認為在這個階段我們可以創造最大的價值。

So I would expect there is a very robust refinancing market for data centers, and no commitment, because it might be nice to just hold a stream of cash flows over time, but probably we would manage this portfolio where we're holding some of these developments and recycling capital from other ones.

因此，我預計資料中心的再融資市場非常強勁，而且沒有承諾，因為隨著時間的推移，保持現金流可能是件好事，但也許我們會管理這個投資組合，持有其中一些開發項目，並從其他項目中回收資本。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Yeah, thank you, and good morning, and thanks for taking my questions.

是的，謝謝，早安，謝謝您回答我的問題。

Tyler, realizing that, Texas has really become an epicenter for data centers, bitcoin miners, as we look at the Barber Lake. I mean, you sign the MOU for the additional 500 megawatts. Not that I need you to comment specifically on that and Barber Lake, but as you look at across ERCOT, like, have things been getting more streamlined, where once we have sites in place and we move forward to look for additional power capacity, has that been getting more streamlined in kind of your broader view, or is that the same, or is it becoming more challenging, any kind of color around that?

泰勒意識到，當我們看著巴伯湖時，德州已經真正成為資料中心和比特幣礦工的中心。我的意思是，你簽署了額外的 500 兆瓦的諒解備忘錄。我不需要您對此和 Barber Lake 做出具體評論，但是當您縱觀整個 ERCOT 時，事情是否變得更加精簡了，一旦我們有了站點，我們就會繼續尋找額外的電力容量，從您更廣泛的角度來看，這是否變得更加精簡了，還是情況相同，或者變得更具挑戰性，對此有什麼看法？

Sure. So I think right now there is a bill being finalized in the legislature in Texas that will tweak how folks enter the queue for interconnection in Texas, which we think is a good thing. It will force developers, speculators to put some skin in the game, which we think will actually bring some reality and truthfulness to the interconnection queue, because right now there's not much of a penalty to be a sort of duplicate speculator on multiple sites where you don't have much money put down, and so people, that's part of the reason why the queue is so big.

當然。所以我認為現在德州立法機構正在最終確定一項法案，該法案將調整人們進入德州互連隊列的方式，我們認為這是一件好事。它將迫使開發商和投機者投入一些資金，我們認為這實際上會為互連隊列帶來一些現實性和真實性，因為現在，在多個網站上重複投機並且沒有投入太多資金不會受到太大的懲罰，所以各位，這就是隊列如此之大的原因之一。

There's also some ongoing discussions about thinking how to charge behind-the-meter facilities, you know, to make sure that they are paying an appropriate rate for transmission and so forth, and so there is an evolving landscape down there.

目前還在進行一些關於如何對電錶後設施收費的討論，以確保它們為傳輸等支付適當的費用，因此那裡的情況正在不斷發展。

I would say as a broad generalization, we think mostly what's being debated down there is probably good in general for the marketplace to bring a little bit more reality and transparency to it, because I think we are vulnerable as an industry, and I mean all the data centers, by having kind of what sounds like a runaway enormous interconnection queue, because it allows people to hurl a lot of, negative pictures of the future at the public due to the growing industry.

我想說，從廣義上講，我們認為那裡正在討論的大部分內容可能總體上對市場有利，可以使其更加現實和透明，因為我認為我們作為一個行業是脆弱的，我的意思是所有的數據中心，都存在聽起來像失控的巨大互連隊列，因為它允許人們向公眾拋出很多由於行業不斷發展而對未來的負面看法。

So probably trimming the queue and making it look a little bit more realistic is generally a good thing. I will say, if anything, you know, I do think those various regulations will make it a little bit more challenging, you would presume, to get an interconnect. So if anything, I think that makes our portfolio very valuable, because we've got large interconnects already.

因此，修剪隊列並使其看起來更真實一些通常是一件好事。我想說的是，如果有的話，你知道，我確實認為這些不同的規定將使獲得互連變得更具挑戰性。因此，如果有什麼不同的話，我認為這會使我們的投資組合非常有價值，因為我們已經擁有大型互連。

So in general, I would say on the commercial side yes, it is harder to find spots, because there have been a lot of big headlines about data centers in Texas, and so if anything, that market remains with a very hardy interest. But I think what will happen with regulations will be that it will probably get incrementally more scrutinized with the new legislation.

所以總的來說，從商業角度來說，是的，找到地點比較困難，因為有很多關於德州資料中心的頭條新聞，所以如果有的話，這個市場仍然非常感興趣。但我認為，隨著新立法的出台，法規可能會受到越來越嚴格的審查。

Okay, great. And then just one for me on the fleet performance. You mentioned the two and a half ex-hash additions from the EIDL fleet. I guess I'll just ask everything at once. Any kind of, can you provide kind of the efficiency of that, and then just as we look at Odessa, clearly that's like a market-leading type efficiency. As we kind of go down to the JV sites, the efficiency of those rigs -- hey, they've been there for a while, they're a little bit longer. Is there any thoughts about upgrading the rigs at the JV sites, and what needs to happen for that to kind of move forward?

好的，太好了。然後我再說一句關於艦隊表現的話。您提到了 EIDL 船隊新增的兩艘半散貨船。我想我會一次問完所有問題。無論如何，您是否能提供那種效率，然後就像我們看到的敖德薩一樣，顯然這是一種市場領先的效率。當我們深入合資企業現場時，這些鑽孔機的效率——嘿，它們已經在那裡有一段時間了，時間更長一些。有沒有考慮升級合資工廠的鑽孔機？需要做些什麼才能推進這項進程？

Yeah. So, great question. So, let me start with the first question. I think with the 2.5 exahash that we would plug in, initially, right when that's plugged in, but before new rigs arrive, that probably takes our efficiency a little bit worse and takes it to about 20 or 21 joules per terahash. But that's temporary because we've got a big order of new rigs arriving, and ultimately, once we get to the full 23 exahash, we'll be more close to 17 joules per terahash when that is all plugged in.

是的。所以，這個問題問得好。那麼，讓我從第一個問題開始。我認為，我們最初插入的 2.5 exahash 會在插入時立即生效，但在新設備到達之前，這可能會使我們的效率稍微下降，並使其達到每太赫茲 20 或 21 焦耳左右。但這只是暫時的，因為我們有大量新設備的訂單即將到達，最終，一旦我們達到完整的 23 艾哈什，當所有設備都插入電源後，我們將更接近每太哈什 17 焦耳。

I think from our perspective, given that Black Pearl was ahead of schedule in getting ready, we started looking at the opportunity of having, while we wait for ultimately the delivery of rigs, quick questions, of course, around, again, I don't anticipate any challenges, but we live in an interesting tariff environment. But we had an opportunity to say, look, if we just get these rigs plugged in, just in the third quarter, we can probably make another $15 million of revenue just from not having this stuff idle while we wait.

我認為從我們的角度來看，鑑於黑珍珠號提前做好了準備，我們開始尋找機會，在等待鑽機最終交付的同時，當然，我會問一些快速的問題，我再次預計不會有任何挑戰，但我們生活在一個有趣的關稅環境中。但我們有機會說，看，如果我們只是在第三季將這些鑽孔機連接到電源，我們可能可以再賺取 1500 萬美元的收入，因為在等待期間不會讓這些東西閒置。

And if we get the rigs on time or ahead of schedule and everything's going well, the new ones, you know, will move even quicker to that more efficient top-line number. And then on the JVs I think that given that those are either very cheap behind the meter, in the case of Alborz, or front of the meter at Bear and Chief, more likely we are probably going to run those fleets and just manage curtailment. So we don't have as much uptime, but we can stretch out the value further and further on the useful life of those rigs by just dialing down the uptime.

如果我們按時或提前獲得鑽機，並且一切都進展順利，那麼新鑽機將更快地達到更有效率的頂線數字。然後，關於合資企業，我認為，考慮到這些合資企業要么在電錶後非常便宜，比如 Alborz 的情況，要么在電錶前非常便宜，比如 Bear 和 Chief 的情況，我們更有可能運營這些船隊並管理削減。因此，我們的正常運行時間並不多，但我們可以透過縮短正常運行時間來進一步延長這些鑽機的使用壽命。

And ultimately, I'll say, if you look way forward in bitcoin mining, this is a massive advantage Cipher has over most of our competitors in that we have regularly managed uptime and curtailment in the ERCOT market for years and been best in class.

最後，我想說的是，如果你展望比特幣挖礦的未來，Cipher 相對於大多數競爭對手擁有巨大的優勢，因為我們多年來一直在 ERCOT 市場中定期管理正常運行時間和縮減，並且一直是同類產品中的佼佼者。

Ultimately, when you look forward several years, if we keep getting growing hash rate, you've got another halving. The idea that you're just going to upgrade with the most expensive rigs every two years is not a great model in our opinion. We think probably what happens is you are managing a longer life out of your assets and managing curtailment and only buying when power is cheap at places like our JVs.

最終，當你展望未來幾年時，如果我們繼續提高哈希率，你會再次減半。我們認為，每兩年就升級最昂貴的鑽孔機的想法並不是一個很好的模式。我們認為可能發生的情況是，您正在管理資產的更長使用壽命並管理削減，並且僅在電力便宜時才從像我們的合資企業這樣的地方購買。

So I would argue there's a little bit of a view into probably what the future of mining looks like several years into the future. But for now, they're not a priority for upgrading.

因此，我認為我們可以對未來幾年採礦業的前景有一個大致的了解。但目前，它們並不是升級的重點。

Paul Golding, Macquarie.

麥格理銀行的保羅‧戈爾丁。

Thanks so much. Tyler, I just wanted to ask, as you field all this interest on the HPC front and now have financing in place for one of the sites, how are you thinking about long lead time item purchases and how that relates or may or may not relate to some of the diligence being done by these prospective tenants and how they're considering signing with you for some of this HPC capacity that you have on offer, particularly the energize capacity already in place? And then a follow up from me, thanks.

非常感謝。泰勒，我只是想問一下，既然您在 HPC 方面引起瞭如此多的興趣，並且現在已經為其中一個站點提供了融資，那麼您如何考慮購買長交貨期產品，以及這與這些潛在租戶所做的一些盡職調查有何關係（或可能不相關），以及他們如何考慮與您簽約以獲得您提供的一些 HPC 充電容量，特別是已經到位的容量？然後由我來跟進，謝謝。

Okay. So I'd say in general, we prioritize getting substations on order and built. We have a substation on order for Stingray so that it will be ready. If anything, that's sort of just a general site improvement item. So we manage that.

好的。所以總的來說，我們優先考慮訂購和建造變電站。我們已經為 Stingray 訂購了一個變電站，以便做好準備。如果有的話，那隻是一個一般的網站改進項目。所以我們就這麼做了。

I think substations are always the priority because they are generally a long lead time item. And they're often a gating item in due diligence. It's sort of the first question a lot of people have. I think beyond that, when we look down further in the chain, we leverage a set of global vendor partners. I would say in general, we secure really good lead times on items and market that to tenants.

我認為變電站始終是優先考慮的事項，因為它們通常是交付週期較長的專案。而且它們往往是盡職調查中的門檻項目。這是很多人首先會問的問題。我認為除此之外，當我們進一步審視鏈條時，我們會利用一組全球供應商合作夥伴。我想說，總的來說，我們確保了產品的良好交貨時間並將其推銷給租戶。

So the way these discussions typically go is it's very iterative. We will produce design specs for a particular potential tenant's particular design requirements. And so then we will typically go and source quotes to produce the timeline that we give them.

因此，這些討論通常都是以反覆的方式進行的。我們將針對特定潛在租戶的特定設計要求制定設計規格。因此，我們通常會去尋找報價來製定我們給他們的時間表。

I'd say in general, we have really good partner relationships, often looking to folks with inventory so we can optimize speed to market. But we are not kind of building on spec at this point. The design requirements vary broadly between different tenants. And so we don't want to start spending tons of CapEx without the tenant locked in.

我想說，總的來說，我們擁有非常好的合作夥伴關係，經常尋找有庫存的人，以便我們能夠優化產品上市速度。但目前我們還沒有按照規格進行建造。不同租戶的設計要求差異很大。因此，我們不想在沒有鎖定租戶的情況下開始花費大量的資本支出。

Understood. And then the follow-up from me is on SoftBank and that relationship. Just wanted to understand the extent of their involvement now that you're a few months into the $50 million investment and how that relationship is potentially evolving around the HPC processes underway. Or if their contribution is coming through in other ways, or if it was simply just the capital at this point. Thanks.

明白了。接下來我要關注的是軟銀及其關係。只是想了解一下，現在你們已經投入了 5000 萬美元幾個月了，他們的參與程度如何，以及這種關係如何圍繞著正在進行的 HPC 流程發展。或者他們的貢獻是否透過其他方式實現，或者是否僅僅是目前的資本。謝謝。

Yeah. So look, I couldn't be happier about having probably the most forward-thinking investor on the planet invested on us, I mean, in us in this space. I would say what we have to juxtapose that relationship against is the value of the timeliness of our assets to shareholders. And so my goal very clearly is to get a high-quality tenant signed to a long-term lease as quickly as possible to Barber Lake. There is a lot of time value in Barber Lake because it is ready and energized and with a substation, ready to design to spec with plenty of land and water and fiber.

是的。所以，我非常高興有世界上最有遠見的投資者投資我們，我是說，投資我們在這個領域。我想說，我們必須將這種關係​​與我們的資產對股東的及時性價值進行對比。因此，我的目標很明確，就是盡快找到一位優質租戶與巴伯湖簽訂長期租約。巴伯湖具有很大的時間價值，因為它已經準備就緒，通電並設有變電站，可以按照規格進行設計，並擁有充足的土地、水和光纖。

So it is a great site. I really hope we sign a deal with SoftBank tomorrow to have them as our tenant because they were now an investor in us for a while. That would be fantastic. At the same time, in advance of them being ready to commit to anything, we have to open up the marketing of that site. They had the site under exclusivity back in February. We have not signed a lease with anyone yet, and so we have opened up the competition.

所以這是一個很棒的網站。我真的希望我們明天能與軟銀簽署協議，讓他們成為我們的租戶，因為他們現在曾經一度是我們的投資者。那真是太棒了。同時，在他們準備好做出任何承諾之前，我們必須開放網站的營銷。早在二月份，他們就已獨家經營該網站。我們還沒有和任何人簽訂租約，因此我們開放了競爭。

And as I mentioned on the call, we have had lots of interested tenants and certainly financiers, and I am very happy to say I think we picked the best dance partner on the financier side. Now we just need to finalize the tenant. I hope it is SoftBank. It could easily be someone else if they don't move quickly because I think we have to monetize the timeliness of that.

正如我在電話中提到的，我們有很多感興趣的租戶，當然還有金融家，我很高興地說，我認為我們在金融家方面選擇了最好的舞伴。現在我們只需要確定租戶。我希望是軟銀。如果他們不迅速採取行動，就很容易被別人搶走，因為我認為我們必須將這種及時性貨幣化。

But that said, listen, really excited about their continued interest in the space, and obviously it is one of the proud professional moments of my life getting to say that we got them on our cap table.

但話雖如此，聽著，我真的很高興他們能繼續對這個領域感興趣，而且顯然這是我一生中最自豪的職業時刻之一，能夠說我們把他們納入了我們的資本表。

Mike Grondahl, Northland.

麥克·格朗達爾，北地。

Hey, thanks, guys. And, Tyler, I really liked your comment about getting one in the boat as you have a really nice runway set up, and in relation to that, what are the next milestones we should be looking for at Barber Lake? And then secondly, on Stingray and Revali, could you speak to the interest in those two locations?

嘿，謝謝大家。泰勒，我真的很喜歡你關於在船上安裝一個的評論，因為你已經設置了一條非常好的跑道，與此相關，我們應該在巴伯湖尋找的下一個里程碑是什麼？其次，關於 Stingray 和 Revali，您能談談對這兩個地方的興趣嗎？

Sure. Thanks for the question, Mike. So first, at Barber Lake, I mean, I would say the next step, I hope to tell the world that we have a lease with a great tenant there. At this point, we are in advanced discussions with multiple counterparties. As I mentioned, we've got several under NDA. Multiple have made site visits.

當然。謝謝你的提問，麥克。因此，首先，在巴伯湖，我的意思是，我想說下一步，我希望告訴全世界，我們在那裡與一位很棒的租戶簽訂了租約。目前，我們正在與多方進行深入討論。正如我所提到的，我們已簽署了多項保密協議。已有多人到場視察。

We've done design specs for different potential tenants. We have negotiated what potential rates would be and structures. We just need to finalize it. So it's literally getting to lease. On Stingray and Revali, so actually, interestingly, we have recently received interest in potential for HPC at Stingray. That's an interesting site because I think it's in West Texas. We think it's very attractive. We have less invested in that site than we do in Barber Lake.

我們針對不同的潛在租戶制定了設計規範。我們已經就潛在的利率和結構進行了協商。我們只需要完成它。所以它實際上就是租賃。關於 Stingray 和 Revali，實際上，有趣的是，我們最近對 Stingray 的 HPC 潛力產生了興趣。這是一個有趣的地方，因為我認為它位於西德克薩斯州。我們認為它非常有吸引力。我們對該地點的投資比在巴伯湖的投資要少。

So I think we're open to a bunch of ideas. Given that it's 100 megawatts, it's actually created an interesting pocket of potential tenants that we had not previously been speaking to. So we had really focused our discussions with potential tenants that could take an entire 300 megawatt lease. As a generalization, the hyperscalers are not as interested in a site that's only 100 megawatts, but there are several enterprise-type clients that are interested in that site. And it's actually a completely different group than we had previously been talking to.

所以我認為我們對很多想法都持開放態度。考慮到它的發電量為 100 兆瓦，它實際上創造了一批有趣的潛在租戶，而我們從未與他們交談過。因此，我們的討論重點是與可能承租整個 300 兆瓦電力的潛在租戶。一般來說，超大規模企業對只有 100 兆瓦的站點不太感興趣，但有幾家企業類型的客戶對該站點感興趣。事實上，這是一個與我們之前交談過的群體完全不同的群體。

So we do have some early interest. I'll see if we get it there. I mean, that would be another site where probably we'd be looking for a financial partner. We have had some ask about it, and like I said, we've had some potential tenants ask about it kind of in a different category. So I think that gives us an interesting opportunity to maybe play a different part of the market there.

所以我們確實有一些早期的興趣。我會看看我們能否到達那裡。我的意思是，那可能是我們尋找金融合作夥伴的另一個網站。我們已經收到了一些關於此問題的詢問，而且正如我所說的，我們也收到了一些潛在租戶關於不同類別問題的詢問。所以我認為這給了我們一個有趣的機會，也許可以在那裡扮演不同的市場角色。

And then Reveille also has a lot of potential, given that it energizes in 27, and again, the size is a little smaller, 70 megawatts. I think we have a lot of flexibility there. If we have developed or we are working on developing two or three data centers for large tenants in advance of that, that site has a lot of flexibility. We could work with one of those smaller enterprise-type clients.

Reveille 也有很大潛力，因為它的發電時間為 27 分鐘，而且規模稍微小一些，為 70 兆瓦。我認為我們在這方面具有很大的靈活性。如果我們已經開發了或正在為大型租戶開發兩個或三個資料中心，那麼該網站將具有很大的靈活性。我們可以與其中一個小型企業類型的客戶合作。

We could potentially, at that size, in the future, self-finance or finance differently on more of the economics. Or I mean, I don't know if we will do this, but certainly one of the things we'll consider if we continue to make progress is, is that a site that we take on responsibility to manage co-location? And we could have multiple tenants that we manage directly.

在未來，我們有可能以這樣的規模實現自籌資金，或在更多的經濟方面採用不同的融資方式。或者我的意思是，我不知道我們是否會這樣做，但如果我們繼續取得進展，我們肯定會考慮的事情之一是，我們是否負責管理共置站點？我們可以直接管理多個租戶。

And of course, it could be interesting. So I think there's a lot of flexibility at that site, and across those future sites, we have different ways to play the market. The three M's are all very large, so they're more likely to be the types of potential tenants we've been talking to at Barber Lake. Looking down the line at those other sites, it's kind of a broader category. So we certainly hope that the trend continues to be very positive on Texas and West Texas in particular, and we'll just have to see, but we're excited about the potential. Hey, thanks for that color.

當然，這可能會很有趣。所以我認為該網站具有很大的靈活性，並且在這些未來的網站上，我們有不同的方式參與市場。這三個 M 都非常大，所以他們更有可能是我們在 Barber Lake 交談過的那種潛在租戶。從其他網站的角度來看，這是一個更廣泛的類別。因此，我們當然希望德克薩斯州，尤其是西德克薩斯州的趨勢繼續保持積極，我們只需要拭目以待，但我們對潛力感到興奮。嘿，謝謝你的顏色。

Chris Brendler, Rosenblatt Securities.

羅森布拉特證券公司的克里斯布倫德勒 (Chris Brendler)。

Hey, thanks, and good morning, guys. I wanted to ask, on the Fortress facility, you know, sort of, can you give us an indication of, like, when that was signed? And given the obvious questions around, you know, signing Cipher to a trillion-dollar company or something like that it requires a lot of faith in your ability to continue.

嘿，謝謝，大家早安。我想問一下，關於堡壘設施，您能告訴我們它是什麼時候簽署的嗎？考慮到一些顯而易見的問題，你知道，將 Cipher 簽約給一家價值萬億美元的公司或類似公司需要對你繼續下去的能力有很大的信心。

So does the Fortress facility, does that change the pace of negotiations at all since you were able to agree to terms on that deal? And then what are the next steps on the Fortress facility in terms of actually getting, you know, a contract signed? Would it require a HPC deal to be signed, or can that happen beforehand to further encourage an HPC tenant to partner up with you?

那麼，自從你們同意交易的條款以來，Fortress 工廠是否會改變談判的節奏？那麼，就簽約而言，堡壘工廠的下一步計畫是什麼？這是否需要簽署 HPC 協議，或者是否可以事先簽署以進一步鼓勵 HPC 租戶與您合作？

Yeah, thanks, Chris. Great question. So we just signed it recently, like, in the last few days coming into the weekend. And so, as I mentioned, we've been in a bit of a beauty contest with a lot of big-name financiers that had interest in the site. We spent a lot of time, the team's been very busy on looking at the myriad of structures and different ways we could play it to try to get the best returns for us.

是的，謝謝，克里斯。好問題。所以我們最近才簽署了它，就像是在周末的最後幾天一樣。正如我所提到的，我們與許多對該網站感興趣的知名金融家進行了一場選美比賽。我們花了很多時間，團隊一直忙於研究各種結構和不同的玩法，以嘗試為我們獲得最好的回報。

So we signed that deal in the hopes that it greatly speeds up and advances the finalization of the discussions we are having, and certainly based on the market color we have received, we think it's going to help a lot. It will trigger at the signing of a lease. So we are committed to work with them to finalize this lease. And so we are joint marketing and doing lease negotiations with tenants right now.

因此，我們簽署了這項協議，希望它能夠大大加快和推進我們正在進行的討論的最終完成，當然，根據我們所獲得的市場信息，我們認為它將會有很大幫助。它將在簽署租約時觸發。因此，我們致力於與他們合作，完成這份租約。因此，我們現在正在與租戶進行聯合行銷和租賃談判。

Again, they have some existing relationships. There's a lot of overlap in those existing relationships with some of the folks we're currently talking to. They know the tenants we are talking to and are happy with those names. So it's really just a matter of getting the lease, at which point the structure would trigger.

再次，他們之間存在一些關係。我們目前正在交談的一些人與這些現有關係有很多重疊。他們知道我們正在交談的租戶，並且對這些名字感到滿意。因此，這實際上只是一個獲得租約的問題，此時該結構就會觸發。

Okay. Great. And congratulations on getting it done before the earnings call. I know that's probably a nice target to get it wrapped up beforehand. So congrats on that. And I just want to ask a question on the mining business. Really impressive cost of revenue and gross margins that are coming out of that.

好的。偉大的。恭喜您在收益電話會議之前完成了這項工作。我知道這可能是一個很好的目標，可以提前完成它。對此我表示祝賀。我只想問一個有關採礦業的問題。由此產生的收入成本和毛利率確實令人印象深刻。

I just wanted to ask, I know you mentioned higher uptime, but I'm calculating a pretty significant drop in your hash costs from quarter to quarter, and the power costs didn't drop. So is it all uptime, or is there anything else that improved from previous quarters to drive these really impressive results on cost of revenue?

我只是想問一下，我知道您提到了更高的正常運行時間，但我計算出您的哈希成本從一個季度到另一個季度都有相當大的下降，而電力成本並沒有下降。那麼，這全都是正常運作時間的結果嗎？還是說與前幾季相比，還有其他什麼改進可以推動營收成本取得如此令人印象深刻的成果？

Yeah. I mean, I think we had a hash cost of right around $0.03, which we're happy with, a cash cost of $0.03. That's mostly driven by power, truthfully. Keep in mind, we completed an upgrade of the fleet, of course, in the fourth quarter. So this was the first full quarter of firing with the new fleet efficiency. So that helped a lot. And I mean, the really good news there is that the benefits of scale we haven't even realized yet.

是的。我的意思是，我認為我們的哈希成本約為 0.03 美元，我們對此感到滿意，現金成本為 0.03 美元。說實話，這主要是由權力驅動的。請記住，我們當然在第四季完成了機隊的升級。這是新艦隊高效射擊的第一個完整季度。這很有幫助。我的意思是，真正的好消息是我們甚至還沒有意識到規模帶來的好處。

So when we add another 9.5 exahash of efficient machines in the next quarter, certainly we don't expect the cost of revenue to scale with that. If anything, it's going to stay close to flat, and so we would expect. And so those numbers should get better and better, and we finally get to see the true benefits of our scale combined with our power prices and management.

因此，當我們在下個季度再增加 9.5 exahash 高效能機器時，我們當然不希望收入成本隨之增加。如果有的話，它將保持接近平穩，正如我們所預料的那樣。因此，這些數字應該會越來越好，我們最終會看到我們的規模與電價和管理相結合的真正優勢。

Yeah. Actually, let's speak to one more since I didn't have you on the new machines. You mentioned the tariffs and the uncertainty there. What's the current thinking on what the impact might be for those new deliveries?

是的。實際上，由於您還沒有使用過新機器，所以我們再多談一個人吧。您提到了關稅及其不確定性。您目前認為這會對這些新交付產生什麼影響？

So I'm going to give lots of caveats to this. It's been a shifting marketplace. For one day, we had a 36% tariff, and we were having some serious discussions with our mining counterparties about how we would proceed.

因此我將對此提出很多警告。這是一個瞬息萬變的市場。有一天，我們的關稅為 36%，我們正在與礦業交易對手就如何進行一些嚴肅的討論。

The good news is our deliveries are scheduled for the near term. We are finalizing some discussions we're having with the mining rig manufacturers, where hopefully, if we get this to where I think we're going to get it, we should be announcing some really good news related to tariffs as we think about how we schedule payments and how we bear the burden of those.

好消息是我們的交貨計劃將於近期進行。我們正在與採礦設備製造商進行一些最後的討論，希望如果我們能達到我認為的目標，我們應該宣布一些與關稅相關的好消息，因為我們正在考慮如何安排付款以及如何承擔這些負擔。

But certainly right now in the delivery schedules, we anticipate the 10% sort of universal non-China tariff that's out there. And like I said, I'm excited. I'm tentatively excited about what we will be able to announce hopefully in the next month or so, just about the benefits of being a large and important customer as we deal with that.

但目前在交貨計劃中，我們預計會有 10% 的非中國通用關稅。正如我所說的，我很興奮。我對我們能在下個月左右宣布的消息感到興奮不已，這些消息都與作為重要大客戶所帶來的好處有關。

But hard to say. I mean, we could get a tweak tomorrow. Navigating that uncertainty is not easy, but obviously, we feel confident enough to give the projections we're giving for next quarter. So I think it's going to end up being fine for Cipher.

但很難說。我的意思是，我們明天就可以做出調整。應對這種不確定性並不容易，但顯然，我們有足夠的信心對下個季度做出預測。所以我認為 Cipher 最終會有一個好結果。

Okay. Well, we'll wait for that. Thanks so much, Tyler. Appreciate it.

好的。好吧，我們會等。非常感謝，泰勒。非常感謝。

This concludes the question-and-answer session. I would now like to turn it back to Tyler Page for closing remarks.

問答環節到此結束。現在我想請泰勒佩奇 (Tyler Page) 致結束語。

Thank you, everyone, for joining our update call. We look forward to delivering more positive updates in the near future. Have a great day.

感謝大家參加我們的更新電話會議。我們期待在不久的將來提供更多積極的更新。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。