Cipher Mining Inc (CIFR) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Cipher Mining second quarter 2025 business update conference call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Cipher Mining 2025 年第二季業務更新電話會議。（操作員指示）請注意，今天的會議正在錄音。（操作員指示）

I would now like to hand the conference over to your speaker today, Courtney Knight, 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 Courtney Knight。

Good morning, and thank you for joining us on this conference call to address Cipher Mining's business update for the second quarter of 2025. Joining me on this call today are Tyler Page, Chief Executive Officer; and Edward Farrell, Chief Financial Officer.

早安，感謝您參加本次電話會議，討論 Cipher Mining 2025 年第二季的業務更新。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 our press release and presentation can be found on the Investor Relations section of the company 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 assume 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案）均基於截至今天的當前預期。並且 Cipher 不承擔更新或修改它們的義務，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 those 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 GAAP 指標與最直接可比較的 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 second 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；我很高興歡迎您參加我們的 2025 年第二季業務更新電話會議。

In the second quarter, Cipher delivered on all previously outlined plans at Black Pearl Phase I and, importantly, exceeded our prior growth guidance. Building on that momentum and now supported by even stronger cash flows, we've made several strategic decisions to continue to position the company for the evolution of the data center landscape.

在第二季度，Cipher 實現了 Black Pearl 第一階段的所有先前計劃，重要的是，超出了我們先前成長的預期。在此勢頭的基礎上，並在更強勁的現金流的支持下，我們做出了多項策略決策，繼續為公司在資料中心格局的演變中做好準備。

I'll provide more details on those decisions later in the call. But first, I would like to highlight a few key metrics that speak to today's themes: consistent execution, thoughtful investment, and purposeful growth.

我將在稍後的電話會議中提供有關這些決定的更多細節。但首先，我想強調幾個與今天的主題相關的關鍵指標：持續的執行、深思熟慮的投資和有目的的成長。

In the second quarter, we grew our bitcoin holdings from 1,034 to 1,063 bitcoin. In addition to growing our inventory, we paid off all short-term borrowings, which Ed will discuss later on the call.

第二季度，我們的比特幣持有量從 1,034 比特幣增加到 1,063 比特幣。除了增加庫存外，我們還償還了所有短期借款，Ed 將在稍後的電話會議上討論此事。

We are incredibly proud to have energized and commenced bitcoin mining at our Black Pearl data center ahead of schedule this quarter. As a reminder, we plugged in legacy rigs from our Odessa upgrade at our new site while we await the latest generation rigs scheduled to arrive in batches before the end of the third quarter.

我們非常自豪能夠在本季度提前啟動並開始我們的黑珍珠資料中心的比特幣挖礦。提醒一下，我們在新站點插入了敖德薩升級的舊式鑽機，同時等待計劃在第三季末之前分批到達的最新一代鑽機。

Our initial projections targeted 16 exahash per second by the end of the second quarter and 23.1 exahash per second by the end of the third quarter. We exceeded that guidance, finishing the second quarter at 16.8 exahash per second.

我們最初的預測是到第二季末達到每秒 16 exahash，到第三季末達到每秒 23.1 exahash。我們超出了該指導方針，第二季結束時的速度達到每秒 16.8 艾哈希。

Today, we are pleased to report that we are on track to once again outpace expectations from previous guidance and reach 23.5 exahash per second by the end of the third quarter. All of our fully funded latest generation Bitmain rigs are scheduled for delivery to the site in batches by the end of the third quarter.

今天，我們很高興地報告，我們預計將再次超越先前的預期，並在第三季末達到每秒 23.5 exahash。我們所有資金充足的最新一代比特大陸鑽機計劃於第三季末分批交付到現場。

Also, in the second quarter, we executed an order with Canaan to purchase a small batch of minors. This new order, coupled with our Bitmain order, will allow us to achieve this growth while also improving efficiency.

此外，在第二季度，我們與嘉楠耘智簽訂了購買少量未成年人的訂單。這項新訂單加上我們的比特大陸訂單將使我們能夠實現這一成長，同時提高效率。

At the end of the second quarter, with legacy rigs plugged in at Black Pearl, our fleet efficiency stood at 20.8 joules per terahash. Once our new fleet is fully deployed, we expect efficiency to improve to an impressive 16.8 joules per terahash, making us once again among the most efficient miners in the industry.

在第二季末，隨著傳統鑽機連接到 Black Pearl，我們的鑽機隊效率達到每太赫茲 20.8 焦耳。一旦我們的新礦機隊全面部署，我們預計效率將提高到令人印象深刻的每太赫茲 16.8 焦耳，使我們再次成為業內最高效的礦工之一。

While our growth is impressive, I'd like to take a moment to briefly revisit a few of our core metrics and foundational strengths. Our projected all-in weighted average power cost remains highly competitive at just $0.031 per kilowatt hour. The slight increase can be attributed to Black Pearl Phase I, a 150-megawatt front-of-the-meter site coming online.

雖然我們的成長令人印象深刻，但我想花點時間簡要回顧我們的一些核心指標和基礎優勢。我們預計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 0.031 美元。這一小幅成長可以歸因於黑珍珠一期計畫（一座 150 兆瓦的電錶前端電站）的上線。

Given our deep power expertise and the ability to dynamically curtail our data centers, including during the summer 4CP months, we expect to be able to maintain this low cost of power even at our front-of-the-meter sites. Our proprietary software has proven to be a critical advantage in optimizing for profitability, maintaining low power prices, and monetizing older rigs.

鑑於我們深厚的電力專業知識和動態削減資料中心的能力（包括在夏季 4CP 月份），我們預計即使在我們的電錶前站點也能夠維持這種低電力成本。事實證明，我們的專有軟體在優化獲利能力、維持低電價和舊鑽機貨幣化方面具有關鍵優勢。

Across our sites that operated for the entire second quarter, including Odessa, Alborz, Bear, and Chief, we paid an average all-in electricity cost of approximately $27,324 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.

在我們整個第二季度運營的站點中，包括敖德薩、阿爾伯茲、貝爾和酋長，我們的數據中心每生產一個比特幣支付的平均全電費約為 27,324 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。

To summarize, we will soon be running some of the industry's lowest cost power through an even more efficient fleet, a powerful combination that will continue to drive exceptional unit economics. This strong operational foundation will remain a key advantage as we continue to grow and scale.

總而言之，我們很快就會透過更有效率的機組來運作一些業內成本最低的電力，而這種強大的組合將繼續推動卓越的單位經濟效益。隨著我們繼續發展和擴大規模，強大的營運基礎仍將是我們的關鍵優勢。

With the addition of Black Pearl Phase I, Cipher's current operating capacity stands at 477 megawatts, with potential pipeline capacity expansion of up to 2.6 gigawatts in the coming years. We'll discuss our impressive pipeline in further depth later on the call, so I'd like to shift focus to our second-quarter growth highlights across key verticals and our outlook for the path ahead.

隨著黑珍珠第一期計畫的加入，Cipher目前的營運容量達到477兆瓦，未來幾年潛在的管線容量將擴大至2.6千兆瓦。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二季度在主要垂直領域的成長亮點以及我們對未來道路的展望。

During the second quarter, we delivered on Phase I of Black Pearl, the first 150 megawatts of our 300-megawatt data center, which is now mining at 6.9 exahash per second and on track to exceed prior guidance by the end of the third quarter. As previously discussed, we will fill Phase I of Black Pearl with a majority of Bitman S21 XPs, supplemented by our new purchase of approximately 1.5 exahash per second of Canaan A15 Pros.

在第二季度，我們完成了黑珍珠專案的第一期建設，這是我們 300 兆瓦資料中心的第一個 150 兆瓦，目前的挖礦速度為每秒 6.9 exahash，預計在第三季度末超過先前的預期。如同先前所討論的，我們將用大部分 Bitman S21 XP 來填充黑珍珠的第一階段，並輔以我們新購買的約 1.5 exahash 每秒的嘉楠耘智 A15 Pro。

Importantly, both of these orders were fully funded through a combination of balance sheet cash and proceeds from our first convertible senior notes offering. As we've discussed in the past, we are focused on thoughtfully evaluating funding options that support growth while minimizing dilution.

重要的是，這兩個訂單均由資產負債表現金和我們首次可轉換優先票據發行所得的資金全額資助。正如我們過去所討論過的，我們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。

Through the successful convertible offering in the second quarter, we raised approximately $168 million in net proceeds. With this convertible offering, we were able to take advantage of favorable market conditions, expand our institutional investor base, and lower our cost of capital while completing Black Pearl Phase I in a capital-efficient manner.

透過第二季成功的可轉換發行，我們籌集了約 1.68 億美元的淨收益。透過此次可轉換發行，我們能夠利用有利的市場條件，擴大我們的機構投資者基礎，降低我們的資本成本，同時以資本高效的方式完成黑珍珠第一期。

We are also participating in ERCOT's ancillary services market at Black Pearl. This participation not only supports grid stability and reliability, but also creates an additional revenue stream for the site with minimal impact to uptime. Our participation is seamlessly integrated into our proprietary software, and we expect to scale our participation in the coming quarters.

我們也參與了 ERCOT 在 Black Pearl 的輔助服務市場。此次參與不僅支持電網穩定性和可靠性，而且還為站點創造了額外的收入來源，對正常運行時間的影響最小。我們的參與與我們的專有軟體無縫集成，我們預計在未來幾季擴大我們的參與規模。

As we have made thoughtful investments to position our Bitcoin mining operations for the future, we have also been extremely focused on investing strategically to ensure the company is well-prepared for the broader evolution of our industry on the HPC side. Given Barber Lake's 300 megawatts of energized capacity and ideal site characteristics, we believe Barber Lake is one of the most compelling HPC development opportunities in the US today.

我們在為未來的比特幣挖礦業務進行深思熟慮的投資的同時，也非常注重策略性投資，以確保公司為 HPC 產業更廣泛的發展做好充分準備。鑑於巴伯湖 300 兆瓦的發電容量和理想的場地特徵，我們相信巴伯湖是當今美國最引人注目的 HPC 開發機會之一。

Market dynamics and ongoing dialog with potential tenants continue to confirm both a growing demand for power and a tightening supply. Against this backdrop, we are more confident than ever in the site's long-term value and are actively engaged in advanced discussions to secure the best possible deal for Cipher and our shareholders. We are encouraged by recent momentum and look forward to sharing further updates as progress continues.

市場動態和與潛在租戶的持續對話繼續證實電力需求不斷增長，而供應卻日益緊張。在此背景下，我們對該網站的長期價值比以往任何時候都更有信心，並積極參與深入討論，以確保為 Cipher 和我們的股東達成最佳交易。我們對最近的勢頭感到鼓舞，並期待隨著進展的繼續分享進一步的更新。

Let's now turn to Black Pearl Phase II, which presents another compelling HPC opportunity. As a reminder, Black Pearl is our 300-megawatt data center in Wink, Texas, that energized this quarter. Phase I, the first 150 megawatts, is currently hashing. Phase II is the second 150 megawatts of powered land.

現在讓我們轉向黑珍珠第二階段，它提供了另一個引人注目的 HPC 機會。提醒一下，Black Pearl 是我們位於德州溫克市的 300 兆瓦資料中心，本季投入使用。第一階段，即前 150 兆瓦，目前正在進行哈希計算。第二階段是第二個150兆瓦的供電土地。

Over the past few quarters, we have thoughtfully evaluated various paths for Phase II with a focus on driving the best possible outcome for our shareholders. Today, we are excited to share a new strategic plan for the site, one that positions Cipher to capitalize on near-term Bitcoin economics if desired, while maintaining the flexibility to transition to HPC as demand for every available megawatt continues to rapidly accelerate.

在過去的幾個季度中，我們仔細評估了第二階段的各種路徑，重點是為股東帶來最好的結果。今天，我們很高興與大家分享該網站的新戰略計劃，該計劃使 Cipher 能夠在需要時利用近期的比特幣經濟，同時保持向 HPC 過渡的靈活性，因為對每兆瓦可用電力的需求持續快速增長。

We are excited to announce today that we are moving forward with the construction of Black Pearl Phase II, which envisions 150 megawatts of infrastructure that is designed to support both hydro-bitcoin mining and HPC compute applications simultaneously. This infrastructure will be built from inception to be able to seamlessly convert to Tier 1, 2, or 3 utilizations in response to tenant demand.

今天，我們很高興地宣布，我們正在推進黑珍珠二期的建設，該項目預計將建設 150 兆瓦的基礎設施，旨在同時支援水力比特幣挖礦和 HPC 計算應用。該基礎設施從一開始就能夠根據租戶需求無縫轉換為第 1、2 或 3 層利用率。

Before I dive into specifics, I want to first outline a few guiding principles that shaped our decision to move forward with a flexible build-out for bitcoin mining or HPC workloads. We firmly believe that energy availability is rapidly becoming the defining constraint for the future of HPC compute. This view is increasingly echoed by industry leaders.

在深入探討具體細節之前，我想先概述一些指導原則，這些原則決定了我們決定繼續靈活地建造比特幣挖礦或 HPC 工作負載。我們堅信，能源可用性正迅速成為 HPC 運算未來的決定性限制。這一觀點越來越受到產業領袖的認同。

During a Senate hearing in May, Sam Altman remarked, the cost of AI will converge to the cost of energy. The abundance of it will be limited by the abundance of energy.

在五月的參議院聽證會上，薩姆·奧特曼表示，人工智慧的成本將與能源成本趨同。它的豐度將受到能源豐度的限制。

In July, Anthropic released a policy report titled, Build AI in America, highlighting the growing energy demands of advanced AI systems. The report stated, as AI systems grow more capable, the energy and computational requirements to train and deploy frontier AI are surging; and cited estimates suggesting that the US AI sector is on track to require at least 50 gigawatts of electrical capacity by 2028.

7 月，Anthropic 發布了一份題為《在美國打造人工智慧》的政策報告，強調先進人工智慧系統日益增長的能源需求。報告指出，隨著人工智慧系統功能日益強大，訓練和部署前沿人工智慧的能源和運算需求也在激增；並引用估計數據表明，到2028年，美國人工智慧領域將需要至少50千兆瓦的電力容量。

Notably, the report stated that training workloads alone are expected to account for 20 to 25 gigawatts of that demand. These statements, and many others like them, highlight a rapidly emerging paradigm driven by larger models, larger data sets, and exponentially increasing compute requirements, all of which are fundamentally dependent on an ever-growing need for energy.

值得注意的是，報告指出，僅訓練工作量就預計將占到該需求的 20 至 25 千兆瓦。這些聲明以及許多類似的聲明突顯了一種快速崛起的範式，這種範式由更大的模型、更大的數據集和指數級增長的計算需求所驅動，而所有這些從根本上都依賴於不斷增長的能源需求。

Beyond simply articulating the need for energy, hyperscalers are reinforcing it through their capital plans. Just two weeks ago, Alphabet shared that it now expects to invest approximately $85 billion in CapEx in 2025, with a further increase in CapEx in 2026 due to the demand it is seeing from customers.

除了簡單地表達對能源的需求之外，超大規模企業也透過其資本計畫來強化這種需求。就在兩週前，Alphabet 表示，預計 2025 年資本支出將達到約 850 億美元，由於客戶需求增加，2026 年資本支出將進一步增加。

Similarly, Meta recently said it expects 2025 capital expenditures to land between $66 billion and $72 billion, and anticipates another year of similarly significant CapEx dollar growth in 2026 as it aggressively pursues opportunities to bring additional capacity online to meet the needs of AI efforts.

同樣，Meta 最近表示，預計 2025 年的資本支出將在 660 億美元至 720 億美元之間，並預計 2026 年的資本支出將再次出現同樣顯著的增長，因為它正在積極尋求機會增加在線產能以滿足人工智慧的需求。

Against this backdrop, we reaffirm our thesis that near-term power is a scarce and strategic resource, and that large-scale interconnections available in the next few years are exceedingly valuable assets. For these reasons, we are aggressively positioning the company to take advantage of anticipated demand and ensure we're fully prepared to support tenants when, inevitably, every available megawatt is absorbed by HPC workloads.

在此背景下，我們重申我們的論點：近期電力是一種稀缺的戰略資源，未來幾年內可實現的大規模互聯互通是極其寶貴的資產。基於這些原因，我們正在積極定位公司，以利用預期的需求，並確保當每一兆瓦的可用電力都被 HPC 工作負載所吸收時，我們已做好充分準備來支援租戶。

Black Pearl Phase II will be built around a proprietary basis of design that bridges the needs of both hydro-bitcoin mining and AI compute. This approach will align with current industry standards while maintaining the flexibility to support evolving hardware requirements, such as higher-density racks, variable inlet temperatures, and diverse cooling preferences to ensure seamless integration as technology continues to advance.

Black Pearl 第二階段將圍繞專有設計基礎構建，以滿足氫能比特幣挖礦和人工智慧運算的需求。這種方法將符合當前的行業標準，同時保持靈活性以支援不斷變化的硬體需求，例如更高密度的機架、可變的入口溫度和多樣化的冷卻偏好，以確保隨著技術的不斷進步而實現無縫整合。

Through upfront design and infrastructure pre-positioning, we will be able to efficiently convert to Tier 1, 2, or 3 design specifications in response to tenant leasing preferences or Cipher's evolving proprietary compute applications. This conversion scope is designed to minimize disruption to multi-tenant operations, allowing us to convert easily in segments over time.

透過前期設計和基礎設施預先定位，我們將能夠根據租戶租賃偏好或 Cipher 不斷發展的專有運算應用程式有效地轉換為 Tier 1、2 或 3 設計規格。此轉換範圍旨在最大限度地減少對多租戶操作的干擾，使我們能夠隨著時間的推移輕鬆地分段轉換。

It is also designed to maximize speed to market, with current design and supply chain plans enabling a turnaround for conversions in less than six months. While we expect the site to be fully leased by HPC tenants over time, this infrastructure plan preserves our flexibility to utilize the space for mining near-term, if preferred.

它還旨在最大限度地加快產品上市速度，目前的設計和供應鏈計劃能夠在不到六個月的時間內完成轉換。雖然我們預計該場地將隨著時間的推移被 HPC 租戶完全租用，但該基礎設施計劃保留了我們的靈活性，如果願意的話，我們可以利用該空間進行短期採礦。

In short, Black Pearl Phase II's infrastructure will enable us to monetize power immediately and maintain seamless and expeditious optionality to pivot as the HPC market continues to scale into every available megawatt. This innovative and industry-first build-out aims to position Cipher ahead of the curve, anticipating where the industry is heading and aligning our strategy accordingly.

簡而言之，隨著 HPC 市場繼續擴展到每個可用兆瓦，Black Pearl 第二階段的基礎設施將使我們能夠立即將電力貨幣化，並保持無縫且快速的選項。這項創新且業界首創的建設旨在使 Cipher 處於領先地位，預測產業的發展方向並相應地調整我們的策略。

Let's now turn to a review of 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 still the most significant part of our portfolio, representing approximately 85% of our bitcoin production in Q2, although this will likely decrease significantly as production at Black Pearl Phase I ramps up.

現在讓我們回顧一下目前的營運情況，這些營運情況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。敖德薩仍然是我們投資組合中最重要的部分，占我們第二季比特幣產量的約 85%，儘管隨著黑珍珠第一期產量的增加，這一數字可能會大幅下降。

As of June, the current operating hash rate at the site is approximately 11.3 exahash per second, using approximately 207 megawatts. Odessa's fleet efficiency stands at approximately 17.6 joules per terahash. On this page, we also provide the observed all-in electricity cost per bitcoin at the site over the quarter, which was roughly $24,686.

截至 6 月，該站點的目前運行哈希率約為每秒 11.3 exahash，使用功率約為 207 兆瓦。敖德薩號艦隊的效率約為每太拉赫 17.6 焦耳。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 24,686 美元。

As a reminder, 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 strength.

提醒一下，敖德薩是一家全資工廠，根據五年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。

On slide 8, we provide a combined overview of our joint venture data centers of Alborz, Bayer, and Chief. The three sites have a total power capacity of 120 megawatts and can generate approximately 4.4 exahash per second. We own 49% of the JV sites, and our portion recently generated roughly 13% of our overall bitcoin production in the second quarter.

在第 8 張投影片上，我們提供了 Alborz、Bayer 和 Chief 合資資料中心的綜合概述。這三個站點的總發電容量為 120 兆瓦，每秒可產生約 4.4 艾哈希的能量。我們擁有合資工廠的 49% 股份，我們的份額最近在第二季產生了約 13% 的整體比特幣產量。

On this page, we also provide the combined all-in electricity cost per Bitcoin at the three sites in the second quarter, which was roughly $44,594. As a reminder, both Bear and Chief operate as front-of-the-meter sites, so there are expected seasonal fluctuations with their electricity costs.

在此頁面上，我們還提供了第二季度三個網站每比特幣的總電費，約為 44,594 美元。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。

It is worth noting that Black Pearl Phase I is not included in this section, as it was not operational for the full quarter and therefore contributed only 2% of total production in the second quarter. However, the site has since ramped meaningfully, accounting for approximately 24% of production in July, and is expected to continue growing its contribution going forward. We look forward to showcasing Black Pearl's full impact in future updates as the site scales.

值得注意的是，黑珍珠一期並未包含在本節中，因為它並未在整個季度投入運營，因此僅貢獻了第二季度總產量的 2%。然而，該工廠此後產量大幅提升，7 月產量約佔總產量的 24%，預計未來其貢獻將持續增加。隨著網站規模的擴大，我們期待在未來的更新中展示黑珍珠的全部影響力。

Let's now shift to an update on our development portfolio. We've organized a pipeline into near-term growth opportunities at Black Pearl and Barber Lake, and longer-term expansion in 2026 and beyond.

現在讓我們來更新一下我們的開發組合。我們已經組織了一條管道，涵蓋黑珍珠和巴伯湖的近期成長機會以及 2026 年及以後的長期擴張。

At Black Pearl in Wink, Texas, the first 150-megawatt phase is now live and hashing and will continue to scale as new rigs are delivered and old rigs are swapped out. The second 150-megawatt development phase will soon be under construction and will be designed to offer future optionality for HPC hosting or bitcoin mining.

在德州溫克市的黑珍珠 (Black Pearl)，第一期 150 兆瓦的電廠目前已投入運作並開始進行雜湊計算，隨著新鑽機的交付和舊鑽機的更換，電廠規模將繼續擴大。第二個 150 兆瓦的開發階段即將動工建設，旨在為 HPC 託管或比特幣挖礦提供未來的可選性。

The photos here highlight the best-in-class infrastructure at Phase I, purpose-built for bitcoin mining and showcase the team's outstanding execution in delivering the site safely and rapidly in just 16 months. We're confident that this same level of excellence, innovation, and dedication will drive the successful build-out of Phase II.

這裡的照片重點介紹了第一階段專為比特幣挖礦而建的最佳基礎設施，並展示了團隊在短短 16 個月內安全快速地交付網站的出色執行力。我們相信，同樣的卓越、創新和奉獻精神將推動第二階段的成功建設。

Slide 11 gives an overview of our Barber Lake site. With its immediately available capacity of 300 megawatts and 587 acres of surrounding land, along with the potential for future expansion, we are more confident than ever in the commercial potential at the site. Complex HPC lease deals take time to come together, but the team has been working diligently to evaluate the various proposals we have received and finalize the best possible deal for Cipher.

幻燈片 11 概述了我們的 Barber Lake 站點。該電廠擁有 300 兆瓦的即時可用容量和 587 英畝的周邊土地，以及未來擴建的潛力，我們對該電廠的商業潛力比以往任何時候都更有信心。複雜的 HPC 租賃交易需要時間才能達成，但團隊一直在努力評估我們收到的各種提案並最終為 Cipher 達成最佳交易。

Slide 12 outlines our expected growth in 2026 and highlights our latest site acquisition in Andrews County, Texas, called Stingray. The site features 100 megawatts of front-of-the-meter capacity, all necessary regulatory approvals, and 250 acres of land adjacent to the transmission assets.

投影片 12 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。該站點擁有 100 兆瓦的電錶前端容量、所有必要的監管批准以及毗鄰輸電資產的 250 英畝土地。

This quarter, we initiated development of the substation for the site and secured long lead-time items including transformers and high-voltage breakers. The site is on track to energize in the third quarter of 2026.

本季度，我們啟動了該站點變電站的開發，並獲得了包括變壓器和高壓斷路器在內的長交貨期產品的供應。該核電廠預計將於 2026 年第三季投入營運。

Slide 13 outlines our expected future growth across four sites with 1.6 gigawatts of potential power capacity. Our Reveille site in Cotulla, Texas, is on track to energize in Q2 2027. The site is fully approved for 70 megawatts, and we have initiated development of the substation.

幻燈片 13 概述了我們四個站點未來預期的成長，潛在電力容量為 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 年第二季投入營運。該場地已完全批准建造 70 兆瓦的電力，我們已經開始建造變電站。

Our three M's, Mikeska, Milsing, and McLennan, are currently undergoing final interconnection approval processes, including the completion of load studies at all three sites with decisions expected later this year. We are targeting up to 500 megawatts of capacity at each of these sites. 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.

我們的三個 M，Mikeska、Milsing 和 McLennan，目前正在進行最終的互連審批流程，包括完成所有三個站點的負載研究，預計將於今年晚些時候做出決定。我們的目標是使每個站點的容量達到 500 兆瓦。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 資料中心的開發。

These sites 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.

這些站點的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。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。

Backed by our 2.6-gigawatt pipeline, a strong track record of consistent execution, and a focused strategy to position the company for the future, we are well equipped to become a leading developer of HPC data centers while continuing to set the standard in bitcoin mining.

憑藉我們 2.6 千兆瓦的管道、持續執行的良好記錄以及針對未來定位公司的重點策略，我們有能力成為 HPC 資料中心的領先開發商，同時繼續在比特幣挖礦中樹立標準。

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

現在我將把第二季的財務狀況轉交給我們的財務長 Ed Farrell。

Thank you, Tyler, and hello to everyone on the call. I'd like to remind everyone that today, I will be discussing our performance for the second quarter of 2025, which ended on June 30. Before I dive into our financial results, I'd like to highlight this quarter was not only one of strong execution, but also disciplined capital deployment to achieve that execution.

謝謝你，泰勒，也向電話裡的所有人問好。我想提醒大家，今天我將討論我們截至 6 月 30 日的 2025 年第二季的業績。在深入介紹我們的財務業績之前，我想強調一下，本季不僅執行力強勁，而且為了實現這一執行力，我們還進行了嚴格的資本配置。

In the second quarter, we successfully leveraged our first-ever convertible offering to complete Black Pearl Phase I in a thoughtful manner. We strategically sized this transaction in parallel with commercial discussions with our rig provider to ensure we had a direct use of the proceeds that would be accretive to the company.

在第二季度，我們成功地利用了首次可轉換債券，以周到的方式完成了黑珍珠第一階段。我們在與鑽機供應商進行商業討論的同時，策略性地確定了這筆交易的規模，以確保我們能夠直接使用能為公司帶來增值的收益。

Of the $172.5 million of gross proceeds from the offering, $108 million was used primarily to purchase the latest generation of miners to be installed at Black Pearl. By paying up front, we were able to negotiate for an expedited rig delivery schedule to avoid broader tariff impact.

此次發行共募資 1.725 億美元，其中 1.08 億美元主要用於購買將安裝在 Black Pearl 的最新一代礦機。透過預付款，我們能夠協商加快鑽機交付時間表，以避免更廣泛的關稅影響。

In addition, we received a 10% reduction in our outstanding obligation on the rigs, as well as incremental value from bitcoin-linked call options. We now expect the full order to be delivered in hashing by the end of the third quarter.

此外，我們的鑽井平台未償債務減少了 10%，並且從與比特幣掛鉤的看漲期權中獲得了增量價值。我們現在預計全部訂單將在第三季末以哈希形式交付。

We look forward to seeing the full impact from these new rigs captured in production and revenue numbers next quarter, and we are proud to have achieved this growth in a capital efficient manner. Let's now turn to a view of our financials, beginning with our sequential and year-over-year financial performance outlined on slides 15 and 16.

我們期待看到這些新鑽井平台在下個季度的生產和收入數字中發揮全部作用，並且我們很自豪能夠以資本高效的方式實現這一增長。現在讓我們來看看我們的財務狀況，首先介紹第 15 和 16 張投影片中概述的連續和同比財務表現。

In the second quarter, we reported $44 million in revenue, down 10% from $49 million in the first quarter of this year. While the late June energization of Black Pearl contributed positively to revenue, rising network hash rates and rising summer power prices in Texas, which increased curtailment, led to a slight dip in top line.

第二季度，我們的營收為 4,400 萬美元，比今年第一季的 4,900 萬美元下降了 10%。雖然 6 月底黑珍珠號的通電對收入做出了積極貢獻，但由於網路哈希率上升和德克薩斯州夏季電價上漲，導致限電現象增加，導致營業收入略有下降。

Increased curtailment allowed the company to avoid 4CP penalties and maintain its positions of having some of the lowest power costs in the industry. In addition, insights from earlier summer months will inform further requirements to the curtailment model for the remainder of the summer.

增加限電使該公司避免了 4CP 罰款，並保持了業內電力成本最低的地位。此外，夏季前幾個月的經驗將為夏季剩餘時間的削減模型提供進一步的要求。

Moving down the slide, for the quarter, we reported a GAAP net loss of $46 million, or a net loss of $0.12 per share. Bottom-line results were largely impacted by a decrease in fair value of our power purchase agreement at Odessa. The expected but substantial fluctuations in fair value are influenced by prevailing forward power prices and the time value for the remaining term of the contract ending July 2027.

本季度，我們報告的 GAAP 淨虧損為 4,600 萬美元，即每股淨虧損 0.12 美元。最終結果很大程度上受到敖德薩電力購買協議公允價值下降的影響。公允價值的預期但大幅波動受到現行遠期電價和截至 2027 年 7 月的合約剩餘期限的時間價值的影響。

As I've discussed previously, the true value of the contract lies in its provision of low-cost, fixed-price power at our Odessa site. Excluding that and other non-cash expenses, such as the impact of depreciation and amortization, deferred income tax expense, the change in fair value of the warrant liability, share-based compensation, and non-recurring losses, we reported second-quarter adjusted earnings of $30 million, or $0.08 per share, up roughly 400% from $6 million last quarter.

正如我之前所討論的，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。除此之外，以及其他非現金支出，如折舊和攤銷的影響、遞延所得稅費用、認股權證負債公允價值變動、股權激勵和非經常性損失，我們報告第二季度調整後收益為 3000 萬美元，即每股 0.08 美元，較上一季的 600 萬美元增長約 400%。

Moving to slide 16, in the second quarter of 2025, we achieved $7 million increase in revenue compared to the second quarter of 2024. This result reflects the upgrade to our Odessa rigs in Q4 of last year, as well as the production increase from bringing Black Pearl online at the end of the quarter, which partially offset the pre-halving portion of this quarter of last year. We continue to take pride in our ability to navigate the post-halving environment, driven by a low-cost power and operational efficiency.

轉到第 16 張投影片，2025 年第二季度，與 2024 年第二季度相比，我們的收入增加了 700 萬美元。這項結果反映了我們去年第四季對敖德薩鑽井平台的升級，以及本季末黑珍珠上線帶來的產量成長，這部分抵銷了去年本季減半前的部分。在低成本電力和營運效率的推動下，我們繼續為自己在減半後環境中導航的能力感到自豪。

As noted earlier, due to the expected fluctuations in the value of our power purchase agreement at Odessa, we saw a decrease in GAAP earnings year over year. This quarter, we reported a GAAP net loss of $46 million, or a loss of $0.12 per share, compared to a net loss of $15 million, or $0.05 per share, in the second quarter of the prior year.

如前所述，由於我們在敖德薩的電力購買協議價值的預期波動，我們的 GAAP 收益同比下降。本季度，我們報告的 GAAP 淨虧損為 4,600 萬美元，即每股虧損 0.12 美元，而去年同期第二季度的淨虧損為 1,500 萬美元，即每股虧損 0.05 美元。

In addition to PPA fluctuations, we also changed our depreciation schedule for the useful lives of miners from five years to three years in Q2 of last year. That, plus the increase in the number of miners we are now depreciating given the upgrade at Odessa, meant this quarter's GAAP earnings saw a significantly higher impact from depreciation than the same quarter of the prior year.

除了 PPA 波動之外，我們還在去年第二季將礦機使用壽命的折舊計畫從 5 年更改為 3 年。再加上由於敖德薩的升級，我們現在折舊的礦工數量增加，這意味著本季的 GAAP 收益受到的折舊影響比去年同期明顯更高。

Our adjusted earnings, which exclude these non-cash expenses, increased significantly from a loss of $3 million, or $0.01 per share, to earnings of $30 million, or $0.08 per share. Let's move on to slide 17 and take a deeper look at the results of our operations.

我們的調整後收益（不包括這些非現金支出）大幅增加，從虧損 300 萬美元（即每股 0.01 美元）增至收益 3,000 萬美元（即每股 0.08 美元）。讓我們翻到第 17 張投影片，深入了解我們的營運成果。

For the quarter, we mined 434 bitcoin at Odessa and 10 bitcoin at Black Pearl, bringing our production to 444 bitcoin mined in total across our wholly owned sites. This production generated $44 million in revenue at an average price of roughly $99,700 per bitcoin. This compares to 524 bitcoin mined in Q1 2025 at an average price of $93,500 per bitcoin, resulting in $49 million in revenue.

本季度，我們在敖德薩開採了 434 個比特幣，在黑珍珠開採了 10 個比特幣，使我們全資擁有的站點總共開採了 444 個比特幣。此次製作創造了 4,400 萬美元的收入，平均每比特幣的價格約為 99,700 美元。相比之下，2025 年第一季開採的比特幣為 524 個，平均價格為每比特幣 93,500 美元，產生了 4,900 萬美元的收入。

While we began to see some contribution from Black Pearl this quarter equivalent to about $1 million, or 2% of quarterly revenue, it is important to note that the site came online near the end of the quarter. As a result, we expect significant greater impact next quarter when we'll benefit from a full quarter of production.

雖然我們本季開始看到黑珍珠做出一些貢獻，相當於約 100 萬美元，或季度收入的 2%，但值得注意的是，該網站是在本季度末上線的。因此，我們預計下個季度將產生更大的影響，屆時我們將受益於整個季度的生產。

Our consistent low-cost power remains a critical factor in maintaining attractive unit economics, and our cost of revenue remains relatively flat quarter over quarter and year over year. Now let's shift our focus to operating expenses.

我們一貫的低成本電力仍然是維持有吸引力的單位經濟效益的關鍵因素，並且我們的收入成本與上一季和去年同期相比保持相對穩定。現在讓我們將焦點轉移到營運費用。

Compensation and benefits decreased year over year, reflecting the efficiencies gained through scale without the need for significant changes to staffing. The lack of significant staffing changes aligns with our continued confidence that we have the right team in place to support our ongoing growth.

薪資和福利逐年下降，反映出透過規模化獲得的效率，而無需對人員進行重大調整。人員配置沒有發生重大變動，這符合我們持續的信心，即我們擁有合適的團隊來支持我們的持續成長。

General and administrative expenses, which include IT, corporate insurance, professional fees, occupancy, and other public company costs, remain flat quarter over quarter and year over year. For the quarter, depreciation and amortization expense totaled around $44 million, representing a 2% increase from the prior quarter and 120% increase year over year. Year over year increases are primarily driven by our Q4 upgrade at Odessa, which brought online over 36,000 new mining rigs.

一般及行政開支（包括 IT、企業保險、專業費用、入住率和其他上市公司成本）較上月及年比均保持穩定。本季度，折舊和攤提費用總計約 4,400 萬美元，較上一季成長 2%，較去年同期成長 120%。年比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 台新採礦設備。

As discussed previously, we also changed our accounting policy in Q2 of last year 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.

如前所述，我們也在去年第二季改變了採礦設備折舊的會計政策，將礦機的預期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，導致了同比顯著的增長。

The oldest rigs in our fleet will cease depreciating in the fourth quarter of this year. But I'd like to note that even when these older rigs are fully depreciated, they can still generate strong returns when deployed strategically. This was demonstrated at Black Pearl Phase I, where we profitably deployed old rigs while awaiting new miner deliveries.

我們船隊中最老的鑽井平台將在今年第四季停止貶值。但我想指出的是，即使這些老舊的鑽井平台已經完全折舊，如果進行策略性部署，它們仍然可以產生豐厚的回報。這在黑珍珠一期專案中得到了證明，我們在等待新礦機交付的同時，有利地部署了舊礦機。

Moving down the page, equity and losses of equity investees for the quarter was $2 million, down $5 million in the previous quarter.

向下翻頁，本季股權投資對象的權益和損失為 200 萬美元，比上一季減少 500 萬美元。

In Q2, we recognized a $17 million unrealized gain on the fair value of bitcoin inventory compared to an unrealized loss of $20 million in Q1. Unrealized gains and losses on bitcoin reflect the mark-to-market accounting of our holdings.

在第二季度，我們確認比特幣庫存公允價值的未實現收益為 1,700 萬美元，而第一季的未實現損失為 2,000 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。

The spot price of bitcoin at quarter end increased compared to the end of Q1, as did our bitcoin and Treasury, which ended the second quarter at 1,046 bitcoin held. Now let's turn to our non-GAAP measure slide, where we reconcile our adjusted earnings.

本季末比特幣的現貨價格與第一季末相比有所上漲，我們的比特幣和國債也同樣上漲，第二季末我們的比特幣持有量為 1,046 比特幣。現在讓我們轉到非公認會計準則衡量投影片，在這裡我們核對調整後的收益。

When adjusting our second quarter GAAP net loss of $46 million, we added back $76 million to the items listed, resulting in adjusted net earnings of $30 million for the quarter. This compares to an adjusted net gain of $6 million in the previous quarter and a loss of $3 million in the previous year. Now let's turn our attention to the balance sheet.

在調整第二季 GAAP 淨虧損 4,600 萬美元時，我們在所列項目中加回 7,600 萬美元，導致本季調整後的淨收益為 3,000 萬美元。相較之下，上一季調整後淨收益為 600 萬美元，去年同期虧損 300 萬美元。現在讓我們把注意力轉向資產負債表。

On slide 19, our total current assets at quarter end were $220 million. A large portion of that balance was bitcoin held, totaling $112 million. In addition, our cash position increased from $23 million in March to $63 million in June, an increase of $40 million from the previous quarter. The increase in cash primarily reflects the remaining proceeds from our convertible offering, along with opportunistic bitcoin sales.

在投影片 19 上，我們季末的總流動資產為 2.2 億美元。其中很大一部分餘額是比特幣，總額達 1.12 億美元。此外，我們的現金狀況從 3 月的 2,300 萬美元增加到 6 月的 6,300 萬美元，比上一季增加了 4,000 萬美元。現金的增加主要反映了我們可轉換發行的剩餘收益以及機會性比特幣銷售。

As we discussed in depth on our last earnings call, we actively manage our treasury, either selling or holding every bitcoin mined, and remain disciplined in our approach to capital management. I'll quickly cover some additional balance sheet line items as of June 30.

正如我們在上次收益電話會議上深入討論的那樣，我們積極管理我們的資金，出售或持有每個開採的比特幣，並在我們的資本管理方法上保持紀律。我將快速介紹截至 6 月 30 日的一些其他資產負債表項目。

Our prepaid expenses and other current assets amounted to $7 million. This balance primarily reflects call options granted to us by our rig provider as part of the negotiated transaction to lower the cost of the latest generation miners being installed at Black Pearl Phase I and to mitigate tariff exposure.

我們的預付費用和其他流動資產總額為 700 萬美元。該餘額主要反映了我們的鑽機供應商作為協商交易的一部分授予我們的看漲期權，以降低在黑珍珠一期安裝的最新一代礦機的成本並減輕關稅風險。

As discussed, our Odessa power contract is reflected as a derivative asset on our balance sheet. Over the quarter, we had a mark-to-market loss of our PPA driven by decreases in time value of the contract as well as declines in the forward curve for power prices.

如上所述，我們的敖德薩電力合約在我們的資產負債表上反映為衍生資產。本季度，由於合約時間價值下降以及電價遠期曲線下降，我們的 PPA 出現了以市價計價的損失。

The PPA ended the quarter valued at $78 million, down from $93 million prior quarter. While there are expected 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.

本季末，PPA 價值為 7,800 萬美元，低於上一季的 9,300 萬美元。雖然預計報告的價值會逐季度大幅波動，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的固定價格電力。

Other significant assets include property and equipment totaling $474 million. Deposits on equipment of $183 million primarily consist of deposits from mining rig purchases. As a reminder, our Bitmain and Canaan rig orders are fully funded, and we expect to have all new machines delivered to hashing by the end of this quarter.

其他重要資產包括總額為 4.74 億美元的財產和設備。1.83 億美元的設備押金主要包括購買採礦設備的押金。提醒一下，我們的 Bitmain 和 Canaan 鑽機訂單已全部籌措資金，我們預計所有新機器將在本季末交付使用。

We look forward to seeing the production benefit of this investment. Additionally, we hold intangible assets totaling $10 million with $7 million attributable to ERCOT approval at Black Pearl and $3 million related to capitalized software. These balances are net of $1 million in accumulated amortization.

我們期待看到這項投資的生產效益。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，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 second quarter, our equity investing interest in Alborz, Bear, and Chief JV stands at $46 million and we had operating lease assets of $12 million. We had security deposits totaling $14 million, down from $20 million last quarter due to our receipt of the Barber Lake on-core deposits. The remaining balance primarily represents on-core deposits for construction of interconnects at various data centers in our pipeline.

截至第二季末，我們在 Alborz、Bear 和 Chief JV 的股權投資權益為 4,600 萬美元，經營租賃資產為 1,200 萬美元。由於我們收到了 Barber Lake 核心存款，我們的保證金總額為 1,400 萬美元，低於上一季的 2,000 萬美元。剩餘餘額主要代表我們管線中各個資料中心互連建設的核心存款。

Current liabilities declined significantly quarter over quarter, decreasing from $139 million in Q1 to $53 million at the end of Q2, a 62% reduction. This was primarily driven by lower construction related liabilities following the completion of Black Pearl as well as decreased accrued expenses tied to the final payment submission for our previous rig order. Our accounts payable decreased to $15 million from $30 million, and our accrued expenses decreased to $30 million from $66 million.

流動負債環比大幅下降，從第一季的 1.39 億美元減少至第二季末的 5,300 萬美元，減少了 62%。這主要是由於「黑珍珠號」完工後建設相關負債減少，以及與我們先前的鑽機訂單的最終付款提交相關的應計費用減少。我們的應付帳款從 3,000 萬美元減少到 1,500 萬美元，應計費用從 6,600 萬美元減少到 3,000 萬美元。

Lastly and importantly, I want to highlight that this quarter, we reduced our short-term borrowings from $35 million to zero. We've always taken a disciplined approach to treasury management, ensuring we're well prepared for any capital needs.

最後，也是最重要的一點，我想強調的是，本季我們將短期借款從 3500 萬美元減少到零。我們始終採取嚴謹的財務管理方法，確保為任何資本需求做好充分準備。

At times, that includes borrowing against our Bitcoin holdings to provide near-term liquidity while preserving inventory. We're selling production forward. However, given the strength of our current cash position, we made the decision this quarter to fully pay down our short-term debt and fulfill our deliverable forward obligations fully. We're proud to have no remaining near-term obligations on the balance sheet, and we will continue to manage our treasury with discipline and flexibility.

有時，這包括以我們的比特幣持有量為抵押進行借貸，以提供短期流動性，同時保留庫存。我們正在推銷預生產產品。然而，鑑於我們目前的現金狀況強勁，我們本季決定全額償還短期債務並完全履行可交付遠期義務。我們很自豪資產負債表上沒有剩餘的短期債務，我們將繼續以紀律和靈活性來管理我們的財務。

Before we conclude, I'd like to thank everyone for joining today's call. We're proud of the progress we've made this quarter and the growth achieved; and we remain focused on disciplined execution and capital efficiency going forward. Thank you for your continued support, and we look forward to updating you on our progress next quarter.

在結束之前，我想感謝大家參加今天的電話會議。我們為本季所取得的進展和成長感到自豪；未來我們仍將專注於嚴格的執行和資本效率。感謝您一直以來的支持，我們期待下個季度向您通報我們的進展。

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) Bill Papanastasiou, KBW.

（操作員指示）Bill Papanastasiou，KBW。

I was hoping we could first chat on the Phase II strategic plan that was mentioned earlier in the call. Are you able to quantify the time to convert from hydro-bitcoin mining to AI HPC compute? And maybe just for comparative purposes, how would that compare if you were to start from ground zero today, going from nothing to essentially AI HPC compute?

我希望我們可以先聊聊通話中早些時候提到的第二階段戰略計劃。您能量化從氫能比特幣挖礦到 AI HPC 計算的轉換時間嗎？也許只是為了比較的目的，如果你今天從零開始，從無到有，基本上實現 AI HPC 計算，情況會如何？

So I think of Phase II at Black Pearl as almost being like a Tier 1/2 data center. So a little bit, let's call it, upscale from a typical bitcoin mining build, but not a fully kitted out, ready to do HPC data center day one.

所以我認為黑珍珠的第二階段幾乎就像是 1/2 級資料中心。因此，我們不妨稱其為比典型的比特幣挖礦構建稍微高檔一點的構建，但還不是完全裝備齊全、可以在第一天就做好 HPC 數據中心的準備。

To get the whole 150 megawatts there, we expect that'll be ready back half of next year. The idea being here that we'll be in a position to have bitcoin mining -- and there could be megawatts that are available. That would be completion of it, but there could be megawatts available in advance of that. But call it back half of next year.

為了將全部 150 兆瓦的電力輸送到那裡，我們預計明年上半年就可以準備好。我們的想法是，我們將能夠進行比特幣挖礦——並且可能有兆瓦的電力可用。這將是項目的完成，但在此之前可能會有兆瓦的電力可用。但明年上半年就會恢復。

In our discussions with potential tenants, we have heard a few times that the challenge that some of them face, if I think of some of the neoclouds in particular, that they get a client that wants to deploy reasonably quickly. We're pretty confident that in the next 50 years, this data center will end up in HPC data center.

在與潛在租戶的討論中，我們多次聽到他們面臨的挑戰，如果我特別想到一些 Neocloud，那就是他們得到了一個想要合理快速部署的客戶。我們非常有信心，在未來 50 年內，該資料中心最終將成為 HPC 資料中心。

The goal here is to have a flexible design that's ready to accommodate fast requests. And by fast, meaning in a couple months, the ability to spin up HPC.

這裡的目標是擁有一個靈活的設計，可以滿足快速請求。這裡的「快」指的是幾個月內就能啟動 HPC。

We're also cognizant of the fact that we've got really good bitcoin mining economics available to us there. And so either way, we want the second half to not be dirt with a long building schedule, but to be ready to go in either direction.

我們也意識到我們在那裡擁有非常好的比特幣挖礦經濟學。因此，無論如何，我們都希望下半場的工作不是漫長的建設計劃，而是做好朝任何方向發展的準備。

I think the timing for the breakdown between HPC and bitcoin will really come down to the level of tenant interest and how quickly it aligns with the completion of the construction. Based on the discussions we've been having, we do have interested clients in smaller chunks of megawatts.

我認為 HPC 和比特幣之間崩潰的時間實際上取決於租戶的興趣程度以及它與建設完成的速度。根據我們一直以來的討論，我們確實有一些客戶對較小規模的兆瓦電力感興趣。

There is a stratification of that HPC market we've seen where obviously, we are showing Black Pearl to the types of clients that can take down 300 megawatts on a gross basis. There's a whole different segment of the market that's not prepared to take down that much but is very interested in smaller chunks.

我們看到 HPC 市場存在分層，顯然，我們向能夠總計降低 300 兆瓦的客戶類型展示 Black Pearl。市場上還有一部分人並不準備拿下那麼多，而是對較小的份額非常感興趣。

And we are, let's say, very excited about the potential for Black Pearl. So the idea would be that we complete the construction of this flexible build in next year, and then it is ready to quickly jump to HPC from that Tier 1/2 design.

我們對黑珍珠的潛力感到非常興奮。因此，我們的想法是，在明年完成這個靈活建造的建設，然後就可以從 Tier 1/2 設計快速跳到 HPC。

Now, how quickly it goes will depend a little bit on whether or not the client wants to take it to Tier 1, Tier 2, Tier 3; how much redundancy do they need; et cetera. But the idea is to be ready to go quickly. Because as an overarching theme, we don't see demand going in the wrong direction, frankly, in the near term. And so we want to be able to capitalize on that quickly.

現在，進展速度多少取決於客戶是否希望將其提升至第 1 層、第 2 層、第 3 層；他們需要多少冗餘；等等。但我們的想法是盡快做好準備。因為作為一個總體主題，坦白說，我們認為短期內需求不會朝著錯誤的方向發展。因此我們希望能夠迅速利用這一點。

Appreciate that color. And then just digging deeper into your remarks about hyperscaler participation, curious to hear what you think would trigger them to choose an operator in your peer set to be a dance partner.

欣賞那種顏色。然後深入挖掘您關於超大規模參與的評論，好奇地想聽聽您認為什麼會促使他們選擇同行中的運營商作為舞伴。

How far are we from seeing that happen? What are you seeing from boots on the ground perspective? Are you getting a sense that they're more open to dealing with players in the peer set following the recent deals by CoreWeave and Core42?

我們距離看到這一幕還有多遠？從實地考察的角度來看，您看到了什麼？在 CoreWeave 和 Core42 最近達成交易之後，您是否感覺到他們更願意與同行玩家打交道？

So yes, I do see them as more willing to take our peer set and us more seriously. I would say that interest waxes and wanes.

所以是的，我確實看到他們更願意認真對待我們的同行和我們。我想說興趣時強時弱。

And I know I'm not the only builder of data centers that thinks this. But if I had to generalize the market color, I'd say April, May, June was a little quieter than it had been earlier in the year. I'd say July, the level of interest across the industry really came back to life.

我知道我不是唯一一個這樣想的資料中心建構者。但如果我必須概括市場狀況，我會說四月、五月和六月比今年早些時候要平靜一些。我想說，七月份，整個行業的興趣水平確實恢復了。

We had a lot of inbounds in July from hyperscalers that we had had previous discussions with that had been quiet for a while come to life with requests for emergency Friday evening meetings to get ready for a big review they had Monday afternoon.

7 月份，我們收到了很多來自超大規模廠商的來電，我們之前曾與這些廠商進行過討論，但沉寂了一段時間，現在他們又開始要求在周五晚上召開緊急會議，為週一下午的大型審查做好準備。

As it relates to our own discussions, as you've seen with everyone across the industry and we understand well also, you don't have a signed deal until you have a fully signed deal. And given that, if the phone rings, we'll pick it up and line up interest for the site.

就我們自己的討論而言，正如您從業內每個人那裡看到的，而且我們也非常理解，在您簽署了完全協議之前，您不會簽署任何協議。並且，如果電話響了，我們就會接聽並為網站吸引興趣。

We are reasonably far along with someone we would like to be the tenant at the site. But until we have a deal, we don't have a deal. And I'd say just as general market color, the last month or so has been a very big step up in the level of interest.

我們與希望成為該場地租戶的人選已經取得了相當進展。但在我們達成協議之前，我們就沒有協議。我想說，就像整體市場情況一樣，過去一個月左右，人們的興趣程度有了很大的提高。

So to answer your question directly, I do think that those hyperscaler names are coming to this sector for the people that can deliver what they need.

因此，直接回答你的問題，我確實認為那些超大規模企業進入這個領域是為了滿足他們的需求。

Justin Penn, Clear Street.

賈斯汀·佩恩 (Justin Penn)，Clear Street。

Hi. This is Justin on for Brian Dobson. Exciting hybrid strategy for Black Pearl Phase II. I was wondering if you could talk about any potential differences in costs affiliated with the hybrid model compared to pure mining or pure bitcoin site? And then is it something you would consider for future sites in the development pipeline?

你好。我是賈斯汀，為布萊恩·多布森 (Brian Dobson) 主持。黑珍珠第二階段的令人興奮的混合策略。我想知道您是否可以談談混合模型與純挖礦或純比特幣網站相比在成本方面的潛在差異？那麼，您是否會考慮將其作為未來開發網站的一部分？

Those are actually very good questions. So the way we've looked at it, it will be about $1.5 million per megawatt for this, again, Tier 1/2 style build that we envision that is very modular and ready to move quickly. So on 150 megawatts, that'll take us up to $230 million or so in infrastructure costs.

這些確實是非常好的問題。因此，從我們的角度來看，這種 Tier 1/2 風格的建造成本約為每兆瓦 150 萬美元，我們設想這種建造非常模組化並且可以快速移動。因此，對於 150 兆瓦的電力來說，我們的基礎設施成本將高達 2.3 億美元左右。

From there, it will depend on the requirements of the tenant, where if they're stepping all the way up to Tier 3, it will be in line with typical building costs for a Tier 3 data center. It might be another $8 million or so on top of that. It's going to depend on the levels of redundancy, effectively, that they're going to need.

從那時起，這將取決於租戶的要求，如果他們一路升級到 Tier 3，它將與 Tier 3 資料中心的典型建築成本一致。除此之外可能還需要另外 800 萬美元左右。這實際上取決於他們所需要的冗餘等級。

I think what we've heard -- the reason for that thinking is that we've had some discussions with folks that, again, are looking for smaller chunks of megawatts than 300 megawatts at a single clip. One of the concerns they have, and this is really on that neocloud side, is that the GPU upgrade cycle is moving so quickly and construction timelines take a while that there's this fear that they build a data center that, by the time it's completed, is built for older GPU technology.

我認為，我們聽到的這種想法是因為我們與一些人進行過討論，他們再次尋求比單次 300 兆瓦更小的兆瓦塊。他們擔心的一個問題（這實際上是 Neocloud 方面的擔憂）是，GPU 升級週期太快，建造時間需要一段時間，因此他們擔心建成後的資料中心會採用較老的 GPU 技術。

What happens if we get crazy increases in rack density and you've got 1 megawatt racks in a few years? How are you going to make your site ready for that? And so that's really informed the thinking behind what we're trying to do here, which is to say, we will make this modular and very ready to accommodate upgrades that are industry-wide.

如果機架密度瘋狂增加，幾年後你就有 1 兆瓦的機架，會發生什麼事？您將如何讓您的網站做好準備？這確實體現了我們在此嘗試做的事情背後的想法，也就是說，我們將使其模組化，並隨時準備適應整個行業的升級。

I think we're fascinated with Elon Musk's building of the Colossus data center so quickly, and that really leveraged this modular concept. And so I think we're trying to echo that.

我認為我們對伊隆馬斯克如此迅速地建造巨像資料中心感到著迷，這確實利用了模組化概念。所以我認為我們正在嘗試呼應這一點。

Then as far as future sites, your second question, yes, I think it will depend a little bit on how our tenant negotiations go at Black Pearl. But I would anticipate a similar approach at Stingray at this point, which, again, will get a premium because it's going to be megawatts available in 2026.

那麼關於未來的地點，您的第二個問題，是的，我認為這將取決於我們在黑珍珠的租戶談判進展如何。但我預計 Stingray 會採取類似的方法，同樣，由於 2026 年將達到兆瓦級可用容量，因此它將獲得溢價。

We're doing the substation work there now. And so it would be our plan to continue forward with this build spec that has optionality built into it.

我們現在正在那裡進行變電站工作。因此，我們的計劃是繼續推進這個具有可選性的構建規範。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

Congrats on the additional HPC pipeline. First question, when you think of a financing partner on board for the JV, could you just remind us of the split in expected economics? And also, would Phase II at Black Pearl include that same JV structure?

恭喜您獲得了額外的 HPC 管道。第一個問題，當您想到合資企業的融資合作夥伴時，您能否提醒我們預期經濟效益的分歧？此外，黑珍珠計畫第二階段是否也會採用相同的合資結構？

So John, I think you're referring to what we had previously announced, our relationship with Fortress. We haven't come out with every number in that because it's a little bit dependent on the terms of the lease we sign and how that flows through.

所以約翰，我想你指的是我們之前宣布的與 Fortress 的關係。我們還沒有公佈其中的所有數字，因為這有點取決於我們簽署的租約條款及其執行情況。

The color I can give is that the structure envisions us owning 20% in the equity of the JV on day one with then increasing levels of promote as the IRR increases on the total project. And so we have the ability to buy more of that equity, up to 49%.

我可以給出的解釋是，該結構設想我們在第一天擁有合資企業 20% 的股權，然後隨著整個專案的 IRR 增加，促銷水準也會增加。因此我們有能力購買更多的股權，最高可達 49%。

I think what I've given in the past is that if we assume, let's call it, a market-typical lease and we assume progress and successful refinancing and potential exit in a few years at holding cap rates consistent, when you collapse those layers of the payout waterfall, we would end up owning about 40% of the total economics if we didn't contribute any further dollars.

我認為我過去給出的是，如果我們假設，讓我們稱之為市場典型的租賃，我們假設在保持資本化率一致的情況下，幾年內取得進展和成功再融資和潛在退出，當你折疊這些支付瀑布層時，如果我們不進一步投入任何資金，我們最終將擁有約 40% 的總經濟效益。

But I want to give the caveat that that's all going to depend on the actual terms of the lease and refinancing and where the market is, et cetera. But that's the color I can give.

但我想提醒的是，這一切都取決於租賃和再融資的實際條款以及市場狀況等等。但這就是我能給的顏色。

As far as Phase II, the discussions we have had and the backstop for the cost of the full build envisioned just the Phase I. That said, I would be very surprised if they didn't want to participate in a Phase II expansion down the line. And I would imagine if for some reason they didn't, it would not be hard to find financing partners that would be very attractive for that Phase II.

就第二階段而言，我們所進行的討論以及對全面建設成本的支持僅設想了第一階段。話雖如此，如果他們不想參與第二階段的擴建，我會感到非常驚訝。我想，如果因為某些原因他們沒有這樣做，那麼要找到對第二階段非常有吸引力的融資夥伴並不難。

Got it. Okay, that's helpful. Yeah, and that was what I was looking for. And then just going back to that question the gentleman from Clear Street asked.

知道了。好的，這很有幫助。是的，這就是我一直在尋找的。然後回到 Clear Street 那位先生提出的問題。

So if I add it up, I'm still getting to like $9.5 million per megawatt. If we just assume the same redundancy needs as, say, core we've used with Applied Digital, are you back into that $11 million to $13 million per megawatt for a greenfield build? Or is there cost savings on the flexible model?

所以如果我把它加起來，我仍然可以得到每兆瓦 950 萬美元。如果我們只是假設與 Applied Digital 使用的核心相同的冗餘需求，那麼您是否會回到每兆瓦 1100 萬至 1300 萬美元的綠地建設成本？或者靈活的模式可以節省成本？

I mean, there should be some cost savings versus those numbers. Oh, I don't know if I'd call them savings. But keep in mind, we've already acquired the land, the interconnect, built the substation, right? So there's already some sunk costs if we were to spread them across all 300 megawatts.

我的意思是，與這些數字相比，應該可以節省一些成本。哦，我不知道我是否可以稱它們為儲蓄。但請記住，我們已經獲得了土地、互連網並建造了變電站，對嗎？因此，如果我們將這些成本分攤到所有 300 兆瓦，那麼已經有一些沉沒成本了。

So I don't think that ballpark is off if you think about total cost to the same building spec and consider the proportional costs of the shared infrastructure at the data center. It's in line.

因此，如果您考慮相同建築規格的總成本並考慮資料中心共享基礎設施的比例成本，我認為這個大概數額是不會錯的。已經排好隊了。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

On the bitcoin mining side, 23.5 by the end of the third quarter. Should we be expecting anything else or anything else after that? Or would that be really dependent on what you guys initially decided to do in the second phase of Black Pearl? And it sounds like that is a 2026 timing.

比特幣挖礦方面，截至第三季末為23.5。在這之後我們還該期待其他什麼嗎？或者這真的取決於你們最初決定在黑珍珠第二階段做什麼？聽起來那是 2026 年的時間。

Yeah, it'll be dependent, Brett. I mean, to give you a sense, we're excited to get the Phase I fully installed because you really see the benefits of scale considering that we haven't seen any meaningful increase in headcount and overhead.

是的，這取決於，布雷特。我的意思是，讓您了解一下，我們很高興第一階段能夠完全安裝，因為考慮到我們沒有看到員工人數和管理費用有任何有意義的增加，您確實看到了規模帶來的好處。

So if I look at our point in time hash cost right now, it's about $27 per petahash per day. I expect post Black Pearl's Phase I will be at about $24. I'm talking cash, total cash costs. So that's electricity, ops, and SG&A cash after the completion of Black Pearl. So that's a really strong positioning from my perspective.

因此，如果我查看我們現在的哈希成本，它大約是每天每千萬億哈希 27 美元。我預計黑珍珠第一階段後的價格將在 24 美元左右。我指的是現金，總現金成本。這就是 Black Pearl 完工後的電力、營運和銷售、一般及行政費用現金。從我的角度來看，這是一個非常強大的定位。

I think beyond that, it's going to depend a little bit on the pace of tenant negotiations. Fair to say we're going to fill Black Pearl Phase II with HPC tenants if we can.

我認為除此之外，這還會在一定程度上取決於租戶談判的進度。公平地說，如果可以的話，我們將在黑珍珠二期計畫中引入 HPC 租戶。

I think the idea is depending on the pace of those negotiations and the attractiveness of mining, we'll be ready to -- hydro-bitcoin mining would fit in very easily at Phase II. But we don't have any specific plans for that.

我認為這個想法取決於談判的步伐和採礦的吸引力，我們將做好準備——氫能比特幣採礦將很容易適應第二階段。但我們對此沒有任何具體計劃。

I think the other thing to keep in mind there is given the tariff landscape and how quickly things seem to move on that front, the way I think about that is we'd probably be more likely to buy hydro machines in the spot market that maybe aren't the latest and greatest generation. Because we can manage to achieve -- we can manage curtailment to achieve power costs there.

我認為需要記住的另一件事是，考慮到關稅狀況以及事態發展的速度，我的想法是，我們可能更有可能在現貨市場上購買可能不是最新一代的水力發電機。因為我們可以設法實現——我們可以透過削減成本來實現那裡的電力成本。

And I think -- I don't know how other companies are thinking about it, but let's just say long-term futures, purchase contracts of the latest and greatest machines where you wait six months for machines to get delivered from Asia are just not as appealing to us right now.

我認為——我不知道其他公司是怎麼想的，但我們只能說，長期期貨、購買最新最好的機器的合約（需要等待六個月才能讓機器從亞洲發貨）現在對我們來說沒有那麼大的吸引力。

So I do think it'd be just trying to give some extra color. We'd probably look to do a cheaper build with hydro in Phase II depending on how those client negotiations go. And, yes, that would be coming online back half of next year.

所以我確實認為它只是想添加一些額外的顏色。根據與客戶的談判進展，我們可能會考慮在第二階段採用更便宜的水力發電建設。是的，它將在明年上線。

Mike Grondhal, Northland.

麥克·格隆達爾，北地。

Just trying to understand. What sites would you say are being actively marketed for HPC right now? Is it basically Barber Lake and maybe Phase II Pearl? How would you characterize what you're actively marketing today for HPC?

只是想了解一下。您認為目前哪些網站正在積極推廣 HPC？它基本上是巴伯湖 (Barber Lake) 和也許是第二階段珍珠 (Phase II Pearl) 嗎？您如何描述目前針對 HPC 所積極行銷的產品？

Sure. So great question. I'd say everywhere. So you're right. I mean, Black Pearl -- pardon me. Barber Lake is our primary focus.

當然。這個問題問得真好。我想說無所不在。所以你是對的。我的意思是，黑珍珠——請原諒我。巴伯湖是我們的主要關注點。

But again, what we're envisioning there is a single tenant. So that's a small pool of potential tenants. The separate part of the market, then, that we're actively marketing to is Black Pearl Phase II, but also Stingray and Reveille.

但同樣，我們設想的只有一個租戶。所以潛在租戶的數量很小。那麼，我們正在積極行銷的獨立市場部分是 Black Pearl Phase II，還有 Stingray 和 Reveille。

We have one discussion going on where we have a potential tenant that's looking at Black Pearl, but also has San Antonio as a target market. And they are the type of tenant where 70 megawatts would be about the right amount. And candidly, as the calendar rolls forward, you start to get within the construction timeline that is logical for Reveille.

我們正在進行一次討論，我們有一位潛在租戶正在關注黑珍珠，但也將聖安東尼奧作為目標市場。對他們來說，70兆瓦的電力是比較適合的。坦白說，隨著日曆的滾動，您開始進入 Reveille 合理的施工時間表。

So I'd say that's where the primary marketing of live tenant discussions are. I'll also say the hyperscalers asked questions about the 3Ms.

所以我認為這就是現場租戶討論的主要行銷方式。我還要說的是，超大規模企業詢問了有關 3M 的問題。

On Milsing, I do expect we'll be moving towards an interconnect this year. That has generated a fair amount of interest because it's close to the Houston market, and it's 500 megawatts.

關於 Milsing，我確實預計我們今年將走向互聯互通。由於它靠近休士頓市場，而且發電量為 500 兆瓦，因此引起了人們的極大興趣。

So we don't have the interconnect yet. I expect that we will this year. And I think at that point, some of those exploratory discussions with the larger end of the tenant spectrum will become more tangible.

所以我們還沒有互連。我希望今年我們能夠實現這一目標。我認為到那時，與大部分租戶進行的一些探索性討論將變得更加切實可行。

Got it. And maybe just as a follow-up, any specific comments on Stingray? How are you feeling there? What color?

知道了。也許只是作為後續問題，您對 Stingray 有什麼具體評論嗎？你在那邊感覺怎麼樣？什麼顏色？

Yeah. I mean, I think, again, we've been encouraged by the discussions we've had with, what I'll call, this middle tier of the market, where there's a fair amount of interest from folks that may be at lower tier data center requirements with smaller megawatt interest.

是的。我的意思是，我認為，我們與這個中間層市場的討論再次讓我們感到鼓舞，在這個市場中，有相當多的人對較低層數據中心的需求以及較小的兆瓦數感興趣。

And so the truth is, if you're a hyperscaler and you're making a massive investment, of course, you want the megawatts sooner, but you also want to be closer to a major metro. Because the use case for that data center then fits into all their different buckets.

所以事實是，如果你是一個超大規模企業，並且正在進行大規模投資，你當然希望更快地獲得兆瓦電力，但你也希望更靠近大都市。因為該資料中心的用例適合所有不同的儲存桶。

Is this cloud services? Is this training? Is this inference? If you're a high-frequency trading firm that wants 10 megawatts to train your model, you'd be happy to ship it to somewhere more remote. And even though -- I mean, listen, the inference stats aren't bad at Stingray. We think it's sub 10 milliseconds to Dallas.

這是雲端服務嗎？這是訓練嗎？這是推論嗎？如果您是高頻交易公司，需要 10 兆瓦的電力來訓練您的模型，您會很樂意將其運送到更偏遠的地方。儘管如此——我的意思是，聽著，Stingray 的推理統計數據還不錯。我們認為到達達拉斯只需不到 10 毫秒。

I think what we've found is that there is more interest in that segment than we had appreciated. And I think we're -- while I don't think we're looking to have like 1 megawatt tenants, we'd be happy to run a multi-tenant co-location facility. And that's what I think it will end up being, but we'll know more as our tenant discussions progress at Black Pearl Phase II.

我認為我們發現人們對這領域的興趣比我們預想的要大。我認為我們——雖然我不認為我們想要擁有 1 兆瓦的租戶，但我們很樂意經營一個多租戶共置設施。我認為最終會是這樣，但隨著我們在黑珍珠二期租戶討論的進展，我們會了解更多。

Chris Brendler, Rosenblatt Securities.

羅森布拉特證券公司的克里斯布倫德勒 (Chris Brendler)。

Tyler, I wanted to ask a question, another follow-up on Barber Lake and just from a cadence standpoint and the timeline here. It felt like last quarter with the Fortress announcement that things were making progress. And I know from other folks that I've talked to in the space that these things do ebb and flow.

泰勒，我想問一個問題，關於巴伯湖的另一個後續問題，只是從節奏的角度和時間線的角度。感覺上個季度 Fortress 宣布事情正在取得進展。我從與該領域其他人的交談中得知，這些事情確實有起有落。

You've had -- I think certain companies have had serious discussions and then had them fall apart. I've had similar experiences where you've had made a lot of progress and think you're getting close and had folks walk away. Or has it been more of a steady progress towards a contract?

我認為某些公司已經進行過嚴肅的討論，但最終卻分崩離析。我曾經有過類似的經歷，你已經取得了很大的進步，並且以為自己已經接近成功，但人們卻離你而去。或者說，這更像是朝著合約穩步前進？

And just maybe take your temperature on your optimism of getting something done before year end for Barber Lake would be great.

也許，只要你樂觀地認為在年底前為巴伯湖完成某件事就好了。

Sure. I would say that unfortunately, our experience has been very similar to others in the space, that there's a lot of hurry up. We need to get a site visit next week. We're sending over terms because this is now a giant priority, and then silence for a month.

當然。我想說的是，不幸的是，我們的經歷與該領域的其他人的經歷非常相似，那就是太匆忙了。我們需要下週去現場考察。我們正在發送條款，因為這是現在的首要任務，然後保持沉默一個月。

Without getting into the really gory details, we definitely have had some opportunities very close to being finished that have ebbed and flowed. That said, I am very confident that we will have a deal done. I anticipate it'll be this year.

無需深入探討那些真正殘酷的細節，我們確實有一些接近完成的機會，但卻時好時壞。儘管如此，我非常有信心我們能夠達成協議。我預計會是今年。

The progress is not a steady drumbeat progress. It's more like a crab walks across a beach. It's a few steps forward, a few steps sideways, a few steps back, a few steps forward. But we are only more confident based on what we've seen, especially over the last month.

這項進步並不是穩步前進。這更像是一隻螃蟹走過海灘。向前走幾步，往側面走幾步，向後走幾步，再向前走幾步。但根據我們所看到的情況，尤其是過去一個月的情況，我們更有信心。

Lots of inbound interest, which just reaffirms that this market is there and the current discussions we have going on will get to the finish line. It's really hard to call the timing. I think the real message that I want to give to our shareholders is we're not necessarily going to do the fastest deal.

大量的外來興趣再次證明了這個市場的存在，而我們正在進行的討論將會取得成果。確實很難判斷時機。我想向股東傳達的真正訊息是，我們不一定會以最快的速度達成交易。

There have been deals that we were uninterested in. We are trying to do the right deal that sets us on the path where we want the company to be.

有一些交易我們不感興趣。我們正在努力達成正確的交易，讓公司走上我們期望的道路。

I know there's a lot of short-term trading mentality investors in this space that want any deal tomorrow. Just candidly, while I appreciate their support, that's not who we're managing the company for. We're going to get the right deal. The right deal takes time. We're very confident in the pocket aces that we're holding, and we're going to play them appropriately.

我知道這個領域有很多短期交易心態的投資者，他們希望明天就能達成任何交易。坦白說，雖然我感謝他們的支持，但我們管理公司並不是為了這個。我們將達成正確的協議。正確的交易需要時間。我們對於手中的口袋 A 牌非常有信心，我們會恰當地打出它們。

I love the crab analogy. Is there any timeline on the Fortress agreement that you have to abide by and get something done by, or is it pretty open-ended?

我喜歡螃蟹的比喻。堡壘協議是否有你必須遵守並完成某件事的時間表，還是說這個時間表是相當開放的？

There is a timeline under which it's exclusive. I don't think of that as any timeline on which we need to get a deal done. I think they'd be happy to extend that, I'm assuming. If not, we have other financiers that have been knocking on the door.

有一個時間表，在該時間表下它是獨一無二的。我並不認為這是我們需要達成協議的時間表。我想他們會很樂意延長這個期限，我猜。如果沒有的話，其他金融家也一直在向我們尋求幫助。

I don't think of that timing as necessarily anything that would impact our discussions. Technically, we are exclusive with them as a financing partner for another month or so.

我認為時機不一定會影響我們的討論。從技術上講，我們將在接下來的一個月左右時間內作為他們的獨家融資合作夥伴。

I'm going to ask a bitcoin mining question.

我要問一個比特幣挖礦的問題。

We love those.

我們喜歡這些。

Yeah, exactly. A bit nuance, but you mentioned -- it's clear on the slide deck that the average power cost ticked up this quarter, $0.027 to a $0.031-ish. And it's also the impact of Black Pearl.

是的，確實如此。有點微妙，但你提到過——幻燈片上清楚地顯示，本季平均電力成本有所上漲，從0.027美元上漲到了0.031美元左右。這也是黑珍珠的影響。

But because the revenue only increased very slightly sequentially, so our models are having trouble balancing that cost of power increase with relatively stable sequential change in cost of revenue. So is there anything impacting those numbers that makes that math a little wonky?

但由於收入僅環比略有增加，因此我們的模型難以平衡電力成本的成長與收入成本相對穩定的環比變化。那麼，有什麼因素會影響這些數字，讓計算結果有點不準確嗎？

No, let me explain that math. The $0.031 headline number is an estimate over a large time sample of what we will pay. That's completely the impact of Black Pearl. $0.027, which we have always had historically, was really anchored by our PPA at Odessa, which is right around that level.

不，讓我解釋一下這個數學問題。0.031 美元的標題數字是根據大量時間樣本對我們將支付的金額進行的估算。這完全是黑珍珠的影響。我們歷史上一直持有的 0.027 美元實際上是由我們在敖德薩的 PPA 錨定的，就在這個水平附近。

That's also when sites like Alborz, which has our cheapest power, were a larger portion of our production. Going forward, Black Pearl will be a huge part of our production. That's merely an estimate because it's a front-of-the-meter site.

那時，像 Alborz 這樣的站點，擁有我們最便宜的電力，占我們產量的很大一部分。展望未來，《黑珍珠》將成為我們生產的重要組成部分。這只是一個估計，因為這是一個電錶前端站點。

I think what we're using in there for large sample size is about $0.035 on average. I actually hope we'll do better than that. That's the reason for the change. If you're looking at numbers on a backwards-looking basis, that hasn't had much impact yet. The $0.031 is expectation across a cycle with everything running.

我認為我們在大樣本中使用的平均值約為 0.035 美元。我實際上希望我們能做得更好。這就是改變的原因。如果回顧過去來看這些數字，你會發現這還沒有產生太大的影響。0.031 美元是一切運行的整個週期的預期。

I would now like to turn the call back over to Tyler Page for any closing remarks.

現在我想將電話轉回給泰勒佩奇 (Tyler Page)，請他做最後發言。

Thanks again for joining our business update call. We hope to have exciting updates for you in the not-too-distant future. Cheers.

再次感謝您參加我們的業務更新電話會議。我們希望在不久的將來為您帶來令人興奮的更新。乾杯。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。