CleanSpark Inc (CLSK) 2023 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to CleanSpark's Fiscal Third Quarter Financial Results Conference Call. (Operator Instructions) And at this time, I would like to turn the floor over to Isaac Holyoak, Chief Communications Officer. You may begin.

女士們、先生們，下午好。我叫艾比，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 CleanSpark 第三季度財務業績電話會議。 （操作員指示）現在，我想將發言權交給首席通信官 Isaac Holyoak。你可以開始了。

Thanks, Abby, and thank you for joining us today for our fiscal third quarter financial results call, covering the period April 1, 2023 through June 30, 2023.

謝謝艾比，感謝您今天參加我們的第三財季財務業績電話會議，該電話會議涵蓋2023年4月1日至2023年6月30日期間。

Our press release was issued about 30 minutes ago and is available on our website at www.cleanspark.com/investors. Today's call is also being webcast, and a replay and transcript will be available on our website.

我們的新聞稿於大約 30 分鐘前發布，可在我們的網站 www.cleanspark.com/investors 上查看。今天的電話會議也將進行網絡直播，重播和文字記錄將在我們的網站上提供。

I'm here with Zach Bradford, our Chief Executive Officer; and Gary Vecchiarelli, our Chief Financial Officer. Keep in mind that some of the statements we make today are forward-looking and based on our best view of the world and our businesses as we see them today. As described in our SEC filings and on our website, those elements may change as the world changes. We will also discuss certain non-GAAP financial measures concerning our performance during today's call. You can find the reconciliation of GAAP financial measures in our press release which is available on our website.

我和我們的首席執行官扎克·布拉德福德 (Zach Bradford) 一起來到這裡。和我們的首席財務官加里·韋基亞雷利 (Gary Vecchiarelli)。請記住，我們今天發表的一些聲明具有前瞻性，並且基於我們對世界和我們今天的業務的最佳看法。正如我們在 SEC 文件和網站上所述，這些要素可能會隨著世界的變化而變化。我們還將在今天的電話會議上討論有關我們業績的某些非公認會計準則財務指標。您可以在我們網站上的新聞稿中找到 GAAP 財務指標的調節表。

And with that, it is my pleasure to turn the call over to Zach.

至此，我很高興將電話轉給扎克。

Thank you, Isaac. Good afternoon, and thank you for joining us for our third quarter earnings call. Since last speaking with you, we have strengthened our position as one of the largest, most efficient publicly traded Bitcoin mining operators in the world. The dedication of our team has resulted in an extraordinary rapid growth. We now outperform almost every single 1 of our competitors in monthly production even compared to competitors that on paper may seem bigger than us.

謝謝你，艾薩克。下午好，感謝您參加我們的第三季度財報電話會議。自上次與您交談以來，我們鞏固了作為世界上最大、最高效的公開交易比特幣挖礦運營商之一的地位。我們團隊的奉獻精神帶來了非凡的快速增長。現在，我們的月產量幾乎超過了所有競爭對手，甚至與那些表面上看起來比我們大的競爭對手相比也是如此。

As a CEO and founder, I hope you'll excuse a little cheerleading, but I don't think it is at all an exaggeration to say that we are the best bet in the space. We have a proven track record of doing what we say we'll do. And to that point, we have hit or exceeded every milestone we've set for ourselves. This company and the people who work here, are best in class in every way.

作為首席執行官和創始人，我希望您能原諒我的一點點歡呼，但我認為說我們是該領域的最佳選擇一點也不誇張。我們在言出必行方面有著良好的記錄。到那時，我們已經達到或超過了我們為自己設定的每一個里程碑。這家公司和在這里工作的人們在各個方面都是一流的。

Now before I get into the details on the quarter, I want to take a moment and announce that we have fully funded our growth to 16 exahash. This includes machines, materials and everything else, nuts to bolts that goes into building a world-class Bitcoin mining facility and bridging the gap to 16 exahash per second. This creates certainty for our shareholders around our future and puts any questions to bed about our path to 16 exahash per second.

現在，在詳細介紹本季度的情況之前，我想花點時間宣布我們已為增長到 16 exahash 提供了充足的資金。這包括機器、材料和其他一切，從具體到螺栓，用於建造世界一流的比特幣採礦設施，並將差距縮小到每秒 16 exahash。這為我們的股東創造了對我們未來的確定性，並消除了有關我們達到每秒 16 exahash 的道路的任何疑問。

We are building transformational infrastructure with almost 90,000 machines deployed and another 60,000 on hand or pending delivery for a total fleet of approximately 150,000 state-of-the-art miners, all fully funded. We are operating over 9 exahash per second, and over the next half of the year, we expect to add an additional 7 exahashes per second after energizing the expansion of our data center in Sandersville, Georgia.

我們正在建設轉型基礎設施，部署了近 90,000 台機器，另有 60,000 台現有或待交付的機器，總共約 150,000 台最先進的礦機，全部資金充足。我們每秒運行超過 9 exahash，在下半年，我們預計在佐治亞州桑德斯維爾數據中心的擴建後，每秒將額外增加 7 exahash。

That expansion, I again would like to state is fully funded. I know this has been an important question for many of you. There is no longer any uncertainty about when we will have the funds in hand to pay for the expansion and the miners. That day is today. Our track record speaks for itself. So far, this fiscal year, which for us started on October 1, 2022, we have mined over 5,600 Bitcoins through July. That speaks not only to our scale, which is substantial, but also to our skill as operators.

我想再次聲明，此次擴張的資金充足。我知道這對你們許多人來說都是一個重要的問題。我們何時能有足夠的資金來支付擴張和礦工費用，不再有任何不確定性。那天就是今天。我們的業績記錄不言而喻。到目前為止，我們從 2022 年 10 月 1 日開始的本財年，到 7 月份為止，我們已經開采了超過 5,600 個比特幣。這不僅體現了我們龐大的規模，也體現了我們作為運營商的技能。

We run the most efficient facilities at scale in the industry. We have among the highest hashrate realization rates of any publicly traded company. This is a key metric for our shareholders to understand, because it doesn't matter if a company has 200,000 machines, if those machines aren't plugged in and hashing.

我們規模化地運營著業內最高效的設施。我們是所有上市公司中算力實現率最高的公司之一。這是我們的股東需要理解的一個關鍵指標，因為如果一家公司擁有 200,000 台機器，如果這些機器沒有插入電源並進行哈希處理，那麼這並不重要。

We maintain industry-leading uptime at scale and not only are we becoming ever more efficient as operators, but our efficiency at the machine level is also becoming unmatched by our competitors. We use technology to maximize our fleet efficiency. Fleet efficiency matters because it means we can mine more Bitcoins with less power. This is a win for our margins and a win for the Bitcoin mining network. It allows for us to pack more hashrate into our existing infrastructure, and as machines become more powerful and more efficient, we are poised to take advantage of some of these synergies in rather sophisticated ways.

我們在規模上保持行業領先的正常運行時間，不僅作為操作員變得越來越高效，而且我們在機器層面的效率也變得競爭對手無法比擬。我們利用技術來最大限度地提高車隊效率。車隊效率很重要，因為這意味著我們可以用更少的電力開採更多的比特幣。這是我們利潤的勝利，也是比特幣挖礦網絡的勝利。它使我們能夠將更多的算力打包到現有的基礎設施中，並且隨著機器變得更強大、更高效，我們準備以相當複雜的方式利用其中一些協同效應。

As of our latest report at the end of July, we reported that our fleet-wide efficiency is approximately 29 joules per terahash. This is good, but not good enough for us. Once all the XPs that are on hand or ordered are plugged in and hashing, we expect to see our efficiency improve significantly, coming in at approximately 25 joules per terahash. We believe this rating will make us one of the most, if not the most, efficient Bitcoin miners at scale on the network producing more Bitcoin, expanding our margins and driving more revenue to our bottom line.

截至 7 月底的最新報告，我們的整個機隊效率約為 29 焦耳/太赫哈希。這很好，但對我們來說還不夠好。一旦所有現有或訂購的 XP 都插入並進行哈希處理，我們預計我們的效率將顯著提高，達到每 terahash 大約 25 焦耳。我們相信，這一評級將使我們成為網絡上規模最大（如果不是最高效）的比特幣礦工之一，生產更多比特幣，擴大我們的利潤並為我們的利潤帶來更多收入。

We've maintained hashrate gains to deliver impressive revenue over the 9-month period reported today. Now Gary will provide more details about the quarter, but through June 30, we've generated over $115 million in revenue. Our balance sheet has been strong and is growing stronger, and as of this call, today, our unaudited cash balance is over $90 million. We have minimal long-term outstanding debt, and we hold approximately 1,200 Bitcoin.

在今天報告的 9 個月期間，我們保持了算力增長，帶來了可觀的收入。現在，Gary 將提供有關該季度的更多詳細信息，但截至 6 月 30 日，我們已經創造了超過 1.15 億美元的收入。我們的資產負債表一直很強勁，而且還在不斷增強，截至本次電話會議，我們未經審計的現金餘額已超過 9000 萬美元。我們的長期未償債務很少，並且持有大約 1,200 個比特幣。

With our CapEx now funded through 16 exahash per second, we have increased flexibility to continue to grow our Bitcoin treasury. We are pragmatic about how we manage our Bitcoin balance with the goal of creating the best outcome for our shareholders.

我們的資本支出現在通過每秒 16 exahash 提供資金，我們提高了繼續發展比特幣資金的靈活性。我們對如何管理比特幣餘額持務實態度，目標是為股東創造最佳結果。

We believe we can do this best by being strategic and not ideological and by being responsive to market dynamics. Right now, that means moving some of our liquidity into Bitcoin. We see substantial momentum building across the Bitcoin ecosystem and we intend to gradually grow our Bitcoin balance. Doing so underscores our commitment to Bitcoin and our critical role in building Bitcoin infrastructure.

我們相信，通過戰略而非意識形態以及對市場動態的響應，我們可以最好地做到這一點。目前，這意味著將我們的部分流動性轉移到比特幣上。我們看到整個比特幣生態系統正在形成巨大的勢頭，我們打算逐步增加我們的比特幣餘額。這樣做強調了我們對比特幣的承諾以及我們在建設比特幣基礎設施方面的關鍵作用。

Bitcoin is a remarkable advancement in human history. As we are fond of saying, it is just getting started. Over the last few months, we have seen a string of high-profile institutional investors, make serious moves in the Bitcoin ecosystem, including multiple spot ETFs waiting for approval. Now while many of these have languished for months and even years, there are signs of potentially favorable movement on the horizon. For example, BlackRock's application for a spot ETF, the largest asset manager in the world is 1 such opportunity.

比特幣是人類歷史上的一個顯著進步。正如我們常說的，一切才剛剛開始。在過去的幾個月裡，我們看到一系列備受矚目的機構投資者在比特幣生態系統中採取了重大舉措，其中包括多個等待批准的現貨 ETF。現在，雖然其中許多已經停滯數月甚至數年，但有跡象表明可能出現有利的走勢。例如，全球最大的資產管理公司貝萊德申請現貨ETF就是一個這樣的機會。

BlackRock has successfully filed hundreds of ETFs and has only ever once not been approved. Their track record suggests that they believe there is a path to successfully launch an ETF. Now although there can be no guarantee this will occur, if it does, we would expect to see substantial inflows of funds into Bitcoin.

貝萊德已成功提交了數百隻 ETF，但只有一次未獲批准。他們的過往記錄表明，他們相信有一條成功推出 ETF 的途徑。現在，雖然不能保證這種情況會發生，但如果確實發生，我們預計將看到大量資金流入比特幣。

We believe this can make the coming months very interesting for our industry. We also see some of the regulatory scrutiny abating as Bitcoin further solidifies its position as different from other so-called cryptocurrencies. We agree with regulators that Bitcoin is a commodity and should be treated as such in all respects.

我們相信這會讓我們的行業在未來幾個月變得非常有趣。隨著比特幣進一步鞏固其與其他所謂加密貨幣不同的地位，我們還看到一些監管審查有所減弱。我們同意監管機構的觀點，即比特幣是一種商品，在所有方面都應被視為商品。

We expect the next 12 to 18 months to be transformational for Bitcoin, not only with ETFs on the horizon, but also with the coming happening and the price action we expect to see as Bitcoin continues its program trajectory of scarcity. We are very well positioned to take advantage of this momentum having just completed a 50-megawatt expansion of our data center in Washington, Georgia.

我們預計未來12 到18 個月對於比特幣來說將是一場變革，不僅是ETF 即將出現，而且隨著比特幣繼續其稀缺性計劃軌跡，即將發生的事情以及我們預計看到的價格走勢也會發生。我們剛剛完成了佐治亞州華盛頓數據中心 50 兆瓦的擴建，我們已經做好了充分利用這一勢頭的準備。

Located on the outskirts of this beautiful rural community, that facility now host almost 26,000 machines for a total hashrate of about 2.8 exahashes per second. That expansion alone has already produced 114 Bitcoins or about $3.3 million in revenue at an assumed value of $29,000 per Bitcoin since the first machine in the expansion was turned on just a few weeks ago.

該設施位於這個美麗的鄉村社區的郊區，現在擁有近 26,000 台機器，總哈希率約為每秒 2.8 exahash。自幾週前擴張中的第一台機器啟動以來，僅這次擴張就已經產生了 114 個比特幣，即約 330 萬美元的收入，假設每個比特幣的價值為 29,000 美元。

The entire site is now producing nearly 7 Bitcoin a day. We work closely with community leaders to negotiate a win-win power purchase agreement that allows the city to thrive while maintaining low power costs for our operations.

整個網站現在每天生產近 7 個比特幣。我們與社區領袖密切合作，協商達成雙贏的購電協議，使城市繁榮發展，同時保持我們運營的低電力成本。

Our teams and partners in Washington, led by Delston Branch, the Site Manager; Scott Garrison, our Vice President of Business Development; and Taylor Monnig, our Vice President of Mining, have worked through rain and shine, heat and cold to expand this remarkable facility.

我們在華盛頓的團隊和合作夥伴，由現場經理 Delston Branch 領導； Scott Garrison，我們的業務開發副總裁；我們的採礦副總裁泰勒·莫尼格 (Taylor Monnig) 冒雨、晴天、酷暑和嚴寒，努力擴建這一非凡的設施。

We also acquired 2 smaller sites in Dalton, Georgia last quarter, adding 20 megawatts to our portfolio. Located in Northwest Georgia in the foothills of the Blue Ridge Mountains, Dalton is a thriving community with its own electrical utility. Our move into Dalton has allowed us to deepen our regional expertise while diversifying our utility providers. Georgia is rich in affordable energy, and Dalton is uniquely positioned as 1 of the owners of Vogtle 3.

上季度我們還在佐治亞州道爾頓收購了 2 個較小的站點，為我們的投資組合增加了 20 兆瓦。道爾頓位於佐治亞州西北部的藍岭山脈山麓，是一個繁榮的社區，擁有自己的電力設施。進駐道爾頓使我們能夠加深我們的區域專業知識，同時使我們的公用事業提供商多元化。佐治亞州擁有豐富的廉價能源，道爾頓作為 Vogtle 3 的所有者之一具有獨特的地位。

We are eyeing several expansion opportunities in the surrounding area. With the Washington expansion now fully online and Dalton running at full capacity, we have hit all-time high hashrate of over 9 exahashes per second. And we are well on our way to achieving our target of 16 exahashes per second.

我們正在關注周邊地區的幾個擴張機會。隨著華盛頓擴展現已全面上線且道爾頓滿負荷運行，我們已經達到了每秒超過 9 exahash 的歷史最高哈希率。我們正在順利實現每秒 16 exahash 的目標。

Now before discussing what the next half of the year looks like, I'd like to take a moment to reflect on how momentous this achievement is. It took us nearly 2.5 years to get to where we are today. And in the last year alone, we've grown over 200%. We are now set to nearly double our hashrate in a matter of a few months with the expansion of the Sandersville site.

現在，在討論下半年的情況之前，我想花點時間思考一下這一成就有多麼重要。我們花了近 2.5 年才達到今天的水平。僅去年一年，我們的增長率就超過 200%。隨著桑德斯維爾站點的擴展，我們現在將在幾個月內將哈希率提高近一倍。

Our Sandersville expansion is shaping up to be a truly impressive data center. Currently, Sandersville runs at about 80 megawatts. The expansion is expected to add another 150 megawatts, giving our data center there a total operating capacity of 230 megawatts. We believe the expansion will make it the largest Bitcoin mining campus in the South. Once complete, the expansion will consist of 10 buildings, each capable of holding thousands of machines. To give you a sense of the scale here, the 2 largest buildings are the length of 3 football fields each. The site is gently tiered allowing for carefully controlled flow of air to maximize ambient cooling efficiencies.

我們的桑德斯維爾擴建計劃正在成為一個真正令人印象深刻的數據中心。目前，桑德斯維爾的發電量約為 80 兆瓦。此次擴建預計將再增加 150 兆瓦，使我們數據中心的總運營能力達到 230 兆瓦。我們相信，擴建將使其成為南方最大的比特幣採礦園區。擴建完成後，將包括 10 棟建築，每棟建築可容納數千台機器。為了讓您了解這裡的規模，兩座最大的建築各有 3 個足球場那麼長。該場地輕輕分層，可以仔細控制空氣流動，以最大限度地提高環境冷卻效率。

This approach ensures machines operate at peak capacity, even during the rare times of the year when the region experiences extremely high heat. As of this call, the land has been graded. Excavation for the underground wiring starts next week, and breaker panels and other building materials are arriving on site daily. Pouring of the concrete pads and building construction is expected to start soon.

這種方法可以確保機器以峰值能力運行，即使是在一年中該地區經歷極高熱量的罕見時期。截至本次電話會議，該土地已被分級。地下佈線的挖掘工作將於下週開始，斷路器面板和其他建築材料每天都會抵達現場。混凝土墊塊的澆築和建築施工預計很快就會開始。

The expansion is cited directly next to a new substation, the Municipal Energy Authority of Georgia or MEAG, is building the substation. MEAG provides most of our power needs in the region, and we are very proud to continue to work with them and their partner cities. MEAG expects the substation to be finished by the end of the year. Now we are dependent on them for the construction of the substation and the related infrastructure. The delivery of the machines and the construction of the data centers to house them are within our control, and we expect to finish our work inside the next few months.

擴建項目緊鄰一座新變電站，喬治亞市能源局（MEAG）正在建設該變電站。 MEAG 滿足了我們在該地區的大部分電力需求，我們非常自豪能夠繼續與他們及其合作夥伴城市合作。 MEAG 預計變電站將於今年年底完工。現在我們依賴他們來建設變電站和相關基礎設施。機器的交付和容納它們的數據中心的建設都在我們的控制範圍內，我們預計在接下來的幾個月內完成我們的工作。

After the substation is complete, we will energize the expansion over the following weeks until we hit 16 exahashes per second and become 1 of the largest proprietary miners in North America. Of course, 16 exahash per second isn't the end of the road for us. We are opportunistic. Dalton is 1 example of potential opportunities. We've identified several avenues that would allow us to deepen our commitment to the community and expand our fleet there.

變電站完成後，我們將在接下來的幾週內進行擴張，直到達到每秒 16 exahash 並成為北美最大的專有礦工之一。當然，每秒 16 exahash 並不是我們的終點。我們是機會主義者。道爾頓是潛在機會的一個例子。我們已經確定了多種途徑，可以讓我們加深對社區的承諾並擴大我們的車隊。

We are also eyeing several new greenfield or new build opportunities or acquisitions that we believe could provide maximum optionality for us to choose to build as fast or as slow as makes sense over the next several years through and after the next halving. As we prepare to corner more and more of the Bitcoin Networks North American hashrate, we also continue to explore opportunities that could monetize renewable projects that are expected to wait years in the queue before they are ever connected to the grid. The future is bright for Bitcoin and for CleanSpark, and we are exceptionally well positioned to make the most of the opportunities we see on the horizon. Now none of this is possible without the dedication of my management team and our teams in Georgia and Nevada that believe in this work.

我們還著眼於幾個新的綠地或新建機會或收購，我們相信這些機會或收購可以為我們提供最大的選擇權，讓我們可以在未來幾年到下一次減半之後選擇盡可能快或盡可能慢地建設。當我們準備壟斷越來越多的比特幣網絡北美算力時，我們也在繼續探索可以將可再生能源項目貨幣化的機會，這些項目預計在連接到電網之前要等待數年。比特幣和 CleanSpark 的未來是光明的，我們處於非常有利的位置，可以充分利用我們即將看到的機會。現在，如果沒有我的管理團隊以及佐治亞州和內華達州團隊對這項工作的信念，這一切都是不可能實現的。

We talk a lot internally about grit and what it takes to be the best. I can say without hesitation, that our teams have grit. They are the best operators in the entire industry. I'm so proud to work with them.

我們在內部經常談論勇氣以及如何才能成為最好的人。我可以毫不猶豫地說，我們的團隊有勇氣。他們是整個行業最優秀的運營商。我很自豪能與他們一起工作。

I'm going to turn it over to Gary now.

我現在要把它交給加里。

Thank you, Zach. As Zach mentioned, we have a proven track record as the last 2.5 years of execution speaks for itself. I am very humbled to be part of this management team and proud of the efforts of our operations team who have made us a top tier miner.

謝謝你，扎克。正如 Zach 提到的，我們擁有良好的業績記錄，過去 2.5 年的執行情況不言而喻。我很榮幸成為這個管理團隊的一員，並為我們的運營團隊的努力感到自豪，他們使我們成為頂級礦工。

Let's dive into the numbers for the third quarter now. For the third quarter of 2023, we recognized $45.5 million of revenue which was an increase of approximately $14.5 million or a 47% increase. This increase was due to our growth in hashrate and thus, greater Bitcoin mined during the most recent quarter.

現在讓我們深入研究第三季度的數據。 2023 年第三季度，我們確認了 4550 萬美元的收入，增加了約 1450 萬美元，增幅為 47%。這一增長是由於我們的算力增長以及最近一個季度開采的比特幣數量增加所致。

When compared to the preceding second quarter, our revenues increased approximately $3 million or 7%. While our hashrate remained relatively steady in the most recent quarter, the revenues increased due to Bitcoin price remaining elevated. This increase in revenues led to increases in gross profit for both the prior year and preceding quarter comparisons.

與上一季度相比，我們的收入增加了約 300 萬美元，即 7%。雖然我們的算力在最近一個季度保持相對穩定，但由於比特幣價格保持高位，收入有所增加。收入的增加導致去年和上一季度毛利潤的增加。

I want to point your attention to the preceding quarter comparison, where our gross profit increased $4.4 million to $24.8 million. We also saw our gross margins increase 7% from 48% to 55%. The increase in gross profit between the quarters is greater than the increase in revenues due to declines in our third quarter power costs.

我想請您注意與上一季度的比較，我們的毛利潤增加了 440 萬美元，達到 2480 萬美元。我們的毛利率也增加了 7%，從 48% 增至 55%。由於第三季度電力成本下降，各季度之間的毛利潤增幅大於收入增幅。

I want to call that out now as I will discuss this in greater detail here in a few slides. Looking at our GAAP net loss, we decreased our net loss in both comparable periods to $14.2 million. The largest contributor to our net loss is our depreciation and amortization which is a little less than $22 million for the third quarter. As you are aware, our business model requires significant capital investment in our efforts in acquiring the newest and most efficient ASIC miners on the market, combined with our M&A efforts, that led to increases in our depreciation expense. However, we remain focused on finding the best deals on infrastructure and machines, often timing or even setting the market lows.

我現在想指出這一點，因為我將在幾張幻燈片中更詳細地討論這一點。看看我們的 GAAP 淨虧損，我們在兩個可比時期的淨虧損均減少至 1,420 萬美元。造成淨虧損的最大因素是第三季度的折舊和攤銷，略低於 2200 萬美元。如您所知，我們的業務模式需要大量資本投資來收購市場上最新、最高效的 ASIC 礦機，再加上我們的併購工作，這導致我們的折舊費用增加。然而，我們仍然專注於尋找基礎設施和機器的最佳交易，通常是擇時甚至設定市場低點。

Our ability to hunt for good deals helps keep future depreciation expense as low as possible, though we do expect this number to grow with future purchases. Let's take a moment to discuss our adjusted EBITDA, which is a metric management uses to evaluate the profitability of its operations.

我們尋找優質交易的能力有助於將未來的折舊費用保持在盡可能低的水平，儘管我們確實預計這一數字會隨著未來的購買而增長。讓我們花點時間討論一下調整後的 EBITDA，這是管理層用來評估其運營盈利能力的指標。

For the third quarter, our adjusted EBITDA was $13.3 million, which is an increase of $8.2 million or 160% over the same quarter last year. When compared to the immediate preceding second quarter, our adjusted EBITDA increased over $0.5 million or approximately 5%. We did see a slight dip in our adjusted EBITDA margins between the 2 quarters from 30% to 29%, which reflected several new items in the third quarter.

第三季度，我們調整後的 EBITDA 為 1330 萬美元，比去年同期增加了 820 萬美元，即 160%。與前一季度相比，我們調整後的 EBITDA 增加了 50 萬美元以上，即約 5%。我們確實看到兩個季度調整後 EBITDA 利潤率略有下降，從 30% 降至 29%，這反映了第三季度的幾個新項目。

Foremost, the second quarter's number included a realized gain on sale of Bitcoin of approximately $1.4 million whereas the third quarter had a slight loss of $143,000. I want to point out that we started the third quarter with Bitcoin price at approximately $28,000 and Bitcoin stayed in the trading range of $20,000 and approximately $31,000 for most of the third quarter. This was a stark contrast to the second quarter, where Bitcoin price started the quarter at under $17,000.

最重要的是，第二季度的數字包括比特幣銷售實現的收益約 140 萬美元，而第三季度則略有虧損 143,000 美元。我想指出的是，第三季度開始時，比特幣價格約為 28,000 美元，並且在第三季度的大部分時間裡，比特幣一直保持在 20,000 美元和約 31,000 美元的交易區間內。這與第二季度形成鮮明對比，季度初比特幣價格低於 17,000 美元。

The Bitcoin sold earlier in the year had a lower carrying value on the balance sheet than our third quarter production and this resulted in a larger variance between the periods and the realized gain/loss. Additionally, we saw greater Bitcoin impairment expense of approximately $0.5 million.

今年早些時候出售的比特幣在資產負債表上的賬面價值低於我們第三季度的產量，這導致各期間和已實現損益之間存在較大差異。此外，我們還發現比特幣減值費用增加了約 50 萬美元。

I'd like to take a moment to discuss our power costs in greater detail. You have may noticed that starting last quarter, we included a table of our power costs and breakeven analysis in the MD&A portion of our 10-Q. Here, I want to highlight our power costs and the breakdown of what is included in those power costs. We have noted that the industry does not have a standard when discussing or disclosing power costs which should include all costs incurred on the monthly utility bill in addition to the actual cost of electricity.

我想花點時間更詳細地討論我們的電力成本。您可能已經註意到，從上個季度開始，我們在 10-Q 的 MD&A 部分中包含了電力成本和盈虧平衡分析表。在這裡，我想強調一下我們的電力成本以及這些電力成本中包含的內容的細目。我們注意到，業界在討論或披露電力成本時並沒有一個標準，即除了實際電費之外，還應包括每月公用事業賬單上產生的所有成本。

CleanSpark has consistently provided its all-in power costs, which includes not just the wholesale cost of electricity, but transmission and distribution charges, profit margins to the cities we operate in, taxes and other miscellaneous fees. For the third quarter, our all-in cost of power for proprietary mining sites was $0.041 per kilowatt hour. As you will see in the chart here, our true wholesale electrical cost was $0.024 per kilowatt hour. There are approximately $0.017 per kilowatt hour of other fees, which comprise over 40% of our all-in number.

CleanSpark 始終提供其全部電力成本，其中不僅包括電力批發成本，還包括輸電和配電費、我們運營所在城市的利潤率、稅費和其他雜費。第三季度，我們專有礦場的總電力成本為每千瓦時 0.041 美元。正如您將在此處的圖表中看到的，我們真正的批發電力成本為每千瓦時 0.024 美元。每千瓦時大約有 0.017 美元的其他費用，占我們總費用的 40% 以上。

These fees include charges, which vary based on power purchase agreements, we have negotiated with the 3 utilities we operate within the state of Georgia. Additionally, you'll see our power cost decreased $0.005 from $0.046 kilowatt hour approximately -- which is approximately 11% from the second quarter. This is directly attributable to our active power management strategy. And frankly, shows the value in monitoring and managing market rate power.

這些費用包括根據購電協議而有所不同的費用，我們已與我們在佐治亞州運營的 3 家公用事業公司協商。此外，您還會發現我們的電力成本從大約 0.046 千瓦時下降了 0.005 美元，比第二季度下降了約 11%。這直接歸功於我們的主動電源管理策略。坦率地說，這顯示了監控和管理市場利率權力的價值。

The second quarter saw lower temperatures, especially in January, which resulted in higher cost per kilowatt hour. However, the weather was relatively moderate in the third quarter with spring bringing lower power rates. Again, you can find our all-in cost per kilowatt hour broken down between our proprietary sites and co-locations in our MD&A section of the most recent filed 10-Q. Before I close out, I want to discuss our liquidity position. As of June 30, we had approximately $22 million of cash on hand and a total of 529 Bitcoin valued at approximately $14 million.

第二季度氣溫較低，尤其是一月份，導致每千瓦時成本較高。然而，第三季度天氣相對溫和，春季電價較低。同樣，您可以在最近提交的 10-Q 的 MD&A 部分中找到我們的專有站點和託管站點之間的每千瓦時總成本的細分。在結束之前，我想討論一下我們的流動性狀況。截至 6 月 30 日，我們手頭大約有 2200 萬美元現金，總計 529 個比特幣，價值約 1400 萬美元。

Our total assets were over $650 million and we've less than $18 million of debt, which represents a relatively clean and flexible balance sheet. As Zach stated earlier in the call, we currently have enough capital on hand to fully fund the capital investments to get to our 16 exahash goal, that includes machines, building materials and other infrastructure. And as of today, we have over $90 million in almost 1,200 Bitcoins, which represents approximately $125 million of liquidity and more than enough to reach our targets.

我們的總資產超過 6.5 億美元，債務不到 1800 萬美元，這表明我們的資產負債表相對乾淨且靈活。正如扎克早些時候在電話會議中所說，我們目前手頭有足夠的資金來充分資助資本投資，以實現我們的 16 exahash 目標，其中包括機器、建築材料和其他基礎設施。截至今天，我們擁有近 1,200 個比特幣，價值超過 9000 萬美元，這意味著大約 1.25 億美元的流動性，足以實現我們的目標。

Now that we have certainty, we look forward to continuing to execute on our strategy over the next couple of months. With respect to the recent increases in our Bitcoin balance, I want to state that from my perspective, I really like the flexibility of our balance sheet and operational performance. We now have all the pieces in place from people to capital to extend our strong track record of growth and operational excellence.

現在我們已經確定了，我們期待在接下來的幾個月裡繼續執行我們的戰略。關於我們比特幣餘額最近的增加，我想說的是，從我的角度來看，我真的很喜歡我們資產負債表和運營績效的靈活性。現在，我們已具備從人員到資本的所有要素，以延續我們強勁的增長和卓越運營記錄。

With that, I will turn the call back over to Isaac.

這樣，我會將電話轉回給艾薩克。

Thanks, Gary. Abby, this concludes our prepared remarks. We would now like to open the line for questions from analysts.

謝謝，加里。艾比，我們準備好的發言到此結束。我們現在願意開通分析師提問熱線。

(Operator Instructions) And we will take our first question from Michael Colonnese with H.C. Wainright.

（操作員說明）我們將回答 Michael Colonnese 和 H.C. 提出的第一個問題。溫賴特。

First 1 for me. Great to see the power costs come down in the quarter. If you could just speak to what you've seen in the market since the quarter and the trajectory going forward, especially in light of some of the recent heat waves that we've seen across the U.S. and now that Vogtle 3 is online in the state.

第一個對我來說。很高興看到本季度電力成本下降。您能否談談自本季度以來您在市場上看到的情況以及未來的發展軌跡，特別是考慮到我們最近在美國各地看到的一些熱浪，以及現在 Vogtle 3 在狀態。

This is Zach. I'll fill that 1 first. Power prices have continued to remain very advantageous. This is a great thing about Georgia is we're not in Texas, and we're not contending with the power prices in the way that they are. Also, we're not seeing the heat in the same way. Yes, it's hot. Yes, we have to manage around that. But our curtailment has been incredibly limited.

這是紮克。我先填那個1。電價繼續保持非常有利。佐治亞州的一大優點是我們不在德克薩斯州，而且我們不會像現在那樣與電價作鬥爭。此外，我們並沒有以同樣的方式看待熱量。是的，很熱。是的，我們必須解決這個問題。但我們的削減非常有限。

I don't have the exact number, but we are able to maintain still upper 90% uptimes even after the quarter end. So really, what you should expect to see in our next update is continued extremely high realization. July has been great. We do expect probably the last 2 weeks of August are usually the hottest of the year in Georgia. What we're seeing on the power prices, though is -- they've been able to maintain fairly flat. So where we see a slight increase in August? Yes, I think so. But we are seeing the whole sub power rates to continue to maintain in the $0.02 range just like we did last quarter where we had $0.024 on average.

我沒有確切的數字，但即使在季度末之後，我們仍然能夠保持 90% 以上的正常運行時間。所以實際上，您應該期望在我們的下一次更新中看到的是持續極高的實現。七月很棒。我們確實預計八月的最後兩週通常是佐治亞州一年中最熱的。不過，我們在電價上看到的是——它們一直能夠保持相當平穩。那麼八月份哪裡有小幅增長呢？是的，我想是這樣。但我們看到整個子電價繼續維持在 0.02 美元的範圍內，就像我們上個季度的平均電費為 0.024 美元一樣。

So all in all, we're feeling really good. We're able to keep our machines online more than I think most of our peers, and Georgia is again proving to be one of the best bets. To your last question, let me address Vogtle 3. Really, its impact is probably a little too early to tell, but it's part of the reason that we made the bet. If you understand the power cost or really just supply and demand, what Vogtle 3 is providing is additional supply base load 24/7, 365 and that should lead to increased abundance, which again, on a supply and demand curve should lead to lower cost, simple economics.

總而言之，我們感覺非常好。我們能夠讓我們的機器保持在線狀態，這比我認為的大多數同行都要多，佐治亞州再次被證明是最好的選擇之一。對於你的最後一個問題，讓我談談 Vogtle 3。確實，現在說它的影響可能有點為時過早，但這是我們下注的部分原因。如果您了解電力成本或實際上只是供需關係，那麼 Vogtle 3 提供的是額外的供應基本負載 24/7、365，這應該會導致豐富程度的增加，這同樣在供需曲線上會導致成本降低，簡單的經濟學。

And we will take our next question from Josh Siegler with Cantor Fitzgerald.

我們將回答喬什·西格勒和坎托·菲茨杰拉德提出的下一個問題。

Congrats on in the 16 exahash fully funded. I think that's quite an achievement. So congratulations on that. It actually ties into my first question, which is with the 16 exahash fully funded now, what do you view as the major risk to actually achieving that 16 exahash year-end target? How do you plan on best managing for things such as transportation of rigs and actually installing the rigs to make sure you can still hit the 16 exahash by year-end.

恭喜 16 exahash 獲得全額資助。我認為這是一項相當大的成就。所以恭喜你。它實際上與我的第一個問題有關，即 16 exahash 現在已獲得全額資助，您認為實際實現 16 exahash 年終目標的主要風險是什麼？您計劃如何最好地管理諸如鑽機運輸和實際安裝鑽機之類的事情，以確保您在年底前仍能達到 16 exahash。

Josh, thanks for joining the call. I appreciate the thoughtful question on this. What we focus on is what we can control. And we've been planning on this for many months. So let me address the rigs first and the miners, I should say. The miners are going to arrive months in advance is our intention. So we expect the -- if you look at that 45,000 unit order, which will be the majority of what goes into that site, is in August and September batch, which means they should be shipped late September -- or sorry, late August, early September.

喬什，感謝您加入通話。我很欣賞對此深思熟慮的問題。我們關注的就是我們能夠控制的。我們為此計劃了好幾個月。因此，我應該首先談談鑽機和礦工。我們的意圖是礦工提前幾個月到達。所以我們預計——如果你看一下45,000 單位的訂單，這將是進入該網站的大部分訂單，是在8 月和9 月批次，這意味著它們應該在9 月底發貨——或者抱歉， 8 月底，九月初。

And so at that point, it's just a matter of how quickly the planes can get on the ground. So I really would expect that we should have all the -- all 45,000 of those machines state side realistically, by the end of October on an outside case, it should be the first week or 2 in November.

因此，到那時，問題就在於飛機能夠以多快的速度降落。因此，我真的希望我們應該擁有所有 45,000 台機器，實際上，到 10 月底，就外部情況而言，應該是 11 月的第一周或第二週。

Now from there, it comes to infrastructure. So our infrastructure is well on track to be ready ahead of time. With the minute that we have shelves available, optimally, we're storing miners for a very short period of time. and then we're putting them right on to shelves and ready to go. So everything we control between the rigs and the infrastructure, all the long lead time items have already been ordered under contract. We have all the contractors secured. So all of that is taken care of.

現在從這裡開始，涉及基礎設施。因此，我們的基礎設施已步入正軌，可以提前做好準備。一旦我們有可用的貨架，我們就可以在很短的時間內存儲礦工。然後我們將它們放在貨架上並準備好使用。因此，我們控制的鑽機和基礎設施之間的一切，所有長交貨期的項目都已根據合同訂購。我們已經確保了所有承包商的安全。所以所有這些都得到了照顧。

The risk to us are the things we don't control. And that can, of course, be utility timing or anything that relates to their side. As of right now, we feel good about the trajectory of things are going. Now of course, we can help in some ways along the process, and we're going to continue to do so to make sure that we get there as quickly as possible.

我們面臨的風險是我們無法控制的事情。當然，這可以是公用事業時間或與他們相關的任何事情。截至目前，我們對事情的發展軌跡感覺良好。當然，現在我們可以在整個過程中以某些方式提供幫助，並且我們將繼續這樣做，以確保我們盡快實現這一目標。

But when the power is there, it still does take time to turn the machines on. If you paid attention to what happened with our recent 50-megawatt expansion, it took us about 10 days to get -- 10, 12 days to get all those machines turned on hashing and that just comes down to the fact that we're working with a whole lot of power. It's not like flipping a light switch when it comes to 50 or 150 megawatts of power.

但當電源接通時，打開機器仍然需要時間。如果您關注我們最近 50 兆瓦的擴展所發生的情況，我們花了大約 10 天的時間才讓所有這些機器都開啟哈希功能，而這只是因為我們正在工作擁有大量的力量。這與 50 或 150 兆瓦功率下打開電燈開關不同。

So for us to kind of sum that up. It's -- we're going to try and have everything we control, ready early and that way, we have plenty of buffer room on our side of the equation.

所以我們來總結一下。我們將嘗試讓我們控制的一切儘早做好準備，這樣我們就有足夠的緩衝空間。

Got it, Zach. That was very helpful color. And then I was curious, if we could take a look forward, right? Once the 16 exahash target is achieved, it should set the company up to establish a larger hollow balance over time. if we're thinking about growth beyond the 16 exahash, would you view this larger hollow balance as a potential funding source for growth?

明白了，扎克。這是非常有用的顏色。然後我很好奇，我們是否可以向前看，對嗎？一旦實現 16 exahash 的目標，公司應該會隨著時間的推移建立更大的空心餘額。如果我們考慮超過 16 exahash 的增長，您是否會將這種更大的空心餘額視為增長的潛在資金來源？

Yes, absolutely. We view it also as an ROI source, because it's an asset on the balance sheet that has the ability to grow in value. And going back to the market events that we're seeing, ETFs, for example, halving is another one.

是的，一點沒錯。我們也將其視為投資回報率來源，因為它是資產負債表上的一項資產，具有增值能力。回到我們所看到的市場事件，例如 ETF，減半是另一回事。

Bitcoin is built with scarcity in mind that should push the value up on a long-term basis. We also believe that the other market effects such as ETFs, but also the continued adoption rates of Bitcoin everything is trending in the right direction to show that, that will increase in value. Now as that goes up in value, we can, of course, use that to fund growth from operations like we have for the last 18 months. We've always seen it as 1 of the levers to pull to grow. And so again, from a market condition point of view, we got it right when we started selling our Bitcoin even though it was unpopular, almost what's that 18 months, almost 2 years ago when Bitcoin hit $69,000. Although unpopular, we chose to sell it because the market indicated it was time to sell. We believe the market is indicating it's time to hold on to more than other times. And we'll measure it day by day, week by week. But absolutely, we still see it as a way to fund growth.

比特幣是在考慮到稀缺性的情況下構建的，這應該會在長期的基礎上推高其價值。我們還相信，ETF 等其他市場影響，以及比特幣的持續採用率，一切都在朝著正確的方向發展，這表明價值將會增加。現在，隨著價值的上升，我們當然可以用它來為我們過去 18 個月的運營增長提供資金。我們一直將其視為推動增長的槓桿之一。因此，從市場狀況的角度來看，當我們開始出售比特幣時，我們就做對了，儘管它不受歡迎，幾乎是 18 個月，差不多兩年前，當比特幣觸及 69,000 美元時。儘管不受歡迎，我們還是選擇出售，因為市場表明是時候出售了。我們認為，市場表明現在是比其他時候持有更多股票的時候了。我們將日復一日、周復一周地進行衡量。但絕對，我們仍然將其視為資助增長的一種方式。

And again, on a long-term basis, we also hope that debt markets come back into play, which are really not good opportunities there, but the more non-dilutive capital, whether it's operating or debt, the better. And on a long-term basis, we think that having a really strong balance sheet sets us up to do that and we'll look to those levers in a higher degree for future growth.

再說一次，從長遠來看，我們也希望債務市場重新發揮作用，這確實不是一個好機會，但非稀釋資本越多，無論是運營資本還是債務資本，就越好。從長遠來看，我們認為擁有真正強大的資產負債表使我們能夠做到這一點，並且我們將在更高程度上尋求這些槓桿來實現未來的增長。

We will take our next question from Tyler DiMatteo from BTIG.

我們將回答來自 BTIG 的 Tyler DiMatteo 的下一個問題。

Yes. I really appreciate the time here. So Zach, I was wondering if you could provide a little more color Dalton specifically? And really, what would that expansion look like realizing that Georgia is the real stronghold footprint of the company, but any color on timing there? How you would think about going about or realizing that with Vogtle 3 online, obviously, nuclear in Georgia is becoming even more important. Just any other color on that side specifically?

是的。我真的很感激在這裡度過的時光。扎克，我想知道你是否可以專門提供更多一點的顏色道爾頓？事實上，如果意識到佐治亞州是該公司真正的據點，那麼這種擴張會是什麼樣子，但那裡的時間安排有什麼不同呢？顯然，通過在線 Vogtle 3，您會如何考慮或意識到佐治亞州的核能變得更加重要。那一側還有其他顏色嗎？

At this time, I'm not able to provide a lot of additional information. We don't want to give away all the secrets of everything we're working on right now. So there's just opportunity. There's opportunity all over Georgia from an abundance of power point of view. To reiterate, Georgia, again, is continuing to prove out just like we made the bet 2.5 years ago, it would that power prices would be low and continue to stay low. And so that is 1 of many opportunities for expansion. When we have more information in hand, we will look forward to sharing it with everybody.

目前，我無法提供很多額外信息。我們不想洩露我們目前正在開展的所有工作的所有秘密。所以只有機會。從電力充足的角度來看，佐治亞州各地都有機會。重申一下，佐治亞州再次證明，就像我們 2.5 年前所做的賭註一樣，電價將保持在較低水平並繼續保持在較低水平。這是眾多擴張機會之一。當我們掌握更多信息時，我們將期待與大家分享。

Okay. Great. And then my follow-up here, I wanted to circle back on the fleet efficiency at the 29 jouals per terahash going to 25. I mean, I guess, how do you think about moving beyond the 25 potentially? And really the rig replacement cycle and just growth in general. Just curious how you're thinking about efficiency. And anything you can do to kind of improve that? I know, obviously, immersion's a big topic in the market today. But just any other color there on kind of how you're thinking about efficiency and what that could shake up to be?

好的。偉大的。然後我的後續行動是，我想回顧一下艦隊效率，從每太拉哈希 29 焦耳升至 25 焦耳。我的意思是，我想，您如何看待超越 25 焦耳的可能性？確實是鑽機更換週期和總體增長。只是好奇您如何考慮效率。你可以做些什麼來改善這一點？我知道，顯然，沉浸感是當今市場的一個大話題。但還有其他顏色可以說明您如何看待效率以及這可能會帶來什麼變化嗎？

Yes. So that's obviously going to be an optimization strategy that is going to be required by all miners in the future. What we're actively in the process for, and if anybody has added up the exahash of total miners that we have, they're going to see it's over 16 exahash.

是的。因此，這顯然將成為未來所有礦工都需要的優化策略。我們正在積極進行這一過程，如果有人將我們擁有的礦工總數加起來，他們將看到超過 16 exahash。

And we're actively in the process of doing some upgrades that will lead to I'm going to call it a midterm fleet efficiency improvement between now and the end of the year. And we think that, that's going to get us halfway to 25 exahash. And then once we get everything installed and online, really, there won't be -- we don't expect at halving that there will be anything in our fleet that will have an efficiency over 30.5 watts per terahash. All the machines will have been upgraded and shifted from there. Now what does that mean for the machines that we pull out of cycle.

我們正在積極進行一些升級，我將其稱為從現在到今年年底的中期機隊效率改進。我們認為，這將使我們達到 25 exahash 的一半。然後，一旦我們安裝好所有東西並上線，實際上，我們不會期望減半後，我們的機群中會有任何東西的效率超過每太拉哈希 30.5 瓦。所有機器都將從那裡升級並轉移。現在，這對於我們退出循環的機器意味著什麼？

There's obviously a couple of things to do with them. We can keep them and look to deploy them in maybe more remote situations where power is extremely cheap, but maybe where there's uncertainty of timing. This can be anything from flare gas to small sites in Africa or we can just sell them and turn them into capital and keep buying and building more efficient facilities.

顯然有幾件事與它們有關。我們可以保留它們，並考​​慮將它們部署在可能更偏遠的地方，那裡的電力極其便宜，但可能存在時間不確定性。這可以是任何東西，從火炬氣到非洲的小型場地，或者我們可以直接出售它們並將其轉化為資本，並繼續購買和建造更高效的設施。

So we see that as a point of optionality. So we are going to have a stack of lower-efficient miners. But what the bull market has always proven when you look back and how many S19s were suddenly flying off shelves, for prices for what you can actually nearly buy an S17 or an S19 for today, that's another opportunity as you stack the less efficient machines in a warehouse and the next bull run, they're worth their waiting gold again. So we see that as a point of optionality, but we don't expect to have anything plugged in halving that would have an efficiency under -- or above 30.5 watts per terahash.

所以我們認為這是一個可選點。所以我們將會有一堆效率較低的礦工。但是，當您回顧過去時，牛市總是證明了這一點，以及有多少S19 突然被搶購一空，以今天幾乎可以購買S17 或S19 的價格，這是另一個機會，因為您將效率較低的機器堆疊在一起一個倉庫和下一次牛市，它們再次值得等待黃金。因此，我們認為這是一個可選點，但我們不希望插入任何會導致效率低於或高於每太拉哈希 30.5 瓦的東西。

We will take our next question from Brian Dobson with Chardan.

我們將回答布萊恩·多布森和查丹提出的下一個問題。

So interesting thoughts that you shared on the potential approval to spot ETF. I suppose, what are your thoughts on the time line for that approval? And do you have any estimate for how much capital we could see directed toward this line if 1 of those is approved?

您分享了關於現貨 ETF 可能獲得批准的有趣想法。我想，您對批准的時間表有何看法？您是否估計，如果其中一項獲得批准，我們可以看到多少資金用於該項目？

Anything I would say is going to be maybe a guess. But I expect it will be a matter of months, not years. If Mike Novogratz yesterday got pretty public during their earnings call and some follow-on comments that his belief from insiders at BlackRock was that it would be 4 to 6 months out. He probably has better information than I do on this. So that's probably a good indication.

我想說的任何事情都可能只是猜測。但我預計這將是幾個月的事情，而不是幾年的事情。如果邁克·諾沃格拉茨 (Mike Novogratz) 昨天在財報電話會議上公開發表言論，以及貝萊德內部人士的一些後續評論，他認為這將是 4 到 6 個月後的事情。在這方面他可能比我有更多的信息。所以這可能是一個很好的跡象。

But we have had conversations with market participants, over the past few months. And I do see it as something that is likely -- it's something that happened in the very near term. So really looking forward to that.

但在過去的幾個月裡，我們與市場參與者進行了對話。我確實認為這是有可能發生的事情——這是在短期內發生的事情。所以真的很期待。

From a capital point of view, I think it's going to just come down to percentages. There's a lot of money being managed out there. And once ETFs from these big firms come into play, there's nothing to stop somebody from putting 1% or 0.5% or even 0.1% into these ETFs.

從資本的角度來看，我認為這將歸結為百分比。那裡有很多錢正在管理。一旦這些大公司的 ETF 發揮作用，就沒有什麼可以阻止有人將 1% 或 0.5% 甚至 0.1% 投入這些 ETF 中。

And when you think about the trillions under management, that could potentially a very large dollar amount that flows into Bitcoin. But what that is and how much funds would -- or family office would consider to allocate into any of these ETFs. It's just a guess. I do think that the regulatory certainty is a really big part of this, which, again, we mentioned we think is coming.

當你考慮到所管理的數万億美元時，可能會有大量資金流入比特幣。但這是什麼，以及家族辦公室會考慮分配多少資金到這些 ETF 中。這只是一個猜測。我確實認為監管的確定性是其中非常重要的一部分，我們再次提到我們認為這一點即將到來。

So even if when the ETFs come into play, there's not all the potential capital that comes in, maybe we need another 12 months after that of additional regulatory certainty and when that happens, we could see a second wave, I think. So I think this is a 2-step process potentially unless from a commodities point of view, that certainty speeds up just a little bit more.

因此，即使當ETF 發揮作用時，也不會出現所有潛在資本流入，也許我們還需要12 個月的時間才能獲得額外的監管確定性，我認為，當這種情況發生時，我們可能會看到第二波浪潮。因此，我認為這可能是一個兩步過程，除非從大宗商品的角度來看，這種確定性會加快一點點。

We will take a follow-up question from Josh Siegler with Cantor Fitzgerald.

我們將回答喬什·西格勒和坎托·菲茨杰拉德提出的後續問題。

I just wanted to touch on immersion cooling. Now that you've been cashing in immersion for quite some time, I'm curious if you can comment on the efficiency gains you're seeing from immersion? And any color you have on its operations as well would be helpful.

我只是想談談浸入式冷卻。現在您已經在沉浸式體驗中獲利相當長一段時間了，我很好奇您是否可以評論一下您從沉浸式體驗中看到的效率提升？其操作上的任何顏色也會有所幫助。

Yes, absolutely. So we really like the results we're seeing from immersion. And I also think in future generation of miners as the chips get more efficient and the nanometers get smaller, it therefore produces more heat potentially, immersion is going to become more and more important.

是的，一點沒錯。所以我們真的很喜歡沉浸式所看到的結果。我還認為，在未來一代的礦機中，隨著芯片變得更加高效，納米變得越來越小，因此它可能會產生更多的熱量，沉浸感將變得越來越重要。

And so as part of that, I really do think that in '24 and later, we'll look to build more immersion cool facilities. We specifically said that when we built Norcross that we knew it wasn't going to be the biggest site that we owned. It's actually amongst our smallest currently, but it allowed us to learn everything we needed to learn.

因此，作為其中的一部分，我確實認為在 24 年及以後，我們將尋求建造更多沉浸式冷卻設施。我們特別說過，當我們建造諾克羅斯時，我們知道它不會成為我們擁有的最大的網站。它實際上是我們目前最小的之一，但它使我們能夠學習我們需要學習的一切。

Currently, it is running perfectly flat all the time, 24/7, repair and downtime is substantially better than air cool. And so again, we're extremely happy from the results we've seen. We've also learned a couple of things that we would change in the future. So I do think in 2024 and later, we'll be ready to move into more large-scale immersion facilities.

目前，它始終運行完美，24/7，維修和停機時間明顯優於風冷。同樣，我們對所看到的結果感到非常高興。我們還了解到一些我們將來會改變的事情。因此，我確實認為在 2024 年及以後，我們將準備好遷入更大規模的沉浸式設施。

Now when it comes to performance, we do gain some flexibility in immersion and so there's a lot of headlines and a lot of talk about the ability to overclock 100%, and that's not something we're interested in doing because the efficiency goes out the window. But instead, what we're seeing is we can hash at 8% to 15% better and maintain or improve the base plate or nameplate efficiency of many of these machines. So it allows us to make gains on efficiency while maintaining those miners, very healthy temperatures, very long life, happy environment for them to be in. So we're happy with smaller gains, higher efficiency, which again drives more to the bottom line. So that's where we're going to focus on our immersion in the future.

現在，說到性能，我們確實在沉浸感方面獲得了一些靈活性，因此有很多頭條新聞和很多關於超頻 100% 的能力的討論，但這不是我們感興趣的事情，因為效率超出了窗戶。但相反，我們看到的是我們可以將哈希值提高 8% 到 15%，並維持或提高許多此類機器的底板或銘牌效率。因此，它使我們能夠在提高效率的同時，保持這些礦工的健康、非常健康的溫度、很長的壽命、讓他們生活在愉快的環境中。因此，我們對較小的收益、較高的效率感到滿意，這再次推動了更多的利潤。因此，這就是我們未來要重點關注的沉浸式體驗。

We're not going to try and do these massive over clocks because efficiency does go out the window. And that's, I guess, the point of risk, I would say, for -- to -- when investors do hear about that is you just need to know that, that comes at a cost.

我們不會嘗試進行這些大規模的超頻，因為效率確實是不可能的。我想，這就是風險點，我想說，當投資者確實聽說這一點時，你只需要知道這一點，這是有代價的。

So again, you can overclock when Bitcoin goes to $69,000, it sounds great. But when Bitcoin comes down to current levels or even lower like we saw in the winter, under clocking is actually more valuable. So flexibility is the real value in immersion cooling.

再說一次，當比特幣漲到 69,000 美元時，你可以超頻，聽起來很棒。但當比特幣降至當前水平，甚至像我們在冬天看到的那樣更低時，低時鐘實際上更有價值。因此，靈活性才是浸入式冷卻的真正價值。

And ladies and gentlemen, with that, we will conclude today's conference. We thank you for your participation, and you may now disconnect your lines.

女士們、先生們，我們今天的會議就到此結束。我們感謝您的參與，您現在可以斷開線路了。