CleanSpark Inc (CLSK) 2024 Q2 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Regina, and I will be your conference operator today. I would like to welcome everyone to CleanSparks' second-quarter fiscal year 2024 financial results conference call. (Operator Instructions)

女士們、先生們，午安。我叫雷吉娜，今天我將擔任你們的會議操作員。我歡迎大家參加 CleanSparks 2024 財年第二季財務業績電話會議。（操作員說明）

I would now like to turn the floor over to Isaac Holyoak, Chief Communications Officer.

我現在想請首席通訊官艾薩克·霍利奧克 (Isaac Holyoak) 發言。

Thanks, Regina. Appreciate it. And thank you for joining us today for our second-quarter fiscal year financial results call, covering the period January 1, 2024 through March 31, 2024. Our press release was issued earlier this morning and is available on our website at www.cleanspark.com. Today's call is also being webcast and a replay and transcript will be available on our website. On the call with me are Zach Bradford, our Chief Executive Officer; and Gary Vecchiarelli, our Chief Financial Officer.

謝謝，雷吉娜。欣賞它。感謝您今天參加我們的第二季財年財務業績電話會議，涵蓋期間為 2024 年 1 月 1 日至 2024 年 3 月 31 日。我們的新聞稿於今天早上早些時候發布，可在我們的網站 www.cleanspark.com 上取得。今天的電話會議也將進行網路直播，重播和文字記錄將在我們的網站上提供。與我通話的有我們的執行長 Zach Bradford；和我們的財務長加里·韋基亞雷利 (Gary Vecchiarelli)。

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 business as we see them today. The statements and information provided remain subject to the risk factors disclosed in our most recently filed annual report. We will also discuss certain non-GAAP financial measures concerning our performance during today's call. You can find the reconciliation of non-GAAP financial measures in our press release, which is available on our website.

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。所提供的聲明和資訊仍受我們最近提交的年度報告中揭露的風險因素的影響。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。您可以在我們的新聞稿中找到非公認會計準則財務指標的調節表，該新聞稿可在我們的網站上找到。

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札克。

Thank you, Isaac. We've had an exceptional quarter made possible by the hard work of the many quarters that preceded it. In fact, this quarter has been, in many ways, the payoff for what has been years of careful, measured, and patient building. But rather than see this as a place where we stop to celebrate, I see this as a beginning. A beginning in which we have already laid a strong foundation for the future to come.

謝謝你，艾薩克。由於之前許多季度的辛勤工作，我們度過了一個非凡的季度。事實上，從許多方面來說，本季都是多年來精心、謹慎和耐心建設的回報。但我並沒有將其視為我們停下來慶祝的地方，而是將其視為一個開始。我們已經為未來奠定了堅實的基礎。

Post halving, this foundation of grit, commitment, and importantly the scale we've developed over the last few years, will continue to pay off as we work to deliver exceptional returns to our shareholders during the next cycle. Our record-breaking revenue and adjusted EBITDA are a testament to our robust operational strategies and market positioning. We recorded $111.8 million in revenue and $181.8 million in adjusted EBITDA. These numbers are impressive on their own. Compared to the past performance and the speed at which we have achieved them relative to our peers, they become more so.

減半後，這種勇氣、承諾以及重要的是我們在過去幾年中發展起來的規模的基礎，將繼續得到回報，因為我們努力在下一個週期為股東帶來卓越的回報。我們破紀錄的收入和調整後的 EBITDA 證明了我們穩健的營運策略和市場定位。我們的營收為 1.118 億美元，調整後 EBITDA 為 1.818 億美元。這些數字本身就令人印象深刻。與過去的表現以及我們相對於同行實現這些目標的速度相比，它們變得更加如此。

Our revenue grew 52% quarter over quarter, and 163% compared to the same prior year period. Adjusted EBITDA grew 163% quarter over quarter, and then 12 times over the same prior year periods.

我們的營收季增 52%，與去年同期相比成長 163%。調整後 EBITDA 較上季成長 163%，較去年同期成長 12 倍。

Bitcoin production, despite global hashrate growth, stayed strong even beating our prior quarters production placing us amongst the highest producers in the industry. Since the start of 2024, we've experienced exceptional growth with our operating capacity increasing by an impressive 63%. And what we believe is the most hashrate added amongst any public miner.

儘管全球算力成長，比特幣產量仍保持強勁，甚至超過了前幾季的產量，使我們成為業內最高的生產商之一。自 2024 年初以來，我們經歷了非凡的成長，營運能力成長了 63%，令人印象深刻。我們相信這是所有公共礦工中增加的算力最多的。

Our growth is supported by our newest Bitcoin mining facilities in Mississippi and Georgia. And as we announced moments before the call started, we plan to continue our growth in the great state of Wyoming, which I'll discuss in greater detail later in the call.

我們的成長得到了密西西比州和喬治亞州最新的比特幣採礦設施的支持。正如我們在電話會議開始前宣布的那樣，我們計劃繼續在偉大的懷俄明州發展，我將在稍後的電話會議中更詳細地討論這一點。

I want to pause a moment here to underscore how important our growth has been. We've had a lot of talk lately about the program halving and its impact on minor revenue. What ran under the radar is the fact that we experienced a halving of source already with global hashrates dramatic rise. And even given that rise, we still have grown our production, outpacing global hashrate, while some of our peers have languished.

我想在這裡暫停一下，強調我們的成長有多重要。最近我們有很多關於該計劃減半及其對小額收入的影響的討論。值得注意的是，隨著全球算力的急遽上升，我們經歷了資源減半。即使有了這種成長，我們的產量仍然成長，超過了全球算力，而我們的一些同行卻陷入了困境。

We expect to do the same with the programmed halving that recently occurred. Among the evidence for this claim is that, we've achieved a significant milestone, securing our position as the second largest vertically integrated publicly traded Bitcoin mining company in North America. Our current total capacity stands at over 17 exahash per second, distributed across eight owned and operated data centers in Georgia and Mississippi, and co-location facilities in upstate New York and we are not resting on our laurels.

我們希望對最近發生的計劃減半採取同樣的做法。這一說法的證據之一是，我們已經實現了一個重要的里程碑，鞏固了我們作為北美第二大垂直整合上市比特幣礦業公司的地位。我們目前的總容量超過每秒 17 exahash，分佈在喬治亞州和密西西比州擁有和營運的 8 個資料中心以及紐約州北部的託管設施，我們不會滿足於現狀。

Our efficiency is amongst the best globally, emphasizing our commitment to innovation and operational excellence. Efficiency is a crucial metric in every aspect of our business, including our fleet, operations, and capital allocation. With capital on hand, we have fully funded all machine purchases. This positions us to continue to thrive post-halving and be highly active in the coming months. We expect to be one of the most measured and active acquirers in the industry.

我們的效率位居全球前茅，這凸顯了我們對創新和卓越營運的承諾。效率是我們業務各個方面的關鍵指標，包括我們的機隊、營運和資本配置。憑藉現有資金，我們已為所有機器採購提供了全額資金。這使我們能夠在減半後繼續蓬勃發展，並在未來幾個月保持高度活躍。我們期望成為業界最謹慎、最活躍的收購者之一。

Speaking of machine purchases, we aggressively pursued machine purchases and upgrades, notably the acquisition of the S21 Pro miners, enhancing our mining capabilities significantly. We recently took advantage of an opportunity to upgrade our purchase of the already efficient S21 to the new, even more efficient S21 Pro's at the same industry low cost per terahash.

說到機器採購，我們積極進行機器採購和升級，特別是收購了S21 Pro礦機，顯著增強了我們的挖礦能力。我們最近利用這個機會，以同行業每 terahash 的低成本，將購買的已經高效的 S21 升級到新的、更有效率的 S21 Pro。

The effect of this upgrade is a 17% increase in our total purchased hashrate adding 3.4 exahash per second. These machines are so efficient that we don't need to add more infrastructure to achieve and recognize these hashrate gains. These new rigs represents the latest advancements in mining technology, setting the stage for our continued success.

此次升級的效果是我們購買的總算力增加了 17%，每秒增加 3.4 exahash。這些機器非常高效，我們不需要增加更多基礎設施來實現和認識這些算力增益。這些新鑽機代表了採礦技術的最新進步，為我們的持續成功奠定了基礎。

Our shareholder returns this quarter have been impressive, reflecting our strong financial health and our commitment to shareholder value. Year to date, we have outpaced all our publicly held peers to become the second largest miner by market cap listed on the Nasdaq. Many of these achievements can be tied back to the benefits of scale. I want to drive this home, as I think the benefits of scale are grossly overlooked.

本季我們的股東回報令人印象深刻，反映出我們強勁的財務狀況和對股東價值的承諾。今年迄今為止，我們已經超越所有上市同行，成為納斯達克上市市值第二大礦業公司。其中許多成就都可以與規模效益連結在一起。我想把這一點帶回家，因為我認為規模的好處被嚴重忽視了。

Many try and find a single metric that levels the playing field between small and large miners. But the playing field isn't level. A company that has scale can achieve escape velocity with much lower incremental inputs.

許多人試圖找到一個單一的指標來平衡小型和大型礦工之間的競爭環境。但競爭環境並不公平。具有規模的公司可以透過低得多的增量投入來實現逃逸速度。

Consider this. Because we have our scale, we can cover all of our overhead costs with the margins from our Bitcoin production. And as a result, all new capacity we add and the resulting Bitcoin goes directly to our bottom line. No matter how you slice it, no argument about unit economics matters until scale and the resulting escape velocity is reached.

考慮一下這一點。因為我們有規模，所以我們可以用比特幣生產的利潤來支付所有管理費用。因此，我們添加的所有新容量以及由此產生的比特幣都直接影響我們的利潤。無論你如何分割它，在達到規模和由此產生的逃逸速度之前，關於單位經濟學的爭論都不重要。

You pair the scale with our solid cash balance, minimal debt, and our significant cash flows, we are set to grow at a lower cost of capital, faster, and stronger than many of our peers. I continue to believe that we will have fewer public miners at the end of this year than we started with.

如果將規模與我們穩健的現金餘額、最小的債務和大量的現金流相結合，我們將以比許多同行更低的資本成本、更快、更強大的方式實現成長。我仍然相信，到今年年底，我們的公共礦工數量將比年初少。

The miners that have not reached the escape velocity of scale, lacking the ability to cover all their overhead costs by Bitcoin production, will be pulled back down to earth. Now, this also creates opportunities for CleanSpark, which we intend to continue to capitalize on in our journey to 50 exahash per second and beyond.

那些尚未達到規模逃逸速度、缺乏透過比特幣生產來支付所有管理費用的能力的礦工將被拉回地球。現在，這也為 CleanSpark 創造了機會，我們打算繼續利用它來實現每秒 50 exahash 以上。

Building upon our scale, our unique advantage also lies in our deep understanding of infrastructure needs and the ability to control our own destiny. Being a vertically integrated company, or said in another way, asset heavy from the outset, we have always recognized the value that this control provides us as we navigate halving and other market events.

立足規模，我們的獨特優勢還在於對基礎設施需求的深刻理解和掌控自己命運的能力。作為一家垂直整合的公司，或者換句話說，從一開始就擁有大量資產，我們始終認識到這種控制權在我們應對減半和其他市場事件時為我們提供的價值。

There are a lot of variables out of our control, such as Bitcoin price, global hashrate, machine prices, and ultimately energy prices. Our strategic approach sets us apart in an industry where variables are constantly changing, allowing us to produce the best results.

有很多變數是我們無法控制的，例如比特幣價格、全球算力、機器價格以及最終的能源價格。我們的策略方法使我們在變數不斷變化的行業中脫穎而出，使我們能夠產生最佳結果。

I also want to mention the value of holding Bitcoin. Our operations produce strong positive cash flows, and we've been using those cash flows over the past several months to hold Bitcoin. Or said another way, we have used it to buy Bitcoin at a price less than spot. We view our cost of production as a measure equal to a purchase price. And our low cost of production has allowed us to not only grow our treasury dramatically, but also benefit our shareholders through the recent and future price appreciation.

我還想提一下持有比特幣的價值。我們的業務產生了強勁的正現金流，過去幾個月我們一直利用這些現金流來持有比特幣。或者換句話說，我們用它以低於現貨的價格購買比特幣。我們將生產成本視為等於購買價格的衡量標準。我們的低生產成本不僅使我們的資金得以大幅成長，而且還透過近期和未來的價格升值使我們的股東受益。

We believe setting ourselves up to benefit from the future appreciation is an important strategy as it's the easiest way to pave the way towards a large amount of non-dilutive capital for our shareholders in the future. To do this, we have prioritized the use of equity in our growth, because it's the right way to build long-term value. We've successfully turned equity capital into assets that have provided our long-term shareholders with a significant return on capital. We also believe that Bitcoin will play an important role on not just our balance sheet, but the growing of adoption of Bitcoin on other's balance sheets will continue to lead to increased value in the future.

我們相信，讓自己從未來升值中受益是一項重要策略，因為這是為我們的股東未來獲得大量非稀釋資本鋪路的最簡單方法。為此，我們在成長中優先考慮使用股權，因為這是建立長期價值的正確方式。我們成功地將股本轉化為資產，為我們的長期股東提供了可觀的資本回報。我們也相信，比特幣不僅會在我們的資產負債表上發揮重要作用，而且在其他資產負債表上越來越多地採用比特幣將繼續導致未來價值的增加。

Gary will speak more about this later.

加里稍後會詳細討論這一點。

Of course a lot has happened since the quarter ended, principally Bitcoin's price action as well as the halving. The recent Bitcoin halving is a pivotal event for the entire industry. For those unfamiliar, Bitcoin halving is a scheduled reduction in the reward that Bitcoin miners receive for adding new blocks to their blockchain. It occurs approximately every four years, effectively halving the number of new bitcoins created and earned by miners before transaction fees.

當然，自本季度結束以來發生了很多事情，主要是比特幣的價格走勢以及減半。最近的比特幣減半對於整個產業來說都是一個關鍵事件。對於那些不熟悉的人來說，比特幣減半是指比特幣礦工因向區塊鏈添加新區塊而獲得的獎勵的按計劃減少。它大約每四年發生一次，有效地將礦工在交易費用之前創建和賺取的新比特幣數量減半。

It's crucial to understand what that means for CleanSpark. Halving has the impact of compressing margins, which means only the most efficient miners can support profitable operations after the halving and prior to any meaningful price appreciation of Bitcoin.

了解這對 CleanSpark 意味著什麼至關重要。減半會壓縮利潤，這意味著只有最高效的礦商才能在減半後和比特幣價格出現任何有意義的升值之前支持盈利運營。

For some miners, it is a halving. For some miners, it's an offing. And for other miners, miners like CleanSpark, it's an opportunity. It is an opportunity because the reduction of Bitcoin rewards is partially offset by changes in the hashrate across the network, which takes time, but we've begun to see decreases.

對一些礦工來說，這是減半。對一些礦工來說，這是一種僥倖心理。對於其他礦工，例如 CleanSpark 等礦工來說，這是一個機會。這是一個機會，因為比特幣獎勵的減少被整個網路哈希率的變化部分抵消，這需要時間，但我們已經開始看到減少。

Miners with efficient and profitable operations can take advantage of this decrease in hashrate as they organically grow their market share. Then as Bitcoin's price appreciates, this halving adjustment can benefit those who are efficient enough to operate through the difficult times.

營運高效率、獲利的礦工可以利用算力下降的機會，有機地擴大市場份額。那麼隨著比特幣價格的升值，這種減半的調整可以讓那些有足夠效率來度過困難時期的人受益。

But I want to zoom in a little on that. The opportunity for CleanSpark isn't just in the amount of hashrate that drops off, but in the data centers that become available as a result. It's easy to get lost thinking about the sheer size of global hash rate.

但我想稍微放大一點。CleanSpark 的機會不僅在於哈希率下降，還在於因此變得可用的資料中心。人們很容易迷失在全球哈希率的龐大規模中。

But consider this, we're about 3% of the global network. That means that the most recent decreases in the network hashrate of about 15% means data center space equal to approximately 5 times the size of our company has become available. That we can then optimize and upgrade at a multiple with our superior operations if we choose to acquire it. This represents the potential size of the opportunity for turnkey growth in addition to the organic growth plans we already have.

但考慮一下，我們約佔全球網路的 3%。這意味著最近網路哈希率下降了約 15%，意味著相當於我們公司規模約 5 倍的資料中心空間已經可用。如果我們選擇收購它，我們就可以透過我們的卓越營運進行倍數優化和升級。這代表了除了我們已有的有機成長計畫之外，交鑰匙成長機會的潛在規模。

At CleanSpark, we are navigating this new era with our characteristic discipline and focus on returning value to our shareholders. We built and maintained our strength through advanced strategic planning, and active power management at our operations. For example, in addition to actively managing our power, we continually optimize our operations through hardware and software improvements to keep the cost of mining or hash cost below the revenue generated per hash or hash price, ensuring profitability despite market fluctuations.

在 CleanSpark，我們正在以我們特有的紀律引領這個新時代，並專注於為股東回報價值。我們透過先進的策略規劃和積極的營運權力管理來建立並維持我們的實力。例如，除了積極管理我們的電力之外，我們還透過硬體和軟體改進不斷優化我們的運營，以將採礦成本或哈希成本保持在每個哈希或哈希價格產生的收入以下，從而在市場波動的情況下確保獲利能力。

We see hash costs becoming an increasingly important and easy to digest variable for shareholders to use when they are evaluating publicly traded miners. Hash cost considers primarily fleet efficiency and power cost to deliver a more standardized metric. And of course, the best power prices and the most efficient fleets are meaningless if the operator cannot maintain exceptional uptime across their portfolio. Our existing data centers have performed exceptionally well, each designed to maximize output and efficiency.

我們看到哈希成本成為股東在評估公開交易的礦商時使用的一個越來越重要且易於消化的變數。哈希成本主要考慮車隊效率和電力成本，以提供更標準化的指標。當然，如果營運商無法在其投資組合中保持卓越的正常運行時間，那麼最好的電價和最高效的機隊就沒有意義。我們現有的資料中心表現非常出色，每個資料中心都旨在最大限度地提高產出和效率。

What that means is that we have an industry-leading hash cost, and a track record of effectively managing that cost. Our internal analysis places our current hash cost around $32. We're not just expanding our fleet with additional machines, we're also upgrading existing equipment. Our recent exercise of the option for 100,000 S21 Pro miners is a testament to this approach and aligns with our long-term strategic goals.

這意味著我們擁有領先業界的雜湊成本，以及有效管理該成本的記錄。我們的內部分析顯示我們目前的哈希成本約為 32 美元。我們不僅透過增加機器來擴大我們的機隊，而且還升級現有設備。我們最近對 100,000 台 S21 Pro 礦機的選擇權證明了這種方法，並且與我們的長期戰略目標一致。

Importantly, it will exert significant downward pressure on our hash cost, giving us an expected hash cost as low as just under $28 once the S21 Pro’s we have ordered have arrived and are deployed. Compare that to the hash price, which as of this call is around $50. We expect to see continued hash price improvement. But in the interim, we see current hash price as a meaningful correction in a very crowded market while we wait for the continued price appreciation.

重要的是，這將對我們的哈希成本產生巨大的下行壓力，一旦我們訂購的 S21 Pro 到達並部署，我們的預期哈希成本將低至略低於 28 美元。將其與哈希價格進行比較，截至本次通話，哈希價格約為 50 美元。我們預計哈希價格將持續上漲。但在此期間，我們認為當前的哈希價格是在一個非常擁擠的市場中有意義的修正，同時我們等待價格持續升值。

Although hash price is a good measure, we think it's ever more important to consider the all-in hash cost, or said another way, the all-in cash cost to operate the business including overhead to produce hash rate. I'll repeat what I said earlier. A company must be capable of covering its cost with its production post-halving to achieve escape velocity. And miners lacking scale, or with less efficient corporate overhead practices will never beat miners operating at large scale that cover these costs without requiring outside capital inputs.

儘管哈希價格是一個很好的衡量標準，但我們認為更重要的是考慮全部哈希成本，或者換句話說，營運業務的全部現金成本，包括產生哈希率的開銷。我會重複我之前說過的話。公司必須有能力透過產量減半後的產量來彌補成本，以實現逃逸速度。缺乏規模或企業管理效率較低的礦商永遠無法擊敗大規模營運、無需外部資本投入即可支付這些成本的礦商。

In summary, as we move forward in this new phase of Bitcoin's life cycle, CleanSpark is exceptionally well positioned to continue thriving. Our proactive strategies and relentless pursuit of operational excellence are key differentiators that set us apart in this competitive landscape.

總之，隨著我們進入比特幣生命週期的新階段，CleanSpark 處於非常有利的位置，可以繼續蓬勃發展。我們積極主動的策略和對卓越營運的不懈追求是使我們在競爭格局中脫穎而出的關鍵優勢。

We've grown tremendously over the quarter and over the last year, and we plan to continue to grow. As of this time last year, we were operating at 6.7 exahash per second, meaning, we've grown at an annual rate of over 150%. And we have no intention of slowing down as evidenced by the announcement we just made.

我們在本季度和去年都取得了巨大的成長，我們計劃繼續成長。截至去年這個時候，我們的運行速度為每秒 6.7 exahash，這意味著我們的年增長率超過 150%。正如我們剛剛發布的公告所證明的那樣，我們無意放慢腳步。

I'm particularly pleased to discuss in greater detail our expansion into Wyoming. With this acquisition our geographic footprint is expanded and it's the next step to meet our growth targets. We announced definitive agreements for two sites just outside of Cheyenne, Wyoming. The first site will provide 45 megawatts, and the second site will provide 30 megawatts.

我特別高興能夠更詳細地討論我們向懷俄明州的擴張。透過此次收購，我們的地理足跡得到了擴大，這是實現我們成長目標的下一步。我們宣布了懷俄明州夏延郊外兩個地點的最終協議。第一個站點將提供45兆瓦，第二個站點將提供30兆瓦。

Upon completion, this is expected to support a total of approximately 4.2 exahash per second. We will promptly break ground on infrastructure with the target of having the sites operational in the second half of 2024. In addition to the megawatts already in place, we are working with the utility on a load study that is already underway that we believe will allow us to expand the sites by an additional 55 megawatts, for a total of 130 megawatts and an expected 7.4 exahash per second of operational hashrate in Wyoming.

完成後，預計每秒可支援約 4.2 exahash。我們將迅速破土動工基礎設施，目標是在 2024 年下半年投入營運。除了已經到位的兆瓦之外，我們還與公用事業公司合作進行已經在進行中的負載研究，我們相信這將使我們能夠將站點額外擴大 55 兆瓦，總計 130 兆瓦，預計 7.4 exahash懷俄明州每秒的操作哈希率。

Our approach to acquiring rack space and deploying machines is meticulous and strategic. The upcoming expansion in Wyoming exemplifies our ability to identify and capitalize on opportunities that meet our stringent criteria for efficiency and scalability. Once we close the Wyoming deal, assuming we obtain the megawatts under the expansion, we expect our capacity under management to be over 550 megawatts. This new low-cost capacity will continue to support our mission to have a portfolio that ranks amongst the lowest average cost of energy in the entire industry.

我們獲取機架空間和部署機器的方法是細緻且具策略性的。即將在懷俄明州進行的擴張證明了我們有能力識別和利用符合我們嚴格的效率和可擴展性標準的機會。一旦我們完成懷俄明州的交易，假設我們在擴建中獲得兆瓦，我們預計我們管理的容量將超過 550 兆瓦。這種新的低成本產能將繼續支持我們的使命，即擁有整個產業平均能源成本最低的產品組合。

We have a solid track record of buying quality sites and then expanding them, and expect Wyoming to be no different. For example, Washington, Sandersville, and Dalton are the most recent examples of successful expansion, and we plan to do the same with Wyoming.

我們在購買優質網站然後擴展它們方面擁有良好的記錄，並期望懷俄明州也不例外。例如，華盛頓、桑德斯維爾和道爾頓是最新成功擴張的例子，我們計劃在懷俄明州做同樣的事情。

Before transitioning to how we see the next few quarters developing, I'd like to provide an update on Sandersville. As you are aware, the facility is operating at 180 of the 230 megawatts that we expected. The utility's 50 megawatt transformer has not yet passed the required test before it can be shipped to the newly built substation next to our operations. While we do not have a specific time estimate for energization, the City of Sandersville is working in earnest to ensure the work needed is completed as promptly as possible and we will share more updates as soon as we receive them.

在討論我們如何看待未來幾季的發展之前，我想先介紹一下桑德斯維爾的最新情況。如您所知，該設施的運作功率為我們預期的 230 兆瓦中的 180 兆瓦。該公用事業公司的 50 兆瓦變壓器尚未通過所需的測試，然後才能運送到我們營運點附近新建的變電站。雖然我們沒有具體的通電時間估計，但桑德斯維爾市正在認真工作，以確保盡快完成所需的工作，我們將在收到更多更新後立即分享。

As we look ahead, the dynamics within the Bitcoin mining industry are shifting. We anticipate significant consolidation in the coming years, a trend that will likely widen the performance gap between the top tier miners and the rest of the field. This shift isn't only about scale. It's about strategic positioning and operational efficiency, which are areas where CleanSpark continues to excel.

展望未來，比特幣挖礦產業的動態正在改變。我們預計未來幾年將出現重大整合，這一趨勢可能會擴大頂級礦商與該領域其他公司之間的業績差距。這種轉變不僅與規模有關。這關係到策略定位和營運效率，這是 CleanSpark 持續擅長的領域。

The ongoing consolidation in our industry is necessary. It's akin to a market bloodletting. While this process won't occur overnight, it's an inevitable step towards a more mature and economically sustainable sector, as less equipped miners struggle to keep pace, well-positioned companies like ours will thrive.

我們行業的持續整合是必要的。這類似於市場放血。雖然這個過程不會一蹴而就，但這是邁向更成熟和經濟可持續發展產業的必然一步，因為裝備較差的礦商難以跟上步伐，但像我們這樣定位良好的公司將會蓬勃發展。

At CleanSpark, we favor growth through targeted acquisitions over mergers. Our approach allows us to integrate operations seamlessly and leveraging our existing efficiencies. A prime example of this strategy is our recent acquisition in Wyoming, which not only expanded our operational footprint, but did so under favorable economic terms, reflecting our commitment to smart growth.

在 CleanSpark，我們贊成透過有針對性的收購而不是合併來實現成長。我們的方法使我們能夠無縫整合營運並利用我們現有的效率。這項策略的典型例子是我們最近在懷俄明州的收購，這不僅擴大了我們的營運足跡，而且是在有利的經濟條件下實現的，反映了我們對智慧成長的承諾。

Our M&A strategy, the CleanSpark way, is rigorous. We review dozens of opportunities but choose only those that meet our strict criteria; efficiency, valuation, power accessibility, and community engagement. Allow me to spend a moment addressing each of them.

我們的併購策略（CleanSpark 方式）非常嚴格。我們會審查數十個機會，但只選擇那些符合我們嚴格標準的機會；效率、估值、電力可及性和社區參與。請允許我花一點時間對他們每一個人進行發言。

Efficiency. Our operations are designed to maximize output, with our watts producing in some cases as much as twice the Bitcoin as some competitors.

效率。我們的營運旨在最大限度地提高產量，在某些情況下，我們的瓦特產量是某些競爭對手的兩倍。

Valuation. We pursue acquisitions to offer substantial value, not just on paper, but in real operational terms.

估值。我們追求的收購不僅是在紙面上，而且是在實際營運方面提供巨大的價值。

Power accessibility. Access to current and future low-cost power resources is crucial, ensuring sustainability and scalability.

電源可達性。獲得當前和未來的低成本電力資源對於確保永續性和可擴展性至關重要。

Community engagement. We prioritize acquisitions that allow us to maintain and enhance relationships within local communities, allowing our growth with broader social values.

社區參與。我們優先考慮那些能夠讓我們維持和加強與當地社區的關係的收購，從而使我們能夠以更廣泛的社會價值實現成長。

With that in mind, we are reaffirming our path to 50 exahash per second in 2025, and continue to target 32 exahash per second coming online at the end of this year. We expect to reach those goals through the acquisition of facilities that we can then put our machines in.

考慮到這一點，我們重申我們在 2025 年達到每秒 50 exahash 的目標，並繼續目標是在今年年底上線每秒 32 exahash。我們希望透過購買可以放置機器的設施來實現這些目標。

I'd like to conclude by thanking our teams for their incredible work over the quarter. I believe our teams set records for the fastest deployment time in our industry at Sandersville, racking and energizing machines with an expediency that showed the type of grit and resiliency that has become central to our culture.

最後，我要感謝我們的團隊在本季所做的出色工作。我相信我們的團隊在桑德斯維爾創下了行業內最快部署時間的記錄，他們以一種權宜之計對機器進行了機架和通電，這顯示了已成為我們文化核心的勇氣和彈性。

In line with that grit and resolve, I'm especially pleased to welcome two key colleagues to the executive management team. As announced yesterday, we promoted Scott Garrison to Chief Operations Officer, and Taylor Monnig to Chief Technology Officer. Scott and Taylor are examples of CleanSpark's commitment to excellence in the CleanSpark way. Their leadership and grit have been instrumental in positioning CleanSpark as a top operator at scale in the industry.

憑藉著這種勇氣和決心，我特別高興地歡迎兩位重要同事加入執行管理團隊。正如昨天宣布的那樣，我們將斯科特·加里森 (Scott Garrison) 提升為首席營運官，將泰勒·莫尼格 (Taylor Monnig) 提升為首席技術官。Scott 和 Taylor 是 CleanSpark 致力於以 CleanSpark 方式追求卓越的典範。他們的領導力和勇氣對於將 CleanSpark 定位為行業內規模化的頂級營運商發揮了重要作用。

I speak often about our best-in-class teams, and Scott and Taylor have both helped build and lead these teams to great heights. They are instrumental in our continued success, as our teams grow and gain even greater expertise to match the task ahead of us on our path to 50 exahashes and beyond. I greatly look forward to this next phase in CleanSpark's journey, as we work together to continue delivering value to our shareholders and the greater Bitcoin ecosystem.

我經常談論我們一流的團隊，斯科特和泰勒都幫助建立並領導這些團隊達到了很高的高度。他們對我們的持續成功發揮了重要作用，因為我們的團隊不斷成長並獲得了更豐富的專業知識，以應對我們在 50 exahash 及以上的道路上面臨的任務。我非常期待 CleanSpark 旅程的下一階段，我們將共同努力，繼續為我們的股東和更大的比特幣生態系統創造價值。

With that, I'd now like to turn the time over to Gary to review the quarter's financial results in greater details.

現在，我想把時間交給加里，更詳細地審查本季的財務表現。

Thank you, Zach. Hopefully, you have all seen our press release and Form 10-Q released early this morning. I'm happy to review our record results for the fiscal second quarter, which is a direct result of our thoughtful strategy and the grit and execution of our many team members.

謝謝你，扎克。希望大家都看到了我們今天早上發布的新聞稿和 10-Q 表格。我很高興回顧我們第二財季創紀錄的業績，這是我們深思熟慮的策略以及我們許多團隊成員的勇氣和執行力的直接結果。

For the second quarter, we recognized $111.8 million of revenue, an increase of 163% over the same quarter last year. Compared to the preceding first quarter, we saw revenues increase 52% or $38 million. These increases in revenue were not only driven by increases in Bitcoin prices, but also increases in our hashrate, which yielded increased Bitcoin production.

第二季度，我們確認營收為 1.118 億美元，比去年同期成長 163%。與之前第一季相比，我們的營收成長了 52%，即 3,800 萬美元。這些收入的成長不僅是由比特幣價格的上漲所推動的，也是由我們的算力的增加所推動的，這導致了比特幣產量的增加。

To give you context, at the end of Q2 last year, we had almost 68,000 machines in operation, representing 6.7 exahash. At the end of Q2 this year, we had approximately 134,000 machines deployed, representing 16. 4 exahash. The average revenue per Bitcoin more than doubled between the year-over-year periods, as our Q2, 2023 average revenue was approximately $23,000, and this quarter our average was $55,000.

為您提供背景信息，去年第二季末，我們有近 68,000 台機器在運行，相當於 6.7 exahash。截至今年第二季末，我們部署了大約 134,000 台機器，相當於 16. 4 exahash。每個比特幣的平均收入年增了一倍以上，2023 年第二季的平均收入約為 23,000 美元，本季的平均收入為 55,000 美元。

When compared to our immediately preceding first quarter, our hashrate increased over 60% from 10.1 exahash to 16.7 exahash. Our revenue per Bitcoin in Q2 increased over 50% to $55,000 as our revenue per Bitcoin in Q1 was almost $37,000. CleanSpark's mining economics remained healthy through the second quarter as we saw gross profit improve 21 points over the same quarter last year and 8 points over the first quarter.

與前一季相比，我們的算力增加了 60% 以上，從 10.1 exahash 增加到 16.7 exahash。我們第二季每比特幣的營收成長了 50% 以上，達到 55,000 美元，而第一季每比特幣的營收接近 37,000 美元。CleanSpark 的採礦經濟在第二季度保持健康，毛利比去年同期提高了 21 個百分點，比第一季提高了 8 個百分點。

Our market-based approach to power has helped with our margins as we saw wholesale power costs as low as $0.013 per kilowatt hour in the second quarter. For our wholly-owned locations, our all-in costs for the second quarter were a favorable $0.043 per kilowatt hour. This all-in cost represents wholesale costs of energy, plus transmission and delivery costs, plus the margins, and sales taxes to the utilities and communities we operate in. We did experience slightly higher hosting fees of $0.075 per kilowatt hour at our co-location.

我們以市場為基礎的電力方法有助於提高我們的利潤，因為我們看到第二季批發電力成本低至每千瓦時 0.013 美元。對於我們的全資工廠，第二季的總成本為每千瓦時 0.043 美元。這個總成本代表能源的批發成本，加上傳輸和交付成本，加上我們營運的公用事業和社區的利潤和銷售稅。我們的主機託管費用確實略高，為每千瓦時 0.075 美元。

But it's important to note that this agreement includes a profit share which is due to the rise in Bitcoin price which drove most of this cost. However, our co-location is less than 10% of our total operating hashrate and 12% of our total megawatts operational. This further underscores the importance of our infrastructure first strategy, where we want to own and operate our own facilities.

但值得注意的是，該協議包括利潤分成，這是由於比特幣價格上漲推動了大部分成本。然而，我們的主機代管僅占我們總營運算力的 10% 和總營運兆瓦數的 12%。這進一步強調了我們基礎設施優先策略的重要性，我們希望擁有並經營自己的設施。

The company posted record net income of $126.7 million, or $0.59 earnings per share, compared to a net loss of $18.5 million, or a loss of $0.23 per share in the same quarter last year.

該公司公佈創紀錄的淨利潤為 1.267 億美元，即每股收益 0.59 美元，而去年同期的淨虧損為 1,850 萬美元，即每股虧損 0.23 美元。

Our net income in the first quarter was approximately $26 million, or $0.14 earnings per share, which is an improvement of over $100 million or $0.45 per share between the two quarters.

我們第一季的淨利潤約為 2,600 萬美元，即每股收益 0.14 美元，比兩個季度增加了 1 億多美元，即每股收益 0.45 美元。

I want to point out that the company early adopted fair value accounting for Bitcoin in Q1 of this year, which marks the company's bitcoin holdings to the fair value as of the balance sheet date. In the second quarter, we recognized a gain on fair value of almost $120 million.

我想指出的是，該公司早在今年第一季就對比特幣採用了公允價值核算，這將公司持有的比特幣標記為截至資產負債表日的公允價值。第二季度，我們確認公允價值收益近 1.2 億美元。

While this amount is unrealized and non-cash, I want to call out our HODL strategy. We saw our total Bitcoin holdings grow by over 2,000 Bitcoin in the second quarter alone as we kept nearly 100% of our Bitcoin production for the period. Since we can produce Bitcoin at prices lower than it can be bought on the spot market, we see our HODL strategy as another strategic move in acquiring assets which will provide shareholders with accretive value, particularly in this bull market where we expect price appreciation.

雖然這筆金額尚未實現且非現金，但我想指出我們的 HODL 策略。光是第二季度，我們的比特幣總持有量就增加了 2,000 多個比特幣，因為我們在此期間保留了近 100% 的比特幣產量。由於我們可以以低於現貨市場購買價格的價格生產比特幣，因此我們將HODL 策略視為收購資產的另一項策略舉措，這將為股東提供增值價值，特別是在我們預計價格上漲的牛市中。

Our adjusted EBITDA for the second quarter was approximately $182 million, which is an improvement of 1.6 times over the preceding first quarter. Included in the second quarter adjusted EBITDA was approximately $120 million related to the fair value adjustment, which when removed, shows our mining operations contribute approximately $60 million to adjusted EBITDA and represents 50% cash adjusted EBITDA margins.

第二季調整後的 EBITDA 約為 1.82 億美元，比第一季提高了 1.6 倍。第二季調整後EBITDA 中包含與公允價值調整相關的約1.2 億美元，剔除該金額後，顯示我們的採礦業務為調整後EBITDA 貢獻了約6000 萬美元，佔現金調整後EBITDA 利潤率的50% 。

Looking at specific line items on the income statement, our payroll expense did increase approximately $1.5 million or 10% in the second quarter, compared to the immediately preceding first quarter. This is due to additional hiring at our wholly owned locations and several new positions at our corporate office. Note that our total megawatts operational increased 51% between the quarters with the Sandersville expansion and Mississippi acquisitions coming online.

從損益表上的具體項目來看，我們第二季的薪資支出確實比前一季增加了約 150 萬美元，即 10%。這是由於我們全資擁有的地點增加了招聘人員以及我們公司辦公室的幾個新職位。請注意，隨著桑德斯維爾擴建和密西西比州收購上線，我們的總兆瓦營運量在兩個季度之間增加了 51%。

In the second quarter, we saw an increase in our G&A expenses of approximately $1.8 million, or 36%, compared to the first quarter. So I've mentioned in previous calls, we have achieved scale, whereby we do not expect our corporate and G&A expenses to grow parallel to our revenue. However, as we continue to grow our megawatts owned and expand our footprint, we do expect increases in our indirect expenses.

與第一季相比，第二季的一般管理費用增加了約 180 萬美元，即 36%。因此，我在先前的電話會議中提到，我們已經實現了規模化，因此我們預計我們的公司和一般管理費用不會與收入同步增長。然而，隨著我們繼續增加擁有的兆瓦容量並擴大我們的足跡，我們確實預計間接費用會增加。

With G&A specifically, I want to call out two items which comprise the majority of this $1.8 million increase. Foremost, we've spent approximately $0.5 million related to shipping miners from a storage facility in the Sandersville location. We stored many of our XP machines in a secure facility prior to racking them for the energization at Sandersville. So this is an expense that will not recur in future quarters.

具體來說，我想特別指出兩個項目，它們構成了這 180 萬美元成長的大部分。最重要的是，我們花費了大約 50 萬美元從桑德斯維爾的儲存設施運送礦機。我們將許多 XP 機器存放在安全設施中，然後將它們放在桑德斯維爾進行通電。因此，這是一項在未來幾季不會再出現的費用。

Also included in the $1.8 million variance is an additional $1.2 million of property tax expenses related to our estimated property tax for the 2024 tax year. This was driven by the large amount of assets, primarily miners, that we owned on January 1, 2024, the moment in time for which jurisdictions assess tax and the value of personal property owned. We will see increases in property taxes throughout this calendar year in excess of the prior calendar year due to the significant increase in assets we have acquired and deployed. However, any new assets acquired after January 1 of this year will not have assessments in the associated expense until next year.

180 萬美元的差異中還包括與我們估計的 2024 納稅年度財產稅相關的額外 120 萬美元的財產稅費用。這是由我們在 2024 年 1 月 1 日擁有的大量資產（主要是礦工）推動的，這一時刻是司法管轄區評估稅收和所擁有的個人財產價值的時刻。由於我們收購和部署的資產大幅增加，我們將看到本日曆年的財產稅增幅將超過上一日曆年。然而，今年 1 月 1 日之後收購的任何新資產直到明年才會評估相關費用。

As we continue to grow our asset base, this expense will also grow, which I estimate to be between 1.25% and 1.4% of the book value of property and equipment. As we expand into new jurisdictions, we are taking advantage of tax incentives where available and we are optimistic, given the conversations we have been having with current and new jurisdictions that incentives will be available with our further investment.

隨著我們資產基礎的不斷擴大，這項費用也會增加，我估計佔財產和設備帳面價值的 1.25% 到 1.4% 之間。當我們擴展到新的司法管轄區時，我們正在利用可用的稅收優惠政策，並考慮到我們與當前和新司法管轄區的對話，我們對進一步投資將獲得的優惠政策感到樂觀。

I want to take a moment to review our balance sheet, which we believe is one of the strongest in the industry. We had total liquidity of $681 million as of March 31. Of this amount, we had $323 million cash and 5,021 Bitcoin valued at $358 million.

我想花點時間回顧我們的資產負債表，我們認為這是業內最強大的資產負債表之一。截至 3 月 31 日，我們的流動資金總額為 6.81 億美元。其中，我們擁有 3.23 億美元現金和 5,021 個比特幣，價值 3.58 億美元。

Additionally, we had $161 million of cash paid deposits for miners in transit and total assets of over $1.5 billion. Our balance sheet remains very healthy with virtually no debt, as we continue to pay down our loans payable, which now total less than $13 million.

此外，我們也為運輸途中的礦工支付了 1.61 億美元的現金押金，總資產超過 15 億美元。我們的資產負債表仍然非常健康，幾乎沒有任何債務，因為我們繼續償還應付貸款，目前總計不到 1,300 萬美元。

As we've been discussing for well over a year now, we've been preparing the company for the halving event, not just operationally, but financially. Operationally, we have one of the most efficient fleets in the world currently and we only expect that efficiency to get better as we deploy the latest generation as 21 miners. This new generation of miners will, not only increase our hashrate, but also increase our efficiency and decrease the cost of energy per terahash.

正如我們已經討論了一年多的那樣，我們一直在為公司的減半事件做好準備，不僅是在營運上，而且是在財務上。在營運方面，我們擁有目前世界上最高效的礦機群之一，我們預計，隨著我們部署最新一代 21 台礦機，效率會變得更好。新一代礦工不僅會提高我們的算力，還會提高我們的效率並降低每太哈希的能源成本。

We've also discussed in prior calls that our financial preparation for having will not only give us the ability to weather the decrease in block rewards, but also take advantage of opportunities that present themselves after the halving. As we predicted, we are seeing distress amongst smaller miners who have less efficient fleets or do not have liquidity or access to capital.

我們也在先前的電話會議中討論過，我們的財務準備不僅使我們能夠承受區塊獎勵減少的影響，而且還能利用減半後出​​現的機會。正如我們預測的那樣，我們看到規模較小的礦商面臨困境，他們的船隊效率較低，或者沒有流動性或獲得資本。

Let me underscore the importance of access to capital in being good stewards of that capital. For example, we have raised approximately $1.4 billion since we entered the Bitcoin mining business in December 2020. Using this capital, we have grown this company to a market cap of almost $4 billion, which represents our ability to find accretive means to deploy capital. We continue to see opportunities for tuck-in acquisitions, which are accretive, and where we will be able to bring our operational expertise and strong balance sheet to grow our hashrate and efficiency even further.

讓我強調獲得資本對於成為資本的良好管理者的重要性。例如，自 2020 年 12 月進入比特幣挖礦業務以來，我們已籌集了約 14 億美元。利用這筆資金，我們將這家公司的市值發展到了近 40 億美元，這表明我們有能力找到部署資本的增值方式。我們繼續看到大量收購的機會，這些收購是增值的，我們將能夠利用我們的營運專業知識和強大的資產負債表來進一步提高我們的算力和效率。

With that, I'll turn the call back over to Isaac to open the floor for questions.

接下來，我會將電話轉回艾薩克，以便大家提問。

Thanks, Gary. We will now open the floor to questions from the analyst community. Operator, please provide instructions and manage the queue for the Q&A session.

謝謝，加里。現在我們將接受分析師群的提問。接線員，請提供說明並管理問答環節的隊列。

(Operator Instructions) Mike Colonnese, HC Wainwright.

（操作員說明）Mike Colonnese，HC Wainwright。

Hi, good afternoon, guys. Great quarter and congrats on the new acquisitions. Great to see you here.

嗨，大家下午好。很棒的季度，恭喜新的收購。很高興在這裡見到你。

First, for me, if you could just walk us through the expected construction and energization timelines for these newly acquired sites in Wyoming? And really, how you guys are thinking about the power strategy and electricity cost for these facilities?

首先，對我來說，您能否向我們介紹一下懷俄明州這些新收購場地的預期建設和通電時間表？事實上，你們如何考慮這些設施的電力策略和電力成本？

Yeah. Hey Mike, thanks for joining the call. So as we mentioned, there's two sites: one at 45 megawatts, one at 30 megawatts. One of those sites is already partially ready, where the utility lines are in place for us to drop transformers right on top of it and continue to build.

是的。嗨，麥克，感謝您加入通話。正如我們所提到的，有兩個站點：一個為 45 兆瓦，一個為 30 兆瓦。其中一個站點已經部分準備就緒，公用設施線路已就位，我們可以將變壓器直接放在其頂部並繼續建造。

So we think that the 45 megawatts optimally can happen in quite a short period of time. I don't have anything specific on that, but we do think it can happen inside of 120 days, is our target right now. More to come on that where I can provide a more detailed timeline probably in the next -- I call it in the next three weeks.

因此，我們認為 45 兆瓦的發電量最好在相當短的時間內實現。我對此沒有任何具體信息，但我們確實認為這可以在 120 天內實現，這是我們目前的目標。接下來我可能會在接下來的三週內提供更詳細的時間表。

After that, the 30 megawatts, it's totally greenfield. The utility is available basically at the property line. So it'll be a little bit more construction, but we're going to run both of these projects in parallel, is the plan.

之後，30兆瓦就完全是綠地了。該實用程式基本上可在物業線處使用。因此，這將是更多的建設，但我們將並行運行這兩個項目，這是計劃。

So the target is to have all 75 megawatts built out before the winter kicks in is the goal. Obviously, Wyoming, one of the reasons we really like it is for the ambient air temperature year round is much cooler, but with that also comes winter and snow. So our goal is to get everything built before a winter freeze happens in late October, early November.

因此，目標是在冬季到來之前建造全部 75 兆瓦。顯然，懷俄明州，我們真正喜歡它的原因之一是全年的環境氣溫要涼爽得多，但隨之而來的是冬天和下雪。所以我們的目標是在 10 月底 11 月初冬季結冰之前把所有東西都建好。

That's great. Super helpful color. And how has the M&A landscape and conversations you've had evolved since the having and the subsequent drop in hash prices we've seen? Is there a general profile of potential sellers that you've observed in your conversations?

那太棒了。超有用的顏色。自從我們看到哈希值出現以及隨後的下跌以來，併購格局和對話發生了怎樣的演變？您在談話中觀察到的潛在賣家的整體概況是否存在？

And then also, be curious to see, is there a specific range you're looking for as it relates to the scale of these mining facilities? Could we see -- I know you mentioned additional tuck-ins in the future, but how should we think about the megawatt of power capacity for any potential future acquisitions that you look at? Thanks.

然後，您也想知道，您正在尋找與這些採礦設施的規模相關的特定範圍嗎？我們是否可以看到 - 我知道您提到了未來的額外投入，但是我們應該如何考慮您未來可能進行的任何潛在收購的兆瓦電力容量？謝謝。

Yeah, so the landscape has opened up quite a bit. We have historically always kept a dozen names in a pipeline that we rotate through, saying no to a lot of opportunities. I'd say that the opportunities are continuing to grow. It was interesting because at the halving, there was the fee events, where for a few days, transaction fees spiked. And I think it breathed some hope into some miners that were less efficient.

是的，所以景觀已經開放了很多。從歷史上看，我們總是在輪換的管道中保留十幾個名字，從而拒絕了許多機會。我想說的是，機會正在持續成長。有趣的是，在減半時，發生了費用事件，交易費用在幾天內飆升。我認為這給了一些效率較低的礦工一些希望。

And now that a few days or weeks have gone by, we've seen a few of them give up a lot of incoming calls, a lot of opportunities that exist. Now, as it relates to size, we're really open to anything. Now, the benefit we have is with the access to capital and the tools we have in place. Big or small, works great for us.

現在幾天或幾週過去了，我們看到他們中的一些人放棄了很多來電，放棄了很多存在的機會。現在，就規模而言，我們對任何事情都持開放態度。現在，我們的好處是可以獲得資本和我們現有的工具。無論大小，對我們來說都很好。

We've already proven that we can accomplish a lot with a little. If you look at how we did Dalton, we started that location with 20 megawatts and have since added on top of it and will continue to grow.

我們已經證明，我們可以事半功倍。如果你看看我們在道爾頓 (Dalton) 的做法，你會發現我們在該地點開始時裝機容量為 20 兆瓦，此後又增加了裝機容量，並將繼續增長。

Same thing in Mississippi. We have three sites. Some are small, some are large, and we have the ability to continue to grow in Mississippi.

密西西比州也有同樣的情況。我們有三個站點。有的規模較小，有的規模較大，我們有能力在密西西比州繼續發展。

So for us, I think that the importance is, if it's a small site, what is the ability to grow in the surrounding area? Or if it's a large site, what scale are we going to get?

所以對我們來說，我認為重要的是，如果是一個小站點，在周邊地區發展的能力如何？或者，如果它是一個大型站點，我們將達到什麼規模？

What I will say, I made the comment about how we prefer acquisitions over mergers, and that's because sometimes mergers are harder to do. In order to gain the efficiencies that need to come from a merger, it means that there's likely going to be overhead that needs to come off. And so I think that that is still conversations that are open and happening. They are happening, but it's going to be something where the more large scale companies that do have a lot of overhead, they're slower coming to the table.

我要說的是，我說過我們更喜歡收購而不是合併，這是因為有時合併更難做到。為了獲得合併所需的效率，這意味著可能需要削減一些管理費用。所以我認為這仍然是開放的、正在發生的對話。它們正在發生，但規模較大的公司確實有大量管理費用，但它們進入談判桌的速度會較慢。

Because of course it means that part of their overhead operations won't exist afterwards, because we are positioned to absorb that. So how we're thinking about it is, I think, private is the quickest path to adding megawatts. Public will come later, but it's going to come when the other side is ready to let go of some of the overhead. And ultimately, the salaries these are involved in that.

因為這當然意味著他們的部分間接費用運作將不會存在，因為我們有能力吸收它。因此，我認為，我們的想法是，私有化是增加兆瓦電量的最快途徑。公眾會稍後到來，但當另一方準備好放棄一些管理費用時，它就會到來。最終，這些都涉及到工資。

Really interesting color. Thanks for taking my question, Zach.

真的很有趣的顏色。感謝您提出我的問題，扎克。

Absolutely.

絕對地。

Brian Dobson, Chardan Capital Markets.

布萊恩·多布森，查丹資本市場。

Thanks so much for taking my question. I guess, just to follow up on your investment in Wyoming. Can you speak a little bit to the, call it, relationship with the utility or local municipality that may have led you to choose this as a site for expansion?

非常感謝您提出我的問題。我想，只是為了跟進您在懷俄明州的投資。您能否談談與公用事業公司或當地市政當局的關係，這可能導致您選擇這裡作為擴張地點？

Yeah, Brian, thanks for joining. Wyoming has been a state where there's a lot of support. You have Senator Lummis there who has really been an outspoken supporter of Bitcoin and really blockchain technologies. In the state of Wyoming, there's actually a blockchain rate that we are going to get access to as part of this. And so, in addition to that, there's a lot of abundant power. So wholesale power prices are incredibly low cost. And that's really what drew us there. It is a very strong political environment in support of Bitcoin, and then a utility that is so welcoming to it that there are rates established around it.

是的，布萊恩，感謝您的加入。懷俄明州一直是個得到很多支持的州。盧米斯參議員一直是比特幣和區塊鏈技術的直言不諱的支持者。在懷俄明州，實際上我們將獲得一個區塊鏈速率作為其中的一部分。因此，除此之外，還有很多充沛的力量。因此批發電價非常低。這確實是吸引我們去那裡的原因。這是一個支持比特幣的非常強大的政治環境，然後是一個非常歡迎比特幣的公用事業，以至於圍繞著它建立了費率。

So from a relationship side, we've had conversations off and on with many utilities, but this is one of those utilities that we've spoken to as far back as three years ago. And we put down conversations, picked them back up, and we decided now is the right time. So I think that's another benefit that we don't speak about often enough. As we spend a lot of time building relationships and the credibility that we've been able to gain in the communities we do operate in, it then carries over. So that when the communities are ready to embrace Bitcoin mining, and CleanSpark, we're one of the first calls that can come in.

因此，從關係方面來看，我們與許多公用事業公司斷斷續續地進行了對話，但這是我們早在三年前就與之交談過的公用事業公司之一。我們放下談話，重新拾起它們，我們認為現在是正確的時機。所以我認為這是我們不常談論的另一個好處。當我們花費大量時間在我們經營所在的社區中建立關係和建立信譽時，這種關係就會持續下去。因此，當社區準備好接受比特幣挖礦和 CleanSpark 時，我們是最早接到的電話之一。

Excellent. Thank you very much. That's great color. As you're thinking about the M&A environment in the back half of the year, do you think you could elaborate on potential funding sources for an acquisition? Would you be looking at equity? Would you be looking to use coin? Or would it be potentially a mixture of both?

出色的。非常感謝。那顏色真棒。當您考慮下半年的併購環境時，您認為您是否可以詳細說明收購的潛在資金來源？您會關注股權嗎？您想使用硬幣嗎？或者它可能是兩者的混合體？

We would probably look at cash on the balance sheet and also equity. We're at a stage two, where there are small groups, private, public, both sides, that of interest to them is not selling and giving up, but it's really joining the team.

我們可能會關注資產負債表上的現金和股權。我們正處於第二階段，有小團體，私人的，公共的，雙方的，他們感興趣的不是出售和放棄，而是真正加入團隊。

And as part of joining the team, they would take equity. Historically, almost all of our transactions where we've acquired companies, it's been in the form of cash. Because the other parties needed cash to pay off debts or obligations, things like that, so they didn't have a choice. Some of these operations now, again, it's about joining the team.

作為加入團隊的一部分，他們將獲得股權。從歷史上看，我們收購公司的幾乎所有交易都是以現金形式進行的。因為其他方需要現金來償還債務或義務之類的事情，所以他們別無選擇。現在，其中一些操作再次與加入團隊有關。

And so, I think that we could see an acquisition, even where equity is the sole use that we have where they become shareholders. It's not an issuance of -- into a raise, but instead where they fold in and become part of the CleanSpark team.

因此，我認為我們可能會看到收購，即使股權是我們擁有的唯一用途，他們成為股東。這不是加薪，而是他們加入並成為 CleanSpark 團隊的一部分。

Yeah. Very good. Thanks. I'll hop back in the queue. Thanks very much.

是的。非常好。謝謝。我會跳回到隊列中。非常感謝。

Thanks, Brian.

謝謝，布萊恩。

Reggie Smith, JP Morgan.

雷吉史密斯，摩根大通。

Hey, thanks for taking the question. This is Charlie on for Reggie. I was hoping to get a few more details on the two Wyoming sites. First, is the 40 megawatt site. Was that site already being used for Bitcoin mining?

嘿，謝謝你提出問題。這是查理替補雷吉。我希望獲得有關懷俄明州兩個地點的更多詳細資訊。首先是40兆瓦站點。該網站是否已經用於比特幣挖礦？

And then second question related to the 30 megawatts site. Have you guys built out a facility from scratch before? I know your recent acquisitions have been turnkey. Just wondering what experience you have in building out a greenfield site? Thanks.

第二個問題與 30 兆瓦站點有關。你們以前從頭開始建造過設施嗎？我知道你們最近的收購都是交鑰匙的。只是想知道您在建設綠地方面有什麼經驗？謝謝。

Hey, Charlie. Thanks for joining the call. I'll address the buildout. We just finished 150-megawatt buildout. Before that, we built out 80 megawatts. Before that, it was 20 megawatts. And before that, it was 30 megawatts.

嘿，查理。感謝您加入通話。我將解決擴建問題。我們剛完成 150 兆瓦的擴建。在此之前，我們建造了 80 兆瓦。在此之前，為20兆瓦。在此之前，發電量為 30 兆瓦。

So we have quite a few megawatts in a lot of different locations under our belt. So I consider us pros on the on the buildout side. As it relates to these sites, the 45-megawatt site, yes, has been used for Bitcoin mining. But as part of the purchase the seller is taking the equipment with them, which we're okay with, because we like the sites to be built the CleanSpark way.

因此，我們在許多不同的地點擁有相當多兆瓦的電力。所以我認為我們在擴建方面是專業人士。由於與這些站點相關，這個 45 兆瓦的站點，是的，已用於比特幣挖礦。但作為購買的一部分，賣方會隨身攜帶設備，我們對此表示同意，因為我們喜歡以 CleanSpark 方式建立網站。

As we mentioned, we prioritize high uptime as one of our key tenants. And so, we will be adding in infrastructure to support that tenant of high uptime. And again, the benefit though is some of the utility side is already done. So our goal is to be able to come in, drop transformers, drop the infrastructure quickly. And so, even though the other party will be removing their infrastructure, which is in the form of pods, we should be able to drop things in right on the back end of it very quickly.

正如我們所提到的，我們將高正常運行時間作為我們的主要租戶之一。因此，我們將增加基礎設施來支援高正常運作時間的租戶。再說一次，好處是公用事業的一些工作已經完成。所以我們的目標是能夠快速介入、拆除變壓器、拆除基礎設施。因此，即使對方將刪除其以 Pod 形式存在的基礎設施，我們也應該能夠非常快速地將東西放入其後端。

Got it. And then in terms of longer lead time items, like transformers, maybe I just missed it, but are those staying on site, or do you have those on hand and you're going to be bringing in your own? Any details, that would be great.

知道了。然後，就交貨時間較長的物品而言，例如變形金剛，也許我只是錯過了它，但是那些留在現場的物品，還是你手頭上有這些物品，你會自己帶來嗎？任何細節，那就太好了。

Yeah. We stay ahead of the curve by actually buying more infrastructure than we have immediately going on. So we have over 50 megawatts of transformer, and switch gears already ready to go. So that will be our jumping off point.

是的。我們透過實際購買比現在更多的基礎設施來保持領先地位。因此，我們擁有超過 50 兆瓦的變壓器和開關裝置，已準備就緒。這將是我們的出發點。

We have strong relationship with these manufacturers with the ability to ramp up their supply chain. So in this case, as of right now, we do not see supply chain constraints impacting these at all, because we already have a very large portion of the 75 megawatts already secured.

我們與這些製造商建立了牢固的關係，有能力擴大他們的供應鏈。因此，在這種情況下，截至目前，我們根本沒有看到供應鏈限制對這些產生影響，因為我們已經獲得了 75 兆瓦的很大一部分。

Perfect. Thanks for taking the question.

完美的。感謝您提出問題。

Hey. Appreciate it. Thanks, Charlie.

嘿。欣賞它。謝謝，查理。

And with no further questions, I would now like to turn the call back to Mr. Isaac Holyoak for closing remarks.

沒有其他問題了，我現在想將電話轉回給艾薩克·霍利奧克先生，讓其致閉幕詞。

Thank you, Regina. And thank you to all who joined our earnings call today. We look forward to sharing more of our journey with you in the coming quarters. Stay tuned for more groundbreaking events from CleanSpark.

謝謝你，雷吉娜。感謝今天參加我們財報電話會議的所有人。我們期待在未來幾季與您分享更多我們的旅程。請繼續關注 CleanSpark 的更多開創性活動。

Ladies and gentlemen, this concludes today's call and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連線。