CleanSpark Inc (CLSK) 2024 Q3 法說會逐字稿

Ladies and gentlemen, good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the CleanSpark's Third Quarter Fiscal Year Financial Results Conference Call. (Operator Instructions)

女士們、先生們，午安。我叫克里斯塔，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 第三季財年財務業績電話會議。（操作員說明）

I will now turn your conference over to Brittany Moore, Director of Investor Relations. Brittany, you may begin.

現在我將把您的會議交給投資者關係總監布列塔尼·摩爾 (Brittany Moore)。布列塔尼，你可以開始了。

Thank you, Krista, and welcome to CleanSpark's Third Quarter 2024 Earnings Call, covering the period April 1 to June 30, 2024. Our press release was issued about 5 minutes ago and is available on our website at cleanspark.com. Today's call is also being webcast, and a replay and transcript will be available on our website.

謝謝 Krista，歡迎參加 CleanSpark 的 2024 年第三季財報電話會議，會議期間為 2024 年 4 月 1 日至 6 月 30 日。我們的新聞稿於大約 5 分鐘前發布，可在我們的網站 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。

On the call with me are 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 business as we see them today. The statements and information provided remains 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.

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)。請記住，我們今天發表的一些聲明具有前瞻性，並且基於我們對當今世界和業務的最佳看法。所提供的聲明和資訊仍然受到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, Brittany. Good afternoon, everyone, and thank you for joining us today. Before I start with my prepared comments, I want to thank you all for your patience due to the short unforeseen delay with our earnings release in this call. As a result of our rapid growth, we've gone through a number of changes, most recently, upgrading our external audit firm to a well-known, highly respected national firm, BDO. The team of BDO have been incredible in their efforts to familiarize themselves with our company as part of our first quarter together. Ultimately, as you can expect with any new relationship, sometimes you just need a little extra time.

謝謝你，布列塔尼。大家下午好，感謝您今天加入我們。在我開始發表準備好的評論之前，我要感謝大家的耐心等待，因為我們在這次電話會議中發布的收益出現了短暫的不可預見的延遲。由於我們的快速發展，我們經歷了許多變化，最近，我們將外部審計公司升級為知名的、備受尊敬的全國性公司 BDO。作為我們第一季合作的一部分，BDO 團隊為熟悉我們公司做出了令人難以置信的努力。最終，正如你對任何新關係所期望的那樣，有時你只需要一點額外的時間。

In addition, as you read in our Form 10-Q filed today, I'm pleased to announce our agreement to acquire up to an additional 22.8 exahash per second of the all-new S21 XP series of immersion-cooled miners, operating at an efficiency of 13.5 joules per terahash. We've secured 7.8 exahash as per second of these miner for delivery before year end, which will be going to Wyoming. This purchase will drive us even further ahead of the pack when it comes to overall fleet efficiency, which we believe will be a critical differentiator during this cycle. And as usual, we've secured the best pricing available for these units.

此外，正如您在今天提交的 10-Q 表格中所讀到的那樣，我很高興地宣布，我們同意購買每秒最多 22.8 exahash 的全新 S21 XP 系列浸入式冷卻礦機，其運行速度為每太赫哈希13.5 焦耳的效率。我們已確保這些礦機每秒可交付 7.8 exahash，以便在年底前交付，這些礦機將運往懷俄明州。這次購買將使我們在整體機隊效率方面進一步領先，我們相信這將是本週期中的關鍵差異化因素。像往常一樣，我們為這些單位爭取了最優惠的價格。

With that, and again, thanks for your patience, let's begin. This quarter has been one filled with change. The Bitcoin halving event is now behind us, and I'm pleased to report that our momentum has not slowed down. For the second consecutive quarter, we've exceeded $100 million in revenue and produced $290 million in revenue since the beginning of our fiscal year in October 2023. We grew our hash rate by 4 exahash per second and delivered on our commitment to achieve 20 exahash per second by the end of the quarter. As we look forward to the end of this year, I am happy to report that we remain on track to meet and optimally exceed our target of 32 exahash per second. In line with this, it's my pleasure to announce that as of last night, we achieved 22.3 exahash per second.

再次感謝您的耐心等待，讓我們開始吧。這個季度充滿了變化。比特幣減半事件現已過去，我很高興地報告，我們的勢頭並未放緩。自 2023 年 10 月財年開始以來，我們連續第二季的營收超過 1 億美元，並產生了 2.9 億美元的營收。我們將哈希率提高了每秒 4 exahash，並兌現了到本季末實現每秒 20 exahash 的承諾。當我們期待今年年底時，我很高興地向大家報告，我們仍然有望實現並最好地超過每秒 32 exahash 的目標。據此，我很高興地宣布，截至昨晚，我們達到了每秒 22.3 exahash。

The foundation of grit, commitment and scale we built over the years has proven to be robust and enduring. Our achievements this quarter are a testament to our strategic vision and the relentless efforts of our team. We've not only maintained our growth trajectory through halving but have also set new benchmarks in operational efficiency and market leadership. We intend to continue building on that strong foundation, reinforcing our position as market leaders. The post-halving environment has highlighted our strengths and adaptability, allowing us to navigate this period with confidence and agility.

事實證明，我們多年來建立的勇氣、承諾和規模的基礎是穩健和持久的。我們本季的成就證明了我們的策略願景和團隊的不懈努力。我們不僅透過減半維持了成長軌跡，而且還在營運效率和市場領導力方面樹立了新的基準。我們打算繼續鞏固這堅實的基礎，鞏固我們作為市場領導者的地位。減半後的環境凸顯了我們的優勢和適應能力，使我們能夠自信和敏捷地度過這段時期。

I want to highlight that our energy background has been foundational to this success. While we have seen peers struggle to balance Bitcoin production and energy costs, our teams have seamlessly integrated into the new normal, utilizing our expertise and proprietary methods and technology to continually optimize our production to deliver the best results to our shareholders. Our focus on innovation, operational excellence and strategic growth ensures that we are well-positioned to capitalize on the opportunities that lie ahead. The journey we embarked on years ago is far from over, and I'm confident the best is yet to come.

我想強調的是，我們的能源背景是這項成功的基礎。雖然我們看到同行在努力平衡比特幣生產和能源成本，但我們的團隊已經無縫融入新常態，利用我們的專業知識和專有方法和技術不斷優化我們的生產，為股東提供最佳結果。我們對創新、卓越營運和策略性成長的關注確保我們能夠充分利用未來的機會。我們多年前踏上的旅程還遠遠沒有結束，我相信最好的尚未到來。

I'd like to take a moment to discuss our portfolio of data centers and our performance in the space. Our strategy has always been one of infrastructure-first. Owning and operating our sites has been the center of what we do, and the current market environment is showing how difficult it is for peers who have taken different paths. Also central to our strategy has been our distributor portfolio. This means we aren't dependent on the output from any single site or utility, giving us flexibility and resilience.

我想花點時間討論一下我們的資料中心產品組合以及我們在該領域的表現。我們的策略始終是基礎設施優先。擁有和經營我們的網站一直是我們工作的中心，而當前的市場環境表明，對於走不同道路的同行來說，這是多麼困難。我們策略的另一個核心是我們的經銷商組合。這意味著我們不依賴任何單一站點或公用事業的輸出，從而為我們提供了靈活性和彈性。

Over just the past 9 months, we've expanded that strategy significantly. We've grown from operating 5 sites in Georgia to now operating more than a dozen unique sites over 4 states with several more to come. This infrastructure growth has greatly enhanced our scale and the overall value of our portfolio. We're seeing the benefits of this strategy in our performance, and it positions us well for continued success in the future.

在過去的 9 個月裡，我們顯著地擴展了該策略。我們已經從在喬治亞州運營 5 個站點發展到現在在 4 個州經營十多個獨特站點，並且還會有更多站點。基礎設施的成長極大地提高了我們的規模和投資組合的整體價值。我們在業績中看到了這項策略的好處，它為我們未來的持續成功奠定了良好的基礎。

I want to drill down a little deeper into why this matters and why I believe our shareholders and investors at large should be paying attention to this. First, it's important to understand that energy markets are regulated at state and local levels. By being spread across multiple states and jurisdictions, we are significantly derisked as compared to what are often referred to as super-sites.

我想更深入地探討為什麼這很重要，以及為什麼我認為我們的股東和廣大投資者應該關注這一點。首先，重要的是要了解能源市場是在州和地方層級進行監管的。透過分佈在多個州和司法管轄區，與通常所說的超級站點相比，我們的風險大大降低。

Second, our portfolio is comprised of sites that have different power contracts, including both fixed pricing and market-based pricing. This provides us with the flexibility to manage our fleet as a whole. Recently, historically low wholesale pricing in Georgia has produced higher margins than when compared to strictly fixed price markets. Although highly profitable, wholesale markets can be affected by weather events, making the fixed price agreements in our portfolio highly advantageous during these weather-driven short-term events.

其次，我們的投資組合由具有不同電力合約的站點組成，包括固定定價和基於市場的定價。這為我們提供了管理整個機隊的靈活性。最近，與嚴格固定價格市場相比，喬治亞州處於歷史低點的批發價格產生了更高的利潤。儘管利潤很高，但批發市場可能會受到天氣事件的影響，這使得我們投資組合中的固定價格協議在這些天氣驅動的短期事件中非常有利。

We take a great deal of pride in our high uptime, but sometimes perfection isn't the right answer. Having the flexibility to curtail on a moment's notice can eliminate exposure to pricing spikes, bad hedges that can adversely impact profitability. This is the beautiful nature of Bitcoin mining as potentially the most flexible and profitable energy load management system on earth. Cities, states, our federal government and foreign nations are just now understanding the benefits that Bitcoin mining can bring to create more resilient and profitable grid to the future. And we intend to carry the CleanSpark flag forward into this brighter, better future of energy resiliency.

我們對我們的高正常運行時間感到非常自豪，但有時完美並不是正確的答案。能夠靈活地立即縮減開支，可以消除價格飆升的風險，以及可能對盈利能力產生不利影響的不良對沖。這就是比特幣挖礦的美妙本質，它可能是地球上最靈活、最有利可圖的能源負載管理系統。城市、州、聯邦政府和外國剛剛認識到比特幣挖礦可以帶來的好處，可以為未來創建更具彈性和盈利能力的電網。我們打算高舉 CleanSpark 旗幟，邁向能源彈性更光明、更美好的未來。

As part of this path, I want to highlight our key achievements over the past quarter, focusing on our quarterly revenue performance, strategic acquisitions and our road map to achieving 32 exahash per second by the end of this year and our continued pathway to 50 exahash per second in 2025. I'd like to emphasize our exceptional top line performance with total revenue of $104 million this quarter. We delivered a gross margin of 57% on this revenue. Further, the top line represents an increase of 129% over the prior year's fiscal third quarter results.

作為這條道路的一部分，我想強調我們在過去一個季度取得的主要成就，重點關注我們的季度收入表現、戰略收購以及到今年年底實現每秒 32 exahash 的路線圖以及我們繼續實現 50 exahash 的道路2025 年每秒。我想強調我們出色的營收表現，本季總營收為 1.04 億美元。該收入的毛利率為 57%。此外，營收比去年第三財季的業績成長了 129%。

Now the success may not be easily identified on the face of our financials this quarter due to some non-cash items, including the change in fair value of Bitcoin and an impairment charge related to our current fleet upgrade cycle, which we've chosen to implement ahead of schedule. Before I get into the details, I want to call out that excluding these 2 items, our operational efforts, paired with the industry's most efficient fleet, resulted in approximately $35 million to the bottom line before non-cash items. Our long-term strategy is to remain the most efficient large-scale Bitcoin miner in the industry.

現在，由於一些非現金項目，包括比特幣公允價值的變化以及與我們當前機隊升級週期相關的減損費用，我們本季度的財務狀況可能不容易看出成功，我們選擇將其提前實施。在詳細介紹之前，我想指出，排除這兩項，我們的營運努力與業界最高效的機隊相結合，在非現金項目之前實現了約 3500 萬美元的淨利潤。我們的長期策略是維持業界中最高效的大型比特幣礦商的地位。

Over the past year, we have secured best-in-class mining equipment at best-in-class prices. As a result, we've already upgraded a substantial portion of our fleet. And over the next several months, we expect to continue this cycle. Specifically, we plan to remove all units from the fleet that are less efficient than 22 joules per terahash. I want to emphasize that the rigs being upgraded are still currently competitive and profitable. These are proactive steps to ensure our position as the most efficient large-scale miner, enabling us to withstand, and more importantly, thrive during periods of future market volatility.

在過去的一年裡，我們以一流的價格獲得了一流的採礦設備。因此，我們已經升級了大部分機隊。在接下來的幾個月裡，我們預計將繼續這個循環。具體來說，我們計劃從艦隊中移除所有效率低於 22 焦耳/太拉哈希的單位。我想強調的是，正在升級的鑽孔機目前仍然具有競爭力和獲利能力。這些都是積極主動的措施，以確保我們作為最高效的大型礦商的地位，使我們能夠承受，更重要的是，在未來市場波動期間蓬勃發展。

Further, by removing the less efficient units now, we can maximize the resell value in the secondary markets. Our industry is unique in that the product of our efforts is dictated by an algorithm that caps the total number of Bitcoin available each day at a static number, currently 450, thereby limiting potential revenue earned, unlike mining gold, whereby deploying more shovels and manpower is likely to result in more resources extraction. This is why our focus on adding efficiencies through economies of scale and growing our market share of Bitcoin reports has been central to our strategy.

此外，透過現在移除效率較低的設備，我們可以最大限度地提高二級市場的轉售價值。我們行業的獨特之處在於，我們努力的產品是由演算法決定的，該演算法將每天可用的比特幣總數限制在一個靜態數字（目前為450 個），從而限制了賺取的潛在收入，這與開採黃金不同，需要部署更多的鏟子和人力可能會導致更多的資源開採。這就是為什麼我們專注於透過規模經濟提高效率和增加比特幣報告的市場份額一直是我們策略的核心。

In recent months, we've seen a number of industry participants announce a shift towards new endeavors in AI and HPC, and we wish each of them good fortune. For in our view, every dollar peer invest outside Bitcoin mining represents an opportunity for us to maintain and increase our share of the 450 Bitcoin available each day. We are fortunate to have abundant access to increasingly scarce, low-cost, low-carbon power. By accelerating our fleet upgrade and replacing older rigs, we are getting the compound benefit of substantial increases in hash rate using the same power resources at a time when the daily Bitcoin earnings for the next 4 years is potentially at its highest. I will let Gary provide a bit more detail on the mechanics of the accounting treatment a bit later in the call, but I wanted to address the topic head on as we see it as a tremendous opportunity.

近幾個月來，我們看到許多行業參與者宣布轉向人工智慧和高效能運算領域的新嘗試，我們祝福他們每個人都有好運。在我們看來，比特幣挖礦之外的每一美元同行投資都代表著我們維持和增加每天可用的 450 個比特幣份額的機會。我們很幸運能夠獲得充足的日益稀缺、低成本、低碳的電力。透過加速我們的機隊升級和更換舊設備，我們將獲得複合效益，即在未來 4 年比特幣每日收益可能達到最高水準的情況下，使用相同的電力資源，哈希率大幅提高。稍後我會讓加里在電話會議中提供有關會計處理機制的更多細節，但我想直接討論這個主題，因為我們認為這是一個巨大的機會。

During the quarter, we reached and exceeded a number of milestones, including operational hash rate, fleet efficiency and Bitcoin produced. We disclosed in our June monthly mining update, we achieved and exceeded our stated midyear target of 20 exahash per second in total operational hash rate. By achieving 20 exahash per second, we more than doubled our total hash rate since January of this year. As I mentioned earlier, we've already increased our hash rate over 10% in a little over a month to 22.3 exahash per second. We are on our trajectory to quickly double our hash rate once again. Our path to 32 exahash per second and beyond is clear. Now it's up to our talented team to execute on our plans and our past performance indicates we have the ability to achieve these targets.

在本季度，我們達到並超越了許多里程碑，包括營運哈希率、車隊效率和比特幣產量。我們在 6 月的每月挖礦更新中披露，我們實現並超越了我們規定的總運行哈希率每秒 20 exahash 的年中目標。透過實現每秒 20 exahash，自今年 1 月以來我們的總哈希率增加了一倍以上。正如我之前提到的，我們已經在一個多月的時間裡將哈希率提高了 10% 以上，達到每秒 22.3 exahash。我們正走在哈希率再次快速翻倍的軌道上。我們達到每秒 32 exahash 以上的道路是明確的。現在由我們才華橫溢的團隊來執行我們的計劃，我們過去的表現表明我們有能力實現這些目標。

I'll take a moment and provide some important details on the path forward and the steps we are taking to reach and exceed 32 exahash per second. We've continued pursuing M&A opportunities to strategically secure additional power contracts and infrastructure, resulting in rapid and immediate megawatts. In parallel, we have continued to lay the groundwork for greenfield and brownfield construction for 2025 and beyond. We expect that after the current fleet upgrade is complete, we will exceed 28 exahash per second. We will then only need to bring 65 megawatts of additional infrastructure online to add the 4 more exahash per second needed before year end.

我將花一點時間提供一些關於前進道路的重要細節，以及我們為達到並超過每秒 32 exahash 所採取的步驟。我們繼續尋求併購機會，以策略性地確保額外的電力合約和基礎設施，從而快速、立即獲得兆瓦電力。同時，我們繼續為 2025 年及以後的綠地和棕地建設奠定基礎。我們預計目前機隊升級完成後，每秒鐘將超過 28 exahash。然後，我們只需要在年底之前增加 65 兆瓦的額外基礎設施上線即可增加每秒 4 exahash 的需求。

With that, I'm pleased to announce that the City of Sandersville has informed us that they have resolved the issues with a substation transformer and they expect to provide us with the final 50 megawatts of power this September. When added to the 15 megawatts that are about to go live in Dalton, Georgia, this will allow us to meet the 65 megawatts of need, adding again 4 exahash before the end of September.

至此，我很高興地宣布，桑德斯維爾市已通知我們，他們已經解決了變電站變壓器的問題，並預計今年 9 月為我們提供最後 50 兆瓦的電力。如果加上即將在喬治亞州道爾頓投入使用的 15 兆瓦，這將使我們能夠滿足 65 兆瓦的需求，在 9 月底之前再次增加 4 exahash。

Beyond the opportunities just discussed, we also have 30 megawatts under active development and an additional 188 megawatts under binding purchase agreement, making our targets very achievable before even considering the substantial pipeline of additional opportunities we are pursuing.

除了剛才討論的機會之外，我們還有30 兆瓦正在積極開發，另外188 兆瓦正在簽訂具有約束力的購買協議，這使得我們的目標非常容易實現，甚至在考慮我們正在尋求的大量額外機會之前。

Looking beyond the end of this year, we've identified a clear path to expanding our footprint in 2 states. In Tennessee, we have a target to reach 200 megawatts in 2025 and over 400 megawatts by the end of 2026. We also expect to continue our growth in Wyoming, where we currently have 75 megawatts under contract, but we intend to expand to several hundred megawatts in the coming years. I have full confidence in our team's ability to execute on this ambitious agenda. Our conviction in achieving this remarkable goal is built upon our plan to execute a very similar strategy in Tennessee and Wyoming as we proudly achieved in Georgia over the past 3 years.

展望今年年底，我們已經確定了擴大我們在兩個州的足跡的明確途徑。在田納西州，我們的目標是到 2025 年達到 200 兆瓦，到 2026 年底達到 400 兆瓦以上。我們也預計懷俄明州的業務將繼續成長，目前我們在懷俄明州的合約容量為 75 兆瓦，但我們打算在未來幾年擴大到數百兆瓦。我對我們團隊執行這項雄心勃勃的議程的能力充滿信心。我們實現這一非凡目標的信念是建立在我們計劃在田納西州和懷俄明州執行與過去三年在喬治亞州自豪地實現的非常相似的策略的基礎上的。

While our trajectory in Georgia has been impressive, our recipe for success in this key market was developed as a direct result of a rapid ascent of the learning curve. Through grit and relentless hard work, we learn from each of our incremental wins as well as the challenges. Maintaining a mindset of continuous improvement, we were able to refine our formula into a blueprint for success, one which we believe optimizes the countless variables to drive maximum efficiency. The lessons learned in Georgia, whether they relate to structural design of the facilities to improve cooling efficiency or the standardization of our site configuration to streamline operations and maintenance, reflect the impact of the many small details we paid close attention to over time.

雖然我們在喬治亞州的發展軌跡令人印象深刻，但我們在這個關鍵市場取得成功的秘訣是學習曲線快速上升的直接結果。透過毅力和不懈的努力，我們從每一個漸進的勝利和挑戰中學習。保持持續改進的心態，我們能夠將我們的公式細化為成功的藍圖，我們相信該藍圖可以優化無數變數以實現最大效率。在喬治亞州學到的經驗教訓，無論是涉及提高冷卻效率的設施結構設計，還是涉及簡化營運和維護的站點配置標準化，都反映了我們長期以來密切關注的許多小細節的影響。

We have optimized all of these in order to gain a percentage point of efficiency here or a point of reduced downtime there, but when employed in concert, embody the level of efficiency we constantly strive for. Importantly, each of these lessons were learned and developed with a single common element in mind: repeatability at scale. It is this template we've arrived at, which we believe we can successfully implement wherever we set our site, be it in close proximity to an existing site or on distant shores, which gives me the confidence in our team to deliver similar results in Tennessee and Wyoming as we have enjoyed in Georgia.

我們對所有這些進行了優化，以便在這裡提高一個百分點的效率，或者在那裡減少一點停機時間，但是當協同使用時，體現了我們不斷追求的效率水平。重要的是，這些經驗教訓的學習和發展都考慮到了一個共同要素：大規模的可重複性。我們已經找到了這個模板，我們相信無論我們在何處設置站點，無論是靠近現有站點還是在遙遠的海岸，我們都可以成功實施該模板，這讓我對我們的團隊充滿信心，能夠在以下方面提供類似的結果：田納西州和懷俄明州就像我們在喬治亞州所享受的那樣。

We are also incredibly excited about the people and communities in these great states. They are full of hard-working people with a type of grit that can't be taught. But that instead must be instilled from the beginning as a foundational core tenet. They're also home to some of the largest utilities in the country, including the Tennessee Valley Authority, which has abundant renewable and nuclear power. We have the power contract, we have the hardware, but perhaps most importantly, we have the people and the grit to execute this plan. We will continue to remain highly active in M&A on our path to achieving our growth targets for '25 and '26.

我們也對這些偉大州的人民和社區感到非常興奮。他們都是勤奮的人，他們有著無法教會的毅力。但這必須從一開始就作為基本的核心原則灌輸。這裡也是美國一些最大的公用事業公司的所在地，其中包括田納西河谷管理局，該機構擁有豐富的可再生能源和核能。我們有電力合同，我們有硬件，但也許最重要的是，我們有執行該計劃的人員和勇氣。我們將繼續保持高度活躍的併購活動，以實現 25 年和 26 年的成長目標。

While M&A is an important pillar of our strategy, I want to reiterate the importance of the other critical pillar to executing the target. And that is harvesting the significant inventory of organic opportunities before us. By deploying the blueprint for success I just described to the existing opportunities in our current portfolio of assets and other greenfield opportunities, we believe our multi-year goals are well within reach. As we continue to expand and scale, efficiency will remain a crucial metric for us. Our efficiency ranks amongst the best in the world.

雖然併購是我們策略的重要支柱，但我想重申另一個關鍵支柱對於執行目標的重要性。這就是收穫擺在我們面前的大量有機機會。透過部署我剛剛描述的成功藍圖，以及我們目前資產組合中的現有機會和其他綠地機會，我們相信我們的多年目標完全可以實現。隨著我們不斷擴張和規模化，效率仍將是我們的關鍵指標。我們的效率在世界上名列前茅。

A core component of our strategy is to remain the leader in energy efficiency. In our view, the winners in this industry will not be crowned simply by a measure of total hash rate, but by the ability to endure and thrive in all markets, both bull and bear.

我們策略的核心組成部分是保持能源效率的領先地位。我們認為，這個行業的贏家不會簡單地透過總算力來衡量，而是透過在所有市場（無論是牛市還是熊市）中忍受和繁榮的能力來衡量。

Our current fleet efficiency across the entire portfolio stands at an industry-leading 22.3 joules per terahash, down from 28.4 joules per terahash at the beginning of our fiscal year, for an overall 21% reduction in the power required to produce hash rate, while during the same period, more than doubling our total hash rate.

我們目前整個產品組合的機隊效率處於行業領先的 22.3 焦耳/太哈哈希，低於我們財年年初的 28.4 焦耳/太哈哈希，產生哈希率所需的電力總體減少了 21%，而在同一時期，我們的總哈希率增加了一倍以上。

In summary, we are extremely pleased with the results achieved this quarter. Our combined opportunistic approach to M&A, combined with a nimble approach to balance sheet management, as evidenced by our pivot and our HODL strategy prior to the most recent run-up in the price of Bitcoin have enabled us to reach new highs as a market leader.

總之，我們對本季所取得的成果感到非常滿意。我們結合機會主義的併購方法，結合靈活的資產負債表管理方法，正如我們在比特幣價格最近上漲之前的樞軸和長期持有策略所證明的那樣，使我們能夠作為市場領導者達到新高。

Before I hand the call over to Gary, I'd like to thank each and every member of the CleanSpark team, without whom this would not be possible. Our outstanding performance is a testament to the relentless focus and dedication of our entire team, every member of the CleanSpark family embodies our core values of grit and operational excellence on an individual level.

在將電話轉交給 Gary 之前，我要感謝 CleanSpark 團隊的每一位成員，沒有他們，這一切都是不可能的。我們的出色表現證明了我們整個團隊的不懈專注和奉獻精神，CleanSpark 家族的每一位成員都在個人層面上體現了我們堅毅和卓越營運的核心價值。

I am particularly proud of the team's impressive performance considering the discipline required to maintain such high standards during a time when our operating hash rate more than tripled in a 12-month period. With additional size and scale comes unique challenges and hurdles. Yet despite this rapid growth, our commitment to excellence has remained unwavering across the organization.

考慮到我們的營運哈希率在 12 個月內增長了兩倍多，維持如此高標準所需的紀律，我對該團隊令人印象深刻的表現感到特別自豪。隨著規模的擴大，也帶來了獨特的挑戰與障礙。然而，儘管成長如此迅速，我們整個組織對卓越的承諾仍然堅定不移。

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

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, and good afternoon, everyone. Hopefully, you've all had a chance to review our detailed financial results and our press release. Our Form 10-Q is expected to be filed shortly. I'm pleased to review our results for the fiscal third quarter, which reflect the continued execution of our long-term growth strategy, thanks to the commitment and hard work of our team.

謝謝你，扎克，大家下午好。希望你們都有機會查看我們詳細的財務表現和新聞稿。我們的 10-Q 表格預計很快就會提交。我很高興回顧我們第三財季的業績，這反映了我們長期成長策略的持續執行，這要歸功於我們團隊的承諾和辛勤工作。

Revenue for the third quarter came in at $104 million, an increase of 129% over the prior year. This was due to our growth in hash rate and appreciation of Bitcoin price between the periods. When comparing the immediately preceding second quarter, our revenue decreased only slightly, 7%, or $7.7 million, despite the halving occurring early in the third quarter.

第三季營收為1.04億美元，較上年成長129%。這是由於我們的算力成長和比特幣價格在不同時期的升值所致。與前一第二季相比，我們的收入僅略有下降，即 7%，即 770 萬美元，儘管在第三季初就發生了減半。

We managed to grow our hash rate during the quarter and produced 1,583 Bitcoin compared to 2,031 in the prior quarter. This reflects a decrease of only 22% in production despite the halving bringing a 50% reduction in block rewards. The halving always brings challenges for miners. However, we met the halving with the most efficient fleet amongst our peers and continue a very high uptime of approximately 98%.

我們在本季成功提高了哈希率，生產了 1,583 個比特幣，而上一季為 2,031 個。這反映出儘管減半導致區塊獎勵減少 50%，但產量僅減少了 22%。減半總是給礦工帶來挑戰。然而，我們以同行中最高效的機隊迎接減半，並繼續保持約 98% 的高正常運行時間。

Looking at our gross margins. For the third quarter, we had approximately $59 million in gross profit, which is an increase of $34 million or 137% over last year. When compared to the preceding second quarter, our total margins decreased from $78 million to $59 million.

看看我們的毛利率。第三季度，我們的毛利約為 5,900 萬美元，比去年增加了 3,400 萬美元，即 137%。與上一季相比，我們的總利潤率從 7,800 萬美元下降到 5,900 萬美元。

However, our margins remain healthy above 50% as the margins are directly attributable to our strong mining operations, effective power management strategy and upgrades to our state-of-the-art machines happening throughout our portfolio. We did recognize a net loss of approximately $236 million in the third quarter, which was driven by 2 significant non-cash items. Foremost, Bitcoin price at June 30 was lower by almost $9,000 than where it was at the March 31 balance sheet date. This has resulted in a mark-to-market unfavorable yet non-cash adjustment of approximately $48 million.

然而，我們的利潤率保持在 50% 以上，因為利潤率直接歸功於我們強大的採礦業務、有效的電力管理策略以及我們整個產品組合中最先進機器的升級。我們確實在第三季確認了約 2.36 億美元的淨虧損，這是由 2 個重大非現金項目造成的。最重要的是，6 月 30 日的比特幣價格比 3 月 31 日資產負債表日的價格低了近 9,000 美元。這導致按市值計價的不利但非現金的調整約為 4800 萬美元。

Additionally, as Zach mentioned, we recognized an impairment on our miners. This impairment was approximately $189 million and was directly attributable to the company's strategy of upgrading its fleet to state-of-the-art and significantly more efficient miners. As you may be aware, the company purchased a large portion of our various S19 models during the bull market at prices between $60 to $80 a terahash.

此外，正如扎克所提到的，我們認識到我們的礦工受到了損害。這項減損約為 1.89 億美元，直接歸因於該公司將其機隊升級為最先進且效率顯著提高的礦機的策略。如您所知，該公司在牛市期間以每太拉哈希 60 至 80 美元的價格購買了我們各種 S19 型號的很大一部分。

While these machines have served us well and helped contribute to our current HODL balance of over 7,000 Bitcoin, this impairment is a direct reflection of our conscious change in upgrading our fleet and changing our expected use of those machine models. The impairment charge brings the balance sheet carrying value of those older machines to fair value. And while we have not removed them from service yet, we expect to utilize machines to maximize use of any available megawatts or sell them for cash if the market becomes appealing.

雖然這些機器為我們提供了良好的服務，並幫助我們目前的HODL 餘額超過7,000 比特幣，但這種損害直接反映了我們在升級機隊和改變我們對這些機器型號的預期用途方面的有意識的變化。減損費用使這些舊機器的資產負債表帳面價值達到公允價值。雖然我們還沒有將它們停止使用，但我們希望利用機器來最大限度地利用任何可用的兆瓦電量，或在市場變得有吸引力時將它們出售以換取現金。

Also as a result of our change in strategy, we expect to do fleet upgrades more often, likely on a 3-year schedule, and our updated depreciation methods reflect this. We have noted that there continue to be advancements in ASIC technology for which we will use our scale and relationships and continuing to have the top-of-the-line and state-of-the-art mining fleet in the world. This strategy, combined with our strong operational acumen, will allow us to maintain profitability even in tough times.

此外，由於我們策略的改變，我們預計會更頻繁地進行機隊升級，可能每三年一次，我們更新的折舊方法也反映了這一點。我們注意到，ASIC 技術不斷取得進步，我們將利用我們的規模和關係，並繼續擁有世界上最先進的採礦車隊。這項策略與我們強大的營運智慧相結合，將使我們即使在困難時期也能保持獲利能力。

Looking at our adjusted EBITDA, which is a non-GAAP metric, we recognized negative adjusted EBITDA of approximately $12.7 million. This reverses positive adjusted EBITDA from the same quarter last year and immediately preceding second quarter. I'd like to point out that the current quarter's adjusted EBITDA was significantly affected by the mark-to-market fair value adjustment of $48 million, which is included in net loss, but not adjusted for purposes of this non-GAAP metric. We continue to have profitable mining operations, as you can see from our cost per coin metric, which is disclosed in the management's discussion and analysis portion of our Form 10-Q.

看看我們的調整後 EBITDA（非 GAAP 指標），我們發現調整後 EBITDA 為負值，約 1,270 萬美元。這扭轉了去年同季和第二季之前的調整後 EBITDA 為正值。我想指出的是，本季調整後的 EBITDA 受到 4,800 萬美元按市值計算的公允價值調整的顯著影響，該調整包含在淨虧損中，但未針對此非 GAAP 指標進行調整。我們繼續擁有盈利的採礦業務，正如您從我們的每幣成本指標中看到的那樣，該指標在我們的 10-Q 表格的管理層討論和分析部分中披露。

For the third quarter, our energy cost to mine Bitcoin at our wholly-owned locations was approximately $27,000. When adding depreciation and financing costs, our cost to mine each Bitcoin was less than $44,000. To note, our average revenue per Bitcoin mined this quarter was approximately $66,000. It's also important to note that our total all-in cost of energy was $0.048 per kilowatt hour for the third quarter, and our average for the 9-month period is $0.045 per kilowatt hour. As a reminder, the all-in cost includes our wholesale power cost, transmission and delivery costs, margins and sales taxes paid in utilities and communities where we operate.

第三季度，我們在全資擁有的地點開採比特幣的能源成本約為 27,000 美元。如果加上折舊和融資成本，我們開採每個比特幣的成本不到 44,000 美元。值得注意的是，我們本季開採的每個比特幣的平均收入約為 66,000 美元。還需要注意的是，第三季我們的總能源成本為每千瓦時 0.048 美元，而 9 個月期間的平均能源成本為每千瓦時 0.045 美元。提醒一下，總成本包括我們的批發電力成本、傳輸和交付成本、利潤以及在我們運營的公用事業和社區支付的銷售稅。

We also experienced higher-than-normal overhead costs, which are a direct reflection of our growth and progress. We've seen increases in legal, accounting and other professional fees related to our active M&A efforts, including acquisitions we have announced over the past few months. Additionally, we have grown significantly as a company. We currently have over 250 employees, whereas this time last year, we had approximately 100.

我們也經歷了高於正常水平的管理費用，這直接反映了我們的成長和進步。我們發現與我們積極的併購活動相關的法律、會計和其他專業費用有所增加，包括我們在過去幾個月宣布的收購。此外，我們作為一家公司也取得了顯著的發展。我們目前擁有超過 250 名員工，而去年這個時候我們只有大約 100 名員工。

I'd now like to turn my focus to the balance sheet, which we continue to believe is one of the strongest in the industry. We had total liquidity of $542 million as of June 30. Of this amount, we had $129 million in cash and almost 6,600 Bitcoin valued at $413 million. Additionally, we had $284 million of cash paid deposits on miners in transit and total assets of $1.5 billion. Our balance sheet remains strong as it has ever been with virtually no long-term debt and substantial liquidity, which provides us with significant flexibility to continue pursuing the many M&A opportunities emerging in the wake of the April halving event according to our plans.

我現在想把重點轉向資產負債表，我們仍然認為資產負債表是行業中最強勁的資產負債表之一。截至 6 月 30 日，我們的流動資金總額為 5.42 億美元。其中，我們擁有 1.29 億美元現金和近 6,600 個比特幣，價值 4.13 億美元。此外，我們還為運輸中的礦工支付了 2.84 億美元的現金存款，總資產為 15 億美元。我們的資產負債表仍然一如既往地強勁，幾乎沒有長期債務和大量流動性，這為我們提供了巨大的靈活性，可以根據我們的計劃繼續追求四月減半事件後出現的許多併購機會。

Given our strong balance sheet, we are pleased to announce our partnership with Coinbase, which provides a $50 million line of credit collateralized by a portion of our Bitcoin HODL balance. This revolving line of credit will allow us to utilize our strong balance sheet, take advantage of opportunities in the marketplace. Also given the significant tax and economic realities of selling forces of our HODL balance, we are able to put our Bitcoin to work while paying a low cost of capital.

鑑於我們強大的資產負債表，我們很高興宣布與 Coinbase 合作，Coinbase 提供 5000 萬美元的信貸額度，以我們的部分比特幣 HODL 餘額為抵押。這種循環信貸額度將使我們能夠利用我們強大的資產負債表，抓住市場機會。此外，考慮到我們的 HODL 餘額的銷售力量的重大稅收和經濟現實，我們能夠在支付較低的資本成本的同時讓我們的比特幣發揮作用。

As we look ahead, we will continue to be focused on being the most efficient Bitcoin miner at scale on the planet. I believe our operations team is one of the best in the world. And the combination of our state-of-the-art fleet, power management strategy and strong financial condition will allow us to take advantage of even more opportunities from this point forward.

展望未來，我們將繼續專注於成為全球最高效的比特幣礦商。我相信我們的營運團隊是世界上最好的營運團隊之一。我們最先進的機隊、電力管理策略和強大的財務狀況相結合將使我們能夠從現在開始利用更多的機會。

Over to you, Brittany.

交給你了，布列塔尼。

Thank you, Gary, for that detailed financial overview. 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.

加里，謝謝您詳細的財務概述。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)

（操作員說明）

Mike Colonnese ,H.C. Wainwright.

科隆尼斯 (Mike Colonnese)，H.C.溫賴特。

Hi, good afternoon, guys, and congrats on achieving your midyear target here. It's great to see. First one for me. If you could just provide an update on the GRIID acquisition. What needs to happen to finalize the transaction? And do you still expect to close the deal this quarter?

大家下午好，恭喜你們實現了你們的年中目標。很高興看到。對我來說第一個。如果您能提供有關 GRIID 收購的最新資訊嗎？需要做什麼才能完成交易？您仍然預計本季完成交易嗎？

Mike, thanks for joining the call. So really, the only thing that needs to happen is the S4, which we filed. So that -- what the S4 does, you probably know this; for anybody that doesn't, it allows the shares that their shareholders will get to ultimately be registered. That needs to go through the SEC review process. So we'd love to close this quarter. It's ultimately going to come down to timelines around that. So I don't really have a specific timeline other than it's going to take as long as the SEC takes.

麥克，感謝您加入通話。所以實際上，唯一需要發生的就是我們提交的 S4。所以——S4 的作用，你可能知道這一點；對於任何不這樣做的人，它允許其股東最終獲得的股份進行登記。這需要經過 SEC 的審查程序。因此，我們很樂意在本季結束。最終將取決於時間表。所以我真的沒有具體的時間表，除了 SEC 需要的時間之外。

Got it. Fair enough. Appreciate the color there. And I know you're still working through the final deal terms, but doing some quick math, it looks like you'll be paying just a bit more for GRIID's assets than you have for previous acquisitions that you have now in the portfolio. What made GRIID the right choice compared to other acquisition opportunities in the pipeline that may have been available to CleanSpark at a lower price?

知道了。很公平。欣賞那裡的顏色。我知道您仍在研究最終交易條款，但快速計算一下，您為 GRIID 資產支付的費用似乎比您投資組合中先前收購的價格要高一些。與 CleanSpark 可能以較低價格獲得的其他收購機會相比，是什麼讓 GRIID 成為正確的選擇？

I think the key with this is it became one of several opportunities we executed on. So when measured with that is the real driving factor of what led us to GRIID. GRIID's strongest asset is something that isn't reflected on a balance sheet or on a P&L or even in megawatts right now from an active contract point of view. It's their robust pipeline of opportunities.

我認為關鍵是它成為我們執行的幾個機會之一。因此，當以此衡量時，這就是我們選擇 GRIID 的真正驅動因素。GRIID 最強大的資產並未反映在資產負債表或損益表上，甚至從有效合約的角度來看，目前甚至沒有以兆瓦為單位反映。這是他們強大的機會管道。

So the reason that we chose to acquire GRIID falls in the fact that they have a lot of opportunities, they have a lot of relationships in the state. And we've seen how in the State of Georgia, what allowed us to grow so quickly and so rapidly and successfully was our relationships. And so we could spend another year or 2 developing the same relationships in Tennessee or we can bring on to the CleanSpark family a group of individuals that have those relationships.

所以我們選擇收購GRIID的原因在於他們有很多機會，他們在國家有很多關係。我們已經看到，在喬治亞州，我們的關係是如何讓我們發展得如此迅速、如此迅速和成功的。因此，我們可以再花一兩年的時間在田納西州發展相同的關係，或者我們可以為 CleanSpark 家族引進一群擁有這些關係的個人。

Now GRIID, they have their own story, but it took them a while to get public. And I think that for them, this is a great merge because it allows them to execute on the plans they put in place with the capital and access to -- that we have. And so that's the real value of GRIID. We do get immediate megawatts, we do expect to optimally have over 100 megawatts live this year. But it's really about the 200, 300 and 400 megawatts that we think we can rapidly bring online in the future.

現在，GRID，他們有自己的故事，但花了一段時間才公開。我認為對他們來說，這是一次偉大的合併，因為它使他們能夠利用我們擁有的資本和管道來執行他們制定的計劃。這就是 GRIID 的真正價值。我們確實立即獲得了兆瓦電量，我們預計今年的發電量將最好超過 100 兆瓦。但我們認為未來可以快速上網的電力實際上是 200、300 和 400 兆瓦。

Great. Thank you. For taking my questions.

偉大的。謝謝。回答我的問題。

Thank you.

謝謝。

Brett Knoblauch with Cantor Fitzgerald

布雷特·諾布勞赫和康托·菲茨杰拉德

Hi, guys. Thanks for taking my question. Maybe if I can just start on the Coinbase transaction. I guess what is the thinking there is that you want to maybe add some leverage to the balance sheet and maybe diversify away a bit from equity capital? And curious as to what rate you'll be paying on that facility.

嗨，大家好。感謝您提出我的問題。也許我可以開始 Coinbase 交易。我想您是想在資產負債表上增加一些槓桿作用，並可能從股本資本中多元化一點？很好奇您將為該設施支付多少費用。

Yes. Thanks for the question. So this is just going to be another tool in our toolbox. We don't have immediate plans to draw down on that. But depending on the cost of capital and where the equity lever is and where the stock price is at that time, we might choose to draw down on the Coinbase line of credit to really take advantage of opportunities, whether it's purchase of machines or potentially some tuck-in acquisitions that we're looking at as well. In terms of the cost of that capital, it's really market-based, but I'll tell you that the cost of capital is below 10%. Or, we would expect it would be 10% at least in the near future.

是的。謝謝你的提問。所以這只是我們工具箱中的另一個工具。我們沒有立即動用該資金的計畫。但根據資本成本、股權槓桿的位置以及當時的股價，我們可能會選擇提取 Coinbase 信貸額度來真正利用機會，無論是購買機器還是潛在的一些機會。就資本成本而言，它確實是基於市場的，但我會告訴你，資本成本低於10%。或者，我們預計在不久的將來至少會達到 10%。

Got it. Thank you. And then on the expansion in Wyoming, I believe you said to several hundred megawatts. Could you maybe provide some timing there and what you need to do on your end to start ramping the capacity in that new region for you guys?

知道了。謝謝。然後關於懷俄明州的擴建，我相信你說的是幾百兆瓦。您能否提供一些時間安排以及您需要做什麼才能開始為您們提高該新區域的容量？

Yes. So going back to the foundation, we have 75 megawatts under contract out there right now. That several hundred megawatts is something we're building towards. I expect that to be more '25 and '26 megawatts. Nothing that's going to happen tomorrow. And what it's going to take from us is it's going to be continuing to build the relationships.

是的。回到基金會，我們現在有 75 兆瓦的合約。幾百兆瓦是我們正在建造的目標。我預計這將是更多'25 和'26 兆瓦。明天不會發生什麼事。我們需要繼續建立關係。

Well, the relationships we have established thus far show that we can get access to quite a bit more megawatts kind of using similar structures, and there's definitely a willingness in the state of Wyoming. As everybody knows, Senator Lummis has been a longtime supporter of Bitcoin. And so we want to really go in and support Wyoming as part of that process being a friendly state on that side. So we're really confident on our ability to execute on that, but it's going to be more '25, '26 as we push past what we have now.

嗯，我們迄今為止建立的關係表明，我們可以使用類似的結構來獲得更多兆瓦的電力，而懷俄明州肯定有意願。眾所周知，參議員魯米斯一直是比特幣的長期支持者。因此，我們希望真正介入並支持懷俄明州，作為這一進程的一部分，成為該州的友好州。因此，我們對自己的執行能力非常有信心，但隨著我們超越現在的水平，25 年、26 年的情況將會更加明顯。

Perfect. And maybe if I could just add one more question on the -- I guess, the new fleet upgrade timing that you guys have outlined. Could you just maybe remind us from like a unit economic level of payback periods and what you are -- I guess, what the ROI is on a per-machine basis that gives you confidence that you can go out and do this every 3 years despite what would be considerably high CapEx every 3 years?

完美的。也許我可以再增加一個問題——我猜，你們已經概述了新的機隊升級時間。您能否提醒我們，單位經濟水平的投資回收期以及您的情況——我猜，每台機器的投資回報率是多少，這讓您有信心您可以每 3 年出去執行一次此操作，儘管每3 年資本支出會相當高？

Yes. The great thing about miners themselves is their value is largely indexed also on whatever the market is doing with Bitcoin. So we would execute on the strategy we've always done, which is we build in bear markets. We intend to take advantage of fleets that are in place in highly efficient during bull markets. And from there, with the capital that we access during bull markets, we should be well-positioned to upgrade during bear markets.

是的。礦工本身的偉大之處在於，他們的價值很大程度上也取決於市場對比特幣的趨勢。因此，我們將執行我們一直以來執行的策略，即我們在熊市中製定的策略。我們打算利用牛市期間高效率的機隊。從那時起，憑藉我們在牛市期間獲得的資本，我們應該能夠在熊市期間進行升級。

If -- our statement around 3 years is a very generalized statement in the sense that if we're mid-bull cycle in year 3, why would we upgrade machines that are cranking out Bitcoin and that we turn into cash, of course. We would do that in the bear cycle where machine prices get low, and we would use our size and scale to leverage into that.

如果——我們關於 3 年的聲明是一個非常籠統的聲明，因為如果我們在第 3 年處於牛市週期中期，為什麼我們要升級生產比特幣並轉化為現金的機器？我們會在機器價格走低的熊市週期中這樣做，我們會利用我們的規模和規模來槓桿化這一點。

So again, don't take 3 as something hard and fixed. But what it is, is -- what we've done is we've essentially looked at Moore's Law, seeing how it has proved out. We, frankly -- I'll tell you, I think that I thought it would take a little bit longer for a machine to get below 15 joules per terahash. And based on what we're seeing in the technology that's coming in line over the next 3 to 4 years, we think that it will be maybe 3 years from now we see some units that are going to be sub-10. I think there's some interesting challenges I will say that they have to face from a heat extraction, which is why we're leaning into immersion right now.

再次強調，不要將 3 視為困難和固定的東西。但事實上，我們所做的是，我們本質上研究了摩爾定律，看看它是如何被證明的。坦白說，我會告訴你，我認為機器需要更長的時間才能達到每兆赫 15 焦耳以下。根據我們所看到的未來​​ 3 到 4 年即將推出的技術，我們認為從現在起 3 年後我們可能會看到一些設備的性能將低於 10。我認為他們必須面對一些有趣的挑戰，因為排熱，這就是我們現在傾向於沉浸式的原因。

So I think that it's going to come just like it is when -- where we address our HODL balance. It's going to come in real-time market-based decisions. But I would expect really what we're pointing to is we think that there's still a solid, long bull cycle ahead of us, and then the next bear cycle every time to upgrade.

所以我認為它將會像我們解決 HODL 餘額問題時一樣到來。它將出現基於即時市場的決策。但我希望我們真正指出的是，我們認為前面仍然有一個堅實的、長期的牛市週期，然後每次都會升級到下一個熊市週期。

Perfect. Makes sense. Thanks, guys for answering.

完美的。有道理。謝謝各位的解答。

Thank you

謝謝

Really appreciate it and congrats on the quarter and thank you again, if you would like to ask a question, please star one on your telephone keypad.

非常感謝並祝賀本季度，再次感謝您，如果您想提出問題，請在電話鍵盤上加星號。

And we have no further questions in our queue at this time. I will now turn the call back over to Brittany Moore closing remarks.

目前我們的隊列中沒有其他問題。現在我將把電話轉回布列塔尼·摩爾致結束語。

Thank you, for joining us today. We appreciate your interest in CleanSpark, and we look forward to speaking with you again next quarter.

謝謝您今天加入我們。我們感謝您對 CleanSpark 的興趣，我們期待下季度再次與您交談。

This concludes today's conference call. Thank you for your participation.

今天的電話會議到此結束。感謝您的參與。

And you may now disconnect.

您現在可以斷開連線。