CleanSpark Inc (CLSK) 2024 Q4 法說會逐字稿

Good afternoon. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to our conference call. (Operator Instructions) Thank you. And at this time, I would like to turn the floor over to Brittany Moore, Director of Investor Relations.

午安.我叫克里斯塔，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加我們的電話會議。（操作員說明）謝謝。現在，我想請投資者關係總監布列塔尼·摩爾 (Brittany Moore) 發言。

Thank you, Krista and welcome to CleanSpark fiscal full year financial results call covering the period October 1, 2023 through September 30, 2024. Our press release was issued about 30 minutes ago and is available on our website at cleanspark.com.

謝謝 Krista，歡迎參加 CleanSpark 2023 年 10 月 1 日至 2024 年 9 月 30 日期間的全年財務績效電話會議。我們的新聞稿於大約 30 分鐘前發布，可在我們的網站 cleanspark.com 上取得。

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. 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.

今天的電話會議也將進行網路直播，我們的執行長 Zach Bradford 和我的電話會議將在我們的網站上提供重播和文字記錄。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。

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 a reconciliation of non-GAAP financial measures in our press release, which is available on our website.

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 and good afternoon everyone. We appreciate your interest in our company as we share the results of a pivotal and transformative year for CleanSpark. The year marked the culmination of several years of strategic planning, preparation and execution to fully leverage the halving events. We emerged with an optimal combination of power contracts, infrastructure, mining fleet, Bitcoin Hoddle and organic growth pipeline as we enter the next phase of the cycle.

謝謝布列塔尼，大家下午好。感謝您對我們公司的關注，我們將分享 CleanSpark 關鍵且變革性一年的成果。今年是充分利用減半事件的幾年戰略規劃、準備和執行的高潮。當我們進入週期的下一階段時，我們出現了電力合約、基礎設施、採礦隊、比特幣 Hoddle 和有機成長管道的最佳組合。

Our financial performance this year reflects a sustained growth trajectory, with more than $378.9 million in revenue generated. That's a substantial increase from the $164.8 million reported last fiscal year. This year-over-year growth over 125% demonstrates our precise execution of plan before and after the halving that occurred midway through our fiscal year. Our adjusted EBITDA of $245.8 million for the year also showed impressive growth. That's an increase of $220.8 million or 882% growth over last year.

我們今年的財務表現反映了持續的成長軌跡，產生了超過 3.789 億美元的收入。這比上一財年報告的 1.648 億美元大幅增加。超過 125% 的同比增長表明我們在財年中期減半之前和之後對計劃的精確執行。我們今年調整後的 EBITDA 為 2.458 億美元，也顯示出令人印象深刻的成長。比去年增加了 2.208 億美元，即 882%。

Underscoring the success of our infrastructure first expansion strategy and its focus on fleet efficiency and operational excellence. As a result, we produced our strongest year of financial performance to date, solidifying a track record of effective execution and keeping promises to shareholders. Reflecting on the past year, our growth aligns closely with the clear strategic priorities and objectives that we've articulated since our pivot to Bitcoin mining.

強調我們的基礎設施優先擴張策略的成功及其對機隊效率和卓越營運的關注。結果，我們創造了迄今為止最強勁的財務業績，鞏固了有效執行和信守對股東承諾的記錄。回顧過去的一年，我們的成長與我們自轉向比特幣挖礦以來闡明的明確戰略重點和目標密切相關。

CleanSpark has prioritized infrastructure at its core foundation, putting us in the best position to source miners to optimize fleet efficiency and deploy new hash rate into production in the most capital-efficient manner. A clear example of this strategy was the Bitmain order that we placed in January 2024.

CleanSpark 優先考慮基礎設施作為其核心基礎，使我們處於最佳位置，可以尋找礦機來優化礦機效率，並以最經濟的方式將新的算力部署到生產中。這項策略的一個明顯例子是我們在 2024 年 1 月下達的比特大陸訂單。

That order included 60,000 units and a strategic option to purchase another 100,000 units at the same low fixed price.

該訂單包括 60,000 件，以及以同樣低的固定價格購買另外 100,000 件的戰略選擇。

This cost certainty allowed the team to focus on building and acquiring the underlying infrastructure that supported our targeted growth. Between our delivery schedule and growth in operational hash rate, the plan works seamlessly, and allowed us to reach 27.6 exahash per second at the end of September and 33.5 exahash where we stand today. This keeps us on a path to achieve our next milestone of 37 exahash per second this month. I want to discuss the way that we grew our infrastructure to support this incredible volume.

這種成本確定性使團隊能夠專注於建立和獲取支持我們目標成長的底層基礎設施。在我們的交付時間表和運營哈希率的增長之間，該計劃無縫運行，使我們能夠在 9 月底達到每秒 27.6 exahash，今天達到每秒 33.5 exahash。這使我們能夠在本月實現每秒 37 exahash 的下一個里程碑。我想討論我們如何發展基礎設施來支持這令人難以置信的數量。

There are three distinct infrastructure growth engines; greenfield development, organic expansion and opportunistic acquisitions. Each pathway presents unique opportunities and challenges. Our team has repeatedly proven its ability to achieve or exceed our goals across this strategy. I'd like to elaborate on these three drivers and emphasize the crucial role in advancing our strategic vision, positioning CleanSpark as the industry's leading operator. Our goal is to establish the CleanSpark way as the benchmark of excellence across every dimension.

存在三個不同的基礎設施成長引擎；綠地開發、有機擴張和機會性收購。每條途徑都帶來獨特的機會和挑戰。我們的團隊已多次證明其有能力透過該策略實現或超越我們的目標。我想詳細說明這三個驅動因素，並強調在推進我們的策略願景、將 CleanSpark 定位為行業領先營運商方面的關鍵作用。我們的目標是將 CleanSpark 方式建立為各個方面的卓越基準。

Growth, scale, efficiency, capital stewardship, community engagement and employee satisfaction, uptime and more. We aim to set CleanSpark apart as a name synonymous with innovative and cutting-edge performance across all measures that flow through to the bottom line.

成長、規模、效率、資本管理、社區參與和員工滿意度、正常運作時間等。我們的目標是讓 CleanSpark 成為一個在所有影響獲利指標的創新和尖端績效的代名詞。

Over the past 12 months, our rapid expansion has evolved our initial footprint into a robust portfolio of geographically diverse mining assets in Georgia, Wyoming, Tennessee, Mississippi and New York. This regional structure maximizes operational efficiency, creating momentum in each local market and disperses our mining assets in such a way as to harden us against extreme weather, price volatility in energy markets, and grid instability.

在過去的 12 個月裡，我們的快速擴張已將我們最初的足跡發展成為喬治亞州、懷俄明州、田納西州、密西西比州和紐約州的強大的地理多元化採礦資產組合。這種區域結構最大限度地提高了營運效率，為每個當地市場創造了動力，並分散了我們的採礦資產，使我們能夠抵禦極端天氣、能源市場價格波動和電網不穩定的影響。

Moreover, we've taken the front door approach of directly engaging with the communities in which we work and live that we templated in Georgia and paired it to other rural communities that we call home. Allow me to highlight some other milestones we've reached over the past year.

此外，我們採取了直接與我們工作和生活的社區接觸的方法，我們以喬治亞州為模板，並將其與我們稱之為家的其他農村社區配對。請容許我強調一下我們在過去一年中實現的其他一些里程碑。

We've added over 425 megawatts to our operational power capacity, bring our total portfolio to over 726 megawatts as of today. This expansion aligns with a threefold increase in our total hash rate, which now stands at more than 33 exahash per second, and putting us well on our way to achieve the goal of 37 exahash per second this month.

截至目前，我們的營運電力容量已增加超過 425 兆瓦，使我們的總發電量達到 726 兆瓦以上。此次擴展與我們的總哈希率增加了三倍一致，目前總哈希率超過每秒 33 exahash，這使我們能夠順利實現本月每秒 37 exahash 的目標。

This is a substantial leap from last year when we were celebrating surpassing just 9.6 exahash per second. Our track record of execution and focus on delivering on our commitment has been instrumental in driving this performance, and we expect to repeat it in 2025 as we look to exceed 1 gigawatt of contracted capacity across our portfolio. With our infrastructure first approach to growth, we prioritized reallocation across our three primary growth engines.

與去年相比，這是一個巨大的飛躍，去年我們慶祝突破了每秒 9.6 exahash。我們的執行記錄和對兌現承諾的關注對於推動這一業績發揮了重要作用，我們預計在 2025 年再次實現這一目標，因為我們希望整個投資組合的合約容量超過 1 吉瓦。透過基礎設施優先的成長方法，我們優先考慮在三個主要成長引擎之間進行重新分配。

We optimize every aspect of our operations with cutting edge technology upgrade and ensure every new facility aligns with the exacting standards of our vertically integrated business model of wholly owned self-operated sites.

我們透過尖端技術升級來優化營運的各個方面，並確保每個新設施都符合我們全資自營站點的垂直整合業務模式的嚴格標準。

Emblematic of this commitment, I'd like to remind everyone that our coin contract is scheduled to expire shortly, making CleanSpark's operations 100% owned and operated by the end of next quarter. Our growth trajectory has been remarkable. But what I'm most proud of is that we achieved this expansion with the highest levels of efficiency.

作為這項承諾的象徵，我想提醒大家，我們的代幣合約計畫很快就到期，到下個季度末，CleanSpark 的業務將 100% 擁有和運作。我們的成長軌跡非常出色。但最令我自豪的是，我們以最高的效率實現了這項擴張。

At the core of our approach is a philosophy that extends beyond achieving the lowest tools per terahash metric for our fleet or the best kilowatt hour price. It represents a commitment to integrity, operational excellence and cost management that drives every decision.

我們方法的核心是一種理念，它超越了為我們的車隊實現每 terahash 指標最低的工具或最佳千瓦時價格。它代表了對誠信、卓越營運和成本管理的承諾，推動著每一個決策。

Growth is not solely about increasing capacity, but consistently optimizing our hardware, processes and infrastructure to maximize output while conserving resources, ultimately delivering higher returns on investment.

成長不僅僅是增加產能，而是不斷優化我們的硬體、流程和基礎設施，以最大限度地提高產量，同時保護資源，最終帶來更高的投資回報。

Our current fleet efficiency now stands at 19 joules per terahash and is significantly lower than our fleet average of 28.4 joules per terahash from September of last year. This efficiency continues to improve -- as we transition into the next more methodical phase of our expansion.

我們目前的機隊效率目前為 19 焦耳/太哈哈希，遠低於去年 9 月以來我們機隊平均效率 28.4 焦耳/太哈哈希。隨著我們進入下一個更有條理的擴張階段，這種效率不斷提高。

For us, cost reduction goes beyond your budgeting. It is a discipline that enables us to reinvest in growth while remaining competitive in an industry where success is designed to continually get even more difficult. Operational excellence converges with these elements, ensuring that every facet of our operations from power management to employee workflows performs to the highest standard.

對我們來說，降低成本超出了您的預算範圍。這是一門紀律，使我們能夠對成長進行再投資，同時在這個行業中保持競爭力，而成功的目的是不斷變得更加困難。卓越營運與這些要素融合，確保我們營運的各個面向（從電源管理到員工工作流程）都達到最高標準。

This commitment allows us to pursue an ambitious growth plan without compromising on efficiency or our core values, firmly establishing CleanSpark as a leader in our field. We've achieved this level of growth, balanced approach across our three growth avenues- greenfield development, organic expansion of existing sites and strategic acquisitions. While our acquisition strategy may receive more attention. We remain deeply committed to greenfield development, identifying and building new sites with the talent and expertise we've developed, particularly in our newest markets.

這項承諾使我們能夠在不影響效率或核心價值的情況下追求雄心勃勃的成長計劃，從而牢固地確立 CleanSpark 作為我們領域領導者的地位。我們已經實現了這種水準的成長，在三個成長途徑上採取了平衡的方法——綠地開發、現有場地的有機擴張和策略性收購。而我們的收購策略可能會受到更多關注。我們仍然堅定地致力於綠地開發，利用我們開發的人才和專業知識尋找和建造新地點，特別是在我們最新的市場。

In Wyoming, we are currently tracked at 75 megawatts in 2025 and have the potential of adding several hundred more. On the M&A front, we are realizing the rewards of our early countercyclical capital allocation. As noted, we began preparations for the having over 24 months ago. Anticipating that less efficient operators would face stark choices about their future. This foresight allowed us to position ourselves to capitalize on acquisition opportunities.

在懷俄明州，我們目前預計到 2025 年發電量將達到 75 兆瓦，並且有可能再增加數百兆瓦。在併購方面，我們正在實現早期逆週期資本配置的回報。如前所述，我們在 24 個月前就開始為這項活動做準備。預計效率較低的營運商將面臨嚴峻的未來選擇。這種遠見使我們能夠充分利用收購機會。

Consolidating over 178 megawatts in private asset acquisitions, including nine sites acquired in September alone. Notably, after the end of the year in October, we closed The Grid acquisition, which included 68 megawatts of developed infrastructure in Tennessee and over 400 megawatts of identified upside expansion opportunity.

整合了超過 178 兆瓦的私人資產收購，其中僅 9 月就收購了 9 個站點。值得注意的是，10 月年底後，我們完成了對 The Grid 的收購，其中包括田納西州 68 兆瓦的已開發基礎設施和超過 400 兆瓦已確定的上行擴張機會。

As we move forward, we are more committed than ever to our focus on Bitcoin mining and setting industry benchmarks in this rapidly evolving sector. Through deliberate prioritization efficient infrastructure acquisition and a reliable pipeline of state-of-the-art equipment through our purchase agreements, we've established a process that has paved a path to reach our target of achieving 37 exahash per second by year-end, with access to both power and hardware secured and a rigorously vetted growth strategy. We have a strong track record of execution that aligns seamlessly with our vision for 2025 and beyond.

隨著我們的前進，我們比以往任何時候都更致力於比特幣挖礦，並在這個快速發展的領域中建立行業基準。透過深思熟慮地優先考慮高效的基礎設施採購以及透過我們的採購協議建立可靠的最先進設備管道，我們已經建立了一個流程，為實現我們在年底實現每秒 37 exahash 的目標鋪平了道路，獲得安全的電源和硬體以及經過嚴格審查的成長策略。我們擁有良好的執行記錄，與 2025 年及以後的願景無縫契合。

This strategy grounded in countercyclical investment and the use of multiple avenues for efficient growth depending on current market conditions has laid the foundation for our next milestone, a 50 exahash per second in 2025, while insulating our growth plans from the cyclical nature of the industry. having overcome the challenges of finding the right approach and developing a winning formula, we stand ready to sustain our growth even as we've entered a bull market, which will have the potential to inflate industry asset prices and may lead our competitors to make decisions that could ultimately prove to be capital destructive.

這項策略以反週期投資和根據當前市場狀況使用多種途徑實現高效成長為基礎，為我們的下一個里程碑奠定了基礎，即2025 年達到每秒50 exahash，同時使我們的成長計畫不受產業週期性的影響。在克服了尋找正確方法和製定制勝公式的挑戰之後，即使我們已經進入牛市，我們也已準備好維持增長，牛市將有可能推高行業資產價格，並可能導致我們的競爭對手做出決策這最終可能會被證明是資本破壞性的。

As a result, we may turn our focus away from additional consolidation and towards maximizing the organic growth potential within our existing portfolio, providing us with great confidence and visibility on our journey to 50 exahash per second and beyond. Our decision-making process will be guided by delivering ROI to shareholders as we evaluate the options available.

因此，我們可能會將我們的注意力從額外的整合轉向最大限度地發揮現有投資組合的有機增長潛力，從而為我們在達到每秒50 exahash 及以上的過程中提供極大的信心和可見性。當我們評估可用選項時，我們的決策過程將以向股東提供投資回報率為指導。

Before I finish, I'll comment on the recent trends that dominate conversations about our sector. While some competitors have diversified into AI and high-performance computing, we remain committed to Bitcoin mining as a vertically integrated pure-play operation.

在結束之前，我將評論主導我們行業對話的最新趨勢。雖然一些競爭對手已經多元化進入人工智慧和高效能運算領域，但我們仍然致力於將比特幣挖礦作為垂直整合的純營運業務。

As we stay focused on mining Bitcoin, we start generating revenue at greenfield sites in as little as 6 months. By contrast, a move into the AI or HPC space could extend that time line significantly -- potentially up to 3 to 4 years before our investors would see comparable high-margin revenue.

由於我們繼續專注於比特幣挖礦，因此我們在短短 6 個月內就開始在綠地站點創造收入。相較之下，進入人工智慧或高效能運算領域可能會大大延長這一時間線——可能長達 3 到 4 年，我們的投資者才能看到可比較的高利潤收入。

The shorter payback period to revenue at Bitcoin mining underlines the value on our commitment as we deliver returns to our shareholders above all. We will evaluate new opportunities on a case-by-case basis, but we believe in remaining focused on our core strength, at least for now. This conviction stems from the fact of Bitcoin's finite supply, which we see as a long-term support for our disciplined approach. In our view, each dollar invested in noncore areas represent a potential distraction at this phase in our growth.

比特幣挖礦收入的回報期較短突顯了我們承諾的價值，因為我們首先為股東帶來回報。我們將根據具體情況評估新的機會，但我們相信至少目前仍應專注於我們的核心優勢。這個信念源自於比特幣供應有限的事實，我們認為這是對我們嚴格方法的長期支持。我們認為，在非核心領域投資的每一美元都代表著我們現階段成長的潛在幹擾。

As we rinse and repeat our playbook into the future. We strengthen our path towards a dominant position in the mining space. In summary, we are extremely pleased with the results achieved this quarter and fiscal year. As we look ahead, we are confident in our path to growth. We are on a track to surpass 50 exahash in 2025 with plans to continue growing and expanding our operations. Our vision goes beyond reaching this milestone.

當我們在未來沖洗並重複我們的劇本時。我們加強了在採礦領域取得主導地位的道路。總之，我們對本季和本財年的成果感到非常滿意。展望未來，我們對發展之路充滿信心。我們預計在 2025 年超過 50 exahash，並計劃繼續發展和擴大我們的業務。我們的願景不僅僅是達到這一里程碑。

It encompasses building a business that is scalable, resilient and repeatable. Our growth strategy is rooted in operational efficiency, driving strong margins and consistent performance.

它包括建立可擴展、有彈性和可重複的業務。我們的成長策略植根於營運效率、推動強勁的利潤和穩定的績效。

We've successfully delivered similar results before, and we are committed to achieving sustainable growth again. In 2025, we will focus on increasing our installed hash rate and boosting our monthly Bitcoin production and always look for any opportunities to drive revenue and margin expansion.

我們之前已經成功取得了類似的成果，並且我們致力於再次實現永續成長。2025 年，我們將專注於提高已安裝的哈希率並提高每月的比特幣產量，並始終尋找任何推動收入和利潤擴張的機會。

As we look ahead, timing is everything, and we position ourselves to fully capitalize on the current bull market. We're uniquely positioned with our power assets and mining Bitcoin represents the best way to monetize them, especially in favorable market conditions like we see today.

展望未來，時機就是一切，我們將充分利用目前的多頭市場。我們在電力資產方面擁有獨特的地位，而開採比特幣是將其貨幣化的最佳方式，尤其是在我們今天看到的有利的市場條件下。

During this time, we'll continue to optimize cash flow and explore diverse sources of new capital to deliver value for our shareholders, but never at the expense of our core operations. Finally, I'd like to extend my heartfelt appreciation of the team at CleanSpark. Their relentless effort, creativity and commitment are the engine behind all we achieve. Each success we celebrate is a direct result of their dedication and it's a privilege to work alongside such inspiring professionals.

在此期間，我們將繼續優化現金流並探索多種新資本來源，為股東創造價值，但絕不以犧牲我們的核心業務為代價。最後，我要向 CleanSpark 團隊表達衷心的感謝。他們的不懈努力、創造力和奉獻精神是我們所有成就的動力。我們慶祝的每一項成功都是他們奉獻精神的直接結果，與這些鼓舞人心的專業人士一起工作是一種榮幸。

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

現在，我想將時間交給加里，更詳細地審查本季和全年財務表現。

Thank you, Zach and good afternoon everyone. It's my pleasure to review the detailed results for the full 2024 fiscal year. Hopefully, you've had a chance to see the earnings release, which has been posted to our website. We anticipate our Form 10-K will be posted for market open tomorrow.

謝謝扎克，大家下午好。我很高興回顧 2024 財年的詳細結果。希望您有機會看到已發佈到我們網站上的收益報告。我們預計 10-K 表格將在明天開盤時發布。

As Zach said, it's been a pivotal and a transformative year, and our financial results reflect this. The central fact of fiscal year 2024 is that Q4 was the first full quarter following the most recent halving event. Warren Buffett has famously said, when the tide goes out, you find out who has been swimming naked While I differ with him when it comes to the prospect for Bitcoin, Mr. Buffett's quip is a perfect metaphor for the impact of the halving event on the weakest operators in our space. And the tide came in this time, CleanSpark had nothing to be embarrassed about.

正如扎克所說，這是關鍵和變革的一年，我們的財務表現反映了這一點。2024 財年的核心事實是，第四季是最近一次減半事件後的第一個完整季度。華倫巴菲特有句名言，當潮水退去時，你會發現誰在裸泳。半事件對比特幣的影響。這次大潮來了，CleanSpark 沒有什麼好尷尬的。

And in fact, we're down right proud of our performance. One that fully justifies the pivot to Bitcoin mining we made several years ago.

事實上，我們對我們的表現感到非常自豪。這充分證明了我們幾年前轉向比特幣挖礦的合理性。

Our revenues for the year were $378.9 million, an increase of approximately $210.6 million or 125%. This increase was primarily driven by increase in our Bitcoin production as well as a steady rise in its price. For reference, we produced approximately 7,100 Bitcoin for the fiscal year compared to approximately 6,900 Bitcoin for fiscal year 2023, which shows we have managed to outpace the significant increase in difficulty in the preprogram halving event in April.

我們今年的營收為 3.789 億美元，增加了約 2.106 億美元，即 125%。這一增長主要是由於我們的比特幣產量增加及其價格穩定上漲所致。作為參考，我們本財年生產了約 7,100 個比特幣，而 2023 財年生產了約 6,900 個比特幣，這表明我們已經成功超越了 4 月份預計劃減半事件中難度的顯著增加。

Gross profit for the year was $213.5 million, an increase in approximately $138.6 million or 185% over the prior year. Again, the largest contributor here was the average Bitcoin price which was significantly higher than last fiscal year. We also saw lower energy prices on a per kilowatt hour basis in fiscal '24. Looking at our GAAP net loss, we saw a loss of approximately $145.8 million for the fiscal year 2024. I want to point out that a large part of our net loss is due to a noncash impairment expense of $197 million, most of which was recorded as our last quarterly report.

全年毛利為 2.135 億美元，比上年增加約 1.386 億美元，成長 185%。同樣，最大的貢獻者是比特幣的平均價格，該價格明顯高於上一財年。我們也發現 24 財年每度電的能源價格下降。從我們的 GAAP 淨虧損來看，我們發現 2024 財年的虧損約為 1.458 億美元。我想指出的是，我們淨虧損的很大一部分是由於 1.97 億美元的非現金減損費用造成的，其中大部分記錄在我們上一季報告中。

Finally, with respect to adjusted EBITDA, this non-GAAP financial metric increased $245.8 million compared to approximately $25 million in 2023. The largest contributor to this increase was due to the increase in value of Bitcoin as the company adopted a new accounting standard, allowing it to mark-to-market it's Bitcoin balance at each balance sheet date. I want to take a moment to discuss our power costs for the entire year.

最後，就調整後 EBITDA 而言，這項非 GAAP 財務指標增加了 2.458 億美元，而 2023 年約為 2,500 萬美元。這一增長的最大貢獻者是由於該公司採用了新的會計標準，允許其在每個資產負債表日按市價計價其比特幣餘額，從而導致比特幣價值的增加。我想花點時間討論一下我們全年的電力成本。

All in power costs at our wholly owned sites for fiscal year '24 were $0.046 per kilowatt hour, which is lower than our all-in power costs in fiscal 2023 of $0.048 per kilowatt hour. Our wholesale electricity costs in 2024 averaged $0.31 per kilowatt hour with prices as low as $0.012 at points during the year, included in our all-in power cost is an additional $0.015 per kilowatt hour cost related to transmission and distribution, profit margins to the cities we operate in and taxes.

我們全資擁有的站點 24 財年的總電力成本為每千瓦時 0.046 美元，低於我們 2023 財年每千瓦時 0.048 美元的總電力成本。2024 年，我們的批發電力成本平均為每千瓦時0.31 美元，年內有時價格低至0.012 美元，我們的總電力成本中還包括與輸電和配電、城市利潤率相關的額外每千瓦時0.015 美元的成本我們經營和稅收。

Management considers its all-in power cost, which include these fees and costs on top of the wholesale electricity numbers when analyzing its operations. We believe that we have one of the lowest all-in power costs amongst miners in the industry. And when combined with our uptime, CleanSpark is one of the top performers. I also want to point out our cost to mine a Bitcoin. Our average cost for 2024 was approximately $21,400 for our wholly owned facilities.

管理層在分析其營運時會考慮其全部電力成本，其中包括批發電力數據以外的這些費用和成本。我們相信，我們是業內礦工中總電力成本最低的企業之一。與我們的正常運行時間相結合，CleanSpark 是表現最好的之一。我還想指出我們開採比特幣的成本。2024 年，我們全資擁有的設施的平均成本約為 21,400 美元。

Looking at the fourth quarter specifically, our cost to mine a Bitcoin was approximately $36,250 which is an increase of 35% over the third quarter's cost to mine of approximately $26,950.

具體來看第四季度，我們開採比特幣的成本約為 36,250 美元，比第三季的開採成本約 26,950 美元增加了 35%。

As a reminder, rewards were cut in half 20 days into the third quarter. As Zach mentioned earlier, October marked the closing of our deal to acquire Grid Infrastructure, a Bitcoin miner with operations primarily in Tennessee. Grid boasts 53 megawatts of installed capacity, and we've already begun greenfield development of another 80 megawatts.

提醒一下，進入第三季 20 天后，獎勵減少了一半。正如 Zach 之前提到的，十月標誌著我們收購 Grid Infrastructure 交易的完成，該公司是一家主要在田納西州運營的比特幣礦商。電網擁有 53 兆瓦的裝置容量，我們已經開始綠地開發另外 80 兆瓦的裝置容量。

Fully building out our location in Eastern Tennessee were also breaking ground in Jackson in the central part of the state. Grid's footprint in the rural Southeast is one that we're familiar with and are already reporting best practices in community relations that we developed in Georgia to the cities and towns in Tennessee that we now call home.

我們在田納西州東部全面建設的工廠也在州中部的傑克遜破土動工。Grid 在東南部農村地區的足跡是我們所熟悉的，並且已經將我們在喬治亞州開發的社區關係最佳實踐報告給了我們現在稱之為家鄉的田納西州的城鎮。

Better still, Grid developed a deep partnership with the Tennessee Valley Authority, one of the nation's premier providers are reliable and affordable power. Thanks in large part to Grid's efforts TBA's senior management understands the benefits Bitcoin miners bring to the TBA system, while also providing desperately needed revenue to local power providers who have excess capacity, but little hope of attracting large industrial customers to their communities.

更好的是，Grid 與田納西河谷管理局建立了深厚的合作夥伴關係，田納西河谷管理局是美國可靠且負擔得起的電力的主要供應商之一。很大程度上要感謝Grid 的努力，TBA 的高階管理層了解比特幣礦工為TBA 系統帶來的好處，同時也為產能過剩的當地電力供應商提供急需的收入，但吸引大型工業客戶到其社區的希望渺茫。

One of the challenges of the quarter came in September when Hurricane Helene made landfall in the Southeastern US and disrupted operations at our facilities in Georgia. We suffered a partial outage for two to three days that reduced revenue by approximately $1 million per day.

本季的挑戰之一出現在 9 月份，當時颶風海倫在美國東南部登陸，擾亂了我們在喬治亞州工廠的運作。我們遭遇了兩到三天的部分停電，每天的收入減少了約 100 萬美元。

However, we suffered no property losses and no insurance claims, a testament to the build quality of our facilities and the effort of our team to harden the sites against damage ahead of one of the worst storms to strike the US in recent memory.

然而，我們沒有遭受任何財產損失，也沒有發生保險索賠，這證明了我們設施的建設品質以及我們的團隊在美國近期記憶中最嚴重的風暴之一之前加固場地以防止損壞的努力。

The controlling insurance cost means more than limiting claims. It also means working with our insurance company to craft the best coverage at the best price. We've also made significant progress, maintain costs for property and casualty insurance. Insurance expense for the year was approximately $5 million and is one of our larger G&A expenses. While we expect insurance expense to grow due to large dollar value of our assets in operation.

控制保險成本不僅僅意味著限制索賠。這也意味著與我們的保險公司合作，以最優惠的價格製定最佳的保險範圍。我們在控制財產和傷亡保險成本方面也取得了重大進展。本年度的保險費用約為 500 萬美元，是我們較大的一般管理費用之一。雖然我們預計由於我們營運中的資產價值龐大，保險費用將會成長。

In November, we renewed our policy and cut our comparable rate by 25% going forward, owed in large part to the growing scale, quality and diverse geography of our operations.

11 月，我們更新了政策，並將未來的可比費率降低了 25%，這在很大程度上要歸功於我們業務規模、品質和多元化地理位置的不斷增長。

On a final note, I want to talk about our balance sheet and our liquidity position. As I previously mentioned, we have increased our Bitcoin holdings almost 260% in the year, and that number as of today is rapidly approaching 10,000 Bitcoin, which would represent almost $1 billion at current Bitcoin prices. We also had approximately $121 million in cash as of September 30, which represents a significant liquidity position going forward. From my perspective, we have set the stage for a successful fiscal 2025 and after navigating the having in better shape than the rest of the industry.

最後，我想談談我們的資產負債表和流動性狀況。正如我之前提到的，今年我們的比特幣持有量增加了近 260%，截至今天，這一數字已迅速接近 10,000 個比特幣，按當前比特幣價格計算，這相當於近 10 億美元。截至 9 月 30 日，我們還擁有約 1.21 億美元的現金，這代表著未來大量的流動性部位。從我的角度來看，我們已經為 2025 財年的成功奠定了基礎，並且在比行業其他公司處於更好的狀態之後。

Not only do we have significant liquidity, but we have one of the industry's most efficient fleets at an average of 19 joules a terahash. We have a low cost to mine Bitcoin and industry-leading uptime. Bitcoin Mining is a capital-intensive business that requires prudent growth and sufficient scale to succeed over the long term. Our company-wide commitment to this principle allows us to drive value through countercyclical investment opportunistic growth and increased operating leverage through continued scale.

我們不僅擁有大量的流動性，而且擁有業界最高效的車隊之一，平均每太哈哈希 19 焦耳。我們的比特幣開採成本低廉，正常運作時間產業領先。比特幣挖礦是一項資本密集型業務，需要謹慎的成長和足夠的規模才能長期成功。我們全公司對這項原則的承諾使我們能夠透過反週期投資機會主義成長來推動價值，並透過持續規模增加營運槓桿。

In August, we used a portion of our Bitcoin holdings to secure a $50 million line of credit with CoinBase -- something that helped us take advantage of opportunities in the marketplace at a low cost of capital, which currently sits at an annual rate of 8.5%. Looking forward to fiscal 2025, we'll look to find ways to monetize or leverage Bitcoin on our balance sheet as we establish a digital asset management group within the company.

8 月份，我們使用持有的部分比特幣向 CoinBase 獲得了 5000 萬美元的信貸額度，這幫助我們以較低的資本成本利用市場機會，目前的年利率為 8.5 %。展望 2025 財年，我們將在公司內部建立數位資產管理團隊，尋找在資產負債表上貨幣化或利用比特幣的方法。

Working with staff, who have joined CleanSpark as part of the acquisition of grid infrastructure. We'll look to more actively manage the Bitcoin on our balance sheet with an eye toward capital preservation, generating yield on Bitcoin and protecting against price volatility. Heading into this new year, we have significant scale and size, a healthy balance sheet, industry-leading operations and a strong liquidity position. We are well positioned to pursue diverse capital raising strategies.

與作為收購電網基礎設施一部分而加入 CleanSpark 的員工一起工作。我們將尋求更積極管理資產負債表上的比特幣，著眼於資本保值、產生比特幣收益並防止價格波動。進入新的一年，我們擁有龐大的規模、健康的資產負債表、業界領先的營運和強大的流動性狀況。我們有能力追求多元化的融資策略。

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

接下來，我會將電話轉回布列塔尼，以便大家提問。

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 key for the Q&A session.

謝謝加里詳細的財務概述。現在我們將接受分析師群的提問。操作員，請提供說明並管理問答會話的密鑰。

(Operator Instructions)

（操作員說明）

Mike Colonnese, H.C Wainwright.

科隆尼斯 (Mike Colonnese)，H.C 溫賴特 (H.C Wainwright)。

Hi, good afternoon guys and congrats on a very strong fiscal year here. Just a couple for me first. It would be great to get your perspective as to why you believe that miners have like Bitcoin this year, especially considering that at least historically speaking, CleanSpark and some of the other top-tier miners in the space have actually outperformed Bitcoin during this stage of the cycle. It would be great to get your views there?

大家下午好，祝賀這裡的財政年度非常強勁。首先給我幾個。很高興能了解您為什麼認為今年礦工喜歡比特幣，特別是考慮到至少從歷史上看，CleanSpark 和該領域的其他一些頂級礦工實際上在這一階段的表現優於比特幣。很高興能在那裡得到您的意見？

Hey, Mike, thanks for joining the call. I think the key with this is you have to zoom out a little bit. If you zoom out a little bit over this, call it, a 2-year period, the miners CleanSpark included, have meaningfully continued to outperform Bitcoin. I look at this as Bitcoin is catching its breadth and catching up.

嘿，麥克，感謝您加入通話。我認為關鍵是你必須縮小一點。如果你把這個時間縮小一點，可以稱之為兩年期，包括 CleanSpark 在內的礦工，表現持續明顯優於比特幣。我認為比特幣正在迎頭趕上。

But I think it's positioned us incredibly well for what is ultimately going to be a slingshot in value. as the market begins to better understand what the miners can do and how the yields continue to be generated. So hopefully, I see this as just a plateau point right before we see another upswing.

但我認為它使我們處於非常有利的位置，最終將成為彈弓的價值。隨著市場開始更好地了解礦工可以做什麼以及如何繼續產生收益。因此，希望我認為這只是我們看到另一個上升之前的一個穩定點。

That's, that's great. Great to get your perspective, Zach. And I'm curious if you could provide some more insight in terms of how you're thinking about the current market environment for ASIC. I know you're looking at 50 exahash by the end of next year. But how should we expect CleanSpark to approach the ASIC market?

就是這樣，太好了。很高興了解你的觀點，扎克。我很好奇您是否可以提供更多有關您如何看待 ASIC 當前市場環境的見解。我知道到明年年底您的目標是 50 exahash。但我們該如何期望 CleanSpark 進入 ASIC 市場呢？

How are you thinking about pricing and future repurchases here?

您如何看待這裡的定價和未來的回購？

Yeah, the key for us is we've already locked in price certainty. I mentioned during the call, the S21 Pro purchase, which was 160,000 miners. But we also have the XP purchase, which is a meaningful option for us.

是的，對我們來說關鍵是我們已經鎖定了價格確定性。我在電話中提到，購買S21 Pro，是16萬個礦機。但我們也買了 XP，這對我們來說是一個有意義的選擇。

So in addition to the miners we've committed to, that essentially get us just about to 50, we have the ability to take down even more. So there's another 50,000 units with price certainty on them. So we don't have to worry as much about that swing in whatever the market does. Again, certainty is what we created. We actually have price certainty through 63 exahash on the ASIC market.

因此，除了我們承諾的礦工數量（基本上使我們的數量達到 50 左右）之外，我們還有能力消滅更多的礦工。所以還有另外 50,000 個單位的價格是確定的。因此，無論市場如何變化，我們都不必太擔心這種波動。再說一次，確定性是我們創造的。實際上，我們透過 ASIC 市場上的 63 exahash 擁有價格確定性。

With that said, regardless of where the ASICs are at on the go forward and in the future. Beyond that, we've proven we have a great track record of having a best-in-class purchasing.

話雖如此，無論 ASIC 的發展和未來處於什麼位置。除此之外，我們也證明了我們擁有一流採購的良好記錄。

So wherever the market lands, we will make the right capital decision on timing of investment, when to add more to those options, when to take down the option and how we deploy that. So again, I think we've handled it really well as a track record base. We have enough optionality ahead of us over the next, I'll call it, 6 months. But definitely, our relationships are strong. So I expect regardless, we'll get best-in-class pricing.

因此，無論市場在哪裡，我們都會在投資時機、何時添加更多選項、何時取消選項以及如何部署選項等方面做出正確的資本決策。再說一遍，我認為我們作為記錄庫處理得非常好。在接下來的六個月裡，我們有足夠的選擇。但可以肯定的是，我們的關係很強。因此，我預計無論如何，我們都會獲得一流的定價。

Thank you for taking my question.

感謝您回答我的問題。

Brian Dobson, Clear Street.

布萊恩‧多布森，《清街》。

Good evening. You know, I want to talk about this digital Asset Management initiative that you, that you highlighted, I suppose, what are some of the paths you can take to generate yield on your hoddle? And what level of yield do you think might be possible?

晚安.你知道，我想談談你強調的這個數位資產管理計劃，我想，你可以採取哪些途徑來產生收益？您認為可能達到什麼程度的產量？

Yeah. Hey, thanks for the question, Brian. Look, we're quite excited about pursuing this Digital Asset Management strategy as well. But I'll say that we're going to pursue a strategy of crawl, walk, run. And really, that's going to be rooted in a first focus in making sure that we preserve the capital, right?

是的。嘿，謝謝你的提問，布萊恩。看，我們也對推行這項數位資產管理策略感到非常興奮。但我想說的是，我們將採取爬行、散步、跑步的策略。事實上，這將植根於確保我們保護資本的首要重點，對嗎？

Because when you have the Bitcoin hoddle balance that we have, we want to make sure that we really protect that. When it comes to finding those opportunities to generate the yield, we're looking at various strategies right now. We just closed the Grid transaction here. end of October, so the team is just getting up to speed and really looking at who those partners are. But ultimately, it could take various forms of providing covered calls, lending to bitcoin.

因為當你擁有我們擁有的比特幣持有餘額時，我們希望確保我們真正保護它。當談到尋找產生收益的機會時，我們現在正在考慮各種策略。我們剛剛在這裡關閉了網格交易。十月底，所以團隊才剛起步並真正了解這些合作夥伴是誰。但最終，它可以採取各種形式提供備兌買權、向比特幣借貸。

There's even some talk about providing liquidity to ETFs in the marketplace. So -- but you'll expect to hear more information from us as fiscal year '25 goes on, and we'll really be focused on getting a healthy return on those assets as the year goes on.

甚至有人談論為市場上的 ETF 提供流動性。所以，隨著 25 財年的繼續，您會期望從我們這裡聽到更多信息，隨著時間的推移，我們將真正專注於為這些資產獲得健康的回報。

Great to hear. That's very exciting stuff. And then, I guess, just stepping back, maybe if you can look at the big picture for the industry. What trends do you expect to drive mining in 2025? And how has the recent presidential election impacted your outlook for doing business in the United States?

很高興聽到。這是非常令人興奮的事情。然後，我想，退一步，也許你可以看看這個行業的大局。您預計哪些趨勢將在 2025 年推動採礦業發展？最近的總統選舉對您在美國做生意的前景有何影響？

Yeah. So from a trend point of view, I think that, we have a lot of tailwinds right now. And that has at your second point on the political side, I think we're going to see a lot of opportunities in the capital markets further open as we see a change really on the SEC side. It's been a tough couple of years for anybody involved in this sector, based on how regime was previously run. So I think capital is going to open up even more than it already has in ways that will be very positive.

是的。因此，從趨勢的角度來看，我認為我們現在有很多順風車。關於政治方面的第二點，我認為我們將看到資本市場進一步開放的許多機會，因為我們看到美國證券交易委員會方面確實發生了變化。根據政權之前的運作方式，對於任何參與該領域的人來說，這幾年都是艱難的。因此，我認為資本將以非常積極的方式進一步開放。

In addition to that, I think we're going to end up with regulatory certainty, but just generally a friendlier regulatory environment. So we're incredibly excited about how things go. Now from an industry trend point of view, I'm going to go back to something that I've kind of beating the drum on, and that is scale matters. And so the bigger miners like ourselves are going to continue to get the best access and the best pricing to capital, which is going to create the best access and pricing for opportunities.

除此之外，我認為我們最終將獲得監管的確定性，但總體上只是一個更友善的監管環境。所以我們對事情的進展感到非常興奮。現在，從行業趨勢的角度來看，我要回到我一直在強調的事情，那就是規模問題。因此，像我們這樣的大型礦商將繼續獲得最佳的資本准入和最佳定價，這將為機會創造最佳的存取和定價。

I do think that acquisitions are going to look differently. Private miners are still in the same situation, just because capital opened up to the public doesn't mean it's necessarily going to open up to the private miner. So there's still going to be opportunities there. But how we view them is going to really come down to valuation. Where we've seen people that are very reasonable.

我確實認為收購將會有所不同。私人礦工仍然處於同樣的情況，僅僅因為資本向公眾開放並不意味著它一定會向私人礦工開放。所以那裡仍然有機會。但我們如何看待它們實際上取決於估值。我們見過非常講道理的人。

They come in at the same valuations. We've also seen private miners that want substantially higher valuation. This comes down to my comment where I said we're going to avoid making the wrong decision, but we do think miners that have fallen behind maybe put in a position where they may choose capital destructive activities as we view them.

它們的估值相同。我們也看到私人礦商希望獲得更高的估值。這歸結為我的評論，我說我們將避免做出錯誤的決定，但我們確實認為落後的礦工可能會選擇我們認為的資本破壞性活動。

So there may be some headlines on opportunities that we passed on. And we pass on because it doesn't create the ROI that we want to have. Just because Bitcoin's up, we still have to measure timing to ROI for any investments we make, and that's incredibly important to us. So again, a ton of opportunity in the future, but we're going to approach it with a very measured approach. The great thing is we have several hundred megawatts of opportunities for organic growth, and we've proven that we have a track record of being able to build sites.

因此，我們放棄的機會可能會成為一些頭條新聞。我們放棄了，因為它無法創造我們想要的投資報酬率。僅僅因為比特幣上漲，我們仍然必須衡量我們所做的任何投資的投資報酬率，這對我們來說非常重要。再說一次，未來有很多機會，但我們將以非常謹慎的方式來對待它。很棒的是，我們擁有數百兆瓦的有機成長機會，我們已經證明我們擁有能夠建造站點的記錄。

And so we're going to focus probably in '25 more on building than on buying.

因此，我們可能會在 25 年更專注於建設而不是購買。

Yeah. Excellent. Thanks for that color. And I suppose just as a final question, has have your thoughts on HPC opportunities changed at all since since your last call?

是的。出色的。謝謝那個顏色。我想最後一個問題是，自從上次通話以來，您對 HPC 機會的看法是否改變了？

No, we still think that a very focused approach and what we have. As Gary mentioned, we had a great cost of production of Bitcoin and with Bitcoin going up that even further enhances what was very healthy margins.

不，我們仍然認為我們有一個非常專注的方法和我們所擁有的。正如加里所提到的，我們的比特幣生產成本很高，而且隨著比特幣的上漲，這進一步提高了非常健康的利潤率。

And so when you look at margins that we can produce potentially tomorrow, right, on any opportunity we look at, the path to high margin revenue is quickest for Bitcoin mining as compared to HPC, and it's not even close. So until such a time as that changes, we are going to stay very focused on what we're doing and what we do best, which is Bitcoin mining.

因此，當你看看我們明天可能產生的利潤時，對吧，在我們看到的任何機會上，與HPC 相比，比特幣挖礦獲得高利潤收入的路徑是最快的，而且還差得很遠。因此，在這種情況發生變化之前，我們將繼續專注於我們正在做的事情以及我們最擅長的事情，即比特幣挖礦。

Excellent, great to hear. Thanks very much.

太棒了，很高興聽到。非常感謝。

Tyler DiMatteo, BTIG.

泰勒·迪馬特奧，BTIG。

Hi guys and thanks for taking the question, Zach, I wanted to follow up on your comments there in terms of the diverse build decision and how you're kind of prioritizing maybe the build decision in 2025. I guess, where do you kind of see the opportunity in terms of the current footprint. I know you had Wyoming, which is some incremental couple of hundred megawatts. I guess just how do you kind of think about the footprint here more broadly? And what's the most readily available as you look out to next year, broadly speaking?

大家好，扎克，感謝您提出這個問題，我想跟進您對多樣化構建決策的評論，以及您如何優先考慮 2025 年的構建決策。我想，就目前的足跡而言，您在哪裡看到了機會。我知道懷俄明州的發電量增加了幾百兆瓦。我想您如何更廣泛地考慮這裡的足跡？一般來說，您預計明年最容易獲得的是什麼？

Yeah, I'm going to speak broadly about. We see the US still as a very ripe opportunity. And it's because we understand power markets here. But we think that based on the changes in the administration that the power markets will just continue to get better.

是的，我要廣泛地談論。我們認為美國仍然是一個非常成熟的機會。這是因為我們了解這裡的電力市場。但我們認為，根據政府的變化，電力市場將繼續變得更好。

The US is full of abundant low-cost power, if you know where to find it. And we focus heavily on rural areas that are being overlooked as an opportunity. So that's where we see the opportunity being the best in the US. It's in rural USA.

美國充滿了豐富的低成本電力，如果你知道在哪裡可以找到的話。我們專注於被忽視的農村地區的機會。所以這就是我們看到美國最好的機會的地方。這是在美國鄉村。

And as we go to these towns, we find that I look at it this way. If we're going to build something, the best opportunity is to build hardened immersion-cooled infrastructure, and if we're going to go buy something, there's a lot of air cooled infrastructure readily available.

當我們去這些城鎮時，我們發現我是這樣看待它的。如果我們要建造一些東西，最好的機會是建造強化的浸入式冷卻基礎設施，如果我們要購買一些東西，有很多現成的風冷基礎設施。

So that's really going to be how we look at this. First rural America; second, the majority of our builds are going to be immersion-based and if to the extent we do, do M&A, which I'm sure there's still be some, it will probably be air cool. But it's going to be in areas where the advantages to air cools are going to be that we can turn it on immediately. It's that turnkey walk in, generate revenue.

所以這就是我們看待這個問題的方式。第一個美國鄉村；其次，我們的大部分構建都將是基於沉浸式的，如果我們這樣做的話，進行併購（我確信仍然有一些），那麼它可能會很酷。但在某些領域，空氣冷卻的優勢在於我們可以立即將其打開。這是交鑰匙工程，產生收入。

And again, we've built our immersion and air cooled systems in a way that we can now build for essentially the same cost. And so that's how we're viewing how we're going to build and how we're going to buy and where we're going to do it.

再說一遍，我們已經以現在可以以基本相同的成本構建的方式構建了浸入式和風冷系統。這就是我們如何看待我們將如何建造、我們將如何購買以及我們將在哪裡做。

Got it. Okay, thankful. And then my follow-up here, I just wanted to talk a little bit about fleet efficiently. You guys have done a nice job over the last year, improving that. I guess how do you kind of think about that going through the next 12 months here?

知道了。好的，謝謝。然後我的後續行動是，我只想簡單地談談機隊的效率。去年你們做得很好，而且有所進步。我猜你對接下來 12 個月的情況有何看法？

And more broadly, as an industry in terms of newer generation of rigs, how do you kind of think about the step function fleet efficiency and kind of where that improvement can really end up over time as we're sitting in this high-teens joules per terahash but potentially other rigs coming down into the low double digits.

更廣泛地說，作為新一代鑽機的行業，您如何看待階躍函數機隊效率，以及隨著時間的推移，當我們處於這個高十幾焦耳的情況下，這種改進真正最終會在哪裡實現？

You know, we're adding latest generation, rigs that are in the 13s already. But what we're not doing is we're not retiring things without need. So yes, we still have some XPs online because they are generating meaningful capital and it's not capital that we're going to throw out maybe with the bath water, just to chase a number. That's one of the key things that we want to drive home is it takes balance when you're talking about capital allocation. So we're not going to chase the lowest number at the cost of spending capital for ways that's essentially unnecessary.

您知道，我們正在增加最新一代的鑽孔機，這些鑽孔機已經有 13 代了。但我們不會做的是，我們不會在沒有需要的情況下淘汰某些東西。所以，是的，我們仍然有一些在線 XP，因為它們正在產生有意義的資本，而我們不會為了追逐數字而將其與洗澡水一起倒掉。這是我們想要強調的關鍵事情之一，那就是在談論資本配置時需要平衡。因此，我們不會以花費資本為代價來追求最低的數字，而這些方式本質上是不必要的。

And so we do expect to move from 19 to 18 to 17 and so forth all the way down. It's going to be an incremental path that's going to be very measured about return to capital to our shareholders. Now where do I think that we're going to go from a Moore's Law point of view.

因此，我們確實預計從 19 到 18 到 17，一直向下。這將是一條漸進的道路，對於我們股東的資本回報將非常謹慎。現在我認為從摩爾定律的角度來看我們將走向何方？

I think we're going to continue to approach that 10 or 9 level. And then I do think that's where technology changes are going to be required. The chips are going to be able to do it. But what about the heat extraction? This is part of the reason we're going to build more immersion into the future.

我認為我們將繼續接近 10 或 9 的水平。我確實認為這就是需要技術變革的地方。晶片將能夠做到這一點。但是熱量提取呢？這是我們要更沉浸未來的部分原因。

I think that air cooled heat extraction will get more difficult over the next 4 years. And so it will be more valuable to invest in immersion. Do think that we'll get into the single digits and continue to go. Moore's Laws says absolutely, we're going to do that. But it's about having the infrastructure ready and available to accept the newest technologies, as we progress because this is not a measurement of where we're at today or where we're at tomorrow.

我認為未來 4 年風冷排熱將變得更加困難。因此，投資沉浸感會更有價值。請相信我們會達到個位數並繼續前進。摩爾定律絕對說，我們會這麼做。但這是關於隨著我們的進步，讓基礎設施準備好並可以接受最新的技術，因為這並不是衡量我們今天或明天的水平。

This is a measurement about how are we going to use capital efficiently to have the right mix of efficiency and power price generate yield not now, but also with the 2028 halving.

這是一個衡量我們如何有效利用資本，使效率和電價正確組合產生收益的指標，不僅是現在，而且是在 2028 年減半時。

So we're going to look at this really over the entire cycle, but we do think that Immersion is going to be a key role in kind of keeping up with that efficiency.

因此，我們將在整個週期中真正審視這一點，但我們確實認為沉浸式體驗將在保持這種效率方面發揮關鍵作用。

Thanks for the color there, Zach, I'll turn it back to the key.

謝謝你的顏色，扎克，我會把它轉回鑰匙。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi guys, congrats on the quarter and thanks for taking my question, maybe just touching on the CapEx for a minute. And you guys have kind of pre fixed prices on the minor side, but on the infrastructure side that the build out in Wyoming and like the other locations, I guess, what should we be expecting for for next year? And in terms of liquidity, would you tap into the Bitcoin position or would you rely just more on the equity markets? For funding the remaining build out in mining purchases.

大家好，恭喜本季，感謝您提出我的問題，也許只是簡單談談資本支出。你們在次要方面有某種預先固定的價格，但在懷俄明州和其他地方建設的基礎設施方面，我想，我們明年應該期待什麼？在流動性方面，您會利用比特幣部位還是會更依賴股票市場？用於為採礦購買的剩餘建設提供資金。

So, we think that the markets are going to be a lot more open to, diverse options. So I'm not going to commit to any one type of capital at this point in time. We think that there's plenty of room to expand our ability to leverage our Bitcoin further. But there's also other -- there's the equity market, there's non-dilutive access to capital that we can do. There's just opportunity.

因此，我們認為市場將對多樣化的選擇更加開放。因此，我目前不會承諾任何一種類型的資本。我們認為，還有足夠的空間來擴展我們進一步利用比特幣的能力。但還有其他方面——我們可以透過股票市場、非稀釋性方式獲得資本。只是有機會。

That's the great thing about being a Bitcoin miner right now is capital markets are open for business. And so how we do that is going to be whatever is going to generate the best return to our shareholders. from an infrastructure side, kind of to your point between here and 63 is about roughly a $200 million investment, and then the miners are on top of which we've secured at very advantageous prices. So there's not a huge barrier between here and getting to beyond 50.

現在作為比特幣礦工的偉大之處在於資本市場對商業開放。因此，我們採取的方式將是為股東帶來最佳回報的方式。從基礎設施來看，從這裡到 63 之間大約需要 2 億美元的投資，然後我們以非常有利的價格獲得了礦工。因此，從這裡到超過 50 歲之間並沒有太大的障礙。

Perfect. Thank you. And then maybe just on the M&A landscape, I guess post having FOB, there will be a lot more deals than we saw, and I know you guys have been aggressive. Do you think the reason for maybe not seeing more deals in this space, is that a lot of maybe the subscale miners were looking into alternative use cases for their facilities like AI, HPC and maybe they're evaluating that before they kind of consider selling or we see another wave of consolidating?

完美的。謝謝。然後也許只是在併購領域，我想在離岸價之後，將會有比我們看到的更多的交易，我知道你們一直很積極。您是否認為在這個領域看不到更多交易的原因是，許多小型礦工正在為其設施尋找替代用例，例如人工智慧、高效能運算，也許他們在考慮出售之前正在評估這一點或我們會看到另一波整合浪潮？

You know, I think it just depends on where you were at. We've obviously took advantage of a lot of private opportunities that existed. I think that there's still a lot of people that believe in Bitcoin on -- want to continue to mine privately. And so I think that, that's where we're going to see some additional opportunities come as the private miners wanted to see the other side of the halving. You remember, Bitcoin has proven itself to be very cyclical.

你知道，我認為這取決於你當時的處境。顯然，我們利用了許多現有的私人機會。我認為仍然有很多人相信比特幣——希望繼續私下開採。所以我認為，這就是我們將看到一些額外機會的地方，因為私人礦工希望看到減半的另一面。你還記得嗎，比特幣已經證明自己有很強的周期性。

And there was generally in past cycles, it took 180 days plus for Bitcoin price to really adjust.

在過去的周期中，比特幣價格通常需要 180 天以上才能真正調整。

We saw that happen this time around. So there's also the reality where some private miners, they basically just held off. They didn't run anything and they waited for the 180 days to go by it or turn back on. I think that we're going to see some of them, I'll call it, exhaust themselves as the whatever fleet they had that they just kind of held on and waited to turn back on to Bitcoin broke, for example, $75,000. They're going to have a real decision to make whether they upgrade their fleets or whether they put the facility up for sale.

這次我們看到了這種情況的發生。因此，現實情況是，一些私人礦工基本上只是推遲了。他們沒有運行任何東西，而是等待 180 天過去或重新啟動。我認為我們會看到他們中的一些人，我稱之為，耗盡自己的力量，因為他們所擁有的任何艦隊，他們只是堅持並等待重新轉向比特幣，例如，75,000 美元。他們將做出真正的決定，是升級車隊還是出售設施。

I don't think we're going to see quite a few facilities come up for sale after one more bite of the apple from an ROI on machine. They may be bought 4 years ago. And so I think that there's a second wave of private acquisitions to go on.

我認為，在機器投資回報率再咬一口蘋果後，我們不會看到很多設施被出售。它們可能是 4 年前購買的。因此，我認為第二波私人收購浪潮還會繼續。

And I think on the public side, it's just -- it's complicated to do any sort of public deal, and it rarely makes sense to pay the premiums that public to public transaction would require. And so you really have to find the diamond in the rough that makes sense. And that's why I think it wasn't more public-to-public consolidation also.

我認為在公共方面，進行任何類型的公共交易都很複雜，而且支付公共對公共交易所需的溢價幾乎沒有意義。所以你真的必須找到有意義的鑽石原石。這就是為什麼我認為這也不是更多的公眾對公眾的整合。

I guess as you look at the public minors, I think the top 10 largest have kind of owned call it, 25% of network cash for the last like 18 months. Do you think that changes over the next 4 years? I guess, talking about yourself and just the industry as a whole? Or do you think other nation state backed entities are going to increase cash maybe faster than public entities are? Or how should we think about just kind of like your share of rewards going forward?

我想當你看看公共未成年人時，我認為前 10 名最大的公司在過去 18 個月內擁有 25% 的網路現金。您認為未來 4 年情況會改變嗎？我想，談論的是你自己以及整個產業？或者您認為其他國家支持的實體會比公共實體更快增加現金嗎？或者我們應該如何考慮您未來的獎勵份額？

You know, I think that we will see some nation state mining of course, but I don't think it will overtake kind of a public market side of mining. And the reason is we just have different reasons to mine. Nation state is going to want to mine just as to kind of pad the balance sheet on one side or to just add to their own treasuries on another, whereas as a public company, we are incentivized to really maximize and build on our percentage of market share, global hash rate.

你知道，我認為我們當然會看到一些民族國家採礦，但我不認為它會超越採礦的公共市場面向。原因是我們只是有不同的理由要挖掘。民族國家想要開採，只是為了一方面充實資產負債表，另一方面只是為了增加自己的國庫，而作為一家上市公司，我們有動力真正最大化並建立我們的市場份額份額，全球哈希率。

And so I think that's going to continue to drive miners to either increase or at least stay where we're at as a percentage of global hash. So I think that if you think about it in a different way is we may be competing a little bit, but we're incentivized to keep up.

因此，我認為這將繼續推動礦工增加或至少保持在全球哈希中的百分比。所以我認為，如果你以不同的方式思考的話，我們可能會有點競爭，但我們有動力跟上。

Alright. Thank you guys. Really appreciate it.

好吧。謝謝你們。真的很感激。

Reggie Smith, JPMorgan.

雷吉史密斯，摩根大通。

Hey guys, thanks for taking the question. I wanted to follow up. I know you talked about locking down or guaranteeing your price on devices. I was curious what, if any, impact tariffs could have on that? I'm not sure the relevancy to the space? And then I have a follow-up. Thank you.

嘿夥計們，感謝您提出問題。我想跟進。我知道您談到了鎖定或保證設備價格。我很好奇關稅可能對此產生什麼影響（如果有的話）？我不確定與空間的相關性？然後我有一個後續行動。謝謝。

Yeah, it definitely could. Now the units we're buying are coming, not coming directly out of China. They're coming out of other Asian markets. But what we've also seen, and I think it's been in anticipation of this happening is we've seen most of the major manufacturers build out their production capabilities to include Mexico which, again, is still another place that may or may not have tariffs on the next upcoming future, but also domestic.

是的，絕對可以。現在我們購買的設備是從中國運來的，而不是直接從中國運來的。他們來自其他亞洲市場。但我們也看到，我認為我們已經預料到這種情況會發生，我們看到大多數主要製造商都擴大了生產能力，將墨西哥包括在內，而墨西哥仍然是另一個可能有也可能沒有的地方未來即將加徵關稅，而且還是國內的。

I think that as we see some of the foundries that are starting to get built under the CHIPS Act actually come into reality over the next couple of years. we're going to see a lot of them having domestic capabilities. So I think that there's at least some tariff risk on that, that no one can protect against because it just depends on when you bring it in and where you bring it in from. But that's also the benefit of having a very large fleet state side. One way to look at it is if we're at 50 and somebody else is at 20 and they want to catch up they now have to pay the tariffs on everything in the gap to catch up.

我認為，正如我們所看到的，一些根據《晶片法案》開始建造的代工廠實際上將在未來幾年內成為現實。我們將看到他們中的許多人擁有國內能力。因此，我認為至少存在一些關稅風險，沒有人可以防範，因為這只取決於您何時將其進口以及從何處進口。但這也是擁有龐大艦隊的國家方面的好處。看待這個問題的一種方法是，如果我們處於 50 歲，而其他人處於 20 歲，他們想要趕上，他們現在必須為差距中的所有產品支付關稅才能趕上。

So I think there's going to be a potential barrier to growth for some of the smaller scale miners. And of course, smaller you are, the more expensive your capital is. So again, I think scale matters -- in a lot of different ways when you look at that. But we'll see what happens with the tariffs, and we'll react accordingly.

因此，我認為對於一些規模較小的礦商來說，成長將面臨潛在的障礙。當然，你的規模越小，你的資本就越貴。再說一次，我認為規模很重要——從很多不同的角度來看。但我們會看看關稅會發生什麼，然後我們會做出相應的反應。

Got it. That makes a lot of sense. I hadn't thought about it as a barrier to entry for smaller guys to renew or refresh their fleet. So that's a good point.

知道了。這很有意義。我並沒有認為這是小公司更新或更新其機隊的進入障礙。所以這是一個很好的觀點。

So another question, we've talked about this kind of build versus buy. And obviously, the discussion thus far has been mostly around like building your own sites versus acquiring a site. Curious your thinking on just buying Bitcoin outright, and what may -- what could happen that may change your view on that? I'll bring that up because obviously, there are two big players in the space that have been pretty aggressively buying Bitcoin. I was curious where you shook out on that. Thank you.

那麼另一個問題，我們已經討論過這種構建與購買。顯然，目前的討論主要圍繞著建立自己的網站與收購網站等問題。想知道您對直接購買比特幣的想法，以及可能會發生什麼，可能會改變您對此的看法？我會提出這個問題，因為顯然，該領域有兩個大玩家一直在非常積極地購買比特幣。我很好奇你對此有何反應。謝謝。

So how, we look at this issue is it's the right time, right place, is to never say never as part of our strategy to continue to manage our hoddle balance. There's going to be times we're going to buy and sell Bitcoin in certain transactions.

因此，我們看待這個問題的方式是在正確的時間、正確的地點，永遠不要說永遠，作為我們繼續管理霍德爾平衡策略的一部分。有時我們會在某些交易中買賣比特幣。

In addition to the kind of buying to add to the hoddle One of the things we pay close attention to is basically the average value of what makes up our cost basis for our hoddle, which we believe to be amongst the lowest because, of course, we're producing it at very healthy margins. So really, the way we look at it is you're faced with the decision, do you buy assets to produce Bitcoin on a reoccurring basis, at what right now is better than 50% margins to spot price? Or do you go buy Bitcoin.

除了添加到儲備中的購買類型之外，我們密切關注的一件事基本上是構成我們儲備的成本基礎的平均價值，我們認為這是最低的，因為，當然，我們的生產利潤非常可觀。所以，實際上，我們看待這個問題的方式是，你面臨這樣的決定：你是否購買資產來定期生產比特幣，目前比現貨價格 50% 的利潤更好？或者你去買比特幣。

And again, it takes a more long-term view on that when you're buying assets that produce Bitcoin -- the design Bitcoin tomorrow. But again, I think that for the right strategic reasons, we're absolutely not opposed to it. We just feel that the best use and the highest return of capital to our shareholders has really been either buying or building facilities that produce Bitcoin.

再說一次，當你購買生產比特幣的資產時，需要採取更長遠的眼光來看待這一點——明天的設計比特幣。但我再次認為，出於正確的戰略原因，我們絕對不反對它。我們只是覺得，對我們的股東來說，最好的利用和最高的資本回報實際上是購買或建造生產比特幣的設施。

Now we are amongst one of the top 10 corporate holders of Bitcoin, and we do monitor that and plan to, of course, increase our spending on that list. And some of the miners that are buying are also the same ones that are mining at a loss or a very small margins. So they have less advantages than we have.

現在，我們是比特幣十大企業持有者之一，我們確實對此進行監控，並計劃增加我們在名單上的支出。而一些正在購買的礦商也是虧損或利潤微薄的礦商。所以他們的優勢比我們少。

No, certainly appreciate that. Thanks for the thanks for the insight and the color as always great quarter. Congrats.

不，當然很欣賞這一點。感謝您一如既往的洞察力和色彩。恭喜。

Thank you, appreciate it.

謝謝，很感激。

And that concludes our question and answer session and I will now turn the conference over to Brittany Moore.

我們的問答環節就到此結束，我現在將會議交給布列塔尼·摩爾。

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

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

And ladies and gentlemen, this does conclude today's conference call. Thank you for your participation and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。