CleanSpark Inc (CLSK) 2025 Q3 法說會逐字稿

Good afternoon. My name is [Gene] and I will be your conference operator today. At this time, I would like to welcome everyone to the CleanSpark fiscal year third quarter 2025 earnings conference call. (Operator Instructions) Thank you. Harry, you may begin your conference.

午安.我的名字是 [Gene]，今天我將擔任您的會議主持人。現在，我歡迎大家參加 CleanSpark 2025 財年第三季財報電話會議。（操作員指示）謝謝。哈利，你可以開始你的會議了。

Thanks, [Gene]. And thank you for joining us today for the third quarter fiscal year financial results for CleanSpark, America's Bitcoin miner, covering the period April 1, 2025 through June 30, 2025. Our press release was issued about 30 minutes ago and is available on our website at www.cleanspark.com. Additionally, the 10-Q will be filed shortly. Today's call is also being webcast and a replay and transcript will be available on our website.

謝謝，[基因]。感謝您今天參加我們的活動，了解美國比特幣礦商 CleanSpark 的第三季財報，涵蓋 2025 年 4 月 1 日至 2025 年 6 月 30 日期間。我們的新聞稿已於約30分鐘前發布，可在我們的網站www.cleanspark.com上查閱。此外，10-Q報表也將很快提交。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 is 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 remain subject to the risk factors disclosed in our most recently filed annual report and 10-Q.

與我一起通話的是我們的執行長 Zach Bradford 和財務長 Gary Vecchiarelli。請記住，我們今天所作的一些聲明是前瞻性的，並且基於我們對當今世界和我們業務的最佳看法。所提供的聲明和資訊仍然受我們最近提交的年度報告和 10-Q 中揭露的風險因素的影響。

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

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對帳表，該新聞稿可在我們的網站上找到。現在，我很高興將電話轉給扎克。

Thanks, Harry, and good afternoon. I'm pleased to welcome you to our call reviewing CleanSpark's fiscal third quarter 2025 performance. This quarter was our most successful to date across a multitude of metrics and reaffirms the strength of our strategy.

謝謝，哈利，下午好。我很高興歡迎您參加我們的電話會議，回顧 CleanSpark 2025 財年第三季的業績。本季是我們迄今為止在多項指標上最成功的季度，再次證明了我們策略的實力。

The stage is set for continued growth, supported by world-class operations, a strong balance sheet, and supportive macro and policy tailwinds. While sustained Bitcoin strength was a contributing factor, our performance is grounded in strategic discipline and the tireless efforts of our entire team.

在世界一流的營運、強勁的資產負債表以及有利的宏觀和政策的支持下，公司已為持續成長做好了準備。雖然比特幣的持續走強是一個促成因素，但我們的表現是基於策略紀律和整個團隊的不懈努力。

Behind our record-setting revenue and earnings per share of $0.90 is billions of dollars of investment across four statesover 1 gigawatt of contracted power, and at today's price, approximately $1.5 billion worth of Bitcoin.

我們創紀錄的收入和每股 0.90 美元的收益背後，是四個州數十億美元的投資、超過 1 千兆瓦的合約電力，以及以今天的價格計算價值約 15 億美元的比特幣。

As America's Bitcoin miner, we operate with high standards and set aggressive yet achievable targets. Our achievement of 50 exahash of operational hash rate was a key contributor to our outstanding results and a milestone made possible only through disciplined execution.

作為美國的比特幣礦工，我們以高標準運作並設定了積極但可實現的目標。我們實現了 50 exahash 的運行哈希率，這是我們取得優異成績的關鍵因素，也是只有透過嚴格的執行才能實現的里程碑。

Our third quarter revenue was nearly $200 million, up 94% compared to the same period last year, and more than 9% over our prior quarter. We achieved earnings per basic share of $0.90 thanks to healthy gross margins of 54.6%.

我們第三季的營收接近 2 億美元，比去年同期成長 94%，比上一季成長 9% 以上。由於 54.6% 的健康毛利率，我們實現了每股基本收益 0.90 美元。

Importantly, we produced 2,012 Bitcoin, and our treasury grew in value to approximately $1.08 billion by the end of the quarter, an increase of more than $100 million since last quarter. This was driven by both production and Bitcoin price appreciation, all [will] self-funding operations further validating our prudent accumulation strategy.

重要的是，我們生產了 2,012 個比特幣，到本季末，我們的資金價值增長至約 10.8 億美元，比上一季增加了 1 億多美元。這是由生產和比特幣價格上漲共同推動的，所有自籌資金的營運進一步驗證了我們審慎的累積策略。

Our total Bitcoin in treasury stood at 12,608 at the close of the quarter, demonstrating our escape velocity, allowing us to scale without relying on a single share of equity funding since early November, 2024. June 30 marked the highest quarterly close for Bitcoin in its history, driven by global adoption, rising institutional investment, and the maturation of the asset class.

截至本季末，我們的庫存比特幣總量為 12,608 枚，這證明了我們的逃逸速度，使我們能夠自 2024 年 11 月初以來不依賴任何股權融資就實現擴大規模。6 月 30 日是比特幣史上最高的季度收盤價，這得益於全球採用、機構投資增加以及資產類別的成熟度。

Additionally, we remain the only large scale holder to have mined every Bitcoin we hold in treasury. We do this because we can generate Bitcoin below spot market rates. Our cost per Bitcoin in the third quarter was $44,806, which was far below the average spot price of approximately $98,500 during the same period.

此外，我們仍然是唯一一家開採了我們持有的所有比特幣的大型持有者。我們這樣做是因為我們能夠以低於現貨市場價格的價格產生比特幣。我們第三季每比特幣的成本為 44,806 美元，遠低於同期約 98,500 美元的平均現貨價格。

Turning to our fully self-operated infrastructure, our team met our 50 exahash target on June 24. We were the first publicly traded company to reach that milestone exclusively with American infrastructure. Our fleet's average power efficiency was just over 16 joules per terahash at quarters end, and we've continued to improve that figure.

談到我們完全自主營運的基礎設施，我們的團隊在 6 月 24 日實現了 50 exahash 的目標。我們是第一家僅依靠美國基礎設施就達到這一里程碑的上市公司。在本季末，我們車隊的平均電力效率略高於每太拉赫 16 焦耳，並且我們一直在不斷提高這個數字。

This further cements our fleet as one of the most efficient in the world. When our scale and fleet efficiency are paired with our flexible operating model, this enables us to manage towards profitability, not arbitrary power costs.

這進一步鞏固了我們的船隊作為世界上最高效的船隊之一的地位。當我們的規模和車隊效率與我們靈活的營運模式結合時，我們就能實現獲利，而不是任意的電力成本。

Our fully contracted power portfolio comprises over 1 gigawatt. Importantly, we are currently utilizing about 80% of that total, leaving over 200 megawatts available for immediate expansion. In fiscal third quarter, our all-in cost per kilowatt hour is $0.056, nearly half a cent lower than in the second quarter.

我們已全面簽約的電力組合超過 1 千兆瓦。重要的是，我們目前利用了總量的約 80%，剩餘的 200 多兆瓦可供立即擴展。在第三財季，我們每千瓦時的總成本為 0.056 美元，比第二季度低近半美分。

This decrease reflects an easing of seasonal power prices as we transition from winter to spring. We also energized additional sites in our power portfolio, further improving our average power cost and demonstrating the benefits of our diversified and flexible energy strategy.

這一下降反映了我們從冬季過渡到春季時季節性電價的下降。我們還為電力組合中的更多站點供電，進一步改善了我們的平均電力成本，並展示了多元化和靈活的能源策略的優勢。

Just as our fleet efficiency is improved over time, our goal remains to reduce power costs across the portfolio and growth pipeline, always with an eye towards profitability. As I mentioned, we reached 50 exahash in June, a major milestone in the history of our company.

正如我們的車隊效率隨著時間的推移而提高一樣，我們的目標仍然是降低整個投資組合和成長管道的電力成本，並始終著眼於獲利能力。正如我所提到的，我們在 6 月達到了 50 exahash，這是我們公司歷史上的一個重要里程碑。

It reflects years of focused strategy, disciplined execution, and a relentless commitment to doing things the CleanSpark way. This growth wasn't accidental, it's the result of building and operating our own infrastructure from the ground up, giving us the control, resilience, and scalability to lead the industry.

它體現了多年來專注的策略、嚴謹的執行以及堅持以 CleanSpark 方式做事的不懈承諾。這種成長並非偶然，而是從頭開始建立和營運我們自己的基礎設施的結果，這賦予了我們引領產業的控制力、彈性和可擴展性。

But we have never pursued growth for its own sake. Every new megawatt and every additional exahash has been developed with the intention of delivering long-term shareholder value and advancing our vision of becoming the global leader in Bitcoin mining, built, owned, and operated in rural America.

但我們從來沒有為了成長而追求成長。每一兆瓦新電能和每一艾哈希新增電能的開發都是為了實現長期股東價值，並推進我們成為比特幣挖礦全球領導者的願景，在美國農村地區建造、擁有和運營。

Consider the speed at which we achieve this goal. At the end of fiscal 2024, our operational hash rate stood at 27.6 exahash. In just nine months, we nearly doubled that figure to 50 exahash while improving fleet efficiency and the overall operational performance.

考慮一下我們實現這目標的速度。截至 2024 財年末，我們的營運哈希率為 27.6 exahash。在短短九個月內，我們將這一數字幾乎翻了一番，達到 50 exahash，同時提高了車隊效率和整體營運表現。

Here's how we did it. Tennessee became our second largest source of hash rate. Thanks to two acquisitions and a 60 megawatt greenfield development, it was the fastest state level ramp up in our history. Our growth in the state demonstrates our land and expand strategy in action.

以下是我們的操作方法。田納西州成為我們的第二大哈希率來源。由於兩次收購和 60 兆瓦的綠地開發，這是我們歷史上最快的州級成長。我們在該州的成長證明了我們的土地和擴張策略正在發揮作用。

We also launched two sites in Wyoming, a state with low cost, reliable energy, and supportive leadership at the local, state, and federal levels. Leaders who understand the value of our business can deliver to their communities.

我們還在懷俄明州啟動了兩個站點，該州能源成本低廉、可靠，並且得到地方、州和聯邦各級領導的支持。了解我們業務價值的領導者可以為他們的社區做出貢獻。

While our operations in Wyoming are currently smaller than Georgia and Tennessee, we have the opportunity to evaluate hundreds of additional megawatts in the region. We also continue to optimize and expand our operations in Mississippi and Georgia, with Georgia contributing significantly to reaching our 50 exahash milestone.

雖然我們目前在懷俄明州的業務規模小於郊區和田納西州，但我們有機會在該地區評估數百兆瓦的額外電力。我們也將繼續優化和擴大我們在密西西比州和喬治亞州的業務，喬治亞州對我們實現 50 exahash 里程碑做出了重大貢獻。

I want to take the time to spotlight an example of rapid execution. We closed on a new plot of land in rural Georgia in mid-May, and just five weeks later, we had immersion-cooled mining live and hashing at the site. That kind of speed to revenue is made possible by tight collaboration across our construction, deployment, operations, and growth teams. This project exemplifies our relentless focus on speed to revenue.

我想花點時間來重點介紹一個快速執行的例子。我們在五月中旬在喬治亞州農村地區購買了一塊新土地，僅僅五週後，我們就在該地開始了浸入式冷卻挖礦和哈希算力計算。這種快速的收入成長得益於我們建設、部署、營運和成長團隊之間的緊密合作。該項目體現了我們對收入成長速度的不懈關注。

This is just one example of how we set the industry standard every day and embody the values and mission of CleanSpark. This is CleanSpark at its best -- disciplined, fast, and unified. Our team is our greatest asset and when they execute our battle-tested playbook, we're nearly unstoppable.

這只是我們每天如何設定行業標準並體現 CleanSpark 的價值觀和使命的一個例子。這是 CleanSpark 的最佳狀態——紀律嚴明、快速且統一。我們的團隊是我們最大的財富，當他們執行我們久經考驗的劇本時，我們幾乎勢不可擋。

Looking forward, we will apply our years of experience to drive our next phase of mining and power expansion. As we shared on our last call, we moved away from time-based exahash guidance. Instead, we're focused on capturing a greater share of global hash rate as a key metric, which we believe is a more meaningful measure of our market competitiveness.

展望未來，我們將運用多年的經驗推動下一階段的採礦和電力擴張。正如我們在上次通話中分享的那樣，我們不再使用基於時間的 exahash 指導。相反，我們專注於獲取更大的全球哈希率份額作為關鍵指標，我們相信這是衡量我們市場競爭力的更有意義的指標。

At the end of fiscal 2024, we held 4.3% of global hash rate with 27.6 exahash. When we hit 50 exahash in June, our share rose to 5.6%, reflecting our ability to outpace the broader mining landscape and earn more Bitcoin over time.

截至 2024 財年末，我們的哈希率達到 27.6 exahash，佔全球哈希率的 4.3%。當我們在 6 月達到 50 exahash 時，我們的份額上升至 5.6%，這反映了我們有能力超越更廣泛的採礦領域並隨著時間的推移賺取更多的比特幣。

And we are not slowing down. We are taking steps to rapidly deliver an additional 10 exahash of operational hashrate on a cost effective timeline. All miners required for this growth have already been secured, nearly half of the necessary infrastructure is in place, and we are finalizing plans for the remainder. At today's difficulty, this expansion would represent approximately a 1% increase in global hashrate, further expanding our competitive position and demonstrating continued execution at scale.

我們並沒有放慢腳步。我們正在採取措施，以經濟有效的時間安排快速提供額外的 10 exahash 運行哈希率。這一增長所需的所有礦工都已得到保障，近一半必要的基礎設施已經到位，我們正在敲定剩餘部分的計劃。在今天的難度下，這種擴張將意味著全球哈希率增加約 1%，進一步擴大我們的競爭地位並展示持續的大規模執行力。

Now a core tenet of Bitcoin is its decentralized nature. Mining is broadly distributed by design, ensuring no single participant dominates the network's hashrate. With 5.8% of global hashrate at 50 exahash, CleanSpark is amongst the largest miners in the world. An excellent position for us and a healthy signal for the Bitcoin ecosystem overall.

現在比特幣的一個核心原則是它的去中心化特性。挖礦在設計上是廣泛分佈的，確保沒有單一參與者主導網路的哈希率。CleanSpark 擁有 50 exahash 的全球哈希率 5.8%，是世界上最大的礦工之一。這對我們來說是一個極好的位置，對整個比特幣生態系統來說也是一個健康的訊號。

We have ample room to grow while remaining responsibly sized within the decentralized landscape. The scarcity of Bitcoin is also by design, and there are a limited amount of Bitcoin available to miners each day. This is why we are laser focused on responsibly delivering the proof of work required to grow our share of the network, supporting the world's hardest money on behalf of our shareholders.

在去中心化模式下，我們有足夠的發展空間，同時保持負責任的規模。比特幣的稀少性也是設計使然，每天可供礦工使用的比特幣數量是有限的。這就是為什麼我們專注於負責任地提供擴大網路份額所需的工作量證明，代表我們的股東支持世界上最難賺的錢。

We have multiple proven pathways to capture additional market share: develop new power pipeline capacity to expand our infrastructure portfolio; optimize our mining fleet to extract more hashrate from existing resources; build new sites through greenfield development; and acquire capacity through opportunistic M&A.

我們有多種行之有效的途徑來獲取額外的市場份額：開發新的電力管道容量以擴大我們的基礎設施組合；優化我們的採礦船隊以從現有資源中提取更多的哈希率；通過綠地開發建設新站點；並通過機會性併購來獲取產能。

These strategies are not theoretical. We have executed each of them at scale. Together they form the foundation of our growth playbook as we continue driving long-term value. We have consistently focused on being the best pure-play, vertically integrated, Bitcoin mining company in the industry by design.

這些策略並非理論上的。我們已經大規模地執行了每一個目標。隨著我們繼續推動長期價值，它們共同構成了我們成長策略的基礎。我們始終致力於成為業界最好的純粹、垂直整合的比特幣挖礦公司。

While alternative compute models like AI and HPC have drawn attention, repurposing a mining infrastructure for these applications is far more complex than it may appear. Operators must navigate higher capital intensity, customer uncertainty, and a rapidly evolving hardware environment that can threaten project ROI.

雖然人工智慧和高效能運算等替代運算模型已經引起了人們的關注，但重新利用採礦基礎設施來適應這些應用要比看起來複雜得多。營運商必須應對更高的資本強度、客戶的不確定性以及可能威脅專案投資回報率的快速發展的硬體環境。

By contrast, Bitcoin mining remains a proven and scalable business model, especially in today's constructive market environment that we have optimized unlike any other company. Thanks to this focus, ClearSpark stands apart as the only large-scale pure-play Bitcoin miner with wholly self-operated infrastructure, a position earned through deliberate strategy not rigid ideology.

相較之下，比特幣挖礦仍然是一種經過驗證且可擴展的商業模式，特別是在當今建設性的市場環境中，我們對其進行了優化，這與任何其他公司都不同。由於這一重點，ClearSpark 脫穎而出，成為唯一一家擁有完全自主營運基礎設施的大型純比特幣礦工，這一地位是透過深思熟慮的策略而不是僵化的意識形態贏得的。

We have followed this course because up to this point, we have determined that our power contracts and land assets are being put to their optimal use in our mining operations. That's it. We have always understood that power has value, no matter how it's used.

我們遵循這一方針是因為到目前為止，我們已經確定我們的電力合約和土地資產在我們的採礦作業中得到了最佳利用。就是這樣。我們始終明白，權力是有價值的，無論它如何被使用。

We have always viewed our real estate portfolio, power contracts, and geographic positioning as assets that hold significant value, independent of their utilization for Bitcoin mining. Some sites, both in our current operational footprint and in our pipeline, have potential alternative value through other use cases. To the extent that certain sites, due to location, infrastructure, or proximity to metro centers, can return superior value, we remain flexible and open to evaluating monetization options that enhance shareholder value.

我們一直將我們的房地產投資組合、電力合約和地理位置視為具有重大價值的資產，無論是否用於比特幣挖礦。我們目前的營運範圍內和管道內的某些站點透過其他用例具有潛在的替代價值。如果某些地點因為地理位置、基礎設施或靠近大都會中心而能夠產生更高的價值，我們會保持靈活性和開放性，以評估能夠提高股東價值的貨幣化方案。

Today, CleanSpark has a significant power pipeline that can fuel continued growth. We are currently evaluating approximately 1.2 gigawatts of potential near-term power opportunities, primarily in areas where we have already operated or with proven partners we have successfully scaled with in the past. The value proposition for utilities in these areas is clear.

如今，CleanSpark 擁有強大的電力管道，可以推動持續成長。我們目前正在評估約 1.2 千兆瓦的潛在近期電力機會，主要在我們已經運營的地區或與我們過去成功合作過的可靠合作夥伴的地區。這些領域公用事業的價值主張是明確的。

In tight power markets, flexible customers like us help balance demand and improve grid resiliency. In addition to our near term pipeline, we are also exploring an additional 1.7 gigawatts of long term power opportunities.

在緊張的電力市場中，像我們這樣的靈活客戶有助於平衡需求並提高電網彈性。除了近期的計劃外，我們還在探索另外 1.7 千兆瓦的長期電力機會。

These longer horizon projects would require utility level infrastructure investments. This layer pipeline ensures we have a long term access to scalable, low-cost power and gives us the opportunity to execute with precision, speed, and capital efficiency when the time is right. As our pipeline moves from evaluation to project implementation, we will execute our growth plan to best utilize these opportunities to continue delivering operational excellence at every point of the growth cycle.

這些長期項目需要公用事業層級的基礎設施投資。這一層管道確保我們能夠長期獲得可擴展、低成本的電力，並使我們有機會在適當的時候以精確、快速和資本效率執行。隨著我們的管道從評估轉向專案實施，我們將執行我們的成長計劃，以充分利用這些機會，在成長週期的每個階段繼續提供卓越的營運。

Our track record speaks for itself. We know how and when to pull the trigger on high return opportunities. This discipline allows us to grow with speed and efficiency while keeping capital stewardship at the heart of every decision.

我們的業績記錄不言而喻。我們知道如何以及何時抓住高回報機會。這種紀律使我們能夠快速且有效率地成長，同時將資本管理置於每個決策的核心。

The good news for us and for the broader Bitcoin ecosystem is that we are now enjoying significant regulatory tailwinds, both in Washington, DC and in state capitals across the country. On July 18, I was honored to attend a White House ceremony where President Trump signed the GENIUS Act into law.

對於我們和更廣泛的比特幣生態系統來說，好消息是，我們現在正享受著重大的監管順風，無論是在華盛頓特區還是在全國各州首都。7月18日，我很榮幸出席了川普總統簽署《GENIUS法案》的白宮儀式。

This legislation, championed in the US Senate by Senator Bill Hagerty of Tennessee, establishes a clear regulatory framework for U.S dollar-backed stablecoins that clarity is expected to drive increased demand for both US treasuries and Bitcoin.

這項由田納西州參議員比爾·哈格蒂在美國參議院倡導的立法，為美元支持的穩定幣建立了明確的監管框架，預計該框架的清晰度將推動對美國國債和比特幣的需求增加。

Earlier that same week, the US House of Representatives passed another milestone bill, the CLARITY Act. This bipartisan legislation would establish a comprehensive federal framework for non-stablecoin digital assets like Bitcoin. It further solidified Bitcoin's treatment as a commodity, potentially unlocking trillions in capital flows and paving the way for deeper integration with mainstream financial markets.

同一周早些時候，美國眾議院通過了另一項具有里程碑意義的法案——《CLARITY法案》。這項兩黨立法將為比特幣等非穩定幣數位資產建立一個全面的聯邦框架。它進一步鞏固了比特幣作為商品的地位，有可能釋放數萬億美元的資本流動，並為與主流金融市場的更深層次融合鋪平道路。

Beyond Washington, momentum is building at the state level as well. Senator Cynthia Lummis of Wyoming continues to be one of our industry's strongest champions, advocating for the creation of a federal strategic Bitcoin reserve. Both Texas and New Hampshire have already taken steps to establish similar reserves at the state level.

除了華盛頓州以外，各州的勢頭也在增強。懷俄明州參議員辛西婭·盧米斯 (Cynthia Lummis) 繼續成為我們行業最強大的擁護者之一，倡導建立聯邦戰略比特幣儲備。德州和新罕布夏州都已採取措施在州一級建立類似的保護區。

And just today, we saw a new executive order on the president's desk making Bitcoin a qualified asset in 401k accounts. Together, these developments reflect the growing recognition of Bitcoin's role in US innovation, energy policy, and monetary resilience. And they represent real tailwinds for CleanSpark's continued growth.

就在今天，我們看到總統辦公桌上出現了一項新的行政命令，將比特幣定為 401k 帳戶中的合格資產。總的來說，這些發展反映出人們越來越認識到比特幣在美國創新、能源政策和貨幣彈性中的作用。它們為 CleanSpark 的持續成長帶來了真正的推動力。

Progress in the sector isn't limited to Washington. Wall Street and capital markets are increasingly providing tailwinds for Bitcoin adoption. One emerging trend we're watching closely is the rise in Bitcoin treasury companies.

該領域的進步並不僅限於華盛頓。華爾街和資本市場正日益為比特幣的採用提供推動力。我們密切關注的一個新興趨勢是比特幣財務公司的興起。

Public companies that accumulate Bitcoin on a balance sheet for direct purchases rather than production. These entities represent a growing cohort of capital activity competing for a scarce resource and their participation is helping drive spot prices higher.

上市公司在資產負債表上累積比特幣用於直接購買而不是生產。這些實體代表著日益壯大的爭奪稀缺資源的資本活動群體，它們的參與有助於推高現貨價格。

As this dynamic unfolds, CleanSpark's business model becomes even more valuable. We generate Bitcoin below market rates through our mining operation. And unlike treasury companies, we don't have to compete for coins in the open market. We produce them ourselves, efficiently, at lower cost and spot prices, and at scale.

隨著這種動態的展開，CleanSpark 的商業模式變得更加有價值。我們透過挖礦作業以低於市場價格的價格產生比特幣。而且與財務公司不同的是，我們不需要在公開市場上爭取貨幣。我們自行生產，高效率、低成本、現貨價格、規模化。

In a market where the race to accumulate Bitcoin is accelerating, we believe that mining remains the most strategic and scalable path to long-term value. And Bitcoin is not a passive asset on a balance sheet. We have a dedicated digital asset management team operating an institutional-grade trading desk to support our operations and generate responsible risk adjusted yield.

在比特幣累積競爭日益激烈的市場中，我們相信挖礦仍然是實現長期價值的最具策略性和可擴展性的途徑。比特幣並不是資產負債表上的被動資產。我們擁有專門的數位資產管理團隊，經營機構級交易平台，以支援我們的營運並產生負責任的風險調整收益。

Since inception, our approach has been measured and disciplined. In late May, the team executed our first derivatives trade. June marked the first full month of trading activity and we treated it as a proof of concept focused on execution quality, counterparty vetting, and operational security.

自成立以來，我們的做法一直是經過衡量和嚴格的規範。五月下旬，團隊執行了我們的第一筆衍生性商品交易。六月是交易活動的第一個完整月份，我們將其視為專注於執行品質、交易對手審查和營運安全的概念驗證。

This crawl-walk-run approach is designed to build a sustainable strategy that responsibly harnesses Bitcoin's natural volatility while preserving our capital and protecting shareholder value. While the program is still in its early stages, I'm pleased to report that our initial results were strong and aligned with our expectations. We will measure success over quarters and cycles, not single month, while maintaining tight feedback loops to ensure continuous learning and improvement.

這種爬行-行走-奔跑的方法旨在建立一種可持續的策略，負責任地利用比特幣的自然波動性，同時保護我們的資本和股東價值。雖然該計劃仍處於早期階段，但我很高興地報告，我們的初步結果很好，符合我們的預期。我們將按季度和週期（而不是單個月）來衡量成功，同時保持緊密的回饋循環，以確保持續學習和改進。

Before I hand the call over to Gary, I want to highlight a few foundational concepts that continue to drive our performance and define who we are. Our four strategic pillars, energy, Bitcoin, operational excellence, and capital stewardship anchor everything we do.

在我將電話交給加里之前，我想強調一些繼續推動我們的表現並定義我們是誰的基礎概念。我們的四大戰略支柱：能源、比特幣、卓越營運和資本管理是我們所做的一切的支柱。

We focus on the KPIs that matter most. Percentage of global hash rate, operational hash rate, fleet efficiency, marginal cost of mine, uptime, and Bitcoin and treasury. These are the real drivers of scale, performance, and long-term business health.

我們專注於最重要的 KPI。全球哈希率、營運哈希率、車隊效率、礦場邊際成本、正常運行時間以及比特幣和金庫的百分比。這些是規模、績效和長期業務健康的真正驅動力。

We call this disciplined approach the CleanSpark way, which is executed through the everyday grit of our team. It's more than a philosophy, it's embedded how we work and how we win. This quarter, that combination of strategy, execution, and culture came together to deliver record-setting results -- our strongest quarter in company history.

我們將這種嚴謹的方法稱為 CleanSpark 方式，透過我們團隊的日常努力來執行。它不僅僅是一種哲學，它還體現了我們如何工作以及如何獲勝。本季度，策略、執行和文化的結合創造了創紀錄的業績——這是我們公司歷史上最強勁的季度。

I want to thank every member of our team for embracing this vision and driving CleanSpark to its position as the leading publicly traded Bitcoin miner in the world. With that, I'll now turn the call over to our CFO, Gary Vecchiarelli, for a closer look at the financials. Gary, over to you.

我要感謝我們團隊的每一位成員，感謝他們擁抱這個願景，並推動 CleanSpark 成為全球領先的公開交易比特幣礦商。說完這些，我現在將電話轉給我們的財務長 Gary Vecchiarelli，讓他仔細看看財務狀況。加里，交給你了。

Thank you, Zach. As we've mentioned, our fiscal third quarter was record setting in so many ways. As we dive into the numbers, please keep in mind that our success this quarter has been the logical result of our focus on bringing traditional, bottom-line business discipline to one of the newest and most innovative industries in the world.

謝謝你，扎克。正如我們所提到的，我們的第三財季在許多方面都創下了紀錄。當我們深入研究這些數字時，請記住，我們本季的成功是我們致力於將傳統的、底線的商業紀律引入世界上最新、最具創新性的行業之一的必然結果。

Our revenues for the third quarter were approximately $199 million, an increase of $95 million or 91% over the same quarter last year. We produced 2,012 Bitcoin for the quarter, 436 Bitcoin more than the same quarter last year, or an increase of 28%.

我們第三季的營收約為 1.99 億美元，比去年同期增加 9,500 萬美元，增幅為 91%。本季我們生產了 2,012 枚比特幣，比去年同期多出 436 枚，增幅為 28%。

Notably, this was also a few Bitcoins shy of our all-time high production of 2,031 Bitcoin in fiscal Q2 '24, which immediately preceded the halving event. This is representative of the significant growth we've achieved in a short 15-month timeframe and especially impressive given the impact of the mid-April 2024 habit. Our average revenue recognized per Bitcoin produced in Q3 was approximately $99,000 each, which is an increase of approximately $33,000 or 50% over the same quarter last year.

值得注意的是，這比我們在減半事件發生前的 2024 財年第二季創下的歷史最高產量 2,031 比特幣還要少幾個。這代表了我們在短短 15 個月內取得的顯著增長，考慮到 2024 年 4 月中旬習慣的影響，這一點尤其令人印象深刻。我們在第三季生產的每個比特幣的平均收入約為 99,000 美元，比去年同期增加約 33,000 美元，即 50%。

Looking at our margins, our gross profit increased by approximately $50 million year over year with a profit margin of 55% for this quarter. When compared to the immediately preceding second quarter, our gross profit increased $12 million or 13% during the periods. This quarter's increase in gross profit was primarily due to the combination of greater Bitcoin production at higher Bitcoin prices and lower energy costs, significantly outpacing difficulty.

從我們的利潤率來看，本季我們的毛利年增約 5,000 萬美元，利潤率為 55%。與上一季相比，我們的毛利增加了 1,200 萬美元，增幅為 13%。本季毛利的成長主要歸因於比特幣價格上漲導致比特幣產量增加，以及能源成本降低，大大超過了難度。

This quarter, we recognized net income of approximately $257 million. Our adjusted EBITDA was $378 million for the quarter. On a normalized basis, when taking out non-cash items, it was $78 million, which represents the cash generated from our mining operations net all cash expenses.

本季度，我們實現淨收入約 2.57 億美元。本季我們的調整後 EBITDA 為 3.78 億美元。以正常化計算，扣除非現金項目後，金額為 7,800 萬美元，代表我們採礦業務產生的現金扣除所有現金支出。

Notably, our marginal cost per coin was $44,806, which represents an increase of only 5% over the immediately preceding second quarter. The slight increase in our marginal cost per coin is primarily attributed to an increase in mining difficulty.

值得注意的是，我們每枚硬幣的邊際成本為 44,806 美元，比上一季僅成長 5%。每枚硬幣的邊際成本略有增加，主要原因是採礦難度的增加。

However, it's important to note that we have made investments in acquiring and maintaining one of the world's most efficient mining fleets, for which we have seen an increase in efficiency and corresponding decrease in energy uses per terahash. Prioritizing fleet efficiency has always been a core strategic theme for CleanSpark, and it is one of the reasons why we have been so successful at driving shareholder value through countercyclical investment.

然而，值得注意的是，我們已經投資收購和維護了世界上最高效的採礦船隊之一，我們已經看到其效率的提高和每太赫茲能源使用量的相應減少。優先考慮車隊效率一直是 CleanSpark 的核心策略主題，這也是我們透過逆週期投資成功推動股東價值的原因之一。

Our all-in cost per kilowatt hour decreased during the quarter to $0.056. As we have mentioned on prior calls, we intentionally manage the profitability rather than to a specific cost per kilowatt hour. This maximizes our Bitcoin production numbers and may result in us occasionally mining Bitcoin at higher prices per kilowatt hour.

本季度，我們的每千瓦時總成本下降至0.056美元。正如我們在先前的電話會議上提到的，我們有意管理獲利能力，而不是控制每度電的特定成本。這最大限度地提高了我們的比特幣產量，並可能導致我們偶爾以更高的每千瓦時價格開採比特幣。

Looking at our overhead and expenses, our total cash overhead, which we consider to be professional fees, salaries and wages, and G&A expenses, less stock-based compensation, increased approximately $4.6 million or 17% over Q2.

從我們的管理費用和開支來看，我們的總現金管理費用（我們認為是專業費用、工資和薪金以及一般行政費用）減去股票薪酬後比第二季度增加了約 460 萬美元或 17%。

This was primarily driven by an accrual due to a true up on our local property taxes and property and casualty insurance policy. I've spoken on prior calls about a risk-adverse approach to safeguarding our assets.

這主要是由於我們當地財產稅和財產及意外傷害保險政策的增加而產生的應計費用。我在之前的電話會議上談到了採取規避風險的方法來保護我們的資產。

As a result, insuring our top of the line fleet comes at a cost. And since we have significantly grown the value of our miners, mining equipment, and infrastructure by approximately $420 million since last fiscal year end, we have chosen to also right size the insurance policy to protect our investment in miners and infrastructure, which now stands at well over $1.3 billion in fair value.

因此，為我們的頂級車隊投保是需要付出代價的。由於自上一財年末以來，我們的礦機、採礦設備和基礎設施的價值已大幅增長約 4.2 億美元，因此我們選擇調整保險單規模，以保護我們對礦機和基礎設施的投資，目前這些投資的公允價值已遠超 13 億美元。

We are taking steps to minimize costs related to our insurance program, which I expect to be realized in the coming quarters. The other increases were largely seasonal or related to growth. We ended the quarter with $35 million in cash and over 12,600 Bitcoin, representing a fair value of approximately $1 billion.

我們正在採取措施盡量減少與我們的保險計劃相關的成本，我預計這將在未來幾季實現。其他增長主要是季節性的或與增長有關的。本季末，我們擁有 3,500 萬美元現金和超過 12,600 個比特幣，公允價值約 10 億美元。

In total, the company had more than $1 billion of liquidity at the end of Q3. I'll have more to share about our Bitcoin treasure activities in a few moments. Total debt as of the end of the quarter stands at approximately $820 million.

總體而言，該公司在第三季末擁有超過 10 億美元的流動資金。稍後我將分享更多有關我們的比特幣寶藏活動的資訊。截至本季末，總債務約為 8.2 億美元。

Note that this amount is net debt issuance costs of approximately $16 million, which were incurred as part of the company's $650 million convertible transaction in December. As a reminder, this issuance has a 0% coupon and a and an effective conversion price of $24.66 per share.

請注意，該金額是約 1,600 萬美元的淨債務發行成本，是該公司 12 月 6.5 億美元可轉換交易的一部分。提醒一下，本次發行的票面利率為 0%，有效轉換價格為每股 24.66 美元。

When it comes to our Bitcoin treasury, you have heard us talk about our efforts, which internally we refer to as the Digital Asset Management Team. I am pleased to report that in the third quarter, we onboarded several high-quality counterparties and completed our first derivative transaction at the end of May.

當涉及到我們的比特幣金庫時，您已經聽到我們談論我們的努力，我們內部稱之為數位資產管理團隊。我很高興地報告，在第三季度，我們引入了幾個高品質的交易對手，並在五月底完成了第一筆衍生性商品交易。

We have previously discussed our conservative approach and strategy to monetizing our auto balance, which we describe as a crawl-walk-run strategy. We're currently in the crawl phase, and while the volume of the derivative transactions is still ramping up.

我們之前討論過將自動餘額貨幣化的保守方法和策略，我們將其描述為爬行-行走-奔跑策略。我們目前正處於爬行階段，而衍生性商品交易量仍在增加。

We are happy to see the proof of concept come to life. These results are just as good, if not better, than what we had initially projected. We completed a number of derivative transactions through our selected partners, solely comprising the writing of covered calls.

我們很高興看到概念驗證得以實現。這些結果與我們最初預測的一樣好，甚至更好。我們透過選定的合作夥伴完成了多項衍生性商品交易，其中僅包括備兌買權的簽訂。

While the total dollar value of these premiums aren't large enough to separately present on the income statement, I will tell you, on a risk-adjusted basis, the cash-on-cash returns look quite promising.

雖然這些保費的總金額不足以在損益表中單獨列示，但我要告訴你，在風險調整的基礎上，現金回報率看起來相當可觀。

For example, we have written and will continue to write short term calls slightly out of the money. If these get called away, great. We use the proceeds to fund our operating expenses and we likely sold at amounts greater than what we would have sold at spot at the time we wrote the calls. They expire out of the money, we keep the premium, and roll the strategy forward.

例如，我們已經寫出並將繼續寫出略微虛值的短期看漲期權。如果這些都被取消了，那就太好了。我們將所得款項用於支付我們的營運費用，我們出售的價格可能高於我們在簽發看漲選擇權時現貨出售的價格。它們在到期時失去價值，我們保留溢價，並繼續推進該策略。

Additionally, we are writing low delta calls, also on a short or midterm basis, which have a low likelihood of expiring in the money. These premiums are used to generate the yield we set out to achieve. We expect to use approximately 40% of our HODL balance to generate a target yield of 4% on the entire Bitcoin treasury. We also expect the volume and complexity of our strategies to increase as time goes on.

此外，我們也正在發行低 delta 買權，同樣是短期或​​中期的，這些選擇權到期獲利的可能性很低。這些保費用於產生我們想要實現的利益。我們預計將使用約 40% 的 HODL 餘額來為整個比特幣庫產生 4% 的目標收益率。我們也預計，隨著時間的推移，我們的策略的數量和複雜性將會增加。

I also want to point out that we feel very comfortable with the risk reward relationship of our derivative strategies. However, we are not comfortable with lending out our Bitcoin, a practice some of our peers engage in.

我還想指出，我們對我們的衍生策略的風險回報關係感到非常滿意。然而，我們不太願意借出我們的比特幣，而我們的一些同行卻有這種做法。

We find that lending out Bitcoin is typically on an unsecured basis and often only borrowed for speculative purposes. We have internalized the lessons learned from stories such as FCX, Three Arrows, and Celsius and have incorporated risk management best practices as part of our institutional grade efforts.

我們發現，借出比特幣通常是無擔保的，而且通常僅用於投機目的。我們吸取了 FCX、Three Arrows 和 Celsius 等案例的經驗教訓，並將風險管理最佳實踐納入我們機構級工作的一部分。

More importantly, the yield generated from derivative strategies appears to be greater than lending activities and on a risk adjusted basis performs far better. We will continue to have a conservative yet opportunistic approach to our Bitcoin treasury and believe our strategy will generate appropriate returns for the risk we take.

更重要的是，衍生策略產生的收益似乎高於貸款活動，而且在風險調整的基礎上表現得更好。我們將繼續對我們的比特幣資金採取保守而又投機的態度，並相信我們的策略將為我們承擔的風險帶來適當的回報。

Bringing my comments regarding our treasury function to a close, I want to drive home an important point. We have a structural advantage due to two factors: one, we have a reliable Bitcoin production operations; and two, our capital strategy, which includes funding operational expenditures with production. This gives us a unique strategic advantage amongst our peers, where we can achieve a better risk adjusted portfolio yield, while transferring fewer Bitcoin account parties using derivative products versus lending.

在結束關於我們財務職能的評論時，我想強調一個重要的觀點。我們擁有結構性優勢，這得益於兩個因素：第一，我們擁有可靠的比特幣生產營運；第二，我們的資本策略，包括用生產為營運支出提供資金。這使我們在同行中擁有獨特的策略優勢，我們可以實現更好的風險調整投資組合收益率，同時使用衍生產品而非借貸轉移更少的比特幣帳戶方。

Looking deeper into our balance sheet, there are some other deals I would like to highlight. We have the ability to self-fund operations and grow our Bitcoin balance while enhancing shareholder value. In April, we were proud to expand our relationship with Coinbase through their Bitcoin collateralized lending program as part of our broader strategic approach to capital management and increasing our line of credit with Coinbase Prime to $200 million.

深入研究我們的資產負債表，我還想強調一些其他交易。我們有能力自行籌措資金並增加我們的比特幣餘額，同時提高股東價值。今年 4 月，我們很榮幸能夠透過 Coinbase 的比特幣抵押貸款計畫擴大與 Coinbase 的關係，這是我們更廣泛的資本管理策略方針的一部分，同時我們將與 Coinbase Prime 的信用額度提高至 2 億美元。

Given our clean balance sheet and conservative approach to debt, we have significant additional capacity to raise cost-effective and non-dilutive capital. Our current Bitcoin holdings of over 12,700 are valued at approximately $1.5 billion at today's spot price, representing a source of liquidity and opportunity.

鑑於我們清晰的資產負債表和保守的債務處理方式，我們擁有顯著的額外能力來籌集具有成本效益且不稀釋的資本。我們目前持有超過 12,700 枚比特幣，以今天的現貨價格計算價值約為 15 億美元，代表著流動性和機會的來源。

And we believe this quarter was the right time to evolve from a nearly 100% HODL strategy. We have been long on the record that the 100% HODL strategy was not sustainable for the long term. And our current capital strategy is rooted in business fundamentals and with the intention of limiting dilution as much as possible. We view our approach as deliberately strategic rather than ideological, particularly now that we've reached our current scale and escape velocity.

我們相信本季是從近 100% HODL 策略轉變的正確時機。我們長期以來一直認為，100% HODL 策略無法長期持續。我們目前的資本策略植根於商業基本面，旨在盡可能限制稀釋。我們認為我們的方法是深思熟慮的策略而非意識形態，特別是現在我們已經達到了當前的規模和逃逸速度。

While we remain committed to Bitcoin as a long-term hardened asset, we believe a more effective way to increase shareholder value is through a balanced approach between monetizing new production and growing and monetizing our treasury.

雖然我們仍然致力於將比特幣作為長期堅固的資產，但我們相信，增加股東價值的更有效方法是透過在新產品貨幣化與資金成長和貨幣化之間採取平衡的方法。

As a part of this strategy, we intend to further diversify our capital stack. As we've consistently emphasized, our focus is on ROI and our ability to make real-time decisions in the market. Given today's market environment, we view the revolving line of credit as the most efficient and responsible path to supporting accretive growth.

作為該策略的一部分，我們打算進一步實現資本多元化。正如我們一直強調的那樣，我們的重點是投資回報率和我們在市場上做出即時決策的能力。鑑於當今的市場環境，我們認為循環信貸額度是支持增值成長的最有效和最負責任的途徑。

Now strong balance sheet positions us to take full advantage of that opportunity and others. It's our intention to continue to use proceeds from the revolver for [accretive] CapEx purposes and intend to manage the business on a net debt basis to ensure proper liquidity to cover all debt obligations.

現在，強勁的資產負債表使我們能夠充分利用這一機會和其他機會。我們打算繼續將循環信貸的收益用於[增值]資本支出目的，並打算以淨債務為基礎管理業務，以確保有足夠的流動性來償還所有債務。

I want to take a moment to discuss our investment growth past 50 exahash. We have approximately 20,000 of the latest generation emerging units paid for and in hand, which represents 6 exahash of compute. We have over 1 gigawatt under contract and a little over 800 megawatts currently operational, which equates to over 200 megawatts contracted and not yet energized or operating. For these 200 megawatts, as of today, we have approximately $75 million of CapEx cash needs left to build out all 200 megawatts, which we expect could come over the next six months.

我想花點時間討論我們超過 50 exahash 的投資成長。我們擁有大約 20,000 個最新一代新興單元，這些單元已付款並到位，相當於 6 exahash 的運算能力。我們已簽訂合約的發電量超過 1 千兆瓦，目前已投入營運的發電量略超過 800 兆瓦，相當於已簽訂合約但尚未通電或投入營運的發電量超過 200 兆瓦。對於這 200 兆瓦，截至今天，我們還剩下約 7,500 萬美元的資本支出現金需求來建造全部 200 兆瓦，我們預計這筆資金可以在未來六個月內到位。

Additionally, as we have discussed on prior calls, we have historically been successful in rolling our contracted options for machines with Bitmain into the latest generation machines. We have approximately $17 million on deposit with Bitmain as of today and have received an extension on the option as we negotiate what the size and terms of the next order are.

此外，正如我們在先前的電話會議中討論的那樣，我們過去曾成功地將與比特大陸簽訂的機器合約選項推廣到最新一代機器中。截至今天，我們在比特大陸的存款約為 1700 萬美元，並且在我們協商下一個訂單的規模和條款時，我們已獲得期權延期。

Looking ahead, we remain confident in CleanSpark's ability to lead through innovation, discipline, and scale. As we chart our path forward, we are energized by the opportunities in front of us and remain committed to creating lasting value for our shareholders, our partners, and the communities we serve. With that, I'll turn the call back over to Harry to open the floor for questions. Harry?

展望未來，我們仍然對 CleanSpark 透過創新、紀律和規模引領的能力充滿信心。當我們規劃前進的道路時，我們為眼前的機會而充滿活力，並將繼續致力於為我們的股東、合作夥伴和我們服務的社區創造持久的價值。說完這些，我將把電話轉回給哈里，讓他開始提問。哈利？

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.

謝謝加里提供的詳細財務概述。我們現在開始回答分析師群的提問。操作員，請提供說明並管理問答環節的佇列。

(Operator Instructions) Mike Colonnese, HC Wainwright.

（操作員指示）Mike Colonnese，HC Wainwright。

Hey, good afternoon, guys, and congrats on a really strong quarter here. First one for me, Zach, you mentioned that you have over 200 megawatts of additional contracted power available in the existing pipeline. Could you unpack that a bit and speak to how you envision bringing those megawatts online over the coming quarters?

嘿，大家下午好，祝賀你們本季取得了非常強勁的業績。首先，扎克，你提到在現有的管道中還有超過 200 兆瓦的額外合約電力可用。您能否稍微解釋一下這個問題並談談您設想如何在未來幾季內將這些兆瓦的電力投入使用？

Yeah, absolutely. Mike, thanks again for joining the call. Appreciate your support. Yeah, that 200 megawatts is in areas that we operate in. Some of these contracts come as a result of expanding on existing operations or getting something nearby.

是的，絕對是如此。麥克，再次感謝您參加電話會議。感謝您的支持。是的，這 200 兆瓦位於我們營運的地區。其中一些合約是擴大現有業務或取得附近資源的結果。

How we're looking at that from a rollout is our first focus is going to be on that 10 exahash. We have some optionality beyond that, so we really only require a portion of the 200 megawatts to roll out this next piece of infrastructure, leaving 100 megawatts of optionality in addition to the pipeline. We are still really building on what that's going to look like after that.

從推出的角度來看，我們的首要關注點是 10 exahash。除此之外，我們還有一些可選性，因此我們實際上只需要 200 兆瓦的一部分來推出下一個基礎設施，除了管道之外，還留下 100 兆瓦的可選性。我們仍在努力建構之後的計劃。

Again, the focus is on maintaining and outpacing difficulty wall, acquiring additional market share from a percentage of global hash rate. So I do expect the next 10 exahash to come up quickly. And we will have more news on the balance of that in the near term.

再次強調，重點是維持和超越難度牆，從一定比例的全球哈希率中獲得額外的市場份額。因此我確實希望下一個 10 exahash 能夠快速出現。近期我們將獲得更多關於此平衡的消息。

Great. We should follow that. And obviously, some really good organic growth opportunities over the near term here. But it's curious to get your views on the current M&A landscape and your appetite for potential deals here.

偉大的。我們應該遵循這一點。顯然，短期內這裡存在著一些非常好的有機成長機會。但我很好奇您對當前併購情況的看法以及您對潛在交易的興趣。

Yeah, you know, we're still seeing a very robust pipeline in the private space in particular. You know, frankly, we think that there's opportunity elsewhere to as miners rotate out of mining into HPC and they evaluate the assets they have on hand.

是的，你知道，我們仍然看到私人領域的管道非常強勁。你知道，坦白說，我們認為，隨著礦工從採礦轉向 HPC 並評估他們手頭上的資產，其他地方也存在著機會。

You know, many miners are going to be faced with this vision of going all in one direction or the other. And, you know, we are ready and willing to be the first call that comes in. So I'd say it's very robust. There's great opportunity in the M&A landscape. And we look forward to hopefully taking advantage of some of that in the future.

你知道，許多礦工都將面臨這種要麼朝一個方向發展，要麼朝另一個方向發展的局面。而且，您知道，我們已經做好準備並願意第一個接到電話。所以我認為它非常強大。併購領域蘊藏著巨大的機會。我們期待未來能夠充分利用其中的一些優勢。

Great colors. I appreciate you taking my questions.

顏色很棒。感謝您回答我的問題。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

Thanks, operator. Good afternoon, everyone. Guys, nice job here. My first question was just on the digital asset management side. I mean, when would you expect to reach targeted run rates, or maybe in your words, Gary, when would you expect to be kind of fully running here? I just want to kind of make sure I understand the cadence of this new strategy. Thank you.

謝謝，接線生。大家下午好。夥計們，幹得好。我的第一個問題是關於數位資產管理方面的。我的意思是，您預計什麼時候能夠達到目標運行率，或者用您的話來說，加里，您預計什麼時候能夠完全運行？我只是想確保我了解這項新策略的節奏。謝謝。

Hey, Nick, thanks for the question. So we expect it's going to ramp in the coming quarters. As you can probably respect, you know that there's a lot to consider when you're establishing institutional-grade desks, such as what we're doing, right?

嘿，尼克，謝謝你的提問。因此我們預計未來幾季該數字將會上升。您可能已經意識到，在建立機構級服務台時需要考慮很多因素，例如我們正在做的事情，對嗎？

And we want to make sure that the trades that we're doing, not only the strategies are coming out the way we expect, but there's a lot of finance reporting, internal control, tax considerations as well. And so far everything is going just as good, if not better than we expected.

我們希望確保我們進行的交易不僅策略符合我們的預期，而且還涉及大量的財務報告、內部控制和稅務考量。到目前為止，一切進展順利，甚至比我們預期的還要好。

So for us we, again, are taking a very measured approach to this. And as we start to onboard additional counterparties and look at more complex strategies, I'd expect that we'll probably ramp to that really over the next year.

因此，對我們來說，我們再次採取非常謹慎的態度來解決這個問題。隨著我們開始加入更多交易對手並研究更複雜的策略，我預計我們可能會在明年真正實現這一目標。

Got it, that's helpful. My next question was just on the growth pipeline and you guys have relied on building strong relationships with your utility partners. And so I was wondering if you could speak to, what are those conversations looking like today? Have you seen lead times for interconnect shift at all? Are you competing with HPC sites to any extent, just any color there would be great.

明白了，很有幫助。我的下一個問題是關於成長管道，你們依賴與公用事業合作夥伴建立牢固的關係。所以我想知道您是否可以談談，今天的對話是什麼樣的？您是否了解互連轉變的交付週期？您是否在某種程度上與 HPC 網站競爭，任何顏色都很棒。

Yeah, great question. You know, I think it's important to context to look at it in. When we approach a utility, we approach them with a flexible load in mind. And the flexibility is an asset in their portfolio. There's a very small number of hours every year that utilities reach peak capacity and you know, risk needing to require curtailment.

是的，很好的問題。你知道，我認為結合背景來看這個問題很重要。當我們接觸公用事業時，我們會考慮靈活的負載。靈活性是他們投資組合中的一項資產。每年公用事業達到尖峰容量的時間非常少，你知道，有需要削減電力的風險。

And for us to be, you know, early in line to be that curtailable party puts us in a different class when it comes to data centers who want mega sites that are very large and that require firm load. Data centers, the way they're structured and the way the business really runs, is it's not advantageous to raise your hand and say that you're willing to be the flexible load. You want to run flat outs all the time as much as you can.

對我們來說，提早成為可削減方，這讓我們在資料中心方面處於不同的地位，因為資料中心需要非常大的、需要穩定負載的大型網站。資料中心的結構方式和業務的實際運作方式使得你舉手說你願意承擔靈活負載並不有利。您希望盡可能一直全力奔跑。

And so as much as there are absolutely conversations where between capacity and availability, there is competition in the space. We're a friendly space in that scene of players. And so we see abundant opportunity.

因此，儘管在容量和可用性方面存在著絕對的對話，但該領域仍存在競爭。在玩家的這個場景中，我們是一個友善的空間。因此，我們看到了大量的機會。

I mentioned the pipeline, which is multiple gigawatts. That pipeline is with utilities that we feel comfortable that there's an opportunity to meaningfully and actively move forward rather quickly. And for, you know, a large portion of that, our flexible nature creates that opportunity.

我提到了管道，其容量達數千兆瓦。該管道與公用事業公司合作，我們感到很放心，有機會以有意義且積極的方式快速向前推進。你知道，在很大程度上，我們的靈活性創造了這個機會。

Guys, I really appreciate the update. Continue, best of luck.

夥計們，我真的很感謝這個更新。繼續，祝你好運。

Thank you.

謝謝。

Brian Dobson, Clears Street.

布萊恩‧多布森 (Brian Dobson)，克利爾斯街 (Clears Street)。

Hey, thanks so much for taking my question. So you you spoke in pretty great detail about yield generation, just a follow up question there. So 4% on your huddle would do a lot to cover operating expense. Would you give us just a little bit of color on what percentage of your huddle you're thinking about putting to work and the timeframe that percentage of the huddle might be at so we can kind of back? What types of returns you're looking at on a short-term basis.

嘿，非常感謝您回答我的問題。所以您非常詳細地談到了收益產生，這只是一個後續問題。因此，4% 的佣金足以支付大部分營運費用。您能否向我們稍微透露一下，您考慮將多少比例的會議投入到工作中，以及會議的這個比例可能在什麼時間範圍內進行，以便我們可以回顧一下？您短期內尋求什麼類型的回報。

Hey, Brian, thanks for the question. So in my comments, I specifically called out actually that we plan on using 40% of the HODL balance for yield generation. And so if you extrapolate that based on a 4% return on an entire HODL balance, it's probably closer to 10%, which we believe is very reasonable and achievable if not a number that we can exceed at least based on the small sample size that we have in June.

嘿，布萊恩，謝謝你的提問。因此，在我的評論中，我特別指出，我們計劃使用 40% 的 HODL 餘額來產生收益。因此，如果根據整個 HODL 餘額的 4% 回報率來推斷，它可能接近 10%，我們認為這是非常合理且可以實現的，即使不是我們可以超過的數字，至少根據我們在 6 月擁有的小樣本量。

So in terms of the ramp, again, we're going to grow the team, we're going to grow the complexity and volume of those transactions, and we think we'll grow it within the next year. Grow it to the 4% target within the next year.

因此，就成長而言，我們將擴大團隊，增加交易的複雜性和交易量，我們認為我們將在明年實現成長。明年內將其成長至4%的目標。

Yeah, excellent. So at the beginning of your prepared remarks, you also kind of opened the door for selling power assets. Are you encouraged by recent M&A that we've seen? I know it's early days, but how do you view demand for those assets?

是的，非常好。因此，在您準備好的發言開始時，您也為出售電力資產打開了大門。我們看到的近期併購行為令您感到鼓舞嗎？我知道現在還為時過早，但您如何看待這些資產的需求？

Yeah, so you know, maybe I'll step back and also add some clarity there. So the underlying assets that we own and the ability to have land with a power contract gives us control that has value, regardless of whether using it for Bitcoin or not.

是的，所以你知道，也許我會退一步並在那裡增加一些清晰度。因此，我們所擁有的基礎資產以及透過電力合約擁有土地的能力賦予了我們有價值的控制權，無論是否將其用於比特幣。

We are always open to evaluating the use cases. It wouldn't mean that we would sell it or not sell it. It means that we're always evaluating optionality. Now we firmly and strongly believe, and the numbers continue to prove themselves, that the returns we're generating, taking that infrastructure paired with power and generating returns in Bitcoin mining is outpacing and outperforming any of the available alternative uses.

我們始終願意評估用例。這並不意味著我們會出售它或不出售它。這意味著我們始終在評估可選性。現在，我們堅定地相信，而且數據也繼續證明這一點，我們利用基礎設施與電力相結合，在比特幣挖礦中產生的回報，其速度和表現都超過任何可用的替代用途。

You know, when and if there's a point in time that that slips, we are open to that. Now I will say that the geographic location of many of our sites adds quite an advantageous position for us in that situation, but we would still hold firm to it's really about the cash on cash returns that those assets can generate in whatever form.

你知道，如果發生這種情況，我們願意接受。現在我要說的是，在這種情況下，我們許多站點的地理位置為我們增加了相當有利的地位，但我們仍然堅信，這實際上與這些資產以任何形式產生的現金回報有關。

So we're not really looking to downsize, exit, trade, or transition. We're just looking to always maximize the use cases of our assets.

所以我們其實並不打算縮減規模、退出、交易或轉型。我們只是希望始終最大限度地發揮我們資產的用途。

If I could add one more thing, I think the point to drive home here is that the value of our assets and our balance sheet is not reflective of fair value. The fair value of those assets and access to energy is far greater than that. And think that's something that may not be accounted for in the current valuation.

如果我可以補充一點，我想這裡要強調的一點是，我們的資產和資產負債表的價值並不反映公允價值。這些資產和能源的公允價值遠高於此。我認為這可能是當前估值中沒有考慮到的因素。

Yeah, thanks, that's very helpful. And then just one last comment on on the treasury models, you called them out as a [macropositive], I agree. Do you see these companies as as an accelerant in bringing more Bitcoin-related ownership into portfolio management and also wealthy individual portfolios?

是的，謝謝，這非常有幫助。最後，關於財政模型，我再說一點評論，你稱它們為[宏觀利好]，我同意。您是否認為這些公司可以促進更多比特幣相關所有權納入投資組合管理和富裕個人投資組合？

I'll take that one first. Look, the more people buying Bitcoin, the merrier. I think that anything that leads to greater adoption of Bitcoin is good for Bitcoin ecosystem, or really the whole [Trad 5] system. What we're seeing now is that there's a number of these treasury companies that are coming to market, or looking to come to market, and there's billions of dollars locked up waiting for their SEC statements to go effective.

我先拿那個。瞧，購買比特幣的人越多，就越高興。我認為任何能夠促進比特幣更廣泛採用的事物都對比特幣生態系統，或整個 [Trad 5] 系統有利。我們現在看到的是，有許多財務公司正在進入市場，或尋求進入市場，並且有數十億美元的資金被鎖定，等待美國證券交易委員會的聲明生效。

And we think that that type of buying power is only going to push Bitcoin prices higher. But ultimately, I mean, just as we saw today with that executive order crossing president's desk, Bitcoin's going to start to infiltrate other areas of the traditional financial networks, such as 401Ks, pensions, and all of that. And we've been waiting really for this moment and we're here to really capture those tailwinds and upside.

我們認為這種購買力只會推高比特幣價格。但最終，我的意思是，正如我們今天看到的總統辦公桌上的行政命令一樣，比特幣將開始滲透到傳統金融網絡的其他領域，例如 401K、養老金等等。我們一直在等待這一刻，我們來這裡就是為了抓住這些順風和優勢。

Yeah. And in addition to that, the upside kind of trends further. Not only are these treasury companies existing, but with how [SAV121] and the changes that were around the repeal of it are taking place, it creates massive additional opportunities.

是的。除此之外，上行趨勢還在進一步增強。這些財務公司不僅存在，而且隨著[SAV121]的出現以及廢除該法案所帶來的變化，它還創造了大量的額外機會。

Everything's not only just banks holding it, but you now see institutions allowing leverage against Bitcoin-based assets, such as treasury companies, such as ETS, and things like that. And so all of these changes coming together creates more capital in the space, which we see as nothing but positive tailwinds.

一切都不僅僅是銀行持有它，而且現在你會看到機構允許對基於比特幣的資產進行槓桿操作，例如財務公司、ETS 等。因此，所有這些變化結合在一起，為該領域創造了更多的資本，我們認為這只不過是積極的順風。

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

Yeah, thank you and good afternoon and thanks for taking my questions. You know, Gary, realizing, you know, there's probably only so much you want to say, you kind of laid out clearly how you're thinking about, you know, the ability to be opportunistic with the HODL strategy. And then, of course, you overlaid it with the derivative strategy.

是的，謝謝你，下午好，謝謝你回答我的問題。你知道，加里，你知道，你可能只想說這麼多，你已經清楚地闡述了你是如何思考的，你知道，如何利用 HODL 策略來抓住機會。然後，當然，你將其與衍生策略疊加。

But I guess, you know, more, not as much about Q2, but in July, it looked like there were, you know, a decent amount of the production was sold. You know, and I guess you could say, we were selling the Bitcoin that we were produced, or really what I'm wondering is, you know, there was a sharp run-up in Bitcoin price in July.

但我想，您知道，更多的是關於第二季度的，但在 7 月份，看起來，有相當一部分產品已經售出。你知道，我想你可以說，我們正在出售我們生產的比特幣，或者我真正想知道的是，你知道，七月比特幣價格急劇上漲。

What I'm wondering is, did that maybe trigger some of those covered calls to the exercise and that may be why we saw more Bitcoin sold in July than say what it looked like was averaging in Q2.

我想知道的是，這是否可能觸發了一些備兌看漲期權的行使，這也許就是為什麼我們看到 7 月份比特幣的銷量比第二季度的平均銷量還要多。

Yeah, thanks for the question. I'll tell you foremost that with this new capital strategy, our focus is on no dilution. And so we're willing to sell the entire month's production if need be. But I think we've hit a sort of a Goldilocks zone where not only do we get to sell to cover operational expenditures, cover some CapEex and or service the line of credit, but we also added to the HODL. So we didn't sell everything. If you see, we've increased it by [90 to 100].

是的，謝謝你的提問。首先我要告訴你們的是，透過這項新的資本策略，我們的重點是避免股權稀釋。因此，如果需要的話，我們願意出售整個月的產量。但我認為我們已經達到了一種“金髮姑娘區”，我們不僅可以透過出售來支付營運支出、支付一些資本支出和/或服務信貸額度，而且我們還增加了 HODL。所以我們並沒有賣掉所有東西。如果你看到了，我們已經增加了[90 到 100]

I'd like to continue to stair-step that, but at end of the day, we really see this as an area of non-dilutive capital, and we would rather sell the production than issue equity or take on additional debt or whatnot. But for right now, I think that we could hit the tri-fecta in terms of all three areas.

我希望繼續逐步推進這一進程，但最終，我們確實將其視為非稀釋資本領域，我們寧願出售產品，也不願發行股票或承擔額外債務等。但就目前而言，我認為我們可以在這三個領域取得三連勝。

Okay, that's great to hear. And then just on the pipeline, the 1.7 gigawatts of potential out there, I guess a couple questions around that. You know, just given the lead times that we're hearing multi-year, you know, some states three, some places we're hearing four, you know, longer, you know, realize we might not want to get too specific, but as we think about that 1.7 gigawatts, any kind of structure in terms of how we should be thinking about [maybe in baskets] when some of that could potentially come online maybe in '26, '27, or '28.

好的，很高興聽到這個消息。然後就管道而言，那裡有 1.7 千兆瓦的潛力，我想圍繞這一點有幾個問題。你知道，考慮到我們聽到的準備時間是多年的時間，你知道，有些州是三年，有些地方是四年，你知道，更長，你知道，我們可能不想太具體，但是當我們考慮那 1.7 千兆瓦時，我們應該如何考慮（也許是在籃子裡）任何一種結構，當其中一些可能在 26 年、27 年或 28 年上線時。

The way I would think about that is, you know, it's all optionality. You know, I want to stress that person foremost. The second, think I want to point to our strategy versus some of the other strategies that exist not only in the data center space and not only in the Bitcoin mining space, but also the data center space.

我對此的看法是，你知道，這都是可選的。你知道，我首先想強調的是那個人。第二，我想指出我們的策略與其他一些策略的區別，這些策略不僅存在於資料中心領域，不僅存在於比特幣挖礦領域，也存在於資料中心領域。

A lot of the parties that are searching for power are looking for it in very large chunks in single locations for their purposes. We have a lot of flexibility in coming in, let's say between 20 and 50 megawatts. Plus, you know, some of these are even bigger than that.

許多尋求權力的政黨都希望在單一地點獲得大片權力，以達到他們的目的。我們在輸入方面具有很大的靈活性，比如說在 20 到 50 兆瓦之間。另外，你知道，其中一些甚至比這還要大。

But a large portion, I'd even say 30% to 40% of that in our pipeline is power that if we were to choose to take it, without the need the need for long-term infrastructure investment. Now, the balance of it absolutely needs infrastructure investment, but we're also choosing where we're investing.

但其中很大一部分，我甚至可以說，我們管道中的 30% 到 40% 是電力，如果我們選擇使用的話，則不需要長期的基礎設施投資。現在，平衡絕對需要基礎設施投資，但我們也在選擇投資地點。

Rural areas we're seeing, some of these areas have lower lead times and the time it's going to take them to get things because they've already been planning for years to ramp up their distribution because there's lots of these net export states that are trying to find ways to keep it inside.

我們看到，一些農村地區的交貨時間和獲取貨物所需的時間較短，因為他們已經計劃多年擴大分銷，因為有很多淨出口州正在想方設法將其保留在國內。

So are there lead times? Yes. Most of our lead times are measured in months, I would say, you know, for when it's a big investment, it's going to be between 12 and 24 months. We don't really look at anything beyond that.

那麼有交貨時間嗎？是的。我想說，我們的大多數交貨時間都是以月來計算的，你知道，當這是一項大投資時，交貨時間將在 12 到 24 個月之間。我們實際上並不關注除此之外的任何事情。

And that's just the pockets of the areas that we're looking at. So I think we have a strategic advantage. If we wanted to go build a very large amount of megawatts just outside of Chicago, let's say we would be having completely different conversation with that utility around lead times.

而這只是我們正在關注的一小部分領域。所以我認為我們具有戰略優勢。如果我們想在芝加哥郊外建造大量兆瓦電力，那麼我們將與該公用事業公司就交貨時間進行完全不同的對話。

Super helpful, thank you very much.

非常有幫助，非常感謝。

Paul Golding, Macquarie Group.

麥格理集團的保羅‧戈爾丁。

Thanks so much. I wanted to ask, given the recent deal with Canaan for more Avalon immersion miners that was announced, I wanted to ask how you're thinking about price of hash rate. You have this 10 exahash pre-purchase.

非常感謝。我想問一下，鑑於最近與 Canaan 達成的更多 Avalon 浸入式礦機交易，我想問一下您如何看待哈希率的價格。您已預購此 10 exahash。

And just trying to think through how you're approaching the hash rate price dynamics in the context of so many institutional miners pausing and pivoting to HPC/AI and just thinking about opportunistic deals going forward or backwards looking given this 10 exahash to come. Thank you.

試著思考一下，在如此多的機構礦工暫停並轉向 HPC/AI 的背景下，您如何處理哈希率價格動態，並且只是考慮未來或回顧這 10 exahash 的機會交易。謝謝。

Hey, appreciate the question. Thanks for joining the call. You know, we said over a year ago, we welcome when we see miners exit the space to pursue other avenues because it creates counter cyclical opportunities.

嘿，感謝你的提問。感謝您參加此通話。你知道，我們一年多前就說過，當我們看到礦工退出該領域尋求其他途徑時，我們表示歡迎，因為這創造了逆週期機會。

So the benefit we're seeing is we get into the tail end of this year and we, you know, optimally see the trend continue into 2026 is a softening of demand for those miners. And that softening creates opportunities for us as one of the largest buyer for the majority of the manufacturers to strike a deal, to push power prices in our favor, because, you know, there's just not as many customers as maybe they expected there would be this time of the year or there was the year before.

因此，我們看到的好處是，我們進入今年年底，並且，你知道，理想情況下，我們看到這種趨勢將持續到 2026 年，即對這些礦工的需求將會減弱。這種疲軟為我們作為大多數製造商的最大買家之一創造了機會，讓我們能夠與它們達成協議，推動電價朝著對我們有利的方向發展，因為你知道，今年這個時候或去年的客戶數量可能沒有他們預期的那麼多。

So we're really great movements in the pricing that we think will benefit us over the next 12 months in particular due to that softening. So we're pretty enthusiastic about what we see.

因此，我們認為價格的大幅變動將使我們在未來 12 個月內受益，特別是由於價格疲軟。因此，我們對所看到的一切感到非常興奮。

I'd also add that with the increase in competition, because you now have more miners, more manufacturers in space, that also helps contribute to the softening. So you have an increase in supply and reduction in demand, and we know what that does with prices.

我還要補充一點，隨著競爭的加劇，因為現在太空中有更多的礦工和製造商，這也有助於促進經濟的疲軟。因此，供應增加而需求減少，我們知道這對價格有何影響。

Thanks. I guess, is there a scenario where you could foresee maybe proactively placing deposits or engaging capacity, even if that optionality isn't something where the power, you have line of sight to the power, but simply to take advantage of what might be this countercyclical pricing dynamic and then find the power later or, you know, potentially maybe resell or just run ahead of what the capacity pipeline looks like. Thanks.

謝謝。我想，是否存在這樣一種情況，您可以預見到可能會主動存放存款或占用容量，即使這種可選性不是權力所在，您也無法看到權力，而只是利用這種逆週期定價動態，然後再找到權力，或者，您知道，可能會轉售或只是領先於容量管道的樣子。謝謝。

Yeah, you know that we've done that in the past. I think you know any any mining company or and if you look at how we've done it over the cycles, you're either long infrastructure and power or your long miners and it's kind of this ebb and flow that goes through.

是的，你知道我們過去也這樣做過。我想你知道任何一家礦業公司，或者如果你看看我們在過去幾個週期中是如何做的，你要么是長期基礎設施和電力，要么是長期礦工，這是一種經歷的潮起潮落。

When it's advantageous, just like we did last year, we executed a very large option order that put us in a position to lock in pricing when we thought it was the right time to lock in pricing. So we would, you know, potentially look to do that again, when we find timing where we think pricing is at the right place, we would look to lock in long-term optionality to acquire, you know, large amounts of miners and, you know, work on infrastructure on the backend, depending on if we were long or short at that point in time.

當有利時，就像我們去年所做的那樣，我們執行了一個非常大的選擇訂單，當我們認為是鎖定價格的正確時機時，這使我們能夠鎖定價格。因此，您知道，我們可能會再次考慮這樣做，當我們認為定價時機合適時，我們會尋求鎖定長期選擇權，以獲取大量礦工，並在後端開展基礎設施工作，這取決於我們當時是做多還是做空。

So absolutely, when the timing is right, that's always been part of our strategy.

所以，絕對的，當時機成熟時，這始終是我們策略的一部分。

Bill Papanastasiou, Keefe, Bruyette, and Woods.

Bill Papanastasiou、Keefe、Bruyette 和 Woods。

Good evening. Thanks for taking my questions. Maybe for the first one. Perhaps you can give us an update on how you're weighing the existing tariff environment today when it comes to future fleet expansion, hoping you could walk us through some of your options to prevent or mitigate these impacts and how might that change the strategy going forward.

晚安.感謝您回答我的問題。也許是第一個。或許您可以向我們介紹一下，在未來的車隊擴張方面，您如何權衡現有的關稅環境，希望您能向我們介紹一些防止或減輕這些影響的選擇，以及這些選擇將如何改變未來的策略。

I think we heard from a peer of yours today that, you know, secondary market purchases of hardware are being more heavily considered this day. So just curious to hear your thoughts as well.

我想我們今天從您的一位同行那裡聽說，您知道，如今二級市場購買硬體正在受到更多的重視。所以也很好奇想聽聽你的想法。

Yeah, you know, the secondary market purchases are always an option because, you know, ultimately you're looking at net net pricing by the time you get it in your hands.

是的，你知道，二級市場購買始終是一種選擇，因為你知道，當你拿到它時，你最終會看到淨淨定價。

The tariff environments are, you know, unfortunately clear as mud as it seems, you know, on a day-to-day basis. We've seen them improve. We've seen them ebb and flow, but it is absolutely part of our calculus. You know, our goal and intention is always to acquire miners that are best-in-class pricing at the lowest cost possible.

不幸的是，關稅環境每天都看起來一團糟。我們已經看到他們的進步。我們見證了它們的興衰，但這絕對是我們計算的一部分。您知道，我們的目標和意圖始終是以盡可能低的成本獲得同類價格最優的礦工。

The other good thing we're seeing is almost every manufacturer has now announced that they either do or will have North American production capabilities. So for better or worse, if you're a manufacturer, it is pushing things onshore.

我們看到的另一件好事是，幾乎每個製造商都宣布他們已經或將擁有北美生產能力。因此，無論好壞，如果你是一家製造商，它都會將產品推向國內。

We do expect that to ultimately benefit us as large-scale buyers because as they make these large investments in factories and production here, they need anchor clients to be purchasers of US-made equipment, and we are ready to buy US-made. That is the easiest way to navigate tariffs in this environment, is just to go direct where it can be done.

我們確實希望這最終能使我們這些大型買家受益，因為當他們在這裡對工廠和生產進行大規模投資時，他們需要主力客戶來購買美國製造的設備，而我們也準備購買美國製造的設備。在這種環境下，處理關稅最簡單的方法就是直接去做。

Appreciate that, color, Zach. And then maybe just speaking to the Bitcoin treasury strategy, it appears that CleanSpark was selling at peak, I think this last quarter, 85% of monthly production while still funding, obviously, all of the OpEx. Maybe you can give us a little bit of a scenario analysis on how that could change depending on upward or downward price movements to Bitcoin and whether the thought that we might be in the tail end of a crypto cycle may adjust to any of your strategy.

感謝顏色，扎克。然後也許只是談到比特幣財務策略，看起來 CleanSpark 的銷售額處於峰值，我認為在上個季度，月產量的 85% 左右，同時仍然為所有的營運支出提供資金。也許您可以給我們一些情境分析，說明這種情況會如何根據比特幣價格的上漲或下跌而發生變化，以及我們可能處於加密貨幣週期尾聲的想法是否會對您的任何策略進行調整。

Yeah, Bill. So look, we, you know, in the case where Bitcoin price increases, we just sell less Bitcoin, right? Because our costs aren't directly attributable to Bitcoin price going up and down, right? They're relatively fixed.

是的，比爾。所以，你知道，在比特幣價格上漲的情況下，我們出售的比特幣就會減少，對嗎？因為我們的成本不是直接歸因於比特幣價格的漲跌，對嗎？它們相對固定。

You know, power prices don't change necessarily because Bitcoin price goes up 10% overnight. So I think that we definitely welcome additional, you know, increased Bitcoin prices because it means that we can sell less. And then we have a choice to either have the HODL balance or rapid credit, which is a priority of ours.

你知道，電價不一定會因為比特幣價格一夜之間上漲 10% 而改變。所以我認為我們絕對歡迎比特幣價格的進一步上漲，因為這意味著我們可以賣得更少。然後我們可以選擇持有 HODL 餘額或快速信貸，這是我們的優先事項。

In the event that Bitcoin price decreases, we'd obviously have to sell more than we would in the other scenario. But at the end of the day, we feel very comfortable, obviously, selling up to the production. And that's where digital asset management comes in, because if we can monetize this volatility up and down, we could use those premiums to offset the OpEx and ultimately have some amount of Bitcoin that we're able to add to the HODL balance.

如果比特幣價格下跌，我們顯然必須比其他情況下賣出更多。但最終，我們顯然對產品的銷售感到非常滿意。這就是數位資產管理的作用所在，因為如果我們能夠將這種波動貨幣化，我們就可以利用這些溢價來抵消營運支出，並最終將一定數量的比特幣添加到 HODL 餘額中。

And I believe that over time, as we get a little bit longer in the tooth and the cycle, which I don't necessarily believe that we're late in the cycle by any means right now, but when we do get maybe a little frothy later on down the road, the digital asset management efforts will not only generate premiums and cash and cost returns, but we'll be able to use a portion of that premium to add some downside protection on the entire HODL balance.

我相信，隨著時間的推移，隨著我們的壽命和週期越來越長，我不一定認為我們現在處於週期的後期，但當我們以後可能確實有點泡沫時，數位資產管理工作不僅會產生溢價和現金和成本回報，而且我們將能夠使用部分溢價為整個 HODL 餘額增加一些下行保護。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Okay, thanks for taking my question. Kind of on a similar topic here with selling some of the Bitcoin production. At what point, I guess, is it a function of scale that allows you to sell Bitcoin to cover cash costs? And with greater scale, would you be able to sell less Bitcoin to cover the same cash costs? And how are you thinking about that dynamic?

好的，感謝您回答我的問題。這裡與出售部分比特幣產品有點類似的話題。我想，什麼時候規模功能可以讓你賣比特幣來彌補現金成本？隨著規模的擴大，你是否能夠出售更少的比特幣來彌補相同的現金成本？您如何看待這種動態？

Because I think if -- and as we speak to get more comfortable with the ability for you guys to sell Bitcoin and accrue Bitcoin to the balance sheet at the same time, it kind of becomes a whole different story.

因為我認為，如果——當我們談論讓你們更適應出售比特幣並同時將比特幣累積到資產負債表的能力時，情況就會完全不同。

Great question. I'll tell you that that's one of our distinct competitive advantages is the operating leverage we have. So every new [exahash] that we bring online, the majority of that is dropping to the bottom line, which means that we have to sell less Bitcoin to cover that monthly nut. I think that's the best way I could put it.

好問題。我要告訴你，我們獨特的競爭優勢之一就是我們擁有的經營槓桿。因此，我們上線的每一個新 [exahash]，其中大部分都會下降到底線，這意味著我們必須出售更少的比特幣來彌補每月的損失。我想這是我能表達的最好方式。

Yeah, no, that helps. And then on maybe the pace of growth, I know you guys talked about wanting to outperform or outgrow network hash, which I'm sure you guys know is quite volatile from day to day and month to month. How are you, what are your expectations for network hash growth maybe over the rest of the year or maybe over the next year? Maybe that will help us frame how we should model your mining hash growth.

是的，不，這有幫助。然後關於增長速度，我知道你們談到想要超越或超越網絡哈希，我相信你們知道網絡哈希每天和每個月都非常不穩定。您好嗎？您對今年剩餘時間或明年的網路哈希增長有何預期？也許這將幫助我們建立如何模擬您的挖礦哈希增長。

It's always a guess with network hashrate. The good thing is, is I think we're seeing a general slowing as, you know, the public miners were a very large driver of hashrate growth historically over the last, you know, three to five years.

這始終是一個有關網路哈希率的猜測。好消息是，我認為我們看到了總體放緩，因為你知道，在過去的三到五年裡，公共礦工是哈希率增長的一個非常大的推動力。

As capital, know, miners like us continue to deploy capital in this space, but there's a subset of our peers that are deploying either less or not at all. And so I think that's a contributing factor to hashrate growth slowing.

正如資本所知，像我們這樣的礦工繼續在這個領域部署資本，但我們的同行中有一部分部署較少或根本沒有部署。所以我認為這是導致哈希率成長放緩的一個因素。

What we're also seeing is, you know, the upgrade cycle as miners get more efficient, as they get replaced, the same amount of power produces the same or, sorry, significantly larger amounts of hashrate. We think that's actually going to be a larger driver over the next year of global hashrate growth than potentially new build-outs of Bitcoin mining data centers.

我們也看到，隨著礦工的升級週期變得越來越高效，隨著他們被替換，相同數量的電力會產生相同或更糟的是明顯更大的哈希率。我們認為，與潛在的新建比特幣挖礦資料中心相比，這實際上將成為未來一年全球哈希率成長的更大驅動力。

Interestingly, we saw at the end of last quarter where if you looked at the entire quarter, it kind canceled itself out. It grew 8%, it went down 8%. It was flat, right? We're expecting a little bit more of that, a flattening of what it's going to be, but it's still going to stair step up.

有趣的是，我們在上個季度末看到，如果你看整個季度，它就有點抵消了。成長了 8%，下降了 8%。它是平的，對吧？我們預期這種情況會有所好轉，但幅度會逐漸變平，但仍會呈現階梯式上升。

We're going to be making improvements to our facilities. We're going to continue to grow, but we feel long story short without making any direct predictions. We feel very comfortable on our ability to outpace the global hash rate growth.

我們將對我們的設施進行改進。我們將繼續成長，但我們感覺長話短說，不做任何直接的預測。我們對自己超越全球哈希率成長的能力感到非常有信心。

And, you know, we also see, you know, something we didn't get into, but one benefit of M&A in this space is instead of building and adding to the global hash rate in total, when you acquire a piece of existing global hash rate, you know, it's a direct ad without, you know, diluting yourself.

而且，你知道，我們也看到了一些我們沒有涉及的東西，但在這個領域進行併購的一個好處是，當你獲得一部分現有的全球哈希率時，它不是建立和增加全球哈希率，而是直接廣告，而不會稀釋你自己。

So all of these things are options, but again, we're, think it's positive that we're seeing investment occur in other forms of compute because it is slowing down global hashrate growth.

所以所有這些都是選擇，但是，我們再次認為，看到對其他形式的計算的投資是積極的，因為它正在減緩全球哈希率的增長。

John Todaro, Needham and Company.

約翰·托達羅，尼德漢姆公司。

Hey guys, thank for taking my question. Can you just help me understand the risks in the yield generating strategy? You know, just kind of where could the model break down? Just given it is a large portion of the stack, right? It's 40%. So just help me frame that up a little bit better.

嘿夥計們，謝謝你回答我的問題。您能幫我理解一下收益產生策略中的風險嗎？您知道嗎，這個模型可能在哪些地方失效了？只是考慮到它是堆疊的很大一部分，對嗎？是40%。所以請幫我把它構思得更好一些。

Right, right. So like with any other option, like let's just take covered calls, right? You have several variables you look at, right? You have duration, you have strike price, right? Those will translate to some, you know, volatility and or Delta.

對，對。因此，就像任何其他選擇一樣，我們只需採取備兌買權，對嗎？您要查看幾個變量，對嗎？你有存續期，有執行價格，對嗎？這些將轉化為一些波動性和/或 Delta。

And I'll tell you that we take greater risks on the short end, such as writing a one or two or five day call that might have a higher Delta. And you can look at Delta's probably the percentage that is going to get called away. The higher the delta, the higher the premium.

我要告訴你的是，我們在短期內承擔了更大的風險，例如寫一個可能具有更高 Delta 值的一到兩天或五天的看漲期權。你可以看看達美航空大概有多少比例的人會被叫走。德爾塔值越高，溢價越高。

And so since -- and we call that internally our [Spot Plus] program, right? So technically instead of just selling at spot, we should be selling at a strike price the same as spot for tomorrow, for example, and that will effectively mean that we'll always be able to stay ahead of the spot market because of the premiums.

所以從那時起——我們在內部稱之為我們的[Spot Plus]計劃，對嗎？因此，從技術上講，我們不應該僅僅以現貨價格出售，而應該以與明天現貨相同的執行價格出售，這實際上意味著我們將始終能夠憑藉溢價保持領先於現貨市場。

So the risk is, in the short term, I don't think it's very high because we know what our cash needs are on a week by week basis and that we write calls, high delta calls not in excess of that. On the longer term, low delta calls, 10, 15 deltas, we're not really writing calls too far out, but maybe four to six weeks currently, those deltas will generate a small amount of premium and we'll just increase the kind of volume and close those calls out if we need to, if there's an opportunity to close them out in terms of they're profitable.

因此，我認為短期內的風險不會很高，因為我們知道每週的現金需求，而且我們發出的買權、高 delta 買權不會超過這個數字。從長期來看，低 delta 買權，10、15 個 delta，我們實際上不會寫太遠的看漲期權，但目前可能為四到六週，這些 delta 將產生少量溢價，我們只會增加交易量並在必要時關閉這些看漲期權，如果有機會在盈利方面關閉它們。

I will tell you, going back to my comments about [versus] lending, and lending, you're lending out, let's say, 100 Bitcoin out to someone, right? On an unsecured basis. The great thing the derivative strategy is that we have negotiated these [ISTA] agreements where we only have to post a percentage of the collateral, right?

我會告訴你，回到我關於借貸的評論，你借出，比如說，100 比特幣給某人，對嗎？無擔保。衍生策略的偉大之處在於我們已經協商了這些 [ISTA] 協議，我們只需要提供一定比例的抵押品，對嗎？

So the collateral is only a percentage of what the total contracts are. So if we write 100 contracts for Bitcoin or 100 Bitcoin contracts we only need to post 30% to 45% percent collateral and then have margin calls as you get closer to the strike date.

因此抵押品僅佔合約總額的一部分。因此，如果我們簽訂 100 份比特幣合約或 100 份比特幣合約，我們只需要提供 30% 到 45% 的抵押品，然後在接近執行日期時追加保證金。

And so that means that it reduces our counterparty risk. And our counterparty risk is further reduced by the fact that we do robust due diligence on our counterparties to make sure that they have the financial wherewithal to really responsibly maintain that collateral. And oftentimes it means that they have licensing or registration with government regulators.

這意味著它降低了我們的交易對手風險。我們對交易對手進行了嚴格的盡職調查，以確保他們擁有足夠的財力來真正負責任地維護抵押品，從而進一步降低了我們的交易對手風險。這通常意味著他們擁有政府監管機構的許可或註冊。

Got it, okay, that's very helpful, I appreciate that. And then just one quick on M&A, I think from where we're all sitting on the sell side, seems like these opportunities would be coming up here in the next couple of quarters, but just kind of any sense on timeline of these opportunities? Like are you already looking at some pretty closely and are the assets looking fairly attractive out there now versus some of these opportunities are presented themselves a couple of years ago?

明白了，好的，這非常有幫助，我很感激。然後簡單談談併購，我認為從我們賣方的角度來看，這些機會似乎會在接下來的幾個季度內出現，但是這些機會的時間表有什麼意義嗎？例如，您是否已經非常仔細地觀察過一些資產，這些資產現在看起來是否相當有吸引力，而這些機會中的一些是幾年前才出現的？

Yeah, you know, I can't really count comments on timelines, of course, by any means. I can just say that there's a robust pipeline of opportunities and, just like all things, some are looking better than others. We say no to 9 deals out of 10. That's what we've always done from a historical basis because, you know, capital is always finite.

是的，你知道，無論如何，我當然不能真正計算時間線上的評論。我只能說，存在著大量的機會，而且就像所有事物一樣，有些機會看起來比其他機會更好。我們對 10 筆交易中的 9 筆都說不。從歷史角度來看，我們一直都是這麼做的，因為你知道，資本總是有限的。

And, you know, our goal to have the best capital stewardship, to generate the best ROI means that we only want to take the best deals that are out there. So again, as much as there's a very robust pipeline, it's about finding the best ones and that's going to happen in right time, right place, concepts.

而且，您知道，我們的目標是擁有最佳的資本管理，產生最佳的投資報酬率，這意味著我們只想獲得最好的交易。因此，儘管有非常強大的管道，但關鍵在於找到最好的管道，而這將在正確的時間、正確的地點、正確的概念中發生。

If I could add one other thing based on, mean, Zach's exactly right. ROI is the top of our list on any acquisition we look at. But I will say that we're not interested in paying the premium that's required to take out another public company because that's premium that we can put into other infrastructure machines, upgrading our fleet, and get a better ROI. So I think you're gonna see less public to public. And if there's acquisitions like, it's probably gonna be in the private space or Greenfield.

如果我可以根據這個意思再補充一點，札克說得完全正確。對於任何收購，投資報酬率都是我們最重視的因素。但我要說的是，我們不願意支付收購另一家上市公司所需的溢價，因為我們可以將這筆溢價投入到其他基礎設施機器中，升級我們的車隊，並獲得更好的投資回報。所以我認為你會看到公眾與公眾之間的互動減少。如果有收購，很可能是在私人空間或綠地。

Steven Glagola, Jones Trading.

史蒂文‧格拉戈拉 (Steven Glagola)，瓊斯貿易公司。

Zach, Gary, and Harry, thanks for the question. Zach, I wanted to dig into more on your prepared and Q&A remarks around the potential flexibility of certain sites for alternative uses. I mean, think it's clear that CleanSpark has consistently shown its prowess in mining as an operator and strong long-term commitment to Bitcoin mining.

札克、加里和哈利，謝謝你們的提問。扎克，我想更深入地了解你準備的和問答中關於某些網站用於其他用途的潛在靈活性的評論。我的意思是，很明顯，CleanSpark 作為營運商一直表現出其在挖礦方面的實力，並且對比特幣挖礦有著長期堅定的承諾。

At the same time, your hybrid peers are seeing higher valuation multiples by pivoting toward AI, HPC. So there are specific sites you view as particularly well suited for non-mining applications such as the [IHBC]. And additionally, have you engaged any preliminary discussions with potential partners in these areas so far? I'm just trying to gauge what would have to change in your calculus or the company's calculus for any strategic shifts here. Appreciate it. Thank you.

同時，您的混合同行透過轉向人工智慧、高效能運算 (HPC) 獲得了更高的估值倍數。因此，您認為某些特定地點特別適合非採礦應用，例如[IHBC]。此外，到目前為止，您是否與這些領域的潛在合作夥伴進行了初步討論？我只是想判斷一下，對於任何策略轉變，您的計算或公司的計算需要發生哪些變化。非常感謝。謝謝。

Yeah, you know, it would have to be, you know, quite simply, we have 55% returns that are consistent based on the types of investments we have to make, which the capital outlay is very predictable, significantly less than a lot of these alternatives compute spaces.

是的，你知道，很簡單，我們有 55% 的回報率，這是根據我們必須進行的投資類型而一致的，資本支出非常可預測，明顯低於許多替代計算空間。

What I will say from a geographic point of view, the closer we are to a major area, whether that's Atlanta, Georgia, or Cheyenne, Wyoming, or places like that, it's always more valuable. And so again, I don't think that's any secret that data centers want to be in areas with low latency opportunities. So I'd call it hundred miles from a major metro area creates significant value for our power assets.

我想說的是，從地理角度來看，我們越靠近主要地區，無論是喬治亞州的亞特蘭大，還是懷俄明州的夏延，或者類似的地方，它的價值就越高。所以，我再說一遍，我認為資料中心希望位於低延遲機會的地區並不是什麼秘密。因此，我認為距離大都會區一百英里的地方會為我們的電力資產創造巨大的價值。

But you know, it's not just alternative forms of compute. know, anything that where power is the ultimate source of the value is how we're looking at this. Areas with lower cost power than others obviously creates, you know, its own calculus in the portfolio.

但你知道，這不僅僅是計算的替代形式。要知道，任何以權力為最終價值來源的事物都是我們看待它的方式。電力成本低於其他地區的地區顯然會在投資組合中形成自己的計算。

So, you asked a little bit more specific, I obviously can't comment on more specific about any ongoing discussions, whether they're happening or not. But you know, that's how we look at it. Geography plays a very important role, but it has to be able to produce great or even better returns than we're already producing.

所以，你問得更具體一些，我顯然無法對任何正在進行的討論進行更具體的評論，無論它們是否正在進行。但你知道，這就是我們的看法。地理位置起著非常重要的作用，但它必須能夠產生比我們已經產生的更大甚至更好的回報。

We also have our view on where Bitcoin is going. And so if you look at the direction of our directional view of Bitcoin and the returns, we think it's not only generating now, but can generate in the near term, that's something else also has to be contended with before we would consider a change.

我們對比特幣的走向也有自己的看法。因此，如果你看我們對比特幣的方向性和回報，我們認為它不僅現在產生，而且可以在短期內產生，這是我們在考慮改變之前必須應對的其他問題。

I'm going to add one more thing. I don't think it can ever be underestimated. The fact that if we were to take down any one of our sites, major metro or not, for two or three years to do a full rebuild, how much revenue are we going to miss out on?

我還要補充一點。我認為它永遠不能被低估。事實上，如果我們要拆除任何一個站點，無論是否是主要大都市，用兩到三年的時間進行全面重建，我們將損失多少收入？

That is also something I just want to call out is very important to us is what is that revenue cost going to be to us? It's an opportunity cost that goes away. And so there's always an uphill battle for any other opportunity.

這也是我想說的對我們來說非常重要的一點，那就是收入成本對我們來說是多少？這是一個消失的機會成本。因此，爭取任何其他機會總是需要艱苦的奮鬥。

And Zach, I appreciate all that. It's really helpful. And just like to clarify too on, you it sounds like you might be maybe, you know, looking into this to some extent. Something were to materialize or you were to go more in this direction with maybe some something closer and Georgia size or so forth. Would that be telegraphed on an earnings call or something beforehand or would this just be something like might get announced one day? And you did a deal for some alternative purpose. I'm just curious if you can add any color there.

札克，​​我很感激這一切。這真的很有幫助。也想澄清一下，聽起來你可能正在某種程度上研究這個問題。某些東西將會實現，或者你將朝著這個方向走得更遠，也許會有一些更接近喬治亞州大小的東西等等。這會不會在收益電話會議或事先的某個時候預先通知，還是只是某一天才宣布？而你達成的交易是出於其他目的。我只是好奇你是否可以在那裡添加任何顏色。

Yeah, I'm going to say what I've always said. We're not in the business of saying we're going to do something that we're still trying to figure out.

是的，我要說我一直說的話。我們不會說我們將會做一些我們還在努力弄清楚的事情。

We're in the business of doing what we say we're going to do. And so we would announce it when and if there is a real deal and opportunity because we don't need our shareholders to wonder if there is or isn't a customer that exists.

我們所做的就是說到做到。因此，如果有真正的交易和機會，我們會宣布這一消息，因為我們不需要讓股東懷疑是否有客戶。

Jon Hickman, Ladenburg.

喬恩希克曼，拉登堡。

Hi, as you might imagine, most of my questions have been answered. I was just wondering what you're seeing as far as transaction costs, or not transaction costs, but transaction fees for each award. What's happening there?

你好，正如你可能想像的那樣，我的大部分問題都已經得到解答了。我只是想知道您所看到的交易成本，或者不是交易成本，而是每個獎項的交易費用。那裡發生了什麼事？

Yeah, Jon, I'll take that. So those have been relatively low. So you know, I think they've been between one to three percent of the block size. I point you to a website that we use. It's mempool.space/mining. It's a great, reliable place. You can see even what the last block was and what the reward was.

是的，喬恩，我接受。所以這些數字相對較低。所以你知道，我認為它們佔了區塊大小的 1% 到 3%。我向您指出我們使用的一個網站。它的位址是 mempool.space/mining。這是一個很棒、很可靠的地方。您甚至可以看到最後一個區塊是什麼以及獎勵是什麼。

Knowing that every block right now is 3.125 Bitcoin. If you see something that's greater than that, the Delta obviously is going to be transaction fees. But transaction fees, there's going to be an ebb and a flow.It's really hard to predict those.

知道現在每個區塊都是 3.125 比特幣。如果您看到某個值大於該值，那麼 Delta 顯然就是交易費。但交易費用會有起有落，真的很難預測。

I think that when you look at the theory of hyper Bitcoinization and really the life cycle of Bitcoin, the miners in coming decades, I think it's going to be a while until we get there, but in coming years, the miners are going to flip from actually being paid by the subsidy to the transaction fee.

我認為，當你研究超級比特幣化的理論和比特幣的生命週期時，未來幾十年的礦工，我認為我們還需要一段時間才能到達那裡，但在未來幾年，礦工的實際支付方式將從補貼轉向交易費。

And I think we've got a ways to go there, but with Bitcoin adoption increasing in greater volumes, we'll see that take up. But it is hard to really forecast that because when you look at the halving, I there were some transaction fees that were in excess of what was it like four or [five x] or [10 x], the -- you know, whatever the subsidy was. But the great thing about mining is that if and when that uptick in transaction fees does come, there is no incremental cost to us. So that's just additional gravy.

我認為我們還有很長的路要走，但隨著比特幣的採用量不斷增加，我們將看到這一趨勢的進展。但實際上很難預測，因為當你看到減半時，我發現有些交易費用超過了補貼的四倍或五倍或十倍。但挖礦的偉大之處在於，如果交易費用確實上漲，我們也不會產生任何增量成本。所以這只是額外的肉汁。

Okay. Then one last question. As you kind of upgrade your fleet to the latest miners, is there a market for the older stuff still? Do you have to just write that off or can you sell it? What's the strategy there?

好的。最後一個問題。當您將您的礦機群升級到最新的礦機時，舊礦機是否還有市場？您是否必須將其註銷或可以將其出售？那裡的策略是什麼？

No, there's a very robust market in fact. It's always existed and actually these tariffs that was mentioned earlier potentially make it more robust. So we are seeing some of the older generation miners continuing to have a more long term, I'll call it terminal value as they're sold to third parties because there's a lot of groups that don't want to deal with either whether it's shipping timing or the tariffs or the unknowns around that.

不，事實上市場非常強勁。它一直存在，實際上前面提到的這些關稅可能會使其更加強勁。因此，我們看到一些老一代礦工繼續擁有更長期的，我稱之為終端價值，因為它們被出售給第三方，因為有很多團體不想處理無論是運輸時間還是關稅或周圍的未知因素。

You can get certainty by buying it essentially from your neighbor. And so it's a very, very robust. And so we absolutely expect to extract value and have each and every quarter over the past couple of years. As we rotate out of miners, we definitely pull dollars out of the market.

您可以透過從鄰居那裡購買來獲得確定性。所以它非常非常強大。因此，我們絕對期望在過去幾年的每個季度都實現價值。隨著我們輪換礦工，我們肯定會從市場中撤出美元。

Which I'll add really helps us with the ROI calculation for future investments too. So that's why keeping our finger on the pulse of the secondary market is very important because that's part of our calculus.

我想補充的是，這也確實有助於我們計算未來投資的投資報酬率。因此，密切關註二級市場的動態非常重要，因為這是我們計算的一部分。

Okay.

好的。

James Mcilree, Chardan Capital.

詹姆斯·麥克里（James Mcilree），Chardan Capital。

Yes, thank you. Gary, you talked about 40% of your HODL balance used for asset management. And I'm wondering if that is limited by the 40%, if that's limited by your risk tolerance or the market depth or liquidity or your internal expertise. If you can just comment on that, please.

是的，謝謝。加里，您提到將 40% 的 HODL 餘額用於資產管理。我想知道這是否受到 40% 的限制，是否受到您的風險承受能力或市場深度或流動性或內部專業知識的限制。如果您能對此發表評論，請。

Yeah, great question. I think through all of our comments, regardless of whether it's digital asset management or how we run the business, you know, there's a certain prudence and conservatism that we take in all regards.

是的，很好的問題。我認為，透過我們所有的評論，無論是數位資產管理還是我們如何經營業務，您知道，我們在所有方面都採取一定的謹慎和保守態度。

So the 40% is just what we would allocate, you know, the greatest amount of the HODL balance that we would put at some risk. And remember, I'd answered this actually in a prior question, only a percentage of that gets posted as collateral. So the amount that's actually at risk is less than that.

所以 40% 就是我們分配的 HODL 餘額中我們願意承擔一定風險的最大金額。請記住，我實際上已經在先前的問題中回答過這個問題，其中只有一部分被用作抵押品。因此，實際面臨風險的金額要少得多。

But again, with low delta options and derivatives, we're able to get some additional juice and continue that low risk. We're always able to take out derivatives of cash if we need to close out this position because we don't want them to get called because maybe it has a low tax basis, things like that.

但同樣，透過低 delta 選擇權和衍生性商品，我們能夠獲得一些額外的收益並保持低風險。如果我們需要平倉，我們總是能夠取出現金衍生品，因為我們不希望它們被收回，因為它的稅基可能很低，諸如此類。

But at the end of the day, that's really meant more for risk management. And that's going to increase and decrease as we see opportunities and as our experience in this area kind of tricks on.

但歸根結底，這實際上更有利於風險管理。隨著我們看到機會並且我們在該領域的經驗不斷積累，這一數字將會增加或減少。

That's very helpful. Thank you. And Zach, you've talked a lot about energy this afternoon. But the current administration has made significant changes in the nation's energy strategy. I'm wondering if you have any comments on how that might impact your short-term or long-term expansion activities.

這非常有幫助。謝謝。札克，​​今天下午你談了很多關於能源的問題。但現任政府對國家能源戰略做出了重大改變。我想知道您是否對這可能會如何影響您的短期或長期擴張活動有何評論。

Yeah, I think it's more the way that the policies are changing. I think it's going to be more of a medium and long-term thought process because what the administration is really focusing on is largely with generation. There's a little bit, yes, on a natural gas basis, there's a production mindset, which should hopefully drive down natural gas prices.

是的，我認為這更多的是政策改變的方式。我認為這更像是一個中長期的思考過程，因為政府真正關注的主要是發電。是的，在天然氣基礎上，存在著一種生產思維，這有望降低天然氣價格。

But really it's about building production because with additional generation being produced, obviously there's more power to be had by the markets in general. We are not going to see the impact of that for the most part for 3 to 10 years.

但實際上，這是為了建設生產，因為隨著額外發電的產生，顯然整個市場將擁有更多的電力。在未來三到十年內，我們基本上不會看到其影響。

And different fuel sources, whether it's nuclear, that's probably the furthest out. And then of course you see things such as natural gas that I think will be sooner on the list. So again, on a medium to long-term basis, what it does is it makes us more confident in where the US is going to be from a strategic positioning for keeping cost in control for power. Just further solidifying that the US is a great place to grow.

不同的燃料來源，無論是核能或其他，都可能是最遙遠的。當然，你會看到諸如天然氣之類的東西，我認為它們很快就會被列入名單。因此，從中期和長期來看，它的作用是讓我們對美國在控制電力成本的戰略定位更有信心。這進一步證實了美國是個適合發展的地方。

Now, do I think that the administration is going to solve all the problems, you know, inside the next short term? No, but we're incredibly well positioned and really strategically positioned as miners with our flexible load where we can handle any of the short term volatility and pricing that comes.

現在，我是否認為政府會在短期內解決所有問題？不，但作為礦工，我們擁有極其有利的定位和戰略地位，我們擁有靈活的負載，可以應對任何短期波動和定價。

But again, by the time you get to the back end of that short term, you know, I'll call it pressure at this point in time, we think that the policies are setting the US up to be very solid on the energy basis long term.

但是，當你到達短期的末期時，你知道，我現在稱之為壓力，我們認為這些政策將為美國長期穩固的能源基礎奠定基礎。

Appreciate it.

非常感謝。

There are no further questions at this time, Harry, I turned the call back over to you.

現在沒有其他問題了，哈利，我把電話轉回給你。

Thank you again for joining today's earnings call. We look forward to staying in touch and sharing future results with you in the coming quarters. Stay tuned for more groundbreaking achievements from CleanSpark, America's Bitcoin miner.

再次感謝您參加今天的財報電話會議。我們期待在未來幾季與您保持聯繫並分享未來的成果。請繼續關注美國比特幣礦工 CleanSpark 的更多突破性成就。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。