CleanSpark Inc (CLSK) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Colby and I'll be your conference operator today. At this time, I'd like to welcome you to the CleanSparks fiscal full year 2025 earnings results. (Operator Instructions) Thank you.

女士們、先生們，感謝你們的耐心等待。我叫科爾比，今天我將擔任你們的會議接線生。在此，我謹代表 CleanSparks 公司，歡迎各位參加 2025 財年全年業績報告發表會。（操作說明）謝謝。

Harry, you may begin your conference.

哈利，你可以開始你的會議了。

Thanks, Colby, and thank you for joining us today to review the fourth quarter and full fiscal year 2025 financial results for CleanSpark.

謝謝 Colby，也感謝您今天與我們一起回顧 CleanSpark 2025 財年第四季和全年財務表現。

We encourage you to review our earnings results press release, which was issued today and is available on our website. Our 10-K will be filed shortly. A webcast replay and transcript of today's call will be added to our website once available. On the call today, I am joined by Matt Schultz, our Chairman and Chief Executive Officer; and Gary Vecchiarelli, our President and Chief Financial Officer.

我們建議您查看我們今天發布的盈利報告新聞稿，該新聞稿可在我們的網站上查閱。我們的10-K表格即將提交。今天電話會議的網路直播回放和文字記錄將在可用時添加到我們的網站上。今天與我一起參加電話會議的有我們的董事長兼首席執行官馬特·舒爾茨，以及我們的總裁兼首席財務官加里·韋基亞雷利。

Some of the statements we make today will be forward-looking 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 10-K. 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.

我們今天發表的一些聲明將具有前瞻性，基於我們目前對世界和業務的最佳看法。所提供的聲明和資訊仍受我們在 10-K 文件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一些與我們績效相關的非GAAP財務指標。您可以在我們的新聞稿中找到非GAAP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's my pleasure to introduce Matt Schultz.

接下來，我很榮幸地向大家介紹馬特舒爾茨。

Thanks, Harry. Good afternoon, everyone, and thank you for joining us. I'm so excited to have stepped back into the role of CEO of CleanSpark this past August after serving as executive Chairman for the past five years. In my first 100 days, the team has been relentlessly cementing our current leadership position in Bitcoin mining while simultaneously positioning us to evolve our portfolio.

謝謝你，哈里。各位下午好，感謝各位的參與。在過去五年擔任執行董事長後，我非常高興能夠在今年八月重新擔任 CleanSpark 的執行長一職。在我上任的頭 100 天裡，團隊一直在不懈地鞏固我們在比特幣挖礦領域的領先地位，同時也為發展我們的投資組合做好準備。

We've also set a strategic direction for CleanSpark going forward as a digital infrastructure platform serving a wide range of compute opportunities. These opportunities include, but are not limited to generative AI workloads, grid balancing through bitcoin mining, and high performance computing broadly. I've also had the opportunity to meet with many of you listening to today's call. Your enthusiasm for the future of CleanSpark's business means the world to us, and we're excited to execute our strategic plan and extend our track record of operational excellence into AI factories.

我們也為 CleanSpark 的未來發展制定了戰略方向，使其成為一個服務於各種電腦會的數位基礎設施平台。這些機會包括但不限於生成式人工智慧工作負載、透過比特幣挖礦實現網格平衡以及廣泛的高效能運算。我也有機會與今天收聽電話會議的各位見面。您對 CleanSpark 業務未來的熱情對我們意義重大，我們很高興能夠執行我們的策略計劃，並將我們卓越的營運記錄擴展到人工智慧工廠。

As the company has matured, I'm inspired by a world-class team and operating business, our strong balance sheet, and most excitingly, our growing power and land portfolio across the US and the optionality it represents. Together, all of these elements are evolving into a diversified compute platform to serve the needs of the next digital age. I've taken stock of what we've built, and I want to share with you just how well prepared the company is for this moment in time.

隨著公司的發展成熟，我深受世界一流的團隊和營運業務、強勁的資產負債表以及最令人興奮的是我們在美國不斷增長的電力和土地資產組合及其所代表的選擇權的鼓舞。所有這些要素共同演變為一個多元化的運算平台，以滿足下一個數位時代的需求。我已經盤點了我們所取得的成就，我想和大家分享一下公司為應對這一時刻所做的充分準備。

While Bitcoin mining remains foundational to our business, we recognize that our expertise in securing power, developing infrastructure, and deploying at scale uniquely positions us to support the fast growing demand for AI compute. A blended approach to growing and monetizing our portfolio serves to diversify revenue, enhance margin, and build long-term shareholder value.

雖然比特幣挖礦仍然是我們業務的基礎，但我們認識到，我們在保障電力供應、開發基礎設施和大規模部署方面的專業知識，使我們能夠以獨特的優勢來支援快速增長的人工智慧運算需求。透過混合方式發展和實現我們的投資組合獲利，有助於實現收入多元化、提高利潤率並創造長期股東價值。

2025 was the year CleanSpark achieved escape velocity, reaching 50E Hash a per second in operational hash rate with 100% US based infrastructure and run by our operations and technology teams.

2025 年，CleanSpark 實現了飛躍式發展，營運哈希率達到每秒 50E 哈希，基礎設施 100% 位於美國，由我們的營運和技術團隊營運。

We delivered record revenues and demonstrated capital stewardship by not issuing a single share through an equity offering throughout this calendar year, all without slowing down our growth. I'm proud to share a few financial highlights from our 2025 fiscal year.

我們實現了創紀錄的收入，並透過在本年度沒有透過股權發行發行一股股票，展現了良好的資本管理能力，而且沒有減緩我們的成長速度。我很榮幸與大家分享我們 2025 財年的一些財務亮點。

We achieved record revenues of $766 million. Our gross margin was 55%. Now that's a 1% decrease year over year. This small decrease is actually impressive due to this being the first full year post halving when the Bitcoin block rewards were reduced by 50%. Our Bitcoin treasury grew by nearly 62% to over 13,000, generated entirely from our wholly owned and operated hash rate. This puts us in a fundamentally different position relative to Treasury companies purchasing spot bitcoin since we mine it at greater than a 55% gross margin and we're actively monetizing our holdings.

我們實現了創紀錄的7.66億美元營收。我們的毛利率為55%。比上年同期下降了1%。考慮到這是比特幣區塊獎勵減半後的第一個完整年份，這一小幅下降實際上令人印象深刻。我們的比特幣金庫成長了近 62%，超過 13,000，全部來自我們完全擁有和經營的哈希率。這使我們在與購買現貨比特幣的財政部公司相比，處於一個根本不同的地位，因為我們的挖礦毛利率超過 55%，而且我們正在積極地將我們的持有量貨幣化。

We now have a sustainable self-funded mining business thanks to our industry leading mining team, and they're backed by an innovative digital asset management operation that's generating meaningful premiums and leveraging our treasury balance as a truly productive asset. We're in the process of deploying the 19,000 S21 XP immersion units that have an industry leading 13.5 joules per Terahash. It's beginning this quarter and we expect that process to be complete in calendar Q1 of '26. Now, while this timeline is a bit longer than we had initially contemplated, our priority was a comprehensive portfolio review to ensure that we would not consume any AI applicable megawatts with this deployment.

由於我們領先業界的採礦團隊，我們現在擁有可持續的自籌資金採礦業務，並且他們得到了創新數位資產管理營運的支持，該營運正在產生可觀的溢價，並將我們的資金餘額轉化為真正高效的資產。我們正在部署 19,000 台 S21 XP 浸沒式設備，其每 Terahash 能量高達 13.5 焦耳，在業界遙遙領先。這項工作將於本季度開始，我們預計該過程將於 2026 年第一季完成。雖然這個時間表比我們最初設想的要長一些，但我們的首要任務是進行全面的投資組合審查，以確保我們不會透過此次部署消耗任何適用於人工智慧的兆瓦電力。

We have always had an infrastructure first thesis. We avoided the asset light strategies of past cycles and we prioritized control of power and infrastructure given the fundamental scarcity we're now seeing borne out in the market. Scaling our mining business required securing and developing a world-class power and land portfolio and growing significant supply chain, engineering, construction, and operational capabilities. All highly relevant as we evolve into AI data center development.

我們一直秉持基礎設施優先的理念。我們避免了過去週期中的輕資產策略，鑑於我們現在在市場上看到的根本稀缺性，我們優先考慮對電力和基礎設施的控制。擴大我們的採礦業務規模需要確保和發展世界一流的電力和土地組合，並發展重要的供應鏈、工程、建設和營運能力。隨著我們向人工智慧資料中心發展方向邁進，這些都具有高度相關性。

Today we have more than 1 gigawatt of power under contract live in our data centers and infrastructure. Additionally, we have nearly 300 megawatts in Texas fully contracted and scheduled to begin energization in early 2027, coupled with a multi-gigawatt pipeline of additional near term opportunities.

目前，我們資料中心和基礎設施中已簽約使用的電力超過 1 吉瓦。此外，我們在德州已簽訂近 300 兆瓦的合同，並計劃於 2027 年初開始供電，同時還有數吉瓦的近期額外專案機會。

Importantly, many of these locations are excellent candidates for AI campuses, while others are best positioned for Bitcoin mining, load balancing, and securing the grid. Our objective is clear to deliver each megawatt to its optimal use case.

重要的是，這些地點中有許多是人工智慧園區的絕佳候選地，而其他一些地點則最適合比特幣挖礦、負載平衡和電網安全。我們的目標很明確，就是讓每一兆瓦電力發揮最佳效果。

We have always had an internal philosophy of people first as we look to expand our business. That was true in the earliest days of micro grid development. It was true as we grew into a bitcoin mining company. It was clearly a winning strategy when we hired Taylor Moning to lead us to the forefront of immersion cooling, and most recently, it remains true as we added Jeff Thomas to lead our AI data center initiatives following his successful tenure as President at Humane.

在尋求拓展業務的過程中，我們始終秉持以人為本的內部理念。微電網發展初期的情況確實如此。隨著我們發展成為一家比特幣挖礦公司，情況確實如此。顯然，聘請 Taylor Moning 帶領我們走向浸沒式冷卻領域的前沿是一個成功的策略，而最近，隨著 Jeff Thomas 在 Humane 擔任總裁期間取得成功，我們聘請他來領導我們的 AI 數據中心計劃，這一策略仍然有效。

We've accomplished three key initial steps in our business evolution thus far with Jeff on board. The first thing is we reviewed our diverse portfolio to identify the most productive use of every single megawatt. Second, we secured a 285 megawatt site in Texas with the explicit intent of building an AI factory for a high-quality tenant and three, we're aligning and expanding our internal team in conjunction with market leading partners to deliver projects on time and on budget that meet the exacting needs of off-take customers.

傑夫加入後，我們已經完成了業務發展中的三個關鍵初始步驟。首先，我們對多元化的投資組合進行了審查，以確定如何最有效地利用每一兆瓦電力。第二，我們在德克薩斯州獲得了一個 285 兆瓦的場地，其明確目的是為一家優質租戶建造一座人工智慧工廠；第三，我們正在與市場領先的合作夥伴一起調整和擴大我們的內部團隊，以按時按預算交付項目，滿足購電客戶的嚴格需求。

When we took a close look at our facilities, it became clear that our 250 megawatt site in Sandersville, Georgia provides an immediate opportunity to host a large scale tenant. Other sites surrounding the Atlanta Hartsfield Airport totaling over 100 megawatts with ready access to fiber are already in extremely high demand. In Texas, the site we recently acquired just outside of Houston. Will be the location of our first exclusive, exclusively purpose-built AI factory. We hold 271 contiguous acres of land located on a regional fiber backbone and have executed 285 megawatts in long-term power supply agreements that have already been fully approved by ERCOT.

當我們仔細考察我們的設施時，我們發現位於喬治亞州桑德斯維爾的 250 兆瓦電站為接待大型租戶提供了直接的機會。亞特蘭大哈茲菲爾德機場周圍的其他地點，總裝置容量超過 100 兆瓦，且光纖接入便利，目前需求量極大。在德州，我們最近在休士頓郊區收購了一塊地皮。這裡將成為我們首個專屬、完全專為人工智慧而建的工廠所在地。我們擁有 271 英畝連片土地，位於區域光纖骨幹網路上，並已簽署 285 兆瓦的長期供電協議，這些協議已獲得 ERCOT 的全面批准。

Better still, the site is located near several high capacity natural gas pipelines which are being evaluated for industrial scale behind the meter generation opportunities. This purchase positions us to deliver scalable, resilient, and energy efficient capacity to meet demand from AI, cloud, and enterprise workload and represents a key step in our long-term strategy to leverage our vertically integrated infrastructure first model. While this may be our first purpose-built facility, it certainly won't be our last.

更棒的是，該地點靠近幾條高容量天然氣管道，這些管道正在評估其在用戶表後進行工業規模發電的可能性。此次收購使我們能夠提供可擴展、有彈性和節能的容量，以滿足人工智慧、雲端和企業工作負載的需求，並且是我們利用垂直整合的基礎設施優先模式的長期策略中的關鍵一步。雖然這可能是我們第一個專門建造的設施，但肯定不會是最後一個。

The entire team is focused on first securing tenants for Sandersville and Houston, which will then drive efforts to take the projects from commercialization to commissioning. Long-term tenants represent a superior risk adjusted profile, return profile, pardon me, for these assets rather than direct GPU exposure initially. Similar to past industrial revolutions.

整個團隊首先專注於為桑德斯維爾和休斯頓項目找到租戶，這將推動項目從商業化走向調試。對於這些資產而言，長期租戶代表著更優越的風險調整後收益狀況，恕我直言，而不是最初直接投資GPU。與以往的工業革命類似。

AI represents a new ecosystem. Power companies, chip companies, hyper scalers, infrastructure technology providers, and others are all collaborating, and we're in direct discussions at every level to deliver maximum value for our customers and our shareholders.

人工智慧代表著一個全新的生態系統。電力公司、晶片公司、超大規模資料中心營運商、基礎設施技術供應商等都在進行合作，我們在各個層面都進行了直接討論，以期為我們的客戶和股東創造最大價值。

Jeff has been building the full life cycle playbook for AI campus development and operations that best serve this ecosystem. Together his growing team is already vetting potential tenants, building high-quality site commercialization plans for our pipeline, and defining our project delivery roadmap. As part of those efforts, we entered into a memorandum of understanding with Summer, a global pioneer in liquid cooled and prefabricated data center solutions. Its end to end capabilities spanning from liquid cooling systems and mechanical, electrical, and plumbing modules to full facility builds set new benchmarks in energy efficiency, density, and sustainability, making them an ideal partner for CleanSpark's growth strategy.

Jeff 一直在建立人工智慧園區開發和營運的完整生命週期方案，以便更好地服務這個生態系統。他帶領的團隊正在對潛在租戶進行篩選，為我們的專案儲備制定高品質的場地商業化計劃，並製定我們的專案交付路線圖。作為這些努力的一部分，我們與 Summer 公司簽署了一份諒解備忘錄，Summer 是液冷和預製資料中心解決方案的全球先驅。CleanSpark 的端到端能力涵蓋了從液體冷卻系統、機械、電氣和管道模組到整個設施建設的各個方面，在能源效率、密度和可持續性方面樹立了新的標桿，使其成為 CleanSpark 成長策略的理想合作夥伴。

This relationship is our first step in taking elements of the construction process away from the data center and putting them into the factory with approved reference architecture designs to support a broad range of tenant requirements.

這種合作關係是我們邁出的第一步，它將資料中心建設過程中的某些環節從現場轉移到工廠，並採用經批准的參考架構設計來滿足各種租戶的需求。

Together we're working on an infrastructure platform that integrates power generation, data center development, and AI service delivery. Under this framework, CleanSpark focuses on selecting, developing, building, and operating AI-focused campuses, while Summer will offer its technology and expertise as a strategic vendor in delivering sustainable modular data center systems.

我們正在共同打造一個基礎設施平台，該平台整合了發電、資料中心開發和人工智慧服務交付。在此框架下，CleanSpark 專注於選擇、開發、建置和營運以人工智慧為中心的園區，而 Summer 將作為策略供應商提供其技術和專業知識，以交付可持續的模組化資料中心系統。

Meanwhile, we completed our largest financing ever with a $1.15 billion upsized 0% convertible note. Gary, our President and CFO, will discuss the finer details and numbers momentarily, but before I pass it over to him, there's some elements I'd like to highlight. The terms are even better than our prior raise in December 2024 with the same 0% interest rate, a higher 27.5% conversion premium, and a 6.25 year term.

同時，我們完成了有史以來規模最大的融資，發行了 11.5 億美元的 0% 增額可轉換債券。我們的總裁兼財務長 Gary 稍後會詳細討論相關細節和數字，但在我把麥克風交給他之前，我想強調一些要點。這些條款甚至比我們 2024 年 12 月的上一次增資還要好，利率同樣為 0%，轉換溢價更高，為 27.5%，期限為 6.25 年。

This financing provides the resources to expand our power and land portfolio, seed our first AI deployments, and continue investing in strategic growth opportunities. And as part of this transaction, we bought back $460 million worth of our own stock, more than a 10% reduction in outstanding shares. We've once again bet on ourselves, and we will succeed the CleanSpark way.

這項融資為我們擴大電力和土地組合、啟動我們的首次人工智慧部署以及繼續投資策略成長機會提供了資源。作為這筆交易的一部分，我們回購了價值 4.6 億美元的公司股票，相當於流通股減少了 10% 以上。我們再次相信自己，我們將以CleanSpark的方式取得成功。

With that, I'll hand it over to Gary to take you through the financial results, both for the quarter and the full year. Over to you, Gary.

接下來，我將把發言權交給 Gary，讓他為大家介紹一下本季和全年的財務表現。接下來就交給你了，蓋瑞。

Thank you, Matt. I'd like to start by reviewing the numbers for the entire 12-month fiscal period, which was a landmark year for CleanSpark. Our revenue grew more than 100% year over year to $766.3 million with almost 8,000 Bitcoin produced. The major driver of this increase was due to a combination for growth in exahah and Bitcoin price. Our full year gross margin was 55%, which we're particularly proud of given that this was the first full year post halving.

謝謝你，馬特。我想先回顧過去 12 個月的財政年度的數據，這對 CleanSpark 來說是具有里程碑意義的一年。我們的營收年增超過 100%，達到 7.663 億美元，並生產了近 8,000 個比特幣。此次成長的主要驅動因素是 exahah 成長和比特幣價格上漲的共同作用。我們全年的毛利率為 55%，考慮到這是減半後的第一個完整年度，我們對此感到格外自豪。

These margins remained relatively in line with the prior year, which is attributed to the significant increases in efficiency our fleet had over the last 12 months.

這些利潤率與前一年基本持平，這主要歸功於我們機隊在過去 12 個月中效率的顯著提高。

Also contributing to our gross margin consistency is our average marginal cost per Bitcoin, which is slightly below 43,000 for the fiscal year, while our average revenue per Bitcoin was approximately 98,000. Our margins and cost per Bitcoin represents the strength of our infrastructure quality, our world-class teams, and commitment to managing our business to profitability and margin rather than any single operating metric.

此外，我們每枚比特幣的平均邊際成本略低於 43,000，這也有助於我們保持毛利率的穩定性，而我們每枚比特幣的平均收入約為 98,000。我們的利潤率和每枚比特幣的成本體現了我們基礎設施的品質、世界一流的團隊以及我們致力於實現盈利和利潤率而非任何單一營運指標的承諾。

Our high margins translated to an adjusted EBITA of over 800 million, which I must point out does not adjust for certain non-cash items such as the mark to market on fair value of Bitcoin. When normalized by excluding our gain on the fair value of Bitcoin, the adjusted EBITA from operations would be approximately 305 million, which represents a net margin of approximately 40%.

我們的高利潤率轉化為超過 8 億美元的調整後 EBITA，但我必須指出，這並未對某些非現金項目進行調整，例如比特幣公允價值的市值調整。若剔除比特幣公允價值收益，調整後的營業息稅前利潤約為 3.05 億美元，淨利率約 40%。

Additionally, the combination of increases in margins and fair value of the 13,000 plus bitcoin we have on the balance sheet contributed to a significant positive net income of about 365 million.

此外，資產負債表上超過 13,000 枚比特幣的利潤率和公允價值的成長，促成了約 3.65 億美元的顯著淨收入。

Looking at the most recent quarter-over-quarter performance, we also saw significant gains between the third and fourth quarters. Our revenue increased by approximately 25 million, or 13%, in Q4 versus Q3, and our margins increased 2 points to 56.5%. It is important to note that we achieved 50 exhash in June, and while that remained our operational high for the fourth quarter, we still experienced increases in revenues and margins because of favorable mining economics during the quarter. Our high up time also allowed us to capture periods of significant appreciation in Bitcoin price. In the fourth quarter, we recognized a slight net loss compared to the third quarter. This was due to a much larger gain on fair value of Bitcoin during the third quarter. And non-cash tax adjustments recorded at our fiscal year end.

從最近一個季度的業績來看，我們也看到第三季和第四季之間取得了顯著成長。第四季度，我們的營收比第三季成長了約 2,500 萬美元，增幅達 13%；利潤率提高了 2 個百分點，達到 56.5%。值得注意的是，我們在 6 月達到了 50 exhash 的產量，雖然這仍然是我們第四季度的營運最高產量，但由於該季度有利的挖礦經濟效益，我們的收入和利潤率仍然有所增長。我們較高的線上時間也使我們能夠捕捉到比特幣價格大幅上漲的時期。第四季度，我們比第三季度略有淨虧損。這是由於比特幣在第三季公允價值大幅上漲所致。以及在財政年度結束時記錄的非現金稅務調整。

Our adjusted EBITA margins also saw similar changes, which is inclusive of the non-cash mark to market adjustment on fair value of Bitcoin. However, when adjusting any non-cash marked market effect, our normalized adjusted EBITA was 97 million for the fourth quarter, a 25% increase over the 78 million normalized in the third quarter. This translates to margins of 43% and 39% respectively.

我們的調整後 EBITA 利潤率也出現了類似的變化，其中包括對比特幣公允價值的非現金市值調整。然而，在調整任何非現金市場影響後，我們第四季的調整後 EBITA 為 9,700 萬美元，比第三季調整後的 7,800 萬美元成長了 25%。這意味著利潤率分別為 43% 和 39%。

Going forward, we do expect that our professional fees. Payroll and G&A line items will increase as we execute on our AI strategy. Additionally, I will point out that the AI data center business comes with stable cash flows and high margins, both of which will help CleanSpark through the peaks and valleys of Bitcoin mining economics.

展望未來，我們預計我們的專業費用將會…隨著我們人工智慧策略的實施，薪資和一般管理費用項目將會增加。此外，我還想指出，人工智慧資料中心業務具有穩定的現金流和高利潤率，這兩點都將幫助 CleanSpark 度過比特幣挖礦經濟的起伏。

Our escape velocity translates to operating leverage. We have developed scaled data center infrastructure that is delivering revenue and margin necessary to self-sustain and further support incremental investment in AI data center capabilities as we evolve into a power, land, and compute platform.

我們的逃逸速度可以轉換為營運槓桿。我們已經開發出規模化的資料中心基礎設施，能夠帶來必要的收入和利潤，從而實現自我維持，並進一步支持對人工智慧資料中心能力的增量投資，同時發展成為集電力、土地和計算於一體的平台。

Turning our attention to the balance sheet, I want to point out that we are one of the first, if not the only company which has a scaled cash flowing business that is also using Bitcoin as a productive capital asset. The utilization of our Bitcoin stack resides in a team we refer to as digital asset management or DA.

接下來，我們來看看資產負債表。我想指出，我們是首批（如果不是唯一一家）擁有規模化的現金流業務，並將比特幣作為生產性資本資產的公司之一。我們的比特幣技術堆疊的使用由我們稱之為數位資產管理或 DA 的團隊負責。

The fourth quarter was the first full quarter of dam activity, and we're extremely excited to share in more detail the steps we have taken in our crawl phase.

第四季是水壩活動的第一個完整季度，我們非常興奮地與大家分享我們在初步階段所採取的步驟。

Two initial strategies rolled out by Dam are our Spot plus and yield strategies. Both utilize covered calls, but Spot Plus is designed to optimize for the cash needs of the business, while Yield is designed to generate go-forward risk adjusted output from our Treasury holdings.

Dam公司最初推出的兩項策略分別是現貨加價策略和收益策略。兩者都利用備兌買權，但 Spot Plus 旨在優化業務的現金需求，而 Yield 旨在從我們的國債持有量中產生未來風險調整後的收益。

Given that we are monetizing a significant portion of our monthly Bitcoin production, the Spot plus strategy delivers a tactical uplift to cash generated on a weekly, monthly, and quarterly basis. This program functions smoothly because of the consistent output from our world-class operations and strong up time.

鑑於我們每月比特幣產量的很大一部分都已貨幣化，Spot plus 策略可以每週、每月和每季在現金產生方面帶來戰術性提升。由於我們世界一流的營運和強大的正常運行時間，該程式能夠順利運行。

We are able to utilize this approach because of the investment we have made in making Dam a true institutional grade platform. It began with a comprehensive RFP for a range of products that you have heard us discuss on protocols, and executing these option overlays requires a disciplined approach to risk management.

我們之所以能夠採用這種方法，是因為我們對 Dam 進行了投資，使其成為一個真正的機構級平台。一切始於一份全面的 RFP，涵蓋了您在協議中聽到我們討論過的各種產品，而執行這些選項疊加需要一種嚴謹的風險管理方法。

Rather than selling Bitcoin through the spot market, we utilize at or near the money covered calls to generate both option premium and realize proceeds if and when we ultimately get called away on these contracts.

我們不透過現貨市場出售比特幣，而是利用平價或接近平價的備兌買權來產生選擇權費，並在最終這些合約被行使時實現收益。

Our yield strategy utilizes covered calls as well, but instead of high delta short duration, we shift delta and extend our latter term to reduce the likelihood of exercise.

我們的收益策略也利用備兌買權，但我們不是採用高delta短期選擇權，而是調整delta並延長選擇權期限，以降低行使的可能性。

Under our yield program. We saw an annualized yield of approximately 12% on a blended basis. In addition, as we scale our strategy and increase the volume, we believe there's room to incrementally increase the annualized yield and cash generated potentially significantly.

在我們的收益計劃下。我們看到，以混合基準計算，年化報酬率約為 12%。此外，隨著我們擴大策略規模和增加交易量，我們相信年化收益率和產生的現金流還有可能逐步大幅提高。

While the fourth quarter represents a period when we're still in the crawl phase of the strategy, we were nonetheless able to generate a total of 9.3 million in premiums. x

儘管第四季仍處於策略的初期階段，但我們仍然獲得了總計930萬的保費收入。

To illustrate what that represents, our average spot Bitcoin sales price for the quarter was $111,721. However, when considering the additional premiums generated per Bitcoin of $4,184 the all-in effective cash generated per Bitcoin was almost $116,000 a material uplift.

為了說明這代表什麼，我們本季的平均現貨比特幣銷售價格為 111,721 美元。然而，考慮到每個比特幣產生的額外溢價為 4,184 美元，每個比特幣產生的全部有效現金接近 116,000 美元，這是一個實質性的增長。

One of the early wins for the dam team was the successful monetization of costless Bitcoin repurchase options received as part of a bit name minor procurement contract from the 3rd quarter.

大壩團隊早期取得的勝利之一是成功地將第三季度作為比特名稱次要採購合約的一部分而獲得的無成本比特幣回購選擇權貨幣化。

This was an excellent example of how our investment in the digital asset management function can help us to complete the arc of opportunities driven by our world-class mining operations. While our mining operations drove leverage in preferential terms to obtain mining rigs, Dan was able to monetize that option, which would have otherwise have expired worthless, driving $7 million of additional cash to the balance sheet.

這充分體現了我們對數位資產管理職能的投資如何幫助我們實現世界一流採礦業務帶來的各種機會。雖然我們的採礦業務利用優惠條件獲得了採礦設備，但丹能夠將該期權變現，否則該期權將一文不值地到期失效，從而為資產負債表帶來了 700 萬美元的額外現金。

Due to the performance of dam to date, we've increased the volume of transactions subsequent to our fiscal year end. In October alone, we traded more contracts than the total number of contracts traded during the entire 4th quarter. Additionally, we generated over $5 million in cash premiums for the month of October alone.

由於大壩迄今為止的良好表現，我們在財政年度結束後增加了交易量。光是10月份，我們的合約交易量就超過了整個第四季合約交易總量。此外，光是 10 月份，我們就獲得了超過 500 萬美元的現金保費。

The last leg of our current strategy involves writing puts. The put transactions we enter into are cash secured, primarily using the premiums previously generated under the Spot plus and yield programs.

我們目前策略的最後一步是賣出看跌期權。我們進行的看跌期權交易以現金擔保，主要使用先前在現貨加價和收益計劃下產生的溢價。

While this cash corpus is still growing, we saw analyzed returns of 8% on the put strategy.

雖然這筆現金儲備仍在成長，但我們分析發現，賣權策略的報酬率為 8%。

These three strategies do two things. First, they integrate into our operating business with the enhanced sale of production, and second, create a capital flywheel as they relate to our balance sheet.

這三種策略都有兩個作用。首先，它們透過提高產品銷售額融入我們的營運業務；其次，它們與我們的資產負債表相關，從而形成資本飛輪。

I would also like to add that the results we are seeing in DA do not necessarily translate directly to telling the story via US GAAP accounting. While all pieces are reflected across the income statement and balance sheet, there are certain punitive treatments of non-cash mark to market valuations at contract expiry.

我還想補充一點，我們在DA中看到的結果並不一定能直接轉化為透過美國通用會計準則（US GAAP）來講述的故事。雖然所有項目都會反映在損益表和資產負債表中，但在合約到期時，非現金以市值計價的估值會受到一定的懲罰性處理。

What we think is important about these tables is that once again CleanSpark is at the cutting edge of real non-hyperbolic strategies paired with full market leading transparency. These tables can be found in the management's discussion analysis section of our Forum 10K.

我們認為這些表格的重要意義在於，CleanSpark 再次展現了其在真正的非雙曲線策略和完全市場領先的透明度方面的領先地位。這些表格可以在我們論壇 10K 報告的管理層討論分析部分找到。

I want to note that US GAAP rules separate the accounting for cover call exercises into two different line items for what is in substance a single transaction. These two line items on the income statement are loss and derivative contracts and gain on fair value of Bitcoin. This is important because there are two sides of the same transaction. For example, The difference between the spot price at expiry and the strike price is shown as a loss on derivative contracts, while the corresponding markup in Bitcoin value to the spot price is recorded separately as a gain on fair value of Bitcoin, offsetting that non-cash loss with a non-cash gain.

我想指出，美國通用會計準則將備兌買權的會計處理分為兩個不同的項目，但實際上這只是一筆交易。損益表中的這兩項分別是衍生性商品合約的損失和比特幣公允價值的收益。這一點很重要，因為同一筆交易涉及買賣雙方。例如，到期日現貨價格與行使價格之間的差額在衍生性商品合約中顯示為損失，而比特幣價值相對於現貨價格的相應加價則單獨記錄為比特幣公允價值的收益，用非現金收益抵消了該非現金損失。

Taken together, they reflect the economic outcome of our cover call program which continues to generate attractive risk adjusted returns.

綜合來看，這些結果反映了我們備兌買權計畫的經濟成果，該計畫持續產生具有吸引力的風險調整後收益。

I also want to point out that the bitit main option was effectively costless to us. However, GAAP required us to bifurcate a portion of the A a contract to the option value, even though the contract didn't explicitly state a value. That value of 6.8 million was recorded at contract inception in the third quarter.

我還想指出，bitit 主選項對我們來說實際上是零成本的。然而，GAAP 要求我們將 A 合約的一部分拆分為選擇權價值，即使該合約沒有明確規定價值。該價值 680 萬的金額是在第三季合約生效時記錄的。

As the option ultimately expired out of the money. Had we not taken steps to monetize the option, we would have had a non-cash write-off of that 6.8 million. However, instead, we generated almost $7 million of cash on that option, which under GAAP considered it to be a net gain of approximately 200,000, even though we ended up with 7 million more cash in the bank at the end of the day. The overall takeaway is that the digital asset management strategy has met and in fact exceeded our expectations thus far and become a second source of cash generation to the business.

因為該期權最終到期時已失效。如果我們沒有採取措施將該選擇權變現，我們將面臨 680 萬美元的非現金減損損失。然而，我們卻透過該選擇權獲得了近 700 萬美元的現金，根據 GAAP 準則，這被視為約 20 萬美元的淨收益，儘管最終我們的銀行帳戶裡多了 700 萬美元的現金。總的來說，數位資產管理策略迄今為止已經達到甚至超過了我們的預期，並成為公司第二個現金流來源。

We're looking to increase the size of our team to allow for greater volume and more complex derivative trades which we believe will not only grow the total cash generated from premiums but also maintain attractive yields.

我們正在尋求擴大團隊規模，以便處理更大交易量和更複雜的衍生性商品交易，我們相信這不僅會增加保費產生的現金總額，還能維持有吸引力的收益率。

On a final note, I'd like to take some time discussing our capital strategy. Our focus is on building a capital stack which minimizes dilution. This starts with the sale of monthly Bitcoin production to cover our monthly OpEx.

最後，我想花點時間談談我們的資本策略。我們的重點是建構能夠最大限度減少股權稀釋的資本結構。首先，我們將透過出售每月比特幣產量來支付每月的營運支出。

We also have Bitcoin-backed lines of credit with a total capacity of 400 million. We will continue to use the lines of credit opportunistically in the marketplace for creative acquisitions.

我們也擁有以比特幣為抵押的信貸額度，總額度為 4 億美元。我們將繼續在市場上抓住機會，並利用信貸額度進行創新收購。

And as we previously mentioned, we issued a $1.15 billion convertible note with a coupon of 0% and a conversion premium of 27.5%. Proceeds from this transaction were used for several purposes. First, we bought back $460 million of our stock, which represents a reduction in our outstanding shares of 10.9%. The stock buyback not only helped facilitate the convert, we saw this as a bet on ourselves as we see our evaluation increasing given the opportunities in front of us. Second, we used over $200 million from that raise to pay off our lines of credit. It's important to note that we have access to the full $400 million line available to draw down at any time on terms we continue to believe our market leading.

正如我們之前提到的，我們發行了 11.5 億美元的可轉換票據，票面利率為 0%，轉換溢價為 27.5%。此次交易所得款項用於多個用途。首先，我們回購了價值 4.6 億美元的股票，這使我們的流通股減少了 10.9%。股票回購不僅有助於實現轉型，而且我們認為這是對自身的一種押注，因為鑑於我們面前的機遇，我們看到自身的價值正在提升。其次，我們利用那次融資中籌集的 2 億美元以上資金償還了我們的信貸額度。值得注意的是，我們可以隨時動用全部 4 億美元的信貸額度，我們仍然相信我們的條款在市場上處於領先地位。

The remaining net proceeds from the transaction will be used to do what we have a proven track record of doing, and that is hunting for power and land. The acquisitions of power and land, such as the most recently announced transaction in Seeley, Texas, are expected to be primarily used for our AI data center strategy.

交易剩餘的淨收益將用於我們一直以來都擅長的領域，那就是尋找電力和土地。電力和土地的收購，例如最近在德克薩斯州錫利宣布的交易，預計將主要用於我們的人工智慧資料中心策略。

Well, we are in the early endings of our AI data center journey, the market is moving quickly and so is CleanSpark. Our conversations with off takers are ongoing, and it is not a matter of if but when we will have our first customer.

目前，我們的人工智慧資料中心之旅已接近尾聲，市場發展迅速，CleanSpark 的發展也是如此。我們與承購商的洽談仍在進行中，我們何時才能擁有第一位客戶只是時間問題。

Details regarding financing of our data centers will be coming in future periods. However, I will tell you this there's an abundant amount of capital at a much lower cost of capital than previously available to our mining business. Our venture into AI data centers will open new pools of capital, allowing us to benefit from the significant leverage rates of return the market is providing.

關於我們資料中心融資的具體細節將在以後公佈。不過，我可以告訴你們，現在我們礦業企業可以獲得大量的資金，而且資金成本比以前低得多。我們進軍人工智慧資料中心將開闢新的資金池，使我們能夠從市場提供的巨大槓桿回報率中受益。

To close out another strong defining quarter for Queens Park and to discuss how these results position us for what's next, let's return to our Chairman and CEO Matt Schultz. Thanks.

為了給 Queens Park 又一個強勁而具有決定性意義的季度畫上句號，並討論這些業績如何使我們為下一步做好準備，讓我們再次聽聽董事長兼首席執行官 Matt Schultz 的發言。謝謝。

Gary.

加里。

Wow. As I listen to those results, I can't help but think back to the earliest days of this company and the journey we've all been on together. Our fundamental thesis on being infrastructure focused and people first has served us incredibly well.

哇。聽著這些結果，我不禁回想起公司創立之初的歲月，以及我們共同走過的旅程。我們以基礎設施為中心、以人為本的基本理念，已經為我們帶來了巨大的成功。

They are two of the reasons we have such a meaningful opportunity in front of us today to grow into an infrastructure and compute platform that maximizes the value of every megawatt. The task in front of us is clear. We're working to secure tenants at our 2 initial flagship AI ready locations while simultaneously expanding our land and power footprint to meet the market's insatiable demand.

正是因為這兩個原因，我們今天才擁有如此意義非凡的機會，發展成為一個基礎設施和運算平台，最大限度地發揮每一兆瓦的價值。我們面前的任務很明確。我們正在努力為我們最初的兩個旗艦級人工智慧就緒地點招租，同時擴大我們的土地和電力規模，以滿足市場永無止境的需求。

These efforts are made possible by our strength as a scaled Bitcoin miner, our capital markets rigor, and critically, our company's cultural focus on operational excellence.

這些努力之所以能夠實現，得益於我們作為規模化比特幣礦商的實力、我們在資本市場的嚴謹性，以及至關重要的，我們公司對卓越營運的文化關注。

This past summer, our operations team coined the motto, be the standard. I had the pleasure of having them present to me what that phrase meant to all of them, and I commit to you that in each of our endeavors you can count on CleanSpark to continue to be the standard. I want to take a moment to thank our entire team for their tireless work. I'm beyond grateful to our shareholders for their trust, and I truly appreciate all of you for joining us today.

今年夏天，我們的營運團隊提出了「成為產業標竿」的座右銘。我很榮幸能聽到他們向我闡述這句話對他們的意義，我向你們承諾，在我們共同努力的每一項事業中，你們都可以信賴 CleanSpark 將繼續保持行業標準。我想藉此機會感謝我們整個團隊的辛勤付出。我衷心感謝股東們的信任，也真誠感謝各位今天蒞臨現場。

With that, I'll hand it back to Harry to lead us into Q&A.

接下來，我將把發言權交還給哈里，讓他帶領我們進入問答環節。

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

謝謝你，馬特。現在我們將開放提問環節，接受分析師們的提問。操作員，請提供指示並管理問答環節的佇列。

(Operator Instructions)

（操作說明）

Brian Dobson, ClearStreet.

Brian Dobson，ClearStreet。

Hey, good evening, gentlemen.

嘿，晚上好，先生們。

Just a, just.

只是，只是。

A quick question, there's been a considerable amount of volatility in the.

請問一下，最近市場波動相當大。

In the stocks, as of.

截至目前，股票市場情況如下。

Late.

晚的。

Perhaps you could take this opportunity to.

或許你可以藉此機會…

To give us a little bit of color on the types of conversations you're having with potential clients and your outlook for demand in the HPCAI space over the course of the next two years.

請您為我們詳細介紹您與潛在客戶進行的對話類型，以及您對未來兩年 HPCAI 領域需求的展望。

Yeah, absolutely, Brian, thanks for calling in and thank you for the question. We, I can tell you that we've had extensive conversations. Now I posted on my social media our whole team was invited to Northern California to spend some time with the team at Nvidia.

是的，當然，布萊恩，謝謝你打電話來，也謝謝你的提問。我可以告訴你，我們已經進行了深入的討論。我在我的社群媒體上發布消息說，我們整個團隊受邀前往北加州，與英偉達團隊共度一段時間。

From that meeting we've had subsequent follow-ups and I can tell you that there is, I don't want to say a bidding war but but strong multiple layer inquiries about Sandersville specifically and we're starting to gain additional traction on the Seeley, Texas site so we feel like the demand is there obviously there have been some delivery challenges and credit risk on some of some of the other peers that maybe haven't been able to perform to the expectations but we're.

自從那次會議以來，我們進行了後續跟進，我可以告訴你們，我不想說是競購戰，但確實有很多針對桑德斯維爾項目的多方詢價，而且我們在德克薩斯州錫利的項目上也開始獲得更多進展，所以我們感覺市場需求是存在的。顯然，其他一些同行在交付方面遇到了一些挑戰，而且存在一些信用風險，可能未能達到預期，但我們…

Based on the fact that we're running a company with nearly an $800 million annual run rate at 55% gross margins, we have the cash necessary to get us to that next level, so we actually feel very optimistic about it.

鑑於我們公司年營業額接近 8 億美元，毛利率為 55%，我們擁有足夠的現金來實現下一個目標，所以我們對此感到非常樂觀。

Yeah, outstanding.

是的，非常出色。

And as you're thinking about various campuses, what do you think about pairing Bitcoin.

在您考慮各個校園的時候，您覺得將比特幣與校園建設結合起來怎麼樣？

Mining.

礦業。

With HPC.

利用高效能運算。

Campuses to provide, call it power usage.

校園將提供，稱為電力使用。

Versatility, or do you think that they'll be separate to start?

你認為它們會具有多功能性，還是一開始就會各自獨立運作？

You know that that's a really thoughtful question. We were invited by Jack Dorsey and his team to go to Dalton, Georgia and spend some time as they launched their new domestic manufactured AI, the proto rig that that's built by Block.

你知道，這真是一個值得深思的問題。我們受傑克·多西及其團隊的邀請前往佐治亞州道爾頓，並在那裡待了一段時間，見證他們推出由 Block 構建的全新國產人工智慧原型機。

And it was a fascinating event, but leaving the event, the CEO of the utility there in Georgia grabbed Gary, Harry, and myself and asked us to go to lunch, and he shared that there, there's about 120 hours a year that that really causes problems for the utility, and he said historically they love Bitcoin miners because of the interruptible load.

那真是一次令人著迷的活動，但活動結束後，喬治亞州那家公用事業公司的執行長拉著加里、哈利和我，邀請我們去吃午餐。他告訴我們，那裡每年大約有 120 個小時的電力中斷會給公用事業公司帶來真正的麻煩，他還說，從歷史上看，他們很喜歡比特幣礦工，因為這種負載是可中斷的。

Now we've experienced providing that service in load balancing in many of our jurisdictions. I mean you've heard the stories about, redirecting power in Georgia to a hospital when a hurricane hit or whatever the case may be, but the takeaway from the utility was. They're interested and the fear that came from them was because Core Scientific is a big consumer power there in Dalton and it's historically been a flexible load and the concern is that extra 120 hours a year when they need somebody to be able to give back. So what they specifically the request from us was to consider blending. AI HPC and Bitcoin mining, so a component of those loads remain interruptible. So we see it as a dual pronged strategy and I think you'll see a lot of our sites will serve both loads.

現在，我們已經在多個轄區內累積了提供負載平衡服務的經驗。我的意思是，你肯定聽過這樣的故事：颶風來襲時，喬治亞州將電力轉移到一家醫院，或其他什麼情況，但公用事業公司給出的結論是：他們對此很感興趣，但他們的擔憂在於，Core Scientific 是道爾頓一家大型消費企業，而且歷來工作量都很靈活，他們擔心的是，每年需要額外 120 小時才能有人來回饋社會。所以他們向我們提出的具體要求是考慮融合。AI HPC 和比特幣挖礦，因此這些負載的一部分仍然是可中斷的。因此，我們將其視為雙管齊下的策略，我認為你會看到我們的許多網站都會同時處理這兩種負載。

Excellent. Thank you very much for the thoughtful answer.

出色的。非常感謝您的周到解答。

Mike Colonnese, HC Wainwright.

麥克·科隆內斯，HC Wainwright。

Good afternoon guys and congrats on a strong fiscal year here. First one for me on the HPC side. They're curious, what are some of the key development milestones that investors should be on the lookout for in 2026 as it relates to the HPC strategy? It sounds like the near term focus will be on deployments at your Texas and Sandersville sites, so it'd be great to get some more color there.

各位下午好，祝賀你們本財年取得佳績。這是我在高效能運算領域遇到的第一個問題。他們很好奇，就高效能運算 (HPC) 策略而言，投資者在 2026 年應該關注哪些關鍵發展里程碑？聽起來近期重點將放在德州和桑德斯維爾的部署上，所以如果能了解更多相關資訊就太好了。

Yeah, that you nailed it, Mike. I can tell you I had a conversation, not with a a neo cloud or or or or anybody like that, but actually with the senior director of site development for a global hyper scaler last night on my way leaving here and what. What he shared with us is their 2026 forecasts are so constrained that they're looking at alternative types of builds just to facilitate the needs for 202,006.

沒錯，你說得太對了，麥克。我可以告訴你，昨晚我離開這裡的時候，和一家全球超大規模資料中心的高級網站開發總監進行了一次談話，談話對像不是新雲端公司或類似的人。他告訴我們，他們對 2026 年的預測非常有限，以至於他們正在考慮其他類型的建設，以滿足 202,006 人的需求。

The takeaway from the conversation was Sandersville and Seeley, because both of them can be energized. Sandersville is live and active right now powering 11 xax of Bitcoin miners, but it could switch to a to a 200 megawatt critical IT load and be online, in a reasonable period of time. And I think kind of a cool thing that maybe has gone unnoticed, and that is this MOU a submerge.

這次談話的重點是桑德斯維爾和西利，因為這兩個地方都充滿活力。Sandersville 目前已投入運行，為 11 台比特幣礦機供電，但它可以在合理的時間內切換到 200 兆瓦的關鍵 IT 負載並上線。我覺得一件很酷的事情可能沒有被注意到，那就是這份諒解備忘錄是一項潛水行動。

We don't historically, I mean if you look at at CleanSpark's past, we don't announce MOU or LOI or anything that isn't definitive or concrete. It was really important to ink that with Summer because of the way that they approached the business. Summer has approved reference architecture for AMD for Nvidia, and they build the entire MEP solution, so mechanical, electrical, and plumbing with all the fiber runs. They take that out of the field, put it into the factory. So a company like CleanSpark builds the powered gray shell. We contract with Summer to roll in the MEP solution for specifically to the reference architecture of the end user requirements.

從歷史上看，我們並沒有這樣做。我的意思是，如果你看看 CleanSpark 的過去，我們不會宣布諒解備忘錄、意向書或任何不明確或不具體的東西。與 Summer 簽訂這份合約非常重要，因為他們對待業務的方式很特別。Summer 已經批准了 AMD 為 Nvidia 設計的參考架構，並且他們建造了整個 MEP 解決方案，包括機械、電氣和管道以及所有光纖線路。他們把這些東西從田裡運出來，送到工廠。因此，像 CleanSpark 這樣的公司會製造出這種動力灰色外殼。我們與 Summer 簽訂合同，根據最終用戶需求的參考架構，引入 MEP 解決方案。

So speed the market is really really critical right now and having that modular approach I think is going to be a massive differentiator for us.

因此，加快市場速度現在真的非常關鍵，我認為採用模組化方法將成為我們的一大優勢。

Well, that's helpful, color Matt. Appreciate that. And then the second one is on the Bitcoin mining side. I know you mentioned some of these near term deployments you guys are looking to install in the first quarter. Just remind us of what your near term expansion plans will look like for the Bitcoin mining business, and, existing site expansions versus any sort of new development opportunities on the greenfield side or mergers and acquisitions at this stage.

嗯，這很有幫助，顏色是馬特。謝謝。第二點是關於比特幣挖礦的。我知道您曾提到一些你們計劃在第一季部署的項目。請您提醒我們一下，貴公司近期在比特幣挖礦業務方面有哪些擴張計劃，以及在現有礦場擴張方面，現階段是否有任何新的開發機會，或者是否有併購活動。

Yeah, so I think what you're going to see is a migration of our Bitcoin mining away from areas that are closer to major metropolitan areas that are maybe more sensitive to utility rates and into more remote locations. There are a number of utilities that have either recently passed or are discussing blockchain specific tariffs.

是的，所以我認為你會看到比特幣挖礦活動從靠近主要都市區、可能對公用事業費率更敏感的地區，遷移到更偏遠的地區。一些公用事業公司最近已經通過或正在討論針對區塊鏈的特定收費標準。

To my point on the last question, that interruptible component of the load is in such demand that they give us favorable rates, whether it's TVA or Wyoming or any of a number of different jurisdictions. To have the offtake that allows us to flex and to assist the utility, so I think what you'll see is locations like Sandersville, locations like the Metro Atlanta sites in Norcross and College Park, etc. Those will probably be prioritized for HPCAI because of the quick access. To fiber, the low latency loads that they conserve, etc. And then the Bitcoin mining from those facilities will likely migrate out to some of the other locations. So to answer your question directly about scale, we're at 50 ex ahah per second right now. We have 6 ex a hash of the S21 XP immersion miners.

關於我最後一個問題的觀點，負荷中可中斷的部分需求量很大，因此無論是田納西河谷管理局 (TVA)、懷俄明州還是其他許多不同的司法管轄區，都會給我們提供優惠的價格。為了獲得能夠讓我們靈活應對並協助公用事業公司的購電協議，我認為你會看到像桑德斯維爾、亞特蘭大都會區的諾克羅斯和大學公園等地。由於交通便利，這些地方可能會優先考慮HPCAI項目。光纖網路具有低延遲、低負載等優點。然後，這些設施的比特幣挖礦活動可能會轉移到其他一些地方。所以直接回答你關於規模的問題，我們目前的規模是每秒 50 個 ex ahah。我們有 6 台 S21 XP 沉浸式礦機，每台哈希值都相同。

We had slotted out a deployment strategy. Now we use modular immersion cooled data centers for the for the vast majority of those. When we secured the 100 megawatts in Wyoming, we actually beat out a hyperscaler because of the fact that Wyoming wanted to energize those megawatts today and not in 3 years. So we have the infrastructure purchased, delivered on hand, ready to roll to deploy these in very short order. So I think what you'll see is between now and towards the end of Q126 calendar Q1. You'll see that additional 6x has come online.

我們已經制定了部署策略。現在，我們對絕大多數資料中心都採用模組化浸沒式冷卻資料中心。當我們拿下懷俄明州的 100 兆瓦電力項目時，我們實際上擊敗了一家超大規模電力公司，因為懷俄明州希望立即啟用這些電力，而不是 3 年後。所以我們已經購買了基礎設施，並已交付到位，隨時可以立即部署這些設備。所以我認為你會看到的情況是從現在到 Q126 日曆 Q1 結束之間。你會看到另外 6 倍增幅已經上線。

Above that, what you'll see is as we do fleet upgrades, not in the $250 million capacity that we've historically done, but in a more disciplined, more thoughtful manner to ensure that we're protecting our share of the hash rate and supporting what we believe to be a national security issue, and that is ensuring that there's Bitcoin mining hash rate domestically. So we're going to take a real balanced approach at that, but you'll see us continue to grow and really the differentiator is just in the fact that we have.

除此之外，你會看到，我們在進行礦機升級時，不會像過去那樣投入 2.5 億美元，而是以更加嚴謹、更加周全的方式，以確保我們保護好自己的算力份額，並支持我們認為的國家安全問題，那就是確保國內有比特幣挖礦算力。所以我們將採取一種真正平衡的方法，但你會看到我們繼續發展壯大，真正的差異就在於我們擁有。

Right now one of the most efficient fleets in the world and with the deployment of this 6 X of 13.5 joule machines we'll have hands down the most efficient fleet around.

目前，我們擁有世界上最高效的車隊之一，隨著這 6 台 13.5 焦耳機器的部署，我們將毫無疑問地擁有世界上最高效的車隊。

Great. Thank you for taking my questions, Matt.

偉大的。謝謝你回答我的問題，馬特。

Thanks, Mike.

謝謝你，麥克。

Paul Golding, MacGuire Capital.

Paul Golding，麥奎爾資本。

Thanks so much and congrats on a strong finish to the year. I wanted to ask with, The 13,000 Bitcoin on the balance sheet, around $1.2 billion at at fiscal year end and with the recent financing that you've done, how should we think about the total aspiration to build this powered land bank as you think about the opportunity to bring tenants in for HPC or to simultaneously grow your Bitcoin mining. Fleet, as you were just, discussing, and then I have a follow-up. Thank you.

非常感謝，也祝賀你們以優異的成績結束了這一年。我想問的是，鑑於資產負債表上持有 13,000 枚比特幣，截至財年末價值約 12 億美元，加上您最近進行的融資，我們應該如何看待您構建這個動力土地儲備的整體願景？您是考慮吸引租戶進行高效能運算，還是同時發展您的比特幣挖礦業務？艦隊，就像你剛才討論的那樣，然後我還有一個後續問題。謝謝。

Thanks for the question, Paul. Our tune around the Bitcoin stack really hasn't changed, right? To give you context, we consciously have stacked the Bitcoin quite rapidly over an 18 month period, and that brought us to about 13,000 Bitcoin on the balance sheet, and we believe that we're one of the only companies using it in the strategic way that it should be used as a capital asset. So I think going forward what you can count on from us is a few things. One, we'll continue to monetize.

謝謝你的提問，保羅。我們對比特幣的看法其實並沒有改變，對吧？為了讓大家更能理解，我們在過去 18 個月裡有意識地快速累積了比特幣，使我們的資產負債表上擁有了大約 13,000 枚比特幣。我們相信，我們是為數不多的以策略性方式將其用作資本資產的公司之一。所以我認為，今後您可以信賴我們的幾點是：第一，我們將繼續獲利。

The Bitcoin stack through yield strategies to generate some cash. 2, we'll continue to borrow against it to be opportunistic, to draw down on cash, to make sure that we're nimble in the marketplace and take advantage of accretive acquisitions. And we've always said that we're not ideological about the Bitcoin balance, we're very strategic. And so if there comes a point in time where we needed to or we felt that the right thing to do is to part with that Bitcoin balance through sales, we most certainly would do that and we're open to do that, because again we've built this entire company and even the financial wherewithal on optionality, but I'll tell you. That you know with those sales comes punitive tax treatment because we have mined those at such a low basis we'll have to pay, we'll be a cash paying taxpayer on those items so we take those into account when we're looking at the stack but overall we'll continue to use this as a form of non-diluted capital.

我們將透過收益策略持有比特幣，以產生一些現金。 2，我們將繼續以比特幣為抵押進行借貸，以把握機會，提取現金，確保我們在市場中保持靈活，並抓住增值收購的機會。我們一直都說，我們對比特幣的立場不帶意識形態色彩，我們是非常注重戰略的。因此，如果到了某個時候，我們需要或我們覺得應該透過出售的方式處理掉比特幣餘額，我們肯定會這樣做，而且我們也願意這樣做，因為我們建立這家公司，甚至擁有選擇權的財務實力，但我可以告訴你。您也知道，這些銷售會帶來懲罰性的稅收待遇，因為我們開採這些礦藏的成本非常低，所以我們必須繳納稅款，我們將成為這些項目的現金納稅人，因此我們在查看資產負債表時會考慮到這些因素，但總的來說，我們將繼續把這用作一種非稀釋性資本。

Got it. Thanks, Gary. And then turning to the MOU with Summer and Matt, the explanation you were just giving on how you might break out the shell development versus the MEP componentry. How should we think about the potential economic impact?

知道了。謝謝你，加里。然後，我們再來談談與 Summer 和 Matt 簽署的諒解備忘錄，以及你剛才解釋的如何將外殼開發與 MEP 組件分開。我們該如何看待潛在的經濟影響？

Of that if you can give any color just thinking about how pricing on some co-location deals involves yield on cost and of course build the suit can involve more capital but with a partner just looking for any additional color you could provide.

如果您能提供一些細節，例如一些託管交易的定價涉及成本收益，當然，構建方案可能需要更多資金，但與合作夥伴一起，我只是在尋找您能提供的任何額外資訊。

Thank you.

謝謝。

Yeah. Great question, Paul. Thank you for joining. So the Summ relationship really was born out of a prior relationship between Humane and Summer. Jeff had a working relationship with with Patrick, the CEO at Summer, and we've also got Summer infrastructure deployed. In our Bitcoin mining side, so we're we're very comfortable with them, and I can tell you that the quality of the product that they deliver, it's much simpler in the Bitcoin mining side than some of the other modular immersion cooled type companies, but.

是的。保羅，問得好。感謝您的參與。所以，Summ 的關係其實是 Humane 和 Summer 之前的關係發展而來的。Jeff 與 Summer 的執行長 Patrick 建立了工作關係，我們也部署了 Summer 的基礎設施。就我們的比特幣挖礦業務而言，我們對他們非常滿意，我可以告訴你，他們提供的產品質量，在比特幣挖礦方面比其他一些模組化浸沒式冷卻類型的公司要簡單得多，但是。

Because we haven't done a deployment domestically and they're just spinning up a manufacturing facility in Houston, I don't want to comment too much on what the cost per megawatt is, but I can tell you in general terms that the cost to build out a megawatt of mining infrastructure is about a million bucks. To do the same for AI and HPC according to the reference architecture required by the the major chip manufacturers, it's closer to 10 million. We also know that the mechanical, electrical, and plumbing, the MEP solution, is a pretty extensive, pretty robust buildout because you've got all those trades working inside a facility at the same time.

由於我們還沒有在國內進行部署，而且他們正在休斯頓籌建一家製造工廠，所以我不想過多評論每兆瓦的成本，但我可以大致告訴你，建設一兆瓦採礦基礎設施的成本大約是一百萬美元。如果按照主要晶片製造商要求的參考架構，對 AI 和 HPC 進行同樣的計算，數量將接近 1,000 萬。我們也知道，機械、電氣和管道（MEP）解決方案是一個相當廣泛、相當強大的建設，因為所有這些工種都要同時在設施內工作。

Building these in a factory increases the speed to market by an order of magnitude, and the initial representations are that it saves us anywhere from 10% to 15% over a stick built in the field deployment. So we believe there's cost savings and speed to market that give us a very unique competitive advantage.

在工廠生產這些產品可以將上市速度提高一個數量級，初步數據顯示，與現場部署的現場組裝產品相比，可以節省 10% 到 15% 的成本。因此，我們相信，節省成本和加快上市速度將賦予我們非常獨特的競爭優勢。

Fantastic. Thanks so much and congrats again.

極好的。非常感謝，再次恭喜你。

Thanks, Paul.

謝謝你，保羅。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Yeah, hi, thank you and good afternoon, everybody, and thanks for taking my questions. I guess Gary or Matt, I was hoping you could talk a little bit more about the Texas facility and just kind of, you mentioned that it starts to energize in 2027. Is that energization? Is there steps along the way, and then, longer-term as we think about that site, is there the ability to expand at that site or potentially grow with the customer?

嗨，謝謝大家，下午好，謝謝各位回答我的問題。我想 Gary 或 Matt，我希望你們能多談談德州的工廠，你們提到它將於 2027 年開始投入使用。這是能量激發嗎？在此過程中是否有對應的步驟？從長遠來看，當我們考慮該站點時，該站點是否有可能擴展或與客戶共同成長？

Hey Greg, it's Harry.

嘿，格雷格，我是哈利。

I want to give you the rundown on Texas because I think it's a really exciting project for us, and it's the beginning of what you've seen from us across the Georgia, Tennessee, and Wyoming markets which we take a fundamental land and expand approach which is we get a foothold and then we know that that once we have that that toehold in the market, the opportunity to significantly extend our footprint is available to us. The energization schedule there, is that the 1st 200 and change megawatts are scheduled to come online first half of 2027 and then there's 240 megawatt tranches in 228 and 2029, but what's critical is that the counterparty that we purchased the land and the contracted power from is also among the largest substation developers in the state. And so what we were able to step into are the long lead time items and the placeholders that they had on those components giving us a high degree of build certainty to land the power on the site. The second piece is that that site is fully ECO approved and so when we look at the energization schedule we've already passed all of the regulatory hurdles that would typically be associated with a project in the state. The final piece of what you asked that I want to touch on is.

我想向你們簡要介紹一下德克薩斯州的情況，因為我認為這對我們來說是一個非常令人興奮的項目，也是我們在喬治亞州、田納西州和懷俄明州市場所採取的策略的開端。我們採取的是一種基本的「先佔領土地，然後擴張」的方法，即先站穩腳跟，然後我們知道，一旦我們在市場上站穩腳跟，我們就有機會大幅擴大我們的業務範圍。那裡的供電計劃是，首批 200 多兆瓦計劃於 2027 年上半年投入使用，然後分兩批，每批 240 兆瓦，分別於 2028 年和 2029 年投入使用。但關鍵是，我們購買土地和簽訂電力合約的交易對手也是該州最大的變電站開發商之一。因此，我們能夠介入的是那些交貨週期長的零件，以及他們為這些零件預留的佔位符，這給了我們很高的建造確定性，從而確保電力能夠及時運抵現場。第二點是，該場地已獲得 ECO 全面批准，因此，當我們查看通電計劃時，我們已經克服了該州項目通常會遇到的所有監管障礙。我最後想談談你問的問題。

About expansion and you know the the ERCO approval status wouldn't come with the expansion on grid that we're looking to accomplish there, but one of the parts that was most attractive not only to the power contract at that particular location and the service point from the utility that's going to be delivering to us, but it's also the parcel that's there. We have significant land capabilities to be able to digest more power in the same type of AI data center footprint that's going to be represented by the 285 and so we're excited about the scalability Matt touched on in his comments, the behind the meter gas generation opportunity, but. This is where we find ourselves at our true core competency, which is being an opportunistic acquirer of land and power, not only because we're able to locate high-quality assets for our portfolio today but also for what those assets can represent to our business going into the future.

關於擴建，您也知道，ERCO 的批准狀態不會伴隨我們正在那裡尋求實現的電網擴建，但最吸引我們的不僅是該特定地點的電力合約和將向我們供電的公用事業公司的服務點，還有那裡的地塊。我們擁有大量的土地資源，能夠在與 285 號項目類似的 AI 數據中心佔地面積內處理更多的電力，因此我們對 Matt 在評論中提到的可擴展性以及表後天然氣發電的機會感到興奮，但是。這就是我們真正的核心競爭力所在，也就是抓住機會收購土地和電力，這不僅是因為我們能夠為今天的投資組合找到高品質的資產，更是因為這些資產對我們未來的業務發展具有重要意義。

Okay, 100%. That was super helpful, guys. Hey, have a great Thanksgiving and talk to you soon.

好的，100%。這真是太有幫助了，夥計們。嘿，祝你感恩節快樂，回頭再聊。

You too, Greg. Happy Thanksgiving, Greg.

你也一樣，格雷格。格雷格，感恩節快樂。

John Todaro, Needham and Company.

John Todaro，Needham and Company。

Great, thanks for taking my question. Congrats guys on the progress here. As the first question here, as it relates to the AI readiness at Sandersville, just remind us if that site has forced curtailment, and then if so, really kind of how much should we earmark for HPC versus mining if you intend to kind of have both at that site.

太好了，謝謝你回答我的問題。恭喜各位取得進展。首先，關於桑德斯維爾的 AI 準備情況，請提醒我們該網站是否已強制削減產能，如果是的話，如果您打算在該站點同時進行高效能運算和挖礦，我們應該分別撥出多少資金用於高效能運算和挖礦。

Yeah, thanks John. So you know what's important to understand about the Georgia and the MEAG power specifically is that it is not subject to forced curtailment at that location. It's part of why we didn't just. We didn't just trip fall and land with an AI thesis around the Sandersville assets. Those were also inbound because of the highly attractive nature of the Georgia power markets more broadly and so we feel great about the applicability of that location to the ultimate AI campus use case and how we balance. That versus the bitcoin mining is going to be the way we do everything, which is a fundamental return on investment profile. We take a measured approach we're data driven, and the early indication is that every one of those megawatts is highly applicable for AI as its highest and best use, but we're going to remain data driven across the analysis period for that asset.

謝謝你，約翰。所以，要了解喬治亞州和 MEAG 電力公司的具體情況，最重要的是要明白，該地區的電力供應不受強制削減。這也是我們沒有這麼做的部分原因。我們並非偶然地圍繞桑德斯維爾的資產提出了一個人工智慧理論。這些投資也源自於喬治亞州電力市場整體上極具吸引力的性質，因此我們對該地點在最終人工智慧園區應用場景中的適用性以及我們如何平衡各方利益感到非常滿意。比特幣挖礦將成為我們一切運作的方式，這是一種基本的投資報酬率模式。我們採取穩健的方法，以數據為導向。初步跡象表明，每一兆瓦的電力都非常適合用於人工智慧，這是其最高和最佳用途。但在整個分析期間，我們將繼續以數據為導向來評估該資產。

Great, thank you, that's helpful, and then just as it relates to credit becoming a little bit of a concern out there, especially as it relates to neo cloud customers, just walk us through how you are thinking about the customer profile, if there's a, maybe bigger focus on hyper scales now than maybe a couple months ago when you guys were initially thinking about it, and then also, hyper scale of backstops, is that starting to become a necessity. Would love to get some color on that.

太好了，謝謝，這很有幫助。另外，關於信用問題，尤其是對於新雲端客戶而言，現在信用狀況有點令人擔憂，請您詳細介紹一下您是如何看待客戶畫像的？現在是否比幾個月前你們最初考慮這個問題時更加關注超大規模客戶？還有，超大規模的後備保障是否正在成為必需品？真想給它上點顏色。

Hey, John, thanks for the question. I'll tell you this about the financing. I mentioned it, in my prepared remarks is that there's, new pools of capital that are going to be available to us at much lower cost of capital, so we feel really good about that. We know we're going to introduce, at some point, secured debt into the capital stack, so we're closely monitoring, the deals that are going on and the debt markets. But I'll tell you, the focus really first is to get that, high credit quality tenant in there, to make sure that we can get the best deal possible because, as levered IRR is, significantly higher, the more the higher the loan to value is, but I'll also tell you that, what we might expect to.

嘿，約翰，謝謝你的提問。關於融資方面，我來說說我的情況。我在事先準備好的演講稿中提到過，我們將以更低的資本成本獲得新的資金來源，所以我們對此感到非常高興。我們知道，在某個時候，我們會在資本結構中引入擔保債務，所以我們正在密切關注正在進行的交易和債務市場。但我可以告訴你，首要重點是找到信用良好的租戶，確保我們能獲得盡可能好的交易，因為槓桿內部收益率 (IRR) 會隨著貸款價值比的提高而顯著提高，但我還要告訴你，我們可能會期望得到什麼。

Get debt at about an 80%-85% LTV over time. We have no problem also bringing a little bit more equity to the table, maybe at a 60% to 70% LTV for the first project or two. Yes, that will decrease our levered IR just a bit, but it'll also produce cash flows in the air, which would also be helpful. But ultimately to us it's really going to come down to execution for which we still think that the industry hasn't proven, but we're going to see that over the next 12 to 18 months, particularly as we bring our. Our, land and power to market, so you know I don't have the, specific answers for you right now, but I'll tell you that we are confident that there's a number of options for us to get financing and attractive prices and get the, leverage IR that this market's offering.

隨著時間的推移，債務的貸款價值比 (LTV) 將達到 80%-85% 左右。我們也可以投入更多股權，或許在前一、兩個專案中，貸款價值比可以達到 60% 到 70%。是的，這會稍微降低我們的槓桿利率，但也會創造現金流，這也有幫助。但最終對我們來說，這真的取決於執行力，我們仍然認為該行業尚未證明這一點，但我們將在未來 12 到 18 個月內看到這一點，尤其是在我們推出我們的產品之後。我們的土地和電力市場，所以你知道我現在沒有具體的答案給你，但我可以告訴你，我們有信心有很多方法可以獲得融資和有吸引力的價格，並獲得這個市場提供的槓桿利率。

Terrific. That's helpful. Thanks guys, and congrats again.

了不起。那很有幫助。謝謝各位，再次恭喜！

Thank you.

謝謝。

Reggie Smith, JP Morgan.

雷吉史密斯，摩根大通。

Hi guys.

嗨，大家好。

Progress in the quarter, and on the pivot, I guess I had a question on the Sandersville, site as well. I'm not sure if you guys talked about what, type of CapEx would be required to upgrade that to HPC or if it's ready, like kind of moving ready now. And then I'm Curious, I know it's early. Have you thought about, the use cases, whether it would be used for, training or entrance, and, whether that at all plays any role in the price that you'd be able to get. To kind of lease that space out. So like the Influence pay more, or generate more revenue per megawatt than than training, any insights you can provide at least around how you're thinking about, kind of self-appraisal of the site and what it could be worth.

關於本季的進展以及轉型，我想我對桑德斯維爾網站也有疑問。我不確定你們是否討論過將其升級到高效能運算 (HPC) 需要哪些類型的資本支出，或者它是否已經準備就緒，可以開始遷移了。然後我很好奇，我知道現在還早。你有沒有考慮過它的使用場景，例如是用於培訓還是入學，以及這是否會對你最終能拿到的價格產生任何影響？算是把那塊地方租出去。所以，如果影響力比培訓更能帶來更高的報酬或每兆瓦更高的收入，那麼你至少可以提供一些關於你如何思考、如何自我評估該網站及其價值的見解。

Hey hey Reggie, thanks for joining and thanks for the call. You've been to that Sandersville site, I believe, on some of our show and tell journeys, and I think what's important to note is the facility as you saw it would not be a conversion to HPCAI.

嘿，雷吉，謝謝你的參與，也謝謝你的來電。我相信您曾參加過我們的一些展示和講解之旅，去過桑德斯維爾那個地方，我認為需要注意的是，您看到的那個設施不會改建成HPCAI。

We have a phenomenal relationship with the economic development director in the county and so we secured an additional plot of land, hundreds of acres of land that's immediately adjacent, so what would, what you would see would be construction. That is parallel with Bitcoin mining continuing and when we're ready to energize we literally flip the switch, de-energize the Bitcoin mining and migrate that out and and and go to compute now specific types of compute.

我們與縣內的經濟發展主管建立了非常好的關係，因此我們獲得了一塊額外的土地，數百英畝緊鄰的土地，所以你們將會看到建設工程。這與比特幣挖礦的持續進行是並行的，當我們準備好重新啟動時，我們只需撥動開關，停止比特幣挖礦並將其遷移出去，然後轉向特定類型的計算。

Jeff has built a model.

傑夫已經建立了一個模型。

Obviously you have the giga campus which is large scale training. Those are generally close to 1 gigawatt and above. Then you have the mega campus which is that kind of sweet spot 2 to 800 megawatts, and that's generally perceived to be kind of a combo site where it's inference and training or primarily inference depending on the off-take client. The last mile or the low latency real mission critical sites like what you've seen in and around metro Atlanta would would be kind of the exception to that rule and those would obviously be low latency inference type operations so this is going to be I I I think Sandersville's going to be an interesting case study because quite frankly the demand that we're seeing. Is for multiple 190 to 200 megawatt critical IT loads and the off takers are asking for 2026 delivery, so there's some real challenges in getting that tipped up in time.

顯然，你們有超大型校園，這是大規模培訓計畫。這些通常接近或超過 1 吉瓦。然後是巨型園區，它的容量介於 2 到 800 兆瓦之間，這通常被認為是一種組合站點，用於推理和訓練，或主要用於推理，具體取決於購電客戶。最後一公里或低延遲的關鍵任務站點，例如你在亞特蘭大都會區及其周邊地區看到的那些站點，算是這條規則的例外，這些顯然是低延遲推理類型的操作，所以我認為這將是一個有趣的案例研究，因為坦白說，我們看到的需求。該專案適用於多個 190 至 200 兆瓦的關鍵 IT 負載，而購電方要求在 2026 年交付，因此要按時完成交付確實存在一些挑戰。

But as we saw even with companies like Meta for example, they're they're putting tents up and using behind the meter gas at $0.12 a kilowatt hour because the demand is such that there's no sensitivity to those utility rates. So we really feel like we're uniquely positioned in this, Reggie, and you and I, when you first launched coverage on CleanSpark, we talked about the fact that when CleanSpark entered the space, there were a handful of household names that were the standard from Bitcoin mining, we mined our first Bitcoin in December of 2020 and as of today we're, we have more hash rate in the United States of America than anybody else. Our up time is second to none, and I think you can see, you can count on seeing that same type of operational excellence and efficiency rolled into our next strategy and Jeff is just the perfect guy to lead those initiatives.

但正如我們所看到的，即使是像 Meta 這樣的公司，他們也搭起帳篷，以每千瓦時 0.12 美元的價格使用表後天然氣，因為需求如此之大，以至於對這些公用事業費率並不敏感。所以，雷吉，我們真的覺得我們在這方面有獨特的優勢。你和我，在你第一次報道 CleanSpark 的時候，我們討論過，CleanSpark 進入這個領域時，只有少數幾個家喻戶曉的名字是比特幣挖礦的標準。我們在 2020 年 12 月挖出了我們的第一個比特幣，而截至今天，我們在美國擁有的算力比任何人都高。我們的正常運作時間首屈一指，我想您也能看到，您可以期待我們將同樣的卓越營運和效率融入到我們的下一個策略中，而傑夫正是領導這些舉措的完美人選。

And if I can get one more in. I'm not trying to nail you down to a timeline, but I'm kind of reading between the lines. Like I think about cipher and, they purchased a property in Texas a year ago and, kind of just now announced a deal, and I understand that it takes a while to sort this thing, these types of things out, but I'm curious like how you're thinking about it, if it took you a year to sign a deal, would that be you're satisfactory or kind of disappointing based on what you're seeing from a a demand perspective now, like, should we think of something, much sooner than that, like any color you can help on how you're thinking about that in terms of, personally, that would be great.

如果我還能再進一個的話。我不是想給你設定一個時間表，但我有點想揣摩你的言下之意。例如，我想到Cipher，他們一年前在德州買了一處房產，最近才宣布達成交易。我知道這類事情需要時間來解決，但我很好奇你是怎麼想的。如果花了一年時間才簽下協議，根據你目前對市場需求的了解，你會覺得滿意還是有點失望？我們是不是應該考慮更快達成協議？如果你能就你個人的想法分享一下，那就太好了。

Thank you. Yeah.

謝謝。是的。

So, that's a phenomenal question. I can tell you that, you called me. I was at my kid's basketball game. You called me when Corsa Core we've announced their deal and we talked about what the demand portfolio or the demand profile looked like back then. And at that point it was we're going to convert these megawatts and we're going to identify a customer. I think there's been a complete paradigm shift in the space and now you have customers knocking at the door because they have loads that need to be served very rapidly. So what I can tell you with a, I would say a strong amount of certainty is you'll see a lease executed much quicker than than what you. Seen in the space and and the flexibility that's now come, I mean, we look at some of our peers that have extended their energization schedules because they're falling behind on construction, etc. The the the hyper scalers and the end users that we're we're having conversations with. We've made it abundantly clear we're constrained like anyone else for the MEP side, but we have a distinct advantage. So I think what's likely to happen and Reggie, quite frankly there are two different off takers that want to sign sign lease agreements by year end. Is that going to happen? It's hard to say.

這是一個絕妙的問題。我可以告訴你，是你打給我的電話。我當時在看我孩子的籃球比賽。你打過電話，當時我們宣布了與 Corsa Core 的交易，我們討論了當時的市場需求組合或市場需求概況。當時我們的想法是，我們要把這些兆瓦的電力轉換成電能，我們要找到客戶。我認為這個領域已經發生了徹底的範式轉變，現在客戶蜂擁而至，因為他們有大量需求需要快速處理。所以我可以非常肯定地告訴你，租賃合約的執行速度會比你想像的快得多。從目前的空間和靈活性來看，我們看到一些同行因為施工進度落後等原因而延長了通電計劃。我們正在與超大規模資料中心營運商和最終用戶進行對話。我們已經非常明確地表明，我們和其他歐洲議會議員一樣受到許多限制，但我們擁有明顯的優勢。所以我認為可能會發生的事情是，坦白說，雷吉，有兩個不同的承購方希望在年底前簽署租賃協議。那件事會發生嗎？很難說。

But I, the demand is there, it's real, and I'm, as I mentioned in earlier comments, we were working on this script and the slide deck that we showed today, and I left here at 8 o'clock last night and the global director of site selection for a for a hyper scaler was calling me wanting to confirm that they were still in the running so I don't think there's any question that you're going to see a lease much quicker than a year.

但是，需求確實存在，而且是真實的。正如我之前提到的，我們一直在準備今天展示的這個腳本和幻燈片。我昨晚8點離開這裡時，一家超大規模資料中心的全球選址總監打電話給我，想確認他們是否仍在競標。所以我認為毫無疑問，租賃協議的簽訂時間不會比一年短得多。

That's great. Perfect. Congratulations.

那太棒了。完美的。恭喜。

Thanks, Reggie. Happy Thanksgiving.

謝謝你，雷吉。感恩節快樂。

Brett Noblo, Cantor Fitzgerald.

Brett Noblo，Cantor Fitzgerald。

Hi guys, thanks for taking my question. Maybe Matt, just on the land and power.

大家好，感謝你們回答我的問題。或許是馬特，只要有土地和權力就行了。

Procurement side of the equation.

採購方面的問題。

Could you comment on what you had to pay for the new site in Texas that you guys just announced? And I think you guys one out there that are looking to go out and find additional land that is, energized soon, I think all of your peers, even the hyper scholars are probably be looking at to do it themselves, but.

您能否談談您們剛剛宣布的位於德克薩斯州的新站點的建設費用？我認為你們這些正在尋找更多土地並希望盡快開發利用的人，我想你們所有的同行，甚至那些超級學者，可能都會考慮自己去做，但是。

I guess how hard is it? How expensive is it, and how much is there out there that you think you can go out and buy that is kind of turnkey ready, similar to the site that you guys announced in Texas.

我想問，這有多難？它的價格是多少？你認為市面上有多少可以買到的、類似你們在德州宣布的那種交鑰匙工程項目？

So yes, I could say what we paid for it, but I'm not going to, and I'll tell you why.

是的，我可以告訴你我們花了多少錢，但我不會這麼做，我會告訴你為什麼。

There, there's some very fertile hunting grounds, in the URcot region and we don't want to price ourselves out of the market. What I can tell you is that the acquisition cost was a combination of equity and cash. We obviously filed the proper, the appropriate filings for the share issuance. But the purchase price of that land and power came in line with what you're seeing in the market towards the low end of that range. Our advantage I think in securing land and power and speed to market is really because. We, we've continued to state that bitcoin mining is going to be a part of what we do going forward and 18 months ago when we were invited to sit down at Mar a Lago with Donald Trump during his candidacy. He brought in Senator Haggerty from Tennessee and because the question that came was can Bitcoin miners actually plow the road, so to speak? Can Bitcoin miners go in and monetize megawatts for a utility that needs to generate revenues now or for an energy developer that needs to monetize their power while they're waiting for an interconnect agreement?

URcot 地區有一些非常肥沃的狩獵場，我們不想因為定價過高而失去市場競爭力。我可以告訴你的是，收購成本是由股權和現金共同承擔的。我們顯然已經提交了發行股份所需的所有適當文件。但是，這塊土地和電力的購買價格與市場上該價格區間的低端價格基本一致。我認為我們在獲取土地、電力和快速進入市場方面的優勢實際上是因為。我們一直表示，比特幣挖礦將是我們未來業務的一部分，18 個月前，我們受邀在唐納德·川普競選期間與他在海湖莊園會面。他請來了來自田納西州的參議員哈格蒂，因為隨之而來的問題是：比特幣礦工真的能像開路一樣開闢道路嗎？比特幣礦工能否為急需創造收入的公用事業公司或等待互聯協議期間需要將電力貨幣化的能源開發人員提供電力？

And so Mr. Trump asked Bill Haggerty, can Bitcoin miners do that? And what he said is unequivocally they not only can they, but they do in TVA, and CleanSpark is one of them. And so, When we talk about Cheyenne, we're driver 9 Iron across the street there from FE Warren Air Force Base, and there's another $1 trillion company, $1 trillion market cap company that's in our same neighborhood. They were bidding for those megawatts and you know we won.

於是，川普先生問比爾‧哈格蒂，比特幣礦工能做到這一點嗎？他明確表示，他們不僅可以這樣做，而且在田納西河谷管理局 (TVA) 也確實這樣做了，CleanSpark 就是其中之一。所以，當我們談到夏延時，我們指的是位於 FE Warren 空軍基地對面的 9 號鐵路，而我們附近還有另一家市值 1 兆美元的公司。他們當時在競標那些兆瓦的電力，你知道，我們贏了。

We didn't win because the utility thought that our balance sheet was prettier or we were a better credit risk. We won because we said if you sell us those megawatts we'll start buying them in 6 months, not 1.5 or 2 years. So I think, long answer to your question, I think being a Bitcoin miner with a diverse mining portfolio and the flexibility of the modular deployments that we've done on some of the sites that you've actually seen. It gives us an advantage to jump in, monetize those megawatts on a small portion of the campus while we're tilting up the power shell in the background. So, I think our speed to market is complemented not only by the modular approach with the summer partnership but also by using Bitcoin to go in and buy the power today.

我們獲勝並不是因為電力公司認為我們的資產負債表更漂亮或我們的信用風險更低。我們之所以能贏，是因為我們說，如果你把那些兆瓦電力賣給我們，我們會在6個月內開始購買，而不是1.5年或2年。所以，我想，長話短說，對於你的問題，我認為作為一名比特幣礦工，擁有多元化的挖礦組合，以及我們在你實際看到的某些網站上所做的模組化部署的靈活性。這讓我們有機會迅速介入，在校園的一小部分區域內將這些兆瓦電力貨幣化，同時我們在後台架設電力外殼。因此，我認為我們快速進入市場不僅得益於夏季合作的模組化方法，還得益於使用比特幣立即購買電力。

Awesome, really appreciate it guys. Happy Thanksgiving.

太棒了，非常感謝！感恩節快樂。

Thanks, Brett. Have a happy Thanksgiving too.

謝謝你，布雷特。也祝你感恩節快樂。

Jim Missouri, Charting Capital.

吉姆·密蘇裡，Charting Capital。

Thank you. Good afternoon. Is Sandersville the only existing mining site you've identified for critical.

謝謝。午安.桑德斯維爾是你們唯一確定的重要的現有礦場嗎？

IT.

它。

Applications.

應用程式.

Or?

或者？

Or the first one and there's going.

或者第一個，然後就結束了。

To.

到。

Be others.

成為別人。

Yeah, hey Jim, thanks for the question.

嗨，吉姆，謝謝你的提問。

The answer to your question is B. It's the first one. The inbound inquiries we've had for the 100 megawatts surrounding the Atlanta airport are second in urgency only to Sandersville, and Sandersville is because it's 250 megawatts energized operating today. The demand for College Park and Norcross is because it's low latency in the most dense compute environment in North America outside of Northern Virginia, so. There's a tremendous amount of demand there as well as some of our sites in Tennessee, so it's really just a sorting process and as we mentioned in our prepared remarks, we've done a portfolio analysis to kind of determine we don't want to move Bitcoin mining infrastructure into a facility that's going to be rapidly pivoted to an AIHPC deployment. So I think the answer is Sandersville is the low hanging fruit that everybody wants. The Metro Atlanta stuff is second, and then we've got a whole bunch of third place sites.

你問題的答案是 B，也就是第一個選項。我們收到的關於亞特蘭大機場周圍 100 兆瓦電力項目的諮詢量，其緊迫性僅次於桑德斯維爾項目，而桑德斯維爾項目之所以更緊迫，是因為它目前已投入運營，裝機容量為 250 兆瓦。對 College Park 和 Norcross 的需求是因為它們在北美（北維吉尼亞以外）計算密度最高的環境中具有低延遲。那裡以及我們在田納西州的一些站點都有巨大的需求，所以這實際上只是一個篩選過程，正如我們在準備好的發言稿中提到的，我們已經進行了一項投資組合分析，以確定我們不想將比特幣挖礦基礎設施轉移到一個將很快轉向 AIHPC 部署的設施中。所以我認為答案是桑德斯維爾是每個人都想得到的唾手可得的果實。亞特蘭大都會區排名第二，然後我們還有一大堆排名第三的網站。

And the way.

還有方法。

You described it sounds like that.

你描述的聽起來確實如此。

That flipping of the switch from from mining to AI can take.

從採礦轉向人工智慧可能需要很長時間。

Place.

地方。

Before the.

之前。

The Seeley facility is energized.

西利工廠已通電。

Am I understanding that correctly?

我理解得對嗎？

So think about it this way, Jim. We're our facility in Sandersville is purpose-built Bitcoin mining. We have a couple 100 acres adjacent. We're going to build, on that land while we're still mining. Now the speed to market really the summer is a is a big differentiator, as I mentioned before, there are hyper scalers that are that are popping up tents because they need access so quickly. So I think it's a relative question. The Cly part the the Seeley project is very appealing because we've done all the analysis, all the engineering is done, we, we've gone to the levels of completing the survey and finding where there are easements for the gas lines on site, etc.

吉姆，你可以這樣想。我們在桑德斯維爾的設施是專門為比特幣挖礦而建造的。我們還有幾百英畝的相鄰土地。我們打算在那塊地上邊開採邊進行建設。現在，上市速度，尤其是在夏季，是一個很大的差異化因素。正如我之前提到的，有些超大規模企業正在搭建臨時辦公場所，因為他們需要快速進入市場。所以我覺得這是一個相對的問題。Seeley 專案的 Cly 部分非常有吸引力，因為我們已經完成了所有的分析，所有的工程都完成了，我們已經完成了勘測，找到了現場燃氣管道的通行權等等。

So we can configure the footprint. Based on the needs of an end use customer, so we spent a great deal of time in video with some of their teams, and they have a giga site that they have all the reference architecture for a GB 300 deployment for a gigawatt of power, and everything is detailed down to the inch of fiber runs so. That type of build is obviously much more detailed and going to take a longer period of time than tilting up a powered shell and slotting in a a modular solution like you'd see from a submer like you'd see from a company like Integra out of Houston. There are a number of these companies that provide that full MEP turnkey solution. So I think what is likely to happen is we'll probably execute on both simultaneously. The delay on Seeley, and it's not really a delay, it's just the energization schedule on ERCO is fixed. The cool thing about that is the large load studies are done. There's no if, it's just when, and the 1st 207 megawatts energizes the first half of, 27.

這樣我們就可以配置佔地面積了。根據最終用戶客戶的需求，我們花了很多時間與他們的一些團隊進行視訊溝通，他們有一個千兆站點，擁有 GB 300 部署（千兆瓦功率）的所有參考架構，甚至精確到每一英寸的光纖線路。顯然，這種類型的建造要複雜得多，而且需要更長的時間，而不是像休士頓的 Integra 公司那樣，把動力外殼傾斜起來，然後插入模組化解決方案，就像潛水器那樣。有許多公司提供這種完整的機電工程交鑰匙解決方案。所以我認為很可能的情況是，我們會同時執行這兩個計劃。Seeley 號機組的延誤，其實不算延誤，只是 ERCO 的通電計畫是固定的。最棒的是，已經進行了大規模的負載研究。沒有「如果」的問題，只有「何時」的問題，而前 207 兆瓦電力將為 27 兆瓦電力的前半部分提供動力。

Their commitment is April, but they have flexibility for the first half. So I think. The conversations we've had with off takers for Sandersville, they're looking to get something in the books fast, with Seeley, it's also high demand and with the understanding that by Q2 27 it's energized and you can build in the meantime.

他們承諾四月到崗，但上半年時間比較彈性。我想是這樣的。我們與桑德斯維爾的承購商進行了洽談，他們都希望盡快達成協議。西利油田的需求也很高，大家也都明白，到 2027 年第二季度，油田就會通電，在此期間可以進行建設。

Understood. Thank you. And just one more if I might, you talked about increased expenses and given that as well as the recent prices of Bitcoin, will you need to sell the entirety of your Bitcoin production in order to cover your expenses?

明白了。謝謝。還有一個問題，您提到支出增加，考慮到這一點以及比特幣最近的價格，您是否需要出售您全部的比特幣產量來支付您的支出？

Not at all. We're generating 6-700 Bitcoin a month and we're doing sort of 54%, 55% gross margin. So the expenses we talked about and, as we're building, I think it really depends on the lease we put together and the ability to leverage that lease for financing, but what you know what we're seeing is that. The, depending on the credit quality of the end use tenant, the LTVs are anywhere from 15% to 30%, having just put up, or the inverse of that, I'm sorry, 70% to 85%, the having just put up that $1.15 billion 0% bond. We're sitting on a pretty healthy stack of cash and then as Gary mentioned in his prepared comments, we have $400 million in low single-digit interest unused capacity on Bitcoin backed credit facilities so I think you'll see us take more of a hybrid approach rather than sell the stack.

一點也不。我們每月能產出 600-700 個比特幣，毛利率大約在 54% 到 55% 之間。所以我們談到了費用，而且，隨著我們建設的進行，我認為這真的取決於我們制定的租賃協議以及利用該租賃協議進行融資的能力，但你知道，我們目前看到的是這樣的。根據最終租戶的信用質量，貸款價值比 (LTV) 可能在 15% 到 30% 之間，而我們剛剛發行了 11.5 億美元的 0% 債券；或者相反，抱歉，可能是 70% 到 85%，而我們剛剛發行了 11.5 億美元的 0% 債券。我們手頭上有相當可觀的現金儲備，而且正如 Gary 在他準備好的評論中提到的，我們還有 4 億美元的比特幣擔保信貸額度，利率低至個位數，尚未使用，所以我認為我們將會採取一種混合策略，而不是出售這些現金儲備。

And then the last thing, with regard to the compressed margins in the environment, having the highest up time and the most efficient fleet in the nation means that as energy prices press up, margin compression happens to everybody. We just happen to make more money out of the same megawatts because of fleet efficiency and uptime. So I tell the story, it's like when, my grandfather told me when, two guys are camping in a tent and a bear walks into the campsite. And the and the one guy puts on his shoes and the guy says, what do you, why are you putting on your shoes? You can't outrun a bear and he said, I don't have to outrun the bear. I just have to outrun you. And that's really what we see as our Bitcoin mining advantage, they're still industrial scale miners operating fleets greater than 20 joules per terahash with not significantly better power pricing than we do. So we have a ton of flexibility and I really like the position that we're in to continue using Bitcoin mining.

最後一點，考慮到當前環境下利潤空間被壓縮，擁有全國最高的正常運行時間和最高效的車隊意味著，隨著能源價格上漲，利潤空間壓縮會波及所有人。由於機組效率和正常運作時間，我們恰好能用同樣的兆瓦電力賺取更多利潤。所以我講這個故事，就像我爺爺告訴我的那樣，兩個人在帳篷裡露營，一隻熊走進了營地。然後，其中一個人穿上了鞋子，那個人說，你，你為什麼要穿鞋？你跑不過熊，他說，我不需要跑過熊。我只需要跑得比你快就行了。而這正是我們認為我們在比特幣挖礦方面的優勢所在：他們仍然是工業規模的礦機，每太哈希耗電量超過 20 焦耳，但電力價格並沒有比我們好多少。所以我們擁有很大的靈活性，我非常喜歡我們目前所處的位置，可以繼續使用比特幣挖礦。

That.

那。

Jon Hickman, Leydenberg.

喬恩希克曼，萊登堡。

Hi, as you might imagine, most of my questions have been answered, but I was just wondering if you could, maybe opine about, there are others in the space that are trying to do the same thing that you're doing, take, taking, Bitcoin sites and Moving them over to HPC and AI.

您好，正如您可能猜到的，我的大部分問題都已得到解答，但我只是想問您是否可以就以下情況發表一下看法：在這個領域，還有其他人也在嘗試做同樣的事情，即把比特幣網站遷移到高性能計算和人工智能領域。

And they've been, telling us they're going to do this, and it's been a year's gone by and there's no like lease.

他們一直告訴我們他們會這樣做，但一年過去了，卻仍然沒有任何協議。

Why would, could you opine as to why it would be taking so long when there's so much demand?

您能否就需求如此旺盛，為何耗時如此之久發表您的看法？

I'll tell you from my perspective and then I certainly invite either of my colleagues to chime in on it. What we learned when we spent some time with Nvidia and AMD.

我會從我的角度談談我的看法，然後我當然也歡迎我的兩位同事發表意見。我們與英偉達和AMD共事期間學到了什麼。

There's they're they're very specific reference architecture that is required for specific clusters and I think that the challenge that we're seeing and I'm certainly not casting aspersions on anyone's strategy, but I think.

針對特定集群，需要非常具體的參考架構。我認為我們面臨的挑戰是，我當然不是在批評任何人的策略，但我認為。

If there's so much demand for a hyper scaler, but they want a specific cluster be that the new Google Chips or AMD or Nvidia.

如果市場對超大規模資料中心的需求如此之大，但他們想要的是特定的集群，例如Google、AMD 或英偉達的新型晶片。

The the site needs to be specifically designed for those clusters and I think building a site and then suggesting that it's flexible for somebody else to reconfigure or modify it could be useful I think is is a little bit of a challenge so to have it purpose built to the specific architecture of the off taker. I believe is a real advantage and having all these sites that are already energized that we're currently using those megawatts to mine Bitcoin give us that flexibility. I'm not in a rush. I don't have to do anything quite frankly until we have a lease. I don't even have to start construction because I want to make sure that it's built to suit for the off-take customer, so I guess.

該網站需要專門針對這些叢集進行設計，我認為建立一個網站，然後建議其他人可以靈活地重新配置或修改它，這可能很有用。我認為這有點挑戰性，所以要根據購電方的具體架構來專門建造它。我認為這是一個真正的優勢，所有這些已經通電的站點，我們目前正在使用這些兆瓦電力來挖比特幣，這給了我們很大的靈活性。我不著急。坦白說，在簽訂租賃合約之前，我什麼都不用做。我什至不必開始施工，因為我想確保它的建造符合最終用戶的需求，所以我想是這樣。

My perspective, John, and again I invite Harry or Gary to comment. I think the build it and they will come mentality doesn't apply if it's not to the specific architecture requirements of the end user.

這是我的看法，約翰，我再次邀請哈里或加里發表評論。我認為，如果不是為了滿足最終用戶的具體架構要求，那麼「建好了自然有人來」的心態是不適用的。

I would just add one quick thing.

我只想補充一點。

John, which is just that the market today is different than the market a year ago. The the demand profile has accelerated. The crunch for power is tighter than it was, and so we're seeing the, some of the hesitation that some of these off takers might have had 12 or 18 months ago.

約翰，事實就是，今天的市場與一年前的市場截然不同。需求成長速度加快。電力短缺比以前更嚴重，因此我們看到，一些電力承購商出現了12或18個月前可能存在的猶豫情緒。

The sense of urgency is just more significant and, that's going to represent a difference in execution timelines today than they would have looked like back then.

緊迫感更加強烈，這將導致今天的執行時間表與當時有所不同。

Okay, and then I just have one question on Sandersville, when you get the AI part built and you want, it's time to flick the switch, what happens to the Bitcoin mining site?

好的，關於 Sandersville，我還有一個問題：當 AI 部分建置完成，準備啟動時，比特幣挖礦網站會發生什麼變化？

So fantastic, would they have no power?

太棒了，難道他們沒有權力嗎？

You shut it, you wouldn't just shutter it.

你會把它關上，而不是只用百葉窗遮擋。

Would you? Yeah, no, a couple of opportunities there, first and foremost, the A6 would be migrated to a facility that needs them right now, and there's always plenty of demand for that. The facilities that we built, and John, I don't remember if you visited Sandersville on our analyst day, but the facilities that Sanders, okay, so they're identical to what we built in Jackson, Tennessee as an example. So the cool thing is we build all the foundational stuff and then what goes vertical is basically bolt together so we have the ability to repurpose those buildings based on any number of different factors but no it wouldn't be a write off and mothball it it would be repurposing those assets for deployment elsewhere.

你會嗎？是的，確實存在一些機會，首先，A6 可以轉移到目前急需它的工廠，而且對這類工廠的需求一直都很旺盛。我們建造的設施，約翰，我不記得你是否在我們的分析師日參觀過桑德斯維爾，但是桑德斯的設施，好的，所以它們與我們在田納西州傑克遜建造的設施完全相同，例如。所以最酷的是，我們建造了所有基礎部分，然後垂直部分基本上是用螺栓連接起來的，因此我們可以根據各種不同的因素重新利用這些建築物，但這不會是將其註銷和封存，而是會將這些資產重新用於其他地方的部署。

But you'd need more power.

但你需要更大的功率。

Yeah, for sure that's why we would move it somewhere else like for example, Wyoming or Tennessee or even other sites in Georgia, we would for sure. Now Sandersville's a bit of an anomaly because there are some opportunities for power expansion there and that's that's something that's that's still out for discussion, but the demand is significant.

是的，當然，所以我們肯定會把它搬到其他地方，例如懷俄明州、田納西州，甚至是喬治亞州的其他地點。桑德斯維爾的情況有點特殊，因為那裡有一些電力擴張的機會，這仍然是一個值得討論的問題，但需求量很大。

Okay, well, thanks.

好的，謝謝。

Appreciate your time. Thanks, John. You bet.

感謝您抽出時間。謝謝你，約翰。當然。

Happy Thanksgiving.

感恩節快樂。

You too.

你也是。

Nick Giles, B Riley Securities.

Nick Giles，B Riley Securities。

Great. Thanks for squeezing me in, guys. You spoke to a, multi-gigawatt pipeline, and I was hoping you could break that down a bit. I mean, how many of these opportunities.

偉大的。謝謝你們擠出時間幫我。你談到了一個多吉瓦的輸電管道，我希望你能詳細解釋一下。我的意思是，這樣的機會有多少？

Would you describe.

請您描述一下。

As late.

遲到了。

Stage or how soon can we see those drop down and then which of your existing power.

階段或我們多久才能看到這些下降，以及你現有的權力。

Markets do you see most of these.

市場上你大多都能看到這些。

Opportunities?

機會？

Thanks a lot.

多謝。

Yeah Nick, great question, and I want to give you a historical example to kind of illustrate, why we don't always give direct pipeline granularity as a business. So you look back to the prior quarter's call we talked about pipeline and it was contemplated in in that environment.

是的，尼克，問得好。我想舉一個歷史例子來說明，為什麼我們在業務上並不總是提供直接的管道細粒度資訊。回顧上個季度的電話會議，我們討論了產品線，當時也是在這樣的環境下考慮這個問題的。

What wasn't contemplated in either of those numbers was the 285 megawatts that we purchased in Texas, and that's because the relationships that we have across the utility and infrastructure space are diverse and they're all very warm and deep and so there are opportunities that come out of the woodwork along the way that leapfrog to the front of lists that we thought were very set and so. It's part of our capital strategy to have dynamic flexibility and execution with speed, and it's also part of the pipeline and relationship management that we do work on across the infrastructure and utility partners that we have. And so that type of dynamic flexibility is why we've been successful acquiring power and land and developing it with the quality that we. Have and so when we look at that multi gigawatt pipeline, a lot of those regions where we see expansion opportunities or places where we have deep relationships the Georgia's, Tennessee's, Wyoming's, and now Texas' of the world, but some of the utilities that serve those regions, I'll use TVA as an example because I'm a homer, Tennessee Valley Authority serves 7 different states. And so while it's the same utility partner, it bleeds outside the lines of the great state of Tennessee. And so those are the types of dynamics that we see replicated across those relationships and part of why we feel so good about the pipeline growth opportunities and why we capitalize the business to hunt power and land just like Gary.

這兩個數字都沒有考慮到我們在德克薩斯州購買的 285 兆瓦電力，這是因為我們在公用事業和基礎設施領域擁有廣泛的人脈關係，而且這些關係都非常密切和深厚，因此，一路上總會湧現出一些機會，這些機會會超越我們原本認為已經確定的名單，躍居首位。動態靈活性和快速執行力是我們資本策略的一部分，也是我們與基礎設施和公用事業合作夥伴進行的通路和關係管理工作的一部分。正是這種動態的靈活性，讓我們能夠成功地獲取電力和土地，並以我們所期望的品質進行開發。因此，當我們審視這條數吉瓦的輸電線路時，我們看到了許多擴張機會，或者說，我們在喬治亞州、田納西州、懷俄明州以及現在的德克薩斯州等地建立了深厚的合作關係。但是，為這些地區提供服務的一些公用事業公司，我將以田納西河谷管理局（TVA）為例，因為我是本地人，田納西河谷管理局為7個不同的州提供服務。因此，雖然是同一家公用事業合作夥伴，但它的業務範圍超出了田納西州的範圍。因此，我們看到這些類型的動態在這些關係中不斷複製，這也是為什麼我們對管道成長機會感到如此樂觀，以及為什麼我們利用業務去追逐權力和土地，就像 Gary 一樣。

Said.

說。

Understood. Well, guys, I appreciate the update and have a.

明白了。各位，感謝你們的更新，我有一個…

Great holiday.

很棒的假期。

You too, Nick. Happy Thanksgiving.

你也一樣，尼克。感恩節快樂。

And with no further questions in que, I'd like to turn the call back over to Harry for any closing remarks.

鑑於沒有其他問題需要提問，我想把電話交還給哈里，請他作總結發言。

Everyone, 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 progress and exciting achievements ahead of us at CleanSpark, America's Bitcoin miner.

各位，再次感謝大家參加今天的財報電話會議。我們期待在接下來的幾個季度與您保持聯繫，並分享未來的業績。敬請期待美國比特幣礦商 CleanSpark 的更多進展和令人興奮的成就。

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了。