CleanSpark Inc (CLSK) 2026 Q1 法說會逐字稿

Good afternoon. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to CleanSpark's fiscal first quarter 2026 financial results call. (Operator Instructions)

午安.我叫珍妮，今天我將擔任你們的會議接線生。在此，我謹代表 CleanSpark 歡迎各位參加 2026 財年第一季財務業績電話會議。（操作說明）

Thank you. Harry, you may begin your conference.

謝謝。哈利，你可以開始你的會議了。

Thanks, Jeannie, and thank you for joining us today to review the first quarter to 2026 financial results for Queen Spark. We encourage you to review our earnings results press release, which was issued today and is available on our website. Our 10-Q will be filed shortly. A webcast replay and transcript of today's call will be added to our website once available.

謝謝Jeannie，也謝謝您今天與我們一起回顧Queen Spark在2026年第一季的財務表現。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-Q 表格將很快提交。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。

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.

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 turn it over to Matt.

那麼，我很高興將麥克風交給馬特。

Good afternoon, and thank you all for joining us. This quarter represents a meaningful step forward in CleanSpark's evolution into a digital infrastructure and data center development company. One that builds on the strengths of our mining operations while expanding the set of opportunities our assets can support. We continue to operate a large-scale fundamentally sound Bitcoin mining business that generates durable cash flows and balance sheet strength.

下午好，感謝各位的參與。本季度標誌著 CleanSpark 在向數位基礎設施和資料中心開發公司轉型過程中邁出了重要一步。一項能夠鞏固我們採礦業務優勢，同時擴大我們資產所能支持的機會範圍的計劃。我們持續經營規模龐大、基本面穩健的比特幣挖礦業務，該業務能夠產生持久的現金流和強勁的資產負債表。

What is different today is what those cash flows now enable? CleanSpark is no longer a single track business. We are building an infrastructure platform with multiple independently valuable earning streams, all anchored by scarce utility grade power. Bitcoin mining funds the platform. AI monetizes it and digital asset management optimizes it across all cycles.

如今的不同之處在於，這些現金流現在能夠實現什麼？CleanSpark不再是一家單一業務公司。我們正在建立一個基礎設施平台，該平台具有多個獨立且有價值的收益來源，所有這些都以稀缺的公用事業級電力為基礎。比特幣挖礦為該平台提供資金。人工智慧可以將其貨幣化，而數位資產管理則可以在所有周期內進行最佳化。

To frame how we think about AI development, we see three phases. First, securing scarce power and land; second, tenant-driven technical and commercial alignment; and third, structured long-term monetization. We are now firmly in the second phase across multiple assets. As a result, when we look forward, we increasingly see a company defined not just by hashrate. but by the quality, scale and flexibility of its infrastructure and by its ability to allocate capital into the highest return opportunities available at any point in the cycle.

為了更好地理解人工智慧的發展，我們將其分為三個階段。首先，確保稀缺的電力和土地；其次，租戶驅動的技術和商業協調；第三，結構化的長期貨幣化。目前，我們已在多個資產上穩步進入第二階段。因此，展望未來，我們越來越看到，一家公司的定義不僅在於算力，還在於其基礎設施的品質、規模和靈活性，以及​​在週期任何階段將資金配置到最高回報機會的能力。

As we evaluate the opportunities for expansion into AI, we are seeing improving economics per megawatt, driven by scale, power quality and contracting structures even as capital intensity increases. Despite this evolution, Bitcoin mining remains foundational to our business. We are fully operational, passing every day and generating strong cash flows from a scaled mining footprint of more than 50 exahash per second.

當我們評估向人工智慧領域擴展的機會時，我們看到，即使資本密集度增加，規模、電力品質和合約結構也推動了每兆瓦經濟效益的提高。儘管比特幣挖礦經歷了這樣的演變，但它仍然是我們業務的基礎。我們已全面投入運營，每天都在進行挖礦，並且透過每秒超過 50 exahash 的大規模挖礦規模產生強勁的現金流。

During the quarter, despite challenging Bitcoin price action and rising network difficulty, we generated more than $180 million in revenue at a gross margin exceeding 47%. Those cash flows allow us to fund growth deliberately. They give us the flexibility to hold assets in a fully monetized state while we complete diligence and commercial alignment rather than being pressured into a speculative development.

本季度，儘管比特幣價格走勢充滿挑戰，網路難度不斷增加，但我們仍創造了超過 1.8 億美元的收入，毛利率超過 47%。這些現金流使我們能夠有意識地為成長提供資金。它們使我們能夠靈活地將資產完全變現，同時完成盡職調查和商業協調，而不是被迫進行投機性開發。

We've built this strategy to perform across a range of market conditions, including lower Bitcoin prices, slower AI deployment or tighter capital markets without forcing reactive decisions. In November 2025, we completed a $1.15 billion convertible offering as part of our strategic evolution.

我們制定這項策略是為了在各種市場條件下都能有效運作，包括比特幣價格走低、人工智慧部署速度放緩或資本市場趨緊，而無需被迫做出被動決策。2025 年 11 月，我們完成了 11.5 億美元的可轉換債券發行，這是我們策略發展的一部分。

Part of the use of proceeds was used to repurchase $460 million worth of shares, bringing total share repurchases to over $600 million since December 2024. We resulting in approximately 20% of our shares outstanding being repurchased because we believe dilution is not a strategy, discipline is.

部分收益用於回購價值 4.6 億美元的股票，使自 2024 年 12 月以來股票回購總額超過 6 億美元。我們將回購約 20% 的流通股，因為我們認為稀釋不是一種策略，紀律才是。

Turning to our power and land strategy. Historically, we built CleanSpark by acquiring and optimizing a large number of sub-100 megawatt sites. Those assets continue to perform well and have appreciated meaningfully as energized land has become increasingly scarce and valuable. As we evaluated the AI market, we recognized an opportunity to capitalize on the demand for larger sites.

接下來談談我們的電力和土地策略。從歷史上看，我們透過收購和優化大量100兆瓦以下的站點，建立了CleanSpark。隨著能源用地變得越來越稀缺和珍貴，這些資產繼續表現良好，並實現了顯著增值。在評估人工智慧市場時，我們發現了一個可以利用對大型網站的需求來獲利的機會。

Until recently, Sandersville with approximately 250 megawatts of already live power was our only large-scale asset capable of supporting hyperscale workloads. That has changed. In October 2025, we acquired 271 acres in Austin County, Texas, along with 285 megawatts of contracted power fully approved by ERCOT with certainty on energization and the potential gas capacity for significant behind-the-meter optionality.

直到最近，桑德斯維爾核電廠擁有約 250 兆瓦的已投入使用電力，是我們唯一能夠支援超大規模工作負載的大型資產。情況已經改變了。2025 年 10 月，我們在德克薩斯州奧斯汀縣收購了 271 英畝土地，以及 285 兆瓦的已簽訂合約的電力，這些電力已獲得 ERCOT 的完全批准，可以確定何時通電，並且具有很大的用戶側天然氣容量選擇權。

In January, we followed with a second development initiative in Brazoria County, Texas, supported by a transmission facilities extension agreement enabling an initial 300-megawatt demand load expandable to 600 megawatts. Together, these assets establish a Houston area infrastructure hub with almost 900 megawatts of aggregate potential utility capacity, assembled intentionally to support multiphase AI campus deployments.

1 月，我們在德克薩斯州布拉佐裡亞縣啟動了第二個發展計劃，該計劃得到了輸電設施擴展協議的支持，最初可滿足 300 兆瓦的需求負荷，並可擴展至 600 兆瓦。這些資產共同構成了一個休士頓地區的基礎設施中心，擁有近 900 兆瓦的潛在公用事業總容量，其組成旨在支援多階段人工智慧園區部署。

As we look ahead, we expect to move from portfolio formation into commercialization milestones. Those milestones will take different forms, site-specific announcements, development partnerships and structured long-term offtake agreements, but they all reflect the same underlying reality. Our assets are being pulled into the AI market not pushed. We believe that over time, as those options convert into contracted visible cash flows, the market will increasingly recognize the embedded option value in our power and land portfolio.

展望未來，我們預計將從產品組合建構過渡到商業化里程碑。這些里程碑將採取不同的形式，包括針對特定地點的公告、開發合作夥伴關係和結構化的長期承購協議，但它們都反映了同一個基本現實。我們的資產是被拉入人工智慧市場，而不是被推入的。我們相信，隨著時間的推移，當這些選擇權轉化為有形的現金流時，市場將越來越認識到我們電力和土地投資組合中所蘊含的選擇權價值。

At Sandersville, we further strengthened our position with the acquisition of a 122-acre parcel in direct proximity to our substation and power infrastructure. These additions were made in close consultation with a select group of potential counterparties. Importantly, these discussions are no longer theoretical. We are operating from tenant-driven specifications, not internal assumptions. We are now past initial screening and into advanced diligence across multiple sites, including power studies, cooling validation and commercial structuring.

在桑德斯維爾，我們透過收購緊鄰變電站和電力基礎設施的 122 英畝土地，進一步鞏固了我們的地位。這些新增內容是在與部分潛在交易對手密切協商後做出的。重要的是，這些討論不再是理論上的。我們是根據租戶提出的需求來制定規範，而不是根據內部假設來制定規範。我們現在已經完成了初步篩選，進入了對多個地點的深入盡職調查階段，包括電力研究、冷卻驗證和商業結構設計。

The decisions we are making today around substation design, cooling architecture and campus layout are not reversible, and they reflect confidence in where demand is heading.

我們今天在變電站設計、冷卻架構和園區佈局方面所做的決定是不可逆轉的，它們反映了我們對需求走向的信心。

What excites us about AI monetization is not just scale, but the duration, predictability and capital alignment of those cash flows relative to traditional compute. Throughout this process, we are expanding responsibly. That means being infrastructure-first aligned with customer requirements and disciplined in capital deployment. In this market, moving too fast is often riskier than moving deliberately, and we are intentionally optimizing for durability rather than velocity.

人工智慧貨幣化最讓我們興奮的不僅是規模，還有相對於傳統計算而言，這些現金流的持續時間、可預測性和資本匹配性。過程中，我們始終秉持負責任的態度進行擴張。這意味著要優先考慮基礎設施建設，以滿足客戶需求，並在資本部署方面保持嚴謹。在這個市場中，行動過快往往比謹慎行事風險更大，我們有意優化的是持久性而不是速度。

As we plan this evolution, we have established an optimized operating model that allows us to continue running our mining infrastructure right up until load transition. When that transition occurs, we expect to redeploy miners elsewhere in our portfolio where they can continue to operate profitably.

在規劃這項發展進程時，我們建立了一個最佳化的營運模式，使我們能夠持續運作挖礦基礎設施，直到負載轉換完成。當這種轉變發生時，我們預計將礦機重新部署到我們投資組合中的其他位置，以便它們能夠繼續獲利運作。

Earlier, I said that Bitcoin mining will always be core to our business. And that's because it continues to provide us with a strategic advantage and power acquisition. That advantage is now translating directly into differentiated positioning in AI infrastructure. We have seen this movie before. The discipline that allowed us to scale mining profitably across multiple cycles is the same discipline we are playing here.

我之前說過，比特幣挖礦將始終是我們業務的核心。這是因為它持續為我們提供策略優勢和權力獲取。如今，這項優勢正直接轉化為人工智慧基礎設施領域的差異化定位。我們以前看過這部電影。正是這種讓我們能夠在多個週期中實現獲利性採礦規模化的紀律，也是我們在這裡所秉持的紀律。

Only now with larger contracts, stronger counterparties and materially longer duration cash flows.

只有現在，合約規模更大、交易對手實力更強、現金流持續時間更長。

Before turning to digital asset management, I want to briefly comment on the AI lease market. We believe there are meaningful second mover advantages in AI infrastructure, similar to what we experienced in Bitcoin mining. Lease economics have continued to improve across multiple dimensions. Rates have risen, risk-sharing terms have become more balanced and credit markets supporting these projects remain deep and constructive.

在討論數位資產管理之前，我想先簡單談談人工智慧租賃市場。我們認為，人工智慧基礎設施領域存在著重要的後發優勢，類似於我們在比特幣挖礦領域所經歷的。租賃經濟效益在多個方面持續改善。利率上升，風險分擔條款更加平衡，支持這些項目的信貸市場依然保持強勁和建設性。

When negotiating large-scale contracts, we are balancing lease rates delay provisions, capital structures and counterparty quality to optimize the holistic return profile. Our goal is not to win a single deal, but to build durable scalable relationships that monetize our growing portfolio over time.

在談判大型合約時，我們會權衡租賃費率延期條款、資本結構和交易對手質量，以優化整體回報情況。我們的目標不是贏得一筆交易，而是建立持久且可擴展的合作關係，從而隨著時間的推移，使我們不斷增長的投資組合實現盈利。

I also want to briefly touch on digital asset management. DAM is not a trading function. It is a capital allocation and liquidity management capability with defined mandates and risk limits. During the quarter, DAM generated over $13 million in premiums and cash. That represents about 24% of normalized adjusted EBITDA and improving capital efficiency across our business.

我還想簡單談談數位資產管理。DAM 不是一項交易功能。它具備資本配置和流動性管理能力，並有明確的授權範圍和風險限額。本季度，DAM 獲得了超過 1,300 萬美元的保費和現金收入。這相當於調整後 EBITDA 的約 24%，並提高了我們業務的資本效率。

These results are process driven and fully integrated into our broader financial framework.

這些結果由流程驅動，並已完全融入我們更廣泛的財務框架中。

As we look forward, we see multiple paths to value creation unfolding in parallel, continued strength in our operations, increasing visibility into AI monetization and disciplined balance sheet management that preserves strategic flexibility.

展望未來，我們看到多種價值創造途徑並行展開，營運持續強勁，人工智慧貨幣化日益透明化，以及維持策略彈性的嚴謹資產負債表管理。

With that, I'll turn the call over to Gary.

接下來，我將把電話交給加里。

Thank you, Matt. The side right into the numbers for our fiscal first quarter 2026. For the quarter, our revenue grew year-over-year by approximately $19 million, an increase of almost 12%. Our Bitcoin production was relatively flat where we saw revenues of almost $100,000 per Bitcoin in the quarter compared to $84,000 in the same quarter last year. Our gross margins declined slightly from approximately 57% a year ago to 47% this quarter.

謝謝你，馬特。接下來是 2026 財年第一季的相關數據。本季度，我們的營收年增約 1,900 萬美元，增幅近 12%。我們的比特幣產量相對平穩，本季每枚比特幣的營收接近 10 萬美元，去年同期為 8.4 萬美元。我們的毛利率從一年前的約 57% 略微下降至本季的 47%。

This decline was mainly driven by the year-over-year increase in network difficulty.

這一下降主要是由於網路難度逐年增加所致。

Power prices also increased marginally to. $0.056 per kilowatt hour, up from $0.049 a year ago. However, this reflects our decision to continue hashing to higher cost higher revenue periods may be curtailing based solely on an arbitrary power price threshold.

電力價格也略有上漲，達到每度電0.056美元，高於一年前的0.049美元。然而，這反映了我們決定繼續在高成本、高收入期間進行哈希運算，但這種做法可能會僅僅因為任意設定的電力價格閾值而受到限制。

This quarter, we recognized a net loss of approximately $379 million compared to net income of approximately $247 million a year ago. This change was driven primarily by mark-to-market adjustments to Bitcoin's fair value at the end of each respective period. Our adjusted EBITDA was negative $295 million compared to positive $322 million a year ago, also driven primarily by mark-to-market adjustments.

本季度，我們確認淨虧損約 3.79 億美元，而去年同期淨利約 2.47 億美元。這一變化主要是由於在每個相應時期結束時，比特幣的公允價值進行了市值調整。我們調整後的 EBITDA 為負 2.95 億美元，而去年同期為正 3.22 億美元，這主要也是由於市值計價的調整。

Turning our attention to the performance of the first quarter versus the immediately preceding fourth quarter, revenues declined approximately $43 million or 19% to $181 million. This drop was primarily due to a combination of two external headwinds, rising network difficulty and softer Bitcoin prices. Because of these pressures, we experienced some of the lowest cash prices in history during the quarter, underscoring the importance of having a fleet with high uptime and efficiency.

將我們的注意力轉向第一季與前一季相比的業績，營收下降了約 4,300 萬美元，降幅達 19%，至 1.81 億美元。此次下跌主要是由於兩個外部不利因素共同作用的結果：網路難度上升和比特幣價格走軟。由於這些壓力，本季我們經歷了史上最低的現金價格，這凸顯了擁有高正常運作時間和高效率車隊的重要性。

Quarter-over-quarter, our cost per kilowatt hour decreased marginally from $0.059 in Q4 to $0.056 in Q1, partially offsetting our 19% revenue decline. As a result, our gross margins remained healthy at 47%. With respect to our overhead expenses, it is important to note that the prior quarter includes approximately $25 million of expense related to separation from our prior CEO.

與上一季相比，我們的每千瓦時成本從第四季度的 0.059 美元略微下降至第一季度的 0.056 美元，部分抵消了我們 19% 的收入下降。因此，我們的毛利率維持在47%的健康水準。關於我們的管理費用，需要指出的是，上一季包括與前任執行長離職相關的約 2500 萬美元費用。

As mentioned on last quarter's call, we do expect that our professional fees payroll and G&A line items will increase as we execute on our AI strategy. Additionally, I want to underscore 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.

正如上個季度電話會議上提到的那樣，隨著我們執行人工智慧策略，我們預計專業費用、薪資和一般及行政費用項目將會增加。此外，我想強調的是，人工智慧資料中心業務擁有穩定的現金流和高利潤率，這兩點都將有助於CleanSpark度過比特幣挖礦經濟的起伏波動。

Our adjusted EBITDA was negative $295 million for this quarter compared to positive $182 million for the fourth quarter. It is important to note again that the difference relates to noncash mark-to-market adjustments, for which the current quarter includes approximately $350 million of these charges.

本季我們調整後的 EBITDA 為負 2.95 億美元，而第四季為正 1.82 億美元。需要再次指出的是，該差異與非現金以市值計價調整有關，本季包含約 3.5 億美元的此類費用。

On a normalized basis, taking the mark-to-market adjustments into account, our normalized EBITDA would be $55 million or approximately 30% normalized margin for this quarter. This represents cash generated from our operations. Bitcoin value as of our September 30 balance sheet date was approximately $1.5 billion. And as of December 31, it was $1.15 billion which the difference is the noncash mark-to-market adjustment of $350 million, which I mentioned earlier.

經調整後，考慮到市值調整，本季我們的調整後 EBITDA 為 5,500 萬美元，調整後利潤率約為 30%。這代表我們營運產生的現金流。截至我們9月30日資產負債表日，比特幣價值約15億美元。截至 12 月 31 日，該金額為 11.5 億美元，差額為 3.5 億美元的非現金市值調整，我之前提到過。

Turning our attention to the balance sheet. You'll see our cash balance increased over $400 million compared to Q4. This is due to the $1.15 billion 0% convertible transaction we closed in November. As you know, we used a portion of the proceeds to pay off the outstanding balances on our Bitcoin back lines of credit and also repurchased $463 million of stock. This left approximately $420 million of net cash proceeds, the majority of which we will still have on our balance sheet.

接下來，我們來看看資產負債表。你會看到我們的現金餘額比第四季增加了4億美元以上。這是因為我們在 11 月完成了一筆 11.5 億美元的 0% 可轉換債券交易。如您所知，我們以部分收益償還了比特幣備用信貸額度的未償餘額，並回購了價值 4.63 億美元的股票。這留下了約 4.2 億美元的淨現金收益，其中大部分仍將保留在我們的資產負債表上。

In addition to our cash balance, we had approximately $1.15 billion of Bitcoin value as of the end of Q1. Our total debt is approximately $1.8 billion, which on a net debt basis is approximately a 1.1 debt to liquidity ratio. Most importantly, the converts do not come due until 2030 and 2032, and numerous options remain available to us for capital.

截至第一季末，除現金餘額外，我們還擁有價值約 11.5 億美元的比特幣。我們的總債務約為 18 億美元，以淨債務計算，債務與流動性比率約為 1.1。最重要的是，這些轉換債券要到 2030 年和 2032 年才會到期，我們仍然有很多融資選擇。

Also important to note is that our outstanding share count has decreased almost 20% in the last 15 months as we have not issued a single share of equity on the ATM or other offerings to Ecomat, dilution is not a strategy, discipline is.

還要注意的是，在過去的 15 個月裡，我們的流通股數量減少了近 20%，因為我們沒有透過 ATM 或其他方式向 Ecomat 發行任何一股股權，稀釋不是一種策略，紀律才是。

Turning our attention to our balance of over 13,000 Bitcoin. I want to point out that we are one of the first, if not the only company, which has scaled operations that is also using Bitcoin as a productive capital asset.

讓我們把注意力轉向我們超過 13,000 個比特幣的餘額。我想指出，我們是首批（如果不是唯一一家）將比特幣作為生產性資本資產並擴大營運規模的公司之一。

On the last call, we discussed in detail our DAM strategy in its first full quarter. You may have also heard us previously talk about our crawl-walk-run approach, which I'm happy to say we're now fully in the walk phase. We're at full utilization of the portion of our Bitcoin balance we expect to use for yield generation, which is 40% or approximately 5,200 Bitcoin.

上次電話會議上，我們詳細討論了我們的數位資產管理策略在第一個完整季度的表現。您可能之前也聽過我們談過我們的爬行-行走-跑步方法，我很高興地告訴大家，我們現在已經完全進入行走階段了。我們用於產生收益的比特幣餘額部分已經全部投入使用，這部分占我們餘額的 40%，約 5,200 個比特幣。

Our DAM strategy generated $13 million in cash returns on the Bitcoin model during the quarter where bicorn price was down mark-to-market. I want to highlight several key members who speak to our core DAM strategies. We overlay a covered call derivative program on our monthly production and sales of Bitcoin, which resulted in an uptick of $7,700 or 8% per Bitcoin over the average sales price of approximately 97,200. Overall, the $13 million in total premiums also represents an annualized return of 4.2% on our average total balance, which surpasses our target of 4%. We accomplished this all within six months of our first trade.

在 Bicorn 價格以市值計價下跌的季度裡，我們的 DAM 策略在比特幣模型上產生了 1,300 萬美元的現金回報。我想重點介紹幾位對我們核心數位資產管理策略至關重要的成員。我們在每月比特幣的生產和銷售中疊加了一個備兌看漲期權衍生品計劃，結果每個比特幣的價格比平均售價約 97,200 美元上漲了 7,700 美元，漲幅達 8%。整體而言，1,300 萬美元的總保費也代表著我們平均總餘額的年化報酬率為 4.2%，超過了我們 4% 的目標。我們在首次交易後的六個月內就完成了這一切。

Importantly, this is all achieved by monetizing elevated volatility, especially in October, while keeping the average delta below 20.

重要的是，這一切都是透過利用高波動性（尤其是在 10 月）來獲利，同時將平均 delta 值保持在 20 以下來實現的。

I also want to point out that we have added an additional tool to our treasury management to belt. The Basis Trade is a market-neutral strategy that captures the difference between the forward price of Bitcoin and the spot price. Importantly, this strategy takes no price risk and generates returns from the same types of market structure dynamics that we noted in our thesis in the first place. This basis trade allowed us to put our cash balances to work and exceed the risk-free rate by almost 200 basis points as we saw an annualized yield of over 5.5% on the cash allocated to the basis trade. While these opportunities are cyclical, we will continue to be opportunistic based on market dynamics, filling out the flywheel we initially envisioned when we launched our DAM team.

我還想指出，我們在資金管理中增加了一個額外的工具——皮帶。基差交易是一種市場中性策略，它捕捉比特幣遠期價格和現貨價格之間的差額。重要的是，這種策略不承擔價格風險，並且從我們最初在論文中提到的相同類型的市場結構動態中產生收益。這項基差交易使我們能夠利用現金餘額，並且比無風險利率高出近 200 個基點，因為我們在分配給基差交易的現金上獲得了超過 5.5% 的年化收益率。雖然這些機會具有周期性，但我們將繼續根據市場動態把握機會，完善我們在成立數位資產管理團隊時最初設想的飛輪效應。

On a final note, I'd like to take some time discussing our capital strategy going forward, especially in light of our expansion into AI data centers. From a capital perspective, I'm confident the capacity and appetite for financing an AI data center with a grade A tenant is strong. We saw a high-yield deal from our friends at Cipher, which priced at an attractive [6% and 8%] which is indicative of the quality of recent leases being signed and the capital available in this market.

最後，我想花點時間討論我們未來的資本策略，特別是考慮到我們正在向人工智慧資料中心領域擴張。從資本角度來看，我對為擁有 A 級租戶的 AI 資料中心提供融資的能力和意願充滿信心。我們從 Cipher 的朋友那裡看到了一筆高收益交易，定價極具吸引力（6% 和 8%），這表明最近簽署的租賃合約品質良好，並且該市場有充足的資金。

The recent $2 billion bond had approximately $13 billion in demand an oversubscription of 6x while we have not committed to one specific means of financing our AI data center builds, we are focused on building a capital stack, which minimizes dilution. This continues with the sale of monthly Bitcoin production to cover our OpEx.

最近發行的 20 億美元債券需求量約 130 億美元，認購倍數達 6 倍。雖然我們尚未確定為人工智慧資料中心建設提供融資的具體方式，但我們專注於建立資本結構，以最大限度地減少股權稀釋。我們將繼續透過出售每月比特幣產量來支付營運費用。

Between our current cash balance and capacity on the Bitcoin backed lines of credit, we have over $800 million of liquidity available without selling any of our Bitcoin hurdle. This liquidity provides us optionality, and we will continue to use the lines of credit opportunistically in the marketplace for accretive purposes.

憑藉我們目前的現金餘額和比特幣支持的信貸額度，我們擁有超過 8 億美元的可用流動性，而無需出售任何比特幣抵押品。這種流動性為我們提供了選擇權，我們將繼續在市場上抓住機會，並利用信貸額度來實現增值目標。

Matt spoke about our current efforts and where we are going and we are excited to share on future calls to relationships and ecosystem we are building, one that is a more fulsome approach than exists in the market. While we are early in the innings of our AI data center journey, the market is moving quickly and CleanSpark is responding decisively. Our conversations with grade A credit quality tenants are ongoing, and it is not a matter of if, but when.

Matt 談到了我們目前的努力和未來的發展方向，我們很高興在未來的電話會議上與大家分享我們正在建立的關係和生態系統，這是一種比市場上現有方法更全面的方法。雖然我們才剛踏入人工智慧資料中心領域，但市場發展迅速，CleanSpark 也做出了果斷的回應。我們與信用等級為A級的租戶的洽談仍在進行中，這不是會不會發生的問題，而是何時發生的問題。

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

謝謝你，加里。現在我們將開放問答環節，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) Mike Grondahl, Northland Securities.

（操作說明）Mike Grondahl，Northland Securities。

Hey guys, thank you. I was wondering if you could talk a little bit about the demand environment you're seeing for HPC? And maybe how that's changed in the last 90 or 100 days? And kind of what attributes are you looking for most in a lease partner?

嘿，各位，謝謝你們。我想請您談談您目前觀察到的高效能運算（HPC）市場需求環境？過去90天或100天裡，情況發生了什麼樣的變化？那麼，您在選擇租賃合作夥伴時最重視哪些特質呢？

Mike, thanks for the question, and thank you for the recent initiation. We're glad to see Northland covering us. I can tell you that six months ago, when I reassumed the role of CEO. We entered a market where there was a lot of enthusiasm around signing a deal. And what we're now seeing is some of the punitive components of the early leases such as losing a significant amount of revenue for a day late delay on an RFS date.

麥克，謝謝你的提問，也謝謝你最近的入會儀式。我們很高興看到北地電視台報道我們。我可以告訴你，那是六個月前，當我重新擔任執行長一職的時候。我們進入了一個對簽署協議充滿熱情的市場。我們現在看到的是早期租約中的一些懲罰性條款，例如如果 RFS 日期晚一天，就會損失大量收入。

And differing terms that are backstopped only at the site level rather than at the top co level. It has given us an opportunity to really sit back and evaluate what's out there. And I can tell you that We, Gary, Harry and myself and some of our team attended the Pacific Telecom Conference in Hawaii. And the feedback that we received by presenting an end-to-end solution was very overwhelmingly positive. We've been very pragmatic about the assets that we've accumulated, the location, the distance away from fiber networks, the access to behind-the-meter generation.

而且不同的條款僅在站點層級得到保障，而不是在最高公司層級得到保障。這讓我們有機會真正靜下心來評估現有的情況。我可以告訴大家，我和加里、哈利以及我們團隊的一些成員參加了在夏威夷舉行的太平洋電信會議。我們提出的端到端解決方案所獲得的回饋非常積極。我們對已累積的資產、地理位置、與光纖網路的距離以及接入用戶側發電設施等問題一直非常務實。

And as a result, we've now been entertaining multiple trillion balance sheet companies that are interested in long-term leases on some of these assets. So we're seeing the demand continuing to escalate.

因此，我們現在一直在與多家資產負債表規模達數兆美元的公司洽談，這些公司對其中一些資產的長期租賃很感興趣。因此，我們看到需求持續攀升。

And I might add, we saw Amazon earlier today talk about their commitment to invest $200 billion in AI infrastructure in 2026. exceeding the $140 billion estimated by the Street. So looking at the demand behind that, we feel very solid about it. And if the inbound inquiries and conversations we're having with hyperscalers or any indication, the fear of a bubble is highly overstated.

我還要補充一點，我們今天早些時候看到亞馬遜談到了他們承諾在 2026 年投資 2000 億美元用於人工智慧基礎設施，超過了華爾街估計的 1400 億美元。因此，從市場需求來看，我們對此非常有信心。如果從我們與超大規模資料中心營運商的溝通和諮詢來看，或者從任何跡象來看，對泡沫的擔憂都被大大誇大了。

Got it. And then maybe just as a follow-up, your three sites, Sealy, Sandersville and Brazil, would you say it's equal demand for all 3? Or is there one that sticks out amongst those? How would you handicap that?

知道了。那麼，作為後續問題，關於您的三個地點，Sealy、Sandersville 和巴西，您認為這三個地方的需求是否相同？或者說，其中有沒有哪一件特別突出？你會如何評估這場比賽的勝負？

I think probably the highest demand right now is Sandersville. Quite frankly, because it's 250 megawatts, we already built a substation. It's already energized. The Sealy site energization is Q1 '27 for the first 207 megawatts, so we're seeing strong demand there. And obviously, the next site has also been very appealing.

我認為目前需求量最大的可能是桑德斯維爾。坦白說，因為這是 250 兆瓦，我們已經建造了一座變電站。它已經通電了。Sealy 電廠將於 2027 年第一季投入使用，首批 207 兆瓦電力供應，因此我們看到該地區的需求十分強勁。顯然，下一個地點也非常吸引人。

But I would say that the data center environment in Georgia and the energized site are very compelling to the offtake clients.

但我認為，喬治亞州的資料中心環境和已投入使用的場地對承購客戶來說非常有吸引力。

Great. Well, best of luck the rest of the winter and spring.

偉大的。祝你餘下的冬春兩季一切順利。

Appreciate it, Mike. Thank you.

謝謝你，麥克。謝謝。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Hey, good evening. Thanks so much for taking my question. So just as a quick follow-up. You mentioned there have been some really positive CapEx comments from companies like Amazon. To me, that signals rising demand for AI data centers. Would you say that that's indicative of demand, call it, across the sector from various hyperscalers that you're speaking with? Or are people getting more cautious at all?

嘿，晚上好。非常感謝您回答我的問題。那麼，我再補充一個簡單的問題。您提到亞馬遜等公司對資本支出發表了非常正面的評論。在我看來，這顯示對人工智慧資料中心的需求正在上升。您認為這是否能反映出您所接觸的各個超大規模資料中心營運商對整個產業的需求？或者說，人們真的變得更謹慎了嗎？

Yes. I would say it's an emphatic yes. Just as a quick aside, Jeff Thomas, who leads our AI venture has been in the office with us this entire week, and more often than not, he's excusing himself to go into his office and close the door to field an inbound inquiry. So I would say demand is escalating rapidly.

是的。我會毫不猶豫地說「是」。順便提一下，我們人工智慧計畫的負責人傑夫·托馬斯這週一直和我們待在辦公室裡，但他經常藉口要回辦公室關上門去處理收到的諮詢。所以我認為需求正在迅速成長。

That's certainly good news. And I know you guys mentioned that you're looking for a mix of quality and scalability among clients, given construction commitments that you've already made, how confident are you that you'll be able to, call it, sign a contract in the relatively near future?

這當然是個好消息。我知道你們提到過，你們希望客戶能夠兼顧品質和可擴展性。考慮到你們已經做出的施工承諾，你們有多大信心能夠在相對較短的時間內簽署合約？

We're very confident, Brian. I'll be honest with you the delay in -- I wouldn't even call it a delay. I mean when we did this six months ago and then we had our earnings call seven or eight weeks ago, we said that we would expect to sign a quality lease in less than a year. And I would say that, that's highly accelerated. But the discipline that we're taking, you look at some of the leases that other Bitcoin miners have put up and they're very highly redacted in the public filings.

我們非常有信心，布萊恩。說實話，這個延誤——我什至不認為這是一個延誤。我的意思是，六個月前我們做這件事的時候，然後在七八週前的財報電話會議上，我們說過我們預計在不到一年的時間內簽署一份高品質的租賃協議。我認為，這發展速度非常快。但是，我們採取的這種自律態度，看看其他比特幣礦工簽署的一些租賃協議，你會發現它們在公開文件中被大量刪減。

And that's a result of the punitive nature of some of the delay provisions.

這是由於某些延誤條款具有懲罰性所致。

So as we contemplate this, we're actually working on a basis of design with the offtake customer. We're designing it in advance and then assuring that we can meet the delivery time lines to remove that potential overhang of failure to deliver risk. So being disciplined about this and building specific to the basis of design for the offtaker, including the implementation of the approved reference architecture from the chip manufacturers will allow us to have that certainty to secure the supply chain before we enter into these commitments to ensure that we don't have that fail to deliver.

因此，在考慮這個問題時，我們實際上是在與承購客戶共同製定設計方案。我們提前進行設計，然後確保能夠按時交付，以消除交付失敗的潛在風險。因此，嚴格按照承購方的設計基礎進行構建，包括實施晶片製造商批准的參考架構，將使我們能夠在做出這些承諾之前確保供應鏈的穩定，從而避免交付失敗。

Excellent. Excellent. Thank you. And then just one final one on Bitcoin mining, if I may. Given your efficiency you're better positioned than those heading into the next having, I guess, has your thought process changed at all as far as operating Bitcoin lines, call it, in tandem with your expansion into HPC.

出色的。出色的。謝謝。最後，如果可以的話，我想再補充一點關於比特幣挖礦的問題。鑑於你的效率，你比那些即將進入下一個階段的人更有優勢，我想，隨著你向高效能運算領域的擴張，你在運營比特幣線路（姑且這麼稱呼）方面的思路是否有所改變？

That's a great question, Brian. And what we found is that as new energy sources are energized, some of these communities, especially the smaller communities, are incentivized to monetize those metal lots very rapidly. The challenge is to build a data center for a hyperscaler with the approved basis of design and incorporating that reference architecture is a 12-month best case 18- to 24-month kind of average case delivery time line, we can use the infrastructure that we have for Bitcoin mining, like we did in Cheyenne, Wyoming, where we secured a 100-megawatt lease over a hyperscaler.

布萊恩，你問得好。我們發現，隨著新能源的開發利用，一些社區，特別是較小的社區，會受到激勵，迅速將這些金屬礦藏變現。挑戰在於，要按照已批准的設計基礎，為超大規模資料中心建造一個資料中心，並融入該參考架構，最佳情況下需要 12 個月，平均情況下需要 18 到 24 個月的交付時間。我們可以利用我們現有的比特幣挖礦基礎設施，就像我們在懷俄明州夏延所做的那樣，我們在那裡獲得了超大規模資料中心 100 兆瓦的租賃權。

We did that simply because we committed to start paying power bills inside of six months, not inside of 1.5 years, and that makes a difference to these communities. So we'll continue to use Bitcoin mining as that tool. You heard us talk about on the call, something that we haven't published it yet because it wasn't material, and that is we have 122-acre parcel adjacent to Sandersville.

我們這樣做是因為我們承諾在六個月內開始支付電費，而不是在一年半內，這對這些社區來說意義重大。所以我們會繼續使用比特幣挖礦作為這種工具。你們在電話會議上聽到了我們談到的一件事，我們還沒有公佈，因為它並不重要，那就是我們在桑德斯維爾附近有一塊 122 英畝的土地。

What does that mean? That means I can operate 11 exahash to a profitable Bitcoin mining up until the day we cut the power over to support the data center for our end-use clients. We also on the map of our projects, something that we haven't talked about is a 15-megawatt site in South Dakota. The utility there had introduced a blockchain specific tariff that with an interruptible load it gives us the lowest cost per kilowatt hour of almost any site in our portfolio. So that flexibility allows us to migrate that mining to a profitable location once we've spun up a data center behind us.

這意味著什麼？這意味著我可以運行 11 exahash 的算力進行盈利的比特幣挖礦，直到我們為了支援終端用戶的資料中心而切斷電源為止。在我們的專案地圖上，還有一個我們尚未提及的項目，那就是位於南達科他州的一個 15 兆瓦的站點。當地電力公司推出了一種專門針對區塊鏈的電價方案，在可中斷負載的情況下，該方案使我們在所有站點中實現了每千瓦時最低的成本。這種靈活性使我們能夠在建立起資料中心後，將挖礦業務遷移到有利可圖的地點。

So we see it kind of as a loss leader, but it makes money.

所以我們認為它有點像是虧本引流產品，但它卻能賺錢。

Yeah, excellent. Thanks for that color and thanks again for for answering all my questions, Matt.

是的，太好了。謝謝你提供的這個顏色，也再次感謝你回答我的所有問題，馬特。

Absolutely, thanks, Brian.

當然，謝謝你，布萊恩。

Mike Colonnese, H.C. Wainwright.

麥克科隆內塞，H.C. 溫賴特。

Hi, good afternoon, guys. I appreciate you taking my questions. Matt, first one maybe for you. I appreciate your comments on the HPC business with start being advanced discussions or diligence stages rather potential tenants here. And that you're currently looking on a basis of design. Curious what milestones should we be on the lookout for next and some of the expected time lines you see as we come across the next couple of quarters here?

大家好，下午好。感謝您回答我的問題。馬特，第一個或許是給你的。我感謝您對高效能運算業務的評論，我們認為這應該從深入討論或盡職調查階段開始，而不是尋找潛在租戶。而你目前是從設計的角度來看這個問題的。想知道接下來我們應該關注哪些里程碑事件，以及在接下來的幾個季度裡，您認為有哪些預期的時間表？

So I think the process when you're dealing with a hyperscaler is we could rush in and sign a lease, so we could get a headline. And then we're facing potential losses for a failure to deliver. So as I mentioned in my prior comments, we're working towards that basis of design. And one of the things I think that is a key differentiator that's maybe gone a little bit under the radar. And that is we put out a press release announcing an MOU with Subaru.

所以我覺得，當你和超大規模資料中心營運商打交道時，我們可能會匆忙簽署租賃協議，這樣我們就能獲得頭條新聞。如果未能按時交付，我們將面臨潛在的損失。正如我之前提到的，我們正在朝著這個設計基礎努力。我認為其中一個關鍵區別因素可能有點被忽略了。於是，我們發布了一份新聞稿，宣布與Subaru簽署諒解備忘錄。

Mike, you've been around our company long enough that we don't ever make a material disclosure unless we've got a firm contract. And we felt that, that was important as we head into some of these discussions because summer has been very successful in building a modular MEP. So mechanical, electrical and plumbing, all the fiber runs everything according to the reference architecture required by the chipset manufacturers.

麥克，你在我們公司待的時間夠長了，除非有正式合同，否則我們絕對不會做出重大披露。我們認為這一點很重要，因為在進行這些討論之前，夏季在建立模組化機電系統方面取得了巨大成功。因此，機械、電氣和管道系統，所有光纖都按照晶片組製造商要求的參考架構運作。

So our solution will be to build the gray space to build a tilt up shell and then slot in the reference architecture. That also gives us flexibility. So if you have a hyperscaler that wants to modify from one particular type of chip to another, we have that modular approach. It also shortens the time line because we've all heard the horror stories about some of our peers that have a couple of thousand tradesmen all working at the same sites in West Texas, and they're struggling to provide housing and food and bathroom facilities. We look at this differently.

因此，我們的解決方案是建造灰色空間，以建造一個可傾斜的外殼，然後插入參考架構。這也給了我們更大的彈性。因此，如果一家超大規模資料中心營運商想要將一種特定類型的晶​​片更換為另一種類型，我們就能提供這種模組化方法。這也縮短了工期，因為我們都聽說過一些同行在西德克薩斯州同一工地僱用數千名工匠的可怕故事，他們正努力提供住房、食物和衛生間設施。我們對此有不同的看法。

We build instead of a one-off data center that's stick built. We build the shell according to the specifics required by the end customer. and then we build the MEP portion in a factory. So it's consistent and duplicatable and scalable, which is differentiated from anything else in the space. So it's important to us to establish all of those build parameters ahead of time.

我們採用的是整體式建設，而不是那種一次性搭建的、結構簡陋的資料中心。我們根據最終客戶的具體要求建造外殼，然後在工廠建造機電部分。因此，它具有一致性、可複製性和可擴展性，這與該領域的其他任何事物都截然不同。因此，提前確定所有這些建置參數對我們來說非常重要。

So when we put pen to paper, there's absolute certainty that we can deliver the product as expected on time.

因此，當我們提筆制定方案時，我們完全有信心能夠準時交付符合預期的產品。

Helpful color. Matt, I appreciate that. And Gary, maybe one for you. Does this recent downturn in Bitcoin prices change or huddled approach at all? I know from covering the name for a while here, you guys have historically had a very dynamic high approach, one that tended to adjust based on prevailing market conditions.

有用的顏色。馬特，我很感激。加里，也許這件也適合你。比特幣價格近期的下跌是否會改變或影響市場策略？我關注這家公司一段時間了，我知道你們歷來採取的是非常靈活的高位策略，而這種策略往往會根據當時的市場狀況進行調整。

So curious how you guys are thinking about the huddles back here?

很好奇你們對後面的圍圈討論有什麼想法？

Thanks, Mike. Since you've been around a while, you know we've built this business on optionality. So that option is still on the table if we wanted to dip into the hotel and part with some of those Bitcoin, I'll tell you that's not something we're planning on doing even at these levels. We think that the strategy is still intact and part of the hedge is for us really selling nearly 100% of our monthly operating production. So as of right now, there's really been no change in that strategy.

謝謝你，麥克。你在這裡待了一段時間了，應該知道我們這家公司是建立在靈活選擇的基礎上的。所以，如果我們想動用飯店資金並用比特幣支付，這個選項仍然在考慮範圍內。但我可以告訴你，即使在目前的價位，我們也不打算這麼做。我們認為該策略仍然有效，而對沖措施的一部分實際上是我們出售幾乎 100% 的月度營運產量。所以目前來看，這策略還沒有任何改變。

I'd also conversely say that we're not expecting to hold 100% of the operating Bitcoin production either because that would mean that we'd run through our cash a whole lot quicker and as we had mentioned, when we were raising the convert funds, we expect to use the majority of those funds to expand in AI data centers because we think that's the future of the company.

相反，我還要說，我們也不打算持有 100% 的比特幣營運產能，因為那意味著我們的現金消耗速度會更快。正如我們之前提到的，在籌集轉換資金時，我們計劃將大部分資金用於擴展人工智慧資料中心，因為我們認為這是公司的未來。

Mike, maybe that just a little -- another layer to the Bitcoin mining side. At our last disclosure, we were at 16.07 jewels per terahash and Taylor and his team are actively deploying the 13.5 jewel per terahash machines in the immersion cooled containers in five different locations. So we expect our fleet efficiency to continue to improve.

麥克，也許這只是比特幣挖礦方面的另一層意義。在我們上次披露時，我們的每兆哈希運算能力為 16.07 寶石，而 Taylor 和他的團隊正在五個不同的地點積極部署每兆哈希運算能力為 13.5 寶石的浸沒式冷卻容器。因此，我們預計我們的車隊效率將繼續提高。

In the last cycles, I mean we've been through this a few times, we see the kind of wash out of the sorting process and the less efficient fleets tend to unplug. So we also believe that there is a very strong opportunity for us to organically grow a share of the network hash rate just by default as other less efficient miners or for unplug.

在最近的幾個週期中，我的意思是，我們已經經歷過幾次這種情況了，我們看到分類過程被淘汰，效率較低的車隊往往會退出市場。因此，我們也相信，我們有很大的機會透過其他效率較低的礦工或拔掉電源等方式，自然而然地提高網路算力份額。

Great, thank you for taking my question.

太好了，謝謝你回答我的問題。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Yeah, hi, thank you and good afternoon and thanks for taking my questions. Just thinking about the move forward in the HPC, I know Jeff joined the team a few months ago now. Gary, you alluded to potentially higher SG&A over time as we kind of build out the team and get ready to pivot into this new business. Like how should we think about costs and processes? And where are we in terms of -- we've seen other companies go out and build teams. What we're realizing we have a lot of capable talented people already inside the company.

是的，你好，謝謝，下午好，也謝謝你回答我的問題。想到高效能運算領域的發展，我知道 Jeff 幾個月前加入了團隊。Gary，你曾暗示，隨著我們逐步組建團隊並準備轉型進入這項新業務，銷售、一般及行政費用可能會隨著時間的推移而增加。我們該如何看待成本和流程？而我們在這方面處於什麼位置——我們看到其他公司都在組建團隊。我們意識到公司內部已經有很多有能力、有才華的人才。

How should we think about growth at the employee level here?

我們該如何看待員工層面的成長？

Greg. Thanks for the question. It's a great question. We get it quite often from investors. I'll tell you, it's hard to give guidance on that because while we have a plan to bring on a certain number of FTEs, the timing of when those hit is really what's going to drive what the numbers are going to be for the fiscal year.

格雷格。謝謝你的提問。這是一個很好的問題。我們經常從投資者那裡收到這樣的回饋。說實話，這很難給出明確的指導，因為雖然我們計劃增加一定數量的全職員工，但這些員工何時到崗才是真正決定本財年員工人數的關鍵因素。

Additionally, we have optionality to where we can rent services. So if we need services from someone we could bring in outside consultant -- contractors to help fill that void while we're waiting to bring on full-time talent. And there's -- that could be different than what it would be to bring on a burden employee. So we're not prepared to give out numbers about right now. I don't think it's anything that's material that's putting us at risk or anything.

此外，我們也可以自由選擇租用服務的地點。因此，如果我們需要某方面的服務，我們可以引入外部顧問——承包商來幫助填補這一空缺，同時等待我們招募全職人才。而且——這可能與引進一名負擔員工的情況有所不同。所以我們現在還不方便透露具體數字。我不認為有什麼物質方面的東西會讓我們面臨風險。

I think we've been pretty measured about bringing on people right around the time we will need them. So I think you'll see that slowly uptick throughout the remainder of the year.

我認為我們在招募人才方面一直做得相當謹慎，總是在我們需要他們的時候才引進他們。所以我認為在今年剩餘的時間裡，你會看到這種趨勢緩慢上升。

Okay. Great. And then I think it's been understood that we were going to acquire more land at Sanders ville for at least a few months. How does now owning that additional land at Sandersville. Does that go at all in changing the kind of conversation that it seems like we're focusing -- it seems like part of this call is you focusing on potential terms of some of these HPC contracts.

好的。偉大的。然後我認為大家已經明白，至少在接下來的幾個月裡，我們將在桑德斯維爾購買更多土地。現在擁有桑德斯維爾的那塊額外土地意味著什麼？這是否與改變我們似乎正在關注的對話類型有任何關係——這次通話的一部分似乎是你們關註一些高效能運算合約的潛在條款。

Does -- I would think earning the land matters a lot. I guess my question is, was not earning some of the land and potentially leasing it kind of a nonstarter?

確實——我認為獲得土地的過程非常重要。我想問的是，如果不透過自身努力獲得部分土地並考慮出租，是不是根本就行不通？

Greg, it's Harry. I think you're exactly right. So we view the closing of the land expansion at Sandersville, a very orderly process in progressing the AI data center project there. It allows us to move into a very specific basis of design alignment exercise, which is underway. And it also brings a level of specificity to the compute and power ramp for the data center deployment as well because there's complexity to these projects that extend beyond standing up the data center for our state.

格雷格，我是哈利。我覺得你說得完全正確。因此，我們認為桑德斯維爾土地擴建計畫的完成，是推動當地人工智慧資料中心計畫的一個非常有序的過程。它使我們能夠進入正在進行的非常具體的設計對齊練習的基礎階段。它也為資料中心部署的計算和電力提升帶來了一定的針對性，因為這些項目的複雜性不僅僅在於為我們州建立資料中心。

There's a lengthy commissioning process that the tenants typically take on in the context of the overall project life cycle and being able to map out those time lines and those work streams in detail, is critical as we move through the full commercial scope of the discussions, they are, in many cases, governed by some of those technical pieces in the ramp process.

租戶通常會在整個專案生命週期中承擔一個漫長的調試過程，詳細規劃這些時間表和工作流程至關重要，因為隨著我們深入討論整個商業範圍，它們在許多情況下都受到啟動過程中某些技術環節的限制。

Stephen Glagola, KBW.

Stephen Glagola，KBW。

Hi, thanks for the question. Can you maybe provide some insight in how ERCOT's proposed large load bag study process may the energization time line for the Sealy side as well as the approval and development schedule associated with your Brazoria County, Texas project?

您好，感謝您的提問。您能否就ERCOT提議的大型荷載袋研究流程如何影響Sealy側的通電時間表，以及與您在德克薩斯州布拉佐裡亞縣的項目相關的審批和開發進度提供一些見解？

Stephen, yes, Harry, again. Happy to do that. So I think the first piece of it is that the study process that ERCOT is proposing to roll out has not gone final yet. They're still in a comment period where they're taking member requests for how they want to influence that process and how it's going to be brought to market. So we're waiting to see kind of the final form of that.

史蒂芬，是的，哈里，又是你。我很樂意這樣做。所以我認為，首先，ERCOT 提議推出的研究流程尚未最終確定。目前他們仍處於意見徵詢期，接受會員提出的關於如何影響該過程以及如何將產品推向市場的建議。所以我們正在等待看到它的最終形態。

But given the early news there, we've had a lot of detailed discussions with a number of counterparties that we're working with there. That includes the substation developer. It includes the utility. It includes some of the political folks and obviously, some of the teams that are caught as well. And I think the assets that we have in the state are in very favorable position relative to this new piece of the process for a handful of reasons.

但鑑於目前的消息，我們已經與我們在當地的許多合作夥伴進行了詳細的討論。這其中也包括變電所開發商。它包含了實用功能。其中包括一些政治人物，當然也包括一些被牽連的球隊。我認為，由於以下幾個原因，我們州擁有的資產相對於這個新流程而言處於非常有利的地位。

The first is that the large load studies that have been done. Its Sealy, it's complete. And at the second location, it's in a deeply progressed state. And we've received the notice to proceed language at both of them. So that's kind of .1 and 2.

首先是已經進行的大規模負荷研究。是席夢思的，齊全。而第二個地點則處於高度發展的狀態。我們已經收到了兩份開工通知書。所以這就像是0.1和0.2。

The next is that the interconnect and the FDA pieces are executed. And the third at Brazoria is that the CAIC has been funded. And at the Sealy location substation is already under construction. So these are significantly progressed projects.

接下來是互連和 FDA 部分。布拉佐裡亞的第三個消息是，CAIC 已經獲得了資金。錫利變電站已經在興建中。所以這些都是進展顯著的項目。

And what we've seen is that the view of the batching and the study rollout is largely being informed by project maturity as well as location. And what we've gotten feedback from the utility of both of those locations of -- is that the location that we selected is that a point in the overall ERCOT transmission system that's going to be the least impacted by this type of reevaluation process. So we feel very, very positively about where these two assets sit within the system and how they're going to be treated. But until ERCOT comes out with final language, we can't have 100% visibility into that yet.

我們看到，批次處理和研究推廣方案的選擇很大程度上取決於專案的成熟度和地點。我們從這兩個地點的公用事業公司得到的回饋是——我們選擇的地點是整個 ERCOT 輸電系統中受此類重新評估過程影響最小的點。因此，我們對這兩項資產在系統中的地位以及它們將如何被對待感到非常非常樂觀。但在ERCOT公佈最終文本之前，我們還無法對此有100%的了解。

Okay, great. Thank you.

好的，太好了。謝謝。

John Todaro, Needham & Company

約翰‧托達羅，李約瑟公司

Hey guys, thanks for taking my question two here, I guess, we'll start with the one that kind of comes off the ERCOT question. Are there -- as you think about just kind of longer-term pipeline, adding more power, are there other power markets that are now starting to look maybe a little bit more attractive relative to Texas and where could we see that? And then I have a follow-up on the HPC tenant side.

嘿，各位，感謝你們回答我的第二個問題，我想，我們就從ERCOT問題相關的這個問題開始吧。從長遠來看，增加電力供應，是否有其他電力市場相對於德州更具吸引力？我們可以在哪裡看到這種情況？然後我還要跟進高效能運算租戶方面的問題。

Thanks, John. I think that we have always had a strong heritage of diverse portfolio construction. We see it in the way that we enter into power agreements today. We've got a significant footprint deployed and operating in Georgia. We've got significant presence in Tennessee.

謝謝你，約翰。我認為我們一直擁有建立多元化投資組合的強大傳統。我們從今天簽訂電力協議的方式就能看出這一點。我們在喬治亞州已經部署並經營了大量業務。我們在田納西州擁有相當大的市場份額。

Wyoming and Mississippi as well are the smallest 2, but they're by no means small.

懷俄明州和密西西比州也是最小的兩個州，但它們絕非小州。

So I think that what we're going to be able to accomplish is a continued expansion in those markets because of the relationship and community quality that we've engaged in to date. But additionally, I think that the other side of the question that you're asking is do large-scale data centers skew towards in front of the meter power or behind the meter power.

所以我認為，憑藉我們迄今為止建立的關係和社區質量，我們將能夠在這些市場實現持續擴張。此外，我認為你提出的問題的另一面是，大型資料中心是傾向於使用電錶前功率還是電錶後功率。

And we're asking these questions internally along both vectors. So we think that there's a huge amount of opportunity inside of Texas and outside on the in front of the meter profile. We have a team that's become exceedingly expert in sourcing, negotiating and closing on that power.

我們正在內部從這兩個方面提出這些問題。所以我們認為，在德州內外，尤其是在電錶前端，都存在著巨大的機會。我們擁有一支在獲取、談判和最終達成交易方面極其專業的團隊。

And then we are also strongly evaluating the capacity for behind-the-meter power as well in places where we're either able to get a smaller in front of the meter load or there's a particularly rich commodity environment by which we could power behind-the-meter generation and then the associated data center.

此外，我們也正在積極評估表後電力的容量，尤其是在我們能夠減少表前負荷，或商品環境特別豐富，可以滿足表後發電和相關資料中心需求的地方。

So we're people for its business fundamentally, and our power and land teams are prepared to expand the portfolio very, very broadly in a diversified way, but also add that potential for behind the meter to the repertoire as well.

所以從根本上來說，我們是適合這項業務的人，我們的電力和土地團隊準備以多元化的方式非常廣泛地擴展投資組合，同時也將幕後業務的潛力添加到業務範圍中。

Great. And then just on the HPC 10 discussion. I guess just trying to gauge kind of how far advanced we are in the positioning. Is it -- are we kind of down to one potential tenant that seems much further along? Or is there kind of three that are in final competition stages?

偉大的。然後就討論 HPC 10 吧。我猜我只是想評估一下我們在定位方面進展到了什麼程度。是不是－我們是不是只剩下一個潛在租戶了，而且看起來他/她離我們更近一步？或者說，有三種類型的選手進入了最終的比賽階段？

Just a little bit more color there?

再加點顏色就好了？

Ask me a question that I can answer. What I would say, John, to be honest with you, is there are multiple potential offtake tenants for Sandersville to begin with. I would say there is a specific front runner by an order of magnitude to the extent that our team is collaborating with their team on the site placement. You may have seen a slide in our deck that had a mockup of the layout of the data center. So we've advanced it significantly with a particular offtake, but by no means is it committed elsewhere.

問一個我能回答的問題。約翰，說實話，我想說的是，桑德斯維爾一開始就有很多潛在的承購租戶。我認為目前有一個明顯的領先者，領先優勢非常明顯，以至於我們的團隊正在與他們的團隊合作進行網站選址。您可能在我們的簡報中看過一張投影片，上面有資料中心佈局的模型。因此，我們透過一項特定的收購取得了顯著進展，但這絕不意味著我們在其他地方也做出了承諾。

I mean there -- the competition for megawatts and land right now is stronger than it was when we announced this strategy to expand into AI. So we're not closing any doors, but I would say there's a clear frontrunner there.

我的意思是，現在電力和土地的競爭比我們宣布進軍人工智慧領域的策略時更加激烈。所以我們並沒有排除任何可能性，但我認為目前已經有了明顯的領跑者。

Got it. Sounds good. Thank.

知道了。聽起來不錯。感謝。

Brent Noble, Cantor Fitzgerald.

布倫特·諾布爾，坎托·菲茨杰拉德。

Hi guys. This is Gareth on for Brett. I was just hoping you could go into detail on the two new sites in Texas. When are you guys expecting to have power available on those sites. And what do you think the time lines are kind of going forward there?

嗨，大家好。這是加雷斯替補布雷特上場。我只是希望您能詳細介紹一下德克薩斯州的兩個新網站。你們預計什麼時候能給這些工地供電？你覺得那邊的未來時間線會是怎麼樣的？

Yes, absolutely. So let's tackle the Sealy project first. The land secured is 271 acres. The gross power is 285 megawatts. The first 207 to 209 is coming first half of '27.

是的，絕對的。那麼，我們先來解決席夢思計畫。所獲土地面積為271英畝。總功率為285兆瓦。前 207 至 209 將於 2027 年上半年推出。

And then it's about 40 in '28 and 40 in '29. And that's driven by the transmission agreement by which we secure the power.

然後，1928 年大約是 40，1929 年是 40。而這一切都源自於我們透過輸電協議來保障電力供應。

The second project is in Brazoria County. Larger footprint with up to 477 acres at that location. And the way that it's structured is that we've signed for that agreement, but we're not closed yet, and there's some closing conditions associated with it, that we expect to wrap up here. The time line for the energization is a function of some of those closing conditions. And so we don't have the type of line in the sand clarity that we have at Sealy.

第二個項目位於布拉佐裡亞縣。該地塊佔地面積更大，可達 477 英畝。目前的情況是，我們已經簽署了該協議，但尚未完成，還有一些相關的成交條件需要滿足，我們預計這些條件將在這裡得到解決。通電時間取決於一些最終條件。因此，我們不像 Sealy 那樣有著涇渭分明的界線。

But I think that Q4 '27, Q1 '28 is a range that is all reasonable and everybody internally is working to bring that energization date as close to the inside as possible.

但我認為 2027 年第四季到 2028 年第一季都是一個合理的範圍，公司內部每個人都在努力使通電日期盡可能接近這個典範的上限。

Great, thank you.

太好了，謝謝。

Paul Golding, Macquarie.

Paul Golding，麥格理集團。

Thanks so much for the question, and congrats on all the progress. Gary, you referenced a peers recent capital raise. And I just wanted to ask, as we think about the liquidity you have, but also you have substantial capacity going forward that you'll hopefully be growing into with leases. Should we take that to be -- that comment to be indicative at all of how you hope to essentially face a counterparty in terms of counterparty type face-to-face with hyperscaler able to do high yield raises where the counterparty credit quality could yield that, I guess, how should we think about how you're selecting your counterparties given the context given around capital raising and cost of capital. Thanks so much.

非常感謝您的提問，也恭喜您所取得的所有進展。Gary，你提到了同業最近進行的融資。我想問一下，考慮到你們目前的流動資金，以及你們未來擁有的大量產能（希望你們能透過租賃來成長），情況是這樣的。我們是否應該將此理解為——該評論表明您希望如何與交易對手面對面地進行交易，例如與能夠進行高收益融資的超大規模數據中心進行交易，而交易對手的信用質量可以帶來這樣的收益？我想，鑑於融資和資本成本的背景，我們應該如何看待您選擇交易對手的方式？非常感謝。

Thanks, Paul. I'll tell you that it's very important to us to have that grade A credit quality tenants because we think that's the most financeable and the best cost of capital. So that's what we're focused on. In terms of the vehicle, I quote the recent Cipher deal because the high yield seems to be a playbook that a number of our peers have started to go down that path. We're open to that.

謝謝你，保羅。我要告訴你們，對我們來說，擁有A級信用品質的租戶非常重要，因為我們認為這是最容易融資且資金成本最低的。所以這就是我們關注的重點。就投資標的而言，我引用了最近 Cipher 的交易，因為高收益似乎是許多同行已經開始效仿的策略。我們對此持開放態度。

We're happy to see that the terms are getting better both with that and the contracts and leases that are backed by that bond.

我們很高興看到，無論是債券本身，還是以該債券為擔保的合約和租賃協議，條款都在不斷改善。

There's some other options as well. obviously, a little higher cost of capital. But at the end of the day, what's great about this is, and you've heard this word from us for quarters or years now is optionality, right? We have a lot of options on the table. But I think it's safe to say we're going to follow a playbook right now that's probably proven in the capital markets, and it all starts with a grade A tenant.

當然，還有其他一些選擇。不過，資金成本顯然會高一些。但歸根結底，這件事最棒的地方在於，正如我們幾個季度甚至幾年以來一直強調的，那就是選擇權，對吧？我們有很多選擇。但我認為可以肯定地說，我們現在將遵循一套在資本市場可能已經證明行之有效的策略，而這一切都始於一個優質租戶。

And then maybe a follow-up. I believe, Matt, you mentioned when speaking about the Sandersville work and the 122 acres with tenant-driven specs in mind. How should we think about what that means for terms? You also noted that terms in discussion were seemingly more positive across the conversations you're having. Is there any kind of prepayment or deposit discussion involved in the conversations you're having, given that you are proactively using tenant-driven specs to set up the sites for HPC?

然後或許會有後續報道。我相信，馬特，你在談到桑德斯維爾計畫和122英畝土地時，也提到了以租戶需求為導向的規格。我們應該如何看待這對術語的影響？你也注意到，在你們進行的對話中，討論的措詞似乎更加積極。鑑於您正在積極使用租戶驅動的規範來設定 HPC 站點，您進行的對話中是否涉及任何預付款或押金的討論？

It's -- thanks for the question, Paul. It's a bit -- it's a little early in the discussions to comment on that. directly. But I can tell you that we're -- obviously, there are a number of different leases that have been put up. You've seen modified gross.

謝謝你的提問，保羅。現在討論這個問題還為時過早，直接評論還為時過早。但我可以告訴你，顯然，目前已經簽訂了許多不同的租賃合約。你已經看過改良版的Gross了。

You've seen triple net. You've seen posted agreements. You've seen miners that have committed to buy the chips themselves. So I can tell you that our focus initially, and I'm not -- I don't mean to downplay the quality of any other transaction.

你見過三層網。你已經看到已發布的協議了。你看過一些礦工承諾自行買晶片。所以我可以告訴你，我們最初的重點是，而且我不是——我並不是要貶低任何其他交易的品質。

But as we look at the financing options, I think it's important to us to have a significantly better deal than I think the market would have otherwise expected. I think we're interested in putting a deal together directly with the hyperscaler, not necessarily with the Neo cloud backed by a hyperscaler. And we believe that we'll set the standard for the quality of the agreement and the, I guess, win-win is a term we use in the company a lot.

但當我們考慮融資方案時，我認為對我們來說，獲得比市場預期更好的交易條件至關重要。我認為我們更感興趣的是直接與超大規模雲端服務商達成協議，而不是與超大規模雲端服務商支援的 Neo 雲端達成協議。我們相信，我們將為協議的品質樹立標準，而「雙贏」這個詞在我們公司經常被提及。

There will certainly be expectations our feet will be held to the fire, so to speak, to deliver, but it's not at the risk of an existential threat on a fail to deliver. So we're negotiating all those terms. And I think what you'll see when we announced the first lease is a basis or a model for what you can expect going forward.

當然，大家會對我們寄予厚望，要求我們拿出成績，但即便做不到，也不會面臨生存危機。所以我們正在就所有這些條款進行談判。我認為，當我們宣布第一份租賃協議時，你們將會看到一個基礎或模式，它預示著未來可以期待的發展方向。

-- thanks so much.

- 非常感謝。

Jim Milre, Chardan.

吉姆·米爾雷，查丹。

Thank you. Good evening. At the current Bitcoin prices, let's call it, $63,000 or so. How much of your minor fleet is economic to operate? Or another way to ask it is how much of the minor fleet is -- meets the hurdle rate in order to operate

謝謝。晚安.以目前的比特幣價格計算，我們姑且稱之為 63,000 美元左右。您的小型機隊中有多少艘船的營運成本是經濟的？換句話說，有多少小型機隊達到了營運所需的最低收益率？

Great question, Jim. Thank you for that. So our fleet efficiency improved and then it got a bit worse. And it got worse by design, because as mining economics improved, we actually started to scale up some less efficient equipment in our fleet. What I can tell you is that Taylor and his team are constantly running real-time analysis based on utility prices, network difficulty and the price of Bitcoin.

吉姆，問得好。謝謝。我們的車隊效率先是提高了，然後又稍微下降了。而且情況變得更糟，這是有意為之，因為隨著採礦經濟的改善，我們實際上開始擴大車隊中一些效率較低的設備的規模。我可以告訴你的是，泰勒和他的團隊一直在根據公用事業價格、網路難度和比特幣價格進行即時分析。

And they brought me in to Gary and myself this morning as we were working on this presentation today. They brought us in a list. And I would say less than 10% of our fleet at the current half price is not profitable. So the vast majority of it is and the small portion that is at or below the breakeven threshold our machines that we brought on to take advantage of $125,000 Bitcoin 1.5 quarters ago. So it's not punitive to us to unplug those.

今天早上，他們把我叫到我和加里身邊，當時我們正在準備今天的簡報。他們為我們帶來了一份名單。我認為，以目前半價出售的車輛中，只有不到 10% 的車輛不獲利。所以，絕大部分都是如此，而只有一小部分處於或低於盈虧平衡點，這是我們在 1.5 個季度前為了利用比特幣 125,000 美元的價格而引進的機器。所以拔掉這些插頭對我們來說並不是一種懲罰。

Having said that, as we unplug those less efficient machines or scale them down or under clock them, it increases the overall efficiency of our fleet.

也就是說，當我們拔掉那些效率較低的機器，或是縮小它們的規模或降低它們的運行速度時，就能提高我們整個車隊的整體效率。

Got it. That's helpful. And can you discuss CapEx plans for this year and next, both in from a dollar basis as well as an allocation between Bitcoin and HPC.

知道了。那很有幫助。您能否討論今年和明年的資本支出計劃，以美元為單位，並說明比特幣和高效能運算之間的分配情況？

Jim, it's Gary. I'll tell you that our focus is going to be on deploying capital towards AI. That's in the range of $9 million to $11 million a megawatt which, as you probably know, has been reported by most of our peers in the space right now, and that's the range that we're seeing. So what is deployed is really going to depend on -- that amount is going to depend on the design to build and the customers and when we sign those respective leases. But I'll tell you that the overwhelming percentage majority percentage of that is related to HPC.

吉姆，我是加里。我可以告訴你們，我們的重點將放在向人工智慧領域投入資金。這相當於每兆瓦 900 萬至 1100 萬美元，正如您可能知道的那樣，我們這個領域的大多數同行目前都報道了這一價格範圍，這也是我們看到的價格範圍。因此，實際部署的數量將取決於設計方案、客戶以及我們何時簽署相應的租賃協議。但我可以告訴你，其中絕大多數都與高效能運算有關。

With respect to Bitcoin mining, I think that the investment, particularly at these levels doesn't make a whole lot of sense from the sticker prices that we're seeing from the major manufacturers. If you look at our balance sheet as of 12/31, we had about $130 million of prepaid deposits on Bitcoin mining equipment and miners. And about $112 million of that was through September.

就比特幣挖礦而言，我認為，考慮到主要製造商目前給出的價格，投資比特幣挖礦，尤其是在目前的價位上，意義不大。如果您查看我們截至 12 月 31 日的資產負債表，我們會發現我們預付了約 1.3 億美元的比特幣挖礦設備和礦工的款項。其中約有 1.12 億美元是在 9 月之前獲得的。

So we're still deploying some infrastructure, mainly emerging cooling and miners that will help drive down that efficiency. But we don't plan on spending a significant portion of our cash on mining, unless economics change. We need to keep in mind that we are about two years off to the next having. And in any cycle, as you get closer to having that ROI window closes rapidly. And right now, it doesn't make sense.

所以我們仍在部署一些基礎設施，主要是新興的冷卻設備和礦機，這將有助於降低效率。但除非經濟情勢發生變化，否則我們不打算將大量資金投入採礦。我們需要記住，距離下次生育還有大約兩年。在任何週期中，隨著投資回報窗口的臨近，窗口期都會迅速關閉。而現在，這樣做毫無意義。

So we want to be redirecting every dollar possible towards CapEx.

所以我們希望盡可能把每一分錢都用於資本支出。

Fantastic, thank you. Appreciate it.

太棒了，謝謝。謝謝。

Matthew Capitalo, Maxim Group.

馬修‧卡皮塔洛，馬克西姆集團。

Hey guys, good evening. Thank you for taking my question. I'm filling for Mac right now. I was just wondering if you guys have any insight or I guess, predictions on how we should be thinking about network difficulty in response to the current Bitcoin prices.

各位，晚上好。感謝您回答我的問題。我現在正在為 Mac 工作。我只是想問各位，對於我們應該如何看待當前比特幣價格下的網路難度，你們有什麼見解或預測嗎？

Yes, absolutely. So I think that what we've seen over the last weeks and the difficulty adjustment that's coming on Saturday is important to know is the largest difficulty adjustment to the downside since the China mining ban in 2020. And that's a combination of two factors. The first is that there have been significant weather events across the entire country during that period of time. where you're seeing either the demand response programs get engaged or you're seeing power prices move past the breakeven point of economics.

是的，絕對的。所以我認為，過去幾週我們看到的情況以及週六即將進行的難度調整，需要注意的是，這是自 2020 年中國禁止挖礦以來最大的向下難度調整。這是兩個因素共同作用的結果。首先，在此期間，全國各地都發生了重大的極端天氣事件。在這些事件中，要么需求響應計劃開始啟動，要么電力價格已經超過了盈虧平衡點。

And so that's certainly a contributor to this difficulty adjustment.

因此，這無疑是導致難度調整的因素之一。

The second piece is clearly Bitcoin price is off considerably. And so that next coming difficulty adjustment is going to be a significant one. And then I think given the price action that we've seen in the latter part of the difficulty adjustment period that we're in the middle of right now, we could see additional downward pressure on difficulty in addition to that.

第二點很明顯是比特幣價格嚴重偏離正常水準。因此，下一次難度調整將會是一次重大調整。而且，考慮到我們目前所處的難度調整期後期的價格走勢，我認為難度可能會面臨額外的下行壓力。

So I think that ultimately, this is the self-healing nature of the proof-of-work and Bitcoin mining system. And as you see these types of market forces, the network adjusts to be able to create that security model that's supposed to keep producing blocks and processing transactions.

所以我認為，歸根究底，這就是工作量證明和比特幣挖礦系統的自我修復特性。當你看到這些類型的市場力量時，網路會進行調整，以創建能夠持續產生區塊和處理交易的安全模型。

I just want to add one thing because if you look at this historically, when Bitcoin runs and hash price gets better, the global hash rate laps right? You'll have a period of time, usually weeks, maybe a month or whatever, for miners to find a way to get plugged in because miners just don't sit around waiting for hash price to sit typically, they're just not on racks just waiting for Bitcoin price at a certain price.

我只想補充一點，因為從歷史角度來看，當比特幣價格上漲、哈希價格走高時，全球哈希率就會下降，對吧？通常會有一段時間，幾週，也許一個月或其他時間，讓礦工們找到接入挖礦的方法，因為礦工們通常不會坐等算力價格穩定下來，他們不會一直待在礦機上等著比特幣價格降到某個特定價格。

It's the opposite on the way down because most miners, not all, but most miners know what their breakeven is because that's a real punitive cash penalty because they have to pay their power deals. And so as Bitcoin mining economics go down, what we've seen at least historically, is that cash rate comes off pretty quickly, pretty close to that. And that's because miners say, well, hey, why am I going to take a lot of X amount of dollars when I could just go buy Bitcoin, and I have more Bitcoin than if I actually mined it.

下跌時情況則相反，因為大多數礦工（雖然不是全部，但大多數礦工）都知道他們的盈虧平衡點是多少，因為那會造成嚴重的現金損失，因為他們必須支付電力交易費用。因此，隨著比特幣挖礦經濟效益的下降，至少從歷史來看，現金利率下降得相當快，非常接近那個水準。這是因為礦工們會說，嘿，我為什麼要花那麼多錢去挖礦呢？我可以直接去買比特幣，這樣我擁有的比特幣比我自己挖礦得到的還要多。

So I think that given that routed in the fact that we have a decreasing a fleet with decreasing jewels per terahash, meaning our efficiency is going up. and we're more efficient and we're producing more Bitcoin for every watt that we're putting through these machines. We will be one of the last ones theoretically to turn off, and we'll mine more Bitcoin in terms of quantity as that global half decreases.

所以我認為，考慮到我們每台機器的算力（每兆哈希）和比特幣數量都在減少，這意味著我們的效率正在提高。我們效率更高了，每消耗一瓦的算力，就能生產更多的比特幣。理論上，我們將是最後一批關閉挖礦通道的礦商之一，隨著全球一半的比特幣產量下降，我們將開採出更多的比特幣。

Thank you for that and I guess as a follow-up on the Texas opportunities. Do you guys have a time line on executing behind the meter opportunity into your portfolio?

謝謝，我想就德州的機會做個後續跟進。你們有沒有計劃將地下資金市場機會納入投資組合？

Yes, I appreciate the question. I think it's too early to have a view on the exact timing for that type of opportunity. What I can say is that we're evaluating a number of different behind-the-meter deployment types. Some of those energization schedules are longer. Some of them are much faster to market.

是的，感謝您的提問。我認為現在判斷這類機會的具體時機還為時過早。我可以透露的是，我們正在評估多種不同的表後部署類型。有些啟動計劃持續時間較長。有些產品上市速度較快。

And so ultimately, those types of decisions will be made in concert with the tenant community, and we're really looking to be able to meet their need and satisfy impute demand, whether that's through one form or behind the meter generation or another.

因此，最終，這些類型的決定將與租戶群體共同做出，我們真正希望能夠滿足他們的需求，滿足他們的需求，無論是透過某種形式的電錶後發電還是其他方式。

Awesome, thank you for that. Thanks guys.

太棒了，謝謝你。謝謝各位。

Thank you.

謝謝。

There are no further questions currently. Harry, I turn the call back over to you.

目前沒有其他問題。哈利，我把電話交還給你。

Thank you, and thank you, everyone, 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 from us at CleanSpark.

謝謝大家，再次感謝各位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CleanSpark未來的更多進展和令人興奮的成就。

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

今天的會議到此結束。您現在可以斷開連線了。