CleanSpark, Inc. (CLSK) 2026 Q3 法說會逐字稿

Good afternoon. My name is Lacey, and I will be your conference operator today. I would like to welcome everyone to the third quarter of fiscal year 2026 financial results conference call for CleanSpark. (Operator Instructions)

下午好。我叫 Lacey，今天將擔任各位的電話會議接線員。歡迎各位參加 CleanSpark 2026 會計年度第三季財務業績電話會議。(接線員指示)

Thank you. I would now like to turn the floor over to Harry Sudock, CleanSpark's Chief Business Officer. Sir, you may begin.

謝謝。現在我想把會議交給 CleanSpark 首席商務長 Harry Sudock。先生，您可以開始了。

Thanks, Lacey. Thank you for joining us today to review the third quarter 2026 financial results for CleanSpark. 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.

謝謝你，Lacey。感謝各位今天加入我們，一同回顧 CleanSpark 2026 年第三季財務業績。我們鼓勵各位查閱我們今天發布的財報新聞稿，已可在我們網站上取得。我們的 10-Q 將於近期提交。待可取得後，今天電話會議的網路重播與逐字稿也將新增至我們的網站。

On the call today, I'm joined by Matt Schultz, our Chairman and Chief Executive Officer; and Gary Vecchiarelli, our President and Chief Financial Officer.

今天與會的還有我們的董事長兼執行長 Matt Schultz，以及我們的總裁兼財務長 Gary Vecchiarelli。

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 remains 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 the press release, which is available on our website.

我們今天所做的部分陳述將屬於前瞻性陳述，係基於我們對當前世界與我們業務的最佳觀點。所提供的陳述與資訊仍受我們 10-K 中揭露之風險因素影響。我們也將在今天的電話會議中討論若干與我們表現相關的非 GAAP 財務衡量指標。非 GAAP 財務衡量指標的調節表可在我們網站上的新聞稿中查閱。

And with that, take it away, Matt.

那麼，接下來交給你了，Matt。

Thanks, Harry. Good afternoon, everyone, and thank you for joining us. To begin, I'd like to discuss how we're putting our operations and balance sheet to work as we continue our evolution into a diversified digital infrastructure platform.

謝謝，Harry。各位下午好，感謝各位加入我們。首先，我想談談在我們持續演進為多元化的數位基礎設施平台之際，我們如何運用營運與資產負債表來推動成長。

Following the close of this quarter, we completed an agreement that is the most significant transaction in CleanSpark's history, a 20-year triple net lease at our Sandersville, Georgia campus with a high investment-grade leading global technology company. That agreement marks the start of our evolution into a diversified digital infrastructure platform, and begins the monetization of our power portfolio at an institutional scale.

在本季結束後，我們完成了一項協議，這是 CleanSpark 歷史上最重要的交易：在喬治亞州 Sandersville 園區與一家全球領先、具高投資等級的科技公司簽訂 20 年期三重淨租賃（triple net lease）。該協議標誌著我們邁向多元化數位基礎設施平台演進的起點，並開始以機構級規模將我們的電力資產組合變現。

The lease represents $6.6 billion in contracted revenue to the business with the ability to scale to $11.6 billion with the execution of two 5-year extensions. Being a true triple net structure, we expect near 100% net operating income margin. We have also forged a partnership with a vertically integrated mechanical, electrical, and plumbing manufacturer and design builder and added 885 megawatts of commercial growth. Taken together, these developments bring our second mover advantage fully to bear.

該租約為公司帶來 66 億美元的已簽約收入，並可透過執行兩次 5 年期延長選擇權擴大至 116 億美元。由於是真正的三重淨租賃架構，我們預期淨營運收入（NOI）利潤率接近 100%。我們也與一家垂直整合的機電管（MEP）製造商暨設計建造商建立合作夥伴關係，並新增 885 兆瓦的商業成長量。綜合而言，這些進展使我們的後發優勢得以充分發揮。

Many of you joined us for our investor update on July 14, and today, I would like to recap three things. First, I want to spend some time on why we believe this lease is not just a milestone, but among the absolute best commercial outcomes in this sector.

許多人在 7 月 14 日參加了我們的投資人更新會，今天我想重點回顧三件事。第一，我想花一些時間說明為何我們認為這份租約不僅是一個里程碑，更是本產業中最出色的商業成果之一。

Second, I'll update you on execution at Sandersville across our Texas portfolio under exclusivity and across the broader platform. And third, I want to talk briefly about our legacy Bitcoin mining business and how the optionality it provides us a strategic advantage as we enter this next phase of evolution and growth.

第二，我將更新 Sandersville 的執行情況、我們在德州資產組合（處於排他性談判之下）的進展，以及整體平台的推進。第三，我想簡要談談我們既有的比特幣挖礦業務，以及它所提供的選擇權如何在我們進入下一階段的演進與成長時，帶來策略性優勢。

Let me start with the market. The demand for compute continues to outpace the industry's ability to supply it. The constraint is not chips, and it is not capital. It is energized grid-connected power at scale, sitting on land that can support a full AI campus build. That combination is scarce today, and we believe it will remain scarce for years to come.

我先從市場談起。算力需求持續超過產業供給能力的增長速度。限制因素不是晶片，也不是資本。而是在可支援完整 AI 園區建置的土地上，具規模且已通電、可併網的電力。這樣的組合在當下相當稀缺，我們相信未來數年仍將維持稀缺。

The agreement is a 20-year triple net lease covering the entirety of our Sandersville campus, nearly 250 megawatts of gross capacity and 175 megawatts of critical IT load. The initial term carries approximately $6.6 billion of contracted revenue with two 5-year extension options that bring the total to approximately $11.6 billion over 30 years.

該協議為 20 年期三重淨租賃，涵蓋我們 Sandersville 園區的全部範圍，總容量接近 250 兆瓦，關鍵 IT 負載為 175 兆瓦。初始租期約帶來 66 億美元的已簽約收入，並附帶兩次 5 年期延長選擇權，使 30 年總額約達 116 億美元。

We expect an average annual NOI of approximately $330 million and we project our cost per critical IT megawatt at the $10 million to $12 million range, in line with the market for this generation of data center.

我們預期平均年度淨營運收入（NOI）約為 3.30 億美元，並預估每關鍵 IT 兆瓦的成本約在 1,000 萬至 1,200 萬美元區間，與此世代資料中心的市場水準一致。

Here are two things I want everyone to take away from those numbers. First, we believe, on a risk-adjusted basis, the economics are among the best in the space. Headline comparisons across data center deals can be misleading as different contract durations, different lease structures, different risk allocations, and different financing packages can obscure actual returns.

我希望大家從這些數字中帶走兩點。第一，我們認為在風險調整後的基礎上，其經濟效益屬於同業中最優之一。不同資料中心交易之間的表面比較可能具有誤導性，因為不同的合約期間、不同的租賃結構、不同的風險分配，以及不同的融資方案，都可能掩蓋實際報酬。

Next, this is a triple net lease: taxes, insurance, and importantly, maintenance CapEx all sit with the tenant, which means our contracted revenue converts to net operating income at effectively 100%. But the benefit goes beyond that.

其次，這是一份三重淨租賃：稅金、保險，以及更重要的維護性資本支出（maintenance CapEx）皆由承租方負擔，這意味著我們的已簽約收入幾乎可 100% 轉化為淨營運收入。但其好處不僅止於此。

The triple net structure is a powerful risk mitigant on the finance side. Lenders underwriting this project are looking at two decades or more of clean, predictable high-margin cash flows backed by a high investment-grade counterparty with no operating cost volatility sitting between the rent check and the debt service. This is why we were able to structure this deal without credit wrappers and why we expect most of this build-out -- pardon me, we expect to finance most of this build-out with attractively priced project-based financing.

三重淨租賃架構在融資端是一項強而有力的風險緩釋機制。為本專案承作的放款機構所看到的是：由具高投資等級的交易對手支撐、長達二十年或更久、乾淨且可預測的高毛利現金流，且在租金入帳與債務償付之間不存在營運成本波動。這也是為何我們能在沒有信用增級包裝（credit wrappers）的情況下設計此交易，以及為何我們預期本次建置的大部分——抱歉，我們預期將以具吸引力定價的專案融資來為大部分建置提供資金。

Gary will speak to the capital markets backdrop, but the short version is this. The structure of this lease was engineered to make financing straightforward and support a high loan to cost, protecting our equity. We deliberately went after a longer duration lease. We deliberately targeted a triple net structure, and we deliberately chose a high investment-grade counterparty as our tenant. Each of these choices was made with the strategic intention to protect and enhance shareholder value. As we sit here today, we have already fully funded the equity portion of the Sandersville project.

Gary 會談到資本市場的背景，但簡而言之是這樣。這份租約的結構經過設計，使融資更為直接，並支援較高的成本貸款比（loan-to-cost），以保護我們的股權。我們刻意追求較長期間的租約。我們刻意鎖定三重淨租賃架構，並刻意選擇具高投資等級的交易對手作為承租方。每一項選擇都是出於保護並提升股東價值的策略意圖。截至今天，我們已經完全到位 Sandersville 專案的股權出資部分。

On execution, the project is advancing according to plan. Site preparation work has been underway for months on a 122-acre greenfield parcel that we acquired earlier this year, which allows us to build without disturbing our Bitcoin mining footprint just down the road.

在執行方面，專案正依計畫推進。我們在今年稍早取得的一塊 122 英畝綠地地塊上，場址整備工程已進行數月，這讓我們能在不干擾路旁既有比特幣挖礦據點的情況下進行建置。

We're working with our tenants' preferred engineering, procurement and construction management firm and general contractor. A partner with a proven track record and domestic manufacturing capability across key mechanical, electrical, plumbing, and cooling components. That familiarity meaningfully derisks the supply chain and the long lead equipment time line. It's also another step in shifting construction out of the field and into the factory, reducing on-site labor and delivering a faster, more repeatable build.

我們正與承租方偏好的工程、採購與施工管理（EPCM）公司以及總承包商合作。該合作夥伴在關鍵機械、電氣、管路與冷卻元件方面具備成熟實績與國內製造能力。這種熟悉度可顯著降低供應鏈與長交期設備時程的風險。這也讓我們更進一步把施工從工地轉移到工廠，降低現場人力需求，並交付更快速、可重複的建置模式。

The first data hall remains on track to be ready for service in the fourth quarter of calendar 2027, and we've already ordered and prepaid for all data center long lead items for RFS.

第一座資料機房（data hall）仍按計畫進行，預計於曆年2027年第四季具備提供服務的條件；且我們已就RFS所需之所有資料中心長交期項目完成下單並預付。

Let's turn to Texas. In conjunction with the standards of the lease, our entire Texas portfolio, 718 acres and up to 885 megawatts of secured and planned capacity across our Sealy and Brazoria campuses is under exclusivity with the exact same counterparty. As I said on July 14, we are in an exclusivity window, not at the finish line. Still, the scope of this discussion reflects the portfolio dynamic we described to you last quarter.

接著談德州。依據租約標準，我們整個德州投資組合——共718英畝，涵蓋Sealy與Brazoria兩個園區，已確保及規劃之容量最高可達885兆瓦——目前正與同一名交易對手處於獨家洽談中。如我在7月14日所說，我們仍在獨家洽談窗口期，尚未到達終點。儘管如此，本次討論的範圍反映了我們上季向各位描述的投資組合動態。

Sophisticated compute buyers are not looking for a single data hall. They want a growth path measured in gigawatts and a developer they can trust across a multi-decade relationship. Sandersville was the first chapter. Exclusivity across 885 megawatts in Texas shows how our counterparty views the rest of our portfolio.

成熟的算力買方並不只尋求單一資料機房。他們要的是以GW（吉瓦）衡量的成長路徑，以及一個可在數十年合作關係中信賴的開發商。Sandersville是第一章。在德州就885兆瓦達成獨家洽談，顯示我們的交易對手如何看待我們投資組合的其餘部分。

Outside of CleanSpark's work in Texas, there has been a broader policy discussion this week. As many of you have likely seen, Governor Abbott directed the Public Utilities Commission of Texas and ERCOT to audit and verify all data center projects seeking a grid connection before they can move forward. While this may be seen as uncertainty or short-term setback, we don't see it that way. We commend the Governor for his thoughtful attention to one of the nation's most important power markets and the broader impact of ERCOT's upcoming actions.

除CleanSpark在德州的工作之外，本週也出現更廣泛的政策討論。如各位可能已看到的，Abbott州長指示德州公用事業委員會（PUCT）與ERCOT在所有尋求電網接入的資料中心專案得以推進前，先行稽核並驗證。雖然這可能被視為不確定性或短期挫折，但我們並不這麼看。我們肯定州長對全美最重要的電力市場之一所展現的審慎關注，以及ERCOT即將採取行動對更廣泛層面的影響。

The operational rigor and financial commitments required to progress through the next phases of development and energization in Texas align exactly with how CleanSpark already plans and operates.

在德州推進後續開發與送電（energization）階段所需的營運嚴謹度與財務承諾，與CleanSpark一貫的規劃與營運方式完全一致。

While a formal batch process is now expected to extend beyond August 7, our campus quality, disciplined site selection and project readiness remain unchanged. ERCOT has notified large load applicants that final batch zero determinations will be delayed with the next key milestone, the August 20 PUCT open hearing.

儘管目前預期正式的批次流程將延後至8月7日之後，我們園區品質、嚴謹的選址紀律與專案就緒度仍維持不變。ERCOT已通知大型負載申請人，最終的batch zero（第零批次）判定將延後；下一個關鍵里程碑為8月20日PUCT公開聽證會。

In the meantime, the state agencies are mobilizing to address the Governor's directive, which underscores the critical role our sector plays in the Texas economy.

同時，各州政府機關正動員以回應州長指示，這也凸顯本產業在德州經濟中扮演的關鍵角色。

CleanSpark's historical growth through countercyclical acquisitions provides a strong basis for us to run a similar playbook in the ERCOT market. As an example, you may recall that we acquired the original Sandersville campus during challenging political and economic times for the prior owner. We anticipate similar opportunities might develop in Texas in the near term.

CleanSpark過往透過逆週期併購實現成長的經驗，為我們在ERCOT市場採取類似策略提供了堅實基礎。例如，各位或許記得，我們是在前任所有者面臨艱困政治與經濟環境時，收購了最初的Sandersville園區。我們預期短期內德州也可能出現類似機會。

It's critically important for everyone to know that our previously discussed exclusivity agreement with -- remains intact. We continue to invest in our Sealy and Brazoria sites and there is no anticipated change to our energization time lines.

讓所有人清楚了解一點至關重要：我們先前討論的、與——之獨家協議仍然有效。我們持續投資Sealy與Brazoria據點，且預期送電時程不會有任何變動。

Across the broader portfolio, we hold 1.8 gigawatts of contracted capacity today with a high degree of confidence in growing beyond 2.1 gigawatts in the near term through the ERCOT review process, and we are evaluating multiple gigawatts of projects as we look to scale and diversify our digital infrastructure across the US.

就更廣泛的投資組合而言，我們目前持有1.8吉瓦的已簽約容量，並高度有信心可在短期內透過ERCOT審查流程將規模擴增至2.1吉瓦以上；同時，為了在全美擴張並分散我們的數位基礎設施，我們也正評估數個以吉瓦計的專案。

Our land and power engine has not slowed down because of this lease. If anything, this transaction sharpens our conviction. Powered land is the scarce asset of our area -- of our era and finding it, contracting it, and developing it is what our team does better than anyone else.

我們的土地與電力引擎並未因這份租約而放緩。若有的話，這筆交易反而強化了我們的信念。具備電力條件的土地（powered land）是我們這個領域——這個時代——的稀缺資產；而尋找、簽約並開發它，正是我們團隊比任何人都更擅長的事。

Before I hand it to Gary, I want to spend a moment on our legacy Bitcoin mining business and the role it plays as we evolve into something profoundly different. When speed to power matters to a utility, we have the ability to bring a paying load online faster than a traditional data center developer. That capability helped us build this portfolio, and it will help us to expand it.

在交棒給Gary之前，我想花點時間談談我們傳統的比特幣挖礦業務，以及它在我們演進成截然不同的新形態過程中所扮演的角色。當公用事業公司重視快速用電接入時，我們有能力比傳統資料中心開發商更快讓付費負載上線。這項能力幫助我們建立了這個投資組合，也將幫助我們擴大它。

At Sandersville, mining will continue to keep the site productive until the day of cutover. Financially, mining and our Bitcoin treasury give us a set of levers that very few companies in this sector can match. Our HODL balance is not a passive position. It is a flexible source of capital that we can deploy in whichever way creates the most value.

在Sandersville，挖礦將持續讓該據點保持產出，直到切換（cutover）當天。在財務面，挖礦與我們的比特幣庫存（treasury）提供了一套槓桿工具，是本產業中極少數公司能匹敵的。我們的HODL餘額並非被動持倉。它是一個具彈性的資本來源，我們可依最能創造價值的方式加以運用。

What that means in practice is that we are never forced sellers of anything, not our Bitcoin and critically not our equity. Gary will walk through the capital strategy in detail, but the principle is simple. Mining funds of platform, the balance sheet protects our shareholders and the AI business monetizes the portfolio for decades to come.

實務上，這代表我們不會被迫出售任何資產——不出售比特幣，更重要的是不被迫出售我們的股權。Gary將詳細說明資本策略，但原則很簡單。挖礦為平台提供資金，資產負債表保護股東，而AI業務將在未來數十年把投資組合變現。

I'll close where I always do, and that's with our people. The lease we signed in July reflects the grit, discipline and talent of a team that I am privileged to work alongside. From the operators in Sandersville and all across Georgia, Texas, Mississippi, Tennessee, and Wyoming to the deal team that completed this transaction, a heartfelt thank you. Your tireless commitment to the mission, we all share has paved the way for our future success.

我將以我一貫的方式作結——談我們的同仁。我們在7月簽署的租約，反映出一支我有幸並肩合作的團隊所展現的韌性、紀律與才華。從Sandersville以及喬治亞州、德州、密西西比州、田納西州與懷俄明州各地的營運同仁，到完成本次交易的交易團隊，衷心感謝。各位對我們共同使命的不懈投入，已為我們未來的成功鋪路。

And with that, I'll turn it over to Gary to walk through the numbers. Gary?

接下來，我把時間交給Gary，請他帶各位看數字。Gary？

Thank you, Matt, and good afternoon, everyone. I will dive into the quarter's numbers and then talk about our new Sandersville lease and our capital strategy going forward. For the quarter, our revenue of $138 million reflected a modest increase of 1% compared to the preceding second quarter. The average revenue per Bitcoin mined in Q3 was approximately $72,000, a 5% decrease from the prior quarter for the average revenue per Bitcoin mined was $76,000. However, we still managed to recognize an increase in revenue as our uptime and hash rate increased in the third quarter.

謝謝你，Matt，各位下午好。我將先深入說明本季數字，接著談我們新的Sandersville租約，以及未來的資本策略。本季營收為1.38億美元，較前一季第二季小幅增加1%。第三季每枚已挖出比特幣的平均收入約為72,000美元，較前一季的76,000美元下降5%。不過，由於第三季的上線率（uptime）與算力（hash rate）提升，我們仍成功確認營收增加。

Gross margin in the third quarter was approximately 38% compared to 40% in the second quarter as power prices had a modest increase of $0.01 over the prior quarter. GAAP net loss for the third quarter was $240 million compared to a loss of $378 million in the preceding second quarter. The primary driver in this quarter's net loss was unfavorable mark-to-market adjustments on Bitcoin balances, approximately $133 million. Comparatively, we recognized a larger unfavorable mark-to-market adjustment of $263 million in the prior quarter.

第三季毛利率約為38%，相較第二季的40%略降，原因是電力價格較前一季小幅上升0.01美元。第三季GAAP淨損為2.40億美元，較前一季第二季的3.78億美元淨損縮小。本季淨損的主要原因是不利的比特幣餘額按市價評價（mark-to-market）調整，約1.33億美元。相較之下，前一季我們認列了更大的不利按市價評價調整，為2.63億美元。

Our adjusted EBITDA in the third quarter was negative $113 million. It is important to note that this adjusted EBITDA number does not adjust out the $133 million mark-to-market adjustment. When normalized for such noncash items, we produced $20 million -- a positive $20 million for the quarter.

第三季調整後EBITDA為負1.13億美元。需要特別指出的是，這個調整後EBITDA數字並未將1.33億美元的按市價評價調整剔除。若就此類非現金項目進行常態化處理，本季我們實現了2,000萬美元——正2,000萬美元的成果。

In the third quarter, our digital asset management activities once again delivered net positive cash returns. This quarter, we generated approximately $8.6 million in cash, which brings our total for the fiscal year to $25.8 million. Additionally, we sold the majority of our quarterly Bitcoin production, and through the efforts of our digital asset management team, we were able to recognize sales for Bitcoin 7% greater than spot.

在第三季，我們的數位資產管理活動再次帶來淨正向的現金回報。本季我們約產生 860 萬美元現金，使本會計年度累計達到 2,580 萬美元。此外，我們出售了本季大部分的比特幣產量，並在數位資產管理團隊的努力下，我們得以以較現貨價格高出 7% 的價格確認比特幣銷售。

Before we open it to Q&A, I want to discuss our capital strategy. With the Sandersville lease announced and progress being made towards future lease announcements, we are quickly approaching a day with much more consistent, predictable, and durable cash flows. Our job between now and then is to unlock significant shareholder value by continuing to educate the market on the evolution our business is undergoing and the progress we are making towards that goal.

在進入問答之前，我想談談我們的資本策略。隨著 Sandersville 租約的公布，以及未來租約公告持續推進，我們正快速接近一個現金流更一致、可預測且更具持久性的階段。我們在那之前的工作，是透過持續向市場說明我們業務正在經歷的演進，以及我們朝該目標所取得的進展，來釋放顯著的股東價值。

Last quarter, I mentioned our second mover advantage in the AI infrastructure space. As Matt discussed, we have seen this play out in the commercialization of Sandersville. The 20-year duration of our lease, combined with its triple-net structure and the high investment-grade credit quality of our counterparty put us in a rarified air amongst our peers. We are positioned extremely well to execute on time and on budget with strong returns for our shareholders.

上季我提到我們在 AI 基礎設施領域的後發優勢。如 Matt 所談，我們已在 Sandersville 的商業化過程中看到這點發揮作用。我們租約為期 20 年，加上三重淨租（triple-net）結構，以及交易對手具備高投資等級的信用品質，使我們在同業中處於相當稀有的層級。我們具備極佳的條件，能按時、按預算執行，並為股東帶來強勁回報。

With respect to the financing for the Sandersville project, I want to be explicitly clear. Our plan is to seek project-based debt financing to cover the vast majority of the build out. Based on our estimated project costs of $10 million to $12 million per megawatt, we expect total cash needed for CapEx in the range of $1.75 billion to $2.1 billion. Recent financings have exceeded 90% loan to cost. However, we have the equity portion of the Sandersville project already funded, and we will not be raising capital via equity or equity-linked instruments for Sandersville.

關於 Sandersville 專案的融資，我想非常明確地說明。我們的計畫是尋求以專案為基礎的債務融資，以涵蓋絕大部分的建置成本。依據我們估計每兆瓦 1,000 萬至 1,200 萬美元的專案成本，我們預期資本支出（CapEx）所需的總現金約在 17.5 億至 21 億美元之間。近期的融資案貸款占成本比（loan-to-cost）已超過 90%。然而，Sandersville 專案的股權部分我們已完成資金到位，且我們不會透過發行股權或股權連結工具為 Sandersville 募資。

It's also important to note that we had total liquidity of $917 million as of June 30, including approximately $200 million of cash and almost 14,000 bitcoin.

同樣重要的是，截至 6 月 30 日，我們的總流動性為 9.17 億美元，其中包括約 2 億美元現金以及將近 14,000 枚比特幣。

To follow up on Matt's remarks, we have a very positive view on the recent developments in ERCOT as we expect further accretive opportunities to present themselves. Prior to Governor [Abbott's] directive, there were a number of opportunities that came to us on the eve of the SB 6 attestation deadline requirement. This is quite telling, as we believe there are potential sites that either need capital or don't have access to capital.

延續 Matt 的評論，我們對 ERCOT 近期的發展抱持非常正面的看法，因為我們預期將出現更多具增值性的機會。在州長 [Abbott] 的指令之前，在 SB 6 證明（attestation）截止要求前夕，有不少機會找上門。這相當能說明問題，因為我們相信有些潛在場址不是需要資金，就是無法取得資金。

We have significant dry powder with our Bitcoin balance, which we would be willing to part with if and when the right opportunity presents itself. We will continue to be aggressive, yet disciplined in pursuing opportunities that secure a pipeline, which will deliver significant returns.

我們持有的比特幣部位提供了充足的「乾火藥」（可動用資金），在合適機會出現時，我們願意在必要時出售部分持幣。我們將持續以積極但自律的方式追求能確保專案管線、並帶來可觀回報的機會。

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

接下來我把時間交還給 Harry，帶大家進入問答。

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. Thank you.

謝謝你，Gary。我們現在開放分析師提問。接線員，請提供指引並管理問答環節的排隊順序。謝謝。

(Operator Instructions)

（接線員指示）

Paul Golding, Macquarie Capital.

Paul Golding，Macquarie Capital。

Congrats on the progress in procuring all the long lead time items for Sandersville. I wanted to ask first on the $10 million to $12 million per megawatt CapEx range. Is there a benefit baked into that from the existing infrastructure at the site? And how should we think about that cost per megawatt versus, say, Texas, where maybe there's a little more greenfield development to do or maybe not? Just any color you could give on that?

恭喜你們在 Sandersville 採購所有長交期項目方面取得進展。我想先問每兆瓦 1,000 萬到 1,200 萬美元的資本支出區間。這個數字是否已反映該場址既有基礎設施所帶來的好處？以及我們應如何看待這個每兆瓦成本，相較於例如德州那邊可能需要更多綠地（greenfield）開發、或也許不需要的情況？能否請你們提供一些補充說明？

And then I have a follow-up.

另外我還有一個追問。

Awesome. Thanks, Paul. This is Harry. So really important for our strategy for developing in Sandersville was to procure the 122-acre parcel a little bit down the road so that we could build out the data center as a true greenfield development. So when we think about all of the data center costs associated with the build out, those are really apples-to-apples versus any greenfield project in our mind.

太好了。謝謝你，Paul。我是 Harry。對我們在 Sandersville 的開發策略而言，非常重要的一點是，我們在路的另一側取得了那塊 122 英畝的地塊，讓我們能以真正的綠地開發方式建置資料中心。因此，當我們考量建置相關的所有資料中心成本時，在我們看來，這與任何綠地專案都是可直接對比（apples-to-apples）的。

There is a very modest accretive value from the current deployment that's related to the substation being already built and energized. That point was a critical piece in the commercialization process because having landed power and energized power made that a particularly attractive campus. But when you think through the CapEx budget outside of the substation itself, really, this is a true greenfield build.

現有部署帶來的增值非常有限，主要與變電站已建成並已送電（energized）有關。這一點在商業化過程中是關鍵，因為已具備落地電力與已送電的電力，使該園區特別具吸引力。但若從變電站本身以外的資本支出預算來看，這確實是一個真正的綠地建置。

Great. And then maybe following on to that, you seem well placed, well positioned to leverage the liquidity position that you're in, and the opportunity presenting itself in ERCOT. How should we think about behind the meter versus grid-connected opportunities? It seems like you're encountering grid-connected opportunities, given the commentary around timing in SB-6 and things that were presented to you. But just wanted to get a sense of the market, how you see that value proposition?

了解。接著延伸這點，你們似乎很適合、也很有條件運用目前的流動性部位，以及 ERCOT 所出現的機會。我們應如何看待表後（behind-the-meter）與併網（grid-connected）機會之間的取捨？從你們對 SB-6 時程以及向你們提出的案子之評論來看，你們似乎遇到的是併網型機會。但我想了解市場狀況，以及你們如何看待其價值主張？

Are you exploring behind the meter? Or is it not even necessary given what you're seeing around grid connected opportunities?

你們是否也在探索表後方案？或者就你們看到的併網機會而言，其實並非必要？

Thanks, Paul. I think that the fundamental macro perspective is that the explosive growth in the data center market and the relentless demand profile that sits behind that is going to require behind-the-meter deployments to achieve any of the -- even the bear or the mid-case data center growth numbers that are out there from yourself and from other shops that are looking to see what does this really look like over a 5-, 10-, and 15-year deployment scale.

謝謝你，Paul。我認為從根本的宏觀角度來看，資料中心市場的爆發式成長，以及其背後持續不斷的需求曲線，將需要表後部署，才能達到外界（包括你們以及其他研究機構）所提出的資料中心成長預測中，即便是偏保守或中性情境下的數字；而這些預測通常是在 5 年、10 年與 15 年的部署尺度上評估未來樣貌。

It's something that we're very actively looking at internally. But like with everything, we move strategically and deliberately and we want to make sure that there is true continuity between the energy source, between the CleanSpark capability, and between the customer needs so that we have full end-to-end project clarity before any of those solutions would come to market.

這是我們內部非常積極在評估的方向。但如同所有事情一樣，我們會以策略性且審慎的方式推進，並確保能源來源、CleanSpark 的能力，以及客戶需求三者之間具有真正的連貫性，讓我們在任何解決方案推向市場之前，都能對端到端專案有完整且清晰的掌握。

Greg Lewis, BTIG.

Greg Lewis，BTIG。

Realizing the opportunity in Texas has a long tailwind for you guys. You do have some other sites, right? You have Wyoming, you have Georgia, you have Tennessee. I'm just kind of curious, just given the fact that Texas seems to be in a little bit of a holding pattern. Could we see some of those locations actually move more to the forefront and have customers shown an increasing interest in those, just given realizing that this happened the other day.

在德州實現這個機會對你們而言有很長的順風期。你們也還有一些其他場址，對吧？你們有懷俄明州、有喬治亞州、也有田納西州。我只是有點好奇，考量到德州目前似乎處於某種觀望／停滯狀態。我們是否可能看到其中一些地點反而更走到前台？而且在前幾天發生這些事情之後，客戶對那些地點的興趣是否有所提升？

But it seems like Tennessee is becoming a hub. Obviously, you already have the one contract in Georgia. So just kind of curious how you're thinking about that 340 megawatts that's out there across those states.

但看起來田納西州正在成為一個樞紐。顯然，你們在喬治亞州已經有一份合約。所以我只是有點好奇，你們如何看待分布在這些州、合計340兆瓦的那部分容量。

Great, I really appreciate the question. This is Matt. I'll take that. I'd say given the scale of our Texas assets and how progressed our discussions are, both on permitting substations, the batch zero base load process that we're in, I wouldn't exactly say that something is going to jump the line per se. But what I can tell you is the -- we've had a VDR open for a number of parties over time. and the interest in assets like Washington, Georgia, for example, present an extremely compelling opportunity.

很好，我非常感謝這個問題。我是Matt。我來回答。我會說，考量到我們在德州資產的規模，以及我們在變電站許可、我們正在進行的batch zero基載流程等方面的討論進展，我不會說有什麼會插隊。但我可以告訴你的是——我們長期以來一直對多方開放VDR，而像華盛頓州、喬治亞州這類資產的市場興趣，例如，就呈現出極具吸引力的機會。

It's 86 megawatts of energized capacity today. However, we've already submitted a line study at the request of MEAG and the local utility to expand that by up to 500 megawatts. So as we've progressed those discussions, we've also secured options on several hundred acres adjacent to the existing substation to support that build.

目前它有86兆瓦的已通電容量。不過，我們已依MEAG與當地公用事業單位的要求提交了線路研究，計畫將其擴增最多至500兆瓦。因此，隨著我們推進這些討論，我們也已取得現有變電站旁數百英畝土地的選擇權，以支援該建置。

Additionally, you nailed it. We have 100 megawatts in Wyoming. We have 60 megawatts in Jackson, Tennessee. We have other capacity in Ripley, Tennessee, as an example. So the -- I would say that the value of the assets outside of Texas for those in search of '27, '28 RFS went up significantly due to the uncertainty on the timing of this audit period, the Governor (inaudible) pushed forward.

另外，你說得沒錯。我們在懷俄明州有100兆瓦。我們在田納西州傑克遜（Jackson）有60兆瓦。以田納西州里普利（Ripley）為例，我們也有其他容量。所以——我會說，對於尋求'27、'28年RFS的人而言，由於這段稽核期間時點的不確定性，以及州長（聽不清）推進相關措施，德州以外資產的價值顯著上升。

John Todaro, Needham & Company.

John Todaro，Needham & Company。

Congrats on the progress. I went through the slides, but we have been getting a lot of investor questions or I think we're just a little bit confused on Texas a bit here. And you did very explicitly walk through your unsigned Texas capacity. What still needs any ERCOT related approvals and what capacity in sites do not need any that you can go to sign?

恭喜進展。我看過投影片，但我們收到很多投資人提問，或者我覺得大家對德州這塊有點困惑。你們非常明確地說明了你們在德州尚未簽約的容量。還有哪些部分需要任何ERCOT相關核准？又有哪些場址容量不需要核准、可以直接去簽約？

Yes, John, absolutely. It's Harry. So the way that the acquisition process for the other two Texas sites went was very deliberate on our part. We are always thinking about risk management, first and foremost in the business. And so the way we went about acquiring those projects fit into the same framework.

是的，John，當然。我是Harry。我們在收購另外兩個德州場址的流程上，是非常刻意安排的。我們在業務上始終把風險管理放在第一位。因此，我們取得那些專案的方式也符合相同的框架。

When we acquired the asset in Sealy, very importantly, that asset came with ERCOT approval already in hand in 2025. That changed in January of 2026 when the batch zero process was rolled out purely from a timing and requirement perspective. But what that site received out of the gate there was batch zero go status, which means the baseload designation.

當我們收購Sealy的資產時，非常重要的是，該資產在2025年就已取得ERCOT核准。但在2026年1月推出batch zero流程後，從時程與要求角度來看情況有所改變。不過該場址一開始就取得了batch zero的go狀態，也就是基載（baseload）指定。

And so while we do require the final determination from ERCOT in order to interconnect that location, it has been given every green light every step of the way through despite needing the final check mark in order to proceed through that final energization gate.

因此，雖然我們仍需要ERCOT的最終裁定才能讓該地點併網，但在每一個步驟上都已獲得綠燈；只是仍需最後一個勾選，才能通過最終通電的關卡並繼續推進。

The second is in Brazoria. There, the 300 megawatts of additional Phase 1 capacity, those are functionally exactly the same as Sealy other than the fact that they were given the go status in 2026 rather than a 2025 overview.

第二個是在Brazoria。那裡第一期新增的300兆瓦容量，功能上與Sealy幾乎完全相同，差別只在於它們是在2026年獲得go狀態，而不是2025年的核准概覽。

The second 300 in Brazoria are the ones that are -- is the segment of the megawatts that are subject to the final determination between baseload status and study load status though we still went through a very detailed transmission line assessment when we made the decision to acquire that location.

Brazoria的第二個300兆瓦——也就是那一段兆瓦——則取決於基載狀態與研究負載（study load）狀態之間的最終裁定；不過在我們決定收購該地點時，仍進行了非常詳細的輸電線路評估。

And based on the transmission line capacity that we evaluated, we understand that site to have a tremendous amount of capacity, both upstream and downstream, within that segment of the utility system. And so we're very optimistic, but that is the segment of the load that we are still waiting for baseload versus studied load status.

根據我們評估的輸電線路容量，我們理解該場址在公用事業系統的那一段中，無論上游或下游都具備非常可觀的容量。因此我們非常樂觀，但那一段負載仍在等待基載與研究負載狀態的最終確認。

Understood. It's very helpful. And just a follow-up here on the demand environment. Matt, you commented a bit on it. But just wondering, is there any kind of hyperscalers or chip manufacturers that are getting more aggressive in looking at sites, any that have maybe pulled back and become less aggressive, just any color there?

了解。這非常有幫助。另外就需求環境再追問一下。Matt，你有稍微提到。但我想了解的是，是否有任何超大規模業者（hyperscalers）或晶片製造商在看場址時變得更積極？是否也有任何人可能縮手、變得不那麼積極？能否分享一些觀察？

Yes, definitely no pullback. The inbound inquiries have ramped up in the last 48 hours, with questions surrounding whether or not there's any exclusivity on the Washington project. I'd say that's the one that has garnered the most interest of late just because of the capacity to scale in the short term.

是的，絕對沒有縮手。過去48小時內，主動詢問的量明顯增加，問題多集中在華盛頓專案是否存在任何排他性。我會說，近期最受關注的是那個專案，主要因為它具備短期內擴張規模的能力。

Brian Dobson, Clear Street.

Brian Dobson，Clear Street。

Congrats again on the deal. I guess, as you're considering Governor Abbott's memorandum, is that indicative of what we might see in other large call it, utility areas? And do you think ultimately, it favors established players, such as yourself?

再次恭喜這筆交易。我想問，當你們考量Abbott州長的備忘錄時，這是否預示我們可能在其他大型——姑且稱之為——公用事業區域看到類似情況？你認為最終是否會有利於像你們這樣的既有業者？

Yes. So I think that -- let's take the second part first, which is that as we see the demand profile on the tenant side of the house continue to be relentless, the established players who have a long track record of procurement and development of energy and infrastructure assets are going to continue to rise to be the cream of the crop on a go-forward basis.

是的。我想——先談你問題的第二部分：當我們看到租戶端的需求曲線持續強勁且毫不減弱時，那些在能源與基礎設施資產的採購與開發方面擁有長期實績的既有業者，未來將持續脫穎而出，成為佼佼者。

When it comes to the proliferation of this type of audit or assessment, I think it's dynamic. I think that Governor Abbott is facing the largest interconnect application queue of anybody in the nation. And so his response is going to be tailored to the Texas-specific dynamics and the ERCOT specific dynamics that take that grid in particular.

至於這類稽核或評估是否會擴散，我認為它是動態的。我認為Abbott州長面對的是全美最大的併網申請排隊量。因此，他的回應會針對德州特有的情勢，以及ERCOT特有、影響該電網的動態來量身打造。

I think that ultimately, one of the things that is currently not well understood broadly in public is the economic benefit that data center projects represent to cities, counties, and states across the nation and some of the technical specifics of data center deployments.

我認為，最終而言，目前社會大眾普遍尚未充分理解的一點，是資料中心專案對全美各城市、郡縣與州所帶來的經濟效益，以及資料中心部署的一些技術細節。

There is dramatic technological improvement than 20 or 25 years ago in the way that data centers operate. Water usage has been crushed to near zero. The footprint that these data centers are operating on from a land use perspective is shrinking. And so I think that while there's still an education curve that the public is going through, when we look back in 5 to 10 years, this is going to look like another industrial revolution in America.

相較於20或25年前，資料中心的運作方式已有顯著的技術進步。用水量已大幅降低，幾乎趨近於零。從土地使用角度來看，這些資料中心的占地規模也在縮小。因此我認為，雖然大眾仍在經歷一段認知與教育的曲線，但當我們在5到10年後回頭看，這將會像是美國的另一場工業革命。

And if I may, Brian, just to add on to Harry's comments on the second part of your question about established players. I've engaged meaningfully with the senior site selection folks from a number of hyperscalers.

Brian，如果我可以的話，我想在Harry對你問題第二部分、關於既有業者的評論上再補充一下。我已與多家超大規模業者的資深選址人員進行了實質且深入的交流。

And what seems to be the consensus is that similar to Las Vegas residential real estate 20 years ago, in Texas, a lot of the developers or a lot of the hyperscalers are encountering folks that may be put down a deposit on some land with proximity to transmission lines, and applied for status within ERCOT approvals. What we're seeing now is with the implementation of SB-6 now you have to put your money where your mouth is.

看起來目前的共識是，類似於 20 年前拉斯維加斯的住宅房地產市場，在德州，許多開發商或許多超大規模業者（hyperscalers）正遇到一些人：他們可能已在靠近輸電線路的土地上支付訂金，並且已向 ERCOT 申請核准流程中的資格狀態。而我們現在看到的是，隨著 SB-6 的實施，現在你必須言行一致、拿出真金白銀。

And so a lot of these projects that may have real viability have kind of washed out because there's not the capital support behind them that's necessary. And we -- based on our engagement with the communities and with ERCOT, having the balance sheet to actively stand behind the guarantees and the attestation process puts us in a really favorable position going forward.

因此，許多原本可能確實具備可行性的專案，因為缺乏必要的資本支持而被淘汰。而我們——基於我們與社區以及 ERCOT 的互動——擁有資產負債表來積極為各項保證與聲明（attestation）流程背書，使我們在未來處於非常有利的位置。

Yes. So ultimately, it probably spurs more responsible development. As you're looking at your portfolio, are there any regions where you think you'd like to enter in the, call it, medium term without being too specific, I understand.

是的。所以最終，它可能會促進更負責任的開發。在你檢視投資組合時，有沒有任何你認為在中期想要進入的區域？不用太具體，我理解。

Thanks, Brian. I think that one of the things that we really pride ourselves in is being dynamic and flexible. I think that the opportunity set across these power projects are really at the project level where the big opportunity evaluation process happens.

謝謝，Brian。我認為我們非常引以為傲的一點是具備動態性與彈性。我認為這些電力專案的機會集合，真正的大型機會評估流程其實發生在專案層級。

And so I think that we have the diligence team and the relationships to be successful in essentially every American power market as it exists today, but really where the special sauce from our perspective is being able to take in an enormous volume of deal visibility; and b, the strongest selectors within that deal volume so that we are able to be hyper, hyper surgical and specific about where we make selections and a lot of that isn't about region or jurisdiction. It's even more granular than that.

因此我認為，我們擁有盡職調查團隊與人脈關係，基本上能在當今存在的每一個美國電力市場中取得成功；但從我們的角度來看，真正的「獨門秘方」在於：a，能夠掌握極大量的交易能見度；以及 b，在這些大量交易中具備最強的篩選能力，讓我們能夠非常、非常精準且具體地做出選擇，而其中很大一部分其實與地區或管轄權無關。甚至比那更細緻。

Mike Colonnese, H.C. Wainright.

Mike Colonnese，H.C. Wainright。

First one for me. I'm curious, based on your discussions with your Canada Sandersville, would you say that getting a final green light on batch zero for Sealy and Brazoria Phase I would be a gating factor for the counterparty to sign a lease here? Or do you think that's -- when are they getting factors? And the other thing, are there other development milestones that the counterparty is looking out for at either the Texas sites that would need to be achieved by CleanSpark for them to move forward.

我這邊第一個問題。我很好奇，根據你們與你們的 Canada Sandersville（對方/夥伴）的討論，你們會不會認為：Sealy 與 Brazoria 第一期的 batch zero 最終獲得綠燈，會是交易對手在此簽署租約的關鍵門檻因素？還是你認為那是——他們的因素是什麼、何時會發生？另外，在德州的任一據點，交易對手是否還在關注其他開發里程碑，必須由 CleanSpark 達成後他們才會往前推進？

Mike, thanks for the question. This is Matt. Just to give you a little bit of color, we had a VDR open that encompassed a number of our sites, and we invited a number of major players into that VDR to do an analysis.

Mike，謝謝你的問題。我是 Matt。補充一些背景資訊：我們開放了一個 VDR（虛擬資料室），涵蓋我們多個場址，並邀請多家主要業者進入該 VDR 進行分析。

And what surprised us wasn't that, hey, I'm interested in Site A or Site B or Site D or whatever the case may be, the response was, I'll take it all. So our Sandersville tenant was also in the VDR, and as a function of the negotiations and understanding the tailwinds that we brought to the Sandersville project, they were aggressive in seeking that exclusivity and optionality on the go forward.

讓我們意外的不是「我對 A 場址或 B 場址或 D 場址有興趣」之類的回覆，而是對方回應：「我全都要。」因此，我們 Sandersville 的租戶也在該 VDR 裡；在談判過程中，並在理解我們為 Sandersville 專案帶來的順風因素後，他們積極爭取未來推進上的排他性與選擇權。

Now we're still under exclusivity there. We're working with them constructively on a daily basis. But suffice it to say that should this slip beyond the -- if we get bad news on the August 20 [PCT] meeting. There's so much pent-up demand for energized megawatts that I think that if they were to fall out, there would be another company rushing to the gates in short order because of the quality of the asset, because of the status in that batch process, but also because of the advanced nature of the work that we've done to prepare those four pad ready.

目前我們仍處於排他期。我們每天都以建設性的方式與他們合作。但可以這麼說：如果這件事延宕到——如果我們在 8 月 20 日的 [PCT] 會議上收到壞消息——由於對已通電（energized）的兆瓦需求積壓非常嚴重，我認為即便他們退出，也會很快有另一家公司蜂擁而至，因為資產品質、在該批次流程中的狀態，以及我們為了讓那四個場地達到可直接施工（pad ready）所做的前期準備工作都相當成熟。

Very helpful color there, Matt. I was hoping you guys could provide a little bit more insight as to these opportunities that are coming across the table in ERCOT, maybe some of these underfunded or less (inaudible) projects. What are some of the characteristics that you'd be most interested in pursuing as it relates to the sites that are coming to you.

這些補充非常有幫助，Matt。我希望你們能就 ERCOT 這邊擺上檯面的機會提供更多洞見，可能包括一些資金不足或較不（聽不清）專案。就送到你們面前的這些場址而言，你們最有興趣追求的特徵是哪些？

Yes. Great question, Mike. Some of the stuff that we saw in the past that we passed on lacked the high quality that I think is a standard for CleanSpark maybe had power that was in a later batch process that we passed on. But then as it got closer to that SB-6 period, the quality assets started to accelerate just because folks didn't have the bandwidth or the capital to be able to support those initial payments.

是的。好問題，Mike。我們過去看到、但選擇不做的一些案子，缺乏我認為 CleanSpark 所要求的高品質標準；也可能是電力仍在較後段的批次流程中，因此我們放棄了。但隨著時間更接近 SB-6 的期間，高品質資產反而開始加速釋出，主要是因為一些人沒有足夠的資源或資本去支撐那些初期付款。

So I think for us, nothing changes in light of Governor Abbott's position, we're still going to maintain the same rigor on site selection. It has to meet our criteria. We're not -- I think we talked about this back in the Bitcoin days, Mike, and that is we're going to find high-quality assets, and we say no more often than we say yes, rather than find powered land and then try and shoehorn something to fit there, we look for the opportunities that best fit the demand profile we're seeing.

所以我認為對我們而言，即便在 Abbott 州長的立場之下，一切也沒有改變；我們仍會維持同樣嚴謹的場址篩選標準。它必須符合我們的條件。我們不會——我想我們在比特幣時期就談過這點，Mike——也就是我們會去找高品質資產，而且我們說「不」的次數往往比說「是」更多；我們不是先找一塊有電的土地，然後再硬把某個方案塞進去，而是尋找最符合我們所看到之需求輪廓的機會。

Brett Knoblauch, FitzGerald.

Brett Knoblauch，FitzGerald。

This is Nathan calling in from Cantor Fitzgerald on behalf of Brett. Congrats to give on the deal. Matt, I thought it was interesting what you said the role of Bitcoin mining was not just in building the portfolio, but in potentially be a differentiating factor and how you'll continue to grow it. So could you just walk us through how mining potentially could be incorporated into future site acquisitions and development? And then would it be similar to Sandersville, where it's a stand-alone data hall separate from the data center? Or are there other configurations that you'd consider?

我是 Nathan，代表 Brett，從 Cantor Fitzgerald 撥入。恭喜你們完成這筆交易。Matt，我覺得你提到比特幣挖礦的角色很有意思：它不只是用來建立投資組合，還可能成為差異化因素，以及你們將如何持續擴張。所以你能否帶我們走一遍：挖礦未來可能如何被納入後續場址收購與開發？另外，會不會像 Sandersville 一樣，是獨立於資料中心之外、單獨的資料機房（data hall）？或者你們也會考慮其他配置？

Yes. Great question. Thank you for joining. Tell Brett, we are not forgiving him for not showing up. So I think the interesting part about this is when a utility has available power or when there's a new generation that comes online, occasionally, these loads are offered to the market initially as an interruptible load.

是的。好問題。謝謝加入。請轉告 Brett，我們不會原諒他沒出席。我認為這裡有趣的部分在於：當公用事業公司有可用電力，或是有新的發電容量上線時，有時候這些負載會先以可中斷負載（interruptible load）的形式提供給市場。

So to be able to raise your hand and say, I'll take that power with 90 hours of annual curtailment with the understanding that once we demonstrate sustainability on the new generation, it becomes a fixed load or a firm load. So Bitcoin mining enables that ability for us.

因此，能夠舉手說「我願意接受這個電力，年度可削減 90 小時」，並理解一旦我們證明新發電的可持續性，它就會轉為固定負載或保證負載（firm load）。比特幣挖礦讓我們具備這樣的能力。

Additionally, if it is firm power that is available to monetize today, for the benefit of the local utility and the community, they don't really care who's paying the power bill as long as the power gets paid. And we can drop in modular emergent cool bitcoin mining technology inside of 90 days and start to monetize those megawatts that are otherwise going underutilized.

此外，如果今天就有可用的保證電力可以變現，為了地方公用事業公司與社區的利益，他們其實不太在乎是誰付電費，只要電費有人付、電力有人用就好。而我們可以在 90 天內導入模組化、具備新興散熱能力的比特幣挖礦技術，開始把那些原本會被低度利用的兆瓦變現。

We can then -- just like we've done in many jurisdictions, acquire sufficient land behind that, that we can take our time to build a data center according to the basis of design of the end-use tenant and switch that power over if and when the data center is complete.

接著我們就可以——就像我們在許多司法管轄區所做的一樣——在其後方取得足夠的土地，讓我們能夠依照終端承租戶的設計基準（basis of design）從容興建資料中心，並在資料中心完工時或若完工時，將該電力切換過去。

It's important to note, the CapEx requirement for that has already been spent on many of these modular deployments, as we move out of Sandersville in a couple of years, we'll repurpose those immersion cooled pods and the ASIC to kind of plow the road, if you will, for future developments if and when those kind of interruptible or early energized asset opportunities make themselves available.

需要強調的是，這部分所需的資本支出（CapEx）在許多這類模組化部署上其實已經支出完成；隨著我們在幾年後自 Sandersville 遷出，我們會把那些浸沒式冷卻艙（pods）與 ASIC 重新利用，某種程度上可說是為未來的開發「鋪路」，以便在這類可中斷或提前通電的資產機會出現時或若出現時加以把握。

Stephen Glagola, KBW.

Stephen Glagola，KBW。

I have one for Matt and one for Gary. Matt, maybe could you provide more color on the expected time line for gaining clarity around the audit process? And you referenced in your prepared remarks, the August 20 PUCT hearing is a key date. Like what should investors expect to learn by then? And maybe what are the next milestones we should be watching?

我有一題要問 Matt，另一題要問 Gary。Matt，你能否就釐清審計流程的預期時間表提供更多細節？你在事先準備的發言中提到，8 月 20 日的 PUCT 聽證會是一個關鍵日期。投資人到那時應該預期會了解哪些資訊？另外接下來我們應該關注哪些里程碑？

And then Gary, you mentioned targeting high loan to cost on the project debt side. It'd be great to unpack that more and what you're seeing in the funding markets today around lender appetite and cost of debt? And maybe what has changed over the last few months?

然後 Gary，你提到在專案債務方面目標是較高的貸款成本比（loan-to-cost）。希望你能更深入拆解一下：你目前在資金市場看到的放款人意願與債務成本如何？以及過去幾個月有哪些變化？

Yes, I appreciate the question. I think the correct answer regarding Texas is we don't know. We -- there's not a great deal of certainty in what lies beyond that August 20 PUCT meeting. What I can tell you is the outbound communications that we've had, the dialogue that we've had with folks such as CenterPoint is that the Governor and the Governor's representatives are aggressively looking to communicate to the market that the data center component of the loads is important to Texas. So it is a priority.

是的，謝謝你的提問。我認為關於德州的正確答案是：我們不知道。我們——對於 8 月 20 日 PUCT 會議之後會發生什麼，並沒有太多確定性。我能告訴你的是，我們對外的溝通、以及與像 CenterPoint 這類人士的對話顯示，州長及其代表正積極向市場傳達：資料中心這部分負載對德州很重要。因此這是一項優先事項。

I think that the challenge is if we're being honest, and this is purely speculation on my part. I think a lot of the objections that you're seeing in Texas come from the 765 kV high tension lines that are forced to be stretched across farmland or other areas. We're really fortunate in that the properties that we own don't require that. So I see that as a bit of a differentiator.

我認為挑戰在於，如果我們坦白說——以下純屬我個人推測。我覺得你在德州看到的許多反對聲音，來自於必須把 765 kV 的高壓輸電線跨越農地或其他區域架設。我們很幸運的是，我們所擁有的土地不需要那樣做。所以我把這視為一個差異化因素。

But that may be true. That's just what we're hearing from the community relations folks that we have on the ground there.

但也可能確實如此。這只是我們從當地的社區關係團隊所聽到的情況。

And Stephen, regarding the financing portion, I'll tell you, as you've seen some of the recent deals, finance in excess of 90% loan to cost is very common, and that's our target. Obviously, the higher loan to cost, the greater the internal rate of return is because you're bringing less equity to the project. So we obviously want to target the highest rates of return possible. So we're targeting above 90%.

Stephen，關於融資部分，我可以告訴你，正如你在一些近期交易中看到的，超過 90% 的貸款成本比融資非常常見，而這也是我們的目標。很明顯，貸款成本比越高，內部報酬率（IRR）就越高，因為你投入到專案的股權更少。因此我們當然希望鎖定盡可能高的報酬率。所以我們的目標是 90% 以上。

In terms of demand, we've been watching the market very closely and maybe you saw across the wire this morning, I mean, we saw Google Alphabet draw out interest of about $115 billion demand on just a $25 billion transaction, right? That's about 4.5 times oversubscribed. And so to us, that's a clear indication that demand remains robust and while spreads have widened in recent months, we've seen those hyperscale bonds bid tightened up to 25 bps just in the last week.

就需求而言，我們一直非常密切地觀察市場；而且你可能今天早上也看到新聞——Google（Alphabet）在一筆僅 250 億美元的交易上，吸引了約 1,150 億美元的需求，對吧？那大約是 4.5 倍超額認購。對我們來說，這清楚顯示需求仍然強勁；雖然近幾個月利差有所擴大，但我們看到那些超大規模（hyperscale）債券的買盤利差在過去一週已收斂到 25 個基點（bps）。

So the markets can be a little sickle, but we're keeping a close eye on it, and we feel pretty confident we'll be able to hit our targets.

所以市場可能有點反覆無常，但我們會密切關注，我們也相當有信心能達成我們的目標。

(inaudible), Chardan Capital.

（聽不清），Chardan Capital。

Congrats again on the deal. In the remarks, there was mention that the team is looking at new opportunities in the multiple of gigawatts across the country. Can we just double-click there where you see the most value today?

再次恭喜這筆交易。在發言中提到團隊正在全國尋找多個吉瓦等級的新機會。能否再深入一點，談談你們目前在哪些地方看到最大的價值？

Bill, thanks for the question. We -- I think what you've probably known about CleanSpark since the day we sat in the van when we had two sites way back in the day, kind of talking about the path forward. We've been very disciplined. And I think a differentiator for us is when we talk about our 2.1 gigawatt pipeline or the 1.8 contracted pipeline, we're sharing what we have contractually bound to the company under some form of certainty to go forward.

Bill，謝謝你的問題。我們——我想你可能從很早以前就了解 CleanSpark；當年我們坐在那台廂型車裡、公司只有兩個據點時，就在討論未來的路徑。我們一直非常自律。而我認為我們的差異化之一在於：當我們談到 2.1 吉瓦的管線（pipeline）或 1.8 吉瓦的已簽約管線時，我們分享的是在某種確定性下、以合約形式對公司具有約束力、可以推進的項目。

Duncan and his team, I think, at last glance had 6.5 or 7 gigawatts of projects actively under analysis and development. Now many of our peers would talk about that being part of the pipeline. We're very careful about that because we want to have certainty. It kind of harkens back to when we were giving guidance about hash rate in our prior business. We were the company that hit our guidance and raised and hit again, not that missed and made an excuse. So we're very conservative in the way we talk about that.

Duncan 和他的團隊，我記得上次看時，大約有 6.5 或 7 吉瓦的專案正在積極分析與開發中。現在我們許多同業會把那也算作管線的一部分。我們對此非常謹慎，因為我們希望具備確定性。這有點讓人回想到我們在先前業務中提供算力（hash rate）指引的時候。我們是一家能達成指引、上調後再達成的公司，而不是沒達成就找藉口的公司。所以我們在談論這些時非常保守。

With regard to geography, I can tell you we're looking actively in projects today in all four time zones.

就地理位置而言，我可以告訴你，我們目前在所有四個時區都在積極評估專案。

Appreciate that. And Matt, I do remember the (inaudible) very well look forward to spending more time together again. Secondly, I appreciate the update on the exclusivity agreements, just curious, has there been any discussion with the tenants on modifying the deadline for that exclusivity following this infinite -- indefinite sort of delay to batch zero, have they conveyed their stance following these changes? Any color you can provide there?

了解，謝謝。Matt，我也非常記得那段（聽不清），期待之後能再多花時間一起交流。第二點，謝謝你更新排他性協議的狀況；我想問的是，在 batch zero 出現這種無限期——不確定期限——的延遲之後，是否有與承租戶討論過修改該排他性的截止期限？他們在這些變更後是否表達了立場？你能提供任何補充說明嗎？

I would say that we remain under exclusivity the conversations have literally not skipped a beat. They want the projects. They are interested in going forward. For us, it's not a fear of kind of losing that if it goes on for an indefinite period of time because, quite frankly, Bill, what we're seeing is rates are raising. We're seeing terms that continue to improve.

我會說我們仍處於排他性之下，相關對話幾乎沒有中斷過。他們想要這些專案。他們有興趣繼續推進。對我們而言，並不擔心如果拖到不確定的時間就會失去這些機會；因為坦白說，Bill，我們看到的是價格正在上升。我們也看到條款持續改善。

So if this for some reason or for any reason were to fall out, we would once again run a market clearing exercise. And based on the demand we're seeing, it's likely we'd create even greater value.

所以如果這件事因某些原因或任何原因而告吹，我們會再次進行一次市場清算（market clearing）流程。而基於我們看到的需求，很可能會創造出更大的價值。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

This is Henry Hearle on for Nick. Congrats again on the Sandersville and getting the long lead items ordered on prepaid. And this is actually a follow-up to a previous question. So did the Sandersville tenant also have an option to take exclusivity on Atlanta Metro, Washington, Georgia, Jackson, Tennessee or Cheyenne, Wyoming or were they just offered Texas?

我是代 Nick 發言的 Henry Hearle。再次恭喜 Sandersville，並且把長交期項目以預付款方式下單。這其實是對先前問題的追問。所以 Sandersville 的承租戶是否也有選擇權，對 Atlanta Metro、Washington（喬治亞州）、Jackson（田納西州）或 Cheyenne（懷俄明州）取得排他性？還是他們只被提供德州？

To be honest with you, when we populated the VDR, we populated it with the three sites that they seized on immediately. As I mentioned in a prior question, everybody that entered the VDR wanted d, all of the above. And so obviously, with Sandersville being power that's been running 11x a hash or Bitcoin mining successfully with being wildly popular in the community, having tremendous community support behind us, that was the one they wanted to get right now because that gives Q4 RFS on the first data hall.

老實跟你說，當我們把資料放進 VDR 時，我們先放了他們立刻就鎖定的那三個場址。如同我在前一個問題提到的，所有進入 VDR 的人都想要 d，也就是以上全部。因此很明顯地，Sandersville 具備電力資源，且已以 11x 的雜湊率成功進行雜湊/比特幣挖礦，在社區中非常受歡迎、並獲得強大的社區支持；那就是他們現在就想拿下的，因為這能讓第一座資料廳在第四季達成 RFS（可供服務）。

Obviously, Texas was critical because it represents almost 900 megawatts of power that we have as Harry mentioned in his comments, a high degree of certainty that falls in that base zero or the that batch zero baseload certification. So those were the properties or the projects that we offered only later did we start to talk about Washington, Georgia, and that's been met with overwhelming inbound demand.

顯然，德州至關重要，因為它代表我們擁有將近 900 兆瓦的電力；正如 Harry 在評論中提到的，這些電力有很高的確定性，符合 base zero 或所謂 batch zero 的基載認證。所以那些就是我們最先提供的資產或專案；直到後來我們才開始談到華盛頓州、喬治亞州，而那也帶來了大量的主動洽詢需求。

Because of the way that we've talked about our portfolio and the fact that we've been very transparent about what megawatts we hold where organically, many of these developers have reached out to us and said, hey, what about that?

由於我們談論投資組合的方式，以及我們對於我們在各地以有機方式持有多少兆瓦一直非常透明，許多開發商就主動聯繫我們說：嘿，那個怎麼樣？

So I can only tell you that with regard to the Sandersville tenant, everything that we put in front of them as an opportunity, they cease done.

所以我只能告訴你，關於 Sandersville 的承租方，我們把每一個機會擺在他們面前的，他們都立刻抓住並把事情做成了。

Got it. Matt. That's really helpful. And then aside from Governor Abbott's pause, I believe Austin County also adopted a countywide moratorium on AI data centers on July 27. And would this theoretically impact the Sealy site? And then any color on how you're working with the County would be very helpful.

了解。Matt。這真的很有幫助。另外，除了 Abbott 州長的暫停令之外，我相信 Austin 郡也在 7 月 27 日通過了全郡範圍內對 AI 資料中心的暫緩令（moratorium）。這在理論上會影響 Sealy 場址嗎？另外，關於你們如何與郡政府合作，若能提供一些說明會很有幫助。

Yes. So importantly, that is temporary. And what we've seen is that a tremendous number of these county, city, and local level types of attempts at writing zone and code basically, have been overturned in court. And ultimately, we remain incredibly constructive with the community. We think that positive resolution is always the best path forward, and it's the way we've done business for many, many years.

會的。重要的是，那是暫時性的。而我們看到，這類在郡、市以及地方層級嘗試制定分區與法規（zone and code）的作法，有相當多都在法院被推翻。最終，我們仍然對社區抱持非常正向、建設性的態度。我們認為正向解決永遠是最佳前進道路，而且這也是我們多年來一貫的經營方式。

I think this is going to be a tremendous success story where the leaders in that community had additional questions. They're going to get those questions answered with incredible results, and we're going to be able to proceed constructively together in short order.

我認為這會是一個非常成功的案例；該社區的領導者若有更多問題，他們會得到非常好的解答與成果，而我們也能在短時間內以建設性的方式一起推進。

Matthew Galinko, Maxim Group.

Matthew Galinko，Maxim Group。

Can you maybe give us a little bit more color on the state of the digital asset management strategy. Is it still a priority to operate? Or are you really shifting all focus to the transition?

你能否再多談一點數位資產管理策略的現況？營運（挖礦）仍然是優先事項嗎？還是你們真的把所有重心都轉向轉型？

Matt, thanks for the question. We've been very consistent on -- with regards to our Bitcoin HODL balance and digital asset management. And I'll just reiterate that right now. We have almost 14,000 Bitcoin on the balance sheet.

Matt，謝謝你的問題。我們在比特幣 HODL 餘額與數位資產管理方面一直非常一致。我現在再重申一次。我們的資產負債表上有將近 14,000 顆比特幣。

And as we've said over and over again, we are not ideological about the Bitcoin balance. We're very strategic, and we see it as a capital asset and intend to use it as such. So what does that mean? Well, while we believe that there is greater upside than downside in Bitcoin value right now.

而且我們一再強調，我們對比特幣餘額並非出於意識形態。我們非常策略性地看待它，把它視為資本資產並打算以此方式運用。那代表什麼？嗯，雖然我們相信目前比特幣價值的上行空間大於下行風險。

We will continue to use the Bitcoin to do several things. One, generate cash through cover call derivative strategies. In my comments have I said that we've already produced almost $26 million fiscal year-to-date in premiums, just based on that strategy, which allows us even to stay above spot price because we are selling the majority or all of our Bitcoin production right now to fund operational expenditures.

我們會持續用比特幣做幾件事。第一，透過備兌買權（covered call）等衍生性策略產生現金。在我的評論中我是否提到，我們今年度迄今僅靠這個策略就已產生將近 2,600 萬美元的權利金收入；這也讓我們甚至能維持在現貨價格之上，因為我們目前為了支應營運支出，正在出售我們大部分或全部的比特幣產量。

And second, it's a great source of dilutive capital from really nondilutive capital from two perspectives. One is that we can borrow against it because as of 6/30, we had $400 million undrawn on the Bitcoin back lines of credit.

第二，它也是一個很好的稀釋性資本來源——更準確地說，從兩個角度看，它其實是非稀釋性資本。其一，我們可以用它作為抵押借款，因為截至 6/30，我們在以比特幣作擔保的循環信用額度（lines of credit）中，尚有 4 億美元未動用。

And two, as I also said in my comments that we're willing to part with that Bitcoin balance for highly accretive opportunities in the marketplace, especially considering now that management feels that our equity is not getting a respectable valuation, and so knowing that we want to keep our cost of capital low. We'll look to the Bitcoin balance to help keep that cost of capital low while driving shareholder value.

其二，正如我在評論中也提到的，若市場上出現高度增益（highly accretive）的機會，我們願意處分那筆比特幣餘額；尤其考量到管理層目前認為我們的股權沒有獲得合理估值，因此我們希望維持較低的資金成本。我們會利用比特幣餘額來協助維持低資金成本，同時提升股東價值。

Great. And I guess as my follow-up, how do you kind of think of your mining fleet if economics turn less favorable, particularly post having, I hear that you've seen that as an asset per plan on Power acquisition. But if economics kind of turn a little bit, do you still see that as a useful lever? Or is there a scenario where you move away from that strategy?

很好。那我追問一下，如果經濟性變得不那麼有利，你們會如何看待你們的挖礦機隊？特別是在你剛提到你們把它視為一項資產、用於電力收購計畫之後。但如果經濟性有些轉變，你們仍然認為那是一個有用的槓桿嗎？或者是否存在某種情境，你們會遠離那個策略？

Yes. Thanks for the question. So look, if I had a crystal ball, I could tell you where Bitcoin mining accounts go, I probably won't be sitting here today. I guess it's a really hard business to forecast. But what I will tell you is that we have one of the world's most efficient fleets which allowed us to operate at 38% gross margin in what was otherwise historically, one of the historically most difficult periods for Bitcoin mining.

是的。謝謝你的問題。你看，如果我有水晶球，能告訴你比特幣挖礦的經濟性會走向何方，我大概就不會坐在這裡了。我想這是一個非常難以預測的產業。但我可以告訴你的是，我們擁有全球最高效率的機隊之一，這讓我們即便在比特幣挖礦歷史上最艱難的時期之一，仍能以 38% 的毛利率運作。

I don't know what the future holds 24 months from now, but I'll tell you that we're focused on deploying capital to get significant shareholder returns. And right now, the highest best in use of that capital is towards AI data centers in [Hunting] line power, which we're really good at. In Bitcoin mining, I think, will be the means to the end and help us get there.

我不知道 24 個月後會如何，但我可以告訴你，我們專注於部署資本以為股東帶來顯著回報。而目前，這些資本的最高最佳用途是投入 AI 資料中心與（Hunting）線路電力（line power）相關領域，這正是我們非常擅長的。我認為比特幣挖礦將是達成目標的手段，並幫助我們走到那一步。

Mike Grondhal, Northland Capital Markets.

Mike Grondhal，Northland Capital Markets。

This is Logan on for Mike. Just one from us today. We are now, call it, 20 to 25 days into this exclusivity period. Can you guys maybe just touch on what you learned from leasing Sandersville and how you're applying that to this process for the Texas sites?

我是 Logan，代 Mike 發問。我們今天只有一個問題。我們現在大概已進入這段獨家期（exclusivity period）的第 20 到 25 天。你們能否談談，從 Sandersville 的租賃案中學到了什麼，以及你們如何把這些經驗應用到德州場址的流程上？

Yes, I appreciate the question. Thank you. we -- I'll tell you the feedback that I received from their team after the successful execution of lease and entering into the exclusivity, and that spoke largely to CleanSpark's DNA or history in energy markets and having an understanding with how that worked. The way we packaged up the project, we haven't talked a lot about.

好的，我很感謝這個問題。謝謝。他們的團隊在我們成功完成租賃並進入獨家期後給我的回饋，主要談到 CleanSpark 的 DNA 或在能源市場的歷史，以及我們對其運作方式的理解。我們如何把專案打包，我們其實沒有談太多。

We have 40 acres with 250 megawatts that mine Bitcoin. And prior to entering into an agreement, the community stepped in and assisted us in procuring 122 acres additionally. Aside from that, the community stood up and said, let us help you with the easements and the powered pathway to move the power from your existing site to the new site.

我們有 40 英畝、250 兆瓦的場地在挖比特幣。在簽訂協議之前，社區介入並協助我們另外取得 122 英畝的土地。除此之外，社區也站出來說，讓我們協助你們處理地役權（easements）以及供電路徑，把電力從你們現有場址輸送到新場址。

So having the ability to have a collaborative, constructive relationship with the utility, with the community, with the policy people in and around the project was a real tailwind. The comment that we got back from that tenant was that your team is unique in the fact that they really understand energy markets, they understand the leasing process and everything was collaborative.

因此，能夠與公用事業單位、社區以及專案周邊的政策相關人士建立協作且具建設性的關係，確實是一股強勁的順風。我們從該租戶收到的回饋是，你們的團隊很獨特，因為你們真正了解能源市場、了解租賃流程，而且一切都是以協作方式進行。

Obviously, top line lease numbers are something that matters to everyone. But when you look at 100% NOI versus 80% or 85% on a modified gross, the top line is significantly less relevant. So we shared with them what was important to us.

顯然，租賃的表面（top line）數字是每個人都在意的事情。但當你比較 100% NOI 與在修正總租（modified gross）下的 80% 或 85% 時，表面數字的重要性就顯著降低。因此，我們也與他們分享了對我們而言真正重要的是什麼。

And to their credit, they negotiated with us in good faith to put across a deal that was meaningful for them but also supported all of our goals. And so as we turned to the Texas opportunity, the exclusivity agreement for Texas pointed back at many of the terms in the Sandersville lease because we established the baseline and I'll use the they're vernacular as they referred to the process going forward with CleanSpark as a development partner. They look to use these as a rinse and repeat format.

而值得肯定的是，他們以誠信與我們協商，促成一筆對他們有意義、同時也支持我們所有目標的交易。因此，當我們轉向德州的機會時，德州的排他性協議在許多條款上都回溯參照了 Sandersville 的租約，因為我們已建立了基準；我也借用他們的用語，他們將其稱為未來與 CleanSpark 作為開發合作夥伴推進流程的「基準語彙」。他們希望將這些作為可重複套用的標準模式。

So it made us feel very confident in the team that we had that executed that lease and what the progress looks like going forward.

因此，這讓我們對執行該租約的團隊以及未來推進的進展充滿信心。

Jon Hickman, Ladenburg.

Jon Hickman，Ladenburg。

Can you elaborate a little bit on exactly what is your -- what do you have to deliver to your counterparty in this triple net lease?

你能否更詳細說明一下，在這份三重淨租（triple net lease）中，你們究竟需要向交易對手交付什麼？

Yes. Great question. So the initial lease contemplates a powered data center, included in beyond the original or the initial lease, we negotiated and agreed to do some TFO work. But as a true triple net, once we turn over the keys, we basically walk away. We're not tasked with cutting the grass or changing light bulbs.

可以。問得很好。因此，初始租約所設想的是一座已通電的資料中心；此外，在原始或初始租約之外，我們也協商並同意進行一些 TFO 工作。但作為真正的三重淨租，一旦我們交付鑰匙，我們基本上就會退出。我們不需要負責割草或更換燈泡。

It is all of the operational cost passes through to our tenants.

所有營運成本都會轉嫁由我們的租戶承擔。

But you're responsible for the maintenance of the power that's being delivered?

但你們要負責所交付電力的維護嗎？

No, John. So what we're responsible for is delivering data center certainty at the end of the build process. And so that includes the run of the power from the existing substations to the data center, but it does not include the ongoing maintenance of that power infrastructure that sits in between or at the substation. And then ultimately, on the data center side, you can think of this as everything from the ground level to the shell and into the [MEP] and great space of the core, but not inside of the white space from a leased asset perspective.

不，John。我們負責的是在建置流程結束時交付資料中心的確定性。因此，這包括將電力從既有變電站引至資料中心的輸電路徑，但不包括位於其間或在變電站端的電力基礎設施之後續維護。而在資料中心端，你可以把它理解為從地基到外殼（shell），以及進入核心區域的 [MEP] 與主要空間，但就租賃資產的角度而言，不包含白區（white space）內部。

One last layer as far as risk mitigation. I think we talked about it in our prepared comments, but I think it's important to emphasize that the EPCM contractor that we selected is also a manufacturer of many of the mechanical, electrical, plumbing, and cooling components. And they have a history of successful execution with this end-use tenant. So it was made as an introduction, and it gave us a great deal of certainty in execution time lines and compatibility with the end-use tenant.

在風險緩解方面再補充最後一層。我想我們在事先準備的發言中提過，但我認為值得強調的是：我們選定的 EPCM 承包商同時也是許多機械、電氣、管線（plumbing）與冷卻組件的製造商。而且他們在與這個最終使用租戶合作方面，有成功執行的歷史。因此，這是透過引介促成的，也讓我們在執行時程與與最終使用租戶的相容性上，獲得了很高的確定性。

Okay. So on the community support side of things, in the past, one of the benefits the community was, the power was interruptible, if they needed it for one reason or another. With the data center going in, that's not going to be the case anymore, and they're still supportive of the project?

好的。那在社區支持方面，過去社區的一項好處是，如果他們因某些原因需要用電，電力是可中斷的（interruptible）。資料中心進駐後，這種情況就不再存在了，但他們仍然支持這個專案嗎？

Yes. John. So it's very important to understand some of the power market dynamics in the area and really what this type of 20-year long duration relationship delivers on is the certainty and ability for the utility to procure power with a lot more of an understanding of how that power is going to be used day-to-day quarter-to-quarter.

是的。John。因此，理解該地區的一些電力市場動態非常重要；而這種 20 年長期關係所帶來的，是確定性，以及讓公用事業單位能在更了解電力將如何按日、按季使用的情況下，去採購電力的能力。

And so while they're losing some of the real-time demand response capabilities that a Bitcoin Mine would have had they're significantly enhancing the tax base, the employment density of a data center relative to a Bitcoin mine is greater. And ultimately, those factors are dramatically, dramatically desired by the folks in Sandersville and I think many, many other places around the country.

因此，雖然他們會失去比特幣礦場原本具備的一些即時需求響應能力，但他們大幅提升了稅基；相較於比特幣礦場，資料中心的就業密度更高。最終，這些因素對 Sandersville 的居民而言是非常、非常受期待的，我想對全國許多其他地方也是如此。

Is there a point in time when we're going to find out who the counterparty is?

我們會在什麼時間點知道交易對手是誰？

So like many of the deals that you've seen, John, they talk about the tenant that's under confidentiality. We're talking about a high-performance compute AI data center with proprietary technology and our tenant wanted to remain somewhat anonymous, that's not unique within the space. I think what's important to note, you can Google this yourself. It is a high investment-grade global technology company, which is as much as they have allowed us to talk about the high investment grade is really, I think, the differentiator.

就像你看過的許多交易一樣，John，他們會提到租戶處於保密狀態。我們談的是一座具專有技術的高效能運算 AI 資料中心，而我們的租戶希望在一定程度上保持匿名，這在這個領域並不罕見。我認為重要的是，你自己也可以上網查。它是一家高投資級的全球科技公司，這也是他們允許我們談到的程度；我認為「高投資級」才是真正的差異化所在。

There are no credit wrappers. There's no equity component given away for a backstop. The finance rates are favorable because the credit rating of the tenant is amongst the highest in the cohort. So we're comfortable with the disclosure that we've made and they've asked us to keep it at that level.

沒有任何信用增級包裝（credit wrappers）。也沒有為了提供擔保而讓出任何股權成分。融資利率之所以有利，是因為租戶的信用評級在同類群體中屬於最高等級之一。因此，我們對目前所做的揭露感到安心，而他們也要求我們將資訊維持在這個層級。

This concludes the Q&A session. I would like to turn it back over to Harry Sudock for closing remarks.

問答環節到此結束。我想把時間交回給 Harry Sudock 作結語。

Thank you again for joining today's call. We look forward to staying in touch and sharing future announcements with you in the coming quarters. Stay tuned for more progress and exciting achievements ahead of us here at CleanSpark.

再次感謝各位參與今天的電話會議。我們期待持續保持聯繫，並在未來幾季與各位分享後續公告。敬請期待 CleanSpark 接下來更多進展與令人振奮的成果。

Ladies and gentlemen, this concludes today's call. You may disconnect.

各位女士、先生，今天的電話會議到此結束。您可以掛線。