Core Scientific Inc (CORZ) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Core Scientific second quarter fiscal year 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Core Scientific 2024 財年第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Steve Gitlin, Senior Vice President, Investor Relations. Thank you. You may begin.

現在我很高興向您介紹主持人，投資者關係高級副總裁 Steve Gitlin。謝謝。你可以開始了。

Good afternoon, ladies and gentlemen, and welcome to Core Scientific second quarter fiscal year 2024 earnings call. This is Steven Gitlin, Senior Vice President of Investor Relations for Core Scientific. At this time, all participants are in a listen-only mode. We will conduct a question-and-answer session after management’s remarks. As a reminder, this conference is being recorded for replay purposes.

下午好，女士們、先生們，歡迎參加 Core Scientific 2024 財年第二季財報電話會議。我是史蒂文·吉特林 (Steven Gitlin)，Core Scientific 投資者關係資深副總裁。此時，所有參與者都處於只聽模式。管理階層發言後，我們將舉行問答環節。謹此提醒，本次會議正在錄製以供重播。

Before we begin, please note that on this call, certain information presented contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，請注意，在本次電話會議中，提供的某些資訊包含 1995 年《私人證券訴訟改革法案》安全港條款含義內的前瞻性陳述。

Forward-looking statements include, without limitation, any statement other than historical or current facts that predict or indicate future events or trends, forecast, performance or achievements and may contain words such as believe, anticipate, expect, estimate, intend, project, plan or words or phrases with similar meaning.

前瞻性陳述包括但不限於歷史或當前事實之外的任何預測或指示未來事件或趨勢、預測、績效或成就的陳述，並且可能包含諸如相信、預期、期望、估計、打算、項目、計劃等詞語或具有相似意義的單字或片語。

Forward-looking statements are based on current expectations, forecasts and assumptions that involve risks and uncertainties that may cause actual results to differ materially. For further information on these risks and uncertainties, we encourage you to review the risk factors discussed in the company’s annual report on Form 10-K filed with the Securities and Exchange Commission and the special note regarding forward-looking statements contained in the company’s current report on Form 8-K filed today and the earnings release and slide presentation contained therein.

前瞻性陳述基於當前的預期、預測和假設，其中涉及可能導致實際結果存在重大差異的風險和不確定性。有關這些風險和不確定性的更多信息，我們鼓勵您查看公司向美國證券交易委員會提交的 10-K 表格年度報告中討論的風險因素以及有關前瞻性陳述的特別說明。 K 表格當前報告以及其中包含的收益發布和幻燈片演示。

Today’s presentation is available on our website at corescientific.com in the Events and Presentations section. The content of this conference call contains information that is accurate only as of today, August 7, 2024. The company undertakes no obligation to update statements made today to reflect events or circumstances occurring after today.

今天的演示可在我們網站 corescientific.com 的「活動和演示」部分中找到。本次電話會議的內容包含截至今天（2024 年 8 月 7 日）的準確資訊。公司沒有義務更新今天的聲明以反映今天之後發生的事件或情況。

Joining me today from Core Scientific are Chief Executive Officer, Mr. Adam Sullivan; and Chief Financial Officer, Ms. Denise Sterling. We will now begin with remarks from Adam Sullivan. Adam?

今天與我一起參加 Core Scientific 的有執行長 Adam Sullivan 先生；財務長 Denise Sterling 女士。現在我們將首先聽取亞當·沙利文的演講。亞當？

Thanks, Steve. Today, I’ll summarize the incredible progress we’ve made this year before quickly highlighting our second quarter financial performance. Denise will then review our second quarter financials before I discuss what distinguishes Core Scientific from other companies in our industry and provide a look ahead at the key catalysts and milestones that will demonstrate continued progress towards achieving our goals. We will then take your questions.

謝謝，史蒂夫。今天，我將總結我們今年取得的令人難以置信的進步，然後快速強調我們第二季的財務表現。然後，丹尼斯將回顧我們第二季度的財務狀況，然後我將討論 Core Scientific 與我們行業其他公司的區別，並展望未來將展示我們在實現目標方面不斷取得進展的關鍵催化劑和里程碑。然後我們將回答您的問題。

We have achieved exciting milestones this year, illustrated on slide 4. We announced a contract with CoreWeave to lease a 16-megawatt data center in Austin for HPC hosting, and we delivered that data center more than 30 days ahead of schedule and began generating revenue from it in the second quarter.

今年我們取得了令人興奮的里程碑，如幻燈片 4 所示。我們宣布與 CoreWeave 簽訂合同，在奧斯汀租賃一個 16 兆瓦的資料中心用於 HPC 託管，我們提前 30 天多交付了該資料中心，並在第二季度開始從中產生收入。

We successfully executed our plans for the April halving, maintaining strong operational performance and favorable cash cost to mine. We have now signed HPC hosting contracts with CoreWeave for a total of 382 megawatts in aggregate total potential revenue of $6.7 billion over the 12 years beginning in 2025 and 2026.

我們成功執行了四月減半的計劃，維持了強勁的營運表現和有利的現金成本。我們現已與 CoreWeave 簽署了 HPC 託管合同，從 2025 年到 2026 年開始的 12 年內，總潛在收入將達到 382 兆瓦，總潛在收入將達到 67 億美元。

We completed 72 megawatts of partially built infrastructure at our Denton, Texas site, bringing our total to about 830 megawatts of operational infrastructure highlighted on slide 5. We began build-out a partially completed 100-megawatt facility in Pecos, Texas.

我們在德州丹頓工廠完成了 72 兆瓦的部分基礎設施建設，使我們的營運基礎設施總量達到約 830 兆瓦，如幻燈片 5 所示。我們開始在德州佩科斯建造一座部分完工的 100 兆瓦設施。

Stock price appreciation triggered mandatory conversion of secured convertible notes, eliminating $260 million in debt from our balance sheet. We signed an agreement with Block to procure 15 exahash of their new three nanometer ASIC chip to refresh and expand our self-mining fleet beyond 2024.

股價上漲觸發了有擔保可轉換票據的強制轉換，從而從我們的資產負債表中消除了 2.6 億美元的債務。我們與 Block 簽署了一項協議，採購 15 exahash 的新型 3 奈米 ASIC 晶片，以在 2024 年之後更新和擴展我們的自挖礦機群。

Stock price appreciation triggered the ability to exercise our tranche to warrants, and we are now preparing some of our sites for HPC hosting, migrating miners from HPC designated sites and redeploying them to bitcoin mining sites. Our ability to achieve all of this is a testament to the dedication and tenacity of our best-in-class team. We are executing on our strategy and remain focused on making continued progress while creating a new category in the digital infrastructure industry.

股價升值觸發了我們行使認股權證部分的能力，我們現在正在準備一些站點進行 HPC 託管，將礦工從 HPC 指定站點遷移到比特幣挖礦站點。我們實現這一切的能力證明了我們一流團隊的奉獻精神和堅韌不拔的精神。我們正在執行我們的策略，並繼續專注於不斷取得進展，同時在數位基礎設施產業中創建一個新類別。

While we expand our hosting business for HPC, we remain one of the largest and most efficient bitcoin mining companies as illustrated on slide 6. Our bitcoin mining continues to produce operating cash flow and will become even stronger as we migrate our miners to dedicated sites with more favorable power pricing.

在我們擴大 HPC 託管業務的同時，我們仍然是最大、最高效的比特幣挖礦公司之一，如幻燈片 6 所示。我們的比特幣挖礦繼續產生營運現金流，隨著我們將礦工遷移到電價更優惠的專用地點，我們的比特幣挖礦業務將變得更加強大。

Slide 7 highlights our strategic, operational, and financial achievements in the second quarter. Note that for the first time, we are now reporting HPC hosting as a separate segment in our financial statements to provide greater visibility to this growth driver for our business.

幻燈片 7 重點介紹了我們第二季度的策略、營運和財務成就。請注意，我們現在首次在財務報表中將 HPC 託管作為一個單獨的部分進行報告，以便更好地了解我們業務的這種成長動力。

We earned 1,680 bitcoin in the second quarter and generated total revenue of $141 million, including $5.5 million in HPC hosting revenue from our Austin data center. Gross profit of $39 million increased by 5%, while operating income of $7 million declined by 31%. Our $805 million net loss was mainly driven by the significant quarter-over-quarter appreciation in share and warrant prices that required us to make mark-to-market adjustments to the value of our equity. Denise will explain this in more detail shortly.

我們在第二季度賺取了 1,680 比特幣，總收入為 1.41 億美元，其中包括來自奧斯汀資料中心的 550 萬美元 HPC 託管收入。毛利為 3,900 萬美元，成長 5%，而營業收入為 700 萬美元，下降 31%。我們 8.05 億美元的淨虧損主要是由於股票和認股權證價格環比大幅上漲，這要求我們對股權價值進行按市價調整。丹尼斯很快就會對此進行更詳細的解釋。

Adjusted EBITDA of $46 million in the second quarter increased by 2% over the prior year and reflects continued strong cash generation from our core business. Our team has worked exceptionally hard to deliver these strong results. And while we are proud of what we have done, we are just getting started.

第二季調整後 EBITDA 為 4,600 萬美元，比上年成長 2%，反映出我們核心業務持續強勁的現金產生能力。我們的團隊非常努力地工作以取得這些出色的成果。雖然我們為自己所做的事情感到自豪，但我們才剛開始。

Now, I’d like to turn the call over to Denise Sterling, our CFO, for more details on our financial performance and positioning. Denise?

現在，我想將電話轉給我們的財務長 Denise Sterling，以了解有關我們財務業績和定位的更多詳細資訊。丹妮絲？

Thank you, Adam. We are pleased with our second quarter operational execution and financial performance, particularly given the halving. As Adam mentioned a moment ago, total second quarter revenue was $141 million, consisting of $111 million in digital asset self-mining revenue, $25 million from digital asset hosted mining and $5.5 million from HPC hosting.

謝謝你，亞當。我們對第二季的營運執行和財務表現感到滿意，特別是考慮到減半。正如 Adam 剛才提到的，第二季總收入為 1.41 億美元，其中數位資產自挖礦收入為 1.11 億美元，數位資產託管挖礦收入為 2,500 萬美元，HPC 託管收入為 550 萬美元。

Digital asset self-mining gross profit for the quarter was $30.7 million. Self-mining revenue increased by $13.7 million or 14% year-over-year, primarily from a 134% increase in the price of bitcoin and an increase of 28% in our self-mining hash rate, which was due to the deployment of approximately 19,000 additional new generation self-mining units.

該季度數位資產自挖礦毛利潤為 3,070 萬美元。自挖礦營收年增 1,370 萬美元，成長 14%，主要來自比特幣價格上漲 134%，以及我們的自挖礦算力成長 28%，這是由於部署了約 19,000 個額外的新節點發電自採礦機組。

Although our self-mining hash rate increased 28%, the April 2024 halving and a 68% increase in the network hash rate led to a 52% decrease in the number of bitcoin earned during the quarter. Digital asset self-mining cost of revenue increased by $13.2 million for the fiscal second quarter of 2024.

儘管我們的自挖礦算力增加了 28%，但 2024 年 4 月的減半和網路算力增加 68% 導致本季賺取的比特幣數量減少了 52%。2024 年第二財季數位資產自挖礦收入成本增加了 1,320 萬美元。

The increase was primarily driven by an increase in depreciation expense resulting from the deployment of our new self-mining units, an increase in payroll and benefits costs associated with merit and market adjustments made during the quarter and higher stock-based compensation.

這一增長主要是由於部署新的自採礦設備導致折舊費用增加、與本季度績效和市場調整相關的工資和福利成本增加以及基於股票的薪酬上漲。

Segment gross margin was 28% in the quarter. HPC hosting revenue of $5.5 million exceeded HPC hosting cost of revenue of $4.9 million for the fiscal second quarter of 2024 by $0.6 million for a GAAP gross margin of 11%.

本季部門毛利率為 28%。2024 年第二財季 HPC 託管收入為 550 萬美元，比 HPC 託管收入成本 490 萬美元多出 60 萬美元，GAAP 毛利率為 11%。

Revenue at the Austin site ramped up over the course of the quarter based on the original delivery schedule. While GAAP lease expenses were accelerated as a result of delivering the data center capacity more than 30 days ahead of schedule.

根據最初的交付計劃，奧斯汀工廠的收入在本季度有所增長。而由於提前 30 天以上交付資料中心容量，GAAP 租賃費用增加。

As a reminder, the HPC hosting costs for the Austin data center consists primarily of lease and power expenses. Our power expenses are a direct pass-through to our client with no added margin. Overall, this resulted in a lower-than-anticipated GAAP margin in the initial quarter of operations.

提醒一下，奧斯汀資料中心的 HPC 託管成本主要包括租賃和電力費用。我們的電力費用直接轉嫁給客戶，沒有額外的利潤。總體而言，這導致第一季營運的公認會計準則利潤率低於預期。

We anticipate the Austin data center margin to improve over time to between 35% and 40%, excluding power pass-through as the additional lease expense associated with the acceleration of HPC capacity will be fully recognized by the first half of 2025 resulting in more normalized margins.

我們預計奧斯汀資料中心的利潤率將隨著時間的推移而提高至35% 至40%（不包括電力直通），因為與HPC 容量加速相關的額外租賃費用將在2025 年上半年得到充分認可，從而導致更加規範化邊距。

It is important to note that the terms of our hosting contract for our Austin data center, which is leased from a third-party, very significantly from those of our larger HPC hosting contracts, where we are modifying our owned infrastructure and therefore, do not incur lease expenses.

值得注意的是，我們從第三方租賃的奧斯汀資料中心的託管合約條款與我們較大的 HPC 託管合約的條款非常重要，在這些合約中我們正在修改我們擁有的基礎設施，因此，不產生租賃費用。

A summary of our segment economics can be found on slide 8. Gross margins in the quarter were 28%, 30% and 11%, respectively, for digital asset self-mining, digital asset hosting and HPC hosting. Our power costs were favorable in the quarter, declining to $0.0402 from $0.0425 per kilowatt hour for the same period in the prior year. Operating expenses for the fiscal second quarter of 2024 totaled $31.4 million as compared to $27.1 million for the same period in the prior year.

我們的細分市場經濟學摘要可在投影片 8 中找到。本季數位資產自挖礦、數位資產託管和 HPC 託管的毛利率分別為 28%、30% 和 11%。本季我們的電力成本有利，從去年同期的每千瓦時 0.0425 美元下降至 0.0402 美元。2024 財年第二季的營運支出總計 3,140 萬美元，去年同期為 2,710 萬美元。

The increase of $4.3 million was primarily attributable to $7.2 million increase in personnel and related expenses, and $4.6 million of HPC hosting segment start-up costs incurred during the current period, partially offset by lower stock-based compensation of $6.5 million due to cancellations and forfeitures of equity-based awards and a decrease of $1.6 million in bankruptcy advisory cost.

增加 430 萬美元主要是由於人員和相關費用增加了 720 萬美元，以及本期 HPC 託管部門啟動成本增加了 460 萬美元，部分被由於取消和取消而導致的 650 萬美元的股票薪酬減少所抵消。沒收股權獎勵並減少160 萬美元的破產諮詢費用。

Net loss for the fiscal second quarter of 2024 was $804.9 million as compared to a net loss of $9.3 million for the same period in the prior year. The increase in net loss of $795.6 million was primarily due to a net $796 million non-cash mark-to-market adjustments to our warrants and contingent value right liabilities required as a result of significant quarter-over-quarter increase in the value of our equity.

2024 財年第二季的淨虧損為 8.049 億美元，去年同期淨虧損為 930 萬美元。淨虧損增加 7.956 億美元，主要是由於我們的認股權證和或有價值權負債所需的淨額 7.96 億美元非現金按市價調整，這是由於我們的價值環比大幅增長所致。

Also contributing to the increase in net loss was a $14.8 million increase in interest expense, partially offset by a $18.5 million decrease in reorganization items net with no comparable activity for the same period in fiscal 2024 due to the company’s emergence from bankruptcy during the first quarter.

造成淨虧損增加的另一個原因是利息支出增加了1,480 萬美元，但部分被重組項目淨額減少1,850 萬美元所抵消，而2024 財年同期沒有可比活動，原因是該公司在2024 年擺脫破產保護。

Non-GAAP adjusted EBITDA for the second fiscal quarter of 2024 was $46 million or 33% of revenue, a year-over-year increase of $1 million that included several offsetting adjustments. Our power contracts vary in pricing terms. As I mentioned previously, our fleet wide power cost averaged $0.0402 per kilowatt hour in the fiscal second quarter. We now expect average cost in 2024 to be between $0.042 and $0.044 per kilowatt hour.

2024 年第二財季的非 GAAP 調整後 EBITDA 為 4,600 萬美元，佔營收的 33%，較去年同期增加 100 萬美元，其中包括多項抵銷調整。我們的電力合約的定價條款各不相同。正如我之前提到的，第二財季我們整個車隊的平均電力成本為每千瓦時 0.0402 美元。我們現在預計 2024 年的平均成本將在每千瓦時 0.042 美元至 0.044 美元之間。

At the end of the second quarter, our self-mined to hosted mining mix was 79% to 21%, respectively. As our hosted mining contracts sunset this year and we expand our self-mining fleet, we expect our hosted mining percentage to decline. As of June 30, 2024, we operated approximately 163,500 miners in our self-mining fleet. We have included the composition of our self-mining fleet, including the model mix and efficiency on slide 9.

截至第二季末，我們的自挖礦和託管挖礦組合分別為 79% 和 21%。隨著我們的託管挖礦合約今年到期以及我們擴大自營挖礦機群，我們預計我們的託管挖礦百分比將會下降。截至 2024 年 6 月 30 日，我們的自採礦隊中營運約 163,500 台礦機。我們已經在幻燈片 9 中介紹了我們的自採礦隊的組成，包括模型組合和效率。

And now, I’d like to discuss actions we are taking to strengthen our balance sheet. We’ve enhanced our liquidity in the quarter, ending with $96 million in cash and cash equivalents, up from $50 million at the end of 2023.

現在，我想討論一下我們為加強資產負債表而採取的行動。我們在本季增強了流動性，現金和現金等價物達到 9,600 萬美元，高於 2023 年底的 5,000 萬美元。

As illustrated on slide 10, during the second quarter, our debt decreased by an additional $56 million to $552 million. This decrease was primarily driven by a reduction of $26.4 million in secured convertible notes that were voluntarily converted and the payment of approximately $19.2 million for a mechanics lien related to the additional 72 megawatts of infrastructure completed at our Denton, Texas data center.

如投影片 10 所示，第二季度，我們的債務額外減少了 5,600 萬美元，達到 5.52 億美元。這一減少主要是由於自願轉換的擔保可轉換票據減少了2640 萬美元，以及為與德克薩斯州丹頓數據中心完工的額外72 兆瓦基礎設施相關的機械留置權支付了約1920 萬美元。

And shortly after the end of the second quarter, stock price appreciation triggered the mandatory conversion of our secured convertible notes, resulting in the equitization of the remaining $233.6 million, which resulted in a further decrease in our debt to $318 million.

第二季末後不久，股價上漲觸發了我們的擔保可轉換票據的強制轉換，導致剩餘的 2.336 億美元股權化，這導致我們的債務進一步減少至 3.18 億美元。

The average interest rate of our remaining debt after mandatory conversion of the secured convertible notes is approximately 12%. We continue to evaluate potential options that would further reduce our debt service and strengthen our balance sheet.

強制轉換有擔保可轉換票據後，我們剩餘債務的平均利率約為12%。我們將繼續評估可進一步減少我們的償債並加強我們的資產負債表的潛在選擇。

Now, I’ll turn to our CapEx plans. We plan to acquire an additional 10,000 to 15,000 bitcoin miners in 2024 to continue refreshing our self-mining fleet and to achieve our 21.8 exahash self-mining hash rate goal. We anticipate the CapEx for this purchase would range between $13 million and $19 million, which is included in our 2024 CapEx plan.

現在，我將談談我們的資本支出計劃。我們計劃在 2024 年額外收購 10,000 至 15,000 台比特幣礦機，以繼續更新我們的自挖機群，並實現 21.8 exahash 自挖算力目標。我們預計此次收購的資本支出將在 1,300 萬美元至 1,900 萬美元之間，這已包含在我們的 2024 年資本支出計畫中。

We also anticipate investing $13 million on the 100 megawatt expansion of our Pecos, Texas site, which is also included in our CapEx plan. CapEx associated with our contracted 382 megawatts of infrastructure to host high performance computing is funded by our existing HPC client. With the exception of the portion, we will repay through CapEx credits and therefore, is not included in our plan.

我們也預計投資 1,300 萬美元對德州佩科斯站點進行 100 兆瓦的擴建，這也包含在我們的資本支出計畫中。與我們簽訂的用於託管高效能運算的 382 兆瓦基礎設施相關的資本支出由我們現有的 HPC 客戶提供資金。除該部分外，我們將透過資本支出積分償還，因此不包含在我們的計劃中。

I’ll now turn to a review of our mining economics summarized on slide 11. Our direct cash cost to self-miner bitcoin in the second quarter was $29,879. This consists of power cost of $24,533 and direct cash-based facilities operations cost of $5,346, allocated based on the 79% of our fleet dedicated to self-mining and divided by total bitcoin self-mined in the second quarter of 1,680. Another way to evaluate our mining cost is by calculating the cash-based hash cost of these same items, which represents the same cost expressed as a cost per terahash per day. Our total cash-based hash cost in the second quarter was $0.03 per terahash.

現在我將回顧投影片 11 中總結的採礦經濟學。第二季我們自挖礦比特幣的直接現金成本為 29,879 美元。其中包括 24,533 美元的電力成本和 5,346 美元的直接現金設施營運成本，根據我們專用於自挖礦的 79% 的機隊分配，並除以第二季度自挖礦的比特幣總量 1,680。評估挖礦成本的另一種方法是計算這些相同項目的基於現金的哈希成本，這表示相同的成本，以每天每 terahash 的成本表示。第二季我們基於現金的哈希總成本為每 terahash 0.03 美元。

On slide 12, we provide an updated illustrative financial view of our HPC contracts with our existing clients. Based on the total 382 megawatts now contracted for HPC hosting, we project aggregate total revenue over the 12-year contracts of approximately $6.7 billion with a profit margin of up to 80%. Power and utilities costs are direct pass-through to our clients and will be grossed up and included in both revenue and cost of revenue. As a reminder, our client is paying for all CapEx, and we are responsible for repaying $1.5 million per HPC megawatt through a CapEx credit once the data center is energized.

在投影片 12 中，我們提供了與現有客戶簽訂的 HPC 合約的最新說明性財務視圖。根據目前 HPC 託管合約總容量 382 兆瓦，我們預計 12 年合約的總收入約為 67 億美元，利潤率高達 80%。電力和公用事業成本直接轉嫁給我們的客戶，並將總計並包含在收入和收入成本中。提醒一下，我們的客戶支付所有資本支出，一旦資料中心通電，我們有責任透過資本支出信貸償還每 HPC 兆瓦 150 萬美元。

Slide 13 illustrates the flow of CapEx related to the HPC data center build-out cost and their impact to our financial statements over time. Funds are deposited by CoreWeave in a joint escrow account to pay for build-out costs as they are incurred. During construction, expenses incurred to develop the HPC data centers will be recorded in construction in progress. Once the data center is placed into service, the cost will be reclassified to property, plant and equipment and begin to depreciate.

投影片 13 說明了與 HPC 資料中心建置成本相關的資本支出流程及其對我們財務報表的長期影響。CoreWeave 將資金存入聯合託管帳戶，以支付所產生的擴建成本。建置過程中，開發高效能運算資料中心所發生的費用計入在建工程。一旦資料中心投入使用，成本將重新分類為財產、廠房和設備，並開始折舊。

And now I’d like to share a few modeling details. We continue to model a statutory effective tax rate of 23% for 2024. We also retain more than $300 million in net operating loss carryforwards, which will reduce future cash taxes. Our share count was approximately 183 million shares as of June 30, 2024, and approximately 258 million shares as of August 2, 2024.

現在我想分享一些建模細節。我們繼續為 2024 年制定 23% 的法定有效稅率模型。我們還保留了超過 3 億美元的淨營業虧損結轉，這將減少未來的現金稅。截至2024年6月30日，我們的股份數量約為1.83億股，截至2024年8月2日，我們的股份數量約為2.58億股。

Note that approximately 40 million shares associated with the mandatory conversion of our convertible notes have now been issued along with approximately 35 million shares from exercise warrants. Our updated share count will be reflected in our third quarter filings.

請注意，與可轉換票據強制轉換相關的約 4,000 萬股現已發行，同時也發行了約 3,500 萬股行使認股權證。我們更新的股份數量將反映在我們第三季的文件中。

And now I’ll turn the call back to Adam. Adam?

現在我將把電話轉回給 Adam。亞當？

Thanks, Denise. Core Scientific is a leader in digital infrastructure for bitcoin mining and HPC hosting. We now have approximately 830 megawatts of operational infrastructure within our total contracted power of 1,200 megawatts. This contracted power represents power that is ready for us to use when we complete the associated data center infrastructure.

謝謝，丹妮絲。Core Scientific 是比特幣挖礦和 HPC 託管數位基礎設施的領導者。目前，我們的合約總電力為 1,200 兆瓦，營運基礎設施容量約為 830 兆瓦。此合約電力代表我們完成相關資料中心基礎設施後即可使用的電力。

Our significant portfolio of contracted power is only part of what differentiates Core Scientific and positions us to become one of the largest publicly traded data center companies in the United States. Core Scientific is creating a new category in digital infrastructure, and we are executing on our vision for the future of application-specific data centers.

我們重要的合約電力組合只是 Core Scientific 與眾不同的部分原因，並使我們成為美國最大的上市資料中心公司之一。Core Scientific 正在創建數位基礎架構的新類別，我們正在實現對特定應用資料中心的未來的願景。

We understand the differing requirements between GPUs and bitcoin miners because our team has considerable experience in managing both as well as deep industry expertise across the design, development and operation of data centers. Now that we have the potential to generate $6.7 billion in cumulative revenue over the next 12 years from HPC hosting, viewing us as a data center company is more aligned with the future of our business.

我們了解 GPU 和比特幣礦工之間的不同要求，因為我們的團隊在管理兩者方面擁有豐富的經驗，並且在資料中心的設計、開發和營運方面擁有深厚的行業專業知識。現在，我們有潛力在未來 12 年內透過 HPC 託管產生 67 億美元的累積收入，因此將我們視為一家資料中心公司更符合我們業務的未來。

As we convert a portion of our digital infrastructure to HPC hosting, we expect more investors to value this growing part of our business using data center multiples. We’ll value our bitcoin mining business using mining industry multiples. We believe that this approach will yield a more accurate representation of the true value we are creating.

隨著我們將部分數位基礎設施轉換為 HPC 託管，我們預計會有更多投資者利用資料中心倍數來評估我們業務中這一不斷增長的部分。我們將使用採礦業倍數來評估我們的比特幣採礦業務。我們相信，這種方法將更準確地反映我們正在創造的真實價值。

Now I’d like to discuss the main value creation catalysts for the remainder of this year, described on slide 14. Executing on our remaining option agreement, expanding our power portfolio and diversifying our HPC hosting client base. First, yesterday, we announced another HPC hosting option exercise under our contract with CoreWeave for an additional 112 megawatts, increasing our total contracted infrastructure for HPC hosting to 382 megawatts.

現在我想討論今年剩餘時間內的主要價值創造催化劑，如幻燈片 14 所述。執行我們剩餘的選擇權協議，擴大我們的權力組合並使我們的 HPC 託管客戶群多樣化。首先，昨天，我們宣布根據與 CoreWeave 的合約進行另一項 HPC 託管選項，額外提供 112 兆瓦，將我們 HPC 託管的合約基礎設施總量增加到 382 兆瓦。

We are in discussion with CoreWeave and a number of other potential clients to contract the remaining 118 megawatts of our infrastructure available to support additional HPC hosting. Our clients option for additional infrastructure extends through the beginning of September, providing the ability to contract additional capacity at the original contract terms.

我們正在與 CoreWeave 和許多其他潛在客戶討論簽訂剩餘 118 兆瓦可用基礎設施的合同，以支援額外的 HPC 託管。我們的客戶對額外基礎設施的選擇延續到 9 月初，從而能夠按照原始合約條款簽訂額外容量合約。

Second, we are also building a pipeline of opportunities for new assets to expand our infrastructure capacity. These opportunities range from 25 megawatts to several hundred megawatts, including brownfield and greenfield projects and extend over a large geographic area. We have developed specific site selection criteria to guide our efforts and optimize our resources as we seek to expand our site portfolio for HPC hosting and bitcoin mining.

其次，我們也正在建立一系列新資產機會，以擴大我們的基礎設施能力。這些機會範圍從 25 兆瓦到數百兆瓦不等，包括棕地和綠地項目，並涵蓋廣泛的地理區域。我們制定了具體的網站選擇標準，以指導我們的工作並優化我們的資源，因為我們尋求擴展 HPC 託管和比特幣挖礦的網站組合。

Third, we seek to diversify our client base and are working to achieve that either with the remaining 118 megawatts or with new asset opportunities. Of course, delivering the completed infrastructure to our client is what will trigger revenue generation, and we are now at the early stage of the process, modifying our sites to accommodate HPC hosting involves developing detailed designs, performing selective demolition and construction, installing new equipment and supporting infrastructure and delivering the completed site to our client. We will provide updates over time as we progress through this modification process.

第三，我們尋求使我們的客戶群多樣化，並正在努力利用剩餘的 118 兆瓦或新的資產機會來實現這一目標。當然，向我們的客戶交付完整的基礎設施將觸發創收，我們現在正處於該過程的早期階段，修改我們的站點以適應 HPC 託管涉及開發詳細設計、執行選擇性拆除和施工、安裝新設備支援基礎設施並將完成的站點交付給我們的客戶。隨著修改過程的進展，我們將隨著時間的推移提供更新。

We remain on track to deliver the associated HPC hosting infrastructure for the first 200 megawatts in the first half of 2025, the next 70 megawatts in the second half of 2025 and deliver the latest 112 megawatts in the first half of 2026 as illustrated on slide 15.

我們仍有望在2025 年上半年交付前200 兆瓦的相關HPC 託管基礎設施，在2025 年下半年交付接下來的70 兆瓦，並在2026 年上半年交付最新的112 兆瓦，如幻燈片15所示。

I want to make it clear how integral our team and our experience is to the process of converting our sites to HPC hosting. Without a deep understanding of the entire process, we would not have been able to create this opportunity to expand our hosting business. This is an important differentiator favoring Core Scientific.

我想澄清一下，我們的團隊和經驗對於將我們的網站轉換為 HPC 託管的過程至關重要。如果沒有對整個流程的深入了解，我們就無法創造這個機會來擴展我們的託管業務。這是有利於 Core Scientific 的一個重要區別因素。

Shifting now to our bitcoin mining business. April marked the latest halving event in which bitcoin block rewards declined by 50%, which should have resulted in a 100% increase in our cash cost to mine, assuming all other factors held constant. However, our cash cost to mine in the second quarter was about $29,900, an increase of approximately 60% over the first quarter.

現在轉向我們的比特幣挖礦業務。4 月是最近一次減半事件，比特幣區塊獎勵下降了 50%，假設所有其他因素保持不變，這應該會導致我們的開採現金成本增加 100%。然而，我們第二季的挖礦現金成本約為 29,900 美元，比第一季增加了約 60%。

Lower power prices in the second quarter mitigated the effects of the having asset carefully managing the operations of our self-mining fleet relative to hash and power prices based on the detailed plans we developed well before the halving. As Denise mentioned, we plan to procure 10,000 to 15,000 additional miners this year to achieve our fleet refresh and hash rate goals. Beyond 2024, we expect to begin acquiring the new three nanometer block ASIC chips when they are available in deploying them in our own chassis to our dedicated bitcoin mining sites to boost our hash rate and efficiency.

根據我們在減半之前製定的詳細計劃，第二季度較低的電價減輕了資產仔細管理我們的自礦機群運營相對於哈希值和電價的影響。正如 Denise 所提到的，我們計劃今年額外採購 10,000 至 15,000 台礦機，以實現我們的機群更新和算力目標。2024 年之後，我們預計將開始採購新的三奈米區塊 ASIC 晶片，並將其部署在我們自己的機箱中到我們的專用比特幣挖礦站點中，以提高我們的哈希率和效率。

When deployed and combined with our proprietary firmware, fleet management and energy management software, we expect to have greater operational control over these miners to respond more dynamically to changes in hash price, power price and environmental conditions. We expect the new block chips, combined with our proprietary tech stack to improve our operating efficiency and profitability. We expect the majority of our bitcoin hosting contracts to Sunset this year, making way for us to focus on self-mining and HPC hosting.

當部署並與我們的專有韌體、車隊管理和能源管理軟體結合時，我們希望對這些礦機有更大的營運控制，以更動態地響應哈希價格、電價和環境條件的變化。我們期望新的塊晶片與我們專有的技術堆疊相結合，以提高我們的營運效率和獲利能力。我們預計今年大部分比特幣託管合約都會到期，這樣我們就可以專注於自挖礦和 HPC 託管。

To summarize our guidance for 2024 highlighted on slide 16. We expect 21.8x as of self-mining hash rate. Approximately 800 megawatts of total operational infrastructure, understanding that this number will vary significantly as we temporarily power down sites for HPC conversion and power upsides for bitcoin mining. 16 megawatts of revenue-generating HPC hosting infrastructure and average bitcoin mining fleet power price of $0.042 to $0.044 per kilowatt hour.

總結投影片 16 中強調的 2024 年指引。我們預計自挖礦算力將達到 21.8 倍。總營運基礎設施約為 800 兆瓦，我們了解到，當我們暫時關閉 HPC 轉換站點和比特幣挖礦的電力提升時，這個數字將會有很大差異。 16 兆瓦的創收 HPC 託管基礎設施和平均比特幣礦機電價為每千瓦時 0.042 至 0.044 美元。

We have been deliberate in our planning and communication, having established our strategy, described its evolution and now executing against it with significant HPC hosting contracts and progress in the conversion process. There is much work to do, but we are the best equipped team in our industry to succeed, and we are confident that we are best positioned to translate that work into shareholder value.

我們經過深思熟慮的規劃和溝通，制定了策略，描述了其演變，現在透過重要的 HPC 託管合約和轉換過程的進展來執行它。還有很多工作要做，但我們是業界中最有能力取得成功的團隊，我們相信我們最有能力將這些工作轉化為股東價值。

Thank you for your engagement and attention, and thank you to all our clients, industry partners and all our teammates for your ongoing efforts and support. We will now take your questions.

感謝您的參與和關注，感謝我們所有的客戶、行業合作夥伴和所有團隊成員的持續努力和支持。我們現在將回答您的問題。

(Operator Instruction)

（操作員說明）

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Yeah, thank you and good afternoon and thanks for taking my questions, everybody. Adam, clearly, you continue to execute on transitioning your existing power to HPC. So congrats on that. I was hoping to get a little bit more color. Obviously, there’s inherent value in the data center contracts. Kind of curious, as we think about opportunities ahead to kind of site and source new locations, whether for HPC or traditional bitcoin mining, how you’re thinking about funding that? And is there an opportunity to take advantage of these 12-year contracts with CoreWeave to help you kind of finance further growth.

是的，謝謝大家，下午好，謝謝大家提出我的問題。Adam，顯然，您將繼續執行將現有權力過渡到 HPC 的計劃。所以恭喜你。我希望能得到更多一點的顏色。顯然，資料中心合約具有內在價值。有點好奇，當我們考慮未來類型網站和尋找新地點的機會時，無論是 HPC 還是傳統的比特幣挖礦，您如何考慮為其提供資金？是否有機會利用與 CoreWeave 簽訂的這些 12 年合約來幫助您為進一步的成長提供資金。

Yeah. Thanks, Greg. On the capital process, or capital structure process and how we’re thinking about that going forward, the nice part, as you mentioned, related to our contracts, it does open up a number of different doors for us. Our credit story is rapidly improving as we move towards 2025. And that’s not only exciting to us, but also exciting to our shareholders. And I think something that’s going to open the door on is our ability to continue to access different parts of the capital markets that we haven’t been able to necessarily access more specifically as just a bitcoin mining company.

是的。謝謝，格雷格。關於資本流程或資本結構流程以及我們如何考慮未來的發展，正如您所提到的，與我們的合約相關的很好的部分，它確實為我們打開了許多不同的大門。隨著我們邁向 2025 年，我們的信用狀況正在迅速改善。這不僅令我們興奮，也令我們的股東興奮。我認為，我們有能力繼續進入資本市場的不同部分，這是我們作為一家比特幣礦業公司無法更具體地進入的能力。

So right now, our focus is on the site selection process, targeting sites anywhere ranging from 25 megawatts to a few hundred megawatts. And really, we’re targeting sites that aren’t necessarily going through the traditional brokered processes. And that will allow us to go after sites that are less expensive, but very attractive to us. And so right now, our plan is to continue to fund purchases out of either our operational cash flow, cash on balance sheet.

所以現在，我們的重點是選址過程，目標是 25 兆瓦到幾百兆瓦的任何地點。事實上，我們的目標是那些不一定要經過傳統代理流程的網站。這將使我們能夠尋找價格較低但對我們非常有吸引力的網站。因此，現在，我們的計劃是繼續從我們的營運現金流、資產負債表上的現金中為購買提供資金。

And there are other methods for us to look at right now in the capital markets that could provide us a lot more optionality in terms of going out and acquiring sites. So we have a number of sites in our target range right now, and we’re definitely hopeful as we mentioned, to exercise on some of those over the course of 2024.

我們現在在資本市場上還有其他方法可以考慮，這些方法可以為我們走出去和收購網站提供更多選擇。因此，我們目前的目標範圍內有許多站點，正如我們所提到的，我們絕對希望在 2024 年期間對其中一些站點進行練習。

And then just one more for me on the -- you kind of guide to that fleet average price of $0.042 to $0.044. Just kind of curious, I don’t believe we have been fixing any power. So as we think about that number, is that just based on forward curves or kind of like any kind of thoughts around how we’re kind of focused in on that. That’s a pretty narrow attractive power cost. So just kind of any color around that.

然後再給我一個關於——你的機隊平均價格為 0.042 美元到 0.044 美元的指南。只是有點好奇，我不相信我們一直在修復任何電源。因此，當我們考慮這個數字時，這只是基於遠期曲線還是類似於我們如何關注這一點的任何想法。這是一個非常有吸引力的電力成本。所以只要是周圍的任何顏色就可以了。

Absolutely. The way we’re looking at the rest of the remainder of this year is based on not only our fleet efficiency and machines that we’ll be acquiring and placing at each of our sites. But that also takes into account the forward curve at certain facilities. When you look at our site portfolio today, we are operating in a number of regulated markets. And so we have much greater insight into where those power prices will come in at. And then in the deregulated markets such as Texas, those are based on our current efficiency based on where the forward curve is, we feel very confident in our ability to execute on that $0.042 to $0.044.

絕對地。我們對今年剩餘時間的看法不僅基於我們的機隊效率以及我們將在每個站點購買和放置的機器。但這也考慮到了某些設施的遠期曲線。當您今天查看我們的網站組合時，您會發現我們在許多受監管的市場中運作。因此，我們對電價的走向有了更深入的了解。然後在德克薩斯州等放鬆管制的市場，這些是基於我們當前的效率（基於遠期曲線的位置），我們對我們執行 0.042 美元至 0.044 美元的能力非常有信心。

Super helpful. Thank you for the time.

超有幫助。謝謝你的時間。

Thanks, Greg.

謝謝，格雷格。

Lucas Pipes, B. Riley Securities.

盧卡斯‧派普斯 (Lucas Pipes)，B. 萊利證券 (Riley Securities)。

Thank you very much, operator. Good afternoon, everyone. Adam and team, great job on the execution this year. My first question is also on the expansion of the HPC site portfolio. And I wondered, Adam, if you could maybe comment just on the general kind of competitive dynamics in that market today after what you have done. Who is competing with you in this -- in the site selection. And in terms of like the next couple of sites, how quickly do you think you might be able to execute something. Thank you very much for your perspective.

非常感謝您，接線生。大家下午好。Adam 和團隊今年的執行工作非常出色。我的第一個問題也是關於 HPC 網站組合的擴展。我想知道，亞當，在你所做的事情之後，你是否可以對今天該市場的一般競爭動態發表評論。誰在這方面與你競爭——在選址方面。就接下來的幾個網站而言，您認為您能夠以多快的速度執行某些操作。非常感謝您的觀點。

Yeah. Thanks, Lucas. Thank you for joining. As we go through processes on some of the larger sites and some of the broker processes, the folks that we’re competing with are the likes of Equinix, Digital Realty, et cetera. And so those processes can get expensive at certain times, and that’s really why we’re focused on, I would call it, a different set of assets. What we’re focused on are both greenfield and brownfield opportunities. For certain data center companies, they are not interested in touching brownfield opportunities.

是的。謝謝，盧卡斯。感謝您的加入。當我們在一些較大的網站和一些經紀商流程上進行流程時，我們面臨的競爭者是 Equinix、Digital Realty 等公司。因此，這些流程在某些時候可能會變得昂貴，這就是為什麼我們專注於（我稱之為）一組不同的資產。我們關注的是綠地和棕地機會。對於某些資料中心公司來說，他們對觸及棕地機會不感興趣。

We have experience converting brownfield opportunities not only from a data center perspective, but also a bitcoin mining perspective. You look at our portfolio today, we have three sites in there that are brownfield conversions. So we have the experience, and we believe we are carving out a niche in the site selection process that will provide our company very interesting opportunities. And those opportunities aren’t only great for us, but these are opportunities that are very interesting to the potential clients that we’re speaking with.

我們不僅從資料中心的角度，從比特幣採礦的角度，都有轉換棕地機會的經驗。您今天看看我們的投資組合，我們有三個棕地改造場地。所以我們有經驗，我們相信我們正在選址過程中開闢一個利基市場，這將為我們公司提供非常有趣的機會。這些機會不僅對我們來說很好，而且對我們正在交談的潛在客戶來說也是非常有趣的機會。

Thank you very much. My second question is regarding leverage. Adam, Denise, how do you think about kind of the proper leverage ratio of this business after what happened? You touched on it a little bit earlier, but I would appreciate how you think about that? And then is there any sense of urgency to make changes to the balance sheet as it stands today? I would appreciate your thoughts. Thank you.

非常感謝。我的第二個問題是關於槓桿。Adam、Denise，發生這件事後，您如何看待該業務的適當槓桿率？你之前提到過這個問題，但我很感激你對此有何看法？那麼，對目前的資產負債表進行改變是否有緊迫感呢？我會很感激你的想法。謝謝。

Absolutely. Our objective with our capital structure is to create something that balances the risk of the business with the future growth of the business. And right now, we essentially have bitcoin credit risk. And as we look forward to 2025, it’s a much more stable credit risk business. And so we feel very confident that there will be opportunities for us. Obviously, the $260 million conversion of the convertible notes, that’s an incredible milestone for us as a company. And we’ve almost cut our debt in half since emergence. And we’ve covered that by over 60% since the beginning of the year.

絕對地。我們資本結構的目標是創造能夠平衡業務風險與業務未來成長的東西。現在，我們基本上面臨比特幣信用風險。展望 2025 年，信用風險業務將更加穩定。因此，我們非常有信心，我們將有機會。顯然，價值 2.6 億美元的可轉換票據的轉換對於我們公司來說是一個令人難以置信的里程碑。自從出現以來，我們的債務幾乎減少了一半。自今年年初以來，我們已經覆蓋了 60% 以上。

So we’re in a process right now of making sure we are going to have the right securities on our balance sheet. There’s no urgency around that. We feel very comfortable with where we’re at from a capital structure perspective today. But as we look forward, that perspective obviously changes. And so we’re evaluating all opportunities that are available to us. And those opportunities are going to continue to expand as we start to see more of our sites come online.

因此，我們現在正在確保我們的資產負債表上擁有正確的證券。這並不緊迫。從資本結構的角度來看，我們對目前的處境感到非常滿意。但當我們展望未來時，這種觀點顯然會改變。因此，我們正在評估所有可用的機會。隨著我們開始看到更多網站上線，這些機會將繼續擴大。

Adam and team, I really appreciate it and keep up the good work.

Adam 和他的團隊，我真的很感激，並繼續努力。

Thanks, Lucas

謝謝，盧卡斯

Joe Flynn, Compass Point Research.

喬·弗林，Compass Point Research。

Hi, guys. Thanks for the question. I was hoping you could comment on the remaining options for the 112 megawatts of data center capacity. Just like what ultimately has been achieved to get those signed, whether it be like vitalizing designs or securing items in the supply chain? And could you maybe just comment on continuing conversations with diversifying the customer base? Thanks.

嗨，大家好。謝謝你的提問。我希望您能對 112 兆瓦資料中心容量的其餘選項發表評論。就像最終簽署這些協議所取得的成就一樣，無論是啟動設計還是確保供應鏈中的物品安全？您能否就有關客戶群多元化的持續對話發表評論？謝謝。

Thanks for the question, Joe. What we’re looking at today and the one point I’ll make a note on first is, we’re obviously very close discussions with CoreWeave, just recently executing 118 megawatts this week, which is another great milestone for us as a company. The next 112 we’re working through finalized designs, working through all the necessary items related to that. And we’re still in discussions with other clients, and I think that’s really a key point here is that all of the work we’re doing to prepare and negotiate with CoreWeave on these last 112 megawatts or 118 megawatts. That all directly relates to the same type of design and diligence that would be required for us to sell that site to somebody else as well.

謝謝你的提問，喬。我們今天要討論的內容以及我首先要注意的一點是，我們顯然正在與 CoreWeave 進行非常密切的討論，本週最近剛剛執行了 118 兆瓦的發電量，這對我們來說是另一個偉大的里程碑一家公司。接下來的 112 個項目我們正在完成最終設計，以及與之相關的所有必要項目。我們仍在與其他客戶進行討論，我認為這確實是一個關鍵點，我們正在做的所有工作都是為了準備和與 CoreWeave 就最後 112 兆瓦或 118 兆瓦進行談判。這一切都與我們將該網站出售給其他人所需的相同類型的設計和勤奮直接相關。

I think on the client diversification point, that’s really important. That’s really why we’re so focused on our site selection right now. We want to be able to make an offering to a number of clients who have different needs, different size needs, different location needs. And those -- and part of what we’re going through right now is ensuring that we are building a portfolio that is attractive to these end clients. And so that’s why we’re very aggressively pursuing sites today, and that’s going to provide us a really interesting opportunity for the remainder of this year to diversify our client base, which is one of our key catalysts.

我認為就客戶多元化而言，這非常重要。這就是我們現在如此專注於選址的真正原因。我們希望能夠為具有不同需求、不同規模需求、不同位置需求的眾多客戶提供服務。而這些——以及我們現在正在經歷的部分工作是確保我們正在建立一個對這些最終客戶有吸引力的投資組合。這就是為什麼我們今天非常積極地尋求網站，這將為我們在今年剩餘時間提供一個非常有趣的機會，使我們的客戶群多樣化，這是我們的關鍵催化劑之一。

That’s helpful. And I was wondering if you could comment on reports about delays in black well shipments. And ultimately, it sounds like the contract starts on delivery of the data center, but if that could ultimately impact kind of timing of deliveries? Thanks.

這很有幫助。我想知道您是否可以對有關黑井運輸延誤的報告發表評論。最終，聽起來合約是在資料中心交付時開始的，但這是否最終會影響交付時間？謝謝。

We’re obviously keeping a pause on where black well pods are in the delivery process. This is something that we’re working very closely with our end clients and even potential clients on to ensure that we’re delivering facilities alongside of schedules of when there’s going to be the deliveries of those GPUs. So it’s hard to comment today about where the deliveries will end up in 2025 and 2026. And really, right now, we’re focused on continuing to execute and deliver these facilities as quickly as we possibly can for our end clients to have the optionality to turn on as quickly as those GPUs are delivered.

顯然，我們正在暫停黑井吊艙在交付過程中的位置。我們正在與最終客戶甚至潛在客戶密切合作，以確保我們按照 GPU 交付時間表交付設施。因此，今天很難評論 2025 年和 2026 年的交付情況。實際上，現在我們專注於繼續盡可能快速地執行和交付這些設施，以便我們的最終客戶可以選擇在交付這些 GPU 後儘快啟用這些設施。

Thanks for tall the color.

謝謝你的高顏色。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Hi guys, thanks for taking my question. Maybe to start on sourcing new sites and locations. I guess can you maybe just provide some color on the supply and demand imbalances out there for energy? And I guess, what you’re seeing in terms of, not competition for the same sites, but going out and adding additional sites, and how to view that HPC demand is only going to continue to increase. So I guess, how tight is the market out there? I don’t know if you can quantify it or anything qualitative would be helpful. But I guess how tight is the market out there for power?

大家好，感謝您提出我的問題。也許要開始尋找新的地點和地點。我想您能否提供一些有關能源供需失衡的資訊？我想，您所看到的不是對相同站點的競爭，而是走出去並添加更多站點，以及如何看待 HPC 需求只會繼續增長。所以我想，市場有多緊張？我不知道你是否可以量化它，或者任何定性的東西都會有幫助。但我猜電力市場有多緊張？

Thanks, Brett. The market right now is tight and it’s requiring, I would say, expertise in the site selection process. The interesting part about the process we’ve gone through over the past seven years, locating sites for bitcoin mining is we’re using a very similar criteria in terms of what we’re looking for on the HPC side. So we’ve been able to locate sites, and we’re in the process of working through those negotiations on sites that will provide us -- or that are, I would say, a more interesting opportunity for us from a pricing perspective because it is competitive.

謝謝，布雷特。現在的市場很緊張，我想說，它需要選址過程中的專業知識。我們在過去七年中經歷的尋找比特幣挖礦地點的過程中有趣的部分是，我們在 HPC 方面尋找的內容使用了非常相似的標準。因此，我們已經能夠找到場地，並且我們正在就場地進行談判，這些場地將為我們提供——或者，我想說，從定價角度來看，這對我們來說是一個更有趣的機會因為它具有競爭力。

On these large sites, even on behind the meter, that’s another part that is extraordinarily competitive today amongst the hyperscalers. And so those are some processes that we’re involved in, but isn’t necessarily the main focus for our site selection. And we’re looking at a range of different sites, a range of different states of those sites. And I think that’s really going to provide us the most amount of value here. And that’s really just given our experience working with utilities, working with local governments. And all of those things over the past seven years that we’ve worked through in the bitcoin mine side are aiding us greatly in this process that we’re going through on the HPC side.

在這些大型網站上，甚至在儀表後面，這是當今超大規模供應商中極具競爭力的另一個部分。因此，這些是我們參與的一些流程，但不一定是我們選址的主要重點。我們正在研究一系列不同的站點，以及這些站點的一系列不同狀態。我認為這確實將為我們提供最大的價值。這實際上只是考慮到我們與公用事業公司、地方政府合作的經驗。過去七年裡我們在比特幣礦場所做的所有事情都對我們在 HPC 方面正在經歷的過程提供了極大的幫助。

No, that’s helpful. And then I guess when you’re talking about different locations and regions across the US, are you looking at a site with, I guess, thinking this site could be used for training or the site could be used for inferencing? Or is it all one of the same for you guys? Or are you like primarily looking at maybe like very low one to millisecond latency sites?

不，這很有幫助。然後我想，當您談論美國各地的不同地點和地區時，您在查看某個網站時是否會認為該網站可用於培訓或該網站可用於推理？或者對你們來說都是一樣的嗎？或者您想主要關注非常低的一毫秒延遲網站？

Our focus is mainly on low latency sites. What we’re seeing right now is a pretty major shift or we believe there’s going to be a major shift going on in training versus inference over the next few years. And so when we are locating sites, we want to ensure that they have the opportunity to do both. We think that’s important not only for the longevity of the site, but also for the longevity of the client health as well, having the optionality to switch between either application that they’re utilizing the site for.

我們的重點主要是低延遲網站。我們現在看到的是一個相當重大的轉變，或者我們相信未來幾年訓練與推理方面將會發生重大轉變。因此，當我們尋找地點時，我們希望確保他們有機會做到這兩點。我們認為，這不僅對於網站的壽命很重要，而且對於客戶健康的壽命也很重要，因為可以選擇在他們使用網站的應用程式之間進行切換。

Awesome. Perfect. Thank you guys. Appreciated.

驚人的。完美的。謝謝你們。讚賞。

Thanks, Brett.

謝謝，布雷特。

Joseph Vafi, Canaccord Genuity.

約瑟夫‧瓦菲 (Joseph Vafi)，Canaccord Genuity。

Hey everyone. Good afternoon. Nice to see all the progress and thanks for taking my questions. I guess first one is on Austin, you’re generating HPC-related revenue there now. I know it’s still early days in this journey. But interesting, if you could share some of your learnings to date out of that facility in this new line of business and potentially what and how it may be kind of helping you plan and get ready for larger deployments. And then I’ll have a quick follow-up.

嘿大家。午安.很高興看到所有進展並感謝您提出我的問題。我想第一個是在奧斯汀，您現在在那裡產生與 HPC 相關的收入。我知道這趟旅程還處於早期階段。但有趣的是，如果您可以分享您迄今為止在這個新業務領域從該設施中學到的一些知識，以及它可能對您規劃和為更大規模的部署做好準備的潛在內容和方式。然後我將進行快速跟進。

Perfect. Thanks, Joe. The interesting part about our team is many of our team members actually sat in this facility when they work for HP. This exact facility, sit in very similar places in the office. So we have high familiarity with this site. Some of the learnings that we’re going through, I would say, both on the client side as well as on the newest generation of GPUs that are coming out. Some of those requirements are different than the historical data centers that have been developed over the course of the past 20 years.

完美的。謝謝，喬。我們團隊的有趣之處在於，我們的許多團隊成員在為惠普工作時實際上就坐在這個設施中。這個確切的設施位於辦公室中非常相似的地方。所以我們對這個網站有很高的熟悉度。我想說，我們正在經歷的一些學習，無論是在客戶端還是即將推出的最新一代 GPU 上。其中一些要求與過去 20 年開發的歷史資料中心不同。

And we’ve been integral in the design process and working with not only our end client, but also NVIDIA on what the design is of these facilities. And that’s aiding us in the process as we work through the designs on the future conversions that we’re working on today, the next 382 megawatts. So you’re absolutely right, there are learnings with this newest generation of GPUs, both from a cooling perspective as well as a latency perspective. And all of those things are going to aid us in this conversion process going forward.

我們一直參與設計流程，不僅與我們的最終客戶合作，還與 NVIDIA 就這些設施的設計進行合作。這在我們今天正在進行的未來轉換（下一個 382 兆瓦）的設計過程中為我們提供了幫助。所以你說得完全正確，無論是從冷卻角度還是延遲角度來看，最新一代 GPU 都有值得學習的地方。所有這些事情都將幫助我們推進這個轉換過程。

Great. That’s good color. And then also, I know it’s early days here on the block three nanometer chipsets. But maybe you could remind us here on why you find these attractive. I mean there’s clearly a lot of good minor solutions in the market and maybe a quick hint into how you see them performing relative to the rest of your fleet when they’re deployed. Thanks a lot.

偉大的。這是很好的顏色。另外，我知道三奈米晶片組還處於早期階段。但也許你可以在這裡提醒我們為什麼你覺得這些很有吸引力。我的意思是，市場上顯然有很多好的小型解決方案，也許可以快速提示您在部署它們時如何看待它們相對於您的艦隊其他部分的表現。多謝。

Our objective is to build our future facilities with lower CapEx, have lower maintenance costs, and we’re really focused on developing the next generation of bitcoin mining infrastructure. And so as we are evaluating the type of opportunities that were in the market, we realized it was much easier to design a facility around a hash board than it was to design a facility around a machine. And so as we look forward to what the future of bitcoin mining looks like, we recognized that form factors were going to continue to evolve over time, and we’re going to be at the forefront of that evolution. And that’s something very unique to Core Scientific.

我們的目標是以較低的資本支出和較低的維護成本來建造未來的設施，並且我們真正專注於開發下一代比特幣挖礦基礎設施。因此，當我們評估市場上的機會類型時，我們意識到圍繞算力板設計設施比圍繞機器設計設施要容易得多。因此，當我們展望比特幣挖礦的未來時，我們認識到外形因素將隨著時間的推移而不斷發展，而我們將處於這一發展的最前沿。這對 Core Scientific 來說是非常獨特的。

We’ve operated over 16 different manufacturers in our facilities, over 700,000 machines. That provides us very unique insight into not only the operational process for machines but also the repair process. Our repair center would be one of the largest repair centers in the country if we were just a repair business. And so that’s something that’s very unique to our business. We have a very unique insight, and we’re trying to be on the forefront of this industry. And I think people are going to be fast followers to where we’re going right now.

我們的工廠運作超過 16 個不同的製造商，擁有超過 70 萬台機器。這不僅為我們提供了對機器操作過程而且對維修過程的非常獨特的見解。如果我們只是一家維修企業，我們的維修中心將是全國最大的維修中心之一。因此，這對我們的業務來說是非常獨特的。我們擁有非常獨特的洞察力，並且正在努力走在這個行業的最前沿。我認為人們將會快速追隨我們現在的發展方向。

Great, thanks for those comments, Adam.

太好了，謝謝你的評論，亞當。

Darren Aftahi, Roth Capital Partners.

達倫‧阿夫塔希 (Darren Aftahi)，羅斯資本合夥人。

Yeah, thanks for taking my questions. First, I guess, just diving into site selection a little bit more. Can you talk a little bit about your source of referrals. I know you said local governments and utilities. But I’m curious about that. And then would you guys ever look at maybe subscale legacy data centers as an option? And then I’m also curious if this is primarily domestic exercise or if you guys would look international as well?

是的，謝謝你回答我的問題。首先，我想，只是更深入地進行選址。您能談談您的推薦來源嗎？我知道你說的是地方政府和公用事業公司。但我對此很好奇。那麼你們是否會考慮將小型遺留資料中心作為一種選擇？然後我也很好奇這主要是國內運動還是你們也會看起來國際化？

The way we look at it right now is there’s really two avenues for growth. One is brownfield and greenfield opportunities. The second is something that you mentioned, the subscale data centers. I’m going to touch on the second one first here. We have been looking at a number of different existing data center opportunities similar to the deal that we did in Hibbett’s.

我們現在的看法是，確實有兩種成長途徑。一是棕地和綠地機會。第二個是你提到的，小型資料中心。我將首先談談第二個問題。我們一直在尋找許多不同的現有資料中心機會，類似於我們在 Hibbett’s 所做的交易。

I think going forward, one of the things that we’re looking at more closely is acquiring those sites and finding data centers that have excess megawatt capacity on the substation that will allow us to continue to increase the capacity of that facility. Just given that power densities have increased so rapidly, we have an opportunity to bring a lot more megawatts into a traditional data center.

我認為，展望未來，我們更密切關注的事情之一是收購這些站點並尋找變電站上擁有多餘兆瓦容量的資料中心，這將使我們能夠繼續增加該設施的容量。鑑於功率密度成長如此之快，我們有機會為傳統資料中心帶來更多兆瓦的電力。

And so that’s something that’s very attractive to us right now given our experience already retrofitting existing data centers. When we talk about working closely with the utilities, local governments, that’s just something that we’ve done over the past seven years in the bitcoin mining side, and we formed very close relationships with all of our utilities.

鑑於我們已經改造現有資料中心的經驗，這對我們來說非常有吸引力。當我們談到與公用事業公司、地方政府密切合作時，這只是我們過去七年在比特幣挖礦方面所做的事情，我們與所有公用事業公司建立了非常密切的關係。

And we think that’s really important. I would say, over the past seven years, bitcoin mining has come in and out of favor with governments, with local communities. And really, one of the things that we’ve tried to highlight is that we try to be great community citizens in every jurisdiction that we operate in. We try to be great partners to our utility companies.

我們認為這非常重要。我想說，在過去的七年裡，比特幣挖礦已經受到政府和當地社區的青睞，也不再受到青睞。事實上，我們試圖強調的一件事是，我們努力在我們經營的每個司法管轄區成為優秀的社區公民。我們努力成為公用事業公司的優秀合作夥伴。

And all of that has paid dividends as we’ve started to make the shift in the HPC and we look towards expansion. That’s something that’s opened a lot of doors for us, just given how good of an operator and how good of a community citizen we’ve been in each of our locations.

隨著我們開始在 HPC 領域進行轉變並尋求擴張，所有這些都帶來了回報。這為我們打開了很多大門，因為我們在每個地點都是出色的運營商和社區公民。

Great. And then just as a follow-up. On the time line you guys laid out on slide 15, I’m just kind of curious, obviously, you laid it out there, so you feel confident in it. But if there was to be slippage in that, is there any penalty to Core Scientific if you don’t hit those bogeys? Thanks.

偉大的。然後作為後續行動。關於你們在第 15 張投影片上列出的時間線，我只是有點好奇，顯然，你們把它放在那裡，所以你們對此感到有信心。但如果出現下滑，如果你沒有擊中這些柏忌，Core Scientific 是否會受到任何處罰？謝謝。

This is something we work very closely with CoreWeave on the time lines. We share in our execution risk in terms of getting the facilities and the materials on the site as quickly as we possibly can. So it’s less of an issue from a perspective of penalties. It’s more of an issue of us ensuring that working together with CoreWeave, we’re able to source all of the necessary items. But we’ve worked really hard to ensure that we not only have our plan A on supply chain, but also a Plan B and a Plan C. And so we have all of those lined up, and I think we’re excited and confident in the time lines that we’ve laid out today.

這是我們在時間線上與 CoreWeave 密切合作的事情。我們分擔執行風險，盡快將設施和材料運送到現場。因此，從處罰的角度來看，這不是什麼問題。更重要的是，我們要確保與 CoreWeave 合作，能夠購買所有必要的物品。但我們非常努力地確保我們不僅在供應鏈上有 A 計劃，還有 B 計劃和 C 計劃。

Thanks.

謝謝。

Thanks, Darren.

謝謝，達倫。

(Operator Instructions)

（操作員說明）

Rosemarie Sison, Odeon Capital.

羅斯瑪麗·西松，Odeon Capital。

Hello everyone and thank you for taking the calls. Just had one thought on your expansion, which sounds really interesting from the HPC idea with brownfield and greenfield expansion. The question comes to mind is that I’m just curious as to whether you feel that you have enough infrastructure in your current state to be able to support that. It sounds like it would take a lot of people with expertise in order to effectuate that kind of a strategy. And I don’t know, I think the other caller asked something about whether you might be thinking about going globally or not. You didn’t address that, so I’m assuming no, but just the question arises, can you -- first of all, your expertise in-house is very important to keep and to keep happy. But also how do you look at expanding that in order to facilitate your growth?

大家好，感謝您接聽電話。剛剛對您的擴張有了一個想法，從棕地和綠地擴張的 HPC 理念來看，這聽起來真的很有趣。我想到的問題是，我只是好奇您是否認為您目前的狀態有足夠的基礎設施來支援這一點。聽起來需要很多具有專業知識的人才能實現這種策略。我不知道，我想另一個來電者問的是你是否正在考慮走向全球。你沒有解決這個問題，所以我假設沒有，但問題就出現了，你能不能——首先，你的內部專業知識對於保持和保持快樂非常重要。但您如何看待擴大這一範圍以促進您的成長？

Thanks for the question, Rosemarie. And just to go back, we are looking at international opportunities as well, it’s not just domestically. But as we look at our team today, we’re set up to execute on additional projects in 2025 and 2026 above what is currently contracted. So we feel very confident in that. Now that doesn’t mean that we’re not looking to add very specific talent to our bench. And so that’s a process that we’re going through today. And what we’ve been very lucky in is the fact that we have a great story right now.

謝謝你的提問，羅斯瑪麗。回過頭來說，我們也在尋找國際機會，而不僅僅是國內機會。但當我們今天審視我們的團隊時，我們準備在 2025 年和 2026 年執行超出當前合約的其他項目。所以我們對此非常有信心。但這並不意味著我們不打算在我們的替補席上添加非常具體的人才。這就是我們今天正在經歷的一個過程。我們非常幸運的是，我們現在有一個很棒的故事。

We’re on the leading edge of both bitcoin mining and HPC infrastructure, two of the highest growth industries in America right now. And so we’ve been very fortunate to be able to attract talent to our company who want to be a part of our story. And so that’s something that we’ve been finding, I would say, easier to attract talent to the company. And it’s something that really excites us is the fact that we’ve been able to add additional bench strength even over the course of the past three months, to just help aid in the execution process, not only in the first 382, but also in the future sites that we’re looking to acquire.

我們在比特幣挖礦和高效能運算基礎設施方面處於領先地位，這兩個產業是美國目前成長最快的兩個產業。因此，我們非常幸運能夠吸引那些想要成為我們故事一部分的人才加入我們的公司。因此，我想說，我們一直發現，這更容易吸引人才加入公司。真正讓我們興奮的是，我們在過去三個月中已經能夠增加額外的替補力量，以幫助執行過程，而不僅僅是在前 382 次中，而且還包括我們希望收購的未來網站。

That’s great. Thank you. And internationally, where would you think about expanding?

那太好了。謝謝。在國際上，您會考慮在哪裡擴張？

Our objective right now is to work with the potential clients that we’re negotiating with domestically and to locate in areas where they’ll find -- or they have attractive opportunities for themselves with their end customers. So it’s hard to speculate on where we may go, but we’re looking at a number of international markets that we think will be very attractive long term, not only for existing potential clients that we were in discussions with, but also attracting and refining new potential clients as well.

我們現在的目標是與我們正在國內談判的潛在客戶合作，並在他們能找到的地區進行定位，或者他們與最終客戶有有吸引力的機會。因此，很難推測我們可能會走向何方，但我們正在關註一些我們認為從長遠來看將非常有吸引力的國際市場，不僅對我們正在討論的現有潛在客戶，而且對我們來說也非常有吸引力。

Okay. Thank you very much.

好的。非常感謝。

Thanks, Rosemarie.

謝謝，羅斯瑪麗。

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Hi Adam, thanks for having me. Hi Denise. I’m not sure that you really peeled back the onion on the locations that you’re working to convert. And I understand the first -- well, actually, it’s a second 200 megawatt extension with Core. You committed 80 megawatts to power that. I was wondering if you could offer a little detail on location and additional power you might need in support of HPC.

嗨亞當，謝謝你邀請我。嗨丹妮絲。我不確定您是否真的在您正在努力轉換的位置上剝開了洋蔥。我了解第一個 - 嗯，實際上，它是 Core 的第二個 200 兆瓦擴展。您承諾提供 80 兆瓦的電力。我想知道您是否可以提供有關支援 HPC 可能需要的位置和額外電源的一些詳細資訊。

Thanks, Kevin. One of the points I want to emphasize first is there is a competitive advantage for us right now. We’re leading the market in terms of contracts signed this year for HPC for AI. And we’re looking at potential expansion opportunities at some of our sites as well. So where we believe we have a competitive advantage. We’re not necessarily trying to give that edge away. And so we’re working diligently with local utilities. We’re also looking at potential expansions within the markets we’re currently in as well, given the existing relationships that we have.

謝謝，凱文。我首先想強調的一點是我們現在有競爭優勢。就今年簽署的 AI HPC 合約而言，我們處於市場領先地位。我們也在尋找一些工廠的潛在擴張機會。所以我們相信我們有競爭優勢。我們不一定要放棄這種優勢。因此，我們正在與當地公用事業公司努力合作。鑑於我們現有的關係，我們也正在考慮在我們目前所在的市場內進行潛在的擴張。

So we feel like we’re in a very good position. And when the time is right, it’s hard to speculate on when, but we will be announcing the locations of the places that we are converting from bitcoin mining to HPC.

所以我們覺得我們處於一個非常有利的位置。當時機成熟時，很難推測何時，但我們將宣布從比特幣挖礦轉向 HPC 的地點。

And the power required to supplement the additional contract extensions that you’ve announced since the second one, I guess, the best way to phrase it, Adam. Is there any more detail on that you could offer.

以及補充你自第二份合約以來所宣布的額外合約延期所需的權力，我想，這是最好的表達方式，亞當。您可以提供更多詳細資訊嗎？

Kevin, I just want to make sure I understand the question. You’re just saying what the total power necessary to service the additional 112 and the additional 70?

凱文，我只是想確保我理解這個問題。您只是說為另外 112 台和另外 70 台提供服務所需的總功率是多少？

Exactly. Yeah. I would assume that the 16 in Austin is all set, you don’t need additional power there. But in developing these other locations, obviously, you’re going to need the power to support them.

確切地。是的。我認為奧斯汀的 16 路已全部就緒，您在那裡不需要額外的電源。但顯然，在開發這些其他地點時，您將需要電力來支持它們。

Yeah. A great way to think about that is when we talked about in our Investor Day about the 700 megawatts needed to service the 500 megawatts to the GPUs. So a great way to think about it is about 1.35 to 1.4 POE that’s necessary above what’s contracted from a GPU megawatt perspective. And so if you’re trying to calculate kind of back the envelope map in terms of what the total megawatt need is, that’s a great metric to use kind of multiplying the number by 1.35 to 1.4, depending on the location.

是的。思考這個問題的一個好方法是，當我們在投資者日討論為 GPU 提供 500 兆瓦服務所需的 700 兆瓦時。因此，一個很好的思考方式是大約 1.35 到 1.4 POE，這比從 GPU 兆瓦的角度來看所需的要高。因此，如果您嘗試根據總兆瓦需求來計算回包絡圖，那麼根據位置將數字乘以 1.35 到 1.4 是一個很好的指標。

Okay. Fair enough. Thank you. Could Denise or yourself help me with understanding the cash generated from the warrant conversion? What sort of trends have you seen? And what would be fair to expect?

好的。很公平。謝謝。丹尼斯或您本人可以幫助我了解認股權證轉換產生的現金嗎？您看到了哪些趨勢？公平的期望是什麼？

Yeah. Kevin, so thank you for the question, Kevin. We saw a very minimal impact to Q2 from the actual exercise of our Tranche 1 Warrants. And so you’ll actually be able to see that coming through from a balance sheet perspective. But we’ve actually, in the last several weeks, seeing the conversion of about $35 million of our Tranche 2 Warrants. And as you remember, those are penny shares. So no significant cash flow. So we really haven’t seen the $670 million that we talked about associated with our Tranche 1 Warrants to date. But we do have some movements, and we will continue to see some of those roll in, but they’re not significant as of yet.

是的。凱文，謝謝你的提問，凱文。我們發現第一批認股權證的實際行使對第二季的影響非常小。因此，您實際上可以從資產負債表的角度看到這一點。但實際上，在過去幾周里，我們已經看到約 3500 萬美元的第二批認股權證被轉換。正如你所記得的，這些都是細價股。因此沒有大量現金流。因此，迄今為止，我們確實還沒有看到我們所談論的與第一批認股權證相關的 6.7 億美元。但我們確實有一些動作，而且我們將繼續看到其中一些動作出現，但目前還不顯著。

Okay. You mentioned $30 million and $35 million added to the share count.

好的。您提到股票數量增加了 3000 萬美元和 3500 萬美元。

Yeah. Just to kind of put things in perspective, Kevin. We ended the quarter with about 183 million shares. Where we sit today as of the end of last week is at 258 million shares, as we mentioned in our prepared remarks. And that’s primarily driven by the additional conversion of our convertible notes for the mandatory piece. It was about 40 million shares. And as I mentioned, the exercise of our Tranche 2 Warrants added about 35 million shares.

是的。只是為了正確看待事情，凱文。本季結束時，我們持有約 1.83 億股股票。正如我們在準備好的演講中所提到的，截至上週末，我們今天持有的股票數量為 2.58 億股。這主要是由我們的可轉換票據額外轉換為強制性產品所推動的。大約有4000萬股。正如我所提到的，我們的第二批認股權證的行使增加了約 3500 萬股。

Jack Chan, Imperial Capital.

陳傑克，帝都。

Thanks for taking the question. I wanted to ask on the expansion opportunities. Will you be looking to do deals with these future customers at the same economics as your CoreWeave deal? Or are different structures being contemplated? And if so, what those could look like?

感謝您提出問題。我想問一下擴展的機會。您是否希望以與 CoreWeave 交易相同的經濟效益與這些未來客戶進行交易？或正在考慮不同的結構？如果是這樣，那些會是什麼樣子？

Thanks Jack for the question. The contract is something that’s actually something that we’re working through today in terms of how do we structure these and have the right give and take between the buy down of CapEx versus the rate that they pay. And so we’re working through that based on both the credit risk of the potential customer as well as what the length and tenor is of that end contract. So we’re working through that today.

謝謝傑克的提問。合約實際上是我們今天正在解決的問題，我們如何建立這些合同，並在資本支出的購買與支付的利率之間進行正確的讓步。因此，我們正在根據潛在客戶的信用風險以及最終合約的長度和期限來解決這個問題。所以我們今天正在解決這個問題。

So obviously, the CoreWeave deal was extraordinarily unique. It was something that completely changed the data center industry from a term perspective. So we’re obviously using that as a starting point. But I would say we’re expecting the contracts to change based on where we are going forward, our ability to access the capital markets in different ways to make the potential new contracts that we’re signing more efficient. And so there’s a number of opportunities for us, and we’re exploring all of them.

顯然，CoreWeave 交易非常獨特。從術語角度來看，這徹底改變了資料中心產業。所以我們顯然以此為起點。但我想說的是，我們預計合約會根據我們的前進方向、我們以不同方式進入資本市場的能力而改變，以使我們正在簽署的潛在新合約更有效率。因此，我們有很多機會，並且我們正在探索所有機會。

Thank you.

謝謝。

Lucas Pipes, B. Riley Securities.

盧卡斯‧派普斯 (Lucas Pipes)，B. 萊利證券 (Riley Securities)。

Thank you very much operator. Thank you for taking my follow up question. Just really quickly on slide 15, you show application-specific data centers kind of one, two, three, four, five. Would those be all at different sites or might there be an overlap? And should we think of those as kind of, call it, ASDC 1 an 80-megawatt cluster at one of the facilities. Just wanted to clarify that. Thank you very much.

非常感謝運營商。感謝您接受我的後續問題。在投影片 15 上，您很快就展示了特定於應用程式的資料中心，如一、二、三、四、五。這些是否都在不同的站點或可能存在重疊？我們是否應該將其視為 ASDC 1 設施之一的 80 兆瓦集群。只是想澄清這一點。非常感謝。

Yeah. Thanks, Lucas. A great way to think about this is more on a facility level basis, not necessarily on a site level basis. So it doesn’t necessarily mean that it’s spread across all different sites. It could potentially be across different facilities at specific sites.

是的。謝謝，盧卡斯。考慮這個問題的一個好方法是更多地在設施級別的基礎上，而不一定在站點級別的基礎上。因此，這並不一定意味著它分佈在所有不同的網站上。它可能跨越特定地點的不同設施。

Okay. So essentially, it’s a different -- one, two, three, four, five is at different sites, but it may not be within one building, it might be several buildings.

好的。所以本質上，它是不同的——一、二、三、四、五位於不同的地點，但它可能不在一棟建築物內，而可能在幾棟建築物內。

Yeah, absolutely right. And we do have multiple sites at some of our sites. And so it’s a great way to think about it’s more on a facility level, those ASDCs.

是的，絕對正確。我們的一些站點確實有多個站點。因此，這是一種很好的思考方式，更多的是在設施層面，即 ASDC。

I appreciate the clarification. Again best of luck.

我很感謝您的澄清。再次祝你好運。

Thanks so much, Lucas.

非常感謝，盧卡斯。

Thank you. And there are no further questions at this time. I’ll turn the floor back over to Steve Gitlin for closing comments.

謝謝。目前沒有其他問題。我將把發言權交還給史蒂夫·吉特林 (Steve Gitlin) 以供結束評論。

Thank you, Diego, and thanks, everybody, for your questions and for your attention today. An archived version of this call, all SEC filings and relevant company and industry news can be found on our website, corescientific.com. We wish you a good day, and we look forward to speaking with you again following next quarter’s results.

謝謝迭戈，謝謝大家今天提出的問題和關注。本次電話會議的存檔版本、所有 SEC 文件以及相關公司和行業新聞都可以在我們的網站 corescientific.com 上找到。祝您有美好的一天，我們期待在下一季的業績公佈後再次與您交談。

Thank you. This concludes today’s conference. You may disconnect your lines at this time. Thank you all for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝大家的參與。