Core Scientific Inc (CORZ) 2024 Q3 法說會逐字稿

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

歡迎參加 Core Scientific 2024 財年第三季財報電話會議。（操作員說明）謹此提醒，本次會議正在錄製中。

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

現在我很高興向您介紹主持人史蒂夫·吉特林 (Steve Gitlin)，他是高級副總裁兼投資者關係總監。謝謝你，史蒂夫。你可以開始了。

Good afternoon, ladies and gentlemen and welcome to Core Scientific's third 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 before we begin.

女士們、先生們，下午好，歡迎參加 Core Scientific 2024 財年第三季財報電話會議。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。提醒一下，在我們開始之前，我們將對本次會議進行錄音以供重播。

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 1,995.

請注意，在本次電話會議中，提供的某些資訊包含 1,995 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, forecasts, 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、預期預期估計、打算項目計劃或帶有以下內容的單字或片語：類似的意思。

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 exchange commission and a special note regarding forward-looking statements contained in the company's current report on form eight K filed today and the earnings release and slide presentation contain there.

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，以及公司當前報告中包含的有關前瞻性陳述的特別說明。今天提交的8 K 表格以及收益報告和幻燈片演示都包含在其中。

Today's presentation is available on our website at core scientific dotcom in the events and presentation section. The content of this conference call contains information that is accurate only as of today November 6th, 2024.

今天的簡報可在我們網站 core science dotcom 的活動和簡報部分中找到。本次電話會議的內容包含截至今天 2024 年 11 月 6 日的準確資訊。

The company undertakes no obligation to update statements made today to reflect events or circumstances occurring after today. Joining me today from core scientific, our CEO Mr. Adam Sullivan and Chief Financial Officer, Ms. Denise sterling. We will now begin with remarks from Adam Sullivan.

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。今天與我一起參與核心科學工作的是我們的執行長 Adam Sullivan 先生和財務長 Denise sterling 女士。現在我們將首先聽取亞當·沙利文的演講。

Thank you, Steve and good afternoon.

謝謝你，史蒂夫，下午好。

Last quarter, I summarize the progress we have made during this transformational year for core scientific. This quarter. I'm delighted to report that our progress continues. We have substantial momentum going into the remainder of the year with our improved position for growth and value creation and we see favorable market fundamentals driving strong demand for high power data center infrastructure.

上個季度，我總結了我們在這轉型年中在核心科學方面的進展。本季。我很高興地報告我們的進展仍在繼續。隨著我們在成長和價值創造方面的地位不斷提高，我們在今年剩餘時間將擁有強勁的動力，並且我們看到有利的市場基本面推動了對高功率資料中心基礎設施的強勁需求。

I'll begin today's call with a summary of our recent achievements. Before briefly highlighting our third quarter financial performance Denise will then review our third quarter financials providing more details on the significant improvement in our capital structure.

我將在今天的電話會議開始時總結我們最近的成就。在簡要強調我們第三季的財務業績之前，丹尼斯將回顧我們第三季的財務狀況，提供更多有關我們資本結構顯著改善的詳細資訊。

Before I describe our plans for the balance of the year and beyond. We will then take your questions.

在我描述我們今年及以後的計劃之前。然後我們將回答您的問題。

Our progress during and after the third quarter is highlighted on slide 4 notably core, we've exercised its final two options for an additional 232 megawatts contractually committing to all 500 megawatts of critical it load. We offered and achieving the first of our 3, 2024 catalysts we described last quarter.

我們在第三季期間和之後的進展在幻燈片4 中得到了強調，特別是核心，我們已經行使了最後兩個選項，以合約方式承諾承擔所有500 兆瓦的關鍵IT 負載，額外提供232兆瓦的電力。我們提供並實現了上季描述的 2024 年 3 個催化劑中的第一個。

Additionally, we made meaningful progress to expand our capacity through new site acquisition and existing site expansions. With the core commitment secured, I'm happy to announce that we have allocated an additional 100 megawatts of our infrastructure that was previously designated for Bitcoin mining to HPC. Increasing our total capacity for HPC hosting to approximately 570 megawatts of critical it load.

此外，我們透過收購新站點和擴大現有站點，在擴大產能方面取得了有意義的進展。隨著核心承諾的落實，我很高興地宣布，我們已將先前指定用於比特幣挖礦的基礎設施額外分配給 HPC 100 兆瓦。將我們的 HPC 託管總容量增加到約 570 兆瓦的關鍵 IT 負載。

With respect to new site acquisitions. We leased with an option to buy an existing data center in Alabama with 11 megawatts of critical it load.

關於新站點收購。我們租賃了阿拉巴馬州現有的資料中心，並可選擇購買該資料中心，其關鍵 IT 負載為 11 兆瓦。

This site has the potential to support an additional 55 megawatts of critical it load to consolidate and strengthen our Bitcoin mining business.

該網站有潛力支援額外 55 兆瓦的關鍵 IT 負載，以鞏固和加強我們的比特幣挖礦業務。

We completed a 100 megawatt expansion at our Pecos Texas Bitcoin Mining data center to house our miners.

我們在 Pecos Texas 比特幣礦業資料中心完成了 100 兆瓦的擴建，以容納我們的礦工。

We also completed significant minor migrations and began partial demolition at two of our data centers tapped for HPC hosting during the quarter.

本季我們也完成了重大的小型遷移，並開始對兩個用於 HPC 託管的資料中心進行部分拆除。

From a capital structure perspective, we completed a successful $460 million convertible note offering that enabled us to refinance our debt increase cash on the balance sheet and effectively put our Chapter 11 debt structure behind us.

從資本結構的角度來看，我們成功完成了 4.6 億美元的可轉換票據發行，使我們能夠為資產負債表上的債務增加現金進行再融資，並有效地擺脫了第 11 章規定的債務結構。

Slide 5 summarizes our revised allocation of infrastructure with the addition of the new Alabama data center.

投影片 5 總結了我們修改後的基礎設施分配，增加了新的阿拉巴馬州資料中心。

Slide 6 highlights our strategic operational and financial results in the third quarter.

幻燈片 6 重點介紹了我們第三季的策略營運和財務表現。

Starting with strategic updates. Our $460 million convertible note operating in August enabled us to improve our capital structure significantly by paying off debt, eliminating restrictions and covenants and reducing our interest rate.

從戰略更新開始。8 月營運的 4.6 億美元可轉換票據使我們能夠透過償還債務、消除限制和契約以及降低利率來顯著改善我們的資本結構。

The offering also gave us the ability to add cash to our balance sheet to finance operations and support the acquisition of new sites to expand our HVC hosting capacity.

此次發行還使我們能夠在資產負債表中增加現金，為營運提供資金，並支持收購新站點以擴大我們的 HVC 託管能力。

On the operational front, we earned 1,115 Bitcoin in the third quarter and generated total revenue of $95 million.

在營運方面，我們在第三季賺了 1,115 個比特幣，總收入為 9,500 萬美元。

Our diversification to HBC hosting showed positive momentum as third quarter revenue included $10.3 million from that segment gross loss of $0.2 million in the quarter and operating loss was $41 million reflecting lower post having hash price and higher operating expenses.

我們的HBC 託管多元化顯示出積極的勢頭，第三季度收入包括該部門本季毛虧損20 萬美元的1,030 萬美元，營運虧損為4,100 萬美元，反映出散列價格較低和營運費用較高。

And on financials, our $455 million net loss was driven mainly 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 and adjusted even that was $10 million in the third quarter. Denise will explain these in more detail shortly to summarize our third quarter.

在財務方面，我們 4.55 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，即使第三季度為 1000 萬美元，也進行了調整。丹尼斯很快就會更詳細地解釋這些內容，以總結我們的第三季。

We made great progress on our HBC hosting business and strengthen our balance sheet even as we faced challenging Bitcoin mining economics in the first full quarter since April 11. We are excited to build on this momentum.

儘管我們自 4 月 11 日以來的第一個完整季度面臨比特幣挖礦經濟的挑戰，但我們的 HBC 託管業務取得了巨大進展，並增強了我們的資產負債表。我們很高興能夠在此勢頭的基礎上再接再厲。

We are expanding our portfolio of powered digital infrastructure as illustrated on slide 7 which reflects our updated data centers including our Austin and Alabama sites.

我們正在擴展我們的動力數位基礎設施組合，如幻燈片 7 所示，其中反映了我們更新的資料中心，包括我們的奧斯汀和阿拉巴馬站點。

We also include the contracted gross capacity of each site which adds up to more than 1,200 megawatts.

我們還包括每個站點的合約總容量，總計超過 1,200 兆瓦。

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

現在我想把電話轉給丹尼斯。請聯絡我們的財務官，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. Our third quarter operational execution was strong while our financial performance reflected a challenging post having hash price. Total Third quarter revenue of 95.4 million consisted of 68.1 million in digital asset self mining revenue. 16.9 million from digital asset hosted mining and 10.3 million from HPC hosting that Adam highlighted earlier digital asset self mining revenue decreased by 14.9 million or 18% year over year. Primarily from a 62% decrease in the number of Bitcoin earned during the quarter as a result of the April having and a 61% increase in the network cash rate.

謝謝你，亞當。我們第三季的營運執行力強勁，而我們的財務業績反映出哈希價格的挑戰。第三季總收入為 9,540 萬美元，其中數位資產自挖礦收入為 6,810 萬美元。 Adam 強調，早期數位資產自挖礦收入年減 1,490 萬，即 18%，其中 1,690 萬來自數位資產託管挖礦，1,030 萬來自 HPC 託管。主要是由於 4 月的影響，本季賺取的比特幣數量減少了 62%，而網路現金利率增加了 61%。

This was partially offset by 117% increase in the price of Bitcoin as well as an increase of 36% in our self mining hash rate which resulted from the deployment of approximately 31,000 additional new generation self mining units that was completed in the first half of 2024.

這被比特幣價格上漲 117% 以及我們的自挖礦算力增加 36% 所部分抵消，這是由於在 2024 年上半年完成部署了約 31,000 個額外的新一代自挖礦單元。

Digital asset self mining cost of revenue increased by 2 million for the fiscal third quarter of 2024.

2024財年第三季數位資產自挖礦收入成本增加了200萬。

This 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 partially offset by a decrease in power cost

這主要是由於我們部署新的自挖礦設備導致折舊費用增加。與本季績效和市場調整相關的工資和福利成本的增加以及基於股票的薪酬的增加被電力成本的下降部分抵消

Segment Gross margin was negative 9% in the quarter. HPC Hosting revenue of 10.3 million which includes a base license fee as well as direct pass through of power costs to our client with no margin added. Exceeded HPC hosting cost of revenue of 9 million for the fiscal third quarter of 2024 by 1.3 million for a GAAP growth margin of 13% for the fiscal third quarter of 2024, HPC Hosting revenue and cost of revenue include a one time adjustment related to delivering the data center capacity more than 30 days ahead of schedule. At our Austin data center HPC hosting cost consists primarily of lease expense. The direct pass through of power cost, direct and indirect facilities operations expenses including personnel and benefit costs and stock based compensation.

本季該部門毛利率為負 9%。HPC 託管收入為 1,030 萬美元，其中包括基本許可費以及直接轉嫁給我們客戶的電力成本，不增加任何利潤。2024 年第三季的 HPC 託管收入成本為 900 萬美元，比 2024 年第三季的 GAAP 成長率為 13%，成長了 130 萬美元，HPC 託管收入和收入成本包括與交付相關的一次性調整數據中心擴容比原計劃提早30天以上。在我們的奧斯汀資料中心，HPC 託管成本主要包括租賃費用。電力成本、直接和間接設施營運費用的直接轉嫁，包括人員和福利成本以及基於股票的薪資。

The Non-GAAP gross margin for the fiscal third quarter of 2024 excluding the direct pass through of power cost is 17%. Non-GAAP gross margin excluding direct pass through of power cost and noncash expenses such as stock based compensation is 27%.

2024 年第三財季的非 GAAP 毛利率（不含電力成本的直接轉嫁）為 17%。不包括直接轉嫁電力成本和股票薪酬等非現金費用的非公認會計準則毛利率為 27%。

During the third quarter of 2024, we continued to refine the methodology used to allocate our cost of revenue to our segments including direct and indirect facilities operations cost.

2024 年第三季度，我們持續完善將收入成本分配給各部門的方法，包括直接和間接設施營運成本。

This resulted in a portion of these costs being allocated to our HPC hosting segment.

這導致這些成本的一部分被分配給我們的 HPC 託管部門。

We expect our margins to improve over time as we increase our critical IT load without incurring additional operating costs.

我們預計，隨著關鍵 IT 負載的增加，我們的利潤率會隨著時間的推移而提高，而不會產生額外的營運成本。

It is important to remind you 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 concur these expenses.

需要提醒您的是，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正在修改我們擁有的基礎設施的大型 HPC 託管合約的條款非常重要，因此我們不同意承擔這些費用。

A summary of our segment economics can be found on slide, eight gross margins for the quarter were negative 9%, 29% and 13% respectively for digital asset self mining, digital asset hosting and HPC hosting. Power costs were favorable in the quarter declining to $0.038from $0.045 per kilowatt hour for the same period in the prior year.

我們的細分市場經濟概況可以在幻燈片中找到，本季數位資產自挖礦、數位資產託管和 HPC 託管的 8 個毛利率分別為負 9%、29% 和 13%。本季電力成本有利，從去年同期的每千瓦時 0.045 美元降至 0.038 美元。

Operating expenses for the fiscal third quarter of 2024 totaled 40.3 million as compared to 26.8 million for the same period in the prior year.

2024財年第三季的營運支出總計為4,030萬美元，而上年同期為2,680萬美元。

The $13.5 million increase was primarily attributable to a $4.2 million increase in personnel and related expenses and $3.7 million of HPC hosting segment site startup cost incurred during the period which represents the cost of modifying our sites over the next two years to deliver HPC hosting services and generate the associated revenue.

增加1,350 萬美元主要是由於人員和相關費用增加了420 萬美元，以及在此期間產生的HPC 託管部門站點啟動成本增加了370 萬美元，這代表了未來兩年修改我們的站點以提供HPC 託管服務和產生相關收入。

Other contributors to the increase include stock based compensation of 2.5 million and 1.9 million in bankruptcy advisory costs.

其他增加的因素包括 250 萬美元的股票補償和 190 萬美元的破產諮詢費用。

Net loss for the fiscal third quarter of 2024 was 455.3 million as compared to a net loss of 41.1 million for the same period in the prior year.

2024財年第三季淨虧損為4.553億美元，去年同期淨虧損為4,110萬美元。

The increase in net loss of $414.1 million was primarily due to a net $408.5 million noncash mark to market adjustment to our warrant and contingent value right liabilities required as a result of significant quarter over quarter increases in the value of our equity and also a $4.9 million increase in interest expense partially offset by a $28.3 million decrease in reorganization items. Net with no comparable activity in the same period. In fiscal 2024, Non-GAAP adjusted EBITA for the fiscal third quarter of 2024 was 10.1 million or 11% of revenue a year over year decrease of 18 million that included several offsetting adjustments.

淨虧損增加 4.141 億美元，主要是由於我們的股權價值環比大幅增長，需要對我們的認股權證和或有價值權利負債進行 4.085 億美元的非現金市場調整，以及 490 萬美元的損失。的增加被重組項目減少2,830 萬美元部分抵銷。同期沒有可比較活動。2024 財年，2024 財年第三季非 GAAP 調整後 EBITA 為 1,010 萬美元，佔營收的 11%，較去年同期減少 1,800 萬美元，其中包括多項抵銷調整。

Our power contracts vary in price and terms. As I mentioned previously, our fleet wide power cost averaged $0.038 per kilowatt hour. In the fiscal third quarter, we continue to expect average power cost in 2024 to be between $0.042 and $0.044 per kilowatt hour.

我們的電力合約的價格和條款各不相同。正如我之前提到的，我們整個車隊的電力成本平均為每千瓦時 0.038 美元。在第三財季，我們繼續預計 2024 年平均電力成本將在每千瓦時 0.042 美元至 0.044 美元之間。

As of September 30th 2024 we operated approximately 175,000 miners in our self mining fleet and did not procure any new miners during the quarter.

截至 2024 年 9 月 30 日，我們的自採礦隊營運約 175,000 台礦機，本季沒有購買任何新礦機。

Our self mining to hosted mining mix was 89% to 11% respectively.

我們的自挖礦和託管挖礦組合分別為 89% 和 11%。

As our hosted mining contracts continue to sunset this year, we expect our hosted mining percentage to decline to a single digit percentage of our fleet creating capacity for self mining and for our HPC hosting business.

隨著我們的託管挖礦合約今年繼續到期，我們預計我們的託管挖礦百分比將下降到我們的機群中的個位數百分比，從而為自挖礦和 HPC 託管業務創造容量。

Now, I would like to discuss our balance sheet starting on slide 9.

現在，我想從投影片 9 開始討論我們的資產負債表。

At the beginning of the quarter stock price appreciation triggered the mandatory conversion of our secured convertible notes resulting in the equitization of the remaining 233.6 million.

本季度初，股價上漲引發了我們有擔保可轉換票據的強制轉換，導致剩餘 2.336 億股股票化。

As Adam mentioned, we completed a successful $460 million convertible note offering in early August that strengthened our balance sheet funds raised in this offering enabled us to pay off all of the $150 million of secured notes. 49 million in minor equipment loans and the entire 61 million exit facility plus accrued interest. All of which eliminated restrictions and covenants such as the 10 day hold on self mining self mine Bitcoin and also reduced our interest rate from as much as 12.5% to 3% for the new notes.

正如 Adam 所提到的，我們在 8 月初成功完成了 4.6 億美元的可轉換票據發行，增強了我們在本次發行中籌集的資產負債表資金，使我們能夠償還全部 1.5 億美元的擔保票據。 4,900 萬小型設備貸款和全部 6,100 萬退出貸款加上應計利息。所有這些都消除了限制和契約，例如自挖礦比特幣的 10 天保留期，並將新票據的利率從 12.5% 降低到 3%。

The new convertible note terms of which can be found on slide 18 have a conversion price of $11 representing an additional share count of approximately 41.8 million shares at full conversion. At the end of the third quarter. Our total debt was 512 million. In October, we paid off an additional 6.4 million in minor equipment financing with the additional cash generated from our convertible notes offering. We enhanced our liquidity in the quarter ending with 253 million in cash and cash equivalents up from 50 million at the end of 2023.

新的可轉換票據條款可在投影片 18 中找到，其轉換價格為 11 美元，相當於完全轉換時額外增加約 4,180 萬股。在第三季末。我們的總債務為 5.12 億。10 月份，我們用可轉換票據發行產生的額外現金支付了額外 640 萬美元的小型設備融資。我們在本季增強了流動性，現金和現金等價物從 2023 年底的 5,000 萬增加到 2.53 億。

Slide 10 summarizes our total pro forma diluted share count. As of October 31st 2024. Sheer count was approximately 279 million.

投影片 10 總結了我們預計稀釋後的總股數。截至 2024 年 10 月 31 日。絕對數量約 2.79 億。

A total of 98 million tranche, one warrants, 27 million tranche two warrants, 23 million restricted stock units and approximately 5 million other reserve shared remained unexercised. Full exercise of these items I just mentioned. Plus the conversion of the approximately 42 million shares related to the new convertible note would result in a total pro forma diluted share count of approximately 474 million shares.

共有9,800萬份一級認股權證、2,700萬份二級認股權證、2,300萬份限制性股票單位和約500萬份其他儲備份額尚未行使。充分練習我剛才提到的這些項目。再加上與新可轉換票據相關的約 4,200 萬股股份的轉換，預計稀釋後股份總數將達到約 4.74 億股。

And now I'll turn to our CapEx plans. As a reminder, the Capex associated with converting our infrastructure to 500 megawatts of critical it load for HPC hosting is paid by Core weave therefore, we do not expect any out of pocket CapEx for these contracts.

現在我將談談我們的資本支出計劃。提醒一下，與將我們的基礎設施轉換為 HPC 託管的 500 兆瓦關鍵 IT 負載相關的資本支出由 Core weave 支付，因此，我們預計這些合約不會有任何自付費用。

Any additional capacity that is not currently contracted, whether from incremental power allocations at our existing sites or entirely new sites may require our funding of CapEx at least in part. Once we announce a customer contract, we will be in a position to comment on any CapEx investments associated with incremental capacity. Given our focus on growing our HPC hosting business, we do not expect to increase or refresh our Bitcoin mining fleet until we procure the new block Asic chips in the second half of 2025.

目前未簽訂合約的任何額外容量，無論是來自我們現有站點還是全新站點的增量電力分配，都可能需要我們至少部分提供資本支出資金。一旦我們宣布客戶合同，我們將能夠對與增量產能相關的任何資本支出投資發表評論。鑑於我們專注於發展 HPC 託管業務，在 2025 年下半年採購新的區塊 Asic 晶片之前，我們預計不會增加或更新我們的比特幣挖礦機群。

Now that we have completed the 100 megawatt expansion of our Pecos Texas Bitcoin Mining Data center, we anticipate no further CapEx this year associated with our Bitcoin mining business.

現在我們已經完成了 Pecos Texas 比特幣挖礦資料中心 100 兆瓦的擴建，我們預計今年不會再有與我們的比特幣挖礦業務相關的資本支出。

And now I'll turn to a review of our mining economics summarized on slide 11, our direct cash cost to mine Bitcoin in the third quarter was $42,351.

現在我將回顧投影片 11 中總結的採礦經濟學，第三季開採比特幣的直接現金成本為 42,351 美元。

This consists of power cost of $33,946 and direct cash based facilities operations cost of $8405 allocated based on the 84% of our fleet dedicated to self mining and divided by total Bitcoin mined in the third quarter of 1,115.

其中包括 33,946 美元的電力成本和 8,405 美元的直接現金設施營運成本，該成本是根據我們 84% 的機隊專用於自挖礦分配的，並除以第三季開採的比特幣總數 1,115。

Another way to evaluate our mining cost is by calculating the cash based hash cost of these same items which represent the same costs expressed as a cost per Tera hash per day.

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，這些成本表示相同的成本，以每天每 Tera 哈希的成本表示。

Our total cash based cash cost in the third quarter was approximately 3¢ per Tera hash cash cost to mine. A Bitcoin increased year over year by $24,314 driven primarily by a 62% decrease in the number of Bitcoin earned during the quarter. As a result of the April 2020 4h, a 61% increase in the network cash rate and a higher allocation of cost to self mining from hosting. As we sunset several of our digital asset hosting contracts.

第三季度，我們基於現金的總現金成本約為每 Tera 哈希現金挖礦成本 3 美分。比特幣年增 24,314 美元，主要是由於本季賺取的比特幣數量減少了 62%。由於 2020 年 4 月 4 小時，網路現金率增加了 61%，並且從託管到自挖礦的成本分配更高。當我們終止幾項數位資產託管合約時。

The increase was partially offset by a decrease in power and facilities' operations cost year over year.

這一增長被電力和設施運營成本同比下降部分抵消。

Now that we have contracted the full 500 megawatts of critical it load to Cor weave. I will provide an updated overview of the contract found on slide 12. Based on the full contract, we project aggregate total potential revenue over the 12 year contracts of approximately 8.7 billion average annual revenue of 725 million and Non-GAAP profit margin of 75 to 80%.

現在我們已經將全部 500 兆瓦的關鍵 IT 負載承包給了 Cor weave。我將提供幻燈片 12 中合約的最新概述。根據完整合同，我們預計 12 年合約的潛在總收入約為 87 億美元，平均年收入為 7.25 億美元，非 GAAP 利潤率為 75% 至 80%。

Power and utilities costs are passed through to our client and will be included in both revenue and cost of revenue.

電力和公用事業成本將轉嫁給我們的客戶，並將計入收入和收入成本。

Given that most of our costs associated with the growth of our HPC hosting business are included in cost of revenue. We expect operating expenses to increase only slightly as we grow this business.

鑑於我們與 HPC 託管業務成長相關的大部分成本都包含在收入成本中。我們預計隨著我們業務的發展，營運費用只會略有增加。

And now I'd like to share some modeling details.

現在我想分享一些建模細節。

We continue to model a statutory effective tax rate of approximately 23% for 2024.

我們繼續為 2024 年建立約 23% 的法定有效稅率建模。

We also retain more than 300 million in net operating loss carry forwards which will reduce future cash taxes.

我們也保留了超過 3 億美元的淨營業虧損結轉，這將減少未來的現金稅。

And now I'll turn the call back to Adam.

現在我將把電話轉回給亞當。

Thank you, Denise.

謝謝你，丹妮絲。

We are applying our expertise from the data center and Bitcoin mining industries and our large asset portfolio to accelerate time to power for clients such as core weave. we believe this expansion of our business will deliver more than $500 million in annual GAAP gross profit for the initial 500 megawatts of contracted critical it load at full run rate, creating significant value for our shareholders.

我們正在運用我們在資料中心和比特幣挖礦行業的專業知識以及我們的大型資產組合來加快 core weave 等客戶的上線時間。我們相信，我們的業務擴張將為最初 500 兆瓦的合約關鍵 IT 負載在滿載運行時帶來超過 5 億美元的年度 GAAP 毛利，為我們的股東創造巨大的價值。

We are building a data center business with Core weave as our anchor tenant and our ambitions extend well beyond the initial 500 megawatts of critical it load.

我們正在建立以 Core weave 為主要租戶的資料中心業務，我們的目標遠遠超出最初的 500 兆瓦關鍵 IT 負載。

In fact, with our recent reallocation of infrastructure to HPC. In our new Alabama site, with its growth plan, we now have another approximately 130 megawatts of critical it load to offer to clients beyond our existing infrastructure, we plan to grow our portfolio for HVC hosting in two ways.

事實上，隨著我們最近將基礎設施重新分配給 HPC。在我們的阿拉巴馬州新站點中，透過其成長計劃，我們現在除了現有基礎設施之外，還可以向客戶提供約130 兆瓦的關鍵IT 負載，我們計劃透過兩種方式擴展我們的HVC託管產品組合。

First, we are actively pursuing the expansion of certain of our data centers by securing more power from local grid partners. We believe that we can capture as much as an additional 300 megawatts of critical it load at existing sites from our power suppliers.

首先，我們正在積極尋求透過從當地電網合作夥伴獲得更多電力來擴展我們的某些資料中心。我們相信，我們可以在現有站點從電力供應商獲得多達 300 兆瓦的額外關鍵 IT 負載。

We believe that we will secure some of this additional power allocation before the end of 2024 representing the quickest path to capacity growth.

我們相信，我們將在 2024 年底前確保部分額外的電力分配，這是實現容量成長的最快途徑。

Second, we are working to secure additional sites to expand our HPC and capacity.

其次，我們正在努力確保更多站點以擴大我們的 HPC 和容量。

These sites fall into one of the following categories,

這些網站屬於以下類別之一，

A. Distressed conventional data centers that have either lost their tenants or have been pruned from larger data center company portfolios.

答：陷入困境的傳統資料中心要不是失去了租戶，就是被從大型資料中心公司的投資組合中剔除。

These sites typically have backup generators and may have chillers already installed and also have options for additional power allocations from their power providers including completed load studies.

這些站點通常有備用發電機，可能已經安裝了冷卻器，並且還可以選擇從其電力供應商進行額外的電力分配，包括完成的負載研究。

B. Brownfield sites that we believe we can convert to HBC data centers and

B. 我們相信可以將其轉換為 HBC 資料中心的棕地站點以及

C. Greenfield sites with access to significant power allocations.

C. 可獲得大量電力分配的綠地站點。

Our new lease site in Alabama offers 11 megawatts of critical it load to contract. Now to clients who would like to grow with this site to as much as approximately 66 megawatts of critical it load.

我們位於阿拉巴馬州的新租賃場地可提供 11 兆瓦的合約關鍵 IT 負載。現在，對於那些希望將該站點的關鍵 IT 負載成長至約 66 兆瓦的客戶來說。

We are currently in discussion with potential new clients about contracting the site for HBC hosting.

我們目前正在與潛在的新客戶討論簽訂 HBC 託管網站合約。

This is one example of how we intend to diversify our customer base by securing new customers for these new sites.

這是我們打算如何透過為這些新站點爭取新客戶來實現客戶群多元化的一個例子。

As depicted on slide 13, we believe that by expanding our portfolio based on growing existing sites and securing new sites, we have line of sight to total HPC hosting capacity of more than one gigawatt of critical it load. By the end of 2027. Key to the success of our data center business is the conversion of existing sites to HPC hosting.

如投影片 13 所示，我們相信，透過基於現有站點的成長和新站點的保護來擴展我們的產品組合，我們有望實現超過 1 吉瓦關鍵 IT 負載的 HPC 託管總容量。到2027年底。我們資料中心業務成功的關鍵是將現有網站轉換為 HPC 託管。

This is a massive and complex project that requires considerable coordination.

這是一個龐大而複雜的項目，需要大量的協調。

The area with the most potential to affect our timing remains the supply chain. And we are actively working to identify creative solutions as bottlenecks appear.

最有可能影響我們時間安排的領域仍然是供應鏈。當瓶頸出現時，我們正在積極尋找創意的解決方案。

These solutions include developing alternative configurations for components, working with third parties to secure supply and securing temporary items until others are available to us. Right now, we are closely tracking switchboards, static transfer switches and generators.

這些解決方案包括開發組件的替代配置、與第三方合作以確保供應以及確保臨時物品的安全，直到我們獲得其他物品。目前，我們正在密切追蹤配電盤、靜態轉換開關和發電機。

At this time, we expect to begin delivery of powered infrastructure for HPC hosting by the end of the first half of 2025. As we previously communicated.

目前，我們預計將在 2025 年上半年末開始交付 HPC 託管的動力基礎設施。正如我們之前溝通過的。

Fortunately, there is no better team in the industry than ours and we are expanding it with industry experts while also having secured some of the most experienced data center contractors to help us execute this program. When the conversion of our existing sites to support HPC hosting is complete. We will be one of the largest data center operators in the United States with a tremendous value creation opportunity in HPC hosting.

幸運的是，業界沒有比我們更好的團隊了，我們正在與行業專家一起擴展它，同時也聘請了一些最有經驗的資料中心承包商來幫助我們執行該計劃。當我們現有網站轉換為支援 HPC 託管完成時。我們將成為美國最大的資料中心營運商之一，在 HPC 託管方面擁有巨大的價值創造機會。

We are also focused on optimizing the operation of our Bitcoin mining business within the 400 megawatts of infrastructure now available to it by consolidating Bitcoin mining at Pecos Texas and one other data center. We believe that we can lever the lowest power prices and implement power strategies to enhance financial performance.

我們也致力於透過整合德州佩科斯和另一個資料中心的比特幣挖礦，在現有 400 兆瓦的基礎設施內優化比特幣挖礦業務的營運。我們相信，我們可以利用最低電價並實施電力策略來提高財務績效。

Further our planned refresh next year using the new block ace of chips represents a significant opportunity to continue improving our fleet efficiency and increase our half rate.

此外，我們計劃明年使用新的王牌晶片進行更新，這是繼續提高我們的機隊效率和提高半率的重要機會。

We believe that these actions will position our Bitcoin mining business favorably preparing us to benefit from an increase in Bitcoin price to summarize our revised guidance for 2024.

我們相信，這些行動將使我們的比特幣挖礦業務處於有利地位，使我們能夠從比特幣價格上漲中受益，以總結我們修訂後的 2024 年指導方針。

Highlighted on slide 14, we expect 16 megawatts critical it load of revenue generating HPC hosting infrastructure and average fleet power price for active Bitcoin mining data centers of $0.0042 to $0.0044 per kilowatt hour.

在投影片 14 中強調，我們預計 16 兆瓦的關鍵 IT 負載能夠產生創收的 HPC 託管基礎設施，而活躍的比特幣挖礦資料中心的平均機組電價為每千瓦時 0.0042 美元至 0.0044 美元。

Now, I'd like to update you on our 2024 catalyst which we introduced last quarter and are summarized on slide 15, we set out to contract all 500 megawatts of critical it load and have now done so.

現在，我想向您介紹我們上季度推出的 2024 年催化劑的最新情況，並在幻燈片 15 中進行了總結，我們計劃承包所有 500 兆瓦的關鍵 IT 負載，現在已經這樣做了。

We sought out to secure a new site to begin expanding our capacity and we secured a new site in Alabama while we continue to focus on pursuing additional new site opportunities, and we seek to diversify our client base by gaining new clients for new sites.

我們尋求獲得一個新站點以開始擴大我們的產能，我們在阿拉巴馬州獲得了一個新站點，同時我們繼續專注於尋求更多新站點機會，並且我們尋求透過為新站點贏得新客戶來實現客戶群多元化。

We remain actively engaged in discussions with multiple potential clients regarding our newly available capacity and our growth plans.

我們仍然積極與多個潛在客戶就我們新的可用產能和成長計劃進行討論。

These potential clients include hyper scalers and the cloud providers core scientific transformation into a leader in digital infrastructure for next generation compute continues to build momentum.

這些潛在客戶包括超大規模企業和雲端供應商，其核心科學轉型為下一代運算數位基礎設施的領導者，其勢頭持續增強。

We now have HBC hosting contracts with Core weave valued at up to $8.7 billion in revenue. Over their 12 year terms, we have an additional approximately 130 megawatts of critical it load to contract to new clients from our existing portfolio and have the opportunity to expand our infrastructure at existing sites as well as through new site acquisitions.

我們現在與 Core weave 簽訂的 HBC 託管合約價值高達 87 億美元的收入。在 12 年期限內，我們還有大約 130 兆瓦的額外關鍵 IT 負載可以從現有產品組合中與新客戶簽訂合同，並有機會透過收購新站點來擴展現有站點的基礎設施。

And our Bitcoin Mining franchise is very well positioned to benefit when hash price rises.

當哈希價格上漲時，我們的比特幣挖礦特許經營權非常有能力受益。

As I mentioned at the beginning of this call, our momentum and progress continue and our positioning for growth and value creation is only improving.

正如我在本次電話會議開始時提到的，我們的勢頭和進步仍在繼續，我們的成長和價值創造定位只會不斷改善。

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

感謝您的持續關注，並感謝我們的客戶、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。

Thank you. We'll now be conducting a question and answer session. (Operator Instruction)

謝謝。我們現在將進行問答環節。（操作員說明）

Thank you. Our first question comes from the line of John Todaro with Needham & Company. Please proceed.

謝謝。我們的第一個問題來自李約瑟公司的約翰·托達羅（John Todaro）。請繼續。

Hey guys, thanks for taking my question. Congrats on the results here. I have one and then I'll use one of my follow ups if I can. First one being to the 100 megawatts that you're going to allocate away from Bitcoin mining to to HPC. Are, are we already in conversation with potential customers there? And then I know you, you can't give kind of specific CapEx as you mentioned. But, but should we just still be kind of thinking that 5 to 8 million to retrofit that site? And then I have my follow up.

嘿夥計們，謝謝你提出我的問題。恭喜這裡的結果。我有一個，如果可以的話我會使用我的後續行動之一。第一個是你將從比特幣挖礦中分配給 HPC 的 100 兆瓦。我們是否已經在與那裡的潛在客戶進行對話？然後我知道你，你不能提供你提到的具體資本支出。但是，但是我們是否仍然應該考慮花費 500 至 800 萬美元來改造該網站？然後我有我的後續行動。

Yeah. Thanks Sean. Yeah those conversations actually began and you know, earlier in the year looking at the site in particular, you know, we go back to you know what we mentioned on the previous earnings call, it really comes down to whether a site be Bitcoin Miner HPC, it comes down to really power, environmental and latency. You know, based on conversations we were having with some potential clients, we went back and solved the power issue that we need to solve in order to convert that, that site.

是的。謝謝肖恩。是的，這些對話實際上已經開始，你知道，今年早些時候特別關注該網站，你知道，我們回到你知道我們在之前的財報電話會議上提到的內容，這實際上取決於一個網站是否是比特幣礦工高效能運算，這取決於真正的功耗、環境和延遲。您知道，根據我們與一些潛在客戶的對話，我們回頭解決了我們需要解決的電源問題，以便轉換網站。

And so these conversations have been ongoing for quite some time and it's looking like a competitive process for those 70 megawatts.

因此，這些對話已經持續了相當長一段時間，而對於這 70 兆瓦來說，這看起來像是一個競爭過程。

And then I'll comment quickly too on your megawatt question. Yeah, we're looking at you really that 5 to 8 million per megawatt for the net profit?

然後我也會快速評論您的兆瓦問題。是啊，我們看你的淨利真的是每兆瓦5到800萬嗎？

Got it. Okay.

知道了。好的。

And then, just to follow up, so to the, HPC revenue looks like it came in a little bit higher than we at least expected. I think if it's just the 16 megawatts I'm seeing that implies almost 2.5 million per megawatt annualized, on a revenue basis, not sure if we're missing something, but I guess, you know. In other words, I think we're thinking more like 5 to 6 million and it came in at 10 million for the quarter.

然後，跟進一下，HPC 收入看起來至少比我們預期的要高一些。我認為，如果只是我看到的 16 兆瓦，就意味著每年每兆瓦近 250 萬美元，以收入為基礎，不確定我們是否遺漏了一些東西，但我想，你知道。換句話說，我認為我們的想法更像是 500 至 600 萬，而本季的實際數量為 1000 萬。

Yeah, I, so thanks for the question. I think as we suggested in our prepared remarks, that was really driven by a one time adjustment associated with the fact that we had actually pulled forward the delivery by 30 days and so you are seeing an additional month of of revenue, which is why there is a data in Q3.

是的，我，謝謝你的提問。我認為正如我們在準備好的評論中所建議的那樣，這實際上是由一次性調整推動的，該調整與我們實際上將交貨時間提前了30 天這一事實相關，因此您會看到額外一個月的收入，這就是為什麼有是Q3的數據。

Thank you. Our next question comes to the line of Jonathan Petersen with Jeffries. Please proceed.

謝謝。我們的下一個問題涉及喬納森·彼得森和傑弗里斯的路線。請繼續。

I could follow up on the 100 megawatt transition. So in terms of the cost, are you guys, is your plan to go ahead with construction and then try to sign a lease along the way or are you going to sign a lease before you start spending capital on that transition?

我可以跟進 100 兆瓦的過渡。那麼，就成本而言，你們計劃繼續建設，然後嘗試簽署租約，還是打算在開始為過渡花費資金之前簽署租約？

Yeah, thanks Sean. You know, right now, the way we're viewing it is, you know, we're hopeful to get to a client and a final contract in short enough time period where we know exactly what they want to build. We know exactly the sizing and the requirements that they're looking for. And so from our perspective, we're not looking to spend capital prior to having that contract in hand.

是的，謝謝肖恩。你知道，現在我們看待它的方式是，你知道，我們希望在足夠短的時間內找到客戶並簽訂最終合同，我們確切地知道他們想要建造什麼。我們確切地了解他們正在尋找的尺寸和要求。因此，從我們的角度來看，我們不打算在簽訂合約之前花費資金。

Got it.

知道了。

And then maybe I'm slightly getting ahead of myself, but I guess my follow up is, you know, what kind of financing structures are you, you know, would you be looking at for future deals? Is the Core weave model repeatable or would we see more of a traditional data center, you know, financing type structure with the construction loan and you guys spending all the capital up front?

也許我有點言過其實了，但我想我的後續行動是，你知道，你會考慮什麼樣的融資結構來進行未來的交易？核心編織模型是可重複的還是我們會看到更多傳統的資料中心，你知道，融資類型的結構與建設貸款和你們花掉所有的資本預先？

Yeah, the way we see it right now and where the market's moving to is you know, clients are coming around to spending some portion of the CapEx to help buy down their rate. We are seeing higher rental rates right now.

是的，我們現在的看法以及市場的走向是你知道的，客戶開始花費一部分資本支出來幫助降低他們的利率。我們現在看到租金率更高。

And so really the way we're looking at it is, you know, that 20 to 30% that's generally spent by data center companies as the equity check. You know, the rest is funded on, on a debt basis, on a project financing level. We're looking at, you know, many of these clients looking to really cover that portion of the equity check and we would look to project finance, the the rest of the build out.

所以我們真正看待它的方式是，你知道，資料中心公司通常會將 20% 到 30% 作為股權檢查。你知道，其餘的資金是在債務基礎上、在專案融資水準上提供的。你知道，我們正在尋找許多這樣的客戶，他們希望真正涵蓋這部分股權檢查，我們會尋求專案融資，以及其餘的建設。

Thank you. Our next question comes to the line of Joseph Vafi with Canaccord Genuity LLC, please proceed.

謝謝。我們的下一個問題涉及 Joseph Vafi 與 Canaccord Genuity LLC 的關係，請繼續。

Hey guys, good afternoon. Nice to see all the incremental progress here. Just you know, any updates on you know, our previous discussions, you were looking to expand your power capacity at some of your existing HPC sites. You know, any more color to provide there on, you know progress and going above the 500 for core, we now have a quick follow up.

嘿夥計們，下午好。很高興看到這裡的所有漸進進展。您知道，您知道的任何更新，我們之前的討論，您都希望擴大一些現有 HPC 站點的電力容量。您知道，如果要提供更多顏色，您知道進展並超過核心 500，我們現在有一個快速跟進。

Yeah, absolutely. And thanks for the question, Joe. I mean, what we're looking at right now is about 300 additional potentially above 300 additional megawatts across our existing HPC sites. You know, those conversations are still ongoing and we really view this as our fastest path to getting additional megawatts at each of those sites. So you know, we're especially excited about that process, you know, it could result in a very significant uplift in the number of megawatts at each of our existing sites.

是的，絕對是。謝謝你的提問，喬。我的意思是，我們現在正在考慮的是，我們現有的 HPC 站點可能會增加約 300 兆瓦以上的電力。您知道，這些對話仍在進行中，我們確實認為這是在每個站點獲得額外兆瓦電量的最快途徑。所以你知道，我們對這個過程特別興奮，你知道，它可能會導致我們每個現有站點的兆瓦數顯著增加。

You know, that would be, that would be really good progress for sure, Adam. And then you know, I mean obviously we had a Presidential election here and, you know, Bitcoins up, you know, obviously that's good kind of for all miners. But any other further thoughts here on the results of the election and implications, you know, broadly for the Bitcoin mining industry and maybe anything more specific for core? Thanks a lot guys.

你知道，這肯定是一個很好的進步，亞當。然後你知道，我的意思是顯然我們在這裡舉行了總統選舉，你知道，比特幣上漲，你知道，顯然這對所有礦工來說都是好事。但是，關於選舉結果和對比特幣採礦業的廣泛影響以及對核心的影響，還有其他進一步的想法嗎？非常感謝大家。

Yeah, of course. I mean, I think that Trump in the past has expressed strong support for both Bitcoin and energy production as well as us leadership and artificial intelligence. Those are strong tailwinds and I think his three priorities there really align well with our business and our future goals.

是的，當然。我的意思是，我認為川普過去曾表達過對比特幣和能源生產以及美國領導力和人工智慧的強烈支持。這些都是強大的推動力，我認為他的三個優先事項確實與我們的業務和未來目標非常吻合。

Thank you. Our next question comes from the line of Joe Flynn with Compass Point Research. Please proceed.

謝謝。我們的下一個問題來自 Compass Point Research 的 Joe Flynn。請繼續。

Hi, I was hoping you can give some more color into, you know, the potential deal structures of these new sites and just new customers in general should we expect like, you know, kind of in the similar co location range of, you know, the core weave deal or you know, do you see this like changing on a side by side basis? Like some being built to suit some being company location, any color you could provide, there would be great.

你好，我希望你能為這些新網站的潛在交易結構以及一般的新客戶提供更多的色彩，我們是否應該期望，你知道，在類似的託管範圍內，你知道，核心編織交易或者你知道，你認為這就像是並排改變嗎？就像有些是為了適應某些公司位置而建造的，你可以提供任何顏色，那就太好了。

Yeah, really, for what we're looking at for the new sites is really focused on you know, single tenant buildings. So really, we're, we're doing a lot of looking at a lot of build to suit here for prudential clients, the size and scale of what clients are looking for. You know, they're really looking for as many megawatts as they can possibly get it any individual site.

是的，確實如此，因為我們正在尋找的新地點確實集中在單一租戶建築上。所以，實際上，我們正​​在做很多研究，以適應謹慎的客戶、客戶所尋求的規模和規模。你知道，他們確實在尋找盡可能多的兆瓦功率，他們可以在任何單獨的網站上獲得它。

And so as we evaluate each of our sites, these are based on deep conversations between the design, engineering teams of both companies, both our company and the potential clients and really going through each of their requirements to ensure that we can meet exactly what they're looking for in the time lines that they're looking for.

因此，當我們評估每個站點時，這些都是基於兩家公司、我們公司和潛在客戶的設計、工程團隊之間的深入對話，並真正了解他們的每項要求，以確保我們能夠準確滿足他們的要求。

So to just to give a little bit more color on that too, to get to a finalized contract, really requires us not only to have a finalized design, but also for us to evaluate where we're at in the supply chain to ensure that we can meet the timelines that both sides agree upon.

因此，為了給這個問題更多的色彩，為了達成最終的合同，我們不僅需要有一個最終的設計，而且還需要我們評估我們在供應鏈中的位置，以確保我們可以遵守雙方商定的時間表。

Great, thanks. And you know, so we've seen a number of new stories about core, we recently, you know, hoping maybe you could provide color on, you know, your recent conversations, they even speaking about diversifying. But, you know, ultimately, as you know, companies continue to add megawatts and build out data center, you see an opportunity to return to that in the cloud market.

太好了，謝謝。你知道，所以我們看到了一些關於核心的新故事，我們最近，你知道，希望你能為你最近的對話提供色彩，他們甚至談到多元化。但是，您知道，最終，如您所知，該公司繼續增加兆瓦並建立資料中心，您看到了重返雲端市場的機會。

Thanks.

謝謝。

Yeah. Yeah, I mean, we obviously we have a lot of respect for the core team and what they've been able to accomplish. I mean, really what, what we're seeing across the news is very impressive in terms of what they're working on.

是的。是的，我的意思是，我們顯然非常尊重核心團隊以及他們所取得的成就。我的意思是，實際上，我們在新聞中看到的他們正在做的事情令人印象深刻。

We're having, you know, continued conversations with both core as well as other other cloud providers here. Because we view this as a big growth factor in the market. The GP U cloud development that we're seeing going on, it's going to capture a significant amount of compute in the overall compute market over the next few years. And you know, we look to continue to ride the tail ones that that provides.

您知道，我們正在與核心以及其他雲端提供者進行持續對話。因為我們認為這是市場的重要成長因素。我們所看到的 GPU 雲端開發正在進行中，它將在未來幾年內佔據整個運算市場的大量運算量。你知道，我們希望繼續利用它所提供的尾部。

Thank you. Our next question comes from the line of Brett Knoblauch with Cantor Fitzgerald. Please proceed.

謝謝。我們的下一個問題來自布雷特·諾布勞赫和康托·菲茨杰拉德的對話。請繼續。

Hi guys. Thanks for taking my, my question and congrats on filling out the remaining capacity with the core. We Adam maybe just, you know, it's now been called, you know, 56 months since you first announced the initial core reeve deal. What do you think has happened to the market in terms of, you know, rental rates or, or lease rates or however you want to kind of quantify it or have they gone up since that deal? Just, you know, how should we think about where the market is at now for maybe new capacity coming online.

嗨，大家好。感謝您提出我的問題，並祝賀您用核心填充了剩餘容量。我們亞當也許只是，你知道，現在被稱為，你知道，距離你第一次宣布最初的核心里夫交易已經過去了 56 個月。你認為市場發生了什麼，你知道，租金率或租賃率，或者你想要量化的方式，或者自那次交易以來它們是否上漲了？只是，你知道，我們應該如何考慮目前可能上線的新產能的市場狀況。

Yeah, thanks Brett. I mean, really the, the difference in the core deal is, you know, 100% funding of the capa they were able to significantly buy down their, their, their rates. And I think as we look forward, you know, what we're seeing for 2025 is frankly rather unique. If you're able to deliver capacity in 2025 and 2026 right now, we're definitely seeing those lease rates be, you know, much higher than we expected, especially given that, you know, many of these folks are are willing to cover some portion of the CapEx of the buildout.

是的，謝謝布雷特。我的意思是，實際上，核心交易的區別在於，你知道，他們能夠大幅降低他們的利率的 100% 資金。我認為，當我們展望未來時，坦白說，我們所看到的 2025 年情況是相當獨特的。如果你現在能夠在 2025 年和 2026 年提供容量，我們肯定會看到這些租賃率比我們預期的要高得多，特別是考慮到，你知道，其中許多人願意承擔費用擴建資本支出的一部分。

So, you know, we're excited about where lease rates are going and we believe, you know, we'll be able to extract a significant amount of value from the demand that we're currently seeing over the next few years.

所以，你知道，我們對租賃率的走向感到興奮，我們相信，你知道，我們將能夠從未來幾年目前的需求中獲得大量價值。

Perfect, helpful. And then maybe just on the new site acquisitions. I guess you kind of outlined three different options on the distress side. What if it's 5 to 8 million kind of, you know, retrofit in an existing facility? What are you seeing in the market there on a megawatt basis on the distress data center side?

完美，有幫助。然後也許只是關於新網站的收購。我想你在困境方面概述了三種不同的選擇。如果對現有設施進行 500 到 800 萬美元的改造怎麼辦？您在遇險資料中心方面以兆瓦為基礎的市場看到了什麼？

And Brett, I just want to make sure I clarify the question. Are you asking about the to retrofit those facilities for newest generation compute?

布雷特，我只是想確保我澄清了這個問題。您是否想為最新一代計算改造這些設施？

Yeah, retrofit or retrofit or what you would have to pay to fly the sites and then the additional CapEx needed to get them up and running.

是的，改造或改造，或者您需要支付哪些費用來運營這些站點，然後需要額外的資本支出來啟動和運行它們。

Yeah, absolutely. So, what we're seeing today in the market, you know, it depends on, you know, what type of load studies those facilities come along along with. For instance, the site in Alabama, you know, coming alongside of a total of 100 grows megawatts available at the site. You know, really what we're seeing is, you know, somewhere in the range between, you know, 3 to 6 million per megawatt on the existing megawatts.

是的，絕對是。所以，我們今天在市場上看到的，你知道，這取決於這些設施附帶的負載研究類型。例如，您知道，阿拉巴馬州的站點總共有 100 兆瓦的可用容量。你知道，我們真正看到的是，你知道，在現有兆瓦的基礎上，每兆瓦發電量在 300 萬到 600 萬之間。

And really on a retrofit basis, that could range from really 1 to 3 million depending on, you know, the type of infrastructure that's currently in place and how much infrastructure needs to be acquired to accommodate the newest generation GPUS?

實際上，在改造的基礎上，這個數字可能從 1 到 300 萬不等，這取決於當前現有基礎設施的類型以及需要購買多少基礎設施來容納最新一代 GPU？

Thank you. Our next question comes from the line of Lucas N. Pipes would be B. Riley Securities. Please proceed.

謝謝。我們的下一個問題來自 Lucas N.管道將是 B. Riley 證券。請繼續。

Thank you very much operator. Good afternoon, everyone. Following on a on a similar theme to the prior question on the potential additional sites, any, any desire to enter exclusivity or has that already occurred on on some of these sites? And could you speak a little bit to the competitive dynamics? How many other companies might be might be in the room? I would appreciate your thoughts on that. Thank you.

非常感謝運營商。大家下午好。繼與先前有關潛在其他網站的問題類似的主題之後，是否有任何想要進入排他性的願望，或者其中一些網站已經發生了這種情況？能談談競爭動態嗎？房間裡可能還有多少其他公司？我很感激你對此的想法。謝謝。

Yeah, I would say, you know, where we're at right now is there's extraordinarily strong demand. There's frequent meetings on a number of clients and I'll kind of outline that, I mean, really, we're trying to focus on about 10 clients right now where we have consistent design engineering meetings between the teams, hosting site tours for many of these clients and really trying to get to a deal here that makes sense for both parties.

是的，我想說，你知道，我們現在的需求非常強大。我們經常與許多客戶舉行會議，我會概述一下，我的意思是，實際上，我們現在正在努力專注於大約 10 個客戶，我們在團隊之間舉行一致的設計工程會議，為許多客戶舉辦現場參觀這些客戶並真正試圖在這裡達成一項對雙方都有意義的交易。

So, you know that there's definitely a competitive process on both the 70 megawatt site as well as the new site in Alabama. And so we have high confidence in our ability to execute on both of those sites.

所以，您知道 70 兆瓦站點以及阿拉巴馬州的新站點肯定存在競爭過程。因此，我們對在這兩個網站上執行的能力充滿信心。

That's, that's helpful. Thank you. And then Adam taking a step back, you have a HPC A business that is growing very quickly where you have a very robust pipeline and then a BTC business and I imagine some sites overlap and do both. But it does, it make sense. Could it make sense to maybe separate these businesses either now or sometime down the road? Thank you very much for your perspective.

那就是，這很有幫助。謝謝。然後 Adam 退後一步，你有一個 HPC A 業務，成長非常快，你有一個非常強大的管道，然後是 BTC 業務，我想有些網站會重疊並且兩者兼而有之。但確實如此，這是有道理的。現在或將來某個時候將這些業務分開是否有意義？非常感謝您的觀點。

Yeah, it's really hard to speculate on the future, but really what we see right now is significant crossover between our Bitcoin mining teams and our HPC teams and in our ability to operate high powered digital infrastructure. And as we continue to evaluate each of our sites, you know, we definitely feel strongly that we have a very strong Bitcoin mining business.

是的，很難推測未來，但我們現在真正看到的是我們的比特幣挖礦團隊和 HPC 團隊之間以及我們營運高效能數位基礎設施的能力之間的重大交叉。當我們繼續評估我們的每個網站時，你知道，我們確實強烈感覺到我們擁有非常強大的比特幣挖礦業務。

And as we look towards 2025 you know, our ability to execute on that block transaction represented you know a significant, not only it's going to represent a significant increase, not only in our efficiency but also giving us the ability to continue to grow our hash rate. So we have two very strong businesses and so for us to speculate on what may happen in the future is difficult today.

當我們展望 2025 年時，您知道，我們執行該區塊交易的能力代表著顯著的成長，不僅意味著我們的效率顯著提高，而且使我們有能力繼續成長我們的哈希值速度。因此，我們擁有兩個非常強大的業務，因此我們今天很難推測未來可能發生的事情。

Thank you. Our next question comes from the line of Gregory Lewis with BTIG. Please proceed.

謝謝。我們的下一個問題來自 BTIG 的 Gregory Lewis。請繼續。

Great and thank you for the time and appreciate you taking the question, Adam in terms of I guess that the sourcing process of new customers on the HPC front, you know, what do you think has changed now now that you have, you know, the full core weave contractor, is there anything notable on that front as you go to secure new customers? Now that the full 500 of capacity is contracted with core weave and you kind of have that anchor customer.

非常好，感謝您抽出寶貴時間並感謝您提出問題，Adam，我想 HPC 方面新客戶的採購流程，您知道，您認為現在發生了什麼變化，您知道，作為全芯編織承包商，當您爭取新客戶時，在這方面有什麼值得注意的事嗎？現在，全部 500 產能都與核心編織簽訂了合同，您就擁有了該錨定客戶。

Yeah, things are, things are definitely different. I appreciate the question, Tyler. You know things look much different. I mean, we're building out one of the largest infrastructure bases for high performance computing over the next two years that definitely brings with it a significant amount of credibility.

是的，事情確實不同了。我很欣賞這個問題，泰勒。你知道事情看起來很不一樣。我的意思是，我們將在未來兩年內建造最大的高效能運算基礎設施基地之一，這無疑會帶來巨大的可信度。

What we're seeing in conversations that we're having is we're, we're the thought leaders on the design and the requirements that are necessary to operate these GP US that puts us in a very unique position, walking into the room with hyper scalars and with neo cloud providers. So we feel like we have, we're really in the driver seat here in these conversations. We're excited about bringing new clients into the business.

我們在對話中看到的是，我們是設計和操作這些 GP US 所需要求的思想領袖，這使我們處於一個非常獨特的位置，走進房間與超標量和新雲端提供者。所以我們覺得我們在這些對話中確實處於主導地位。我們很高興能將新客戶帶入這項業務。

Okay, great. And then my follow up here, I know you laid out some of the the power cost forecast, but, you know, more broadly speaking, as you kind of look to next year and bringing on more HBC capacity and we have the some of the new sites, I guess, how do you kind of think about the power strategy as you're building some of these, you know, custom built facilities for HBC customers and kind of what does that look like across the footprint as you kind of look out into bringing some more capacity online?

好的，太好了。然後我在這裡跟進，我知道您列出了一些電力成本預測，但是，您知道，更廣泛地說，當您展望明年並帶來更多 HBC 容量時，我們有一些新站點，我想，當您為HBC 客戶建造一些客製化設施時，您如何考慮電力策略，以及您所看到的整個佔地面積是什麼樣的是否要增加線上容量？

Yeah, so you know, the power expectations that we laid forward that that's really just on the Bitcoin mining part of the business. But you know, one of the unique parts about our business and our data center business is that we have a power team in house, the power team that is a very close relationship with the in which we operate in many other utilities as well that helps us significantly in our negotiations with potential clients where we can walk them into the room with utilities who are excited about the new capacity coming online.

是的，所以你知道，我們提出的電力期望實際上只是針對比特幣挖礦業務的一部分。但您知道，我們的業務和資料中心業務的獨特之處之一是我們擁有一支內部電力團隊，該電力團隊與我們在許多其他公用事業中運營的電力團隊有著非常密切的關係，這有助於於我們在與潛在客戶的談判中發揮了重要作用，我們可以將他們帶入公用事業公司的房間，這些公用事業公司對新容量的上線感到興奮。

So as we think about power pricing, you know, that's something that us at core scientific do handle on behalf of our clients. And so, you know, we're excited about the additional potential megawatts that we have at many of our sites. And I think, you know, not only core weave but other potential clients are very interested in that power as well.

因此，當我們考慮電力定價時，您知道，這是我們核心科學界代表客戶處理的事情。因此，您知道，我們對許多站點擁有的額外潛在兆瓦電量感到興奮。我認為，您知道，不僅是核心編織，其他潛在客戶也對這種能力非常感興趣。

Thank you.

謝謝。

Our next question comes from the line of Paul Golding with Macquarie Capital. Please proceed.

我們的下一個問題來自麥格理資本 (Macquarie Capital) 的保羅‧戈爾丁 (Paul Golding)。請繼續。

Thanks so much. My first question is around the block chip delivery, given the timing and how that lines up with your progress around the HPC infrastructure rollout and your conversion of 100 megawatts from BTC to HPC was just wondering if those block chips, if you envision that they'll be predominantly net new capacity that you're going to find and build out or if it's going to be in part a fleet upgrade? Thanks.

非常感謝。我的第一個問題是關於區塊晶片的交付，考慮到時間安排以及這與您在HPC 基礎設施部署方面的進展以及您將100 兆瓦從BTC 轉換為HPC 的進展如何配合，我只是想知道這些塊晶片是否，如果您設想它們'主要是您要尋找和建立的淨新產能，還是部分是機隊升級？謝謝。

Yeah, thanks for your question, Paul, those new block chips are really going to be focused on a refresh of existing fleet. It's going to give us the opportunity to not only increase ash but also increase our efficiency. And so we're very excited about once those landing and getting them up online in our facilities.

是的，謝謝你的問題，保羅，這些新的塊晶片確實將專注於現有機隊的更新。這將使我們有機會不僅增加灰分，還提高我們的效率。因此，一旦這些產品登陸並在我們的設施中上線，我們感到非常興奮。

Thanks Adam and then a quick follow up around power with this conversion. And maybe other conversations are having to expand site capacity from a power perspective.

感謝 Adam，然後快速跟進這次轉換的電源。也許其他對話必須從電力角度擴大站點容量。

How are your conversations going with utilities that you may have demand response enrollment with and and not sure if you are unenrolling or if you know, as you approach these conversations, it's not an interruptible capacity. How does the tone of those conversations is evolving and any impact that might be having on spot rate that you're, that you're talking through with these utilities? Thank you.

您與您可能已進行需求回應註冊的公用事業公司的對話進行得如何，並且不確定您是否正在取消註冊，或者當您進行這些對話時，您是否知道這不是可中斷的容量。這些對話的基調如何演變，以及可能對您與這些公用事業公司交談的即期費率產生什麼影響？謝謝。

Yeah. And that's really a bifurcated question between regulated and nonregulated markets in regulated markets. Those were voluntary programs that we are participating in to reduce our power cost. Those are some power programs that we will be exiting as these sites begin to convert to high performance computing. And then in the deregulated markets, those are new PPAS that, that we'll be looking to sign that will be on a different rate structure than the rate structure we are on for Bitcoin mine. So that's a well trodden process and we feel very strongly that we have execution capability here with our utilities.

是的。這實際上是受監管市場和非監管市場之間的分歧問題。這些是我們為降低電力成本而參與的自願計畫。隨著這些站點開始轉向高效能運算，我們將退出這些強大的程式。然後在解除管制的市場中，這些是新的 PPAS，我們將尋求簽署其費率結構與我們為比特幣礦場採用的費率結構不同的費率結構。所以這是一個經常使用的過程，我們強烈感覺到我們的實用程式具有執行能力。

Thank you. (Operator Instruction)

謝謝。（操作員說明）

Our next question comes from the line of Kevin Dede with H.C. Wainwright & Co, right? Please proceed.

我們的下一個問題來自 Kevin Dede 和 H.C.溫賴特公司，對嗎？請繼續。

Thanks. Hi, Adam. Thanks for having me on.

謝謝。嗨，亞當。謝謝你邀請我參加。

You mentioned three components that you see locked in a supply issue. I was wondering if you could just add a little more color to that. You said that you thought you could find workarounds. I don't see that happening with gensets and I was wondering how you could size that up against meeting your you know, I think end of first half target for the core weave deal, which appears to be static. So congrats on that just maybe sort of relieve a little of the, of the unknowns regarding the supply chain.

您提到了三個因供應問題而陷入困境的組件。我想知道你是否可以為此添加一點顏色。你說你認為你可以找到解決方法。我不認為發電機組會發生這種情況，我想知道您如何衡量這一點，以滿足您的要求，我認為核心編織交易的上半年目標似乎是靜態的。因此，恭喜您，這也許可以緩解一些有關供應鏈的未知因素。

Yeah, thanks, Kevin. You know, I think as we look at 2025 you know, we have high confidence in the supply chain locked up for those deliveries, you know, for parts of 2026 those are things that we're still working on. But even on gensets, for example, that was used, you know, this is these are things that you know, the traditional gensets that are using data center development. You know, there are different size gen sets that we're evaluating to help alleviate some of those traditional design choices that have been utilized over the past 10 to 20 years.

是的，謝謝，凱文。你知道，我認為當我們展望 2025 年時，我們對鎖定這些交付的供應鏈充滿信心，你知道，在 2026 年的部分時間裡，這些都是我們仍在努力的事情。但即使在發電機組上，例如，也使用了這些，你知道，這些都是你知道的，使用資料中心開發的傳統發電機組。您知道，我們正在評估不同尺寸的發電機組，以幫助減輕過去 10 到 20 年所使用的一些傳統設計選擇。

So we are also coming up with methods and looking at potential rental of certain equipment to help really bridge the GAAP in areas where we might need to bridge some of those gaps. So we have high confidence in our ability to execute on the supply chain, even with the complexities that are presented due to the high demand for this equipment.

因此，我們也在提出方法並考慮某些設備的潛在租賃，以幫助我們在可能需要彌合某些差距的領域中真正彌合公認會計原則。因此，我們對自己在供應鏈上的執行能力充滿信心，即使由於對該設備的高需求而帶來了複雜性。

Okay. And with regard to the the block machines, do you imagine those are water cooled or immersion? And would you think that you'd have to retrofit existing Bitcoin mining facilities to manage those.

好的。至於塊機，您認為它們是水冷式還是浸沒式？您是否認為必須改造現有的比特幣採礦設施才能管理這些設施？

Yeah, I mean, if you look across our infrastructure base today, you know, we've become, we are, we are the leading experts in really air cooled facilities. And so for this deal with the new block chips, we're designing a new form factor that's really focused on, you know, an air cool design that we can maximize. You know, we've mentioned Pecos in particular, that can maximize the production of these, the production coming out of these chips even at high temperature ranges.

是的，我的意思是，如果你看看我們今天的基礎設施基礎，你就會知道，我們已經成為真正風冷設施的領先專家。因此，對於新塊晶片的交易，我們正在設計一種新的外形尺寸，它真正專注於我們可以最大化的風冷設計。您知道，我們特別提到了 Pecos，它可以最大限度地提高這些晶片的產量，即使在高溫範圍內也能實現這些晶片的產量。

So no significant refresh in terms of the infrastructure inside those Bitcoin mining facilities. So we believe it's going to be a very strong process or easier process for us to install these machines.

因此，這些比特幣挖礦設施內的基礎設施並沒有重大更新。因此，我們相信這對我們來說安裝這些機器將是一個非常強大或更簡單的過程。

Thank you. Our next question comes the line of Rosemary Sisson with Odeon Capital. Please proceed.

謝謝。我們的下一個問題是 Rosemary Sisson 與 Odeon Capital 的關係。請繼續。

Yes, good afternoon everyone. Thank you for taking the call, the the 100 megawatts that you've identified to, you know, to convert from Bitcoin now to H BC that you hadn't identified prior to this, what was it about this that changed or did your view change about what you could do? How did that, what was the thought process there? And is there the possibility of, of that same thought process being applied to other megawatts that you have currently employed in Bitcoin?

是的，大家下午好。感謝您接聽電話，您已經確定的 100 兆瓦，您知道，現在要從比特幣轉換為您之前未確定的 H BC，這是什麼改變或改變了您的觀點改變您能做什麼？這是怎麼做到的，那裡的思考過程是什麼？是否有可能將相同的思考過程應用於您目前在比特幣中使用的其他兆瓦？

Yeah, thanks rosemary. You know, it really called back to, you know, the three points that I laid out. So power, environmental and latency, you know, this site in particular was something that we are very focused on on the power aspect, ensuring that we could create a contract with our utility that would be amenable to both sides. We've gotten to that point today.

是的，謝謝迷迭香。你知道，這確實讓人回想起我提出的三點。因此，電力、環境和延遲，你知道，這個網站尤其是我們非常關注電力方面的問題，確保我們可以與我們的公用事業公司簽訂一份對雙方都有利的合約。今天我們已經到了這一點。

So, you know that that's what really led to the conversion of thinking this site was going to be specifically utilized for Bitcoin mining and going undergoing a process to convert that to HPC.

所以，您知道，這才是真正導致網站將專門用於比特幣挖礦並進行將其轉換為 HPC 的過程的原因。

As we evaluate the rest of our sites, you know that there are definitely points that we, we would need to continue to evaluate on both the power, environmental and latency side. And it's hard for us to speculate now about, you know, where we'll end up in each of those processes. But right now, we feel that we have high confidence in our ability to continue to acquire sites and bring more critical it load megawatts to market.

當我們評估我們的其他網站時，您知道我們絕對需要繼續在電源、環境和延遲方面進行評估。我們現在很難推測，你知道，我們將在每個過程中結束。但現在，我們認為我們對繼續收購站點並將更關鍵的兆瓦負載推向市場的能力充滿信心。

Okay. Thank you. And then the the new site in Alabama that's currently powered at 11 megawatts, but that can go to 66. What has to happen for that to actually get to 66? And what would the time frame be?

好的。謝謝。然後是阿拉巴馬州的新站點，目前的電力為 11 兆瓦，但可以達到 66 兆瓦。需要發生什麼才能真正達到 66 呢？時間範圍是怎樣的？

Yeah, this is one of the sites that really, it goes back to the, you know, distress data centers and that come with, come with load studies and additional approved power. So on Alabama, in particular, you know, that that's what really excited us about that site, 11 megawatts, you know, in traditional data center terms would be a significant amount of megawatts but given that ability to expand while also bringing on capacity in 2025 is extremely attractive to potential clients, which is why it's a, it's one of our target areas for finding new capacity.

是的，這是一個確實可以追溯到遇險資料中心的站點之一，並且附帶負載研究和額外批准的電源。因此，特別是在阿拉巴馬州，您知道，這就是我們對該網站真正感到興奮的地方，您知道，以傳統資料中心的術語來說，11 兆瓦將是一個很大的兆瓦，但考慮到擴展能力，同時也帶來了容量2025 年對潛在客戶極具吸引力，這就是為什麼它是我們尋找新產能的目標領域之一。

Thank you.

謝謝。

Our next question comes from the line of Darren Aftahi with Roth Capital Partners LLC. Please proceed.

我們的下一個問題來自 Roth Capital Partners LLC 的 Darren Aftahi。請繼續。

Thanks to my questions. Just two if I may 1st on on the process for securing additional power with the 300 megawatts of existing site you guys have in the deck is, is that kind of like a just talk about the processes that weeks, once a year and just how concentrated is that by site? And then when it comes to additional kind of expansion on HPC, like how do you balance customer concentration versus economics?

謝謝我的提問。如果我可以先談談透過你們現有的 300 兆瓦的現有站點獲得額外電力的過程，那麼我只想說兩點，這有點像只談論幾週、一年一次的過程以及集中程度如何是按網站嗎？然後，當談到 HPC 的其他擴展時，例如如何平衡客戶集中度與經濟性？

And what I mean by that is, you know, the 100 or so megawatts you have available today. It's Co Corey was wanting to strike a similar deal. Would you take those economics that want to diversify to an additional customer? Thanks.

我的意思是，你知道，今天可用的 100 兆瓦左右。科里同事也想達到類似的協議。您會將那些想要多元化的經濟發展到更多的客戶嗎？謝謝。

Thanks Darren. You. So for the additional power at existing sites, you know that that process is different for each utility. Some of them require additional load studies. Some of them are in negotiations about, you know where and when we will have our, our ramp up in terms of megawatts,

謝謝達倫。你。因此，對於現有站點的額外電力，您知道每個公用事業公司的流程都是不同的。其中一些需要額外的負荷研究。他們中的一些人正在談判，你知道我們將在何時何地增加我們的兆瓦容量，

I think our ability to capture additional megawatts at existing sites really comes down to our, our proof of execution. You know, it comes down to what we show them on the Bitcoin mining side. And now in the movement to H BC, you know, these utilities are excited about working and growing their relationship with us.

我認為我們在現有站點捕獲額外兆瓦電量的能力實際上取決於我們的執行證明。你知道，這取決於我們向他們展示的比特幣挖礦方面的內容。現在，在轉向 H BC 的過程中，您知道，這些公用事業公司對與我們合作並發展與我們的關係感到興奮。

So, you know, it can in some instances be a lengthy process. But you know, as it comes down to our negotiations with potential clients related to some of these additional megawatts, they understand time is of the essence and they're helping and working alongside of us to get to a final answer, which is why we said, you know, there's potential for some of these megawatts to be approved inside of 2024.

所以，你知道，在某些情況下這可能是一個漫長的過程。但你知道，當我們與潛在客戶就其中一些額外兆瓦進行談判時，他們明白時間至關重要，他們正在幫助我們並與我們一起工作以獲得最終答案，這就是為什麼我們說，你知道，其中一些兆瓦有可能在2024 年內獲得批准。

Now looking at now talking about your second question related to customer concentration and how we're thinking about that related to economics. Obviously, that core deal is extraordinarily attractive. You know, it has the potential to be the best data center deal ever signed in the history of data centers. So, you know, obviously, we, we we would like to continue to expand our relationship with cor we, but we do think for the long term, it's necessary for us to diversify our client base, bring other large tech companies into the fold and really create a business that we believe is extraordinarily stable over the next, you know, 15 to 25 years.

現在討論與客戶集中度相關的第二個問題，以及我們如何考慮與經濟學相關的問題。顯然，這項核心交易極具吸引力。您知道，它有可能成為資料中心歷史上簽署的最佳資料中心協議。所以，你知道，顯然，我們希望繼續擴大與我們的關係，但我們確實認為從長遠來看，我們有必要使我們的客戶群多樣化，將其他大型科技公司納入其中並真正創建一個我們相信在未來15 到25 年非常穩定的業務。

And that's really what gets us excited and we think we have tremendous growth opportunities with new clients and also with four week.

這確實讓我們感到興奮，我們認為我們在新客戶以及四個星期內擁有巨大的成長機會。

Thank you. Our next question comes from the line of Lucas Pipes with B. Riley Securities. Please proceed.

謝謝。我們的下一個問題來自 Lucas Pipes 與 B. Riley Securities 的聯繫。請繼續。

Thank you so much for taking my follow up question. I just wanted to go back to the Alabama opportunity. Adam, could you speak a little bit about the time frame from when you first recognized that side to, to today. How long did that take? And, and any indication on consideration for this asset? Is it cash, how much earn out profit share and anything you could share would be helpful? Thank you so much.

非常感謝您接受我的後續問題。我只是想回到阿拉巴馬州的機會。亞當，你能講一下從你第一次認清那一邊到今天的時間範圍嗎？那花了多久時間？並且，有任何跡象表明該資產的考慮因素嗎？是現金嗎？太感謝了。

You know, things focus and, you know I would qualify this site as, you know, it takes probably low to mid single digit months in order to really get to a final deal here because we have a significant amount of time now to really perform all of our due diligence. And a lot of that due diligence is not only on the infrastructure side, but it's also spending a lot of time with those utilities. You know, we want to ensure that we're going to have a strong working relationship and also find a pathway to grow. You know, as we evaluated that site, 100 megawatts is, is fantastic.

你知道，事情的焦點，你知道我會限定這個網站，因為你知道，可能需要低到中個位數的幾個月才能真正在這裡達成最終協議，因為我們現在有大量的時間來真正執行我們所有的盡職調查。大量的盡職調查不僅涉及基礎設施方面，而且還花費大量時間在這些公用事業上。您知道，我們希望確保我們擁有牢固的工作關係，並找到成長的途徑。你知道，正如我們評估該站點的那樣，100 兆瓦是非常棒的。

And you know, we also want to figure out ways to continue to grow with the utilities. You know, you're seeing it today across a number of our sites where we have the potential to potentially expand the number of megawatts. And that's very important to us. Strong working relationships with, with the utilities now relate to the consideration. You know, this is a lease site that we have the option to buy.

你知道，我們也想找到與公用事業一起繼續發展的方法。您知道，您今天在我們的許多網站上都看到了這一點，我們有潛力擴大兆瓦數。這對我們來說非常重要。與公用事業公司的牢固工作關係現在與考慮有關。你知道，這是一個我們可以選擇購買的租賃網站。

So, you know, we're, we want to put ourselves in a position where we don't necessarily have to buy the site immediately. But having the option to buy provides us a lot of optionality and it's at a fixed price. So regardless of the the upgrade that we do and perform and any additional power that accrues to the site, those accrue to our value.

所以，你知道，我們希望自己處於不必立即購買該網站的境地。但購買的選擇權為我們提供了許多選擇，而且價格固定。因此，無論我們進行和執行的升級以及網站獲得的任何額外功能如何，這些都會增加我們的價值。

And just to add Lucas, this is Steve, there is a bit of a bit additional description of that deal in our 10-Q that should be filed later today or by tomorrow.

補充一下，盧卡斯，我是史蒂夫，我們的 10-Q 中對該交易有一些額外的描述，應該在今天晚些時候或明天之前提交。

Really, really appreciate it. Super helpful, Adam to you and the team continue. Best of luck.

真的，真的很感激。超級有幫助，亞當對你和團隊繼續。祝你好運。

Thanks Lucas.

謝謝盧卡斯。

Thank you. Our next question comes from the line of Kevin Dede with H.C. Wainwright & Co. Please proceed.

謝謝。我們的下一個問題來自 Kevin Dede 和 H.C.溫賴特公司請繼續。

Adam, you, you clearly delivered on adding new sites and you did highlight three avenues to continue to expand your portfolio. But maybe you could give us a little bit more insight on that pipeline specifically. And I know you're speaking to, you know, some pretty large numbers. I'm just wondering how you see that market and core's ability to compete given huge demand for power and access.

亞當，你，你清楚地交付了添加新網站的信息，並且你確實強調了繼續擴展你的產品組合的三個途徑。但也許你可以讓我們對這條管道有更多的了解。我知道你正在與相當多的人交談。我只是想知道，考慮到對電力和接入的巨大需求，您如何看待該市場和核心的競爭能力。

Yeah, absolutely. Thanks Kevin. You know that the, there are a lot of sites outstanding right now. There's a lot of power available in the United States, which is our focus area right now. And we're finding the most attractive sites to be ones that aren't being run through broker processes.

是的，絕對是。謝謝凱文。您知道，現在有很多優秀的網站。美國有很多可用的電力，這是我們現在的重點領域。我們發現最有吸引力的網站是那些不透過經紀人流程運作的網站。

And so that means we're, we have a, we have many boots on the ground. Speaking with utilities, speaking with landowners and finding sites that are much more esoteric than the traditional ones being run through broker processes.

這意味著我們有很多靴子。與公用事業公司交談，與土地所有者交談，並找到比透過經紀人流程運行的傳統站點更加深奧的站點。

So we're finding ourselves with a strong ability to compete. We've evaluated over 15 gigawatts worth of site over the course of the past, I'll call it, you know, 6 to 8 months. It's putting us in a strong position to find unique deals in the market and we're excited about our, our ability to continue to execute on on deals coming forward. So Alabama's, you know, really the first one here that we, we've executed on. But, you know, we look forward to 2025 and 2026 to continue to grow our our critical it load megawatts.

所以我們發現自己具有很強的競爭能力。在過去的過程中，我們評估了價值超過 15 吉瓦的站點，我稱之為，你知道，6 到 8 個月。這使我們處於有利地位，可以在市場上找到獨特的交易，我們對我們繼續執行未來交易的能力感到興奮。所以，你知道，阿拉巴馬州確實是我們執行的第一個。但是，您知道，我們期待 2025 年和 2026 年繼續增加我們的關鍵 IT 負載兆瓦數。

Thanks Adam, you know, while you're still there, maybe you could speak a little bit to the blocked chip deployment timeline. I know you mentioned second half next year. I I'm kind of wondering whether or not that is what you initially expected or was there some wiggle room in there and do you suspect you'll be able to find all the components you need to make the full unit?

謝謝 Adam，你知道，當你還在那裡時，也許你可以談談受阻的晶片部署時間表。我知道你提到了明年下半年。我有點想知道這是否是您最初所期望的，或者其中是否有一些迴旋餘地，您是否懷疑您能夠找到製造完整單元所需的所有組件？

Yeah, thanks Kevin. You know, this is something that our, our research and development team has been working closely with the block team on for a long period of time. This isn't something where we had only been working with them for months. This is something that we've been working on with their team for a much longer period. So we have all of the manufacturing set up.

是的，謝謝凱文。你知道，這是我們研發團隊和區塊團隊長期密切合作的事情。這不是我們只與他們合作幾個月的事情。這是我們與他們的團隊長期合作的事情。這樣我們就完成了所有的製造工作。

We have our entire game plan in terms of our rollout, in terms of our execution already already put into our schedule. So this timeline is exactly aligned with what we expected and we're excited about being able to get these up and running and continue to reduce or I would say increase our efficiency and also increase our exposure.

我們在推出方面已經制定了整個遊戲計劃，在我們的執行方面已經納入了我們的日程安排。因此，這個時間表與我們的預期完全一致，我們很高興能夠啟動並運行這些專案並繼續減少，或者我想說的是提高我們的效率並增加我們的曝光度。

Thank you. That concludes our question and answer session. I would like to pass the call back over to Steve for any closing remarks.

謝謝。我們的問答環節到此結束。我想將電話轉給史蒂夫，讓他發表結束語。

Thank you very much, Alicia with no further questions at this time. We thank you for your attention and your interest in core scientific, an archived version of this call, all sec filings and relevant company and industry news can be found on our website, core scientific dotcom.

非常感謝您，艾莉西亞，目前沒有其他問題。我們感謝您對核心科學的關注和興趣，本次電話會議的存檔版本、所有 SEC 備案以及相關公司和行業新聞都可以在我們的網站核心科學 dotcom 上找到。

We wish you a good day and a joyful holiday season and we look forward to speaking with you again following next quarter's results.

我們祝您度過美好的一天和愉快的假期，並期待在下一季的業績公佈後再次與您交談。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。