Gryphon Digital Mining Inc (GRYP) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Gryphon Digital Mining FY financial year 2023 earnings call.

您好，歡迎參加 Gryphon Digital Mining 2023 財年財報電話會議。

On the call are Rob Chang, Chief Executive Officer of the company; and Sim Salzman, Chief Financial Officer of the company.

接聽電話的是該公司執行長 Rob Chang；以及公司財務長 Sim Salzman。

Before I turn the call over to Mr. Chang, please note that statements made on this call that are not historical facts may be forward-looking statements from the company's management made within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended, concerning future events.

在我將電話轉交給張先生之前，請注意，本次電話會議中所做的非歷史事實的陳述可能是公司管理層根據1933 年《證券法》修訂案第27A 條的含義作出的前瞻性陳述，經修訂的 1934 年《證券交易法》第 21E 條涉及未來事件。

Words such as may, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates, and variations of such words and similar expressions are intended to identify forward-looking statements.

諸如“可能”、“應該”、“預計”、“預期”、“打算”、“計劃”、“相信”、“預期”、“希望”、“估計”等詞語以及這些詞語的變體和類似表達旨在識別前瞻性陳述。

These statements are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's Form 10-K for the year ended December 31, 2023, filed with the SEC.

這些聲明受到許多條件的約束，其中許多條件超出了公司的控制範圍，包括公司向 SEC 提交的截至 2023 年 12 月 31 日的年度 10-K 表格的風險因素部分中列出的條件。

Copies of these documents are available on the SEC's website at www.sec.gov. Actual results may differ materially from those expressed or implied by such forward-looking statements.

這些文件的副本可在 SEC 網站 www.sec.gov 上取得。實際結果可能與此類前瞻性陳述明示或暗示的結果有重大差異。

Any forward-looking statements made on this call are made only as of today's date, and the company does not undertake any obligation to update or supplement any such statements to reflect subsequent developments.

本次電話會議中所做的任何前瞻性陳述僅截至今天為止，本公司不承擔更新或補充任何此類陳述以反映後續發展的義務。

Now I would like to turn the call over to Rob Chang, CEO of Gryphon Digital Mining.

現在我想把電話轉給 Gryphon Digital Mining 執行長 Rob Chang。

Rob, please proceed.

羅布，請繼續。

Thank you, operator, and thank you, everyone, for joining us today.

謝謝運營商，也謝謝大家今天加入我們。

At Gryphon Digital Mining, our mission is to create a financially nimble, highly profitable, and environmentally responsible bitcoin mining operation.

在 Gryphon Digital Mining，我們的使命是創造一個財務靈活、高利潤且對環境負責的比特幣挖礦業務。

Currently, we have a self-mining hash rate of 0.9 exahash, but we have -- but we envision a trajectory where we will propel us to reach 10 exahash, thereby transitioning us from a smaller player to a significant industry presence.

目前，我們的自挖礦算力為 0.9 exahash，但我們設想了一條軌跡，將推動我們達到 10 exahash，從而使我們從一個較小的參與者轉變為重要的行業存在。

As a testament to our operational efficiency and management experience, we had positive net cash flow in 2023 with a breakeven cost per bitcoin of approximately $18,200.

作為我們營運效率和管理經驗的證明，我們在 2023 年擁有正的淨現金流，每比特幣的損益平衡成本約為 18,200 美元。

For clarity, we define breakeven as the cost of revenues, excluding depreciation divided by the total bitcoin generated and received from the hash rate contributed to a mining pool operator.

為了清楚起見，我們將損益平衡定義為收入成本，不包括折舊除以礦池業者貢獻的哈希率產生和接收的比特幣總額。

I will proceed by giving some background information on Gryphon Digital Mining, including operational highlights from 2023 and our vision to become a leader in the bitcoin mining industry.

接下來，我將介紹一些有關 Gryphon Digital Mining 的背景信息，包括 2023 年的營運亮點以及我們成為比特幣挖礦行業領導者的願景。

Following that, I will hand it over to Mr. Salzman to discuss the financials.

接下來，我將把它交給薩爾茲曼先生來討論財務問題。

And after a few closing remarks, we will open the floor for questions and answers.

在幾句結束語之後，我們將開始提問和回答。

First, let me review my background.

首先，讓我回顧一下我的背景。

I was previously a commodities analyst and formally held the position of Managing Director, Head of Metals and Mining at Cantor Fitzgerald, where my focus was primarily on traditional commodities such as gold, precious metals, and uranium.

我之前是一名大宗商品分析師，正式擔任 Cantor Fitzgerald 董事總經理、金屬和礦業主管，主要關注黃金、貴金屬和鈾等傳統大宗商品。

In the first quarter of 2016, Bloomberg recognized me as a top precious metals analyst.

2016 年第一季度，彭博社將我評為頂級貴金屬分析師。

Currently, I serve on the Boards of two uranium companies, which has helped in my gaining knowledge and experience in carbon neutral energy.

目前，我在兩家鈾公司的董事會任職，這有助於我獲得碳中和能源的知識和經驗。

Given my extensive experience, I feel confident in my understanding of the commodities industry and the dynamics of companies operating in these industries.

鑑於我豐富的經驗，我對自己對大宗商品產業以及在這些產業中營運的公司動態的了解充滿信心。

I view bitcoin as a commodity, and I believe it should be managed accordingly.

我將比特幣視為一種商品，我認為應該對其進行相應的管理。

Gryphon was created with the goal of becoming a leader in the bitcoin mining industry.

Gryphon 的創建目標是成為比特幣挖礦行業的領導者。

We believe that we are developing a business, which we hope will be a leader in bitcoin efficiency, prioritizing downside protection and flexibility within our capital and contract structure.

我們相信我們正在開發一項業務，我們希望該業務將成為比特幣效率的領導者，並優先考慮我們資本和合約結構中的下行保護和靈活性。

We are beginning to realize the benefits of this approach.

我們開始意識到這種方法的好處。

During the recent downturn, we navigated through it smoothly, never experiencing a single month of negative operational cash flow.

在最近的經濟低迷時期，我們順利渡過難關，沒有出現過一個月營運現金流為負的情況。

This is an achievement of which we are immensely proud.

這是我們感到無比自豪的成就。

In contrast, some of our peers have encountered significant challenges resorting to asset sales or even declaring bankruptcy.

相比之下，我們的一些同行卻遇到了重大挑戰，不得不出售資產，甚至宣布破產。

We believe we have a strong and experienced team at Gryphon Digital Mining.

我們相信 Gryphon Digital Mining 擁有一支強大且經驗豐富的團隊。

I served as the former CFO of Riot, a pioneering publicly traded bitcoin miner also listed on the Nasdaq.

我曾擔任 Riot 的前財務官，Riot 是一家開創性的公開交易比特幣礦商，也在納斯達克上市。

Our CFO, Sim Salzman served as the CFO of Marathon Digital Holdings, a leading bitcoin miner.

我們的財務長 Sim Salzman 曾擔任領先的比特幣礦商 Marathon Digital Holdings 的財務長。

Our Chief Technical Advisor, Chris Ensey also served as the Chief Operating Officer and Interim CEO at Riot and brings valuable expertise to the company.

我們的首席技術顧問 Chris Ensey 也擔任 Riot 的首席營運長和臨時首席執行官，為該公司帶來了寶貴的專業知識。

We have built an executive team that has experience in the bitcoin mining industry at larger companies and which we believe will provide us with the experience needed to grow our business quickly.

我們建立了一支在大型公司的比特幣挖礦行業擁有豐富經驗的管理團隊，我們相信這將為我們提供快速發展業務所需的經驗。

When evaluating bitcoin companies, bitcoin efficiency stands out as the primary operational metrics.

在評估比特幣公司時，比特幣效率是主要的營運指標。

Defined as the number of bitcoin generated divided by a miner's deployed hash rate, it is a popular metric to evaluate the company's operational execution.

它定義為產生的比特幣數量除以礦工部署的哈希率，是評估公司營運執行情況的熱門指標。

Since we began operations in September of 2021, we have claimed or shared the top spot of the bitcoin efficiency for over half of our existence since.

自從我們在 2021 年 9 月開始營運以來，我們在超過一半的時間裡一直佔據或分享了比特幣效率的榜首。

In the last 12 months, we secured the number one position in bitcoin efficiency in 6 out of 12 months and never falling below the top four.

在過去 12 個月中，我們在 12 個月的 6 個月內保持了比特幣效率第一的位置，並且從未跌破前四名。

We believe this demonstrates our consistent operational execution, ensuring the machines we have run optimally rather than attempting to get as many machines as possible online without the underlying infrastructure and standards to support the hash rate growth.

我們相信，這證明了我們一致的營運執行，確保我們的機器以最佳狀態運行，而不是在沒有底層基礎設施和標準來支援哈希率增長的情況下試圖讓盡可能多的機器上線。

In April 2021, we made a significant investment by purchasing 7,200 S19J Pros.

2021 年 4 月，我們進行了重大投資，購買了 7,200 台 S19J Pro。

This purchase garnered attention from Cointelegraph and other industry publications, recognizing us as a top 15 miner immediately after the purchase.

這次收購引起了 Cointelegraph 和其他行業出版物的關注，收購後立即將我們列為前 15 名礦商。

Since then, our operations have expanded considerably.

從那時起，我們的業務大幅擴展。

Shortly after the purchase, we entered into a hosting agreement that secured 23 megawatts of carbon neutral energy and today have 28 megawatts of power running on approximately 9,000 machines.

購買後不久，我們簽訂了一項託管協議，獲得了 23 兆瓦的碳中和能源，如今大約 9,000 台機器上運行著 28 兆瓦的電力。

This agreement ensured that 100% of energy consumption remained renewable.

該協議確保 100% 的能源消耗仍然是可再生的。

We continue to uphold our commitment to sustainability and renewable energy sources at our current location.

我們在目前所在地繼續恪守對永續發展和再生能源的承諾。

In fact, just this past week, Gryphon told a bold step in ESG leadership by publishing its carbon emissions data publicly.

事實上，就在上週，Gryphon 透過公開發布其碳排放數據，在 ESG 領導力方面邁出了大膽的一步。

This release of the full report, which includes two annual carbon emissions assessments undertaken with partner carbon chain, we believe is the first time a bitcoin mining company has provided a granular accounting of its carbon -- of a company's carbon footprint.

此次發布的完整報告包括與合作夥伴碳鏈進行的兩次年度碳排放評估，我們認為這是比特幣礦業公司首次對其碳排放（即公司的碳足跡）進行詳細核算。

We use carbon chain for third-party measurement annually and recently proved that Gryphon is using 100% renewable energy.

我們每年使用碳鏈進行第三方測量，最近證明 Gryphon 正在使用 100% 再生能源。

We believe this transparency is what will drive the industry forward as a partner for achievement of both climate goals and responsible corporate decision-making.

我們相信，這種透明度將推動產業作為合作夥伴向前發展，以實現氣候目標和負責任的企業決策。

As previously reported in fiscal year 2023, we used over 98% renewable energy and started 2024 with 100% renewable operations ahead of our merger with a Nasdaq-listed public company.

如同先前在 2023 財年所報告的，我們使用了超過 98% 的再生能源，並在與納斯達克上市公司合併之前，從 2024 年開始就以 100% 再生能源運作。

This news follows Gryphon's receipt in 2023 of the sustainable bitcoin certification by Energy Web, an independent nonprofit that develops open-source software for clean energy solutions.

在此消息發布之前，Gryphon 於 2023 年獲得了 Energy Web 的可持續比特幣認證，Energy Web 是一家為清潔能源解決方案開發開源軟體的獨立非營利組織。

This certification known as Green Proofs for Bitcoin is believed by Energy Web, as stated on its website, as a first-of-its-kind initiative to establish an independent standardized energy management -- measurement system for the bitcoin mining industry and represents over two years of collaborative work between Gryphon, Energy Web, and some of the world's largest asset managers and clean energy research organizations.

正如其網站上所述，Energy Web 認為這項被稱為「比特幣綠色證明」的認證是首個此類舉措，旨在為比特幣採礦業建立獨立的標準化能源管理測量系統，並代表了超過兩個Gryphon、Energy Web 以及一些世界上最大的資產管理公司和清潔能源研究組織之間多年的合作。

We believe that Gryphon's demonstration of renewable energy usage sets a precedent that can encourage industry-wide adoption as bitcoin gains prominence.

我們相信，Gryphon 對再生能源使用的示範開創了先例，隨著比特幣的日益普及，可以鼓勵全行業採用。

Turning to hash rate.

轉向哈希率。

As of the end of 2023, we operated 0.9 times exahash of hash rate, which grew from 0.6 exahash at the end of 2022.

截至 2023 年底，我們的算力達到了 0.9 倍 exahash，比 2022 年底的 0.6 exahash 有所成長。

We have been adding additional machines in 2024 and look to continue to do so in a cost-effective manner.

我們在 2024 年增加了更多機器，並希望繼續以經濟高效的方式這樣做。

I'll now turn it over to Sim Salzman to report Gryphon Digital Mining's audited financial statements for the year ended December 31, 2023.

我現在將其交給 Sim Salzman，報告 Gryphon Digital Mining 截至 2023 年 12 月 31 日的年度經審計財務報表。

Thank you, Rob.

謝謝你，羅布。

I will now highlight our financial results for the year ended December 31, 2023.

我現在重點介紹我們截至 2023 年 12 月 31 日的年度財務表現。

Please note that because our business combination closed in February of this year, the financial statements in our annual report on Form 10-K for the years ended December 31, 2023 and 2022 are the financial statements for the company's predecessor business, Akerna Corp. Gryphon Digital Mining's audited financial statements for the years ended December 31, 2023 and 2022 are filed with our current report on Form 8-K, which was also filed on April 1, 2024, and is available on the SEC's website at www.sec.gov.

請注意，由於我們的業務合併已於今年2 月完成，因此我們10-K 表格中截至2023 年12 月31 日和2022 年12 月31 日止年度的財務報表是該公司前身業務Akerna Corp. Gryphon的財務報表。 .sec.gov 查閱。

Gryphon mined approximately 739 bitcoin, generating mining revenues of $21.1 million in 2023, compared to $21.4 million in the prior year.

Gryphon 開採了約 739 個比特幣，2023 年挖礦收入為 2,110 萬美元，而前一年為 2,140 萬美元。

Breakeven costs in 2023 were $18,217, compared to $14,964 in 2022.

2023 年的損益平衡成本為 18,217 美元，而 2022 年為 14,964 美元。

These costs continue to rank among the lowest among publicly traded miners.

這些成本在公開交易的礦商中仍然處於最低水準。

On a per kilowatt basis, this translates into a cost of approximately $0.066 for 2023.

以每千瓦計算，這意味著 2023 年的成本約為 0.066 美元。

We wanted to stress our focus on breakeven costs, which we believe is the best measure of what it costs to mine bitcoin on an operating basis.

我們想強調我們對損益平衡成本的關注，我們認為這是衡量比特幣營運成本的最佳衡量標準。

We believe that a focus on the total cash costs to produce bitcoin at the mine level offers better transparency, which we believe is required to better understand the operations of bitcoin mining companies on a comparative basis.

我們認為，關注礦場層級生產比特幣的總現金成本可以提供更好的透明度，我們認為這是在比較的基礎上更好地了解比特幣礦業公司營運所必需的。

We believe that this metric is crucial for investors and analysts because it provides a clear picture of the operational efficiency and cost effectiveness of a mining company's core operations.

我們認為，這項指標對投資者和分析師至關重要，因為它清楚地反映了礦業公司核心業務的營運效率和成本效益。

By comparing the breakeven costs across different companies or projects, we believe that stakeholders can gauge which operations are more economically viable and have lower production costs, which is particularly important in industries subject to fluctuating commodity prices.

透過比較不同公司或專案的損益平衡成本，我們相信利害關係人可以判斷哪些業務在經濟上更可行且生產成本更低，這對於受大宗商品價格波動影響的產業尤其重要。

Turning to our results of our consolidated statements of operations.

轉向我們的合併營業報表結果。

Our loss from operations in 2023 of $19.2 million included noncash expenses of $23.4 million, inclusive of impairment of digital assets of $275,000, impairment of our mining fleet pursuant to ASC 360 of $8.3 million and depreciation expense of $15 million, partially offset by stock-based compensation income of $152,000 related to the voiding of a previous employee's RSU grant.

我們2023 年的營運損失為1,920 萬美元，其中非現金支出為2,340 萬美元，其中包括275,000 美元的數位資產減值、根據ASC 360 規定的採礦隊減值830 萬美元以及1,500 萬美元的折舊費用，部分由基於股票的折舊費用抵銷。

This compares to a loss from operations of $16.6 million in the year ended December 31, 2022, which included noncash expenses of $24.5 million, inclusive of stock-based compensation expense of $3.3 million, impairment of digital assets of $8.7 million, and depreciation expense of $12.5 million.

相較之下，截至2022 年12 月31 日的年度營運虧損為1,660 萬美元，其中非現金費用為2,450 萬美元，其中包括330 萬美元的股票補償費用、870 萬美元的數位資產減損以及870萬美元的折舊費用。

Net loss for 2023 of $28.6 million includes noncash expenses of $36.7 million, which is inclusive of noncash operating expenses of $23.4 million, as well as noncash other expenses stemming from the non-cash notional valuation of our BTC loan, which resulted in a change in fair value of notes payable in the amount of $13.3 million and is partially offset by unrealized income on marketable securities of $168,000 and realized gain from use of digital assets of $3.9 million related to the payback of the bitcoin denominated loan.

2023 年的淨虧損為2,860 萬美元，其中包括3,670 萬美元的非現金支出，其中包括2,340 萬美元的非現金營運支出，以及由於我們的BTC 貸款的非現金名義估值而產生的非現金其他支出，這導致了應付票據的公允價值為 1,330 萬美元，部分被 168,000 美元的有價證券未實現收入以及與償還比特幣計價貸款相關的使用數位資產而實現的 390 萬美元收益所部分抵消。

This compared to a net income position in 2022 of $3.5 million, which included non-cash income items of approximately $21.9 million, comprised of net gain on extinguishment of debt of $10.2 million and change in fair value of notes payable of $11.6 million.

相較之下，2022 年的淨利潤為 350 萬美元，其中包括約 2,190 萬美元的非現金收入項目，其中包括 1,020 萬美元的債務清償淨收益和 1,160 萬美元的應付票據公允價值變動。

Those items were offset by the noncash operating expenses of $24.5 million mentioned previously consisting of stock-based comp, impairment of digital assets, and depreciation expense.

這些項目被前面提到的 2,450 萬美元非現金營運費用所抵消，其中包括股票補償、數位資產減損和折舊費用。

Our adjusted EBITDA, a critical gauge of our operational effectiveness and financial well-being, stood at approximately $4.8 million for the year ended December 31, 2023, compared to $7.4 million for the year ended December 31, 2022.

截至 2023 年 12 月 31 日止年度，我們的調整後 EBITDA 約為 480 萬美元，而截至 2022 年 12 月 31 日止年度為 740 萬美元。

This metric signifies not only our profitability, but also our capacity to produce substantial cash flow while dedicating resources to fuel future expansion.

此指標不僅代表我們的獲利能力，也代表我們產生大量現金流、同時投入資源推動未來擴張的能力。

Net loss per basic and diluted share for 2023 was $1.15 based on weighted average shares outstanding basic and diluted of approximately 25 million.

根據已發行基本股和稀釋股的加權平均股數約為 2,500 萬股，2023 年每股基本股和稀釋股淨虧損為 1.15 美元。

This compares to net income per basic share in 2022 of $0.14 and net income per diluted share of $0.10 based on basic weighted average shares outstanding of approximately 24.9 million and diluted weighted shares outstanding of approximately 36 million.

相較之下，2022 年基本每股淨利為0.14 美元，稀釋每股淨利為0.10 美元，基於已發行基本加權平均股數約為2,490 萬股，稀釋加權平均已發行股數約為3,600 萬股。

Our average efficiency for our active fleet of approximately 8,500 bitcoin mining machines was 29.3 joules per terahash as of December 31, 2023.

截至 2023 年 12 月 31 日，我們活躍的約 8,500 台比特幣礦機的平均效率為 29.3 焦耳/太哈哈希。

Since then, we have deployed a batch of newer generation S19K Pro bitcoin mining machines and have improved the fleet efficiency to 28.9 joules per terahash.

從那時起，我們部署了一批新一代 S19K Pro 比特幣礦機，並將礦機效率提高到 28.9 焦耳/太拉哈希。

As of December 31, 2023, our balance sheet reports approximately $915,000 of cash and cash equivalents, $2.1 million in bitcoin, and approximately $14.9 million due for the note denominated in bitcoin.

截至 2023 年 12 月 31 日，我們的資產負債表顯示約 91.5 萬美元的現金和現金等價物、210 萬美元的比特幣以及約 1,490 萬美元的比特幣到期票據。

As of December 31, 2022, our balance sheet reported approximately $267,000 of cash and cash equivalents, $6.7 million in bitcoin, and $12.6 million due for the loan payable.

截至 2022 年 12 月 31 日，我們的資產負債表顯示約 267,000 美元的現金和現金等價物、670 萬美元的比特幣以及 1,260 萬美元的應付貸款。

I'll now turn it back over to Rob to discuss Gryphon's 2024 strategy.

現在我將把它轉回 Rob 來討論 Gryphon 的 2024 年策略。

Thank you, Sim.

謝謝你，西姆。

We believe that 2024 has started off strongly for bitcoin and we're seeing higher prices relative to 2023.

我們認為 2024 年比特幣開局強勁，我們看到比特幣價格相對 2023 年更高。

In terms of 2024 gross profit guidance, page 15 of the presentation located on our website shows a sensitivity table based on various bitcoin prices in global hash rates.

就 2024 年毛利指導而言，我們網站上簡報的第 15 頁顯示了基於全球哈希率中各種比特幣價格的敏感度表。

Based on a $70,000 bitcoin price and a network hash rate of 550 exahash, we currently expect 2024 gross profit to be approximately $16.6 million.

基於 70,000 美元的比特幣價格和 550 exahash 的網路哈希率，我們目前預計 2024 年毛利約為 1,660 萬美元。

Using this table, readers can estimate what Gryphon's 2024 gross profit may be based on their view on bitcoin prices.

使用此表，讀者可以根據他們對比特幣價格的看法來估計 Gryphon 2024 年的毛利可能是多少。

We are actively scouting potential targets for acquisition, particularly focusing on several private miners facing challenges.

我們正在積極尋找潛在的收購目標，特別關注幾家面臨挑戰的私人礦業公司。

However, we are not currently in any negotiations to acquire other miners.

然而，我們目前尚未就收購其他礦商進行任何談判。

If we are successful in executing our acquisition and machine procurement plans, we believe this will position us to achieve a capacity of 10 exahash.

如果我們成功執行收購和機器採購計劃，我們相信這將使我們的容量達到 10 exahash。

This could help us to transition from a smaller player to a prominent industry contender.

這可以幫助我們從一個較小的參與者轉變為一個突出的行業競爭者。

However, it's crucial to acknowledge that such ambitious goals rely not only on execution, but also on a degree of good timing.

然而，至關重要的是要認識到，如此雄心勃勃的目標不僅依賴執行，而且還依賴於一定程度的良好時機。

We believe that our growth strategy for the upcoming year demonstrates our commitment to transitioning into a legitimate large-scale player within the bitcoin mining landscape.

我們相信，我們來年的成長策略顯示了我們致力於轉型為比特幣挖礦領域合法的大型參與者。

With our recent business combination, bringing our Gryphon Digital Mining business into a Nasdaq traded public company, we continue to look towards aggressively expanding inorganically through M&A opportunities and organically through purchases of the latest generation mining equipment.

透過最近的業務合併，將我們的 Gryphon 數位採礦業務納入納斯達克上市公司，我們繼續尋求透過併購機會積極擴張，並透過購買最新一代採礦設備進行有機擴張。

With the [halving] expected this month, our strategy is to maintain our focus towards staying on the lower end of the mining operation cost curve.

鑑於本月預計將減半，我們的策略是繼續關注採礦營運成本曲線的下端。

I will now turn the call back to the operator to open up the call for Q&A.

我現在將把電話轉回接線員以打開問答電話。

(Operator Instructions) Kevin Dede, H.C. Wainwright.

（操作員說明）Kevin Dede, H.C.溫賴特。

Good morning, Rob, Sim.

早上好，羅布，西姆。

Thanks for having me on.

謝謝你邀請我參加。

And congrats on the Akerna deal.

恭喜 Akerna 交易。

Could you break down the fleet a little bit more for us?

您能為我們進一步分解一下艦隊嗎？

Sim alluded to new machines.

西姆提到了新機器。

So understand the 9 exahash, but not clear how much of that is the gross margin share deal.

所以了解 9 exahash，但不清楚其中有多少是毛利率份額交易。

And how much of the new machines are the K Pro?

而新機中有多少是K Pro呢？

Sure, yeah.

當然，是的。

And thanks, Kevin, thanks for the congratulations.

謝謝凱文，謝謝你的祝賀。

It was a bit of work getting here, but we're very happy to be a public listed company and thanks for being with us along the way.

雖然到達這裡需要付出一些努力，但我們很高興成為一家上市公司，並感謝您一路陪伴我們。

To answer your question of the -- call it 8,500 machines that we have, they are all under that gross profit share because all of our machines are located in a single location, where we have a direct cost pass-through model where we need to get the cost and then we share the gross profits, which ends up being good for us, given that in down periods, the cost for us flex as low as $0.03 or $0.04 per kilowatt hour, for example, and certainly helped out from that perspective.

為了回答你的問題——我們擁有 8,500 台機器，它們都在毛利潤份額之下，因為我們所有的機器都位於一個位置，我們有一個直接成本轉嫁模型，我們需要獲得成本，然後我們分享毛利，這最終對我們有利，因為在經濟低迷時期，我們的成本低至每千瓦時0.03 美元或0.04 美元，例如，從這個角度來看，這肯定是有幫助的。

But to answer your question, about 100% is subject to the gross profits.

但回答你的問題，100%左右是受毛利影響的。

The S19ks, we purchased around [$800 and change] of those out of that total.

S19ks，我們購買了其中的大約 [800 美元和零錢]。

Okay.

好的。

And then, Rob, when did you add them to the fleet?

然後，羅布，你什麼時候將它們添加到艦隊中的？

We turned on the first few right before the end of last year and the rest turned on the week -- first week of January.

我們在去年年底前打開了前幾個，其餘的則在這一周（一月的第一周）打開。

Okay.

好的。

So the 0.9 exahash includes them or no?

那麼 0.9 exahash 是否包含它們？

Because I guess that's

因為我想那就是

--

--

They do.

他們是這樣。

Yeah.

是的。

Okay, great.

好的，太好了。

Then how much of that includes the machines that were under your managed service agreement?

那麼其中有多少包括受託管服務協議約束的機器？

None of those include that.

這些都不包括這一點。

We always separated those out.

我們總是把它們分開。

These are self-reported, self-mining numbers only.

這些只是自我報告、自我挖掘的數字。

Okay.

好的。

So that when we looked at that chart on page 14 that you alluded to in your prepared remarks, that's exclusive Gryphon self-mining?

那麼，當我們查看您在準備好的評論中提到的第 14 頁的圖表時，這是 Gryphon 獨有的自挖礦？

Yes, correct.

是，對的。

Good.

好的。

Okay.

好的。

I appreciate the 10 exahash target, don't get me wrong.

我很欣賞 10 exahash 的目標，請不要誤會我的意思。

It's just difficult for me to get my arms around it.

對我來說，我很難用雙臂擁抱它。

Could you offer a little bit more color on your approach there and how you're thinking about it?

您能否提供更多關於您的方法以及您的想法？

I know you alluded to M&A and just maybe a little bit more insight on that, please.

我知道您提到了併購，請對此提供更多見解。

Absolutely.

絕對地。

So 10 exahash certainly is a target of ours.

所以 10 exahash 肯定是我們的目標。

And as you've known from our past, we've always looked to grow more aggressively, I guess, from relative to most.

正如您從我們過去了解到的那樣，我想，相對於大多數人來說，我們總是尋求更積極的成長。

Our pathway to it is based off of the M&A targets that we're currently chatting with, and I guess dancing with, so to speak, there are -- it ranges anywhere between 0.5 exahash to 2 exahash.

我們實現這一目標的途徑是基於我們目前正在討論的併購目標，我想可以說，它的範圍在 0.5 exahash 到 2 exahash 之間。

Our plan is to do a roll up of as many of these as possible.

我們的計劃是匯總盡可能多的這些內容。

So we could see potentially and of course, given a little bit of luck that if we were to roll up a few of these, we would get to, call it, 2, 3, 5 exahash relatively quickly if we're able to pull that off.

因此，我們可以看到，當然，如果運氣好的話，如果我們要匯總其中的一些，如果我們能夠拉取，我們將相對較快地得到 2、3、5 exahash那個關閉。

At some point during the future and I don't think it will be right now given their share price, we would probably at some point raise capital, but certainly in the future when things are higher.

在未來的某個時候，考慮到他們的股價，我認為現在不會，我們可能會在某個時候籌集資金，但肯定是在未來情況更高的時候。

At that point, we foresee us purchasing facilities and machines at large scales.

到那時，我們預計我們將大規模購買設施和機器。

And given the velocity of the price of bitcoin and how things can really heat up, there is certainly an opportunity for us to get potentially up to 10 exahash using both of those strategies.

考慮到比特幣價格的變化速度以及事情如何真正升溫，我們肯定有機會使用這兩種策略獲得最多 10 exahash。

Okay, good.

好的。

Then it's fair to assume that you're not sticking to your asset-light model.

那麼可以合理地假設您沒有堅持輕資產模式。

At some point, you'll consider owning facilities being closer to power generation.

在某些時候，您會考慮擁有更靠近發電的設施。

That's correct.

這是正確的。

Our asset-light model is based off of really financial management or capital management of the company.

我們的輕資產模式是基於公司真正的財務管理或資本管理。

When we first started the company in 2021, it was a very hot market, and assets were very expensive to build as there was lots of competition.

當我們在 2021 年首次創辦公司時，這是一個非常熱門的市場，由於競爭激烈，資產的建造成本非常昂貴。

So we adopted a hosting strategy at that time.

所以我們當時採取了託管策略。

For us, it's always been a math equation of whatever the best opportunity at any given moment is.

對我們來說，這始終是一個數學方程式，說明任何特定時刻的最佳機會是什麼。

So if we can find good hosting contracts that allow us to not buy the facility, so be it.

因此，如果我們能找到良好的託管合同，讓我們不必購買設施，那就這樣吧。

However, we are fully open minded and never have -- have never really been against the idea of purchasing our assets as well.

然而，我們持完全開放的態度，從來沒有真正反對購買我們資產的想法。

And if that's the best opportunity at that moment, we could do that as well.

如果這是當時最好的機會，我們也可以這樣做。

Given the size that we want to grow at, we think it's likely that the opportunities are probably more going to be on the purchase side because I think it's highly unlikely to find several exahash waiting of unoccupied space for hosting, although it might be, especially with the halving coming up.

考慮到我們想要成長的規模，我們認為購買方面的機會可能更多，因為我認為不太可能找到幾個等待託管的未佔用空間，儘管有可能，特別是隨著減半的到來。

Well, that's a perfect segue to my next question for you, Rob.

好吧，這是我向你提出的下一個問題的完美延續，羅布。

So understand 28 megawatts available to you.

因此請了解您可用的 28 兆瓦。

You were using 23.

你用的是23。

Have you maxed out your space with that hosting provider at this point?

此時您是否已經用盡了該託管提供者的空間？

With our current hosting provider, we always have the understanding that as they come into more space, we were always have -- our hands are always up to get it.

對於我們目前的託管提供者，我們始終了解，當他們進入更多空間時，我們始終會 - 我們始終舉起雙手來獲取它。

And that's how we went from 23 to 28.

這就是我們從 23 歲到 28 歲的過程。

So as our host finds more space or someone leaves or as they grow, I believe we are one of the first calls that they make to take up the space, and we readily take it all up.

因此，當我們的主人找到更多空間或有人離開或隨著他們成長時，我相信我們是他們最先提出佔用空間的電話之一，我們很樂意全部佔用。

And so it's an ongoing conversation and that's where we're currently set up right now.

所以這是一個持續的對話，這就是我們目前正在建立的地方。

Okay.

好的。

So the 28 is fully maxed out?

那麼28已經完全滿了？

Currently, yes.

目前，是的。

Okay.

好的。

This one might be a little tough for you to answer, totally understand, but could you walk through the scenarios -- the outcome scenarios of the current legal issue that Gryphon is facing with Sphere 3D?

這個問題對您來說可能有點難以回答，完全理解，但是您能否介紹一下這些場景——Gryphon 與 Sphere 3D 面臨的當前法律問題的結果場景？

Well, I understand the hedging when you first mentioned it.

嗯，當你第一次提到它時，我理解了對沖。

Given that it's an ongoing legal thing, I think I'll take a punt on that one and let the lawyers handle that instead of providing forward guidance on that.

鑑於這是持續的法律問題，我想我會押注這一點，讓律師來處理，而不是提供前瞻性指導。

Fair enough.

很公平。

Could you give us a view to when you think you might offer the March quarter, given that would be the first one that would be exclusive Gryphon?

鑑於這將是第一個專屬 Gryphon 的季度，您能否告訴我們您何時會提供 3 月份季度的服務？

I think that would be more of a Sim question because he's my finance guy.

我認為這更像是模擬問題，因為他是我的財務人員。

Hi, Kevin, glad to hear from you again.

你好，凱文，很高興再次收到你的來信。

We'll be meeting all of our deadlines for a small-based reporting company for March.

我們將在三月滿足一家小型報告公司的所有截止日期。

So we'll have around May, you'll have all of the results.

所以我們將在五月左右，您將獲得所有結果。

However, stay tuned for production reports as they come due.

不過，請繼續關注到期的生產報告。

So you'll see March results shortly.

所以您很快就會看到三月的結果。

Okay, fair enough.

好吧，很公平。

So May -- mid-May is a fair date to assume then, Sim?

那麼五月——五月中旬是一個合理的日期嗎，Sim？

Correct.

正確的。

Wonderful.

精彩的。

Thank you.

謝謝。

Thanks for all the insight, gentlemen.

感謝您的所有見解，先生們。

Glad you could host the call and great to talk to you again.

很高興您能主持這次電話會議，也很高興能再次與您交談。

Congrats on the business, and I'll turn the floor over.

恭喜生意興隆，我要翻身了。

Thanks very much, Kevin.

非常感謝，凱文。

Great to hear from you.

很高興聽到你的消息。

(Operator Instructions) And there were no other questions at this time.

（操作員說明）此時沒有其他問題。

I would now like to hand the call back to Rob Chang for closing remarks.

現在我想將電話轉回給 Rob Chang，讓其致閉幕詞。

Thank you, operator.

謝謝你，接線生。

Thanks, everyone, for taking the time to be a participant in our first ever call.

感謝大家抽空參加我們的第一次電話會議。

It was a bit of a challenge to try to do it so quickly after our merger recently was completed with so many moving targets, but we certainly wanted to continue our history of being very transparent to the industry and being as available as possible to investors.

在我們最近完成合併並有如此多的目標變化之後，試圖如此迅速地做到這一點有點挑戰，但我們當然希望繼續我們對行業非常透明並儘可能向投資者開放的歷史。

So certainly, we'd like to invite anyone listening on the call or in the future if they have questions, certainly reach out to us.

當然，我們想邀請任何人收聽電話會議，或者將來如果有疑問，請聯繫我們。

Our information is on our website at gryphondigitalmining.com. And thanks very much for your time.

我們的資訊位於我們的網站 gryphondigitalmining.com 上。非常感謝您抽出時間。

Operator?

操作員？

Thank you.

謝謝。

This does conclude today's conference.

今天的會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。