HIVE Digital Technologies Ltd (HIVE) 2023 Q4 法說會逐字稿

(technical difficulty). On slide no 2, I would like to briefly note disclosures except for statements of historical fact, this presentation includes forward-looking information within the meaning of the applicable Canadian and U.S. securities regulations. These forward-looking statements are based on expectations, estimates and assumptions as of the date of this presentation. On the next slide, I'm pleased to introduce today's presenters: Frank Holmes, Executive Chairman; Aydin Kilic, President and CEO; and Darcy Daubaras, Chief Financial Officer. I would now like to hand the presentation over to Frank Holmes, Executive Chairman for a macro overview. Frank?

（技術難度）。在第二張幻燈片上，我想簡要說明除歷史事實陳述外的披露內容，本演示文稿包括適用的加拿大和美國證券法規含義內的前瞻性信息。這些前瞻性陳述基於截至本演示文稿發布之日的預期、估計和假設。在下一張幻燈片中，我很高興地介紹今天的演講者：執行主席 Frank Holmes；艾丁·基利奇 (Aydin Kilic)，總裁兼首席執行官；達西·道巴拉斯 (Darcy Daubaras)，首席財務官。現在我想將演講交給執行主席 Frank Holmes 進行宏觀概述。坦率？

Thank you, Holly. And investors and shareholders for living through an incredible roller coaster year. I want to give a macro recap where we've been and where we think we're going to go. And then Aydin is going to get into the granularity of the operations and so much interesting opportunities for which we call blue sky potential. And Darcy is going to go through the financials and give you more color on it.

謝謝你，霍莉。以及投資者和股東度過了令人難以置信的過山車般的一年。我想對我們已經去過的地方以及我們認為我們要去的地方進行宏觀回顧。然後艾丁將深入探討運營的粒度以及我們稱之為藍天潛力的許多有趣的機會。達西將詳細介紹財務狀況並為您提供更多信息。

So the DNA volatility is understanding risk. And it's so important that investors and shareholders or traders understand that one standard deviation means approximately 70% of the time, it's a nonevent for an asset class to up or down a certain percentage. And each asset class has its own unique DNA of volatility so goal pre-COVID was 2%, now it's 1%. And in fact, it's less volatile than the S&P 500. Bitcoin is 3x as volatile as goal. And you can see on the data, and it's actually less than Tesla. And MicroStrategy is much more volatile than bitcoin, more than 2x and high also the most volatile of them all.

所以DNA的波動性就是理解風險。投資者、股東或交易員必須明白，一個標準差意味著大約 70% 的情況下，資產類別上漲或下跌一定百分比並不是什麼大事，這一點非常重要。每個資產類別都有其獨特的波動性 DNA，因此新冠疫情之前的目標是 2%，現在是 1%。事實上，它的波動性比標準普爾 500 指數要小。比特幣的波動性是目標的 3 倍。而且你可以從數據上看到，它實際上比特斯拉還少。 MicroStrategy 的波動性比比特幣高得多，超過 2 倍，而且也是其中波動性最大的。

And I think part of that is that last year, we were mining Ethereum. And then we've cut over and we're mining just bitcoin, and we're positioned as we'll tell you in the story for AI. Next, please. So we're first to go public to September 2017 as a crypto mining company, first to develop its own ASIC mining rig first to buy or data centers first to be totally focused on green energy and now reusing that energy in addition to balancing the electrical grid.

我認為部分原因是去年我們正在開採以太坊。然後我們就切換了，我們只開採比特幣，我們的定位正如我們將在人工智能的故事中告訴你的那樣。下一位。因此，我們首先作為一家加密貨幣挖礦公司於 2017 年 9 月上市，首先開發自己的 ASIC 挖礦設備，首先購買或數據中心，首先完全專注於綠色能源，現在除了平衡電力之外，還重新利用該能源網格。

I've got a phenomenal team, and I'm so happy that I've turned over the CEO responsibilities to Aydin. He's done a great job. And I can say at the macro and stock strategy. And then we have Darcy Daubaras our CFO; and Johanna Thornblad who is right now in Sweden and Gabriel as our General Counsel. Everyone has been working 60 hours a week, sometimes in the crunch period, 80 hours. It's an incredible team and this shows up because when you look at us versus our peers, our revenue per employee is the highest of all of our peers.

我擁有一支出色的團隊，我很高興將首席執行官的職責移交給艾丁。他做得很好。我可以說的是宏觀和股票策略。然後是我們的首席財務官達西·道巴拉斯 (Darcy Daubaras)；約翰娜·桑布拉德（Johanna Thornblad）目前在瑞典，加布里埃爾（Gabriel）擔任我們的總法律顧問。每個人每週工作 60 小時，有時在關鍵時期工作 80 小時。這是一支令人難以置信的團隊，這一點顯而易見，因為當你將我們與同行相比時，我們的員工人均收入是所有同行中最高的。

HIVE is a green energy focused in Canada, Iceland and Sweden. Sorry, this is looking at a greenhouse, another part of our unique strategy. And we've seen this, and we've done the due diligence, and this is a greenhouse that's in Amsterdam. And it is basically 6 football fields and it's using 2 megawatts of electricity only. Now these are the robots that are used to basically pick all the peppers, the red peppers, and our vision for Sweden is going to be cucumbers and tomatoes and peppers. But it's really remarkable what you can do with robotics. Also part of our ESG strategy is to be involved with the community. We have sponsored the hockey team and the HIVE Arena, and we're donating money each year, and it's also creating more great hockey players.

HIVE是一種專注於加拿大、冰島和瑞典的綠色能源。抱歉，這是我們獨特戰略的另一部分，即溫室。我們已經看到了這一點，並且已經進行了盡職調查，這是位於阿姆斯特丹的一個溫室。它基本上有 6 個足球場那麼大，但僅使用 2 兆瓦的電力。現在這些機器人基本上用於採摘所有的辣椒、紅辣椒，我們對瑞典的願景將是黃瓜、西紅柿和辣椒。但利用機器人技術可以做的事情確實非常了不起。我們的 ESG 戰略的一部分就是參與社區。我們贊助了曲棍球隊和 HIVE 競技場，我們每年都會捐款，這也創造了更多偉大的曲棍球運動員。

There's 12 teams kids, little kids that are learning how to play. And this area of Boden has delivered something like 3 NHL superstars that have won Stanley cups. Next, HIVE's vision to provide food security to local communities and the co-creation project ag and food sustainability. This is really important, especially after coming out of COVID. And this will also, the recycling of that electronic electricity from our data center to go into heating a 90,000 square foot facility is just remarkable.

有 12 支球隊的孩子們，小孩子們正在學習如何玩耍。博登的這個地區已經誕生了 3 名 NHL 超級巨星，他們贏得了斯坦利杯。接下來，HIVE 的願景是為當地社區提供糧食安全，並共同創建農業和糧食可持續性項目。這非常重要，尤其是在擺脫新冠疫情之後。而且，將我們數據中心的電子電力回收用於為 90,000 平方英尺的設施供暖，這也是非常了不起的。

And we actually could all -- have said we create a carbon credit. Next, please. HIVE performance bitcoin and gold and S&P year-to-date. But remember, it's extremely volatile. It moves at Bitcoin. We're up 221% this year and spot gold is up, as you can see, modestly 4%, S&P is up 14%. Bitcoin's up awesomely at 84%, but HIVE is more than 2 to 1 year. So the BTC hash rate, the BTC price, something that's really been odd, but it's a challenge that we've had to go through last year. Bitcoin prices falling. Scandals galore and the difficulty continues to rise. And this is a visual showing that. So that means that there's more people competing for this same 6.25 bitcoins every 10 minutes, and that's just one of those parts where we've been focused on how do we increase our hash rate so that we can remain at 1% of the network.

事實上我們都可以——已經說過我們創造了碳信用額。下一位。 HIVE 比特幣、黃金和標準普爾今年迄今的表現。但請記住，它非常不穩定。它在比特幣上移動。今年我們上漲了 221%，正如你所看到的，現貨黃金上漲了 4%，標準普爾指數上漲了 14%。比特幣的漲幅高達 84%，但 HIVE 的漲幅超過 2 到 1 年。因此，比特幣哈希率、比特幣價格，這確實很奇怪，但這是我們去年必須經歷的挑戰。比特幣價格下跌。醜聞層出不窮，難度持續上升。這是一個展示這一點的視覺效果。因此，這意味著每 10 分鐘就會有更多的人爭奪同樣的 6.25 個比特幣，而這只是我們一直關注的部分之一，即如何提高哈希率，以便我們能夠保持在網絡的 1%。

Our goal in the next 3 -- sorry, 6 months ago, I will give you more granularity, but it's basically to take us up 6x a hash, which would be 2%, but I think as the difficulty continues as Bitcoin rises, is just the reality of more people wanted to participate in mining bitcoin. Now interesting, Bitcoin has been the dominant leader. It surpassed 50% of all the alt coins, many of them have been thrown off of exchanges due to regulatory reaching and pronouncements, et cetera.

我們未來 3 的目標——抱歉，6 個月前，我會給你更多的粒度，但這基本上是讓我們獲得 6 倍的哈希值，即 2%，但我認為隨著比特幣的上漲，難度繼續增加，是只是更多人想參與比特幣挖礦的現實。現在有趣的是，比特幣一直是主導者。它超過了所有山寨幣的 50%，其中許多由於監管影響和聲明等原因已被交易所剔除。

So Bitcoin is no doubt is the leader of the pack and Bitcoin is not mired with the proof-of-stake, it remains a dominant digital asset focus as proof-of-work. I love this visual is just the (inaudible) sheet spiral, and it basically shows you that every 4 years, the halvening is going to take place and Aydin is just going to give you more granularity on our strategy to manage this risk. So not only if Bitcoin is not at 60,000 this time next year with the halvening, then you'll start to lose money.

因此，比特幣毫無疑問是其中的領導者，並且比特幣並沒有陷入權益證明的泥潭，它仍然是作為工作量證明的主導數字資產焦點。我喜歡這個視覺效果，它只是（聽不清）螺旋狀，它基本上向您展示了每 4 年就會發生一次減半，艾丁將為您提供更多關於我們管理這種風險的策略的詳細信息。因此，如果明年這個時候比特幣減半沒有達到 60,000，那麼你就會開始賠錢。

So the thought process of Bitcoin is going to rise, and you have to have the most efficient machines and if you buy any new machines, you got to be so careful that you're going to get your money back. Capital structure. We're very, very frugal in what we do with options and with our issues, and we have about 84.2 million shares outstanding. We trade on the TSE. We trade the TSV Ventures, the NASDAQ and the German exchanges.

因此，比特幣的思維過程將會上升，你必須擁有最高效的機器，如果你購買任何新機器，你必須非常小心，這樣你才能收回你的錢。資本結構。我們在期權和發行方面非常非常節儉，我們有大約 8420 萬股流通股。我們在東京證券交易所進行交易。我們在 TSV Ventures、納斯達克和德國交易所進行交易。

So this is another visual we're talking about Bitcoin, as you can see, we follow with Bitcoin, and it does impact your revenue as revenue has declined because bitcoin has declined, one of the also significant factors here is the ethereum, the impact of the Ethereum and it basically left from the -- you can see here on the QT of '23. That drift is falling to 14, not only Bitcoin prices falling, but Ethereum went to proof-of-stake.

這是我們談論比特幣的另一種視覺效果，正如您所看到的，我們關注比特幣，它確實會影響您的收入，因為收入下降是因為比特幣下降了，這裡同樣重要的因素之一是以太坊，影響以太坊的概念，它基本上是從——你可以在 23 年的 QT 上看到的。這一偏差正在下降至 14，不僅是比特幣價格下跌，而且以太坊也轉向了權益證明。

This is a nicer cleaner visual for that, and it shows you that Bitcoin mine high per quarter, it hit $8.58. And it includes the equivalent of the theory and being converted to Bitcoin and going into Q3 last year, at the end of September, that revenue decline and it declined again as bitcoin prices fell dramatically over the FTX drama. We were able to increase our hash rate and so we were able to increase our Bitcoin production. Well, what I want to show you here this little swirling tornado is that everything is basically trading in step with Bitcoin and what's interesting is that all these companies have different fundamentals, and Aydin is going to give you some granularity on the difference on the financials but they seem to have a quant model out there that they all move by the minute with Bitcoin prices and some correlate higher than others.

這是一個更清晰的視覺效果，它向您展示了比特幣每季度的開採量最高，達到 8.58 美元。它包括與該理論相當的內容，即轉換為比特幣並進入去年第三季度（即 9 月底），收入下降，並且隨著比特幣價格因 FTX 事件而大幅下跌，收入再次下降。我們能夠提高哈希率，因此我們能夠增加比特幣產量。好吧，我想在這裡向您展示這個小小的旋轉龍捲風是，一切基本上都與比特幣同步交易，有趣的是所有這些公司都有不同的基本面，艾丁將給您一些關於財務差異的詳細信息但他們似乎有一個量化模型，它們都隨著比特幣價格的變化而變化，並且有些模型的相關性高於其他模型。

But this is just a classic visual showing you that high correlates 86% of the time in (inaudible), 96% of the time with BitFarms, with Bitdigital is 93%, HUD-H 94$, Marathon 83% and you can see that HIVEs correlation with Bitcoin, it's important to recognize that this happens in gold stocks is the price movement of gold that dictates the performance of the stock. But over time, we believe that the fundamentals will prevail.

但這只是一個經典的視覺效果，向您展示了 86% 的時間（聽不清）、Bi​​tFarms 的時間為 96%、Bitdigital 的時間為 93%、HUD-H 的時間為 94$、Marathon 的時間為 83%，您可以看到HIVE 與比特幣的相關性，重要的是要認識到黃金股票中發生的這種情況是黃金的價格變動決定了股票的表現。但隨著時間的推移，我們相信基本面將會佔上風。

I've always believed that green and clean bitcoins would over time become more valuable as a digital asset because the supply is capped at 21 million bitcoins. And like Andy Warhol Art, when supply is capped and adoption expands over time, the value of his prints have gone up substantially. Now with the explosion in ordinals, we're experiencing new growth with special number [satoshis.] And this is showing you the innovation and Bitcoin or no ordinals, all that does is just that one of these opportunities in the Bitcoin network to enjoy more revenue as you're validating transactions.

我一直相信，隨著時間的推移，綠色和清潔的比特幣作為數字資產會變得更有價值，因為比特幣的供應量上限為 2100 萬個。就像安迪·沃霍爾藝術一樣，當供應受到限製而採用率隨著時間的推移而擴大時，他的版畫的價值就會大幅上漲。現在，隨著序數的爆炸式增長，我們正在經歷特殊數字 [satoshis] 的新增長。這向您展示了創新和比特幣或沒有序數，所做的只是比特幣網絡中享受更多的機會之一當您驗證交易時的收入。

Now I'd like to turn the conference call over to Darcy Daubaras, our CFO, to give you an idea of where financials are. And then Aydin is going to give you much more granularity on ordinals and HPC strategy, where we're taking the company.

現在我想將電話會議轉交給我們的首席財務官 Darcy Daubaras，讓您了解財務狀況。然後，Aydin 將為您提供有關序數和 HPC 策略的更多詳細信息，這也是我們公司的方向。

Now I'll be taking you through a snapshot of the 12-month year, looking at the most recent quarter also and the indicators for the year. Next slide, please. Because it's been such a tumultuous year, I'd first like to remind our listeners that our earnings are comprised of our operational earnings plus our investment earnings, which includes realized and unrealized earnings, a lot of which, especially this year have included noncash charges. Moving on to the next page. The mark-to-market is an accounting practice that involves adjusting the value of an asset to reflect its value as determined by current market conditions.

現在，我將帶您回顧一下過去 12 個月的年度情況，同時查看最近一個季度和年度指標。請下一張幻燈片。因為這是如此動蕩的一年，我首先想提醒我們的聽眾，我們的收入由我們的運營收入加上我們的投資收入組成，其中包括已實現和未實現的收入，其中很多，特別是今年，包括非現金費用。轉到下一頁。按市價計價是一種會計做法，涉及調整資產價值以反映當前市場條件確定的其價值。

The market value is determined based on what a company would get for the asset if it was sold at that point in time. Mark-to-market losses or paper losses generated through an accounting entry rather than the actual sale of the security. The swings in digital assets impact paper profits and losses each quarter. So our Bitcoin and previously Ethereum digital assets do generate unrealized gains and losses each quarter depending on the movement of the current underlying currency. It is important that investors understand the differences in operating earnings or losses in addition to mark-to-market paper gains and losses each quarter.

市場價值是根據公司在該時間點出售該資產所能獲得的價格來確定的。通過會計分錄而非實際銷售證券產生的按市價計價損失或賬面損失。數字資產的波動影響每個季度的賬面損益。因此，我們的比特幣和之前的以太坊數字資產確實每個季度都會產生未實現的收益和損失，具體取決於當前基礎貨幣的走勢。重要的是，除了每個季度按市值計價的賬面損益之外，投資者還應了解營業收益或虧損的差異。

Non-cash charges or write-downs or accounting expenses that do not involve a cash payment. Depreciation, amortization, depletion, stock-based compensation and asset impairments are common noncash charges that reduced earnings but not cash flows. During this current year, just finished, we took significant noncash charges, the majority reported in prior quarters as a result of the continuing bear market that we experienced during fiscal 2023 and continues, and these are required under accounting prescriptions.

不涉及現金支付的非現金費用或減記或會計費用。折舊、攤銷、消耗、股票補償和資產減值是常見的非現金費用，它們會減少收益，但不會減少現金流。在剛剛結束的今年，我們收取了大量非現金費用，其中大部分是在前幾個季度報告的，這是由於我們在 2023 財年經歷了持續的熊市並將持續下去，這些費用是會計規定所要求的。

The first were impairments under IAS 36 on mining equipment of $70.4 million which are required due to the indicators of impairment that were present in the continuing bear market, significantly the decline in the Bitcoin price. In addition, a provision against deposits on mining equipment of $27.3 million based on an assessment of these deposits made on purchase orders and the expected delivery of the equipment. Also, with the overall bear market and the decline in Bitcoin and cryptocurrency prices in general, we experienced a noncash downward revaluation of our digital currencies of $70.9 million and impairment of our investments, which are strategic cryptocurrency entities of $13.4 million. These combined noncash charges of $182 million, had a large effect on our reported net loss for the year.

第一個是根據《國際會計準則》第 36 號對採礦設備進行 7040 萬美元的減值，這是由於持續熊市中出現的減值跡象（比特幣價格大幅下跌）而需要進行的。此外，根據對採購訂單押金和設備預計交付情況的評估，為採礦設備押金撥備了 2,730 萬美元。此外，隨著整體熊市以及比特幣和加密貨幣價格的普遍下跌，我們的數字貨幣的非現金價值下調了 7090 萬美元，我們的投資（戰略加密貨幣實體）也受到了 1340 萬美元的減值。這些總計 1.82 億美元的非現金費用對我們報告的今年淨虧損產生了很大影響。

Moving on to the next page, please. This is a snapshot of our fourth quarter 2023 financial results. During the quarter, we had total revenue of $18.2 million and adjusted EBITDA of negative $1.3 million. During the quarter, we produced 792 Bitcoin equivalents and currently, the cost of Bitcoin produced in that most recent quarter was $17,928. Moving on to the next page, please. These results for the year ended 12 months, March 31, 2023. We had total revenue of $106.3 million adjusted EBITDA of $23.2 million, a strong balance sheet position with digital currencies of $65.9 million a gross operating margin of $50.6 million.

請轉到下一頁。這是我們 2023 年第四季度財務業績的快照。本季度，我們的總收入為 1820 萬美元，調整後 EBITDA 為負 130 萬美元。本季度，我們生產了 792 個比特幣等價物，目前，最近一個季度生產的比特幣成本為 17,928 美元。請轉到下一頁。截至 2023 年 3 月 31 日，截至 12 個月的年度業績。我們的總收入為 1.063 億美元，調整後 EBITDA 為 2320 萬美元，數字貨幣資產負債表狀況強勁，為 6590 萬美元，總營業利潤率為 5060 萬美元。

And during the year, mined 3,258 bitcoin and the equivalent mine Bitcoin was 3,503. Moving on to the next page, please. Even though it was a tough bear market, we ended the year of March 31, 2023, with a healthy balance sheet. Our cash positions stood at $4.4 million, along with an additional $65.9 million in Bitcoin digital currencies. We also had $9.4 million in amounts receivable and prepaids, the market value of our strategic investments fell during the quarter as a result of the current general market instability spoken about previously, bringing it down to $2.9 million. We do maintain a strong net cash position and healthy working capital to fund our operations and growth.

全年開采了 3,258 個比特幣，相當於開采了 3,503 個比特幣。請轉到下一頁。儘管這是一個艱難的熊市，但我們在 2023 年 3 月 31 日結束時仍擁有健康的資產負債表。我們的現金頭寸為 440 萬美元，另外還有 6590 萬美元的比特幣數字貨幣。我們還有 940 萬美元的應收賬款和預付款項，由於之前提到的當前市場總體不穩定，我們戰略投資的市場價值在本季度下降，降至 290 萬美元。我們確實保持著強勁的淨現金狀況和健康的營運資本，為我們的運營和增長提供資金。

Next slide, please. This is a summary of the Bitcoin that we hold on our balance sheet year-over-year. On March 31, 2022, we held 2,596 Bitcoin. And at the current period ended March 31, 2023, we held 2,332 Bitcoin. On to the next slide. Our gross operating margin, which equates to our total revenues minus direct operating and maintenance costs decreased in absolute dollars to $4 million or 22% in the most recent quarter compared to $22.9 million or 46% in the prior year comparative.

請下一張幻燈片。這是我們資產負債表上逐年持有的比特幣的摘要。 2022 年 3 月 31 日，我們持有 2,596 個比特幣。截至 2023 年 3 月 31 日的當期，我們持有 2,332 個比特幣。轉到下一張幻燈片。我們的毛營業利潤率（等於總收入減去直接運營和維護成本）在最近一個季度下降至 400 萬美元（即 22%），而上年同期為 2290 萬美元（即 46%）。

Gross mining margin is also partially dependent on various external network factors, including the high mining difficulty we are experiencing the amount of digital currency rewards miners receive and the market price of the digital currencies at the time of mining, which is significantly lower than it was in the prior year. In this most recent quarter, we are reporting a loss of $0.08 per share compared to a net loss of $0.43 per share reported in Q4 last year.

挖礦毛利率也部分取決於各種外部網絡因素，包括我們正在經歷的高挖礦難度、礦工獲得的數字貨幣獎勵數量以及挖礦時數字貨幣的市場價格，該價格明顯低於以前的水平在上一年。在最近一個季度，我們報告每股虧損 0.08 美元，而去年第四季度的每股淨虧損為 0.43 美元。

In the next slide, in looking at our year-over-year revenue. We generated total revenue in the fourth quarter of fiscal 2023 of $18.2 million versus $49.8 million in the prior year fourth quarter. The decrease in revenues versus the same quarter in fiscal 2022 can be attributable to three main headlines, the ever-increasing Bitcoin difficulty hash rate over the past year. The significant drop in the price of Bitcoin and to a significant extent, the Ethereum merge that took place in September of 2022 as this current quarter and our operations moving forward does not and will not include any Ethereum revenues.

在下一張幻燈片中，我們將看到我們的同比收入。我們在 2023 財年第四季度的總收入為 1820 萬美元，而去年第四季度的總收入為 4980 萬美元。與 2022 財年同季度相比，收入下降可歸因於三個主要頭條新聞：過去一年中比特幣難度哈希率不斷增加。比特幣價格的大幅下跌，以及在很大程度上，2022 年 9 月發生的以太坊合併（即本季度）以及我們未來的業務不會也不會包括任何以太坊收入。

This triple punch contributed strongly to the significant drop in revenues that we experienced. As mentioned previously, our gross mining margin, which equates to our revenues minus direct operating and maintenance costs decreased in absolute dollars to $4 million in the most recent quarter compared to $22.9 million in the prior year comparative.

這三重打擊極大地導致了我們收入的大幅下降。如前所述，我們的總採礦利潤率（等於我們的收入減去直接運營和維護成本）在最近一個季度下降至 400 萬美元，而上年同期為 2290 萬美元。

Turning to the next slide. Comparing our current fiscal Q4 quarter to the previous Q3 quarter we generated revenue in this fourth quarter of fiscal 2023 of $18.2 million versus $14.3 million in the previous quarter. The increase in revenues versus the prior quarter was impacted by a stronger price of Bitcoin. As mentioned, as mentioned previously, as the Ethereum merge took place in Q2, neither of these quarters had any Ethereum mining revenues in them. Our gross mining margin increased in absolute dollars to $4 million in the most recent quarter compared to $3.6 million in the prior year comparative.

轉到下一張幻燈片。將當前財年第四季度與上一季度的第三季度相比，我們在 2023 財年第四季度的收入為 1820 萬美元，而上一季度為 1430 萬美元。與上一季度相比，收入的增長受到比特幣價格走強的影響。如前所述，由於以太坊合併發生在第二季度，這兩個季度都沒有任何以太坊挖礦收入。最近一個季度，我們的採礦毛利率（以絕對美元計算）增至 400 萬美元，而上年同期為 360 萬美元。

Proceeding to the next slide, our adjusted EBITDA decreased in this fourth quarter of fiscal 2023 to a negative adjusted EBITDA of $1.3 million versus a positive EBITDA of $11.8 million in the prior year comparative quarter. I will highlight that adjusted EBITDA is a non-IFRS figure, in the fourth quarter of fiscal 2023, we experienced a loss of $7 million compared to a net loss of $34 million in the prior year comparative.

繼續看下一張幻燈片，我們的調整後 EBITDA 在 2023 財年第四季度下降至負調整後 EBITDA 130 萬美元，而去年同期的正 EBITDA 為 1180 萬美元。我要強調的是，調整後的 EBITDA 是非 IFRS 數據，在 2023 財年第四季度，我們經歷了 700 萬美元的虧損，而上一年同期的淨虧損為 3400 萬美元。

This change was driven predominantly by significant noncash charges experienced last year, the largest [bearing] impairment of goodwill and intangibles of $13.3 million and a loss of investments of $13.1 million. Moving on to the next slide. Our adjusted EBITDA decreased in this fourth quarter of fiscal 2023 comparing it quarter-over-quarter to negative $1.3 million versus a positive adjusted EBITDA of $1.5 million in the prior quarter. I again highlight that adjusted EBITDA is a non-IFRS figure. In the fourth quarter of fiscal 2023, we experienced a loss of $7 million compared to a loss of $90 million in the prior quarter.

這一變化主要是由於去年發生的大量非現金費用，最大的商譽和無形資產減值為 1,330 萬美元，投資損失為 1,310 萬美元。轉到下一張幻燈片。 2023 財年第四季度，我們的調整後 EBITDA 有所下降，環比為負 130 萬美元，而上一季度調整後 EBITDA 為正 150 萬美元。我再次強調，調整後的 EBITDA 是非 IFRS 數據。 2023 財年第四季度，我們虧損 700 萬美元，而上一季度虧損 9000 萬美元。

These prior quarter losses were driven predominantly by significant noncash charges experienced the largest being impairment on minor equipment of $38.8 million and provision of equipment deposits of $22.7 million. I'd now like to turn the presentation over to our President and Chief Executive, Aydin Kilic.

上一季度的虧損主要是由重大非現金費用造成的，其中最大的是小型設備減值 3880 萬美元和設備押金撥備 2270 萬美元。現在我想將演講交給我們的總裁兼首席執行官艾丁·基利奇 (Aydin Kilic)。

And thank you, Darcy, for providing the financial overview. I'll now get into an executive update of some recent accomplishments and some exciting initiatives as we look forward. So now we're going to look at the operating income of our core business, which is mining Bitcoin for this last quarter. We're doing a quarter-over-quarter comparison. Now this last quarter, we produced 792 Bitcoin. And again, this represents our production from Sweden, Iceland and Canada using green energy as we're a green energy focused company.

達西，謝謝您提供財務概覽。現在，我將介紹一些近期成就和一些令人興奮的舉措的最新進展，以供我們展望。現在我們來看看我們的核心業務的營業收入，即上個季度的比特幣開採。我們正在進行季度與季度的比較。上個季度，我們生產了 792 個比特幣。同樣，這代表我們在瑞典、冰島和加拿大的生產使用綠色能源，因為我們是一家專注於綠色能源的公司。

So the average price of Bitcoin during this quarter is about $22,800. Our average costs are produced a bitcoin based on our direct operating costs or cost of goods sold. It's about $17,900 so that represents about a 22% gross mining margin. Now if you look at it quarter-over-quarter, difficulty actually increased 17%, but we actually produced slightly more bitcoin. That's because we, of course, expanded during this period. We mined 792 Bitcoin this quarter, 787 in the previous quarter. Now what's actually not included in this slide is the additional $250,000 of revenue from our GPUs, which have been generating revenue from high-performance computing. We had mentioned in a press release earlier this year that we were doing about $1 million a year run rate.

因此本季度比特幣的平均價格約為 22,800 美元。我們的平均成本是根據我們的直接運營成本或銷售商品成本產生的比特幣。價格約為 17,900 美元，相當於 22% 的總採礦利潤。現在如果你看一下季度環比，難度實際上增加了 17%，但我們實際上生產了稍微多的比特幣。當然，這是因為我們在此期間進行了擴張。本季度我們開采了 792 個比特幣，上一季度開采了 787 個。現在，這張幻燈片中實際上沒有包含來自 GPU 的額外 250,000 美元收入，這些收入一直來自高性能計算。我們在今年早些時候的一份新聞稿中提到，我們每年的運行費用約為 100 萬美元。

And so this first quarter, we had about $230,000 of income. Next slide, please. Now bringing it more current. We put out our May production, and so that's summarized here. So we had 304 bitcoin in May, an average of 3.3x a hash, which brings us to a 92.4 Bitcoin for x a hash for the month of May, which again is amongst the top of our peers and best uptime in the sector, the Bitcoin hoddle of 1,950. And it's important to note, no all of our bitcoin that we hoddle is self mined. And again, being green energy focused, this is our Bitcoin mind, with our green energy.

因此，今年第一季度，我們的收入約為 230,000 美元。請下一張幻燈片。現在讓它變得更流行。我們推出了五月份的作品，因此總結如下。因此，我們在 5 月份擁有 304 個比特幣，平均為 3.3 倍哈希值，這使我們在 5 月份的 x 哈希值達到了 92.4 比特幣，這再次成為我們同行中的佼佼者，也是該行業中最佳的正常運行時間，比特幣持有者共 1,950 個。值得注意的是，我們持有的比特幣並非都是自挖的。再說一遍，以綠色能源為重點，這就是我們的比特幣思維和我們的綠色能源。

And in addition to this, what's very exciting is we did a scan of our hoddle and we actually have 250 uncommon satoshis. So this is a very exciting new discovery, and we're going to talk a little bit more about it. Next slide, please. Now just to round out how we've been growing ourhcash rate, we recently announced our -- when we were at 3x a hash, our target our interim target was 4x a hash and you're going to be at 6x a hash at the end of the year.

除此之外，非常令人興奮的是我們對我們的霍德進行了掃描，我們實際上有 250 個不常見的聰。所以這是一個非常令人興奮的新發現，我們將進一步討論它。請下一張幻燈片。現在，為了完善我們如何提高我們的hcash率，我們最近宣布了我們的——當我們的哈希值是3倍時，我們的目標是我們的臨時目標是哈希值的4倍，而你將在哈希值的6倍年底。

So we had about 11,200 ASICs that we announced. And to date, we've actually received delivery of over 7,600 of these ASICs and the remainder are actually arriving in July. So I'm very proud of my team for executing and for working with our suppliers and our vendors for promptly delivering the hardware that we've purchased in a very timely manner. Next slide. So here, to date, we're actually at 3.6x a hash, and that includes about 150 [bet] a hash from our GPU mining. And once the remaining orders of ASICs from the previous slide arrived in the month of July, we will be at 4x a hash, and this will be our Q3 2023.

我們宣布了大約 11,200 個 ASIC。迄今為止，我們實際上已收到超過 7,600 個 ASIC 的交付，其餘的實際上將於 7 月份到達。因此，我為我的團隊執行並與我們的供應商和供應商合作，及時交付我們購買的硬件感到非常自豪。下一張幻燈片。因此，到目前為止，我們的哈希值實際上是 3.6 倍，其中包括來自 GPU 挖掘的約 150 個哈希值。一旦上一張幻燈片中剩餘的 ASIC 訂單在 7 月份到達，我們的哈希率將達到 4 倍，這將是我們的 2023 年第三季度。

And at the end of the year, we'll be at our target is 6x a hash. So this just shows where we are today, 3.6x a hash. We expect to be at 4x a hash in a little over a month. And then by the end of the year, about 6x a hash. And so this is an 11% increase from the current quarter, which is period end June. Moving into the next fiscal quarter which is starting in July. And again, this is all based on machines that have been ordered that have been paid for and are literally in the process of being shipped and installed.

到今年年底，我們將實現哈希值 6 倍的目標。所以這只是顯示了我們今天的情況，哈希值是 3.6 倍。我們預計在一個多月內哈希率將達到 4 倍。然後到今年年底，哈希值大約增加 6 倍。因此，這比本季度（即 6 月底的季度）增長了 11%。進入七月開始的下一個財政季度。再說一次，這一切都是基於已訂購、已付款且實際上正在運輸和安裝的機器。

Next slide, please. In addition to having very measured growth where when we deploy capital, we do it with the intention of having the best cash flow return on invested capital. What that means is are we actually going to repay the ASICs, repay the investment we made in the ASICs and then start free cash flow from them. And all of these purchases were done at extremely competitive prices. So in December, for example, we announced that we bought a large amount of S19 gross for about 11 box (inaudible) a hash.

請下一張幻燈片。除了在部署資本時實現非常謹慎的增長外，我們還旨在獲得投資資本的最佳現金流回報。這意味著我們實際上要償還 ASIC，償還我們在 ASIC 中所做的投資，然後開始從它們中獲得自由現金流。所有這些採購都是以極具競爭力的價格完成的。例如，在 12 月，我們宣布以大約 11 盒（聽不清）哈希值購買大量 S19 總量。

And in our more recent order of 11,200 machines comprised by miners the new S-19JPro+. And even so [S19XP] we do this based on prevailing mining economics, long-term projections and sensitivity analysis where we look at if -- what is the dollar per terahash price we're paying, what is the efficiency of the machine that we're getting, and we all mathematically model this so that we're getting what is going to provide us the best cash flow return on invested capital.

我們最近訂購了 11,200 台由礦工組成的機器，其中包括新型 S-19JPro+。即便如此，[S19XP]我們還是根據現行的挖礦經濟學、長期預測和敏感性分析來做到這一點，我們會考慮——我們支付的每 terahash 價格是多少美元，我們所使用的機器的效率是多少。正在得到，我們都對此進行數學建模，以便我們得到將為我們提供投資資本的最佳現金流回報的東西。

And in addition to this, how we deliver value to our shareholders is by having the lowest G&A in the sector. We also have amongst the lowest share-based executive compensation and we also managed to keep very low dilution as we have a hybrid strategy where we either sell shares in our ATM or when an accretive opportunity comes up, we might sell some Bitcoin. And so this is a quality, this is a mindset, our lean and agile strategy. On the next slide, we're actually going to look at what this means when you take a look at the numbers.

除此之外，我們為股東創造價值的方式是擁有業內最低的管理費用。我們還擁有最低的基於股票的高管薪酬，並且我們還設法保持非常低的稀釋度，因為我們採用混合策略，我們要么在 ATM 中出售股票，要么當出現增值機會時，我們可能會出售一些比特幣。所以這是一種品質，這是一種心態，是我們的精益和敏捷戰略。在下一張幻燈片中，我們實際上將通過查看這些數字來了解這意味著什麼。

And so if you look at financial comparison of the -- of the calendar year 2022 -- this is from January to December 2022. And why we built the slide, and this is all based on public filings, you go into (inaudible) finance and look at the various public finance. Our year-end is March 31, but a lot of our peers here in is December 31. So if you wanted to, you could look at our quarterly filings for the calendar year of 2022, add them all up and you would actually get this total.

因此，如果你看一下 2022 年日曆年的財務比較，這是從 2022 年 1 月到 12 月。為什麼我們製作這張幻燈片，這一切都基於公開文件，你會進入（聽不清）財務看看各種公共財政。我們的年終日期是 3 月 31 日，但我們的許多同行是 12 月 31 日。因此，如果您願意，您可以查看我們 2022 年的季度報告，將它們全部加起來，您實際上會得到這個全部的。

So our calendar year revenue total was actually $138 million. Our fiscal year total because that was a period end March was $100 million. And as you know, a little over $100 million. And as you know, cryptomining economics vary so much over time. In order to do a true apples-to-apples comparison, you have to look at different companies over the same time period. So this is what we do for calendar 2022 on the slide.

所以我們的日曆年總收入實際上是 1.38 億美元。我們的財政年度總額為 1 億美元，因為那是 3 月底的一個時期。如您所知，略高於 1 億美元。如您所知，加密貨幣挖礦經濟學隨著時間的推移變化很大。為了進行真正的同類比較，您必須查看同一時期內的不同公司。這就是我們在幻燈片上為 2022 年日曆所做的事情。

And you look at our prior yearly revenue and then you look at our cost of goods sold, right. And then in the third column, you have the gross mining margin. We had $70 million gross mining margin. You see our peers had gross mining margin ranging from maybe $45 million to about $80 million, $90 million. There was a couple of outliers below that. And then you look at the gross mining margin as a percentage of revenue and you sort of see most of the companies in the 50% to 70% range with, again, a few outliers below that.

你看看我們之前的年度收入，然後你看看我們的銷售成本，對吧。然後在第三列中，您可以看到總採礦利潤率。我們的採礦毛利潤為 7000 萬美元。你看，我們同行的採礦毛利率從 4500 萬美元到 8000 萬美元、9000 萬美元不等。下面還有一些異常值。然後你看看總採礦利潤率佔收入的百分比，你會發現大多數公司都在 50% 到 70% 的範圍內，同樣，還有一些低於該水平的異常值。

But then you look at the G&A, which is the corporate operating expenses, your auditors, your lawyers, your executive compensation, do you know insurance going on the conferences, sponsorships, et cetera, et cetera. And this is where it gets really interesting HIVE as a global company with subsidiaries in Canada, Sweden, Iceland, Bermuda, Switzerland, was $14.1 million for the entire calendar year.

但是，然後你看看 G&A，即公司運營費用、你的審計師、你的律師、你的高管薪酬，你知道會議保險、贊助等等嗎？這正是 HIVE 真正有趣的地方，作為一家在加拿大、瑞典、冰島、百慕大和瑞士設有子公司的跨國公司，整個日曆年的營收為 1,410 萬美元。

All of our peers had G&A costs over USD 50 million, almost triple ours. And so when you take that G&A cost off the gross mining margin, then you get to the very last call, which is your corporate income and say, so what is the company -- and this is the -- we're not looking at noncash charges because everyone has different depreciation schedules, everyone gets different impairments. It's sort of how the auditors choose to -- performing accounting treatment. But if you look at the cash charges, again, insurance lawyers, travel, et cetera, and you take that out to your gross mining margin, which again is a cash-based metric, you see that we had $55 million in corporate income this period.

我們所有同行的一般管理費用都超過 5000 萬美元，幾乎是我們的三倍。因此，當你從總採礦利潤中扣除一般行政費用後，你就會看到最後一個電話，即你的公司收入，然後說，公司是什麼——這就是——我們不關心的非現金費用，因為每個人都有不同的折舊計劃，每個人都會受到不同的減值。這就是審計師選擇的方式——進行會計處理。但是，如果你再次查看現金費用、保險律師、旅行等，然後將其計入總採礦利潤率（這又是一個基於現金的指標），你會發現我們今年的企業收入為 5500 萬美元。時期。

After that, our two of our peers, we're in the $32 million range. And then from there, it sort of drops off and you see a few companies in the minus. And so again, we strive to deliver value for shareholders. And so this is a key slide that I wanted to present alongside our fiscal year-end, so people can understand what the calendar year-end looks like.

在那之後，我們的兩個同行，我們的收入都在 3200 萬美元的範圍內。然後從那裡，它有點下降，你會看到一些公司處於負值。因此，我們再次努力為股東創造價值。因此，這是我想在我們的財政年度結束時展示的一張關鍵幻燈片，以便人們可以了解日曆年終是什麼樣子。

Next slide, please. Now earlier, we talked about us having some uncommon satoshis. And this is very exciting because as inscription technology has prevailed for Bitcoin. Now we can have information on the Bitcoin blockchain, right? This is a moment in time. This is historically significant because you've got BRC 20 tokens. You've got various ordinal projects. You've got all sorts of information that can now be encoded directly onto the bitcoin blockchain.

請下一張幻燈片。早些時候，我們談到了我們擁有一些不常見的聰。這是非常令人興奮的，因為銘文技術已經在比特幣中盛行。現在我們可以獲得有關比特幣區塊鏈的信息，對嗎？這是一個及時的時刻。這具有歷史意義，因為您擁有 BRC 20 代幣。你有各種有序的項目。現在您已經獲得了可以直接編碼到比特幣區塊鏈上的各種信息。

And so as a result of that, in May, we saw a huge rush, a huge rally whereby people work in higher transaction fees to have their projects minted first on the Bitcoin blockchain and that resulted in a surge in hash price, almost double where we were around a $0.06 or $0.07 hash price in the month or 2 before, and that doubled to almost $0.12 hash price. And again, hash price is dollar per terahash per day of revenue that you would be getting. And this is network wide. This is a network statistic. This chart is off a bit in info chart you could look it up.

因此，在 5 月份，我們看到了一場巨大的熱潮，一場巨大的反彈，人們以更高的交易費用工作，以便首先在比特幣區塊鏈上鑄造他們的項目，這導致哈希值飆升，幾乎是原來的兩倍。前一兩個月，我們的哈希價格約為 0.06 美元或 0.07 美元，現在翻了一番，達到近 0.12 美元的哈希價格。再說一次，哈希價格是您每天獲得的收入的每太哈希值美元。這是網絡範圍內的。這是一個網絡統計數據。這個圖表在信息圖表中有點偏離，你可以查一下。

And so if you want to have further insight into the nature of the rarity of Satoshis, well, there's 2.1 quadrillion common satoshis and if you look at -- because again, if there's 21 million Bitcoins and there's 100 million satoshis per bitcoin than you have a total supply of 2.1 quadrillion Satoshis. But if you consider the first Satoshi of each block, well, now that's a much smaller number. There's only about $6.9 million of fees.

因此，如果你想進一步了解 Satoshis 稀有性的本質，好吧，有 2.1 萬億聰，如果你看一下 - 因為同樣，如果有 2100 萬個比特幣，並且每個比特幣有 1 億聰，那麼你擁有總供應量為 2.1 萬億聰。但如果你考慮每個區塊的第一個聰，那麼，現在這個數字要小得多。費用只有大約 690 萬美元。

If you look at the first Satoshi when there's a new difficulty (inaudible) there's even less of those 3,400 you can see how the rarity increases. And of course, the most -- the Mythic one is the very first Satoshi from the Genesis plot. But we have 250 uncommon Satoshis which we've received offers -- bona fide offers from parties that are willing to pay a vast premium for these. And so to transact with Satoshis, you need to have control over your UTXO and it's a more involved technical process. Again, HIVE wants to be a leader in a first in transacting with uncommon satoshis.

如果您在出現新難度（聽不清）時查看第一個中本聰，那麼 3,400 中本聰的數量甚至更少，您可以看到稀有度如何增加。當然，最神秘的是創世記情節中的第一個中本聰。但我們有 250 個不常見的 Satoshi，我們已經收到了報價——來自願意為此支付巨額溢價的各方的善意報價。因此，要與中本聰進行交易，你需​​要控制你的 UTXO，這是一個更複雜的技術過程。再次強調，HIVE 希望成為稀有聰交易領域的領導者。

Next slide, please. Summary. So we've got 70 megawatts in New Brunswick, 30 megawatts in Quebec, about a little over 37 megawatts in Sweden, 10 megawatts in Iceland, with our global total of a little under 150 megawatts of green and clean focused energy. Next slide, please. As mentioned, building for us is complete. It's just a nice photo of New Brunswick. And that's a 4 billion campus. And now we're going to talk a little bit about HPC and our foray into driving value from our GPU fleet, doing some really interesting things.

請下一張幻燈片。概括。因此，我們在新不倫瑞克省擁有 70 兆瓦，在魁北克省擁有 30 兆瓦，在瑞典擁有約 37 兆瓦，在冰島擁有 10 兆瓦，我們的全球綠色和清潔能源總量略低於 150 兆瓦。請下一張幻燈片。如前所述，我們的構建已經完成。這只是新不倫瑞克省的一張漂亮照片。那是一個擁有 40 億人口的校園。現在我們要談談 HPC 以及我們為推動 GPU 群價值所做的嘗試，做一些非常有趣的事情。

This is actually a photo of our data center [dome] and that's our country president Johanna, walking the halls with [Marion] who runs our data center in Boden. And we're going to talk about where this is evolving to. So AI is an emerging technology that is growing extremely rapidly and there are a few constituent components to AI. We have a fleet of 38,000 NVIDIA data center grade GPUs that we purchased a couple of years ago, which used to mine Ethereum and since then, they've been repurposed to mine Bitcoin through mining old coins where we don't take custody of old coins when we get paid in Bitcoin. And in addition to that, we actually rent the GPUs on GPU marketplaces, where people could rent the GPUs for a few hours or a few days.

這實際上是我們數據中心 [圓頂] 的照片，那是我們國家主席約翰娜 (Johanna) 與負責運營我們博登數據中心的 [馬里昂 (Marion)] 一起走過大廳。我們將討論這將發展到什麼程度。因此，人工智能是一項發展極其迅速的新興技術，人工智能有幾個組成部分。我們擁有一支由 38,000 個 NVIDIA 數據中心級 GPU 組成的艦隊，這些 GPU 是我們幾年前購買的，用於挖掘以太坊，從那時起，它們被重新用於通過挖掘舊硬幣來挖掘比特幣，而我們不保管舊硬幣當我們以比特幣支付時，我們可以使用硬幣。除此之外，我們實際上在 GPU 市場上租用 GPU，人們可以在那裡租用 GPU 幾個小時或幾天。

And as mentioned, we had about USD 230,000 of income, and that wasn't even operating for the full quarter. But nevertheless, that's what we call GP as a service and then in addition to that, we have high cloud, which is our private enterprise cloud platform we've been building through the last year. So these are all components of technology that supports AI computing workloads this firmware, the software and the hardware.

正如前面提到的，我們的收入約為 230,000 美元，但整個季度都沒有實現運營。但儘管如此，這就是我們所說的 GP 即服務，除此之外，我們還有高雲，這是我們去年一直在構建的私有企業雲平台。因此，這些都是支持人工智能計算工作負載的技術組件，包括固件、軟件和硬件。

Next slide, please. So why this is all coming together is because the web as we know it, is evolving, right? Web 3 is a term that many people have heard. But Web 3 is a collective of technology and ideas to allow this new adaptive Internet, whereas Web 2 is a semantic Internet. So in the adaptive Internet period here, there's privacy on your own data. It's very different than having in Web 2, a few big data companies that you're unwittingly submitting all of your personal info to and they're pending metadata, and that's how you get all these targeted ads, Web 3 will have components of AI, decentralized autonomous organizations (inaudible), which, of course, will contribute to technologies such as the Metaverse, but these are all different pillars of Web 3 and the two key ones that HIVE is involved with is, of course, cryptocurrencies and AI.

請下一張幻燈片。那麼為什麼這一切都聚集在一起是因為我們所知道的網絡正在不斷發展，對吧？ Web 3這個詞很多人都聽說過。但 Web 3 是實現這種新的自適應互聯網的技術和思想的集合，而 Web 2 是語義互聯網。因此，在自適應互聯網時代，您自己的數據具有隱私權。這與 Web 2 中的情況非常不同，您會無意中向一些大數據公司提交所有個人信息，並且它們正在等待元數據，這就是您獲得所有這些定向廣告的方式，Web 3 將具有人工智能組件、去中心化自治組織（聽不清），這當然將為 Metaverse 等技術做出貢獻，但這些都是 Web 3 的不同支柱，而 HIVE 涉及的兩個關鍵支柱當然是加密貨幣和人工智能。

Next slide, please. So where do we fit in? Well, you might have heard of something called ChatGPT, right? ChatGPT, we're going to discuss briefly. It is fundamentally an AI large language model -- and there's an invention on processing power needed for those. However, when you get into enterprise-grade applications, there is sensitivity about security. And so companies now are mindful that they don't want to upload sensitive client data to company like Open AI that has a public LOM.

請下一張幻燈片。那麼我們適合在哪裡呢？嗯，您可能聽說過一種叫做 ChatGPT 的東西，對吧？ ChatGPT，我們將簡要討論一下。從根本上來說，它是一個人工智能大型語言模型——並且在這些模型所需的處理能力方面有一項發明。然而，當您進入企業級應用程序時，安全性就會變得敏感。因此，公司現在要注意，他們不想將敏感的客戶數據上傳到像 Open AI 這樣擁有公共 LOM 的公司。

And so what we aspire to offer at HIVE through HIVE cloud is privacy where companies can have a service agreement in place. Ownership of their data and privacy and still run AI computer workloads on our rented GPUs and this stuff isn't just getting uploaded into the open AI large language model, it would be your own large language model that we would train and then you can run inferences. And of course, for all of this, you need to have data center experience. And so we've got 6 years having been public since 2017 as a best-in-class crypto miner running and building and operating data centers.

因此，我們渴望通過 HIVE 雲在 HIVE 提供的是隱私，公司可以在其中籤訂服務協議。擁有他們的數據和隱私，並且仍然在我們租用的 GPU 上運行 AI 計算機工作負載，這些東西不僅僅是上傳到開放的 AI 大語言模型中，這將是您自己的大語言模型，我們將對其進行訓練，然後您可以運行推論。當然，要做這一切，您需要擁有數據中心經驗。自 2017 年以來，我們已經作為一流的加密貨幣礦工運營、建設和運營數據中心，已經上市 6 年了。

And as mentioned earlier, right, we're doing $1 million a year in run rate revenue for GPU as a Service. Next slide. So by the way, what is GPT anyways? Well, GPT, it stands for Generative Pretrain Transformer. It's a type of large language model. It's a very prominent framework for generative AI. Now GPT has been around since 2018. And so you could refer this slide at your own leisure, but let's look at the evolution.

正如前面提到的，我們每年為 GPU 即服務帶來 100 萬美元的運行率收入。下一張幻燈片。順便問一下，GPT 到底是什麼？嗯，GPT，它代表生成預訓練變壓器。它是一種大型語言模型。它是生成人工智能的一個非常突出的框架。現在，GPT 已於 2018 年推出。因此，您可以在閒暇時參考這張幻燈片，但讓我們看看其演變。

So GPTs are defined by the number of parameters, which is shown here on the next slide. And GPT1 for example, had a little over 100 million parameters. That was scaled by 10x GPT2 had 1.5 billion parameters. GPT3 was over 100x with 175 billion parameters and GPT4 is about 1 trillion estimated. And so you've seen this exponential growth. And these parameters require more and more processing power. You need more floating point operations performed by your GPUs to train these large language models.

因此，GPT 是由參數數量定義的，如下一張幻燈片所示。以 GPT1 為例，參數數量略多於 1 億個。其規模擴大了 10 倍，GPT2 擁有 15 億個參數。 GPT3 的參數數量超過 100 倍，參數數量為 1750 億個，GPT4 的參數數量估計約為 1 萬億個。所以你已經看到了這種指數級的增長。而這些參數需要越來越多的處理能力。您需要 GPU 執行更多浮點運算來訓練這些大型語言模型。

Hence, there's been an immense (inaudible)or processing power in order to run training on these LOMs. And the thing is ChatGPT is a public general LOM, but enterprise-specific large language models will be smaller, maybe 10 billion to 20 billion, and you can train them yourself with, again, using a platform like HIVE Cloud and your own dedicated bank of GPUs. So you have vertical integration from the hardware to the software stack that's just bespoke for you and therefore, you have a privacy and you can fine-tune your own LOMs.

因此，需要強大的（聽不清）處理能力才能在這些 LOM 上運行訓練。問題是 ChatGPT 是一個公共的通用 LOM，但是企業特定的大型語言模型會更小，可能是 100 億到 200 億，並且您可以再次使用像 HIVE Cloud 這樣的平台和您自己的專用銀行自己訓練它們GPU 數量。因此，您可以實現從硬件到專為您定制的軟件堆棧的垂直集成，因此您擁有隱私，並且可以微調自己的 LOM。

And so we aspire to provide the service as we build out our -- sorry, our AI platform. Now just to get a pulse on where this is all going. GPT5 is around the corner, and they estimate that might be as much as 17.5 trillion data points. Now we don't know this for sure, but these are what best estimates tell us. And I think there's been a lot of worry and concern about Skynet and robots taking over to be with to think you're going to be replaced by AI.

因此，我們渴望在構建我們的——抱歉，我們的人工智能平台時提供這項服務。現在只是想了解一下這一切的進展情況。 GPT5 即將到來，他們估計可能有多達 17.5 萬億個數據點。現在我們還不確定這一點，但這些是最佳估計告訴我們的。我認為人們對天網和機器人的接管有很多擔憂和擔憂，認為你將被人工智能取代。

Actually, you'll be replaced by somebody that uses AI and so this is, as a company, we want to embrace this. And so this is why, again, being the first company to the first public company that built our own basic mining grid with Intel, right, the first for data centers on the balance sheet, the first to be traded in NASDAQ, Frankfurt and the TSX. We are also amongst the first crypto mining companies that are meaningfully being involved in AI.

事實上，你會被使用人工智能的人取代，所以作為一家公司，我們希望接受這一點。這就是為什麼，再次成為第一家與英特爾一起建立我們自己的基本採礦網格的上市公司，對吧，第一家在資產負債表上建立數據中心的公司，第一家在納斯達克、法蘭克福和紐約證券交易所上市的公司。多倫多證券交易所。我們也是第一批有意義地參與人工智能的加密貨幣挖礦公司之一。

Again, we're getting $1 million a year of run rate revenue from GPU as a service. And we started HIVE Cloud a year ago and the software is complete, and we're actually doing beta testing now with clients. It's a very exciting time. And I think this year ahead will have a lot of new initiatives that we look forward to sharing with the public. So just to put some context around this. So we have over 38,000 data center grading for the GPUs. But if we just focus on a small subset of that, so the A40 and A6000 together, we have about 4,600 of these cards and at $0.50 per GPU per hour revenue with a 75% usage ratio because, again, these GPUs need to be applied for compute.

同樣，我們每年從 GPU 即服務中獲得 100 萬美元的運行率收入。我們一年前啟動了 HIVE Cloud，軟件已經完成，現在我們實際上正在與客戶進行 beta 測試。這是一個非常激動人心的時刻。我認為今年將會有很多新舉措，我們期待與公眾分享。所以只是為了解決這個問題提供一些背景信息。因此，我們有超過 38,000 個數據中心的 GPU 分級。但如果我們只關注其中的一小部分，那麼 A40 和 A6000 一起，我們大約有 4,600 個這樣的卡，每個 GPU 每小時的收入為 0.50 美元，使用率為 75%，因為這些 GPU 需要再次應用用於計算。

It's not like cryptomining where everything just runs 24/7 all the time. But what we found in the marketplace is about 70%, 80% usage that would equate with these 4,600 GPUs doing about $40,000 a day revenue or $15 million a year in revenue. Now the profit margins on this right now are about 80%. So that would be about $12 million a year of profit just converting our 4,600 A40 and A6000 to AI computing. And so this is a very strong supplement to our crypto mining offering.

這不像加密貨幣挖礦那樣，一切都 24/7 全天候運行。但我們在市場上發現的使用率約為 70%、80%，相當於這 4,600 個 GPU 每天的收入約為 40,000 美元或每年 1500 萬美元的收入。現在這方面的利潤率大約是80%。因此，僅將我們的 4,600 台 A40 和 A6000 轉換為人工智能計算，每年的利潤約為 1200 萬美元。因此，這是對我們的加密貨幣挖礦產品的非常有力的補充。

And so if you go to the next slide, you would say, well, what do you require? And so we already have the GPUs. And so what we would do is we actually upgraded the server. So the services have the memory and the CPUs, and so we -- each server holds 10 GPUs. And so to purchase of 460 of these servers, and we've been working with Super Micro. That would be about $6 million. And again, that would get us to $15 million a year of revenue. So this is very exciting. It's blue sky, and we actually have some super micro servers arriving next week, and we have more super micro servers arriving next month, as we run all this GPU computing out of Sweden.

因此，如果您轉到下一張幻燈片，您會說，那麼，您需要什麼？所以我們已經有了 GPU。所以我們要做的就是實際升級服務器。因此，服務擁有內存和 CPU，因此我們每台服務器擁有 10 個 GPU。為了購買 460 台這樣的服務器，我們一直在與 Super Micro 合作。那大約是600萬美元。再說一遍，這將使我們每年的收入達到 1500 萬美元。所以這非常令人興奮。天空蔚藍，我們實際上有一些超微型服務器下週抵達，並且更多的超微型服務器下個月抵達，因為我們在瑞典運行所有這些 GPU 計算。

So it's a very exciting time, and we look forward to sharing more. Please check our social handles for more developments and, of course, our press releases. Have a great day. Thank you.

所以這是一個非常激動人心的時刻，我們期待分享更多。請查看我們的社交賬號以了解更多進展，當然還有我們的新聞稿。祝你有美好的一天。謝謝。