HIVE Digital Technologies Ltd (HIVE) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to the HIVE Q1 2025 earnings call and webcast. (Operator Instructions) Also, today's call is being recorded. (Operator Instructions) Now, at this time, I'd like to turn things over to Holly Schoenfeldt, Director of Marketing. Holly, please go ahead.

大家下午好，歡迎參加 HIVE 2025 年第一季財報電話會議和網路廣播。（操作員說明）此外，今天的通話正在錄音。（操作員說明）現在，我想把事情交給行銷總監 Holly Schoenfeldt。霍莉，請繼續。

Hello, everyone, and welcome to today's webcast reviewing HIVE Digital Technologies, financial results for the quarter ended June 30, 2024.

大家好，歡迎收看今天的網路廣播，回顧 HIVE Digital Technologies 截至 2024 年 6 月 30 日的季度財務表現。

On slide number two, I would like to briefly note disclosures except for statements of historical fact, this presentation contains forward-looking information within the meaning of the applicable Canadian and US securities regulations. These forward-looking statements are based on expectations, estimates and assumptions as of the date of this presentation.

在第二張投影片上，我想簡要說明除歷史事實陳述外的揭露內容，本簡報包含適用的加拿大和美國證券法規含義內的前瞻性資訊。這些前瞻性陳述是基於截至本簡報發布之日的預期、估計和假設。

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.

在下一張投影片中，我很高興介紹今天的演講者，執行主席 Frank Holmes；艾丁·基利奇（Aydin Kilic），總裁兼執行長；達西·道巴拉斯（Darcy Daubaras），財務長。

On the next slide, I would now like to hand the presentation over to Mr. Frank Holmes for a macro recap of the quarter. Frank?

在下一張投影片中，我現在想將簡報交給 Frank Holmes 先生，對本季進行宏觀回顧。坦率？

Thank you, Holly, and it's great to see how dynamic we are. And then we're functioning in all these different jurisdictions from Vancouver to speaking for this conference, It will be Aydin from the Canaccord small-cap mid-cap biggest conference in the East Coast in Boston. I'm in San Antonio, Texas and we function in nine time zones in Bitcoin mining and running and managing data centers.

謝謝你，霍莉，很高興看到我們如此充滿活力。然後我們在從溫哥華到所有這些不同的司法管轄區工作，並在這次會議上發言，這將是來自波士頓東海岸 Canaccord 小盤中型最大會議的 Aydin。我在德克薩斯州聖安東尼奧，我們在九個時區從事比特幣挖掘以及運行和管理資料中心的工作。

So I think it's really quite amazing how fluid this is. But as we jump into the next slide, the DNA of volatility is understand the risk. And I think this is a very important visual for investors to recognize all these external forces that do impact the daily volatility and one standard deviation is for the Bitcoin is plus or minus 2% is normal, but over 10 days is 8%, which as you can see four times greater over 10 days than the S&P 500 and NVIDIA is 9% and MicroStrategy is 21% and HIVE Digital Technology is 23%.

所以我認為它的流暢性真是令人驚訝。但當我們跳到下一張投影片時，波動性的本質就是了解風險。我認為這是一個非常重要的視覺效果，讓投資者認識到所有這些確實影響每日波動性的外部力量，比特幣的一個標準差是正負2% 是正常的，但超過10 天就是8% ，這就是您可以看到 10 天內的成長率是標準普爾 500 指數的四倍，NVIDIA 為 9%，MicroStrategy 為 21%，HIVE Digital Technology 為 23%。

On a daily basis it is a nonevent for MicroStrategy or high digital to go up or down 6% in a day. And that's predominantly because of external forces such as Bitcoin prices, geopolitics, geo economic events, which recently happened in Japan. But during all of this volatility in the next slide, I'd like to point out that HIVE is operating in nine time zones, four languages soon to be five. We have locations in Switzerland and functioning facilities in Sweden, Iceland and Canada. We have offices in Bermuda and in Texas, and I'm calling in from San Antonio and we are expanding into Paraguay in South America.

每天，MicroStrategy 或 High Digital 一天內上漲或下跌 6% 並不是什麼大事。這主要是由於比特幣價格、地緣政治、最近在日本發生的地緣經濟事件等外部力量造成的。但在下一張投影片中的所有這些波動期間，我想指出 HIVE 在九個時區運行，四種語言很快就會增加到五種。我們在瑞士設有辦事處，並在瑞典、冰島和加拿大設有營運設施。我們在百慕達和德克薩斯州設有辦事處，我從聖安東尼奧打來電話，我們正在將業務擴展到南美洲的巴拉圭。

Next slide. HIVE Digital is proud to be bolting ahead, in particular, sourcing green energy, which has been a big challenge to get size like 100 megawatts, which we've been able to do in Paraguay. But we were the first to go public have all the crypto mining companies in 2017. And actually, we're first to HODL. We launched HODL as Ethereum and then Bitcoin.

下一張投影片。HIVE Digital 很自豪能一路向前，特別是在採購綠色能源方面，這對於達到 100 兆瓦的規模是一個巨大的挑戰，而我們在巴拉圭已經做到了這一點。但我們是 2017 年第一家上市的所有加密貨幣挖礦公司。事實上，我們是第一個進行 HODL 的人。我們推出了 HODL 作為以太坊，然後是比特幣。

We were first developed our own ASIC mining rig with Intel, first to buy data centers, first, to be green energy focus, first to balance the electrical grid, in particular, hedging currency volatility and electricity prices. And when we look in Sweden, and then we're first to have an AI strategy, repurposing our GPU Chips.

我們首先是和英特爾一起開發自己的ASIC礦機，首先是購買資料中心，首先是專注於綠色能源，首先是平衡電網，特別是對沖貨幣波動和電價。當我們看看瑞典時，我們首先制定了人工智慧策略，重新利用我們的 GPU 晶片。

HIVE announces plans to build, in the next slide, a 100 megawatt hydroelectric data center in Paraguay, targeted double the revenue and increase the hashrate and I think it's really important to recognize that when we look in this last quarter and the results, those results capture the halving. And how do they compare to the first quarter and how do they compare to last year?

HIVE 在下一張幻燈片中宣布計劃在巴拉圭建設一個100 兆瓦的水力發電數據中心，目標是將收入翻倍並提高哈希率，我認為認識到這一點非常重要，當我們查看上個季度的結果和結果時，這些結果捕獲減半。與第一季和去年相比如何？

It's really quite significant as we go through this presentation on the financial results, even the having taking place that is the having meaning that the amount of bitcoin eligible to be mined each day is gone from 900 to 450. But what's really important is that Bitcoin during this period has gone from 30,000 to 60,000, and that's been much more significant when you run a lean G&A operation like we do.

當我們瀏覽這份財務業績報告時，這確實非常重要，甚至意味著每天有資格開採的比特幣數量從 900 枚減少到 450 枚。但真正重要的是，這段期間的比特幣已經從 30,000 增加到 60,000，當你像我們一樣經營精益的 G&A 業務時，這一點就顯得更加重要。

We also were very happy to see B. Riley Securities, initiate coverage on HIVE and gave a suggestion for a much higher stock price. And I think a lot of it has to take a look at the value metrics and when you look at performance at 15 times to 21 times EBITDA for data centers, especially with HPC. So if you take a look at this past quarter, even with the halving and you were to do a simple protection, it means that based on relative valuations to data center business that are not mining Bitcoin, HIVE is an extremely attractive asset to own in a portfolio.

我們也很高興看到 B. Riley Securities 開始對 HIVE 進行報道，並提出了更高股價的建議。我認為，很多事情都必須考慮價值指標，以及資料中心 15 到 21 倍 EBITDA 的效能，尤其是 HPC。因此，如果你看一下過去的季度，即使減半並且你要做一個簡單的保護，這意味著根據不開採比特幣的資料中心業務的相對估值，HIVE 是一項極具吸引力的資產。一個投資組合。

Look at this volatility from weak hands to strong hands, understanding the yen Japanese carry trade. I've lived through it before. I saw what it did in '97. I was in Hong Kong at the time when I started to take place and all the countries in Asia have borrowed cheap money from Japan. Japan wanted $250 billion back, but the money has gone into buildings and skyscrapers.

看看這種從弱手到強手的波動，了解日圓的套利交易。我以前也經歷過。我看到了97年它做了什麼。當我開始舉辦的時候，我在香港，亞洲所有國家都從日本借了廉價資金。日本想要收回 2500 億美元，但這筆錢已經投入了建築物和摩天大樓。

So countries had devalued their currency like Indonesia, by 70%. The Philippines had devalued their currency by 25%. And so you saw the sort of currency devaluations in emerging markets take place and you saw any asset that was speculative all of a sudden be sold down. And we saw this only 10 days, not even 10 days ago with Japan raising rates and that carry trade is estimated be a trillion dollars and a lot of bitcoin was leveraged in owning and all of a sudden Bitcoin falls from 60 to under 50 in this massive liquidation and panic. It was incredible last week for four days.

因此，像印尼這樣的國家已經將貨幣貶值了 70%。菲律賓已將其貨幣貶值25%。因此，你看到新興市場發生了貨幣貶值，你看到任何投機性資產突然被拋售。我們僅僅 10 天就看到了這一點，甚至不到 10 天前，日本加息，套利交易估計達一萬億美元，大量比特幣被槓桿化持有，比特幣突然從 60 跌至 50 以下。規模清算和恐慌。上週的四天真是令人難以置信。

I don't know if it's over historically, it doesn't all end in one day, but it's just one of those factors that Bitcoin ecosystem of almost 20,000 nodes around the world continuing to mine and function, 24/7. Brokerage firms in the US basically couldn't take trades. They had shut down. But bitcoin network, it continued to function. And so did HIVE. We continue to through this storm like other storms is to continue to produce and function like we do every day.

我不知道這是否已經結束，它不會在一天內全部結束，但這只是全球近 20,000 個節點的比特幣生態系統繼續挖礦和運行的因素之一，24/7。美國的經紀公司基本上不能做交易。他們已經關門了。但比特幣網絡，它繼續運轉。HIVE 也是如此。我們像其他風暴一樣繼續度過這場風暴，就是繼續像我們每天一樣生產和運作。

Recently, we were at the Nashville Bitcoin Convention, which is incredible for many reasons this event was extraordinary. The national Bitcoin conference was epic, and I think it's because you have high-profile speakers participating. The conference attracted. As you can see here, President Trump and Robert F. Kennedy Junior and both endorsing and supporting Bitcoin as a strategic asset.

最近，我們參加了納許維爾比特幣大會，由於許多原因，這次活動非同尋常，這令人難以置信。全國比特幣會議是史詩般的，我認為這是因為有高調的演講者參加。會議吸引了。正如您在這裡所看到的，川普總統和小羅伯特·F·甘迺迪都認可並支持比特幣作為戰略資產。

And you saw a global representation and networking group of 20,000 people from 50 countries showcase their global reach and the adoption of Bitcoin and many ideas and collaborations were taken place and the focus on Bitcoin future innovations. The conference it featured cutting edge discussions on the future of Bitcoin.

你看到來自 50 個國家的 20,000 人組成的全球代表和網路團體展示了他們的全球影響力和比特幣的採用，並提出了許多想法和合作，並關注比特幣未來的創新。會議重點討論了比特幣的未來。

And I think it was an incredible epic presentation from Michael Saylor, which is like 42 minutes. And so we had Holly who started this presentation of today. She has done a three-minute YouTube summary. If you don't have time to watch the full 42 minutes of that slide presentation by Michael Saylor. And I think it's just fantastic and informative and timely.

我認為 Michael Saylor 的演講長達 42 分鐘，令人難以置信。霍莉開始了今天的演講。她在 YouTube 上做了一個三分鐘的總結。如果您沒有時間觀看 Michael Saylor 的完整 42 分鐘幻燈片簡報。我認為它非常棒、資訊豐富且及時。

Last week, we saw during this volatility, Morgan Stanley on the next slide says it is allowing 15,000 wealth advisors to sell Bitcoin ETFs to their clients. This is all part of that slow adoption process that's significant in the Bitcoin ecosystem. And then we saw what really drives a lot of alternative asset classes on the next visual the idea of owning an asset like gold or Art from original painters, the growth of art, like Andy Warhol or Picasso Prints is the original signed prints is gone up 30, 40 fold over time since the 60s and 70s.

上週，我們在這次波動期間看到，摩根士丹利在下一張幻燈片中表示，它允許 15,000 名財富顧問向其客戶出售比特幣 ETF。這都是比特幣生態系統中重要的緩慢採用過程的一部分。然後我們看到真正推動下一個視覺上的許多替代資產類別的因素是擁有黃金或原創畫家的藝術等資產的想法，藝術的增長，如安迪·沃霍爾或畢加索版畫是原始簽名版畫的上漲自60 年代和70 年代以來，隨著時間的推移，增長了30,40 倍。

And I think it's important that a lot of that conversation has to do with money supply and a lot of the original gold bugs that went into gold as an alternative asset class. They articulated this and we have seen this growth in the Bitcoin ecosystem that the adoption of young smart minds into Web3, all understand why you want to own an asset class like Bitcoin was capped at 21 million coins and something like 93% has already been mined.

我認為重要的是，許多對話都與貨幣供應以及許多最初將黃金作為另類資產類別的黃金投資者有關。他們闡明了這一點，我們已經看到了比特幣生態系統的增長，年輕聰明的頭腦被Web3 所採用，所有人都明白為什麼你想擁有像比特幣這樣的資產類別，其上限為2100 萬枚硬幣，而大約93% 的硬幣已經被開採。

But as the money supply continues to grow, so all-time high, that is extremely bullish for the global network for the Bitcoin global network. And as we see the adoption taking place I think we can see Bitcoin trade at much higher prices over time. But during all of this, I mentioned earlier, we in the next slide, we function 24/7 and the team meets every morning and nine time zones to make sure that the machines are plugged in. And why do we do that? Well, when we look at Bitcoin mined to the average active hashrate. We saw ourselves being up there in the highest rankings, and we're very proud of that.

但隨著貨幣供應量持續增長，達到歷史最高水平，這對比特幣全球網路的全球網路極為利好。當我們看到比特幣的採用時，我認為隨著時間的推移，我們可以看到比特幣的交易價格要高得多。但在這一切過程中，我之前提到過，我們在下一張幻燈片中，我們 24/7 運行，團隊每天早上在九個時區開會，以確保機器已接通電源。我們為什麼要這麼做？好吧，當我們看看比特幣的平均活躍哈希率時。我們看到自己在最高排名中名列前茅，我們為此感到非常自豪。

Now there's a couple of other companies that have shown up in this data set, but they're less than an exahash not included them or they have a lot of -- where they basically of other people using their data centers so it's really not reflective of them mining Bitcoin for themselves. And that's something that HIVE does.

現在還有其他幾家公司出現在這個資料集中，但如果不包括它們的話，它們的數量還不到一億美元，或者它們有很多——它們基本上是其他人使用他們的資料中心，所以這真的不能反映他們為自己開採比特幣。這就是 HIVE 所做的事情。

And we HODL, as you can see on a regular basis as much Bitcoin on our balance sheet as possible. And that has had a significant impact, like I mentioned earlier, Bitcoin a year ago was 30,000 and now it's 60,000, but our total position has increased substantially. So that is creating wealth for the long-term shareholders of HIVE.

正如您定期在我們的資產負債表上看到的那樣，我們在資產負債表上持有盡可能多的比特幣。這產生了重大影響，就像我之前提到的，比特幣一年前是 30,000，現在是 60,000，但我們的總持倉量大幅增加。這就是為 HIVE 的長期股東創造財富。

Ranked by utilization, we have a 95% ranking, and that is just from our self-mining, not from other people using our facilities. I think that that's what's really important in this equation. And then revenues energized by petahash for July. As I said, I look at the big miners out there and HIVE is an incredible number, and that's sort of consistent basis being a leader in revenues that are energized for petahash. And we do it with green energy.

按利用率排名，我們有 95% 的排名，這只是我們自己挖礦的結果，而不是其他使用我們設施的人的排名。我認為這才是這個等式中真正重要的。然後是 7 月份由 petahash 帶來的收入。正如我所說，我觀察了那裡的大型礦商，HIVE 的數量令人難以置信，這是為 petahash 提供活力的收入領導者的一致基礎。我們用綠色能源來做到這一點。

We're not dealing with other sources of energy that are coal related, and that's been our big challenge to find reliable green energy. And that's a big reason why we said we're going to expand and double our footprint in Paraguay because we're able to source competitive inexpensive on a relative basis. But competitive green energy for our future.

我們不處理與煤炭相關的其他能源，這是我們尋找可靠的綠色能源的巨大挑戰。這就是為什麼我們說我們將擴大在巴拉圭的足跡並將其擴大一倍的一個重要原因，因為我們能夠在相對基礎上以相對便宜的價格採購有競爭力的產品。而是為我們的未來提供有競爭力的綠色能源。

As you can see, ranked by BTG production for exahash. But I find it interesting that Marathon who I have the greatest respect for the company and the CEO that their number would be bigger when you look at it. So they must have other sources of revenue showing up. But still it really is important for investors to look at how lean our team is having the lowest G&A to mine a Bitcoin.

如您所見，按 exahash 的 BTG 產量排名。但我覺得有趣的是，我最尊重公司和執行長的馬拉松，當你看到他們的數字時，他們的數字會更大。所以他們一定有其他收入來源。但對於投資者來說，了解我們的團隊在以最低的管理費用和行政費用來開採比特幣方面的精益程度仍然非常重要。

When you look at relative market caps with Aydin, we'll go into greater detail and granularity about for you and how we function, because most of these other companies function in one country or just in one state. They are not diversified and they do not have to rely on sourcing green energy. And during all this journey of being the first crypto mining company of September 2017 to date, this visual highlights about being lean and functioning.

當您查看艾丁的相對市值時，我們將為您提供更詳細的資訊以及我們的運作方式，因為大多數其他公司在一個國家或僅在一個州運營。它們並不多元化，也不必依賴採購綠色能源。在 2017 年 9 月迄今成為第一家加密貨幣挖礦公司的整個旅程中，這種視覺強調了精實和運作。

And we have not had this experience of negative big losses. We do not leverage our equipment. We've never leveraged our equipment. We've not gone through the bankruptcies of many of our peers have. And we have been able to, even during the worst of times when FTX blew up, we were able to come in and buy machines at great, great prices because we had cash in the balance sheet.

而且我們還沒有經歷過這種負大損失的經驗。我們不利用我們的設備。我們從來沒有利用過我們的設備。我們沒有經歷許多同儕所經歷的破產。即使在 FTX 崩潰的最糟糕時期，我們也能夠以非常非常好的價格購買機器，因為我們的資產負債表上有現金。

And we've already received our money back on buying them at a great, fantastic price. So this is an important visual that is not just last quarter. This is showing you going back quarter in, quarter out, year in, year out, up cycles, down cycles, Ethereum, which was a big profit center, leaving us and how we repositioned the company and to continue to prosper.

我們已經收到了以非常優惠的價格購買它們的錢。所以這是一個重要的視覺效果，不僅僅是上個季度。這向你展示了季度復一年、年復一年、上升週期、下降週期、以太坊，這是一個巨大的利潤中心，留下了我們以及我們如何重新定位公司並繼續繁榮。

Positive corporate margins through the bear market. This is just another visual highlighting the previous one, showing you quarter over quarter of what we've been able to do. And this is an important indication of our capacity to adapt to these external forces that happen. So you can see here that we have about 117 million shares outstanding. We've done analysis that our peers have in this time period in the past year, increased their number of shares out by 300%.

熊市期間企業利潤率為正。這只是突出顯示前一個視覺效果的另一個視覺效果，向您展示了我們已經完成的四分之一以上的工作。這是我們適應這些發生的外在力量的能力的重要標誌。所以你可以在這裡看到我們大約有 1.17 億股流通股。我們做了分析，我們的同業在過去一年的這個時間段內，增加了300%的股票數量。

So we have the amongst the lowest G&A and the number of shares issued to attract and retain great employees to expand and buy new equipment to increase our global footprint.

因此，我們的管理費用和發行股票數量是最低的，以吸引和留住優秀的員工來擴大和購買新設備，以擴大我們的全球足跡。

Now, I'd like to turn over to the longest standing CFO in the Bitcoin industry, a snapshot for growth by our CFO, Darcy Daubaras.

現在，我想請比特幣行業中任職時間最長的財務長來介紹我們的財務長 Darcy Daubaras 的成長快照。

Great. Thank you very much, Frank. At this point of the presentation, I'll be taking you through a snapshot of the period as Frank had mentioned, looking at the most recently completed quarter and some financial indicators, we are providing certain non-IFRS measures in our presentation today. And the company believes that these measures, while not a substitute for measures of performance compared in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the company.

偉大的。非常感謝你，弗蘭克。在演示的這一點上，我將向您介紹弗蘭克提到的這一時期的快照，看看最近完成的季度和一些財務指標，我們在今天的演示中提供了某些非國際財務報告準則衡量標準。該公司認為，這些衡量標準雖然不能取代根據國際財務報告準則進行的業績衡量，但可以提高投資者評估公司基本業績的能力。

These measures do not have any standardized meanings prescribed under IFRS and therefore may not be comparable to other issuers. Further details can be found in our management discussion and analysis for the three months ended June 30, 2024.

這些措施沒有《國際財務報告準則》規定的任何標準化意義，因此可能無法與其他發行人進行比較。更多詳情請參閱我們截至 2024 年 6 月 30 日止三個月的管理層討論和分析。

Moving on to the next page, I'd like to remind our stakeholders that our earnings are comprised of our operational earnings or cash flow plus our investment earnings, which includes realized and unrealized earnings, which often includes noncash charges.

進入下一頁，我想提醒我們的利害關係人，我們的收益由我們的營運收益或現金流量加上我們的投資收益組成，其中包括已實現和未實現的收益，其中通常包括非現金費用。

Taking a look at the next page, our 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. 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 gains are paper losses or gains generated through an accounting entry rather than the actual sale of the security.

看看下一頁，我們的以市價計價是一種會計實踐，涉及調整資產的價值以反映其由當前市場條件確定的價值。市場價值是根據公司在當時出售該資產所能獲得的價格來決定的。以市值計價的損失或收益是透過會計分錄而非實際出售證券產生的帳面損失或收益。

The swings in digital assets impact our paper profits and losses each quarter. Our Bitcoin digital assets do generate unrealized gains and losses each quarter. 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.

數位資產的波動影響我們每季的帳面損益。我們的比特幣數位資產確實每季都會產生未實現的收益和損失。重要的是，除了每季以市值計價的帳面損益之外，投資人還應了解營業收益或虧損的差異。

Speaking about non-cash charges, those are the write-downs or accounting expenses that does not involve cash payments. Items such as depreciation, amortization, depletion, stock-based compensation and asset impairments are just a few of the common noncash charges that reduced earnings but not cash flows.

說到非現金費用，這些費用是指不涉及現金支付的減記或會計費用。折舊、攤提、消耗、股票薪酬和資產減損等項目只是減少收益但不減少現金流的常見非現金費用的一部分。

Moving on to the next slide, taking a look at a financial review during this most recently completed quarter as of June 30, 2024, we recorded $32.2 million of revenue and $14.9 million profit in adjusted EBITDA. This was driven by a production of 449 BTC equivalent mined during this most recent period. And to remind our listeners, as Frank had mentioned, this is following the April happening events as we all experienced.

前往下一張投影片，查看截至 2024 年 6 月 30 日的最近完成的季度的財務審查，我們記錄了 3,220 萬美元的收入和 1,490 萬美元的調整後 EBITDA 利潤。這是由最近一段時間開採的 449 BTC 等值產量所推動的。並提醒我們的聽眾，正如弗蘭克所提到的，這是我們都經歷過的四月發生的事件之後的事情。

Moving on to the next slide, taking a look at the healthy balance sheet that we continue to have. Our cash position stood at $25.6 million as at June 30, 2024, along with an additional $153.9 million in digital currencies comprised almost entirely of our Bitcoin HODL position. We also had $4.4 million in amounts receivable and prepaid a slight decrease from the prior period.

前往下一張投影片，看看我們仍然擁有的健康的資產負債表。截至 2024 年 6 月 30 日，我們的現金部位為 2,560 萬美元，另外 1.539 億美元的數位貨幣幾乎全部構成我們的比特幣 HODL 部位。我們還有 440 萬美元的應收和預付款項，比上期略有減少。

The total market value of our strategic investment increased by 118% to $15.2 million at the end of the period, maintain a strong net cash position and healthy working capital position to fund our ongoing operations and growth objectives with the current ratio being our current assets divided by our current liabilities of 7.35.

期末我們策略投資的總市值成長了118%，達到1520萬美元，維持強勁的淨現金狀況和健康的營運資本狀況，為我們的持續營運和成長目標提供資金，流動比率為我們的流動資產除以我們的流動負債為7.35。

Looking at the next slide and switching gears, taking a look at our gross operating margin on a year-over-year basis, comparing the first quarter is completed to the first quarter of our fiscal 2024. Our gross operating margin, which equates to our total revenues minus direct operating and maintenance costs, increased in absolute dollars to $11.4 million in the most recent quarter compared to $8 million and in the prior year comparative quarter.

看看下一張投影片並換個角度，看看我們的毛營業利潤率同比情況，將第一季的完成情況與我們 2024 財年第一季的情況進行比較。我們的毛營業利潤率（等於總收入減去直接營運和維護成本）在最近一個季度增加至 1,140 萬美元，而去年同期為 800 萬美元。

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 were on average higher than the prior comparative period. As you can see in this most recently completed period, we are reporting a net income of $0.03 per share compared to a net loss of $0.19 per share reported in the June 30, 2023 last year.

挖礦毛利也部分取決於各種外部網路因素，包括高挖礦難度。我們正在經歷礦工獲得的數位貨幣獎勵金額以及挖礦時數位貨幣的市場價格，平均高於上一個比較時期。正如您在最近完成的這段期間所看到的，我們報告的每股淨利潤為 0.03 美元，而去年 2023 年 6 月 30 日報告的每股淨虧損為 0.19 美元。

Moving on to the next slide, taking a look at our year-over-year revenue. We generated total revenue in the first quarter of fiscal 2025 of [$30.2 million] versus $23.6 million in the previous year's first quarter. The increase in revenues versus the same quarter in fiscal 2024 can be attributable mostly to the average Bitcoin price, which was double what it was last year, even with the ever-increasing Bitcoin difficulty hashrate over the past 12 months.

轉到下一張投影片，看看我們的年收入。我們在 2025 財年第一季的總營收為 [3,020 萬美元]，而去年第一季的總營收為 2,360 萬美元。與 2024 財年同一季度相比，營收的成長主要歸因於比特幣平均價格，儘管過去 12 個月比特幣難度算力不斷增加，但比特幣平均價格是去年的兩倍。

As mentioned previously, our gross mining margin, which equates to our revenues minus direct operating and maintenance costs, increased in absolute dollars to $11.4 million or 35% in the most recent quarter compared to $8 million in the prior year comparative, which had a 34% operating margin.

如前所述，我們的總採礦利潤率（等於我們的收入減去直接營運和維護成本）在最近一個季度增加至1,140 萬美元，即35%，而去年同期為800 萬美元，去年同期增長了34%。

Turning to the next slide comparing our current fiscal Q1 quarter to the previous Q4 quarter, we generated revenue in this first quarter of $30.2 million versus $36.9 million in the previous quarter. As has been talked about previously, this decrease in revenues versus the prior quarter was impacted substantially by the April happening leading to less Bitcoin produced. And this was partially offset by an increase in the price of Bitcoin.

轉向下一張投影片，將我們目前的第一財季與上一財季的第四季進行比較，我們第一季的營收為 3,020 萬美元，而上一季的營收為 3,690 萬美元。如同先前所討論的，收入與上一季相比的下降受到四月份發生的比特幣產量減少的重大影響。這被比特幣價格上漲部分抵消。

Our operating gross margin also in absolute dollars was $11.4 million in the most recent quarter compared to $16.3 million in the prior quarter comparative. This decrease in gross mining margin versus the prior quarter was negatively impacted by the happening that took place early in the quarter. As we continue to talk about, we have been extremely strong in our operations, but as a result of the halving, we have been able to adjust and we've done a very good job of that.

最近一個季度我們的營業毛利率（以絕對美元計算）為 1,140 萬美元，而上一季的營業毛利率為 1,630 萬美元。採礦毛利率較上一季下降是受到本季初發生的事件的負面影響。正如我們繼續談論的那樣，我們的營運非常強勁，但由於減半，我們已經能夠進行調整，並且我們在這方面做得非常好。

Looking at the next slide, our adjusted EBITDA in this first quarter of fiscal 2025 was $14.9 million versus an adjusted EBITDA of $16.2 million in the prior quarter. I will highlight again that adjusted EBITDA is a non IFRS figure. In the first quarter, we experienced net income of $3.3 million compared to a net loss of $3.5 million in the prior quarter.

請看下一張投影片，我們在 2025 財年第一季的調整後 EBITDA 為 1,490 萬美元，而上一季調整後 EBITDA 為 1,620 萬美元。我要再次強調的是，調整後的 EBITDA 是非 IFRS 資料。第一季度，我們的淨利潤為 330 萬美元，而上一季的淨虧損為 350 萬美元。

I want to again thank our loyal stakeholders and shareholders that are listening. And at this time, I'd like to turn the presentation over to our President and CEO, Aydin Kilic for an executive update, Aydin?

我想再次感謝我們忠誠的利害關係人和正在傾聽的股東。現在，我想將簡報轉交給我們的總裁兼執行長艾丁·基利奇（Aydin Kilic），以了解最新的高階主管情況，艾丁？

Thank you for that excellent summary. It has been a solid quarter and we're going to start off actually by looking at our production of Bitcoin over the last 12 months. So we have mined almost 2,600 Bitcoin with green energy over the last 12 months. As Frank and Darcy both mentioned, this is a first fiscal quarter for all of the public miners where we are post halving.

感謝您的精彩總結。這是一個穩定的季度，我們將首先查看過去 12 個月的比特幣產量。因此，在過去 12 個月裡，我們已經用綠色能源開採了近 2,600 個比特幣。正如弗蘭克和達西都提到的那樣，這是我們減半後所有公共礦工的第一個財政季度。

And as you can see here, we've delivered solid and consistent production since the halving 119 Bitcoin in May, June and 116 in July. And this is a time when we've seen difficulty really maintain high levels in the 80 trillion to 85 trillion range. And how we continue to have consistent production is we had new machines coming in from our S21 and S21 Pro orders to reach our target 5.5 exahash install. Now, I do want to note, and we're going to start talking about this more, we are in a bearish cycle of crypto mining. It's obviously post halving.

正如您在這裡所看到的，自 5 月、6 月減半 119 個比特幣和 7 月減半 116 個比特幣以來，我們已經交付了穩定且穩定的產量。這是我們看到難度確實維持在 80 兆到 85 兆範圍內的高水準的時候。我們如何繼續保持一致的生產，是因為我們從 S21 和 S21 Pro 訂單中獲得了新機器，以達到我們 5.5 exahash 安裝的目標。現在，我確實想指出，我們將開始更多地討論這一點，我們正處於加密貨幣挖礦的看跌週期中。這顯然是減半後的事。

We're seeing difficulty actually out of this last (inaudible) all time high to 90 trillion. And so, what that means is we're in a bear cycle where you really want to manage profitability and have the best in economics. So, we're actually now operating about 5.2 exahash where we've improved the efficiency of some of our older machines, by firmware optimization.

我們看到，困難其實已經超越了最後（聽不清楚）歷史最高點，達到 90 兆美元。因此，這意味著我們正處於熊市週期，您確實希望管理盈利能力並獲得最佳的經濟效益。所以，我們現在實際上正在運行大約 5.2 exahash，我們透過韌體優化提高了一些舊機器的效率。

And there's a very good reason why we do this. And that's on the next slide, profit. Another quarter's with positive gross mining margins. As you can see, this is $32 million of revenue this quarter with $11 million of gross mining margins. So add another one to the chart. I think next quarter we should have a slide that shows, Hall of Fame jersey hanging from the rafters. So I'm not aware of any other public crypto mine that's mined profitably over the last three years.

我們這樣做是有充分理由的。這就是下一張投影片上的利潤。另一個季度的採礦毛利率為正。如您所見，本季營收為 3,200 萬美元，採礦毛利潤為 1,100 萬美元。因此，請在圖表中添加另一個。我認為下個季度我們應該有一張幻燈片顯示名人堂球衣掛在椽子上。因此，我不知道在過去三年中是否有任何其他公共加密貨幣礦場能夠獲利。

And so, the reason why we're so meticulous with how we manage our hashrate, our firmware, and we are extremely analytical, paying attention to hash rate economics and also energy markets, again, with transventions, hedge markets in Sweden etcetera. This is how we have a multifaceted strategy, to deliver quarter over quarter positive gross mining margins, as a public company.

因此，我們之所以如此細緻地管理我們的算力、我們的固件，我們非常善於分析，專注於算力經濟學和能源市場，以及瑞典的交易、對沖市場等。這就是我們作為一家上市公司製定多方面策略的方式，以實現季度環比的正採礦毛利率。

And right now, we are in the $40 hash price range. So we're all time low for hash price, post-halving the $45 to $55 per petahash per day hash price range. And what's interesting is you'll notice our mining margin is actually better this quarter, than it was in the winter of 2022 bear market. And the reason why, is because this is more of a macro commentary now, for the Bitcoin mining industry.

現在，我們處於 40 美元的哈希價格範圍內。因此，在將每天每 petahash 45 美元到 55 美元的哈希價格範圍減半後，我們的哈希價格一直處於低位。有趣的是，您會注意到我們本季的挖礦利潤率實際上比 2022 年冬季熊市時更好。之所以如此，是因為這現在更多的是對比特幣挖礦產業的宏觀評論。

We have the new generation S21 and S21 Pro machines that exist in this post halving era that are allowing miners to generate better revenues on a dollar per kilowatt hour basis, compared to the mining economics in late 2022, which were in the $50 to $55 per petahash per day range. But back then, the best machines on the market were just the XP and maybe the K Pro.

我們擁有在後減半時代存在的新一代S21 和S21 Pro 機器，與2022 年底的採礦經濟相比，它們可以讓礦工以每千瓦時1 美元為基礎創造更好的收入，當時的採礦經濟為每千瓦時50 至55 美元每天的 petahash 範圍。但當時，市面上最好的機器只有 XP，或許還有 K Pro。

And so what does that mean? So you look at the advent of hardware innovation and we have machines now that are in the 15 to 18 joule per terahash efficiency range, whereas a couple of years ago, the best machines, which weren't that prevalent, by the way, right, like the S21 XP was very overpriced. Those were in the 22 joule per terahash range. We bought a bunch of K Pros. They were phenomenal. $11 a terahash, 23 joules a terahash.

那麼這意味著什麼呢？所以你看看硬體創新的出現，我們現在擁有每太赫哈希 15 到 18 焦耳效率範圍的機器，而幾年前，最好的機器，順便說一句，這並不普遍，對吧，就像S21 XP 的價格非常高。這些能量在 22 焦耳/太哈哈希範圍內。我們買了一堆 K Pro。他們非常出色。每太哈哈希 11 美元，每太哈哈希 23 焦耳。

And so, that's just a little bit of, the some of the notes of how we would hit these cadences, of consistent profit through the quarter. So that's on the operating side of the business. Let's slip to the next slide. This is corporate margin. So I'm very proud of this slide as well. Our team works very hard in order to realize, the numbers that you see here.

因此，這只是我們如何達到這些節奏、整個季度持續獲利的一些註釋。這就是業務的營運面。讓我們轉到下一張投影片。這是企業利潤。所以我也對這張投影片感到非常自豪。我們的團隊非常努力地工作，以實現您在這裡看到的數字。

Corporate margin is our gross operating margin minus our G&A as a public company. So it's a public company. We have a lot of different costs. As you can imagine, there's all the executive costs. There's travel to go to conferences, sponsoring conferences, investor relations, marketing, lawyers, auditors, directors and officers insurance. There's a lot of overhead.

公司利潤率是我們的總營業利潤率減去我們作為上市公司的一般管理費用。所以它是一家上市公司。我們有很多不同的成本。正如您可以想像的那樣，這就是所有的執行成本。還有出差去參加會議、贊助會議、投資者關係、行銷、律師、審計師、董事和高階主管的保險。有很多開銷。

We have at HIVE Digital the lowest G&A per Bitcoin margin in the industry. Full stop. And so what you have is a company that is still making money fundamentally, after you subtract these corporate operating cash costs. And this quarter we did $8 million, right?

HIVE Digital 的每比特幣利潤率在業界是最低的。句號。因此，在扣除這些公司營運現金成本後，你所擁有的是一家基本上仍在獲利的公司。這個季度我們賺了 800 萬美元，對吧？

And so year over year, by the way, we're up about 60%, right? A year ago, it's $5.2 million of corporate margin. And so, we believe that by having low G&A per Bitcoin mine. And by the way, this applies if you go back those three years, we've had positive corporate margin over the last few years as well. We believe this gives investors the best access to Bitcoin as an asset class.

順便說一下，我們每年都成長了 60% 左右，對吧？一年前，公司利潤為 520 萬美元。因此，我們相信每個比特幣礦場的管理費用較低。順便說一句，如果你回顧過去三年，這也適用，過去幾年我們的企業利潤率也為正。我們相信這為投資者提供了獲得比特幣這一資產類別的最佳途徑。

Almost functioning like a gold royalty streaming fund, which is a French vision when we really founded HIVE. And so (inaudible) all the unnecessary blow, have a high octane, high horsepower machine, consistently we're ranked with having the best cash rate utilization in the sector, green energy, globally diversified, low operating costs.

幾乎像黃金特許權使用費流動基金一樣運作，這是我們真正創立 HIVE 時的法國願景。因此（聽不清楚）所有不必要的打擊，擁有高辛烷值、高馬力的機器，我們一直被評為該行業最佳現金利用率、綠色能源、全球多元化、營運成本低。

And this is how you have a high value company, not just looking at it through the lens of Bitcoin mining stock, but really just as a company with great fundamentals. So if you hop to the next slide, we can look at this same ideology through a more accounting focused lens. So we talked about (inaudible) the [depend] news outflow to add what's out there. So super solid quarter, $14.9 million of adjusted EBITDA and $18.8 million of EBITDA.

這就是擁有高價值公司的方式，不僅僅是從比特幣礦業股票的角度來看待它，而是真正作為一家具有良好基本面的公司。因此，如果您跳到下一張投影片，我們可以透過更注重會計的鏡頭來看待相同的意識形態。因此，我們討論了（聽不清楚）[依賴]新聞流出來添加現有內容。本季非常穩定，調整後 EBITDA 為 1,490 萬美元，EBITDA 為 1,880 萬美元。

Now, if you tally that up for the year, what that works out to is an adjusted EBITDA of $47 million for the year, and an EBITDA of $40.7 million for the year. So these are great numbers, and it's been another solid quarter. Knowing how, we're performing on an adjusted EBITDA basis, which is a good apples to apples comparison amongst our peers, because some companies have different ways that they book non-cash charges. We try to look at the business, of how are you operating on adjusted EBITDA or at least that's what the analysts look at.

現在，如果你算今年的數據，那麼今年調整後的 EBITDA 為 4700 萬美元，全年的 EBITDA 為 4,070 萬美元。所以這些數字非常好，而且這又是一個穩定的季度。知道瞭如何，我們的業績是在調整後的 EBITDA 基礎上進行的，這對於我們的同業來說是一個很好的同類比較，因為有些公司有不同的方式來記帳非現金費用。我們嘗試著眼於業務，了解調整後 EBITDA 的營運情況，或至少分析師是這麼看的。

And on the next slide, these are just the companies that reported to date, right. So some companies are still going to report in the next couple of days. But for now, you could see that we are trading at an enterprise value, which, by the way, as of last Friday, August 9, when we updated all the data, our enterprise volume is only $154 million. Why? Well, our market cap is $300 million, but we're holding about $150 million of Bitcoin on the balance sheet.

在下一張投影片上，這些只是迄今為止報告的公司，對吧。因此，一些公司仍將在未來幾天內發布報告。但現在，你可以看到我們正在以企業價值進行交易，順便說一句，截至上週五，8 月 9 日，當我們更新所有數據時，我們的企業交易量僅為 1.54 億美元。為什麼？嗯，我們的市值是 3 億美元，但我們的資產負債表上持有約 1.5 億美元的比特幣。

So when you look at that enterprise value of $154 million, and you realize we did $14.9 million EBITDA, adjusted EBITDA for the quarter, that's almost $60 million EBITDA annualized. That means they're easy to adjust EBITDA multiples only 2.6. Now, first of all, that from first fundamentals is already attractive. But when you look at where our peers are trading upwards of 10x, 15x, 20x and more, we are an absolute bargain.

因此，當您查看 1.54 億美元的企業價值時，您會發現我們的 EBITDA 為 1,490 萬美元，調整後的本季 EBITDA 相當於年化 6000 萬美元的 EBITDA。這意味著他們很容易調整 EBITDA 倍數僅為 2.6。現在，首先，從基本面開始就已經很有吸引力了。但當你看看我們的同業的交易價格高達 10 倍、15 倍、20 倍甚至更多時，我們絕對是便宜貨。

So why is this? I get asked often. I think it's because our office is headquartered in Vancouver. So having the US address is very important for getting indexed on the Brussels (inaudible) etcetera. And I think a lot of our peers, spend a lot more money, which we can see from the G&A expenses on marketing and hiring PR.

那麼這是為什麼呢？我常被問到。我認為這是因為我們的辦公室總部位於溫哥華。因此，擁有美國地址對於在布魯塞爾（聽不清楚）等地區建立索引非常重要。我認為我們的許多同行花了更多的錢，這一點我們可以從行銷和招募公關的一般行政費用中看到。

We're very proud of what we do. We do think, we go to the conferences, we tell the story. We meet with retail investors, institutions, etcetera. But nevertheless, we believe we're trading at a discount to our peers, and that provides a great opportunity, in my opinion. On the next slide, we look at easy to annualized revenue.

我們對我們所做的事情感到非常自豪。我們確實思考，我們參加會議，我們說故事。我們會見散戶、機構等。但儘管如此，我們相信我們的交易價格低於同行，在我看來，這提供了一個很好的機會。在下一張投影片中，我們將查看易於年化的收入。

And this is even more, what's the right words here? Attractive, maybe even mind boggling with $32 million of revenue for the quarter and enterprise value of $154. Our easy to annualized revenue is 1.2x. Again, an absolute bargain when our peers are trading it two, four, six times. So again, we just like to point out I'm an engineer, by the way. So I have clear numbers. We live and die by them.

更何況，這裡該用什麼字呢？該季度的收入為 3,200 萬美元，企業價值為 154 美元，極具吸引力，甚至令人難以置信。我們的易年化收入是1.2倍。再說一次，當我們的同業交易兩次、四次、六次時，這絕對是便宜的。順便說一句，我們只是想指出我是工程師。所以我有明確的數字。我們因它們而生、因它們而死。

But consistently, I demonstrate high performance, high value, low overhead. I'd love to be at a higher multiple and sort of that's a nice place to be. I suppose the only way, if you're really high multiple is the only way you can maybe go down. So we're trading at a great discount right now. So, I think the only way it should go is up.

但我始終如一地展現了高性能、高價值、低開銷。我很想達到更高的倍數，這是一個不錯的地方。我想，如果你的本益比真的很高，那麼唯一的方法就是你可能會下跌的唯一方法。所以我們現在以很大的折扣進行交易。所以，我認為唯一該走的路就是上漲。

Now, if we look at the next slide, I'm really excited about this one. So this is our growth profile for the next year. So we've signed a PPA in Paraguay for 100 megawatts. And with S21 Pro, this would add another 6.6 exahash to our 5.5 exahash installed today, which would bring us to 12.1 exahash. And by the way, our efficiency globally, if we were operating at 12.1 exahash with S21 Pros, we'd come down to 19.3 joules a terahash.

現在，如果我們看下一張投影片，我對這張投影片感到非常興奮。這是我們明年的成長概況。因此，我們在巴拉圭簽署了 100 兆瓦的購電協議。對於 S21 Pro，這將在我們今天安裝的 5.5 exahash 的基礎上再增加 6.6 exahash，這將使我們達到 12.1 exahash。順便說一句，我們的全球效率，如果我們使用 S21 Pro 以 12.1 exahash 運行，我們會降至 19.3 焦耳/terahash。

Today we're at 24.5. So that would give us, I mean, we already -- have one of the most efficient fleet of ASIC miners on the joule per terahash basis, which again, for all the enthusiasts out there, the better your efficiency on a joule per terahash basis, the lower your cost of Bitcoin production.

今天24.5。因此，這將使我們，我的意思是，我們已經擁有以每 terahash 焦耳為基礎的最高效的 ASIC 礦機群之一，這對於所有愛好者來說，以每 terahash 焦耳為基礎的效率就越高，比特幣生產成本越低。

So this, again, would take us to 12.1 exahash and a global fleet efficiency of 19.3 joules a terahash. So this is very exciting. Our target is Q3 of 2025. And by the way, our team was out there this year, hoping to find out. And that's what 100 megawatts look like, right? So dedicated substation. So really exciting. The other attractive thing there, of course, is green energy.

因此，這將再次使我們達到 12.1 exahash，全球艦隊效率為 19.3 焦耳/terahash。所以這非常令人興奮。我們的目標是 2025 年第三季。順便說一句，我們的團隊今年就在那裡，希望找到答案。這就是 100 兆瓦的樣子，對吧？所以專用變電站。真的很令人興奮。當然，另一個有吸引力的東西是綠色能源。

As Frank mentioned, it is much tougher to find green energy at scale, than if you just are willing to get grid mix or carbon emitting. And so, what another very compelling and exciting merit of our site in Paraguay is that we expect the cost of Bitcoin production to be about $22,000 with new generation equipment at the site on a quarter of the low power cost.

正如弗蘭克所提到的，大規模尋找綠色能源比僅僅願意獲得電網混合或碳排放要困難得多。因此，我們巴拉圭工廠的另一個非常引人注目和令人興奮的優點是，我們預計，使用該工廠的新一代設備，比特幣的生產成本約為 22,000 美元，而電力成本只有四分之一。

So very exciting. That's a little bit more color. We'll be providing more updates and news releases to come on the next slide. A little bit more commentary on the post halving mining economics. So again, we've had solid production over the last three months. We're showing July here as well. Again, the interim year end was June 30, but we included the July production report as well. So our installed hash rate is 5.5 exahash.

非常令人興奮。就是顏色多一點點。我們將在下一張投影片上提供更多更新和新聞稿。關於減半後挖礦經濟的更多評論。同樣，過去三個月我們的生產也很穩定。我們也在這裡展示七月。同樣，中期年度結束日期是 6 月 30 日，但我們也包括了 7 月的生產報告。所以我們安裝的哈希率為 5.5 exahash。

We received all of our shipments of S21s and S21 Pros. In total, those are 9,586 that have been installed from January through to the end of July. But as mentioned, we are operating our older machines, our 3 joule per terahash machines. We've actually down-clocked them to go below their rated operating efficiency and improvement to have better profitability and better unit economics.

我們已收到所有 S21 和 S21 Pro 的出貨。從 1 月到 7 月底，總共安裝了 9,586 個。但正如前面提到的，我們正在運行我們的舊機器，即 3 焦耳/terahash 機器。實際上，我們已經將它們降頻到低於額定運行效率並進行改進，以獲得更好的盈利能力和更好的單位經濟效益。

And again, when I show that slide that we've been mining profitably for the last three years, how we do that is we're very analytical and very granular on how we manage our ASICs. We're constantly looking at hash price, studying what our electrical price is at every facility relative to the breakeven price of each machine. Can you improve the breakeven price of that machine by adjusting its firmware?

再說一次，當我展示這張投影片時，我們在過去三年中一直在獲利，我們是如何做到這一點的，我們非常善於分析，並且非常細緻地管理我們的 ASIC。我們不斷關注哈希價格，研究每個設施的電力價格相對於每台機器的損益平衡價格。您可以透過調整該機器的韌體來提高該機器的損益平衡價格嗎？

If you can, we absolutely do it. And when Frank talks about huddling in nine time zones, all our site captains, everyone's dialed into the program. And so that's how we function like a welloiled machine.

如果可以的話，我們絕對會這麼做。當弗蘭克談到擠在九個時區時，我們所有的站點負責人都參與了該計劃。這就是我們像一台運作良好的機器一樣運作的方式。

Next slide. So this is big news and this is great news. We have grown our huddle month over month since this happened, which I think is remarkable. So we are at 2,533 Bitcoin mined with green and clean energy. Again, it makes us have an incredibly attractive enterprise value of only about $150 million.

下一張投影片。所以這是一個大新聞，這是一個好消息。自從這件事發生以來，我們的團隊規模逐月擴大，我認為這非常了不起。因此，我們有 2,533 個比特幣是用綠色和清潔能源開採的。同樣，它使我們擁有僅約 1.5 億美元的極具吸引力的企業價值。

And on the next slide, a quick update. But a great one on our milestone. So we reached $10 million in annualized run rate revenue. Everybody was $2.6 million for the quarter, which of course I would be $10.4 million for the year on an annualized basis. It was very exciting. We broadcast this would be an interim target of ours in some of our earlier press releases describing the growth of our AI businesses and our NVIDIA chips.

在下一張投影片中，我們將進行快速更新。但這是我們里程碑式的偉大成就。因此，我們的年化營運收入達到了 1000 萬美元。每個人這個季度的收入都是 260 萬美元，當然，以年化計算，我全年的收入是 1,040 萬美元。非常令人興奮。我們在之前的一些新聞稿中宣傳了這將是我們的臨時目標，描述了我們的 AI 業務和 NVIDIA 晶片的成長。

So, we have over 4000 NVIDIA A-series cards, the A4000, A6000 and 5000, which we're running in Tier 3 data sets. In addition to that, we have 96 H100. So very glad that we reached this interim milestone of $10 million annualized run rate revenue. Our target for the second half of this year is still $20 million. And our target for next year, which is our blue sky, is $100 million annualized run rate revenue from the AI business.

因此，我們有超過 4000 個 NVIDIA A 系列卡，即 A4000、A6000 和 5000，我們在 Tier 3 資料集中運行它們。除此之外，我們還有 96 架 H100。非常高興我們達到了年化營運收入 1000 萬美元的臨時里程碑。我們今年下半年的目標仍然是2000萬美元。我們明年的藍天目標是人工智慧業務的年化運作收入達到 1 億美元。

How are we going to get there? Stay tuned. We have some really exciting announcements. We've been very diligently pursuing expansions and procuring opportunities for having the absolute best GPU hardware available on the market for the next generation. And so, we will be providing the market more color on our plans for the second half of this year and 2025. So stay tuned for more. It's been a great quarter and we look forward for more to come.

我們怎樣才能到達那裡？敬請關注。我們有一些非常令人興奮的公告。我們一直在非常努力地尋求擴展和採購機會，以便為下一代提供市場上絕對最好的 GPU 硬體。因此，我們將為市場提供更多有關今年下半年和 2025 年計劃的資訊。請繼續關注更多資訊。這是一個很棒的季度，我們期待更多的到來。

Thank you, Mr. Kilic.

謝謝你，基利奇先生。

(Operator Instructions) Mike Colonnese, H.C. Wainwright.

（操作員說明）Mike Colonnese, H.C.溫賴特。

Hi, good afternoon, guys. And congrats on signing the new site in Paraguay. Great to see that. A couple from me. First, I'm curious, which site will you guys be converting over to HPC from Bitcoin mining? And what will be your strategy for the 20 megawatts? Do you think you'll purchase and deploy your own GPUs as you've done in the past? Or will you focus more on a co-location model here?

嗨，大家下午好。並祝賀在巴拉圭簽署新網站。很高興看到這一點。我的一對。首先，我很好奇，你們會將哪個網站從比特幣挖礦轉換成 HPC？對於 20 兆瓦，你們的策略是什麼？您認為您會像過去一樣購買和部署自己的 GPU 嗎？還是您會更關注這裡的主機代管模式？

Hi Mike, it's Aydin here. I'll take that one. I just want to make sure. Can you hear me?

嗨，麥克，我是艾丁。我會接受那個。我只是想確定一下。你聽得到我嗎？

Yes.

是的。

Okay. Excellent. I'm just dialing in from Boston. So the sites we are building for New Brunswick and then one of our sites in Boden. So these are, I mean, all of our facilities are data centers. New Brunswick in particular and Boden. I mean, Boden used to be a GPU mining facility. And our facility in New Brunswick is, what I like to call a military grade data center.

好的。出色的。我剛從波士頓撥入。因此，我們正在為新不倫瑞克省建造站點，然後在博登建設站點之一。我的意思是，我們所有的設施都是資料中心。特別是新不倫瑞克省和博登。我的意思是，博登曾經是一個 GPU 挖礦設施。我們在新不倫瑞克省的設施，我喜歡稱之為軍事級資料中心。

So, you know, you've got you've got a structure there. You've got great bones. And of course, all the power distribution from high voltage down to 415 volts is already been done. So it's a matter of adding UPSs, chillers, generators, etcetera. Everything you need to get to Tier 3 uptime. And the nice thing about the retrofit is a lot of the long lead time items are on the high voltage side.

所以，你知道，你已經有了一個結構。你的骨頭很棒。當然，從高壓到 415 伏特的所有配電都已經完成。因此，需要添加 UPS、冷卻器、發電機等。達到第 3 級正常運作時間所需的一切。改造的好處是許多交貨時間較長的項目都位於高壓側。

And so a greenfield just in broad strokes might take two years. Retrofit is more than 9 to 12 month range. And so the CapEx on a dollar per megawatt basis on a retrofit, you're looking at more in the $5 million to $8 million per megawatt range. Whereas in a greenfield, you're more in the $10 million to $12 million per megawatt range. So that's that.

因此，大體上來說，一片綠地可能需要兩年。改造時間超過 9 至 12 個月。因此，改造的資本支出以每兆瓦美元為基礎，您將看到每兆瓦 500 萬至 800 萬美元範圍內的更多資本支出。而在綠地，每兆瓦的成本則在 1,000 萬至 1,200 萬美元之間。就是這樣。

Great. Great. Now, appreciate the color, Aydin. And as far as the go to market strategy there, do you think you'll fill that capacity up with self-owned GPUs as you've done previously? Or do you think you'll take more of, again, that co-location model approach? And how should we think about the unit economics there?

偉大的。偉大的。現在，欣賞一下顏色，艾丁。至於市場策略，您認為您會像之前那樣用自有 GPU 來填補這一容量嗎？或者您認為您會再次採用更多的託管模型方法嗎？我們應該如何考慮那裡的單位經濟學？

All right. Yes. So to put it into context, like one, like, using the H100 as an example in broad strokes, about $30 million a megawatt to populate. Right. So it's very CapEx intensive. And the other ratio that's important to consider is that when you're building Tier 3, you have PV power utilization ratio.

好的。是的。因此，將其放在上下文中，例如，以 H100 為例，粗略地說，每兆瓦的安裝成本約為 3000 萬美元。正確的。所以資本支出非常密集。另一個需要考慮的重要比率是，當您建造 Tier 3 時，您需要考慮光伏發電利用率。

And so, if you have 30 megawatts of power, you're going to end up with about 20 megawatts of IT load or compute. Whereas in crypto mining, if you have 30 megawatts of power, you're going to be using maybe 29 megawatts for mining. There'll be very little ancillary overhead. So with 20 megawatts, right, and $30 million, that would be approximately $600 million. Again, in broad strokes, there's obviously Blackwell architecture coming out next year. There's H200s coming out in Q4.

因此，如果您有 30 兆瓦的電力，那麼您最終將獲得約 20 兆瓦的 IT 負載或計算。而在加密貨幣挖礦中，如果您有 30 兆瓦的電力，那麼您可能會使用 29 兆瓦的電力進行挖礦。輔助開銷非常少。因此，20 兆瓦（右）和 3,000 萬美元，大約相當於 6 億美元。再說一次，從廣義上講，明年顯然會有布萊克威爾架構出現。H200 將在第四季推出。

I'm just talking about giving a high level understanding of the economics of it. Now, it is, of course, attractive to purchase and operate your own GPU cloud, because that's how you realize those $2.50 per kilowatt hour revenues when you're renting out H100s. On the colo side, we're seeing that rates could be anywhere from $0.25 to $0.50 a kilowatt hour.

我只是在談論對其經濟學有一個高層次的理解。當然，現在購買和經營自己的 GPU 雲端很有吸引力，因為這就是您在出租 H100 時實現每千瓦時 2.5 美元收入的方式。在科羅拉多州，我們發現電價可能在每千瓦時 0.25 美元到 0.50 美元之間。

So there are two different business models akin to mining crypto, where if you offer hosting, margins are thinner, they're more stable. It's more of a long term ROI. Whereas if you're self-mining, there's more CapEx involved. But you can realize potentially quicker ROIs based on crypto mining economics. So I think it would be a hybrid and we would want to bring the capacity on.

因此，有兩種不同的商業模式，類似於挖掘加密貨幣，如果你提供託管，利潤會更薄，但更穩定。這更多的是長期投資報酬率。而如果你是自挖礦，則涉及更多的資本支出。但基於加密貨幣挖礦經濟學，您可以實現更快的投資報酬率。所以我認為這將是一種混合動力，我們希望提高容量。

We have been generating revenue. We hit $10 million of annualized revenue this quarter from leasing our own GPU. So, we do plan to expand that. But 20 megawatts is a lot of CapEx to fill up with GPUs. So we're evaluating the most secretive path forward right now.

我們一直在創造收入。本季我們透過租賃自己的 GPU 實現了 1000 萬美元的年收入。因此，我們確實計劃擴大這一範圍。但 20 兆瓦的資本支出對 GPU 來說是一筆很大的開銷。所以我們現在正在評估最秘密的前進道路。

Got it. Thanks for taking my questions.

知道了。感謝您回答我的問題。

I just wanted to add, it's Frank here, if you can hear me. In Paraguay, we're about an hour and a half to two hours from the capital of driving, Valenzuela. And it's a nice -- nice, beautiful green town. And we're so impressed with the infrastructure and the ease of being able to drive there. We took a chopper and visited all the other sites. And a lot of them, are just too far away for our initial. We want to be able to drive, and make it very functional and easy to build.

我只是想補充一下，我是弗蘭克，如果你能聽到我的話。在巴拉圭，我們距離駕車之都巴倫蘇埃拉大約一個半小時​​到兩個小時。這是一個美好的、美好的、美麗的綠色小鎮。我們對那裡的基礎設施和駕駛的便利性印象深刻。我們乘坐直升機參觀了所有其他地點。其中很多對於我們最初的目標來說都太遙遠了。我們希望能夠駕駛，並使其強大且易於建造。

Got it. Great to hear from you, Frank. And congrats again on the Paraguay site.

知道了。很高興收到你的來信，法蘭克。再次恭喜巴拉圭網站上線。

Thank you.

謝謝。

Thank you.

謝謝。

Lucas Pipes of B. Riley.

B. Riley 的 Lucas Pipes。

Thank you very much, operator, and good afternoon, everyone. On this is (inaudible)asking questions on behalf of Lucas Pipes. And my first one is on your new third quarter '25 target. How should we think about cadence of deployment here? So is it going to be skewed towards the end of 2025, let's say quarter towards 2025? Or it's fair to assume a gradual ramp up? And where things stays on financing side of this expansion. Just how much do you plan to spend on these hundred megawatt data center this year? And maybe in 2025, if you can just provide additional color here would be great? Thank you.

非常感謝接線員，大家下午好。這是（聽不清楚）代表盧卡斯·派普斯提出的問題。我的第一個目標是關於 25 年第三季的新目標。我們該如何考慮這裡的部署節奏？那麼，它是否會偏向 2025 年底，比如說 2025 年某個季度？或假設逐漸增加是公平的？事情仍然停留在這次擴張的融資方面。今年您打算在這百兆瓦資料中心上花多少錢？也許到 2025 年，如果你能在這裡提供額外的顏色就太好了？謝謝。

So, we haven't disclosed the exact capital outlay plan. However, it is extremely attractive on a dollar per megawatt basis in Paraguay. And why we chose Paraguay was threefold. The attractive dollar per megawatt build out costs for us to complete a hundred megawatt site, the low cost of power, and of course, the fact that it's green energy at scale. And so, those three unique conditions are what make Paraguay very exciting. And we will be providing the market more details on capital allocation, and build out costs, etcetera as the project moves forward.

因此，我們還沒有透露具體的資本支出計劃。然而，以每兆瓦美元計算，在巴拉圭極具吸引力。我們選擇巴拉圭的原因有三。每兆瓦的建設成本極具吸引力，我們可以建造一百兆瓦的站點，電力成本低廉，當然，它是大規模的綠色能源。因此，這三個獨特的條件使巴拉圭變得非常令人興奮。隨著專案的推進，我們將向市場提供更多有關資本配置和建設成本等的詳細資訊。

Thank you. And regarding the cadence just, is it fair to assume just gradual ramp up from now to all the way to third quarter of 2025?

謝謝。就節奏而言，假設從現在開始一直到 2025 年第三季逐步增加是否公平？

Sorry, is it fair to assume what?

抱歉，假設什麼公平嗎？

How should we think about ramp up of hash rate?

我們該如何看待算力的提升？

Typically, in the first six months, you're doing high voltage and substation work. And you'll bring on capacity in that second half, perhaps in the third quarter of 2025, is when we would expect hash rate to start coming online.

通常，在前六個月，您從事高壓和變電站工作。您將在下半年（也許是 2025 年第三季）增加容量，屆時我們預計哈希率將開始上線。

Got you. Thanks for that. And the second one is on AI cloud progress --

明白你了。謝謝你。第二個是關於AI雲的進展--

I'd just like to add some color to that. Is that we will do like a New Brunswick to build a campus of buildings and then you start putting in equipment to start as fast as possible to get the cash flow. You don't wait till everything's finished and then turn on get the machines. But like I said, it'll take six months to nine months. But as soon as a facility of these buildings are built, we will start stocking machines to plug them in.

我只是想為此添加一些顏色。我們會像新不倫瑞克省那樣建造一個由建築物組成的校園，然後開始投入設備以盡快啟動以獲得現金流。您不必等到一切都完成後才開啟機器。但就像我說的，這需要六個月到九個月的時間。但是，一旦這些建築物的設施建成，我們就會啟動庫存機器來為其供電。

Got you. Thank you very much. And my second one is on AI cloud. So with respect to the Paraguay expansion, will it affect your plans on purchasing latest gen GPUs for your AI expansion?

明白你了。非常感謝。我的第二個是在AI雲上。那麼，巴拉圭的擴張是否會影響您為 AI 擴張購買最新一代 GPU 的計劃？

So the response I was providing Mike earlier about some great questions. Those are actually the near term AI conversion opportunities, are actually in New Brunswick and Sweden. At existing operating facilities. And so, these have a 6 to 12 month construction timeline on a retrofit. And so, if we were to purchase, which we've talked about, we've been very carefully going through an engineering procurement exercise for next generation GPU compute, it would go to those locations. And currently 100 megawatt allocation in Paraguay is forecasted, to more than double the Bitcoin mining capacity from 5.5 exahash to 12.1 exahash

所以我之前向麥克提供了一些重要問題的答案。這些實際上是近期的人工智慧轉換機會，實際上是在新不倫瑞克省和瑞典。在現有的營運設施中。因此，這些改造的施工時間表為 6 至 12 個月。因此，如果我們要購買，正如我們所討論的，我們一直在非常仔細地進行下一代 GPU 運算的工程採購工作，它將前往這些地點。目前預計巴拉圭的 100 兆瓦分配將使比特幣挖礦能力增加一倍以上，從 5.5 exahash 增加到 12.1 exahash

And I think just to add to that, sorry to add, I want to explain about this continuous process that we're spending every month and taking equipment that's for delivery immediately, and upgrading the suite, lowering our cost and improving our exahash.

我想補充一點，抱歉補充一下，我想解釋一下這個連續的過程，我們每個月都會花費並獲取立即交付的設備，併升級套件，降低我們的成本並提高我們的 exahash。

We have a like and I like the best example is that I'm in South Texas, is like oil and gas and gas when you're drilling and you're fracking, you have to always be drilling. So, we are always upgrading our suite of basic chips. And I think that after we've completed our spin, it'll add with the new more efficient machines Aydin. Is it about one and a half exahash?

我們有一個喜歡的例子，我喜歡最好的例子是我在德克薩斯州南部，就像石油和天然氣一樣，當你在鑽探和水力壓裂時，你必須一直在鑽探。因此，我們一直在升級我們的基礎晶片套件。我認為，在我們完成旋轉後，它將添加新的更有效率的機器艾丁。大約是一埃半埃哈嗎？

Yes, that's right Frank. So we have a, our global fleet average is 5.5 exahash installed with an efficiency of 24.5 joules per terahash. That constitutes -- pardon me, approximately 8,030 joule per terahash machines. If we upgrade those three joule per terahash machines to S21 Pros, that would yield an additional exahash and bring our average efficiency down closer to approximately 22 joules a terahash.

是的，沒錯，弗蘭克。因此，我們的全球機隊平均安裝量為 5.5 exahash，效率為每 terahash 24.5 焦耳。這意味著——請原諒我，每台 terahash 機器大約需要 8,030 焦耳。如果我們將這 3 焦耳每 terahash 機器升級到 S21 Pros，這將產生額外的 exahash，並使我們的平均效率下降到接近大約 22 焦耳每 terahash。

So that can be the upgrade within our existing facility. And by doing five, we always like, as Frank mentioned earlier, we like to have capital performing. So when we order machines, it's for immediate delivery so they can get plugged in. We have seldom, if ever, do large machine orders where they come in, six months later. We like to have rolling, if not immediate, deliveries of ASICs.

這可以是我們現有設施的升級。透過做五個，我們總是喜歡，正如弗蘭克之前提到的，我們喜歡讓資本發揮作用。因此，當我們訂購機器時，我們會立即交貨，以便它們可以插入電源。我們很少（如果有的話）在六個月後收到大型機器訂單。我們希望滾動（即使不是立即）交付 ASIC。

So we, we always target a one year ROI. Now, of course, that's variable that stretches out a bit in a bear market, but it also shortens a lot in the bull market. So our whole business model is based on cash flow, return on invested capital. So, we see it as a success if the ASICs we purchase, or GPUs for that matter, when we run them, after you subtract your operating costs, have you made a profit?

因此，我們始終以一年的投資報酬率為目標。當然，現在這個變數在熊市中會稍微延長，但在牛市中也會縮短很多。所以我們的整個商業模式是基於現金流、投資資本報酬率。因此，如果我們購買的 ASIC 或 GPU，當我們運行它們時，扣除營運成本後，您是否盈利了，我們認為這是成功的？

Have you made a handsome profit in the time that you've been running them? And if you even sell them, sometimes on the secondary market, you can add that back. And one golden example I'd like to point to in the bear market of 2022 is, we bought (inaudible) S19j Pro, for $10 a terahash.

您在經營這些公司期間是否獲得了可觀的利潤？如果您甚至出售它們（有時在二級市場上），您可以將其添加回來。我想在 2022 年熊市中指出的一個黃金例子是，我們以每 terahash 10 美元的價格購買了（聽不清楚）S19j Pro。

And even in that bear market, because we got them for such a great deal, they had fully repaid themselves off in a year and continued to free cash flow after that. So that's sort of the methodology of how we upgrade the site. We don't necessarily do massive orders. We're constantly evaluating the landscape. Yes, we talk to all the big three manufacturers, but we also talk to every broker in the industry.

即使在熊市中，由於我們以如此優惠的價格購買了它們，它們在一年內就完全償還了債務，並在此後繼續自由現金流。這就是我們升級網站的方法。我們不一定做大量訂單。我們不斷評估景觀。是的，我們與所有三大製造商進行了交談，但我們也與行業中的每個經紀人進行了交談。

And whenever there's an attractive immediate delivery deal, we pull the trigger. That's why you'll notice we did 7,000 machines, another 1,000, another 1,000, another 500 to prep for the halving in the last six months.

每當有有吸引力的立即交貨交易時，我們就會扣動扳機。這就是為什麼你會注意到我們在過去六個月裡做了 7,000 台機器、另外 1,000 台、另外 1,000 台、另外 500 台機器來為減半做準備。

Thank you very much for your perspective. Wish you best of luck in next quarter. Thank you.

非常感謝您的觀點。祝您下個季度好運。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Mike Grondahl, Northland Capital Markets.

麥克‧格隆達爾 (Mike Grondahl)，北國資本市場。

Hi guys, thanks. I just wanted to follow-up on the HPC strategy. How have demand been from customers, and what type of customers have you talked to regarding the 20 megawatts?

大家好，謝謝。我只是想跟進 HPC 戰略。客戶的需求如何？

So the 20 megawatt is first and foremost, an infrastructure project for us. And as we work to build that out, typically larger customers like to see the project underway before you start negotiating pre-leases. So what we've been doing is focused on getting scheduling down. So customers who are wanting compute to come online will want to know when they can expect that compute to come online.

因此，20兆瓦對我們來說首先是一個基礎設施項目。當我們努力實現這一目標時，通常較大的客戶希望在開始談判預租之前看到專案正在進行中。所以我們一直在做的就是減少日程安排。因此，希望計算上線的客戶會想知道計算何時可以上線。

And because there are so many new iterations of NVIDIA hardware, the engineering procurement exercise I alluded to earlier, you kind of have to have, it's like matching two puzzle pieces to make sure they're the right fit. So the data center capacity is going to be air cooled, it's going to be liquid cooled. Next generation stuff will likely be liquid cooled, if not all liquid cooled.

由於 NVIDIA 硬體有如此之多的新迭代，我之前提到的工程採購工作是必須的，這就像匹配兩塊拼圖以確保它們合適一樣。因此，資料中心的容量將採用空氣冷卻，也將採用液體冷卻。下一代產品很可能會採用液體冷卻，即使不是全部液體冷卻。

And then are you going to be working with Blackwell, H200, etcetera. So we'll be able to provide more color on that as we provide more announcements. But that's just the methodology of the process that you go through when you're doing these larger build outs. I hope that's helpful.

然後你會與 Blackwell、H200 等合作嗎？因此，隨著我們發布更多公告，我們將能夠提供更多資訊。但這只是您在進行這些更大的構建時所經歷的過程的方法論。我希望這有幫助。

Yeah, sure. And then just secondly, what are your top three priorities for the second half of calendar '24 now?

是的，當然。其次，你現在 24 曆下半年的三大優先事項是什麼？

So we hit our $10 million ARR for AI revenue this quarter, which I'm very proud of our team for realizing that milestone, which we broadcast previously. Our target for H2 this year is $20 million of ARR. So that is one target. And that's working with bringing more GPUs in our cloud business online.

因此，本季我們的 AI 收入達到了 1000 萬美元的 ARR，我為我們的團隊實現了這一里程碑感到非常自豪，我們之前已經廣播過這一點。我們今年下半年的目標是 ARR 2000 萬美元。這是一個目標。這有助於在我們的線上雲端業務中引入更多 GPU。

The other target is to have both Paraguay construction underway and the 30 megawatt conversion into 20 megawatts of HPC underway. So the completion of the latter two infrastructure projects will fall into 2025, of course. But to have those projects broken ground would be a goal that we would be very pleased with this year.

另一個目標是巴拉圭的建設正在進行，並將 30 兆瓦的 HPC 轉換為 20 兆瓦。因此，後兩個基礎建設項目的完成當然要到2025年。但讓這些項目破土動工將是我們今年非常滿意的目標。

That's great. Thank you.

那太棒了。謝謝。

Great questions. Thank you for asking.

很好的問題。謝謝你的詢問。

I was just like that too -- sorry. I was just trying to -- it's Frank here to add some color to what Aydin is saying, is that when people make these announcements from crypto mining, all of a sudden they're going to HPC. It's very, very complex. And it's much more complex than I ever expected. But what Aydin is saying is that we've hit $10 million.

我也是這樣的——抱歉。我只是想——Frank 在這裡為 Aydin 所說的內容添加一些色彩，即當人們從加密貨幣挖礦中發布這些公告時，他們會突然轉向 HPC。這非常非常複雜。它比我想像的要複雜得多。但艾丁所說的是我們已經達到了 1000 萬美元。

That's basically the same team that's been building that out and repurposing those chips. So that's a heck of an accomplishment, because that's almost like free cash flow what it throws off. And what we're finding is that when we go to order black wells, et cetera, the costs, the engineering is much different. It's much -- you're building a brain. And it's like a bunch of neurosurgeons are brought into the room.

這基本上是同一個團隊一直在建造並重新利用這些晶片。所以這是一項了不起的成就，因為這幾乎就像它所釋放的自由現金流一樣。我們發現，當我們訂購黑井等時，成本、工程有很大不同。這很重要——你正在建造一個大腦。這就像一群神經外科醫生被帶進房間。

The engineers at the beginning just don't believe how much energy is going to be consumed. How heavy is the steel infrastructure to hold up these black well servers? There's a litany of complexity that goes into these expansions. So one of the things which we said is that we have six megawatts of electricity and Boden. We own the land. We own the facility. Let's start. It's a military town. Let's start right away there.

工程師一開始只是不相信會消耗多少能源。支撐這些黑井伺服器的鋼鐵基礎設施有多重？這些擴充包涉及一連串的複雜性。因此，我們所說的一件事是我們擁有六兆瓦的電力和博登。我們擁有土地。我們擁有該設施。讓我們開始吧。這是一座軍事重鎮。讓我們立即開始。

And then we said, hi, in New Brunswick, we have this additional electricity that we have ability to. We have variable and we have fixed. And let's take a portion of the fixed. And as we're in that journey of getting the engineering, etcetera and we're discussing with NVIDIA these various chips, all of a sudden it becomes that we're in conversation with NVIDIA engineers that we have to rethink the structure, the building.

然後我們說，嗨，在新不倫瑞克省，我們有能力提供額外的電力。我們有變量，也有固定的。讓我們來看看固定的一部分。當我們處於獲得工程等的過程中，並且我們正在與 NVIDIA 討論這些不同的晶片時，突然之間，我們在與 NVIDIA 工程師交談時，我們必須重新考慮結構、建築。

Do you need reinforcement? Do you need this or that? So it is phenomenally fascinating, but it's much more challenging than what people think. But what's sweet about it is that you can be making $4 an hour versus $0.15 Bitcoin mining. That's the real big difference when you look at the business.

需要加固嗎？你需要這個還是那個？所以它非常令人著迷，但它比人們想像的更具挑戰性。但它的好處是，你每小時可以賺 4 美元，而比特幣挖礦每小時只能賺 0.15 美元。當你審視業務時，這才是真正的巨大差異。

Bill Papanastasiou, Stifel.

比爾·帕帕納斯塔西烏，斯蒂菲爾。

Thank you. Good evening, gentlemen. Thanks for taking my questions. For my first one, I was hoping you'd be able to share your outlook for the Bitcoin mining landscape, and how that plays into your philosophy, to scale operations going forward, as you look to double the hash rate capacity here with Paraguay?

謝謝。晚上好，先生們。感謝您回答我的問題。對於我的第一篇文章，我希望您能夠分享您對比特幣挖礦前景的展望，以及這如何融入您的理念，以擴大未來的運營規模，因為您希望與巴拉圭一起將哈希率容量翻倍？

Well, we have always tried to utilize cash flow from the business to grow the business and, of course, adhere to the green energy mandate, which makes it a lot tougher. I mean, we could -- there was a lot of opportunities we've looked at. We could have gone nuclear. We could have just gone grid mix. And even within the realm of renewable energy, we did look at some interesting opportunities in the US where you could have gotten $0.025 power.

嗯，我們一直試圖利用業務現金流來發展業務，當然，還要遵守綠色能源指令，這使得它變得更加困難。我的意思是，我們可以——我們已經考慮過很多機會。我們本來可以發展核能。我們可以直接進行網格混合。即使在再生能源領域，我們也確實在美國看到了一些有趣的機會，您可以獲得 0.025 美元的電力。

But then you're spending $2 million a megawatt getting on the energy production side, contributing to the CapEx and the solar farm. When you look at those ROI, they really start to stretch out very long and it doesn't make economic sense. And so getting back to the three pillars of why I think Paraguay is such a home run, is because you have the cheap dollar per megawatt CapEx to build out.

但隨後你要在能源生產方面花費每兆瓦 200 萬美元，為資本支出和太陽能發電場做出貢獻。當你觀察這些投資報酬率時，你會發現它們確實開始變得很長，而且沒有經濟意義。回到我認為巴拉圭如此成功的三大支柱，是因為每兆瓦的資本支出成本低。

You have the attractive electricity costs. We'll provide more details on these specifics in due course. And then, of course, the green energy at scale. Now, of course, to do a 100 megawatt site, that will require capital. But this is what we believe a truly accretive use of capital. So we're excited about this project.

您擁有極具吸引力的電費。我們將在適當的時候提供有關這些細節的更多詳細資訊。當然，還有大規模的綠色能源。當然，現在要做一個 100 兆瓦的站點，需要資金。但這才是我們認為真正的資本增值運用。所以我們對這個項目感到很興奮。

Appreciate the color there. And then just shifting gears to the GPU as a service business. How are you seeing or assessing the sustainability of prevailing market compute prices for the GPU hardware that HIVE has in the fleet over the next 12 to 24 months? And can you share some more color on utilization rates? Thank you.

欣賞那裡的顏色。然後轉向 GPU 即服務業務。您如何看待或評估未來 12 到 24 個月內 HIVE 車隊中 GPU 硬體當前市場運算價格的可持續性？您能否分享一些有關利用率的更多資訊？謝謝。

Yes, that's a good question. Like with all technology, whether it's your home computer, your iPhone, ASIC miner for Bitcoin or an NVIDIA GP, they have economic life cycles, right? And really, the A100, right the Ampere series was still in use and is still in use, and is still considered very viable. And the H100 came out, the Hopper architecture. And so, what happened was people were paying a premium for the Hopper architecture, but they would still pay a lower amount to get compute using the A100.

是的，這是一個好問題。與所有技術一樣，無論是您的家用電腦、iPhone、比特幣 ASIC 礦機還是 NVIDIA GP，它們都有經濟生命週期，對吧？事實上，A100，沒錯，安培系列仍然在使用，並且仍然在使用，並且仍然被認為是非常可行的。H100 誕生了，Hopper 架構。因此，人們為 Hopper 架構支付了高價，但他們仍然願意支付較低的費用來使用 A100 進行計算。

When the Blackwell comes out, we'll have the same effect. So I would say if you use a melting ice cube analogy, the hourly rate for GPUs melts at a much slower rate than Bitcoin mining ASICs, right. And I think that, a big part of being able to be a true player in this space that, we haven't really touched on yet on this call. So your question is a good one, because it brings it to light is uptime, right.

當布萊克威爾出來時，我們也會有同樣的效果。所以我想說，如果你用融化的冰塊來比喻，GPU 每小時融化的速度比比特幣挖礦 ASIC 慢得多，對吧。我認為，能夠成為這個領域真正的參與者的一個重要部分，我們在這次電話會議上還沒有真正觸及。所以你的問題是一個很好的問題，因為它揭示了正常運行時間，對吧。

So in crypto mining, when you look at the Bitcoin per exahash, HIVE is usually in the top three consistently, not usually, but consistently. And we're talking 98%, 99% uptime. That's a home run in crypto mining. And then, some of the peers are like 95%, 90% uptime. There's no room for 90% uptime in AI, right? Like, Tier 3 is 99.998 uptime.

因此，在加密貨幣挖礦中，當你查看每 exahash 的比特幣時，HIVE 通常始終位於前三名，不是通常，而是始終如一。我們談論的是 98%、99% 的正常運作時間。這是加密貨幣挖礦領域的全壘打。然後，有些同行的正常運作時間約為 95%、90%。AI 中沒有 90% 的正常運作時間的空間，對嗎？例如，第 3 層是 99.998 的正常運作時間。

So I think what the aspiring crypto miners that want to get into this sector. Will wrestle with is delivering that uptime for people that want to train foundational models that do fine tuning. And we've done a lot of that. I mean, we serve 120,000 GPUs in the East mining era. And we've grown our AI compute revenue, from $1 million to $10 million ARR in the last year and a half. So, we've been building that -- building on our pedigree of operating GPUs.

所以我想那些有抱負的加密貨幣礦工想要進入這個領域。我們將努力解決的是為那些想要訓練微調的基礎模型的人提供正常運行時間。我們已經做了很多這樣的事情。我的意思是，我們在東方挖礦時代為 120,000 個 GPU 提供服務。在過去一年半的時間裡，我們的 AI 運算收入從 100 萬美元增加到 1,000 萬美元。所以，我們一直在建立這一點——建立在我們操作 GPU 的基礎上。

And we do a ton of stuff on the R&D side, looking fine tuning data sets, etcetera. So making sure that when we work with researchers that, they have a good keyword is user experience, because you do have a user, right? You're not just submitting hashes, to the Bitcoin network.

我們在研發方面做了很多工作，尋找微調資料集等等。因此，當我們與研究人員合作時，確保他們有一個好的關鍵字是用戶體驗，因為你確實有用戶，對嗎？您不僅僅是向比特幣網路提交哈希值。

And if your server gets disconnected, reboots and then it tries again. So I think the key is good uptime and a good user experience. Will allow you to realize those long term contracts, because once you sign a contract for a year or two, what have you, you've got to deliver. There's SLA service level performance requirements. And we're seeing long term contracts for H100s roughly in the $2.50 per hour and some $2.20. It's all a negotiation, right. So I hope that answers the question, Bill.

如果您的伺服器斷開連接，請重新啟動，然後再次嘗試。所以我認為關鍵是良好的正常運作時間和良好的使用者體驗。會讓你實現那些長期合同，因為一旦你簽了一年或兩年的合同，你擁有什麼，你就必須交付。有 SLA 服務等級效能要求。我們看到 H100 的長期合約價格約為每小時 2.50 美元，約為 2.20 美元。這都是談判，對吧。所以我希望這能回答這個問題，比爾。

I appreciate the color there.

我很欣賞那裡的顏色。

And gentlemen, it appears we have no further questions today. Mr. Kilic, I'd like to turn things back to you, sir, for any closing comments.

先生們，看來我們今天沒有其他問題了。Kilic 先生，先生，我想請您提出任何結束語。

Yeah, I just want to thank my whole team. Frank pointed out we function across nine time zones. We are the longest standing crypto miner. We used to mine Ethereum. That business did $150,000 a day. It was a 90% profit marching business, and we never got a premium for it. Instead, we always contended with the FUD, fear, uncertainly, a doubt that the merge was coming.

是的，我只想感謝我的整個團隊。弗蘭克指出，我們跨越九個時區開展業務。我們是歷史最悠久的加密貨幣礦工。我們曾經開採以太坊。那家公司每天的營業額為 15 萬美元。這是一項 90% 利潤的行進業務，我們從未從中獲得溢價。相反，我們總是與 FUD、恐懼、不確定、懷疑合併即將到來作鬥爭。

And then when the merge came, we pivoted, and we started mining all coins with the GPUs. And then, we started reversing some GPUs for HPC compute. This is now HIVE's second Bitcoin having event. And as Darcy pointed out, we've got $150 million of green and clean Bitcoin on the balance sheet, unlevered, unencumbered. We've not taken on any debt to purchase ASICs.

然後，當合併到來時，我們進行了調整，開始使用 GPU 挖掘所有代幣。然後，我們開始將一些 GPU 逆向用於 HPC 運算。這是 HIVE 第二次舉辦比特幣活動。正如達西所指出的，我們的資產負債表上有價值 1.5 億美元的綠色、清潔的比特幣，無槓桿、無負擔。我們沒有承擔任何購買 ASIC 的債務。

So I think that we've really emerged as a best in class performer. But when you look at the comp tables, the enterprise value to EBITDA, we're trading at a discount. So for all the analysts that are here, thank you so much for dialing in, and asking these excellent questions. And I think that we really just focus on pound for pound, being the most profitable, best in economics.

所以我認為我們確實已經成為一流的表演者。但當你查看比較表時，即企業對 EBITDA 的價值，我們的交易是打折的。因此，對於在座的所有分析師，非常感謝你們撥打電話並提出這些精彩的問題。我認為我們真的只是專注於逐利，成為最有利可圖、經濟效益最好的。

We realize scale is important. That's why I've been telling people we know the market doesn't care about five to six exahash. That's why we said, okay we need to go from 5 to 10 to 15. So stay tuned. And I think it's going to be an exciting year ahead. We always see that bull market come about 9 to 12 months after the halving, if history is any indication, which it usually is. Thank you, everybody.

我們意識到規模很重要。這就是為什麼我一直告訴人們我們知道市場並不關心五到六 exahash。這就是為什麼我們說，好吧，我們需要從 5 到 10 再到 15。所以請繼續關注。我認為未來的一年將是令人興奮的一年。如果歷史有任何跡象的話，我們總是會看到牛市在減半後約 9 至 12 個月出現，而事實通常如此。謝謝大家。

Thank you, Mr. Kilic. Ladies and gentlemen, that will conclude the HIVE Q1 earnings conference call. Again, thanks so much for joining us, everyone. And we wish you all a great evening. Goodbye.

謝謝你，基利奇先生。女士們先生們，HIVE 第一季財報電話會議到此結束。再次非常感謝大家加入我們。我們祝大家有個美好的夜晚。再見。