HIVE Digital Technologies Ltd (HIVE) 2025 Q3 法說會逐字稿

Welcome to today's webcast on Hive digital technologies financial results for the quarter ended December 31, 2024. My name is Nathan Fast. I'm the Director of Marketing and Branding at Hive, and I'll be your moderator for today's call.

歡迎收聽今天的網路廣播，內容是 Hive 數位技術截至 2024 年 12 月 31 日的季度財務業績。我的名字是 Nathan Fast。我是 Hive 的行銷和品牌總監，我將擔任今天電話會議的主持人。

Before we get started on slide 2, I would like to briefly note the disclosures for today's presentation. 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. Further, In addition to discussing results that are calculated in accordance with international financial reporting standards or IFRS, we will also make references to certain non IFRS financial measures such as adjusted EBITDA.

在我們開始播放第二張投影片之前，我想先簡單介紹一下今天演講的揭露內容。除歷史事實陳述外，本簡報包含適用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本報告發布之日的預期、估計和假設。此外，除了討論根據國際財務報告準則或IFRS計算的結果外，我們還將參考某些非IFRS財務指標，例如調整後的EBITDA。

For more detailed information on our non IFRS financial measures, please refer to our management's discussion and analysis of our financial results that was published earlier today, which can also be found on our investor relations website.

有關我們的非國際財務報告準則財務指標的更多詳細信息，請參閱我們管理層今天早些時候發布的對財務結果的討論和分析，該討論和分析也可在我們的投資者關係網站上找到。

On the next slide, I'm pleased to introduce today's presenters, Frank Holmes, Executive Chairman, Aydin Killic, 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、總裁兼執行長 Aydin Killic 和財務長 Darcy Daubaras。

I would now like to hand the presentation over to Mr. Frank Holmes for a macro recap of the quarter. Frank.

現在，我想將演講交給 Frank Holmes 先生，讓他對本季進行宏觀回顧。坦率。

Thank you, Nathan, and welcome to the team. So I'm going to try to go through before we get into the granularity, the nitty gritty of the financials, and some of the other, hashrate and factors that we look at. I want to give a bigger picture of what's driving this industry and some really significant events that have taken place in the past three months. But before we do that, I always like to talk about the DNA of volatility. And life is all about managing expectations. And under Standing this visual is basically saying that one standard deviation or one sigma means that something event happens almost 70% of the time.

謝謝你，Nathan，歡迎加入團隊。因此，在我們深入了解細節、財務細節以及其他一些我們要考慮的雜湊率和因素之前，我將嘗試先介紹。我想更全面地介紹一下推動這個行業發展的因素以及過去三個月發生的一些真正重大的事件。但在此之前，我總是喜歡談論波動性的 DNA。生活的意義就在於管理期望。從這個視覺角度來理解，基本上就是說，一個標準差或一個西格瑪意味著某個事件發生的機率幾乎為 70%。

So it means that it's a non-event for the S&P 500 to go up or down 1% in a day, and over 10 days, it's 2%. And when we take a look at Bitcoin, it's normal DNA of volatility, 70% of the time is up or down 3%. But over 10 days, it's 8%. And then we could take a look at new stocks that are really trailblazers, and their DNA volatility starts to really expand. So when we look at the AI and the GPU chip build out with Nvidia, you can see the one day DNA is the same as Bitcoin, but over 10 days it's plus or minus 10%. So a lot of external factors are whipping around the volatility of this particular stock.

所以這意味著標準普爾 500 指數一天內上漲或下跌 1% 不算什麼，但在 10 天內則上漲或下跌 2%。當我們觀察比特幣時，它具有正常的波動性，70% 的時間上漲或下跌 3%。但 10 天后，這一比例就達到 8%。然後我們可以看看那些真正的拓荒者新股，它們的 DNA 波動性開始真正擴大。因此，當我們觀察 Nvidia 打造的 AI 和 GPU 晶片時，您會發現一天的 DNA 與比特幣相同，但 10 天內則會有正負 10% 的差異。所以很多外部因素都在影響這檔股票的波動性。

In Tesla is even more volatile, with a daily volatility of 4% and over 10 days, 13%, and Hive Digital is plus or minus 6% in a day, and over 10-day period, it's 17%. And the ultimate of speculative volatility is micro strategy, since they've continued to leverage their balance sheet by more and more Bitcoin. Their daily volatility is 7%, which is more than double, Bitcoin's daily volatility, and over 10 days, it's 3 times the volatility of what Bitcoin is. So it's important for investors to understand what the DNA of volatility is, before you take a make an investment in any of these different asset classes.

特斯拉的波動性較大，每日波動率為 4%，10 天內波動率為 13%；Hive Digital 每日波動率為正負 6%，10 天內波動率為 17%。投機波動的終極目標是微觀策略，因為他們不斷透過越來越多的比特幣來利用其資產負債表。它們的每日波動率為 7%，是比特幣每日波動率的兩倍多，10 天內波動率是比特幣的三倍。因此，在對任何不同資產類別進行投資之前，投資者務必了解波動性的 DNA。

So quite often we hear, buy the dip, stack your shares, stack your coins in total. And this is, these are filled with memes all over Reddit. They are on Twitter or X today, they're on Instagram and I just think it's pretty funny when I see that, but I do not see this commitment to other stocks or Coins, except for this ecosystem. And that's important for investors to recognize that that this brand new, and I like to call it also a metaverse of which started as gamers, evolving into what is the crypto global ecosystem. And today, there are 194 countries in the world, but there are over 20,000 nodes validating the Bitcoin network all over the world.

所以我們常聽到的是，逢低買入，囤積股票，囤積硬幣。這就是，Reddit 上到處都是 meme。他們今天在 Twitter 或 X 上，他們在 Instagram 上，當我看到這些時，我只是覺得很有趣，但除了這個生態系統之外，我沒有看到對其他股票或硬幣的承諾。對於投資者來說，重要的是認識到這個全新的、我喜歡稱之為元宇宙的生態系統，它始於遊戲玩家，逐漸演變為加密全球生態系統。而今天，世界上有194個國家，但全世界有超過20,000個節點驗證比特幣網路。

So by the dip, stock and hold Bitcoin ecosystem, what does that mean? Well, that means if Bitcoin falls, more than one sigma, 3% a day, it's probably a better time to buy it. And if I falls more than 6% a day, it's probably a better time to buy it. And for those who are traders, quite often when it jumps to 3% Bitcoin in a day, you take some. Profits and if I jumps 6% a day, it takes some profits. That is the DNA that that we experience in the capital markets, and the correlation of high with Bitcoin is extremely high. They run in tandem, like birds of a feather flock together, we all move by the minute in a similar direction.

那麼，下跌、存量和持有比特幣生態系統到底意味著什麼呢？好吧，這意味著，如果比特幣下跌超過一個西格瑪，每天 3%，現在可能是購買它的最佳時機。如果每天下跌超過 6%，那麼可能就是買進的最佳時機。對於交易員來說，通常當比特幣一天內上漲到 3% 時，你就會獲利。利潤，如果我每天上漲 6%，就需要一些利潤。這就是我們在資本市場中所體驗到的 DNA，與比特幣的相關性極高。他們齊頭並進，如同物以類聚，我們都朝著同一個方向前進。

So one of the things that's really interesting for me in talking to registered investment advisors that are now coming into the ecosystem to buy Bitcoin ETFs is really not knowing some of the simple math. And one Bitcoin is equal to 100 million Satoshis. So if you go to Robin Hood to buy $1000 worth of Bitcoin, and you're buying a slice of it. Well, I'm going to walk you through that you're buying about a million Satoshis. And how does this calculate? And it's really important to understand that a Satoshi is so tiny, and what gives it the upside and to understand the math between Bitcoin and a Satoshi.

因此，在與現在進入生態系統購買比特幣 ETF 的註冊投資顧問交談時，我真正感興趣的一件事是，他們實際上並不懂一些簡單的數學知識。一比特幣等於1億聰。因此，如果你去羅賓漢購買價值 1000 美元的比特幣，你購買的是其中的一部分。好吧，我將引導您了解您購買了大約一百萬 Satoshi。這又該如何計算呢？真正重要的是要理解為什麼 Satoshi 如此微小，是什麼賦予了它優勢，以及理解比特幣和 Satoshi 之間的數學原理。

So if one Satoshi is worth a penny, then one Bitcoin is worth a million dollars. And this is very important to recognize. I have said that Bitcoin has all the capacity and capability of going to a million dollars, and it can be faster than you think with adoption. And this adoption takes place in many different forms which I'm going to walk you through. But we know at Hive that we've been offered for what are called special numbers, unique or Satoshi numbers, and those numbers have a greater value, such as the day of the inauguration of President Trump. The day of, a pizza day, they like to calculate when someone gave up all their Bitcoins. Well, certain Satoshi's can have incredible value where we've been offered up to $10 or Satoshi, not $0.000.97. And that's important to recognize that how Bitcoin is broken down into these fractions.

因此，如果一 Satoshi 價值一分錢，那麼一比特幣就價值一百萬美元。認識到這一點非常重要。我曾經說過，比特幣擁有價值百萬美元的全部能力，而且它的採用速度可能比你想像的還要快。這種收養有多種不同的形式，我將向你們逐一介紹。但我們在 Hive 知道，我們被提供給所謂的特殊數字、唯一數字或 Satoshi 數字，這些數字具有更大的價值，例如川普總統就職典禮的日子。在披薩日那天，他們喜歡計算某人何時放棄了所有的比特幣。嗯，某些 Satoshi 的價值可能令人難以置信，我們提供的價格高達 10 美元或 Satoshi，而不是 0.000.97 美元。認識到比特幣如何分解成這些部分非常重要。

So if one Bitcoin is trading at approximately $97,000 today, then once Satoshi is $0.000971, and if Bitcoin is at $100,000 and Bitcoin goes to a million dollars, that means Satoshis are worth only a penny.

所以如果今天一個比特幣的交易價格約為 97,000 美元，那麼一旦 Satoshi 為 0.000971 美元，如果比特幣的價格為 100,000 美元並且比特幣漲到一百萬美元，那就意味著 Satoshis 只值一分錢。

And that's important to grasp. So we look at the next visual with Bitcoin, say at $100,000 investing $1000 on a Robin Hood basically buys you one million Satoshi's or one million penny stock, if you can think of it that way, because Bitcoin is divisible, so you can own a fraction. And this is part of the global adoption, that is happening with the Bitcoin ETF. So if you go out and buy total HODL, which is the next Bitcoin ETF and you buy only $1000 worth, well, you should be getting close to a call on a million Satoshis.

掌握這一點很重要。因此，我們看一下比特幣的下一個圖像，假設以 100,000 美元投資 1,000 美元購買羅賓漢，基本上可以為你購買一百萬 Satoshi 或一百萬便士股票，如果你可以這樣想的話，因為比特幣是可分割的，所以你可以擁有其中的一部分。這是全球採用的一部分，比特幣 ETF 就是其中之一。因此，如果你出去購買總 HODL（即下一個比特幣 ETF），並且只購買價值 1000 美元的資產，那麼你應該接近一百萬 Satoshis 的看漲期權。

And this is what I found a lot of registered investment advisors were not aware, and when you limit the supply of 21 million coins and you have this adoption, then what's called Metcalfe's law kicks in and the prices can grow exponentially, and that is It is really simple of Metcalfe's law saying that it can go to a penny. Well, that means Bitcoin's a million, or Bitcoin, when it hits a million, your Satoshi's going to be worth a penny. So that's the 10 bagger, and that is the exponential move that people can better understand what's taking place.

我發現很多註冊投資顧問都沒有意識到這一點，當你限制 2100 萬枚硬幣的供應量並得到採用時，所謂的梅特卡夫定律就會開始發揮作用，價格就會呈指數增長，這就是梅特卡夫定律的簡單含義，它表明比特幣的價格可以跌至一美分。嗯，這意味著比特幣是一百萬，或者比特幣，當它達到一百萬時，你的 Satoshi 將值一分錢。這就是 10 倍股，也是指數級的移動，可以讓人們更了解正在發生的事情。

So, let's talk about this beginning. Because in July, earlier last year, President Trump showed up to a packed crowd, and, he talked about how he's learned and he's embraced Bitcoin, and he understands about the element of freedom of private property and the freedom of rights and the capacity to be digital, and to be able to be able to send anywhere and share anywhere were becoming very valuable. But behind all of this, you must understand that the crypto ecosystem through super PACs basically contribute about $130 million to Congress races, people that are running for Congress that were supporting the Bitcoin blockchain ecosystem. And this resulted in the election of numerous pro crypto lawmakers, and that is the big change.

那麼，讓我們來談談這個開頭。因為在去年 7 月，也就是年初，川普總統出現在擁擠的人群中，他談到了他如何了解和接受比特幣，他了解私有財產自由、權利自由和數位化能力，以及能夠在任何地方發送和共享變得非常有價值。但在這一切的背後，你必須明白，透過超級政治行動委員會的加密生態系統基本上為國會競選貢獻了約 1.3 億美元，競選國會議員的人都支持比特幣區塊鏈生態系統。這導致了許多支持加密貨幣的立法者當選，這是一個巨大的變化。

So now it's a new dawn for US digital asset policy.

因此，現在美國數位資產政策迎來了新的曙光。

And a clear focus on crypto Trump's executive order. Trump learned a lot from his first, four years of being absent for four, coming to this term. He basically has two years to move quickly to enact all the changes he wants. And it's very disruptive to the markets. Last week, Bitcoin was down because of tariffs, with Trump, and this week, Bitcoin was up because of Trump tariffs, and you hear this with gold, and it's all over the board. It's just lots of nuances you have to recognize people are unused to Trump's executive order.

並且明確關注加密川普的行政命令。川普從他前四年的缺席到這四年的任期，學到了很多。他基本上有兩年的時間來迅速實施他想要的所有改變。這對市場造成了很大的擾亂。上週，由於川普的關稅政策，比特幣價格下跌；而本週，由於川普的關稅政策，比特幣價格上漲；黃金價格也出現了同樣的情況，整個市場都出現了這種情況。你必須體認到，人們還不習慣川普的行政命令，這是很多細微的差別。

But if you study global capital markets the way I do, you would take a look at Argentina and Malay when he came into power and how he cut deep and wide a lot of government agencies for wasting capital and jobs. And what he did with that was to that this sort of executive decision making, he dropped inflation dramatically in his country, and many other things are basically there's been no huge unemployment. All these government workers who were doing nothing all of a sudden found new job.

但是，如果你像我一樣研究全球資本市場，你會看到阿根廷和馬萊上台時的情況，以及他如何大幅削減許多政府機構以浪費資本和就業機會。他透過這種行政決策，大幅降低了該國的通貨膨脹率，而且許多其他事情基本上使得該國不再出現大規模失業。這些原本無所事事的政府工作人員突然找到了新的工作。

So I think there's something that's afoot here in Malay was at the inauguration, for President Trump, just like the President of Paraguay, which I'll. In a few minutes, but it's understanding that the success of Argentina and the experience of what's taking place with President Trump is that he's supporting the blockchain networks, mining activities, and self-custody of digital assets. He's strengthening up global position of the US dollar by promoting stable coins. He's providing clear and fair regulations for the crypto industry with well-defined rules for oversight.

所以我認為，在馬來半島的就職典禮上，川普總統與巴拉圭總統之間發生了一些事情，我會的。幾分鐘後，但可以理解的是，阿根廷的成功以及川普總統的經驗是，他支持區塊鏈網路、採礦活動和數位資產的自我保管。他透過推廣穩定貨幣來加強美元的全球地位。他為加密產業提供了清晰、公平的法規，並制定了明確的監督規則。

And Trump's goal is to make the US the crypto capital of the world and repeal SAB 121, the SEC crypto task force is headed by a pro crypto SEC commissioner, Hester Pierce. So lots of things are happening and they're happening very quickly. And there's a reset button that's not waiting three months for something that's happening by the day and by the week. So I think this is important for you to recognize and this also gave Hive, the confidence and for many rea to move its head office from Vancouver to San Antonio, and to start the audit process to be able to come up with GAAP accounting, which Darcy can give you more color on, but we feel safer as a company having the head office in San Antonio now that we have a government that is pro crypto but also prob blockchain.

川普的目標是讓美國成為世界加密貨幣之都並廢除 SAB 121，SEC 加密貨幣工作組由支持加密貨幣的 SEC 專員 Hester Pierce 領導。很多事情正在發生，而且發生得非常快。而且還有一個重置按鈕，不需要等待三個月才能看到每天、每週發生的事情。因此，我認為認識到這一點很重要，這也給了 Hive 信心，並有很多理由將其總部從溫哥華遷至聖安東尼奧，並啟動審計流程，以便能夠制定 GAAP 會計，Darcy 可以為您提供更多詳細信息，但現在，作為一家將總部設在聖安東尼奧的公司，我們感到更安全，因為我們的政府既支持加密貨幣，也支持區塊。

Next, please.

下一位。

Trump appoints former PayPal executive David Sacks, as AI and cryptoczar. New role will help reshape US policy and digital currency. Early evangelists for cryptocurrency move comes after Bitcoin soared over 100,000 for the first time.

川普任命前 PayPal 高層 David Sacks 為人工智慧和加密沙皇。新角色將有助於重塑美國政策和數位貨幣。在比特幣首次飆升至 10 萬以上後，加密貨幣的早期支持者開始採取行動。

And now we have all this tariff stuff going on, but I think it's just a lot of noise, and I think that, we're seeing some of the change of taking a look at blockchain to becoming the Treasury Department, so that there's a better way to audit, especially when we look at US aid and the abuse of all the money that where the money was going, a lot of this, probably half of the money was going to NGOs. That had a political agendas that were really not aligned with US aid to help poor countries or countries that are unfortunate, from a storm or from an earthquake or starving children. It was being abused, and I think when you put this all in the blockchain, it's much easier to do an audit, and I think that's the direction we're going to have with this new thought leadership.

現在我們有了所有這些關稅事宜，但我認為這只是很多噪音，我認為，我們看到一些變化，即財政部開始關注區塊鏈，這樣就有更好的審計方式，特別是當我們看到美國援助和所有資金的濫用時，這些錢的去向，其中很多，可能有一半的錢都流向了非政府組織。其政治議程與美國幫助貧窮國家或遭受風暴、地震或飢餓兒童襲擊的不幸國家提供的援助不一致。它曾經被濫用，但我認為當你把這一切都放到區塊鏈中時，審計就會變得容易得多，我認為這就是我們在新思想領導下要走的方向。

Next, please.

下一位。

So let's take a look at the daily trading, and I want you to remember that Bitcoin has no CEO, no CFO, no board of directors. It's we, the people, by the people around the world, have been adopted and adopted it early. Hive was the first crypto mining company to go public. It was the first company to really adopt and adapt to this changing global ecosystem. Bitcoin was only $3000 at the time, and the trading volume was quite low on a relative basis. But today it's averaging using Bloomberg and Yahoo, about $42 billion a day. I mean, this is a big number when you take a look at an industry of a couple of trillion dollors.

因此，讓我們來看看日常交易，我希望你記住，比特幣沒有首席執行官，沒有首席財務官，沒有董事會。是我們人民，被全世界人民，早就已經採納並採用了它。Hive 是第一家上市的加密挖礦公司。它是第一家真正接受並適應這一不斷變化的全球生態系統的公司。當時比特幣的價格僅 3000 美元，交易量相對較低。但如今彭博社和雅虎的平均日均交易額約為 420 億美元。我的意思是，當你看一個價值數萬億美元的行業時，這個數字是很大的。

Next please. And I always like to compare to JPMorgan, that always wants to attack the Bitcoin ecosystem. They want to find fault with it because they want to control all financial movement of money, so that they can turn around and charge more fees, and Bitcoin is much faster, more fluid to send money between countries, and. We've seen the growth of stablecoins, we've seen the unprecedented growth of feather, around the world that now it has more US treasuries in the country of Germany. They are a major player when it comes to the US Treasury auction. So things are changing, and these are important points that Bitcoin trades. A magnitude of 6 times greater than we can see here than JPMorgan, and it's just under Apple, but it's just a matter of time that Bitcoin will surpass Apple around the world for daily trading as this adoption continues.

有請下一位。我總是喜歡將其與摩根大通進行比較，他們總是想攻擊比特幣生態系統。他們想要挑出毛病，因為他們想要控制所有的金融資金流動，這樣他們就可以轉而收取更多的費用，而比特幣在國家之間轉帳的速度更快、更流暢。我們看到了穩定幣的成長，我們看到了全球前所未有的成長，現在德國擁有更多的美國國債。他們是美國國債拍賣的主要參與者。所以事情正在發生變化，這些都是比特幣交易的重要點。我們看到，比特幣的規模比摩根大通高出 6 倍，僅略低於蘋果，但隨著這種採用的繼續，比特幣在全球日常交易中超越蘋果只是時間問題。

And once again, I believe that it's really important to understand Moore's Law, understand Metcalfe's law. There's some real technological laws to understand about when you're buying equipment, that, in particular when we look at AI. Or we look at buying chips and ASIC, how much more efficient they are, they're really applying that's Moore's law. But the adoption process is much more traction with Metcalfe's law that talks about this adoption and how prices will increase.

再次強調，我相信理解摩爾定律和梅特卡夫定律非常重要。購買設備時需要了解一些真正的技術規律，特別是當我們考慮人工智慧時。或者我們看看購買晶片和 ASIC，它們的效率有多高，它們實際上應用的是摩爾定律。但是，採用過程與梅特卡夫定律的聯繫更加緊密，該定律討論了這種採用以及價格將如何上漲。

Next please.

有請下一位。

So BlackRock launched. Remember I tried to launch a Bitcoin ETF in 2017 and realized it wasn't going to happen. So launched the creation of the first crypto mining company, Hive, and it was fortunate that we did it. early, but you can see how long it took to finally get a Bitcoin ETF off the ground, and Blacklarock launched its Bitcoin ETF on January 11. 2024, about a year ago, and it's the greatest launch of ETF history. By the comments by here by ETF store. But when we look at all the assets that have that have basically gone into Bitcoin ETFs, it's from $0 to $120 billion in assets. Half of that, or close to half of that is BlackRock.

因此貝萊德成立了。記得我曾在 2017 年嘗試推出比特幣 ETF，但後來發現這不可能實現。因此，我們啟動了第一家加密挖礦公司 Hive 的創建，很幸運我們做到了。雖然還為時過早，但你可以看到比特幣 ETF 最終起步花了多長時間，Blacklarock 於 2024 年 1 月 11 日推出了其比特幣 ETF，大約一年前，這是 ETF 歷史上最偉大的一次發布。根據 ETF 商店此處的評論。但當我們查看已基本投入比特幣 ETF 的所有資產時，其資產規模從 0 美元到 1200 億美元不等。其中一半或接近一半是貝萊德。

Next, please.

下一位。

So this is another visual of looking at 115 billion, which just the the the volatility is measuring when this snapshot just recently took place. But I think it's really important for it to recognize that this huge adoption is taking place, and I believe that as more RIAs and brokers, etc. Really understand the scarcity value of Bitcoin, the growth, and the need of Bitcoin, and it's all based on the blockchain, that we're going to see, big changes being ushered in very positively over the next four years.

這是從另一個角度觀察 1150 億的景象，這只是最近拍攝快照時測量的波動性。但我認為，認識到這種大規模採用正在發生非常重要，我相信，隨著越來越多的 RIA 和經紀人等真正理解比特幣的稀缺價值、增長和需求，而這一切都基於區塊鏈，我們將看到，未來四年將迎來非常積極的巨大變化。

Next, please.

下一位。

So BlackRock now is expanding its footprint by launching a Bitcoin exchange traded product in Europe after the success of it $58 billion dollar US ETF.

因此，繼價值 580 億美元的美國 ETF 取得成功之後，貝萊德現在正透過在歐洲推出比特幣交易所交易產品來擴大其業務範圍。

Next, please.

下一位。

And the adoption only grows. Here we have Costco, you can now find Bitcoin ATMs in some of the no, it's supposed to be now in all of the stores, and so it's gone from some to all the Costco stores, and I think that that's what's really important in this rollout,

而且採用率只會不斷成長。現在我們有 Costco，你可以在一些商店找到比特幣 ATM，現在應該在所有商店都有了，所以它從一些 Costco 商店擴展到了所有的商店，我認為這才是這次推廣中真正重要的事情，

next please.

有請下一位。

So strengthening our relationship with the President and top government officials in Paraguay, this is myself last, May, June, meeting with the President of Paraguay, Santiago Pena. Pena, studied in America, with the University of Colombia in New York, worked in Washington DC, has a high bank rating is as a sovereign currency, as his bond rating for the country is stellar on a relative basis of other emerging countries. I think it's important to recognize that those few countries in Latin America which are really pro-America and Paraguay is one of those.

因此，為了加強我們與巴拉圭總統和高級政府官員的關係，這是我去年五月和六月與巴拉圭總統聖地亞哥·培尼亞的會晤。佩納曾在美國留學，就讀於紐約的哥倫比亞大學，曾在華盛頓特區工作，擁有較高的主權貨幣銀行評級，他對該國債券的評級相對於其他新興國家而言非常出色。我認為，重要的是要認識到拉丁美洲有幾個真正親美的國家，巴拉圭就是其中之一。

And now with the leadership of Malay and Argentina, they are pro-America, but nothing like Paraguay, and that's what's most interesting, how they look at their country was almost wiped off the face of the earth. In 1870 until President Hayes came in and settled and protected the sovereignty of the country of Paraguay. And so one of the large states in the country of Paraguay is Hayes, and after named after the President Hayes. So it's interesting to see this strong tradition of this particular country, which is rich in fertile farmland and rich on hydroelectricity, and that's why we're there.

現在，在馬萊和阿根廷的領導下，他們是親美的，但與巴拉圭完全不同，這就是最有趣的，他們看待自己的國家的方式幾乎從地球上消失了。1870年直到海斯總統來此定居並保護了巴拉圭國家的主權。巴拉圭的一個大州是海斯州，以總統海斯的名字命名。看到這個國家有著如此悠久的傳統是很有趣的，這個國家有肥沃的農地和豐富的水力發電資源，這就是我們去那裡的原因。

They are generating massive surplus electricity for the largest dam in the Western Hemisphere. It's been paid off. It's a partnership between the countries of Brazil and Paraguay, and what we do in the Bitcoin ecosystem is really help their utility company earn US dollars every month and get paid on time because they were selling energy to Argentina. Argentina has paid back out of $200 and some odd million dollars, $100 million under the new President. But they still owe more money to them. And it's really difficult running your country when you're one of your biggest exports is electricity, and you don't get paid on time.

它們正在為西半球最大的水壩生產大量剩餘電力。已經還清了。這是巴西和巴拉圭之間的合作夥伴關係，我們在比特幣生態系統中所做的事情實際上是幫助他們的公用事業公司每月賺取美元並按時收到付款，因為他們向阿根廷出售能源。在新總統的領導下，阿根廷已經償還了2億多美元，達到1億美元。但他們仍欠他們更多的錢。當你最大的出口產品之一就是電力，而你又不能按時收到付款時，管理你的國家就會變得非常困難。

But when you have Bitcoin mining, you do get paid on time every month. So this helps the overall country, and this helps hive in its journey to really focus on sustainable green energy.

但是當你進行比特幣挖礦時，你每個月確實會準時收到付款。這有助於整個國家，也有助於我們真正專注於永續綠色能源。

Next, please.

下一位。

So the big news, we have announced and Aydin going into more granular detail on it, but high digital technologies announces the acquisition of bitfarms facilities. It enhances our operating capacity in Paraguay to 300 megawatts upon completion. It plans to expand mining hashrate 4x, from 6x to 25x, which is a huge increase. And based on Bitcoin, around $100,000 it gives us a run rate globally of pushing the $500 million based on the technology and the difficulty today.

因此，重大新聞是，我們已經宣布了，Aydin 也對此進行了更詳細的介紹，但高端數位技術宣布收購 bitfarms 設施。專案竣工後，我們在巴拉圭的營運能力將提升至 300 兆瓦。它計劃將挖礦哈希率擴大 4 倍，從 6 倍到 25 倍，這是一個巨大的成長。以比特幣為例，其價格約為 10 萬美元，根據目前的技術和難度，它使我們在全球範圍內的運行率達到 5 億美元。

Next, please.

下一位。

Just a simple visual. Highs future hash rate growth from 6 exahash today to 25 exahash. And that against all of our peers is the fastest growing this year announcement, when you compare to all the other peers. And I think I'm going to give you some great granularity of what makes us a unique value proposition.

只是一個簡單的視覺效果。未來哈希率成長高點將從目前的 6 exahash 增加到 25 exahash。與我們所有同行相比，這是今年成長最快的公告。我想我將向您詳細介紹我們的獨特價值主張。

Moving to the US, also makes us qualify to a process. There's no guarantee, but it does set the stage to qualify for many of the indexes that are out there like the Russell 2000. And if you look at many of the other Bitcoin mining companies, their biggest holders are index-related. They're not active, technology funds. They are predominantly those funds that are indexed, and, I think that we're trying to position the companies in that pathway.

移居美國也使我們有資格經歷一個過程。雖然沒有任何保證，但它確實為符合羅素 2000 等許多指數的資格奠定了基礎。如果你看看其他許多比特幣挖礦公司，你會發現他們最大的持有者是與指數相關的。它們並不是活躍的技術基金。它們主要是那些指數化的基金，我認為我們正試圖將公司定位在這條道路上。

Next, please.

下一位。

So research coverage on Hive has grown substantially over the past year, it's been a lot of work by our peers. It used to be predominantly-- counterchord and Stifel, but we can see now that we have other people that have come along with Cantor and Roth and we have Northland, HC Wainwright, and other ways, you see, Keith, Burrett and Woods is really a steeple company. So that's steeple research. And most of these companies are calling between $9 to $11. That's the Rating. And I think Darcy gives you an analysis of our financials and you look at our run rate.

過去一年來，對 Hive 的研究覆蓋範圍大幅擴大，這是我們的同行所做的大量工作。過去主要是 Counterchord 和 Stifel，但現在我們看到，除了 Cantor 和 Roth，還有其他人加入，我們有 Northland、HC Wainwright 和其他公司，您瞧，Keith、Burrett 和 Woods 確實是一家尖頂公司。這就是尖頂研究。大多數公司的叫價在 9 至 11 美元之間。這就是評級。我認為達西會向您分析我們的財務狀況，並且您會看一下我們的運行率。

And I think the important part for investors to look as a data center business and data center business trade data are multiples of 10 times to 20 times EBITDA. And when you look at that, we have the pen to put this great potential to go to $800 million on our run rate today to EBITDA to about $1.6 billion. And if you do it on a performer basis, it's more like $3 billion. So that's what makes the value proposition and where Hive is positioning itself for this growth.

我認為投資者應該關注的重點是資料中心業務，而資料中心業務交易資料是 EBITDA 的 10 倍到 20 倍。當您看到這一點時，我們有能力將這一巨大潛力發揮到今天的運行率 8 億美元，將 EBITDA 提高到約 16 億美元。如果按照表演者來算，那麼金額將超過 30 億美元。這就是價值主張，也是 Hive 為實現這一成長所定位的地方。

Next please.

有請下一位。

So, I mentioned this earlier, the highest relocation in San Antonio aligns with the operations of the America first agenda, enhancing local engagement and operational efficiencies, transition to US GAAP reporting and fiscal year on March 31, to enhance transparency and comparability. It's really important to other Bitcoin miners, so it's easier for any investor retailed institution to do relative valuations and visit us if you're in our local area in Texas, Thursday, April 17, Hive is having retail Investor Day and ribbon cutting ceremony in San Antonio, Texas and a meet up to talk about Bitcoin and where we're going in this world.

所以，我之前提到過，聖安東尼奧的最高搬遷符合美國優先議程的運作，增強了當地的參與度和營運效率，過渡到美國 GAAP 報告和 3 月 31 日的財政年度，以提高透明度和可比性。這對其他比特幣礦工來說確實很重要，因此任何投資者零售機構都可以更輕鬆地進行相對估值並訪問我們，如果您在我們德克薩斯州當地，4 月 17 日星期四，Hive 將在德克薩斯州聖安東尼奧舉行散戶投資者日和剪彩儀式，並舉行聚會討論比特幣以及我們在這個世界上的發展方向。

Next place.

下一個地方。

So I'm going to turn over to our CEO and President, Aydin Kilic, to give you a more granular update on the financials of where we the financial operations, more like the operations, a comparative analysis of our value proposition, and then our CFO, Darcy Daubaras, he will give us a detailed financial analysis of the company. Now, I'd like to turn it over to Aydin.

因此，我將把電話轉交給我們的執行長兼總裁 Aydin Kilic，他將為您更詳細地介紹我們的財務狀況，包括我們的財務營運情況，以及我們的價值主張的比較分析，然後是我們的財務長 Darcy Daubaras，他將為我們提供公司詳細的財務分析。現在我想把發言權交給艾登 (Aydin)。

All right, Frank, thanks for that introduction. That was a phenomenal macro-overview of the industry.

好的，弗蘭克，謝謝你的介紹。這是對該行業非凡的宏觀概述。

So now we're going to have a closer look at the executive summary highlights for Hive this quarter. Let's kick it off.

現在我們將仔細看看本季度 Hive 的執行摘要重點。我們開始吧。

It was a great quarter for us, so $29 million of revenue with a $6.1 million gross operating margin works out to 21% operating margin for the company this quarter, in addition to that $17.3 million of adjusted EBITDA, and furthermore, 2,805 Bitcoin on the balance sheet, mined with green and clean energy, unencumbered, no debt on those Bitcoin.

對我們來說，這是一個出色的季度，本季度公司的收入為 2900 萬美元，毛營業利潤率為 610 萬美元，除 1730 萬美元的調整後 EBITDA 外，公司本季度的營業利潤率為 21%，此外，資產負債表上有 2805 個比特幣，這些比特幣是用任何負擔

Another metric I'm very proud of, and we started tracking this, is we had an annualized ROIC of 37% this quarter, which I think is phenomenal, and in fact, leads the whole industry. We're going to look at some comp charts later to see how we stack up against our peers. And by the way, right now, Hive is the best bang for your buck, full stop. For every Hive share that you purchase, you're getting 78% Bitcoin per share. 70% Bitcoin per share.

另一個讓我感到非常自豪的指標是，我們開始追蹤這個指標，本季我們的年化投資報酬率為 37%，我認為這是非常驚人的，事實上，它領先於整個產業。稍後我們將查看一些比較圖表，看看我們與同行相比如何。順便說一句，現在，Hive 是最物有所值的選擇，就是這樣。您購買的每一股 Hive 股票，您將獲得每股 78% 的比特幣。每股 70% 比特幣。

And later in the presentation, we actually have a comp table that connected cracking this and we led the whole sector. So I think all the smart money now is going to hide because they clearly see we provide the best value proposition in terms of exposure to Bitcoin for every share that you buy biggest growth in the sector right now with Forex, and best ROIC, but more on that in the following slides.

在稍後的演示中，我們實際上有一個表格，它將破解這個問題聯繫起來，並引領整個行業。因此，我認為現在所有的聰明錢都會隱藏起來，因為他們清楚地看到，就比特幣的風險敞口而言，我們為您購買的每一股股票提供了最佳的價值主張，目前外匯行業增長最快，投資回報率也最好，但更多內容請見以下幻燈片。

Let's jump into the next one. So, how do we do this? It's our differentiated growth strategy. We prioritize ROIC when we deploy our capital. And by the way, even in January, our ROE was 2,657. We deployed some capital to acquire the Bitfarms site in Yguazu, and so we sold some of that Bitcoin very strategically for that purpose, but nevertheless, we're still up 37% year over year. So we are putting our balance sheet to work, and whether it's using proceeds from the ATM.

讓我們進入下一個。那麼，我們該怎麼做呢？這是我們的差異化成長策略。我們在部署資本時優先考慮投資報酬率 (ROIC)。順便說一下，即使在一月份，我們的 ROE 也達到了 2,657。我們投入了一些資金來收購位於伊瓜甦的 Bitfarms 站點，因此我們出於此目的非常有策略地出售了部分比特幣，但儘管如此，我們的收入仍同比增長了 37%。因此，我們正在利用我們的資產負債表，不管它是否使用來自 ATM 的收益。

Or in certain cases, Bitcoin, we always want to make sure it's accretive, and it is something that will provide the best value to our shareholders and the lowest cost of capital. And as a result of that, we are demonstrating the best enterprise value to Bitcoin mine, and the most attractive enterprise value to adjusted EBITDA in this sector. Our target is to hit 3% of the global hashrate this year, which will be 25 exahash by September 2025.

或者在某些情況下，對於比特幣，我們總是希望確保它具有增值性，並且能夠為我們的股東提供最佳價值和最低的資本成本。因此，我們展示了比特幣礦場最佳的企業價值，以及該領域調整後 EBITDA 最具吸引力的企業價值。我們的目標是今年達到全球哈希率的 3%，到 2025 年 9 月將達到 25 exahash。

We're going to have some slides that demonstrate what the cash flow that looks like, and it's very attractive. Of course, our HBC and AI business. A lot of institutions are very excited about that, as Bitcoin miners are pivoting, we've demonstrated our position in the market, we hit $10 million in annualized revenue this year, sorry, this quarter, and we are on track to get to $20 million but more on that later. By the way, we're an Nvidia cloud partner, we're going to be attending the NVA Global tech conference this March to see the Jensen Won keynote and meet with some of our OEMs and technology partners. If you're there, come say hi.

我們將用一些幻燈片來展示現金流的情況，它非常有吸引力。當然還有我們的HBC和AI業務。許多機構對此感到非常興奮，因為比特幣礦工正在轉型，我們已經證明了我們在市場中的地位，今年我們的年收入達到了 1000 萬美元，對不起，是本季度，我們有望達到 2000 萬美元，但稍後會更多。順便說一句，我們是 Nvidia 雲端合作夥伴，我們將於今年 3 月參加 NVA 全球技術會議，聆聽 Jensen Won 的主題演講，並與我們的一些 OEM 和技術合作夥伴會面。如果你在那裡，過來打個招呼。

Next slide.

下一張投影片。

All right, so this is the big sexy Bitcoin slide that everybody wants to talk about. So we have a binding LOI. to acquire the 200-megawatt site in Yguazu. The site's phenomenal, we were there in December. It was very well on its way to completion. You could see here an aerial photo of the adjoining substation, and what this gets us, Is a formative step towards our strategy of 25 exahash by September.

好吧，這是每個人都想談論的性感比特幣幻燈片。因此，我們有一份具有約束力的意向書。收購伊瓜甦的200兆瓦發電場。這個地方棒極了，我們 12 月就去過那裡。它已經順利完成。在這裡您可以看到相鄰變電站的空拍照片，這對我們來說，是朝著 9 月實現 25 exahash 戰略邁出的一步。

And by the way, as we are populating our expansions with the latest generation gear, that gets us to a global fleet efficiency of16.5 joules a terahash , which will give us one of the best fleet efficiencies in the industry, and as the lower that number means the less energy you need for every hash you produce, which means a lower cost of bitcoin production. So we're going to have one of the most modern efficient fleets. And the power costs in Paraguay lower our global average cost of electricity. So we're very excited about that.

順便說一句，隨著我們用最新一代的設備進行擴展，我們的全球設備效率達到了每太赫茲 16.5 焦耳，這將使我們成為業內最好的設備效率之一，而且這個數字越低意味著生產每個哈希值所需的能量越少，這意味著比特幣生產成本更低。因此我們將擁有最現代化、最高效的艦隊之一。巴拉圭的電力成本降低了我們的全球平均電力成本。我們對此感到非常興奮。

How it rolls out is summarized here on the bottom. So the first 100 megawatts is forecasted to be air cooled. And that'll be 6 exahash. Those air-cooled machines are 16.5 joules per terahash. Then the second100 megawatts was actually at our Valenzuela site that we press released a few months ago. Those will be hydro, and those are 15 joules a terahash, and that means you could fit 6.5 exahash in that 100 megawatts, and then the Third tranche of 100 megawatts is the second phase of the Yguazu site, another 6.5 exahash, right? So you tally that up and that is how we get to our 25 exahash target.

其展開方式已在底部進行了總結。因此預計前 100 兆瓦將採用風冷。這就是 6 exahash。這些風冷機器的熱量為每太赫茲 16.5 焦耳。第二個100兆瓦實際上是在我們幾個月前發布的瓦倫瑞拉（Valenzuela）發電廠。那些將是水力發電，每太赫茲為 15 焦耳，這意味著你可以在那 100 兆瓦中裝入 6.5 艾哈澤赫，然後第三批 100 兆瓦是伊瓜蘇核電站的第二階段，另一個 6.5 艾哈澤赫，對嗎？所以你把這些加起來，這就是我們如何達到 25 exahash 目標的。

Now, we actually announced two lead orders from Bitman and Canaan in December, which secured 15 exahash of hash rate. And by the way, those purchases were both at phenomenal prices. So the bit main order was at $14 a terahash for S21 plus hydros, and it worked out to about a 10-month ROI after OpEx, phenomenal deal, and the Canaan, we weren't allowed to say what the dollar per terahash price was, but it was a great deal, and it was a sub one year ROI after cost as well.

現在，我們實際上在 12 月宣布了來自比特大陸和嘉楠耘智的兩筆先行訂單，確保了 15 exahash 的哈希率。順便說一句，這兩件商品的價格都非常驚人。因此，S21 加上水力發電機的主要訂單價格為每太赫茲 14 美元，扣除營運支出後，大約 10 個月的投資回報，這是一筆驚人的交易，至於 Canaan，我們不能透露每太赫茲的價格是多少，但這是一筆很划算的交易，扣除成本後，投資回報在一年內就出來了。

So we're thrilled about that and of course we'll be announcing other strategic ASIC orders to get us to the 25 exahash pipeline. Let's jump to the next slide.

因此，我們對此感到非常興奮，當然，我們將宣布其他策略性 ASIC 訂單，以使我們達到 25 exahash 的管道。讓我們跳到下一張投影片。

So for all the analysts out there and all the keen investors that have their spreadsheets, here it is by the numbers. So our global existing footprint works out to 140 megawatts between Canada and Sweden, and the additional 300 megawatts in Paraguay gets us to 440 megawatts. So currently we're at 6 exahash of installed hash rate, and our pipeline, once everything is completed, is 25x. Now if you add up the numbers there, you actually get to 25.5 exahash. But just to keep things simple, for the street, the target is 25 exahash.

因此，對於所有擁有電子表格的分析師和熱切的投資者來說，以下是數字。因此，我們現有的全球覆蓋範圍為加拿大和瑞典之間的 140 兆瓦，加上巴拉圭的 300 兆瓦，總覆蓋範圍達到 440 兆瓦。因此，目前我們安裝的哈希率為 6 exahash，一旦一切完成，我們的管道將是 25x。現在，如果你把那裡的數字加起來，你實際上會得到 25.5 exahash。但為了簡單起見，對於街道來說，目標是 25 exahash。

In addition to that, we have 2.2 megawatts tier three operating in Stockholm in Montreal. More on that later. But again, you've got the status, what's online, and what's prescribed for the energization dates of the expansions. Next, and by the way, 100% green energy.

除此之外，我們在斯德哥爾摩和蒙特婁也經營 2.2 兆瓦的三級發電廠。稍後將詳細介紹。但同樣，您已經了解了狀態、線上內容以及擴展的通電日期的規定。接下來，順便說一下，100％綠色能源。

Next slide. So this is really what this translates to is a 4x growth in our current hash rate of 6 exahash rate. And so again you see here on this bar chart. It's a visual representation of that growth. So, the 6 going to 6.5 exahash is an internal upgrade. Although it's a modest upgrade only increasing by 0.5 exahash, you actually see our efficiency increase from 22 to 19. That's the upgrade of those canons that we ordered air cooled going into New Brunswick in Sweden.

下一張投影片。所以這實際上意味著我們目前的哈希率（6 exahash 率）增加了 4 倍。您可以再次在這張長條圖上看到。它是這種成長的直觀表現。因此，6 升至 6.5 exahash 是內部升級。儘管這是一個適度的升級，只增加了 0.5 exahash，但你實際上看到我們的效率從 22 提高到了 19。這是我們訂購的運往瑞典新不倫瑞克省的風冷大砲的升級版。

Next up we add. 6.5 exahash from the hydros, that will go in the 1st 100 megawatts, another 6 exahash air cooled, and the 2nd 100 megawatts, and of course, another 6.5 exahash in the final 100-megawatt tranche, ending us with a global fleet efficiency of 16.5 joules a terra. So for all the analysts out there, they're doing the models and forecasting, I hope this slide is very helpful. Any questions, feel free to reach out.

接下來我們添加。 6.5 Exahash 來自水力發電，將用於前 100 兆瓦，另外 6 Exahash 風冷，以及第二個 100 兆瓦，當然，在最後的 100 兆瓦部分中還有 6.5 Exahash，最終我們的全球機組效率達到每平方英里 16.5 焦耳。因此，對於所有正在建立模型和進行預測的分析師來說，我希望這張投影片能夠有所幫助。如有任何問題，請隨時與我們聯繫。

Next slide, please.

請看下一張投影片。

Now, this is what the projected cash flows look like once the 25 exahash is operational. So we've done sort of a three-scenario cash flow projection. Bitcoin is either 100,000, 125,000 or 150,000. So in this scenario, at 25 exahash, you're a 3% of the global network, which works out to 13.5%. Bitcoin per day. So using that on a pro rata basis, you're doing either $1.4 million daily revenue up to $2 million. Now, let's just zoom out and look at it macro. Really what this works out to.

現在，25 Exahash 投入營運後預計的現金流就是這樣的。因此，我們做了三種情境的現金流預測。比特幣的數量要么是 100,000，要么是 125,000，要么是 150,000。因此在這種情況下，在 25 exahash 時，您佔全球網路的 3%，也就是 13.5%。每天比特幣。因此，按照比例計算，您每天的收入要么是 140 萬美元，要么是 200 萬美元。現在，讓我們縮小它並從宏觀上觀察。這確實能起到什麼作用。

As an annualized mining margin of approximately $330 million in the base case, $450 million. And by the way, this is after assuming an electrical cost of production be $0.045 for the model here. $450 million if Bitcoin is at $125,000.

基準情況下，年化採礦利潤約為 3.3 億美元，實際為 4.5 億美元。順便說一下，這是在假設模型的電力生產成本為 0.045 美元之後得出的。如果比特幣價格為 125,000 美元，則為 4.5 億美元。

And over $500 million of cash flow from operations from gross mining margin if Bitcoin hits $150,000. Keep in mind. Our market cap today is a little under $400 million and so I think there's immense upside with Bitcoin at $150,000 if we're throwing off over $500 million cash flow from operations.

如果比特幣達到 15 萬美元，那麼來自總採礦利潤的營運現金流將超過 5 億美元。記住。我們今天的市值略低於 4 億美元，因此我認為，如果我們從營運中產生超過 5 億美元的現金流，那麼比特幣在 15 萬美元的水平上將具有巨大的上漲空間。

A 3, 4x multiple on cash flow, it's a $2 billion dollar company is what it is. By the way, we have a hole as well, which is, over $250 million of Bitcoin on the balance sheet. So it's going to be a very exciting year. Historically, by the way, we've seen every bull market come really in full force and effect a year after the having. So little history lesson 2016, we had the having in April. And Bitcoin really started to take off in summer of 2017, hitting its all-time high of 20,000 in December of 2017, right? So the following year. Now, in 2020, we saw that happen in May, and the bull market, well, it really kicked off in February of 2021, we saw an all-time high of $65,000 and then again in November, it was a twin peak bull market, $72,000 Bitcoin. Now, In 2024, we had our having again in April and in sort of December, January we saw Bitcoin hit 100,000 for the first time ever, which was very momentous. And so we look to the balance of calendar year 2025. Are we going to see 120,000 Bitcoin, 180,000 Bitcoin? I think everybody has a different opinion, especially with all of the tailwinds with the new Trump administration, which we're so excited about, and we feel is great for America.

現金流是原來的 3 到 4 倍，這是一家價值 20 億美元的公司。順便說一句，我們也有一個漏洞，那就是資產負債表上超過 2.5 億美元的比特幣。這將是令人興奮的一年。順便說一下，從歷史上看，我們看到每個牛市都是在牛市結束一年後才真正達到頂峰。因此，2016 年的歷史課很少，我們在四月進行了學習。比特幣真正開始起飛是在 2017 年夏天，並在 2017 年 12 月創下 20,000 的歷史新高，對嗎？於是第二年。現在，在 2020 年，我們在 5 月看到了這種情況，而牛市實際上在 2021 年 2 月開始，我們看到了 65,000 美元的歷史新高，然後在 11 月再次出現了雙峰牛市，比特幣達到了 72,000 美元。現在，在 2024 年 4 月，我們再次迎來了這一天，在 12 月和 1 月，我們看到比特幣有史以來首次達到 100,000，這是非常重大的。因此，我們期待 2025 年的平衡。我們會看到 120,000 個比特幣還是 180,000 個比特幣？我認為每個人都有不同的看法，尤其是新川普政府帶來的所有順風，我們對此感到非常興奮，我們覺得這對美國來說是一件好事。

Next slide.

下一張投影片。

No. We at HIVE are now, leading the industry in growth for calendar 2025, again, I just want to back up and remind the street that Hive has made really big plays. You go back to 2020 when we acquired Lachute 30-megawatt facility was the largest in Canada at the time. 2021 when I joined Hive was to oversee the acquisition New Brunswick, which was 70 megawatts, again, the largest single site bitcoin mine in Canada. that time.

不。我們 HIVE 現在正引領 2025 年產業的成長，我再次強調並提醒大家，Hive 已經做出了巨大的貢獻。回到 2020 年，當時我們收購了 Lachute 30 兆瓦發電廠，這是當時加拿大最大的發電廠。 2021 年我加入 Hive 時負責監督新不倫瑞克省的收購，該礦場發電量為 70 兆瓦，也是加拿大最大的單一地點比特幣礦場。那時候。

And so we've been waiting, it's a road less travel to get green energy, but we found that in Paraguay and so we're adding 300 megawatts of our portfolio. That's a 4x growth this calendar year. See our peers are sort of in the 1.2 to 1.8 range for the most part and of course Bit farms, who, by the way, we think they also did a great deal. They're focusing on their gigawatt of growth in the US. They're looking at 3.5x growth. So, it clear clearly Hive and Bit farms are leading the sector in terms of growth prospects. Cyphers there at 2.7%. But then we're going to look at the other aspects. We're going to look at ROIC and we're going to look at GNA and there's other fundamentals of the business, that'll be very interesting. But again, we lead the sector with the biggest growth for 2025, it's going to be a great year for Hive.

所以我們一直在等待，這是一條獲取綠色能源的少有人走的路，但我們在巴拉圭發現了這一點，所以我們在我們的投資組合中增加了 300 兆瓦。這意味著今年的數量增加了 4 倍。我們的同行大多處於 1.2 到 1.8 的範圍內，當然還有 Bit farms，順便說一句，我們認為他們也做了很多事情。他們專注於美國的千兆瓦成長。他們正在尋求 3.5 倍的增長。因此，很明顯 Hive 和 Bit farms 在成長前景方面處於該領域的領先地位。Cyphers 的比例為 2.7%。但我們接下來將看看其他方面。我們將關注 ROIC，我們將關注 GNA，還有其他業務基本面，這將非常有趣。但是，我們再次引領了 2025 年成長最快的產業，對於 Hive 來說，這將是偉大的一年。

Next slide,

下一張投影片，

Okay, so if you look at the enterprise value relative to our projected cash rate, we are a very attractive buy this again, I'll say, I believe the smart money, the savvy money, the investor that really does their homework and understands the mining industry sees Hive as the best bet. You could see that $5 per exahash, $5 million I guess it's in millions, I should say. By a long shot, our peers are trading at anywhere from 4times to 8 times to 16 times. Our value for exahash based on current growth this year. So again, because we have the biggest growth this year, we're such an attractive value proposition, and this is why I think it's a very strong case for the savvy investor that's looking for value stock in Bitcoin mining.

好的，如果您看一下相對於我們預計現金利率的企業價值，我們再次成為一個非常有吸引力的買入對象，我想說，我相信聰明的錢、精明的錢、真正做好功課並了解採礦業的投資者會將 Hive 視為最佳選擇。您可以看到每艾哈希 5 美元，即 500 萬美元，我猜是數百萬，我應該說。相較之下，我們的同業的交易價格則是 4 倍、8 倍甚至 16 倍。我們對 exahash 的估值是基於今年的當前成長。所以，因為我們今年實現了最大的成長，所以我們的價值主張非常吸引人，這就是為什麼我認為對於尋找比特幣挖礦價值股的精明投資者來說，這是一個非常強大的案例。

Next slide.

下一張投影片。

So, again, just a reminder, we are very data driven. It's all about deploying our capital for the best $1 per tera hash when we're buying A6, which by the way, you have to keep in mind the joules per tera hash. You have to model the variability of hash price and understand net of costs, when are you going to ROI in your A6.

因此，再次提醒一下，我們非常注重數據驅動。當我們購買 A6 時，一切都是為了將我們的資本部署到最優惠的每太哈希 1 美元價格上，順便說一句，您必須記住每太哈希的焦耳數。您必須對哈希價格的變化進行建模，並了解淨成本，何時才能在 A6 中獲得投資回報。

If you are not outperforming the market by that what I mean, if you are not generating more yield and returns from your mining operations, and if you just bought Bitcoin, then you should just be buying Bitcoin. But otherwise, what's the point, right? And so we see a lot of capital get sort of, deployed, some would even say destroyed in in the mining industry when people are raising a lot of capital and just expanding. We have slower upgrade cycles with our AIs. Why? Because we want to mine for their full economic life cycle. So for example, what that means is if an ASIC has useful economic life of three, maybe four years if you're lucky. then you want to be ROI in that first year to year and a half.

我的意思是，如果你的表現沒有超越市場，如果你沒有從採礦業務中獲得更多收益和回報，如果你剛剛購買了比特幣，那麼你就應該購買比特幣。但除此之外，還有什麼意義呢，對吧？因此，我們看到，當人們籌集大量資金並進行擴張時，大量資本在採礦業中被部署，有些人甚至會說被摧毀。我們的人工智慧升級週期較慢。為什麼？因為我們希望挖掘其完整的經濟生命週期。舉例來說，這意味著如果 ASIC 的有效經濟壽命為三年，如果幸運的話，也許為四年。那麼您希望在第一年到一年半內獲得投資回報。

So for the balance of the 2 years or 1.5 years of that A6 life cycle, you want that to be free cash flow. However, The latter seasons of that A6 life will have lower margins. And so when you look at the quarterly mining economics, if you're free cash flowing on older machines, your gross mining margin might be thinner, but that's free cash flow, and the industry doesn't really track that, so we just have to remind the street to really pay attention about where to show up our ROIC. And of course, this is where we've continued to lead the sector.

因此，對於 A6 生命週期的 2 年或 1.5 年的餘額，您希望這是自由現金流。不過，A6 後期的利潤率將會較低。因此，當您查看季度採礦經濟狀況時，如果您在舊機器上有自由現金流，那麼您的毛採礦利潤可能會更薄，但這是自由現金流，而行業並沒有真正跟踪這一點，所以我們只需要提醒華爾街真正關注在哪裡展示我們的投資回報率。當然，這也是我們繼續引領這個行業的地方。

And by the way, we've got best in class up time as well. So when we talk about efficiency, we talk about having the best up time, and also we're going to be leading the industry with the most energy efficient fleet, as well as 16.5 joules a tera hash. So let's hop to the next slide and see some numbers.

順便說一句，我們的正常運行時間也是一流的。因此，當我們談論效率時，我們談論的是擁有最佳正常運行時間，同時我們將以最節能的機組以及每兆哈希 16.5 焦耳引領行業。讓我們跳到下一張幻燈片並查看一些數字。

So here it is. So for the quarter 9.3% ROIC annualized 37%, and so far only Hive and Cleanspark have reported, because this is not our year end. We have a March 31, year and of course, Cleanspark in September, and so these numbers will populate, but just look at the past quarters as well. And you see, we've led the industry head and shoulders with the best ROIC quarter over quarter. That comes from our disciplined deployment of capital being very data driven.

就是這樣。因此，本季的 ROIC 為 9.3%，年化率為 37%，到目前為止只有 Hive 和 Cleanspark 報告了報告，因為這不是我們的年底。我們的年度截止日期為 3 月 31 日，當然還有 9 月的 Cleanspark，因此這些數字將會填充，但也要查看過去幾季的數據。您會發現，我們每季都以最佳的 ROIC 領先產業。這是因為我們對資本的部署非常有紀律，並且以數據為導向。

And here's the results. I'm very proud of the team and the hard work that we do to deliver value for shareholders, which I think is very strongly represented here.

結果如下。我為我們的團隊以及我們為股東創造價值所做的努力感到非常自豪，我認為這裡得到了非常強烈的體現。

Next slide, please.

請看下一張投影片。

Now, Cost management, lowest GNA, our Bitcoin mind as well. You could see in the sector, some of our peers, look at the previous, and, the current quarter again, we just have Hive and Cleanspark, the data. But you can compare those two data points, and in previous quarters, you could see that we are a mere fraction, even in a bear market, right, when margins are thin, you see our GNA was 27% of revenue, that percentage is higher because it was a bare quarter, PCR peers 50%, 60%, 40%, in some cases 98%. So it, it's about like Hive is the longest standing Bitcoin miner, the first to go public, going into our eighth year of operation. We've weathered three bear markets, so you have that discipline and understanding you have to have a very lean operation, A to offer a good value for shareholders, but B, to make sure you can weather the tough quarters. And so we have that discipline which we prove quarter to quarter, year in year out. So very proud of my team. We all worked super hard. We huddle every day at 7:00 a.m., my time, Vancouver, 10 a.m. Toronto time, 4:00 p.m. Sweden time, and we pretty much went 24/7 just like crypto markets. That's the high advantage for shareholders.

現在，成本管理、最低 GNA，以及我們的比特幣思維。您可以看到，在這個領域，我們的一些同行，看看上一季和當前季度，我們只有 Hive 和 Cleanspark 的數據。但你可以比較這兩個數據點，在前幾個季度，你可以看到，即使在熊市中，我們也只是一小部分，對吧，當利潤率很低時，你會看到我們的 GNA 佔收入的 27%，這個百分比更高，因為這是一個空白的季度，PCR 同行為 50%、60%、40%，在某些情況下為 98%。因此，Hive 是歷史最悠久的比特幣礦工，也是第一個上市的礦工，已經運作了第八年。我們已經度過了三次熊市，所以你必須有紀律和理解力，你必須有一個非常精簡的運營，A，為股東提供良好的價值，但B，確保你能夠度過艱難的時期。所以我們有這樣的紀律，每季、每年都證明這一點。我為我的團隊感到非常自豪。我們都非常努力。我們每天早上 7 點（我所在的溫哥華時間）、上午 10 點（多倫多時間）、下午 4 點聚在一起。瑞典時間，我們幾乎像加密市場一樣全天候運作。這對股東來說是一個非常大的優勢。

Next slide.

下一張投影片。

So, again, we've talked about our huddle. You look at that year over year, it's gone up almost 4x, right? So that's 2,805 Bitcoin on the balance sheet, mine with green energy, unencumbered, we haven't bored against it or anything like that, very little to no debtor hive as well. We're in a very clean balance sheet as well as having profitable operations. So again, discipline and growth, and by the way, 2024 was not exactly the most bullish year overall for Bitcoin mining. So again, very proudly able to grow that huddle very substantively. While also scaling our operation and upgrading our fleet to more energy efficient miners,

因此，我們再次討論了我們的會議。你看一下，年比去年，它已經成長了近 4 倍，對嗎？因此，資產負債表上有 2,805 比特幣，是我的綠色能源，沒有任何負擔，我們沒有對它進行任何鑽探或類似的事情，也沒有債務人蜂擁而至。我們的資產負債表非常清晰，並且營運獲利。所以，再說一次，紀律和增長，順便說一句，2024 年並不是比特幣挖礦總體上最看漲的一年。因此，我再次非常自豪地宣布能夠實質地發展這一團隊。在擴大我們的營運規模並將我們的礦機隊升級為更節能的礦機的同時，

let's talk to the next slide. So, this is also a metric we wanted to revisit. Because even though we've been growing the business and upgrading our fleet, we still managed to have the lowest dilution across the pier set.

我們來討論下一張投影片。所以，這也是我們想要重新檢視的指標。因為儘管我們一直在發展業務和升級我們的船隊，但我們仍然設法將碼頭組的稀釋度降至最低。

So, let me recap. We have the highest growth prospects in the industry, we announced a $120 million order with Bitmain. $36 million of that has been paid up in our initial deposits to secure that. We announce our binding LOI with bit farms. $20 million has been paid towards that. So we're using our ATM very judiciously, and when it's strategic and agreed to do so, we will sell a little bit of Bitcoin as, we announced our January huddles 2,650.

那麼，讓我回顧一下。我們擁有業內最高的成長前景，我們宣布與比特大陸達成了 1.2 億美元的訂單。為了確保這一點，我們已支付了其中的 3,600 萬美元作為初始存款。我們宣布與比特農場簽訂了具有約束力的意向書。為此已支付了 2000 萬美元。因此，我們非常明智地使用我們的 ATM，當它具有戰略意義並且得到同意時，我們將出售少量比特幣，正如我們宣布的 1 月份 2,650 比特幣一樣。

And so, We still, we do all of this. It's a, symphony of strategy. So we have the lowest dilution. And so you can see here, quarter over quarter sorry. year over year, we've managed to have the lowest dilution in the industry by a long shot while also having, The highest growth. So again, part of my team, greater capital efficiency and earnings per share, protection.

所以，我們仍然在做這一切。這是一場戰略交響曲。因此我們的稀釋度最低。因此您可以在這裡看到，與上一季相比，情況有所改善，抱歉。年復一年，我們成功地實現了業界最低的稀釋度，同時實現了最高的成長。因此，再說一次，我的團隊的一部分，提高資本效率和每股盈餘，保護。

So again, having this discipline going into a year of growth and what we expect to be a bull market for Bitcoin mining, if the past cycles of having anything to go by, which again, we have three having events, we believe that this is going to be a great year for Hive.

因此，再說一次，在這個學科進入增長之年並且我們預計比特幣挖礦將迎來牛市的情況下，如果過去的周期有任何可參考之處，我們再次提到了三次事件，我們相信今年對於 Hive 來說將是偉大的一年。

Next slide.

下一張投影片。

Anthony Powers, very if you've ever met Anthony in person, he's so passionate about numbers. He, he's a CPA of the UK and he does a great job, and you could see here we're neck and neck again, we at bit Farms and Hive have been amongst the longest standing crypto miners, both, going public, during the, Canadian era of 2017. And so we lead the sector here. We're neck and neck for first place, and this, by the way, this is for the full calendar year. This is for the full calendar year of 2024, we led the sector and you could see that that waterfall rolls off pretty substantively, some of the peers are are sub 30 Bitcoin per exahash, but again, we not only want to offer shareholders the best bang for your buck, but best performance, so I can confidently say, as President and CEO of Hive, I really think that pound for pound, we are the best Bitcoin miner in the sector.

安東尼鮑爾斯，如果你曾經親自見過安東尼，你會發現他對數字非常感興趣。他是英國註冊會計師，工作出色，你可以看到我們再次不相上下，Bit Farms 和 Hive 是歷史最悠久的加密礦工之一，兩家公司都在 2017 年加拿大時期上市。因此我們在這個領域處於領先地位。我們並列第一，順便說一下，這是全年的排名。這是 2024 年全年的數據，我們在該領域處於領先地位，您可以看到瀑布式下降相當可觀，一些同行的價格低於每 Exahash 30 比特幣，但同樣，我們不僅希望為股東提供最物有所值的服務，還希望提供最佳性能，所以我可以自信地說，作為 Hive 的總裁兼首席執行官，我真的認為，我們是該領域最好的比特幣工。

And it's the numbers that really back it up. But again, we, we're very diligent. We work extremely hard to keep this level of performance, and we want to scale this level of performance as well. Let's talk to the next slide.

數字確實證實了這一點。但再說一次，我們非常勤奮。我們非常努力地保持這種績效水平，我們也希望擴大這種績效水平。我們來討論下一張投影片。

So I alluded to this. It's a very interesting summary by Van Heck. And so what they're looking at is Bitcoin value per exahash. They look at the enterprise value and value of the treasuries, etc. And really what you can see here, if you look at the right most column, we lead the sector, 67% Bitcoin value as a percentage of our enterprise value, and you see marathon is number 2 at 63, and marathon has gone out, I think they've raised quite a bit of money just to buy Bitcoin, but we've managed to organically from our own operations strategically hotly, while also having the lowest dilution in the space.

因此我提到了這一點。這是 Van Heck 做出的非常有趣的總結。所以他們關注的是每 Exahash 的比特幣價值。他們關注企業價值和國庫券價值等。

Again, this is a testament to our discipline. We're very data-driven when we deploy our capital, we keep costs low, so we have cash flow positive operations. This slide alone, I think says a lot. But anyways, and this is on their website too. I think the URL is down there at the bottom. Vanne, they're great ETF. I think they're going to be doing a new. A discretionary ETF where they'll be able to deploy more capital into the crypto mining sector. So we're very grateful to have them as a shareholder.

這再次證明了我們的紀律。我們在部署資本時非常注重數據驅動，我們保持低成本，因此我們的營運現金流為正。我認為這張投影片本身就說明了很多問題。但無論如何，這也在他們的網站上。我認為 URL 就在底部。Vanne，它們是很棒的 ETF。我認為他們將會做一件新事。他們將能夠透過自由支配的 ETF 將更多的資金投入加密挖掘領域。因此，我們非常感謝他們成為我們的股東。

Next slide.

下一張投影片。

And this is revisits the hype ratio. So look at the January production report, you've got everybody's press releases this tabulated here for convenience. Again, this is all market data, and you look at our market cap and you back up the value of the HODL. So you've got what you call value excluding HODL fair value or just it's called enterprise value for convenience for $117 million, you produce 102 Bitcoin. So if you annualize that, we're trading at a value per Bitcoin mine in $96,000, which is basically the price of Bitcoin.

這是對炒作比率的重新檢視。因此，請查看一月份的生產報告，為了方便起見，這裡列出了每個人的新聞稿。再說一次，這都是市場數據，你看看我們的市值，你就會支持 HODL 的價值。因此，您得到了所謂的不包括 HODL 公允價值的價值，或者只是為了方便起見稱之為企業價值，即 1.17 億美元，您生產了 102 個比特幣。因此，如果按年率計算，每個比特幣礦場的交易價值為 96,000 美元，基本上就是比特幣的價格。

And you look at what our peers are trading at, some of them are trading at $200,000 $400,000 but some of them are trading over a million dollars per Bitcoin mine, and you can kind of normalize that to a ratio, and because we have the most attractive value, if we're trading at a 1x, our peers are trading anywhere from 1.5x to 2.5x to 8x to 10x to 12X. So again, we believe the smart money will start funneling its way to Hive. We are the best value, pound for pound the best miner in terms of uptime, lowest dilution, lowest GNA per Bitcoin mine.

看看我們的同業的交易情況，有些交易價為 20 萬至 40 萬美元，但有些交易價每比特幣礦超過 100 萬美元，你可以將其標準化為一個比率，因為我們擁有最具吸引力的價值，如果我們以 1 倍交易，我們的同行交易的價格則是 1.5 倍、2.5 倍、8 倍、10 倍甚至 12 倍。因此，我們再次相信，聰明的資金將開始湧入 Hive。就正常運作時間、最低稀釋度、每比特幣礦機最低 GNA 而言，我們是最有價值、最優秀的礦工。

Again, I'm an engineer by training, so it's all about numbers for me. I'm a numbers guy. I'm sure everybody else is that enjoys crypto mining cause it's a numbers game. And this is another metric, where we lead the it's very clear. We're an incredibly attractive value proposition right now. Let's see the next slide.

我再說一遍，我是一名受過訓練的工程師，所以對我來說一切都與數字有關。我是一位數位人。我確信每個人都喜歡加密挖掘，因為這是一個數字遊戲。這是另一個指標，我們的領先地位非常明確。我們現在的價值主張非常具有吸引力。我們來看下一張投影片。

Of course. So we're going to talk about AI. We hit $10 million in annualized revenue this quarter, $2.5 million and that's coming from our 4,000 A series cards, which are operational in Montreal and Stockholm, Sweden, but very exciting. We just ordered a 32 node H100 cluster with Infiniband, and that was actually. Shipped and arrived in December and it was configured over the following six weeks. So it's now operation we're looking to hand that over to a client in the next week or two, and that will add $4 million of top line revenue. And then the H-200 cluster we also announced is currently being configured and should be ready in about four to five weeks.

當然。因此，我們將討論人工智慧。本季度我們的年化收入達到了 1000 萬美元，其中 250 萬美元來自我們的 4000 張 A 系列卡，這些卡在蒙特利爾和瑞典斯德哥爾摩投入運營，但這非常令人興奮。我們剛剛訂購了一個帶有 Infiniband 的 32 節點 H100 集群，這實際上是。12 月發貨並到達，並在接下來的六週內完成配置。因此，我們希望在未來一兩週內將業務移交給客戶，這將增加 400 萬美元的營業收入。然後我們也宣布 H-200 叢集目前正在配置，大約四到五週後即可準備就緒。

I believe Super Micros at the data center next week. Pressure testing and configuring everything and of course this is with Ininiband as well. So we're building in video reference architecture, by the way, multiples of 32 nodes is what Nvidia prescribes with Infiniband, of course. And that H200 plus, we expect to add $9 million revenue. So we're at 10, you at four, you at nine, gets us to about $23 million in annualized revenue. The target is $20 just to keep it simple for the street. And we're focused on hitting that in the next quarter. So we stand by for updates on that.

我相信 Super Micros 下週將會到達資料中心。對一切進行壓力測試和配置，當然這也與 Ininiband 有關。因此，我們正在建立一個視訊參考架構，順便說一下，32 個節點的倍數當然是 Nvidia 對 Infiniband 規定的。我們預計 H200 plus 將增加 900 萬美元的收入。所以我們有 10 個，你有 4 個，你有 9 個，這樣我們的年收入就達到了約 2,300 萬美元。目標是 20 美元，只是為了讓街道變得簡單。我們致力於在下個季度實現這一目標。因此，我們將繼續關注相關更新。

And the $100 million annualized revenue target is still there. And all we said is that's going to be focused more on the infrastructure side, we'd be building and converting our green energy data centers to support tier three, where we can either build more GPU clusters or provide co-location services. More on that.

而每年 1 億美元的營收目標依然沒有改變。我們所說的只是將更專注於基礎設施方面，我們將建立和轉換我們的綠色能源資料中心以支援第三層，我們可以在那裡建立更多的 GPU 叢集或提供主機託管服務。更多資訊請見。

But right now the focus and the recent news is that we've got the H100 and H200 clusters, in our data centers again, H100 ready to be turned over to clients very soon. And H200 should be ready to turn over in hopefully four to five weeks. And so we've alluded to this we said, we're focusing on next generation video compute and by the way, we realize it's no secret that Blackwell is going to be liquid cooled. And so if you're going to be building tier three infra, well it better support the next generation of compute which will be 130 kilowatts per rack if you look at NBL 72. And so it's about understanding where the market is going and preparing that. So anyways, we've commented about that just sort of acknowledging that again,

但現在的重點和最新消息是，我們的資料中心再次擁有了 H100 和 H200 集群，H100 很快就可以交付給客戶。H200 預計將在四到五週內交付。因此，我們已經提到了這一點，我們說我們專注於下一代視訊計算，順便說一句，我們意識到 Blackwell 將採用液冷並不是什麼秘密。因此，如果您要建造三級基礎設施，那麼它最好支援下一代運算，如果您看一下 NBL 72，則每機架將有 130 千瓦的功率。因此，關鍵在於了解市場走向並做好準備。無論如何，我們已經對此發表了評論，只是再次承認了這一點，

We'll hop to the next slide. So again, the focal point here is to hit the $20 million annualized revenue once the H100 and H200 clusters are rented, and we're planning to rent these clusters to single customers, and then that that's in addition to the cash flow from our existing GPUs of the $10 million.

我們將跳到下一張投影片。因此，這裡的重點是，一旦 H100 和 H200 集群被租用，就達到 2000 萬美元的年收入，我們計劃將這些集群出租給單個客戶，然後這將是我們現有 GPU 的 1000 萬美元現金流的補充。

Next slide, please.

請看下一張投影片。

And it is time for Mr. Darcy Daubaras, the longest standing CFO in crypto mining industry. He's got more audits under his belt than anybody else and more having events under his belt than any other CFO in the crypto mining. Mr. Daubaras, it's all yours.

現在輪到加密採礦業任職時間最長的財務長達西·道巴拉斯 (Darcy Daubaras) 先生了。他經歷過的審計比其他任何人都多，經歷過的活動也比加密採礦行業中的任何其他財務長都要多。達巴拉斯先生，這全是你的了。

Thank you, Aydin. At this point of the presentation, I will take taking you through a snapshot of the period, looking at the most recent completed quarter and some financial indicators.

謝謝你，艾登。在演示的這一點上，我將帶您回顧該時期的概況，查看最近完成的一個季度和一些財務指標。

We are providing certain non IFRS measures in our presentation today. The company believes that these measures, while not a substitute for measures of performance, prepared in accordance with IFRS, provide investors an improved ability to evaluate the underlying performance of the company. These measures do not have any standardized meaning prescribed under IFRS and therefore may not be comparable to other issues. Further details are found in the management discussion and analysis for the three and nine months ended December 31, 2024.

我們在今天的演示中提供了一些非國際財務報告準則的措施。該公司認為，這些指標雖然不能取代依照國際財務報告準則制定的績效指標，但卻能幫助投資人更好地評估公司的基本績效。這些措施不具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問題進行比較。更多詳情請參閱截至 2024 年 12 月 31 日的三個月和九個月的管理討論與分析。

As you can see on the slide, Hive ended the December 31,, 2024 quarter with 140.2 million common shares, 3.3 million options, 6.2 million RSUs, and 3.2 million warrants outstanding.

正如您在幻燈片上看到的，截至 2024 年 12 月 31 日，Hive 共有 1.402 億股普通股、330 萬份選擇權、620 萬份 RSU 和 320 萬份認股權證未償還。

Onto the next slide during this most recently completed quarter of December 31, we recorded $29.2 million of revenue and a $17.3 million profit measured in adjusted EBITDA. This was driven by the production of 322 Bitcoin equivalent being produced.

在下一張投影片中，在最近完成的 12 月 31 日這個季度中，我們記錄了 2,920 萬美元的收入和 1,730 萬美元的利潤（以調整後的 EBITDA 計算）。這是由於生產了 322 個比特幣等價物所致。

Onto the next slide, we always and have since day one taken pride in maintaining a healthy balance sheet. Our cash position was $9.8 million as of December 31, 2024, in addition to $260.8 million in digital currencies, a healthy increase from the prior quarter driven by higher total balances and higher Bitcoin prices.

下一張投影片是這樣的，從第一天起，我們始終為保持健康的資產負債表而感到自豪。截至 2024 年 12 月 31 日，我們的現金狀況為 980 萬美元，此外還有 2.608 億美元的數位貨幣，由於總餘額增加和比特幣價格上漲，與上一季相比實現了健康增長。

And as we know, our total is consistent of Bitcoin. We also had $8.9 million in amounts receivable and pre-paid. This is an increase from the prior period. The total market value of our strategic investments increased by 26% from the prior quarter to $30.7 million.

眾所周知，我們的總數與比特幣一致。我們還有 890 萬美元的應收和預付款。這比上一時期有所增加。我們的策略投資總市值較上一季成長26%，達到3,070萬美元。

We have a strong net cash position and healthy working capital to support our operations and growth objectives. With a current ratio of 10.4 calculated as current assets divided by current liabilities.

我們擁有強大的淨現金狀況和健康的營運資本來支持我們的營運和成長目標。流動比率為10.4，計算方法為流動資產除以流動負債。

Moving on to the next slide, let's shift our focus to our gross operating margin on a year over year basis. We'll be comparing the third quarter of this year to the third quarter of last year. Our gross mining margin, which is calculated as total revenues minus direct operating and maintenance costs and high-performance computing service fees, decreased in absolute terms to $6.1 million or 21% in the most recent quarter compared to $11.3 million in the same quarter last year.

進入下一張投影片，讓我們將重點轉移到同比毛營業利潤率。我們將今年第三季與去年第三季進行比較。我們的毛採礦利潤（計算方法為總收入減去直接營運和維護成本以及高效能運算服務費）從去年同期的 1,130 萬美元絕對值下降至最近一個季度的 610 萬美元，降幅為 21%。

One significant factor to consider and remember is the impact of the halving event that occurred in April of 2024. This event led to rewards earned by minors in the third quarter of this year, being halved compared to the same period last year.

需要考慮和記住的一個重要因素是 2024 年 4 月發生的減半事件的影響。此事件導致今年第三季未成年人所獲得的獎勵與去年同期相比減少了一半。

The gross mining margin is influenced by several additional external factors. These include the high mining difficulty currently being experienced and the reduced amount of digital currency rewards received by minors, as I mentioned, which is now half of what it was a year ago.

採礦毛利也受到幾個額外的外部因素的影響。其中包括目前正在經歷的高挖礦難度以及未成年人獲得的數位貨幣獎勵減少，正如我所提到的，現在的數量只有一年前的一半。

And the market price of the digital currencies at the time of mining, which is how our revenue is recorded, which has been higher compared to the previous quarter. Taking a look at basic income or loss per share in the most recently completed quarter, we are reporting a net profit of $0.01 per share compared to a net loss of $0.08 per share reported for the quarter ending December 31, 2023.

挖礦時數位貨幣的市場價格，也就是我們的收入記錄，與上一季相比有所上升。看看最近完成的一個季度的基本收入或每股虧損，我們報告的淨利潤為每股 0.01 美元，而截至 2023 年 12 月 31 日的季度報告的淨虧損為每股 0.08 美元。

And looking at the nine-month period, year-to-date, we are reporting a net loss of $0.03 per share compared to a net loss of $0.55 per share in the nine months ended December 31, 2023. The net loss reported by Hive is in accordance with the regulatory requirements of IFRS as we are a Canadian listed entity rather than following US GAAP.

縱觀今年迄今的九個月，我們報告的淨虧損為每股 0.03 美元，而截至 2023 年 12 月 31 日的九個月的淨虧損為每股 0.55 美元。Hive 報告的淨虧損符合 IFRS 的監管要求，因為我們是加拿大上市實體，而不是遵循美國 GAAP。

However, we are going through the process to get a transition to US GAAP. One of the things that will do is allow our investors and our listeners of this session to have greater comparability of ourselves to our peers.

然而，我們正在經歷向美國公認會計準則過渡的過程。這樣做的其中一件事就是讓我們的投資者和本次會議的聽眾能夠更好地與我們和同行進行比較。

Onto the next slide, and looking at our year over year revenue, we generated total revenue in the third quarter of fiscal 2025 of $29.2 million versus $31.3 million in the previous year's quarter.

進入下一張投影片，看看我們的年比收入，我們在 2025 財年第三季的總收入為 2,920 萬美元，而去年同期的總收入為 3,130 萬美元。

The steady revenues compared to the same quarter in fiscal 2024 can primarily be attributed to the higher average Bitcoin price, which is more than double what it was last year. However, this increase is offset by a rise in Bitcoin difficulty hash rates over the past year, as well as the impact of the halving event on the current period results.

與 2024 財年同期相比，穩定的收入主要歸因於比特幣平均價格上漲，該價格是去年的兩倍多。然而，這一增長被過去一年比特幣難度哈希率的上升以及減半事件對當期業績的影響所抵消。

It's a huge, a badge of honor for our operations team and the company as a whole to be able to maintain these high revenues even with receiving half of the rewards that we were receiving a year ago as an effect of the having event.

儘管我們因此次活動獲得的獎勵只有一年前一半，但我們仍然能夠保持如此高的收入，這對我們的營運團隊和整個公司來說是一項巨大的榮譽。

As previously mentioned, our gross mining margin, which equates to our revenues minus direct operating and maintenance costs and HPC service fees decrease in absolute dollars to $6.1 million or 21% in the most recent quarter compared to $11.3 million or 36% in the prior year.

如前所述，我們的毛採礦利潤（等於我們的收入減去直接營運和維護成本以及 HPC 服務費）以絕對美元計算，最近一個季度下降至 610 萬美元或 21%，而去年同期為 1,130 萬美元或 36%。

Moving on to the next slide comparing our current fiscal Q3 quarter to the previous Q2 quarter, we generated revenue in this third quarter of fiscal 2025 of $29.2 million versus $22.6 million in the previous quarter.

下一張投影片將我們目前的財政第三季與上一季的第二季進行比較，我們在 2025 財年第三季的營收為 2,920 萬美元，而上一季的營收為 2,260 萬美元。

This increase in revenues versus the prior quarter was impacted by an increase in the price of Bitcoin, resulting in higher revenue from digital currency mining. We also saw a 35% higher HPC revenues quarter over quarter.

與上一季相比，收入的成長受到比特幣價格上漲的影響，導致數位貨幣挖礦收入增加。我們也看到 HPC 收入環比增長了 35%。

Our gross operating margin, also in absolute dollars decreased to $6.1 million or 21%. And the most recent quarter compared to $1.2 million or 5%. That increase is great on a quarter over quarter basis, and it was greatly due to the higher comparative Bitcoin prices and resulting revenues. Looking at our adjusted EBITDA in the next slide in this third quarter of fiscal 2025 was $17.3 million versus an adjusted EBITDA of $5.6 million in the prior quarter. I will highlight again that adjusted EBITDA is a non-IFRS figure.

我們的毛營業利潤率（以絕對美元計算）也下降至 610 萬美元，即 21%。最近一個季度的增幅為 120 萬美元，即 5%。與上一季相比，這一增幅很大，這很大程度上是由於比特幣價格上漲以及由此產生的收入。在下一張投影片中，我們 2025 財年第三季的調整後 EBITDA 為 1,730 萬美元，而上一季的調整後 EBITDA 為 560 萬美元。我要再次強調，調整後的 EBITDA 是非 IFRS 資料。

In the third quarter of fiscal 2025, we experience a net profit of $1.3 million compared to a net loss of $7.7 million in the prior quarter. At this point, as I always like to do, I want to thank our loyal shareholders that have been with us over this period of time. It has been, an incredible, journey. It has been incredible what Hive has been able to achieve and announce over the last three months, and at this time I'd like to pass it to Nathan, who will be running our Q&A portion for our covering analysts. Nathan.

2025 財年第三季度，我們的淨利潤為 130 萬美元，而上一季的淨虧損為 770 萬美元。此時，正如我一直喜歡做的那樣，我想感謝這段時間以來一直陪伴我們的忠實股東。這是一次令人難以置信的旅程。Hive 在過去三個月中所取得的成就和宣布的消息令人難以置信，現在我想將其交給 Nathan，他將負責我們的報道分析師的問答環節。內森。

Thank you, Darcy. Also to Aydin and Frank. That concludes our presentation for today. We will now begin the question and answer portion of our call. Our first question comes from the line of Bill with KBW. Bill, go Ahead.

謝謝你，達西。還有 Aydin 和 Frank。今天的演講到此結束。我們現在將開始通話中的問答部分。我們的第一個問題來自 KBW 的 Bill。比爾，繼續說。

Thanks for having me here. So my first question was with respect to the Paraguay strategy. I'm just curious to hear the team's thoughts on further opportunity to expand in the region now that a 300 megawatt foothold will be established in roughly eight months. Just curious to hear on general thoughts on Paraguay. Thank you.

感謝您邀請我來這裡。我的第一個問題是關於巴拉圭戰略的。我只是好奇想聽聽團隊對於進一步在該地區擴張的想法，因為大約八個月後將建立一個 300 兆瓦的立足點。只是好奇想聽聽大家對巴拉圭的看法。謝謝。

Yeah, no, thanks for the question, Bill, and I apologize for the silence. I wasn't sure if it was just on my end. I think with the team that we've had gone down there, Frank has been down there, Aiden's been down there, Luke, our Chief Operating Officer.

是的，不，謝謝你的提問，比爾，我為我的沉默道歉。我不確定這是否只是我的問題。我想，我們和團隊一起去過那裡，弗蘭克去過那裡，艾登也去過那裡，還有我們的營運長盧克。

It's opening up some other opportunities. People are, we're seeing more of the region, we're having conversations with existing. The existing miners down there. So I think that there's a potentially a lot of opportunities in Latin America to do some additional bitcoin mining, but right now, because this is, as everybody on the call knows, this is the biggest transformational announcement that Hive has made since its inception back in 2017 were laser focused to get these done.

這正帶來一些其他的機會。人們，我們正在了解該地區的更多情況，我們正在與現有的地區進行對話。那裡現有的礦工。因此，我認為拉丁美洲可能有很多機會進行一些額外的比特幣挖礦，但現在，因為正如電話會議中的每個人都知道的那樣，這是 Hive 自 2017 年成立以來做出的最大轉型公告，我們專注於完成這些公告。

I don't think that we want to overburden ourselves with going after another 300 megawatts or whatever, as the conservative CFO, I think the team wants to make sure that we get this done, get it done properly, get it up and running, and with the Bit farms one because it was already, once we close, be able to get this one up and running, the timelines a lot tighter.

我認為，我們不想因為追求另外 300 兆瓦或其他什麼而給自己施加過重的負擔，作為保守的首席財務官，我認為團隊希望確保我們完成這項工作，正確地完成它，使其啟動並運行，而對於 Bit farms 來說，因為一旦我們關閉，就能夠讓它啟動並運行，時間表會緊湊得多。

We're going to learn a lot. It's like any country, you can have all of your plans, the operations team, finance team, everybody, but until you energize that, that's when the excitement really starts. So we are continuing to take a look. We are always, whether it's in Latin America or other places, taking incoming opportunity questions,

我們將會學到很多。就像任何一個國家一樣，你可以擁有所有的計劃，營運團隊、財務團隊、每個人，但直到你為它們注入活力，興奮才會真正開始。因此我們將繼續觀察。無論是在拉丁美洲或其他地方，我們總是回答有關機會的問題，

so we're continuing to look and haven't closed our eyes to anything, and with the access to the green energy from these large dams that have stranded power, I think that there's going to continue to be opportunities whether we take them or not, that will continuously be part of our corporate development, strategy, taking a look at it and seeing if it makes sense, but the big thing we're looking at, through calendar 2025 is getting these operations up and running so that we can pick Bitcoin on our balance sheet.

因此，我們會繼續觀察，並沒有對任何事情視而不見。

Awesome, thank you for the color there, and then if I may ask a second one, how should we think about the rampant SG&A expense going forward, in the impact of operating leverage as the business scales here.

太棒了，謝謝你的闡釋，然後我可以問第二個問題嗎？

Yeah, I think the SG&A is going to continue to be very lean. It's not going to be linear from the standpoint of us having 6 exashash now and then, getting a 4 exashash to 25 exashash, that our &is going to increase by 4 times. There's going to be economies of scale and the great thing that I've, in my head, Bill, it's not the operation side, but I would much rather have, one, 200 megawatt facility, like we're looking at in in Paraguay with the LOI with bit farms, then have ten, 20 megawatt ones. You can keep your overhead a lot lower, you can get a lot more economies of scale. As we've talked about before, we are going to be adding, some people on the strategy side, for the accounting and auditing, and we'll obviously have to add some people down in Paraguay to run the operations, but it's not going to be a 4 times, it's, we're going to continue to keep it lean. And this is where, it's, you can, maintain a very low SG&A while your revenues go 4 times.

是的，我認為銷售、一般及行政開支將繼續保持精簡。從我們現在擁有 6 exashash 的角度來看，這不會是線性的，然後從 4 exashash 獲得到 25 exashash，我們的 & 將增加 4 倍。這將會產生規模經濟，比爾，在我看來，最偉大的事情不是運營方面，但我更願意擁有一個 200 兆瓦的設施，就像我們在巴拉圭通過意向書考慮的帶有比特農場的設施一樣，然後再擁有十個 20 兆瓦的設施。你可以將管理費用保持在低得多的水平，並獲得更大的規模經濟。正如我們之前談到的，我們將在策略方面增加一些人員，負責會計和審計，而且我們顯然還得在巴拉圭增加一些人員來運營，但這不會是四倍，我們將繼續保持精簡。這樣，您就可以將銷售、一般及行政開支維持在非常低的水平，同時收入卻可以成長 4 倍。

Really appreciate the call. Congrats again on the quarter.

非常感謝您的來電。再次恭喜本季取得佳績。

Great, thanks, Bill. I appreciate you calling in.

太好了，謝謝，比爾。感謝您來電。

Bill, thank you for the question. For our next question, we'll go to the line of Darren from Roth. Please unmute.

比爾，謝謝你的提問。下一個問題，我們將請羅斯 (Roth) 的達倫 (Darren) 回答。請取消靜音。

Hey guys, can you hear me? Yes, Darren. Great. Good morning. Thanks for taking my questions. Congrats on the progress. So I guess my first question, appreciating all this stuff sort of occurs linearly, can you just walk through what logistically needs to occur in order to one close the Paraguay site from bit farms and then two, with respect to the aggregate 300 megawatt project, kind of what are the biggest obstacles between, once you close the bit farms transaction and getting up to 35 exahash by the third quarter target.

嘿夥計們，你聽得到我說話嗎？是的，達倫。偉大的。早安.感謝您回答我的問題。祝賀你取得進展。所以我想我的第一個問題是，意識到所有這些事情都是線性發生的，您能否簡單介紹一下從邏輯上需要發生什麼才能關閉比特農場的巴拉圭站點，然後二，就總計 300 兆瓦的項目而言，一旦您關閉比特農場交易並在第三季度目標前達到 35 exahash，最大的障礙是什麼。

I think the target is 25, but, I don't know where the extra 25 will get to get to 35. I think it's well on its way. We're having, numerous calls, with Bit farms, every week. We've got a very good Relationship, a very good open communication with them because both ourselves and Bitarms want to make this transaction successful to be able to close on time. So they've been incredibly accommodating, sharing information with us on what's happened. We are working with people that have already built and and are continuing to build down there. So the synergies that we've been able to have have been very beneficial.

我認為目標是 25，但是，我不知道額外的 25 將去哪裡才能達到 35。我認為一切進展順利。我們每週都會與 Bit farms 進行多次通話。我們與他們保持著非常好的關係，非常開放的溝通，因為我們和 Bitarms 都希望這筆交易能夠成功，並且能夠按時完成。因此他們非常樂於助人，與我們分享所發生事件的資訊。我們正在與已經在那裡建造並繼續建造的人合作。因此，我們能夠產生的協同效應非常有益。

I don't see any big, rocks or stumbling blocks that we need to get over. It's just continuing that communication with bit farms, to be able to get to the energization. We already had a good relationship with the energy provider Andy down there when we hooked up our and had the relationship for the 100 megawatts.

我沒有看到任何需要我們克服的大石頭或絆腳石。這只是繼續與比特農場進行溝通，以便能夠獲得能量。當我們與那裡的能源供應商安迪 (Andy) 建立聯繫並達成 100 兆瓦的電力供應時，我們已經與他建立了良好的關係。

So, it's more just, working with the existing team that's there, continuing to, check things off the box, from both a due diligence point of view and making sure that we've got operational people that are ready to run the facility.

因此，更重要的是，與現有的團隊合作，繼續從盡職調查的角度檢查各項事項，並確保我們擁有準備好運行該設施的營運人員。

From what I understand, our imports, that we have to come in for the remaining equipment to get that.

據我了解，我們必須進口剩餘的設備才能實現這一點。

Facility up and running is all working well. We are looking at the Purchases of ASIC equipment that we already made for our existing facility and taking a look at both our 200 megawatts with Bit farms and our 100 megawatt that we had announced for our own, what's the most strategic and best utilization of that equipment to get energization as quickly as possible, across the two facilities in Paraguay.

設施正常運作。我們正在研究為現有設施購買的 ASIC 設備，並研究我們與 Bit 農場合作的 200 兆瓦電力以及我們自己宣布的 100 兆瓦電力，研究如何最具戰略性和最佳地利用這些設備，以便盡快為巴拉圭的兩家設施通電。

We will move to Nick from B Riley. Nick, please unmute yourself and proceed with your question.

我們將從 B Riley 轉到 Nick。尼克，請取消靜音並繼續你的問題。

Hey, Nathan, thanks a lot. My first question, guys, congrats on the progress so far, first of all, but Frank, you talked about the change in administration giving you the comfort to move the head office to San Antonio, obviously you have an impressive growth pathway in Paraguay, but has the change in administration impacted your desire to own operating assets in the US?

嘿，內森，非常感謝。夥計們，我的第一個問題是，首先祝賀迄今為止取得的進展，但是弗蘭克，你談到了管理層的變化讓你們可以輕鬆地將總部遷至聖安東尼奧，顯然你們在巴拉圭有著令人印象深刻的增長道路，但管理層的變化是否影響了你們在美國擁有運營資產的願望？

I don't think Frank was able to make it on the call this morning, but it definitely has changed, Hive's viewpoint on the United States, prior to the current administrations come in as everyone is aware. It was challenging to not know what was around the corner with any regulation in the United States. You had Genzler going after everybody that either had blockchain, crypto, or anything in their name. They made it extremely difficult through choke. 2.0 to to get anything done.

我認為弗蘭克今天早上無法參加電話會議，但正如大家所知，在現任政府上台之前，Hive 對美國的看法肯定發生了變化。不知道美國的任何法規將會帶來什麼後果是件很困難的事。讓 Genzler 追蹤所有擁有區塊鏈、加密貨幣或任何以他們的名字命名的人。他們透過窒息讓事情變得極為困難。 2.0 來完成任何事。

Having the new administration, have, it's very clear that the new administration loves crypto, they're putting out their own, trying to put out their own ETFs, they've brought in a SEC chair that's a lot more friendly to the blockchain and cryptocurrency environment. They actually have a crypto czar, so any kind of additional spotlight, that can be put on the sector. A lot more adoption will be happening in the United States, and I think it becomes a lot more mainstream. So when you've got states taking a look at how they're going to handle crypto, having the national environment a little bit more friendly can only benefit, what's can be useful for Bitcoin miners, over the last seven years, that I've been with the company, I've just taken a look at different things in the United States, we've moved in, we're the first ones to be dual listed.

有了新政府，很明顯新政府喜歡加密貨幣，他們正在推出自己的加密貨幣，試圖推出自己的 ETF，他們聘請了一位對區塊鏈和加密貨幣環境更加友好的 SEC 主席。他們實際上有一個加密沙皇，所以任何形式的額外關注都可以放在該領域。在美國，將會有更多的人採用這種技術，而且我認為它會變得更主流。因此，當各州研究如何處理加密貨幣時，讓國家環境更友善一點只會有益，這對比特幣礦工來說是有用的，過去七年來，我一直在公司工作，我剛剛研究了美國的不同事物，我們已經進入美國，我們是第一家雙重上市的公司。

There was always an underlying , I'll say for myself discomfort because you didn't know where the lines were drawn operating in the United States. I think over the next four years, there's a great opportunity for the United States to get regulation in, make it a lot more mainstream, so no matter who is in power four years from now.

總有一種潛在的，我可以說是一種不適，因為你不知道在美國運作的界線在哪裡。我認為，未來四年，美國有很大機會引入監管，並使其成為主流，無論四年後誰掌權。

We have the guardrails to make this industry incredibly special and incredibly booming past Trump's presidency. And, from a CFO point of view, I welcome, regulation.

我們已採取措施，使這個行業在川普總統任期結束後變得無比特殊並且蓬勃發展。而且，從財務長的角度來看，我歡迎監管。

Sometimes you don't like it, but at least you know where the guard rails are, and you know where you can go and where you can't go. In prior administration, you didn't know where those guard rails were because they would just come in and make up the rules as they came along, whether they were lawful or not.

有時候你不喜歡它，但至少你知道護欄在哪裡，知道哪裡可以去，哪裡不能去。在前幾屆政府中，你不知道這些護欄在哪裡，因為他們會隨意制定規則，不管這些規則是否合法。

So, thanks for those comments. My second question, if I may, was, correct me if I'm wrong, but I think you alluded to the potential for some site conversion, in the existing portfolio, more geared towards the HPC side. So I just was, hoping to get any additional color on what kind of work has been done. For potential, co-location opportunities or, have you come up with any CapEx per megawatt estimates, any additional color you might add. Thanks a lot.

所以，感謝這些評論。我的第二個問題是，如果可以的話，如果我錯了，請糾正我，但我認為您提到了現有產品組合中一些網站轉換的潛力，更適合 HPC 方面。所以我只是希望獲得有關已完成哪些工作的更多詳細資訊。對於潛在的共置機會，或者您是否提出了每兆瓦的資本支出估算，以及您可能添加的任何額外資訊。多謝。

Yeah, on that, Nick, in terms of the actual numbers, I'd have to defer to the operations team, but I know that we have been looking at our flagship facility, up in Bowden, Sweden. There is a small actually beside our flagship facility where we've been doing, analysis. We brought in a consultant to take a look at what it would cost to repurpose that from basic mining, doing cryptocurrency to doing the HPC.

是的，尼克，就實際數字而言，我必須聽從營運團隊的意見，但我知道我們一直在關注位於瑞典鮑登的旗艦工廠。實際上，我們的旗艦設施旁邊有一個小型設施，我們一直在那裡進行分析。我們聘請了一位顧問來研究將其從基礎挖礦、加密貨幣轉變為 HPC 需要花費多少錢。

And we've also taken a look at that in our New Brunswick facility to be able to Look at the energy that is available to the company and make the best use of it. We could just say, keep it completely separate and say, okay, we're only going to work with outside parties for our tier three, but using our existing facilities and saying what's the best purpose of that electricity that we have, and is that better used to do high performance computing or for Bitcoin mining.

我們也在新不倫瑞克省的工廠對此進行了研究，以便了解公司可用的能源並充分利用它。我們可以說，將其完全分開，並說，好的，我們只會與外部方合作實現我們的第三層，但使用我們現有的設施，並說明我們擁有的電力的最佳用途是什麼，以及最好將其用於高性能計算或比特幣挖礦。

The one thing that we need to take into account is if we're doing HPC it has to be up 100% of the time, so we have to, in addition to the CapEx that would take to get it to a tier three level, including the redundancy of power, redundancy of the fiber optics, all that, we've got to make sure that it's an environment where we can have useful low cost energy, but it's stable energy. We can't have it in a location where we're going to be curtailed, because we just can't afford to have, the power going down. You gotta make sure that you've got it 99.97% or whatever the the amount is to making it it keep up there, but we have had, engineers come in, do some analysis, and provided us with some estimates in terms of what that would take. So we'd love to be able to do those in our own facilities, and then, outside of our own facilities, we're continuing to look for sourcing, locations to do our own HBC owning the property, owning our own facility so that we don't have to rely on any landlords.

我們需要考慮的一件事是，如果我們進行 HPC，它必須 100％ 的時間處於運行狀態，因此，除了將其達到三級水平所需的資本支出之外，我們還必須確保它是一個可以擁有有用的低成本能源的環境，但它是穩定的能源。我們不能把它放在電力受限的地方，因為我們承受不起電力下降的後果。你必須確保達到 99.97% 或任何數量，以使其保持在那裡，但我們已經讓工程師進來，進行一些分析，並為我們提供了一些關於需要做些什麼的估算。因此，我們很樂意能夠在自己的設施內進行這些工作，然後，在我們自己的設施之外，我們會繼續尋找來源，尋找地點進行我們自己的 HBC，擁有房產，擁有我們自己的設施，這樣我們就不必依賴任何房東。

Thanks again, Darcy, and keep up the good work.

再次感謝你，達西，繼續努力。

Thanks, Nick.

謝謝，尼克。

Thank you for that question. In the interest of time, we will accept one more question from the line of Joe from Canaccord. Please go ahead and unmute yourself, Joe.

感謝您的提問。由於時間原因，我們將接受來自 Canaccord 的 Joe 提出的最後一個問題。請繼續並取消靜音，喬。

Hey Darcy, and I'm not sure if Aiden and Frank are still on, but.

嘿達西，我不確定艾登和弗蘭克是否還在，但是。

Joe. Oh great.

喬。哦，太好了。

Yeah. I hear a technical question coming, so I'm glad Aydin is here.

是的。我聽到一個技術問題，所以我很高興艾登在這裡。

Here. I mean, it may not go into a technical question, but nice to see all the progress and the expected ramp here on X Hash. Maybe I'll just throw one question in. As the business is about to get a lot larger and looks like it's going to be, throwing off more profit, just wondering how you consider maybe the use of debt moving forward as a funding mechanism to grow the business, relative to, for example, using the ATM and more, it's working, but if you were to employ some debt, maybe you could grow a little more creatively and with a bigger P&L you'd be able to service some debt. So just wondering what the most updated thoughts are on using a little bit more of the Cap structure of the balance sheet here. Thanks a lot.

這裡。我的意思是，這可能不是一個技術問題，但很高興看到 X Hash 的所有進展和預期的成長。或許我只想提出一個問題。由於業務即將擴大，而且看起來將會產生更多利潤，我只是想知道您如何考慮使用債務作為一種融資機制來發展業務，相對於例如使用 ATM 等，它是有效的，但是如果您使用一些債務，也許您可以更有創意地發展，並且通過更大的損益表，您將能夠償還一些債務。所以只是想知道在這裡使用更多資產負債表的上限結構的最新想法是什麼。多謝。

Yeah, we saw a lot of convertible debt deals done in the last quarter of 2024, and we've spoken to different institutions on those lines, but what we noticed was a lot of those debt deals had use of proceeds that were diminished from the total amount borrowed. So for example, we see convert deals done for $500 million-$600 million, but cap calls and share buybacks were also included in that structure, and as these are detailed and everybody's press releases and so, $600 million deal might only have $350 million to $400 million of proceeds to say by Bitcoin if that's what the debt was for.

是的，我們看到 2024 年最後一個季度完成了很多可轉換債務交易，我們也已經與不同的機構就此進行了交流，但我們注意到，很多債務交易的收益都減少了總借入金額。舉例來說，我們看到轉換交易的價格為 5 億至 6 億美元，但上限調用和股票回購也包括在該結構中，並且由於這些都是詳細的，並且每個人都在新聞稿中公佈，因此，如果債務的用途是比特幣，那麼 6 億美元的交易可能只有 3.5 億至 4 億美元的收益可用比特幣表示。

And so down the road at the end of the term, you're still going to have to repay the $600 million so we, it seemed to be trendy or popular because there was a lot of liquidity that that was opening, like doing those secure securitized debt deals was opening up, but what if things don't pan out, like, a lot of these debt deals were done to buy Bitcoin, and so what if that doesn't, pan out perfectly? What if Bitcoin doesn't go to 2000. So, right now we've got a strong balance sheet, and we've got, I think a little under $100 million left on the ATM, $100 million beyond that on the base shelf and on.

因此，在期限結束時，您仍然需要償還 6 億美元，因此，這似乎是一種趨勢或流行，因為這將帶來大量的流動性，例如進行那些安全的證券化債務交易，但如果事情沒有成功怎麼辦，例如，許多債務交易都是為了購買比特幣，那麼，如果事情沒有完美地成功怎麼辦？如果比特幣漲不到 2000 美元會怎麼樣？所以，現在我們擁有強勁的資產負債表，而且我認為 ATM 機上還剩下不到 1 億美元，而基礎貨架上還有 1 億美元。

As well, we've got, roughly, $250 million, over $250 million Bitcoin on the balance sheet. So, we always look at the cheapest cost of capital, and if there is a good debt deal, which, by the way, in the HPC world, it is a different ecosystem, it's different than financing Bitcoin expansions or operations. So, there are potential opportunities there, that are more conventional sort of debt financing options, but yeah, we'll, we always look for the lowest cost of capital.

另外，我們的資產負債表上還有大約 2.5 億美元，超過 2.5 億美元的比特幣。因此，我們始終關注最便宜的資本成本，如果有好的債務交易，順便說一句，在 HPC 世界中，它是一個不同的生態系統，它不同於為比特幣擴張或營運提供融資。因此，那裡存在潛在的機會，即更傳統的債務融資選擇，但是，是的，我們總是尋找最低的資本成本。

Great. Thanks very much, Aydin. Congrats on all the progress.

偉大的。非常感謝，艾登。祝賀你取得的所有進展。

Thank you, Joe. Thank you to all of our analysts, all of our attendees. That concludes our Q&A session and our Q3 2025 earnings call.

謝謝你，喬。感謝我們所有的分析師和所有與會者。我們的問答環節和 2025 年第三季財報電話會議到此結束。

Thank you very much for joining. We look forward to speaking to you again soon.

非常感謝您的加入。我們期待很快再次與您交談。