HIVE Digital Technologies Ltd (HIVE) 2026 Q2 法說會逐字稿

Hello, and welcome to today's webcast on HIVE Digital Technologies financial results for the six months ended September 30, 2025. My name is Nathan Fast, Director of Marketing and Branding at HIVE, and I'm pleased to be your moderator for today's call.

大家好，歡迎收看今天關於 HIVE Digital Technologies 截至 2025 年 9 月 30 日的六個月財務業績的網絡直播。我是HIVE的行銷和品牌總監Nathan Fast，很高興能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 statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Words such as expects, believes and similar expressions identify these statements. Actual results could differ materially, and we disclaim any obligation to update them, except as required by law. For a full discussion of risk factors, please refer to our most recent SEC filings at sec.gov.

在開始講解第二張投影片之前，我想先簡單說明一下今天演講的揭露事項。除歷史事實陳述外，本簡報包含符合 1995 年美國私人證券訴訟改革法案定義的前瞻性陳述。諸如“期望”、“相信”等詞語以及類似的表達方式都表明了這些陳述。實際結果可能與預期有重大差異，除法律要求外，我們不承擔更新預期結果的義務。有關風險因素的完整討論，請參閱我們在 sec.gov 上的最新 SEC 文件。

In addition to discussing results that are calculated in accordance with GAAP, we will also reference certain non-GAAP financial measures, including adjusted EBITDA, adjusted net income, and free cash flow. Management uses these metrics to evaluate operating performance and believes they provide investors with additional insight, and they are presented for supplemental purposes only and should not be considered in isolation from GAAP results.

除了討論依照公認會計準則計算的結果外，我們還將參考一些非公認會計準則的財務指標，包括調整後的 EBITDA、調整後的淨收入和自由現金流。管理層使用這些指標來評估經營業績，並認為這些指標可以為投資者提供額外的見解，這些指標僅供補充參考，不應與 GAAP 結果脫離關係進行考慮。

Reconciliations to the nearest GAAP measures are included in the appendix to this presentation and in the press release and Form 8-K furnished to the SEC. 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.

與最接近的 GAAP 指標的調節表包含在本簡報的附錄中，以及提交給美國證券交易委員會的新聞稿和 8-K 表格中。下一張投影片，我很高興地向大家介紹今天的演講嘉賓：執行主席弗蘭克·霍姆斯；總裁兼首席執行官艾丁·基利奇；以及首席財務官達西·道巴拉斯。

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

現在我將把報告交給弗蘭克·霍姆斯先生，讓他對本季進行宏觀回顧。坦率？

Thank you, Nathan. Let's get into my macro recap, and I'm going to try to weave in some of the most recent past couple of weeks' sentiment, unpacking the drivers of short-term negative sentiment in data centers and AI infrastructure, which I believe is just setting up for a phenomenal buy for us an industry whole. I'm going to try to explain this in this presentation and why HIVE is so uniquely positioned in this macro theme. Next, please. Well, HIVE's journey to really accelerate its growth in Bitcoin mining.

謝謝你，內森。讓我們進入我的宏觀回顧，我將嘗試融入最近幾週的一些市場情緒，剖析資料中心和人工智慧基礎設施短期負面情緒的驅動因素，我認為這恰恰為我們整個行業創造了一個絕佳的買入機會。我將在本簡報中嘗試解釋這一點，以及為什麼 HIVE 在這個宏觀主題中具有如此獨特的地位。下一位。HIVE 正在努力加速其在比特幣挖礦領域的成長。

It was stalled after Putin invaded Ukraine and sources of hydro and geothermal electricity around the world all of a sudden went shut down or very small. There was no scaling ability until the opportunity a little over 18 months ago when I reached out to the President of Paraguay and flew down to meet him because they have surplus electricity. I'm going to try to walk you through sort of this journey. And that this President is really quite unique. President Santiago Peña is a former rugby player.

普丁入侵烏克蘭後，世界各地的水力發電和地熱發電資源突然關閉或規模變得非常小，導致該計畫停滯不前。直到 18 個月前，我才有了擴大規模的機會。當時我聯繫了巴拉圭總統，並飛去與他會面，因為他們有多餘的電力。我打算帶你了解這段旅程。這位總統確實非常獨特。總統聖地亞哥·佩尼亞曾是橄欖球運動員。

He is 47 years old, studied at the University of Columbia, New York, worked for in Washington with the IMF and has had an incredible journey in Paraguay and building the country and becoming recognized. And every time I go down, I find something new that I love more about the country. But the country is very unique and very pro-America.

他今年 47 歲，曾在紐約哥倫比亞大學學習，在華盛頓的國際貨幣基金組織工作，在巴拉圭經歷了一段不可思議的旅程，為國家建設做出了貢獻，並獲得了認可。每次我去那裡，都會發現一些我更愛這個國家的新事物。但這個國家非常獨特，而且非常親美。

So to give you an idea of all those negative news about Latin America, with Valenzuela and some of the drama of the Panama Canal and then we have, for sure, Columbia's President. I think it's really important to look at how Communism and Socialism has penetrated deeply into Central and South America, but not in Paraguay.

所以，為了讓你們了解拉丁美洲的負面新聞，像是瓦倫蘇埃拉事件、巴拿馬運河的一些戲劇性事件，當然還有哥倫比亞總統的事件。我認為，研究共產主義和社會主義如何深入滲透到中美洲和南美洲，但尚未滲透到巴拉圭，是非常重要的。

And I think that that's what's really important for investors and why we felt so confident this is where HIVE would scale its Bitcoin operations, sourcing green energy, surplus energy and really also helping out the overall economy grow, and I'll show you some of the other unique things we've done in schools that are nearby us. But President Santiago Peña was the sole Latin American Head of State present at the 2025 Gaza Peace Summit.

我認為這對投資者來說才是真正重要的，也是為什麼我們如此確信 HIVE 將在這裡擴大其比特幣業務規模的原因，獲取綠色能源和剩餘能源，並真正幫助整體經濟成長。我也會向你們展示我們在附近學校所做的一些其他獨特之處。但聖地牙哥·佩尼亞總統是唯一出席 2025 年加薩和平高峰會的拉丁美洲國家元首。

So this is something else that's really important who's pro-Taiwan. And one of the largest suppliers of food commodities for Taiwan, I believe, for a population with 6 million people, they produce about -- food for and which they export for 60 million people. Next, please.

所以，親台人士的立場也非常重要。我相信，台灣最大的食品供應商之一，對於一個擁有 600 萬人口的國家來說，他們生產的食品大約夠 6000 萬人食用，而且他們還出口這些食品供 6000 萬人食用。下一位。

So here's our President of the country, Gabriel Lamas, who's an electrical engineer, worked for the government's utility company. As you can see, he's very tall compared to the President who's like 6'2, Gabriel is like 6'4, 6'5 and he's just been a great leader of maximizing the whole scaling, the concept of scaling and coordinating and working with our CEO, Aydin Kilic, who'll speak in a few minutes. And Luke Rossy, who's our Chief Operating Officer; and Bill Gray, our CTO. Gabriel has done a phenomenal job accelerating the scaling from 6 to 25 -- the journey to 25, we've announced for 24, and we're very close here to 25. So we feel very confident of hitting that.

這位是我們國家的總統加布里埃爾·拉馬斯，他是一名電氣工程師，曾在政府的公用事業公司工作。正如你所看到的，與身高約 6 英尺 2 英寸的總統相比，他非常高，加布里埃爾身高約 6 英尺 4 英寸或 6 英尺 5 英寸，他是一位傑出的領導者，最大限度地發揮了規模化、規模化概念的作用，並與我們的首席執行官艾丁·基利奇協調合作，艾丁·基利奇將在幾分鐘後發言。還有我們的營運長盧克·羅西；以及我們的首席技術長比爾·格雷。Gabriel 在加速將規模從 6 人擴展到 25 人方面做得非常出色——我們已經宣布目標是 24 人，而現在我們離 25 人的目標非常接近了。所以我們非常有信心能夠實現這個目標。

So you can see here, Gabriel was recently with them. And there's a picture when I first met the President a little over 18 months ago. And the economy is one of the strongest and steady growing economies in Latin America. So that's another real positive sign for the country. Next, please.

所以你可以看到，加布里埃爾最近和他們在一起。還有一張我大約18個月前第一次見到總統時的照片。而且，該國經濟是拉丁美洲成長最強勁、最穩定的經濟體之一。所以這對國家來說又是一個真正的正面訊號。下一位。

As a money manager, I have always say that government policies are a precursor to change. And Peña's policies for fiscal development are outstanding and he has pushed to make sure that every child is fed and then upgrading the school system, but we're helping with that. And we're helping, especially in rural areas.

身為資金管理者，我一直認為政府政策是改變的先兆。佩尼亞的財政發展政策非常出色，他一直致力於確保每個孩子都能吃飽飯，並不斷改進學校系統，而我們也為此提供幫助。我們正在提供協助，尤其是在農村地區。

And so this story, what I'm trying to point to is that Paraguay is powering high velocity ascent to 25 exahash. And what's interesting is that yesterday -- sorry, two days ago, is November 12, and that is Hayes Day because in 1870, there was a tragic war, a trilateral war with Uruguay, Argentina and Brazil trying to take over this massive green belt country, and they wiped out genocide all men and boys to the age of 10.

所以，我想指出的是，巴拉圭正在推動其高速成長，達到 25 exahash。有趣的是，昨天——抱歉，是前天——是 11 月 12 日，是海斯日，因為在 1870 年，發生了一場悲慘的戰爭，一場烏拉圭、阿根廷和巴西之間的三國戰爭，他們試圖佔領這個廣袤的綠色地帶國家，並對所有 10 歲以下的男性和男孩進行了種族滅絕。

It was tragic, and it was President Hayes that came in that resolved that they kept about 60% of their land. And to this day, the country celebrates November 12, Hayes Day and the largest state in the country I'm pointing to here is President Hayes. So there's a very strong bond with America that when I talk to investors, the average America is not aware of. Next, please. So part of that journey in addition to rapidly scaling and building out data centers, campus across the country, building a Buzz is also -- it's creating lots of local jobs in construction.

這很悲慘，是海斯總統上任後決定讓他們保留大約 60% 的土地。時至今日，美國仍然慶祝 11 月 12 日，即海斯日，而我在這裡所指的美國最大的州就是海斯總統州。因此，美國與投資者之間存在著非常牢固的聯繫，但當我與投資者交談時，一般美國民眾卻對此一無所知。下一位。因此，除了快速擴展和建造資料中心、遍布全國的園區之外，Buzz 的發展歷程還包括——它在建築領域創造了大量的本地就業機會。

We've shown you a visual of lighting the streets in Valenzuela, a city near us. But then it's also for the kids, and this is a thank you from a former leader, a mayor of Valenzuela for lighting up the streets and making the street safe at night for women and children. Next, please. So when we went out and saw the schools, which are very close to us, I'm talking about 0.25 mile, 0.5 mile away. We started in this process of upgrading these schools and putting in air conditioning, new electrical painting, new chalkboards, infrastructure and you can see here a PlayStation here for kids so that they can go and play and enjoy these facilities and also for embracing data centers.

我們已經向您展示了瓦倫蘇埃拉（我們附近的一個城市）的街道照明情況。但這也是為了孩子們，這是前領導人、瓦倫蘇埃拉市長對點亮街道、讓婦女和兒童夜間出行安全的感謝。下一位。所以當我們出去參觀學校時，發現它們離我們非常近，我指的是只有 0.25 英里、0.5 英里遠。我們啟動了這些學校的升級改造工程，包括安裝空調、翻新電路、粉刷牆壁、安裝新黑板、建造基礎設施等等。您可以看到這裡有一台 PlayStation 遊戲機，孩子們可以來這裡玩耍，享受這些設施，同時也是為了建造資料中心。

There's a big, great disconnect even in very advanced countries like Sweden that take it for granted all the apps on your mobile phone and Netflix and Spotify. They think it's all free, and they don't realize no data centers, no digital realm that we all live in and we rely on. So this is sort of a visual of relating this to the children of Paraguay. Next, please. You can see the picture, this is the key people here.

即使在瑞典這樣非常發達的國家，人們也理所當然地認為手機上的所有應用程式、Netflix 和 Spotify 都是理所當然的，但仍然存在著巨大的脫節。他們認為這一切都是免費的，卻沒有意識到沒有資料中心，沒有我們所有人生活和依賴的數位領域。所以，這算是用一種視覺方式將這件事與巴拉圭的孩子們連結起來。下一位。你看這張照片，這些人就是這裡的關鍵人物。

You can see Gabriel Lamas is in the middle, and he's kneeling down because he's so tall. But behind is myself, and you can see to my right, Luke Rossy, and you can see to the left, is Aydin Kilic, our CEO, who's also electrical engineer like Gabriel Lamas is. And beside Gabriel is Craig Tavares. Craig is our President of Buzz, which is building out our AI business. And you can also see Johanna Thörnblad, who's the President for Sweden.

你可以看到加布里埃爾·拉馬斯在中間，他跪了下來，因為他個子很高。但在我身後，你可以看到我的右邊是盧克·羅西，左邊是我們的執行長艾丁·基利奇，他和加布里埃爾·拉馬斯一樣，也是一名電氣工程師。加布里埃爾旁邊的是克雷格·塔瓦雷斯。Craig 是我們 Buzz 公司的總裁，該公司正在拓展我們的人工智慧業務。你還可以看到瑞典總統約翰娜·托恩布拉德。

And you can see one of our independent directors and other key people that have been very much involved in the growth and acceleration. Investment banker, Jamie Brown is there. So it is a lots of key people that are helping drive this. But behind the visual is the largest, biggest hydro dam in the Western Hemisphere. It's five miles long.

您還可以看到我們的獨立董事和其他一些在公司發展和加速過程中發揮重要作用的關鍵人物。投資銀行家傑米·布朗也在場。所以，有很多關鍵人物在推動這件事。但在這壯麗的景象背後，是西半球最大、最龐大的水力發電大壩。它長五英里。

It's epic of size, producing over 10 exahash of electricity, five for Brazil, five for Paraguay. Paraguay is a small population. So they've been selling some of their electricity to Argentina, which has been only really horrific for their fiscal management of a country. So it's a small country, and that's what's good about Bitcoin mining. Not only do we build this infrastructure, you need substations from this high-voltage electricity, and we build those.

它的規模非常龐大，發電量超過 10 艾哈希，其中 5 艾哈希供巴西使用，5 艾哈希供巴拉圭使用。巴拉圭人口稀少。所以他們一直在向阿根廷出售部分電力，這對阿根廷的財政管理來說簡直是災難性的。所以這是一個小國，而這正是比特幣挖礦的優點。我們不僅要建造這些基礎設施，還需要為這些高壓電力建造變電站，而這些變電站也是我們建造的。

And then we build a campus of data centers, and then we end up hiring 50 young engineers that there's no real job opportunity for them. And -- but now there is with HIVE. And so the -- it's really, for us, an exciting part of our journey of creating this from little kids' education to creating career paths for young engineers. Next, please. So on that journey of going to Latin America, I really want to show you that this year has been a phenomenal year for Latin America of 40 ETFs, so the 40 biggest market cap stocks versus the S&P.

然後我們建造了一個資料中心園區，結果僱用了 50 名年輕工程師，但他們卻沒有真正的就業機會。但現在有了 HIVE，情況就不同了。因此，對我們來說，這真的是我們從幼兒教育到為年輕工程師創造職業道路的旅程中令人興奮的一部分。下一位。所以，在前往拉丁美洲的旅程中，我真的想向你們展示，今年對拉丁美洲來說是非凡的一年，有 40 隻 ETF，也就是市值最大的 40 隻股票，與標準普爾 500 指數相比。

They've crushed it. They've really outperformed the overall S&P 500. And I think that, that's what's really important for investors to recognize. Next, please. So on this big build-out, I call it an arms race.

他們徹底成功了。它們的表現確實優於標普500指數整體表現。我認為，這對投資者來說才是真正需要認識的。下一位。所以，對於這項大規模建設，我稱之為一場軍備競賽。

China has significantly surpassed America in building data centers. But before that, they build power. And the power came from hydroelectricity. And they got the water from the glaciers in the Himalayas and rerouting water from Tibet down to creating dams after dams and building out a huge grid. And America has to get caught up, and it is.

中國在資料中心建設方面已經遠遠超過美國。但在此之前，他們需要積蓄力量。而電力則來自水力發電。他們從喜馬拉雅山的冰川取水，並將水從西藏引流到南方，建造了一座又一座水壩，建立了一個龐大的水網。美國必須迎頭趕上，而且它也正在迎頭趕上。

And under the stewardship and leadership of President Trump, as soon as he came to power as the CEO of NVIDIA says that impression the most about Trump is that he embraced the need for AI and power and data centers. And here is a classic where Bitcoin miners were the first to go. This is in West Texas, Sweet Abilene, Texas, where Crusoe was using flare gas, surplus energy from solar, wind and flare gas today is the largest CapEx spend in America.

在川普總統的領導和指導下，他一上任就擔任英偉達首席執行官，他對川普印象最深刻的是他接受了人工智慧、電力和資料中心的需求。這是一個經典的例子，比特幣礦工是第一批倒下的。這裡位於德州西部的斯威特阿比林，Crusoe 公司當時正在使用火炬氣，而如今，太陽能、風能和火炬氣的剩餘能源是美國最大的資本支出項目。

And I'm told in the world right now in fast tracking a $500 billion AI data center vision from former flare gas to a Bitcoin miner. I'm really trying to highlight that, that Bitcoin miners were the early pioneers of building the necessary infrastructure wherever there was surplus or additional or wasted electricity and creating taxes for the local economy, creating jobs for the local economy. This particular site here created 2,500 construction jobs. And when that's all done, it will be 500 jobs and a big boom to the local community. Next, please. So Bitcoin mining. The goal is up 2.8% of the global hash rate.

據我所知，目前世界上正在快速推進一項價值 5000 億美元的人工智慧資料中心願景，將先前的火炬氣轉化為比特幣礦機。我真正想強調的是，比特幣礦工是早期建造必要基礎設施的先驅，他們利用剩餘、額外或浪費的電力，為當地經濟創造稅收和就業機會。這個工地創造了2500個建築工作。全部完成後，將創造 500 個就業機會，並為當地社區帶來巨大的發展機會。下一位。所以，比特幣挖礦。目標是將全球哈希率提高 2.8%。

We really believe the blue-sky opportunity in Paraguay is probably a gigawatt of electricity. That's the potential as -- when you use the word blue sky and not to go into the moon. That's way out there when you talk about blue sky, but Paraguay, no doubt, it just makes the perfect place for us to expand our footprint. Backed by the most consistent and stable executive leadership team in the sector, I'm very proud about HIVE. HIVE's CEO is the longest standing.

我們堅信巴拉圭的巨大發展潛力可能達到1吉瓦電力。這就是潛力所在——當你用“藍天”這個詞而不是“飛向月球”時。如果說要描繪藍圖，那確實有點超前，但毫無疑問，巴拉圭是我們拓展商業版圖的完美之地。HIVE擁有業界最穩定、最有凝聚力的管理團隊，我為此感到非常自豪。HIVE的執行長是任職時間最長的。

CFO is clearly the longest standing. The turmoil in the industry has been just phenomenal. And we've been able to do this and have operating income no matter how volatile Bitcoin has been. We have always been able to squeeze out operating income and have huge expansion, which we've done this year in -- with this growth, the most efficient Tier 1 Bitcoin mine data center operator, that's really important for you to recognize spanning nine timezones in three countries and five languages. We have the lowest industry SG&A per Bitcoin mine and best-in-class for uptime and efficiency.

財務長顯然是任職時間最長的。這個行業的動盪程度簡直令人難以置信。而且無論比特幣價格波動多麼劇烈，我們都能做到這一點並獲得營業收入。我們一直能夠擠出營業收入並實現巨大擴張，今年我們也做到了——憑藉這種增長，我們成為了最高效的一級比特幣礦場數據中心運營商，這一點非常重要，您需要了解，我們的業務遍及三個國家的九個時區，並提供五種語言服務。我們每座比特幣礦的銷售、管理及行政費用在業界最低，正常運作時間和效率也是一流的。

So we know a lot about Bitcoin mining, and we also know in depth and breadth more than these other bitcoin miners that are going into the space of AI. We've been doing it for three years. I believe we're quite successful. It's much more complicated. It's much more detailed and substantially more expensive per megawatt per chip to go build out a Tier 3 HPC or high-performance computing data center for AI.

所以我們對比特幣挖礦了解很多，而且我們對比特幣挖礦的了解程度和廣度也比其他那些涉足人工智慧領域的比特幣礦工要高。我們已經這樣做了三年了。我認為我們相當成功。情況要複雜得多。建構一個用於人工智慧的 Tier 3 HPC 或高效能運算資料中心，其細節要複雜得多，而且每兆瓦每晶片的成本也高得多。

Cambridge University has said, it's 33:1 from a Bitcoin mining. So what Bitcoin mining does is it sources electricity, builds up the necessary infrastructure and then you go as further things are developed in an economy such as dark fiber optics to move the data along. It takes time for that in many emerging countries. But for Paraguay, I have to agree with Secretary of State, Rubio, of saying that Paraguay has the potential to become the data center capital of Latin America. And we hope to be a significant part of that HPC build-out as we are doing what we're doing now in the Bitcoin mining.

劍橋大學表示，比特幣挖礦的賠率為 33:1。所以比特幣挖礦的過程是這樣的：它取得電力，建立必要的基礎設施，然後隨著經濟發展，例如利用暗光纖傳輸數據，就會不斷發展。在許多新興國家，這需要時間。但對於巴拉圭，我同意國務卿魯比奧的觀點，即巴拉圭有潛力成為拉丁美洲的資料中心之都。我們希望像現在在比特幣挖礦領域所做的那樣，成為高效能運算建構的重要組成部分。

So we have this proven track record. We're now scaling in AI, and let me walk you through a few comments on that. Next, please. So November 10, HIVE reports October production, 289 BTC, achieves the 24 exahash and completes Paraguay expansion while fueling Canada's Tier 3 and AI data center growth. Next, please.

我們有這方面的成功記錄。我們現在正在擴大人工智慧領域的規模，讓我就此談談我的看法。下一位。因此，HIVE 於 11 月 10 日發布報告稱，10 月產量為 289 BTC，算力達到 24 exahash，完成了巴拉圭的擴張，同時推動了加拿大 Tier 3 和 AI 數據中心的成長。下一位。

We've shown this growth by buying a former Bitcoin mining data center within the city of Toronto near the airport. So uptime is all the time. And going from Tier 1 to Tier 3 will be much faster than starting from scratch. This is a perfect ideal location, and we feel that this will be a two-tier payback. And clients, we've already built out 10,000 customers around the world, but the unique relationship we have with Bell Canada is transformative besides going from Tier 1 Bitcoin data center to Tier 3, which is much more expensive because you need much more air conditioning because you actually build a brain.

我們透過收購位於多倫多市機場附近的一處前比特幣挖礦資料中心，證明了這一成長。所以正常運作時間就是持續不斷的。從一級升到三級肯定比從零開始快得多。這是一個絕佳的理想地點，我們認為這將是一項雙贏的投資。對於客戶而言，我們已經在全球範圍內建立了 10,000 個客戶，但我們與貝爾加拿大公司建立的獨特關係具有變革性意義，這不僅體現在從一級比特幣數據中心升級到三級數據中心，而且成本更高，因為你需要更多的空調，因為你實際上正在構建一個大腦。

When you think of these H200s and Blackwells, these chips are more intensive consumption of electricity. So you need much more air conditioning and the HVAC, and you need more support. So those dynamics are really important for investors to realize besides headlines, it takes time to do it. We've done it, and we're now expanding rapidly. Next, please.

當你想到 H200 和 Blackwell 時，你會發現這些晶片的耗電量更大。所以你需要更多的空調和暖通空調設備，也需要更多的支援。所以，除了新聞標題之外，投資人需要意識到這些動態非常重要，因為這需要時間才能實現。我們已經成功了，現在正在迅速擴張。下一位。

So when we look at our suite of assets around the world, one of them is that we bought an asset besides Toronto. We bought it in Northern Sweden, Boden near Facebook, and will convert a data center there like we're doing in Toronto. And that's -- that will go through -- it's already started that process, that conversion. But then we said we have New Brunswick on the border of Maine, and this is a beautiful campus of data centers. So we made a press release just recently, we bought more land, secured the position to build out our Tier 3, and it will be the biggest pure HPC data center complex in Canada at this time.

所以，當我們檢視我們在世界各地的資產組合時，其中一項就是我們在多倫多之外又收購了一項資產。我們在瑞典北部博登（靠近 Facebook）買下了這塊地，並將在那裡改造一個資料中心，就像我們在多倫多所做的那樣。而且──這個過程──已經開始了，這種轉換已經開始了。但後來我們說，我們在緬因州邊界的新不倫瑞克，那裡有一個非常漂亮的資料中心園區。所以，我們最近發布了一份新聞稿，宣布我們購買了更多土地，確保了我們建造 Tier 3 資料中心的地位，它將成為目前加拿大最大的純 HPC 資料中心綜合體。

So we're very excited about this. It's a tremendous blue-sky opportunity. As we're going right now for this particular asset, first is to tie up the land. We have the electricity and now to get the engineering, complete drawings so we can start the construction in the first quarter of next year. Next, please.

我們對此感到非常興奮。這是一個絕佳的、充滿無限可能的機會。就我們目前所關注的這項特定資產而言，首先要做的就是鎖定土地。我們已經有了電力，現在需要拿到工程圖紙，以便我們可以在明年第一季開始施工。下一位。

So Buzz high performance overview, HPC. So data center locations right now today is downtown Montreal and Stockholm, Sweden. We have GPU clusters. We have over 5,000 GPUs and AI cloud services built -- purposes-built AI cloud with managed services in agentic refinery. That means that you can provide more services, especially when you have 600 sales force at Bell Canada that needs to get caught up quickly, and we're the strategic partner for that.

所以，Buzz 高效能概述，HPC。所以目前資料中心的位置在蒙特婁市中心和瑞典斯德哥爾摩。我們有GPU叢集。我們擁有超過 5,000 個 GPU 和已建置的 AI 雲服務——專為 AI 而建置的雲，在代理精煉廠中提供託管服務。這意味著您可以提供更多服務，尤其是在貝爾加拿大公司擁有 600 名銷售人員需要快速跟上進度的情況下，而我們是他們的策略合作夥伴。

We've already shown what we can do. We're doing $100 million in revenue, and now we're going to scale it over the next 12 months, fivefold. Blue sky, well, just showed it to you, we're going to go through a transformation of Tier 1 to Tier 3 HPC data centers. And I think when we look around the world right now, the back of the envelope is 90 megawatts. And if you start looking at other assets we're working on securing, it's much higher.

我們已經證明了我們的能力。我們目前的營收為 1 億美元，接下來 12 個月我們將把營收規模擴大五倍。好的，就像剛才展示給你看的那樣，我們將把一級高效能運算資料中心改造為三級高效能運算資料中心。我認為，如果我們放眼全球，粗略估計一下，全球平均發電量是 90 兆瓦。如果你開始關注我們正在努力保護的其他資產，你會發現這個數字還要高得多。

And the long-term vision and opportunities for Paraguay are just immense. So we're very excited about this growth opportunity. But unlike other people, we've done it, and we know what it is to build data centers. We know what it is to scale Tier 1 data centers, and we know what it takes to build Tier 3, and we are scaling. Next, please.

巴拉圭的長期發展前景和機會是巨大的。因此，我們對這個成長機會感到非常興奮。但與其他人不同的是，我們已經做到了，我們知道建造資料中心是什麼感覺。我們知道如何擴展一級資料中心，也知道建造三級資料中心需要什麼，我們正在進行擴展。下一位。

This was a very important transaction for Buzz HPC in Canada because Bell Canada is the largest telecom in the country. This partnership is to help build sovereign AI infrastructure through the Bell AI Fabric initiative, advanced NVIDIA hardware and networking, deploying NVIDIA, Ampere, Hopper and Blackwell GPUs with Quantum-2 Infaband across Bell's fiber network and data centers. Canada is a huge opportunity because they're way behind, highly educated, and they've just been slow but under Prime Minister Carney. This has now been elevated to the very top with the AI minister. This is full tilt on the country doing everything to get caught up, just like America is getting caught up to surpass China, tremendous initiatives.

對於Buzz HPC在加拿大的業務而言，這是一筆非常重要的交易，因為貝爾加拿大是加拿大最大的電信公司。此次合作旨在透過貝爾人工智慧架構計畫、先進的英偉達硬體和網路技術，協助建置自主人工智慧基礎設施，在貝爾的光纖網路和資料中心部署配備 Quantum-2 Infaband 的英偉達 Ampere、Hopper 和 Blackwell GPU。加拿大是一個巨大的機遇，因為他們遠遠落後於其他國家，受教育程度很高，只是發展緩慢，但在卡尼總理的領導下，情況有所改善。現在，人工智慧部長已經將此事提升到了最高層。這是該國全力以赴追趕中國，就像美國追趕中國力圖超越中國一樣，都是意義重大的舉措。

So this is very positive and constructive. And the initial deployment and national reach has been 5-megawatt GPU facility in Manitoba with plans for the national expansion, like we talked about Eastern Canada. And then data sovereignty, security and sustainability has become a very important issue for many of these countries. So we believe that HIVE has his head office in Texas reporting for Nasdaq and doing financial reporting under GAAP. But the intellectual capital and the Buzz are their Canadian companies that would qualify under the sovereignty of Canada and wouldn't be a challenge to the degree that people are worried about like in France over the Patriot Act.

所以這是非常積極和建設性的。最初的部署和全國範圍覆蓋範圍是位於曼尼托巴省的 5 兆瓦 GPU 設施，並計劃進行全國性的擴展，就像我們之前談到的加拿大東部地區一樣。因此，資料主權、安全和永續性已成為許多國家非常重要的議題。因此，我們認為 HIVE 的總部位於德克薩斯州，向納斯達克提交報告，並按照 GAAP 進行財務報告。但其智慧財產權和影響力都來自加拿大公司，這些公司符合加拿大主權的要求，不會像法國的《愛國者法案》那樣，對企業構成人們所擔心的挑戰。

So I really think some of this becomes really important to recognize how uniquely HIVE is positioned for this. Next, please. There's our growth. February was $13 million. May was $20 million.

所以我認為，要認識 HIVE 在這方面的獨特優勢，就顯得特別重要。下一位。這就是我們的成長。二月的收入為1300萬美元。五月的收入為2000萬美元。

And we're hoping that to get these others deployed as fast as possible to get us up to $40 million in the fourth quarter, which is going to have this run rate, which is going to be, for us, our year-end is March. And then going into '26 based on all the projections we have from hooking up our suite of NVIDIA chips, looking at those contracts, it looks like a very conservative run rate of $100 million annual run rate with extremely attractive margins for growth.

我們希望盡快部署這些其他項目，以便在第四季度達到 4000 萬美元的目標，這將達到我們的年終結算日，我們的年終結算日是 3 月。然後，根據我們整合 NVIDIA 晶片套件後的所有預測，以及查看這些合同，展望 2026 年，保守估計年收入將達到 1 億美元，並且增長利潤率極具吸引力。

Next, please. So HIVE's top institutional investors are Citadel Advisors, Schwab Crypto Thematic ETF, Amplify Investments, Tidal Investments and Charles Schwab as a discount broker. I remember when -- a few years back, it was used to be Robinhood.

下一位。因此，HIVE 的主要機構投資者包括 Citadel Advisors、Schwab Crypto Thematic ETF、Amplify Investments、Tidal Investments 以及作為折扣經紀商的 Charles Schwab。我記得幾年前，它還叫 Robinhood。

And -- but now it's showing up with Charles Schwab, and Charles Schwab bought TD Waterhouse. So it's just great because they are the biggest beast now. And it's great to see broad retail in addition to institutions that are here and met with the fund managers of most of these companies this week in a conference that Aydin Kilic, our CEO and I attended in Miami that was put on by Cantor Fitzgerald that was called crypto, infrastructure, AI and energy, big, big theme going forward. Next, please. So we celebrated four years on Nasdaq, and it was just a major home run.

但現在它與嘉信理財（Charles Schwab）聯繫在一起，而嘉信理財收購了TD Waterhouse。所以這真是太棒了，因為他們現在是最大的怪物。很高興看到除了機構投資者之外，還有許多零售投資者也來到這裡，並在本週與這些公司的大多數基金經理會面。我們執行長 Aydin Kilic 和我參加了在邁阿密舉行的由 Cantor Fitzgerald 主辦的會議，會議主題是加密貨幣、基礎設施、人工智慧和能源，這是未來發展的一個非常重要的主題。下一位。所以，我們慶祝了在納斯達克上市四週年，這簡直是個巨大的成功。

We had 100 people out for it. We just -- the ministers, two ministers from Paraguay and New York City came out for it. I see the President of Bermuda is there, Tim and I see auditors. I see just a huge crowd, and we want to thank everyone for helping us celebrate that. And there's Adam -- sorry, there is Aydin hitting the bell and that's my daughter.

我們當時有100人參加。我們——部長們，兩位分別來自巴拉圭和紐約市的部長都出來參加了。我看到百慕達總統也在那裡，提姆，我還看到了審計人員。我看到現場人山人海，我們要感謝大家來和我們一起慶祝。還有亞當——抱歉，是艾丁在敲鈴，那是我女兒。

And you can see Craig Tavares, the President of Buzz, his daughter. So it was a home run for us all to be participating. But what's happened short term before I pass you on to other smarter executives is sort of AI adoption. There's been some really important research has come out from Morgan Stanley that's been circulated about framing the AI boom. And I'm a big believer that the AI boom is for real.

你可以看到 Buzz 總裁 Craig Tavares 和他的女兒。所以對我們所有人來說，能夠參與其中絕對是個巨大的成功。但在我把你介紹給其他更聰明的管理人員之前，短期內發生的事情是人工智慧的普及應用。摩根士丹利發布了一些非常重要的研究報告，這些報告探討如何建立人工智慧繁榮的框架，並已廣泛傳播。我堅信人工智慧的繁榮是真實存在的。

It's there. But sentiment drives a lot of these markets short term. And all you have to do is get these clusters of calling bubble. There are so many analysts who got a PhD, they say in bubbleology, but they do not really understand what is driving the secular market. And we're due for this correction, which we're getting, which only sets it up for a more attractive buy.

它就在那裡。但短期內，市場情緒往往主導著許多這類市場。你只需要抓住這些叫號泡沫群。很多分析師都獲得了泡沫學博士學位，但他們並不真正了解是什麼在驅動長期市場。我們正經歷這次調整，而現在調整來了，這反而讓買進更具吸引力。

If we were valued at other data centers, seeing these other companies in the Bitcoin mining that do not have any high-performance computing facilities today, do not have any AI revenue generating for their NVIDIA chips have valuations that if you apply to HIVE, HIVE would be a $20 just to give you an idea of sort of the great opportunity that we have as we continue to scale.

如果我們的估值與其他資料中心相比，請看看其他比特幣挖礦公司，它們目前沒有任何高效能運算設施，也沒有任何人工智慧收入來自其英偉達晶片，它們的估值卻只有 20 美元。這只是為了讓您了解隨著我們不斷擴大規模，我們所擁有的巨大機會。

And I think that it's important to just recognize what a lot of this noise that's taking place is short term, and it gives you just this opportunity that you see CoreWeave go through a correction. It's just part of the delays and disappointments on the infrastructure build-out that some of these people are experiencing, but it's not going away. This is an arms race, just like the push by NATO in Europe and Canada and the US of huge military spend, huge rebuilding of all the military and that's just not tanks, but it's tanks with AI, with GPU chips, and they need data centers.

我認為重要的是要認識到，目前發生的許多噪音都是短期的，這正好給了我們一個機會，讓我們看到 CoreWeave 經歷一次調整。這只是部分民眾在基礎建設過程中遇到的延誤和失望的一部分，但這種情況不會消失。這是一場軍備競賽，就像北約在歐洲、加拿大和美國大力推動巨額軍費開支、大規模重建所有軍事力量一樣，而且不僅僅是坦克，而是配備人工智慧、GPU晶片的坦克，它們還需要資料中心。

And the digital economy is going to continue to need and it's going to continue to grow. We have these things they call phantom demand. We experienced with the Bitcoin mining when the Chinese shut down Bitcoin mining and everyone from China started making these incredible bids for energy all over the world. They were just phantom, trying to see if they could secure some energy and it comes up. But it's -- I just think that my history of these cycles is that we are still very early innings on the adoption.

數位經濟將繼續需要發展，並將繼續成長。我們有所謂的「虛假需求」。我們從比特幣挖礦中就體會到了這一點，當時中國政府關閉了比特幣挖礦，然後來自中國的投資者開始向世界各地競購能源，競標金額驚人。他們只是幽靈，試圖看看能否獲得一些能量，結果就成功了。但是——我只是覺得，根據我對這些週期的歷史了解，我們目前在採用方面還處於非常早期的階段。

And when you look at a pure data center and the multiples they trade at to revenue and the multiples they trade at to cash flow really makes some of the Bitcoin miners outstandingly attractively priced. And in particular, my biased position is with HIVE when I look at multiples to revenue as we are powering forward with our twin engine turbocharged strategy of both Bitcoin mining growth, not only this year, the biggest growth, we also plan for next year.

當你單獨審視資料中心，以及它們相對於收入和現金流的倍數時，你會發現一些比特幣礦機的價格確實極具吸引力。尤其是，就營收倍數而言，我的立場偏向 HIVE，因為我們正在大力推進雙引擎渦輪增壓策略，即比特幣挖礦成長，不僅是今年（成長最快的一年），我們還計劃明年繼續成長。

When I look at our peers, we have the biggest growth profile for Bitcoin next year. And we're still very bullish about it. But at the same time, we're pretty conservative of how we write down the value or depreciate our ASIC chips faster over two years because every four years, the supply halves.

從同業的角度來看，明年比特幣的成長前景最為樂觀。我們仍然非常看好它。但同時，我們對 ASIC 晶片的價值減記或兩年內快速折舊的方式相當保守，因為每四年供應量就會減半。

And what you're seeing, which I remain very positive like Moore's Law is that you are witnessing the technology of energy efficiency that going back 10 years ago was like 1,000 joules per second consumption of energy for a chip -- ASIC chip. And now it fell a couple of years back to 30. And now they're coming in at 12 and people are working on 8 and 6, so by the time of this next halving, I think there'll be a two and three.

而你現在看到的，我仍然非常樂觀地認為，就像摩爾定律一樣，你正在見證能源效率技術的進步。回想 10 年前，一個晶片（ASIC 晶片）每秒的能耗大約是 1000 焦耳。而現在，這個數字又回落了幾年，又回到了30。現在他們已經達到 12 了，而人們正在研究 8 和 6，所以到下一次減半的時候，我認為就會有 2 和 3 了。

We're just with AI going to be able to build more energy-efficient data centers, more energy-efficient ASIC chips. And that's only going to mean less consumption for the global Bitcoin network that's decentralized, but it means that you're still going to be a very profitable business and being significant in laying the railway tracks for the growth in high-performance computing. Thank you.

有了人工智慧，我們將能夠建造更節能的資料中心和更節能的專用積體電路晶片。這意味著去中心化的全球比特幣網路的消耗量會減少，但這也意味著你仍然會是一家非常賺錢的企業，並且在為高效能運算的發展鋪平道路方面發揮著重要作用。謝謝。

And thank you, Frank, for that executive overview. Frank, of course, is the Co-Founder, Executive Chairman of HIVE. I'm going to get into a bit more of a deep dive on our accomplishments for this quarter and our strategy for 2026. Let's hop into it. So it was a record-breaking quarter for HIVE.

感謝弗蘭克提供的概要介紹。當然，弗蘭克是 HIVE 的聯合創始人兼執行主席。接下來，我將更深入地探討我們本季所取得的成就以及我們 2026 年的策略。讓我們開始吧。所以，對於 HIVE 來說，這是一個破紀錄的季度。

$87 million of revenue. Of that, $82 million from Bitcoin mining and over $5 million from our HPC business. So we're a $20 million ARR for our AI cloud business, which is phenomenal and a $42 million gross operating margin for the quarter. That translates to a $31.5 million adjusted EBITDA and a $23.8 million EBITDA with $38 million of depreciation this quarter that leads to a net loss of $15.8 million, which, of course, is on a noncash basis. But moreover, what I'm really proud of is that we realized an 18% ROIC this quarter on an annualized basis.

營收8700萬美元。其中，8,200萬美元來自比特幣挖礦，超過500萬美元來自我們的高效能運算業務。因此，我們的 AI 雲端業務的 ARR 為 2,000 萬美元，這非常了不起，而且本季的毛營業利潤為 4,200 萬美元。這意味著調整後的 EBITDA 為 3,150 萬美元，而本季 EBITDA 為 2,380 萬美元，折舊為 3,800 萬美元，導致淨虧損 1,580 萬美元，當然，這是非現金虧損。但更重要的是，我真正引以為傲的是，我們本季實現了 18% 的年化投資報酬率。

And finally, as of September 30, we had 210 Bitcoin in the treasury, although in addition to that, we have 1,992 Bitcoin pledged. So between our pledged and what we have in the treasury, that's about 2,200 Bitcoins. So it's been a phenomenal quarter, and I'm really proud of how our balance sheet deployment to scale the business was, in my opinion, a great success.

最後，截至 9 月 30 日，我們的國庫中有 210 個比特幣，此外，我們還有 1,992 個比特幣被質押。因此，在我們承諾的金額和我們國庫中的金額之間，大約是 2200 個比特幣。所以，這是一個非常棒的季度，我為我們利用資產負債表擴大業務規模的做法感到非常自豪，在我看來，這是一個巨大的成功。

Let's go to the next slide. We are very serious and very dedicated about having best-in-class ROIC as the numbers this quarter once again affirmed, and it comes from disciplined capital allocation.

我們來看下一張投影片。我們非常認真、非常致力於實現一流的投資報酬率，本季的數據再次證實了這一點，而這源自於嚴格的資本配置。

We always focus to get the best ROI, we buy ASICs. ASIC purchases are the biggest variable in realizing an ROI and then from their free cash flow investments in the Bitcoin mining business. We're experts in that. And I believe pound for pound, we're the best in the industry at that. We also lead with best-in-class uptime.

我們始終以獲得最佳投資回報率為目標，所以我們購買ASIC礦機。ASIC礦機的購買是實現投資回報率的最大變數，然後是比特幣挖礦業務的自由現金流投資。我們是這方面的專家。而且我相信，就性價比而言，我們是業界最好的。我們在正常運作時間方面也處於領先地位。

We run our ASICs to their entire economic lifestyle to maximize free cash flow and profit on our Bitcoin mining business from the investments we make. And by the way, we also lead the sector with corporate G&A, and we have the numbers to back it up. Next slide. The overview of the global business. Currently, we're approximately 10 Bitcoin a day with 25 exahash capacity installed.

我們讓ASIC礦機充分發揮其經濟效益，以最大限度地提高比特幣挖礦業務的自由現金流和利潤，從而實現投資回報。順便說一句，我們在企業一般及行政費用方面也處於行業領先地位，而且我們有數據可以證明這一點。下一張投影片。全球業務概覽。目前，我們每天大約能賺取 10 個比特幣，而我們已安裝了 25 exahash 的算力。

And this was fueled by a transformative growth in Paraguay, where we grew our business from $100 million from fiscal 2025 to currently, we're at $400 million ARR. Additionally, we have 5,000 GPUs between Canada and Sweden operating AI cloud, and that is currently at $20 million ARR as per our quarterly financials. But the really exciting news is our target to grow to over $200 million ARR between both AI cloud and also hyperscaler colo. And finally, we talked about our capital deployment strategy, prioritizing ROICs. So a double-click on our BTC pledge.

而這一切的動力源自於巴拉圭的變革性成長，我們在巴拉圭的業務從 2025 財年的 1 億美元成長到目前的 4 億美元 ARR。此外，我們在加拿大和瑞典擁有 5000 個 GPU 用於運行 AI 雲，根據我們的季度財務報告，目前的 ARR 為 2000 萬美元。但真正令人興奮的消息是我們的目標是人工智慧雲端和超大規模資料中心的總年收入超過 2 億美元。最後，我們討論了我們的資本部署策略，優先考慮投資報酬率。所以，只需雙擊我們的比特幣承諾即可。

So we have great downside protection as well as upside. So the -- almost 2,000 Bitcoin that we pledged, 1,234 Bitcoin were pledged at 87,000 -- and so what that does, it gives us upside with Bitcoin today at approximately 297,000. Even with Bitcoin at 97,000, there's over $12 million of upside in our currently pledged Bitcoin. And moreover, we additionally had pledged 758 Bitcoin at an average of about 115,000. And so that's $14 million of downside protection from the other component of our pledge.

因此，我們既有很好的下行保護，也有很好的上行潛力。因此，我們質押的近 2,000 個比特幣，其中 1,234 個比特幣以 87,000 美元的價格質押——這意味著，今天比特幣的價格約為 297,000 美元，這給我們帶來了上漲空間。即使比特幣價格為 97,000 美元，我們目前質押的比特幣仍有超過 1,200 萬美元的上漲空間。此外，我們還額外抵押了 758 個比特幣，平均價值約為 115,000 美元。因此，我們承諾的另一部分提供了 1400 萬美元的下行保護。

So collectively, if you look at the downside protection of $14 million and the upside potential of the $12 million, even with Bitcoin having corrected where it is, the value of our pledge has been accretive to the tune of about $25 million, which I think is very phenomenal. And it just shows that we're very methodical and thoughtful. We've use our cash flow from operations. We used our HODL and earlier this year, some of the ATM to scale the business to get to that $400 million ARR, and then we have some very exciting things in the pipeline for the AI and HPC business with Buzz. Let's hop to the next slide.

因此，總的來說，如果你看一下 1400 萬美元的下行保護和 1200 萬美元的上行潛力，即使比特幣已經回調到目前的水平，我們的承諾價值也增加了約 2500 萬美元，我認為這非常了不起。這正好說明我們做事很有條理，也很周全。我們利用了經營活動所產生的現金流。我們利用 HODL 和今年稍早的一些 ATM 來擴大業務規模，以達到 4 億美元的 ARR，然後我們與 Buzz 合作，在 AI 和 HPC 業務方面還有一些非常令人興奮的事情正在籌備中。我們來看下一張投影片。

So the dual engine strategy of growth. Cash flow from the Bitcoin mining business helps us to scale Buzz HPC, where we have three AI data center expansions going to Tier 3 plus, and we'll get into that. But right now, at glance, the Bitcoin mining business, 25 exahash, a blended fleet efficiency of 17.5 joules a Terahash. We're at $400 million ARR, as we mentioned, approximately 50% operating margin to electrical costs based on current mining economics and it's a footprint of 440 megawatts of green energy. Now the exciting news we recently announced, in addition to this, we have an additional 100 megawatts that ANDE and the government of Paraguay has approved for HIVE, which we're very exciting about.

所以，這就是雙引擎成長策略。比特幣挖礦業務的現金流幫助我們擴大了 Buzz HPC 的規模，我們有三個 AI 資料中心擴建專案將達到 Tier 3 及以上級別，我們稍後會詳細介紹。但就目前而言，乍一看，比特幣挖礦業務的算力為 25 exahash，混合礦場效率為每 Terahash 17.5 焦耳。正如我們之前提到的，我們的年度經常性收入 (ARR) 為 4 億美元，根據目前的採礦經濟狀況，營運利潤率約為電力成本的 50%，並且擁有 440 兆瓦的綠色能源。現在，我們最近宣布了一個令人興奮的消息：除了上述內容之外，ANDE 和巴拉圭政府還批准為 HIVE 項目增加 100 兆瓦的電力，我們對此感到非常興奮。

That gives us the potential to get to a capacity of 35 exahash for the end of next year, and that would bring our fleet efficiency down to 15 joules a terahash if we were to upgrade with the latest generation machines now. We only buy ASICs when it satisfies our ROI targets. So we're focused on building the infrastructure. And the other really great piece of news is that this is at the Yguazú site, which we purchased from Bitfarms and originally was designed as a 300-megawatt site. So what we're really excited to announce is that the incremental cost to bring that 100 megawatts on is only $250,000 a megawatt.

這樣一來，到明年年底，我們的算力就有可能達到 35 艾哈希，如果我們現在就升級到最新一代的機器，那麼我們的算力效率將降至每太哈希 15 焦耳。我們只在滿足投資報酬率目標時才購買ASIC礦機。所以我們目前專注於基礎建設。另一個非常棒的消息是，這是位於伊瓜蘇的電站，該電站是我們從 Bitfarms 收購的，最初設計為 300 兆瓦的電站。因此，我們非常興奮地宣布，新增這 100 兆瓦的發電量，每兆瓦的增量成本僅為 25 萬美元。

Recall that the all-in purchase price for the site and even to build our Valenzuela site is $400,000 a megawatt all in. That's land substation buildings. Well, the good news is that all the civil work is already done for the additional 100 megawatts at Yguazú. So all we do is we drop in the transformers for the substation and then the hydro mining infrastructure, $250,000 a megawatt, very incremental and attractive cost to bring online the capacity. And with that capacity, we have optionality.

請記住，購買該地塊甚至建造我們瓦倫蘇埃拉站點的全部費用為每兆瓦 40 萬美元。那是陸上變電站建築。好消息是，伊瓜蘇電站新增的 100 兆瓦電力的所有土木工程都已經完成。因此，我們只需安裝變電站的變壓器，然後是水力採礦基礎設施，每兆瓦 25 萬美元，這是一個非常可觀且有吸引力的成本，即可實現併網發電能力。有了這種能力，我們就有了選擇權。

We can either install next-generation ASICs. Of course, we always shop for ASICs at about a 1-year ROI or we can look at other strategies to monetize that 100 megawatts of green energy. And we have ordered the long lead time items, namely the substation, which are expected to arrive in Q1 of 2026. So standby for updates on that. And by the way, if we were going to do 35 exahash, the current mining economics, that will be about a $550 million ARR for end of Q4 2026.

我們可以安裝下一代專用積體電路（ASIC）。當然，我們購買ASIC晶片時，投資回報期通常約為1年，或者我們可以考慮其他策略來將這100兆瓦的綠色能源貨幣化。我們已經訂購了交貨週期較長的零件，即變電站，預計將於 2026 年第一季到貨。請耐心等待相關更新。順便說一句，如果我們要做 35 exahash 的算力，按照目前的挖礦經濟效益，到 2026 年第四季末，年度經常性收入 (ARR) 將達到約 5.5 億美元。

Moreover, let's talk about Buzz. We have a very exciting year ahead for Buzz. We've recently announced that the additional 6,000 Blackwell GPUs, B200s for H1 and B300s for H2 will come online in 3 data centers, bringing our current 5000 GPU cloud to a total of 11,000. We're going to double the size of our GPU AI cloud by the end of 2026. And moreover, with the conversion of New Brunswick, we bought additional land.

此外，我們來聊聊 Buzz。對Buzz來說，未來一年將會非常精彩。我們最近宣布，新增的 6,000 個 Blackwell GPU（H1 為 B200，H2 為 B300）將在 3 個資料中心上線，使我們目前的 5,000 個 GPU 雲端平台總共達到 11,000 個。到 2026 年底，我們將把 GPU AI 雲端的規模擴大一倍。此外，隨著新不倫瑞克省的改組，我們又購買了額外的土地。

So that campus is now over 32 acres -- sorry, over 30 acres. And it's currently an operating tier 1 70-megawatt data center. We'll convert that to Tier 3, and that will provide us some hyperscaler colo. You add that all up. It gets us to a target of $225 million for the end of 2026 for Buzz.

所以現在校園面積超過 32 英畝——抱歉，超過 30 英畝。目前它是一個正在運作的一級 70 兆瓦數據中心。我們將把它升級到 Tier 3，這樣就能為我們提供一些超大規模的託管服務。你把這些加起來。這樣一來，Buzz 到 2026 年底的營收目標就達到了 2.25 億美元。

And collectively, our target for the end of 2026 can be $750 million for both the dual engine strategies, of course, we prioritize ROIC. And so on the scaling of the Bitcoin mining business, we will scale that if the ASIC investments allow for ROIC and they're attractive. And of course, on Buzz HPC, we will be bringing online these GPUs in our partnership with Dell for the first phase of our Bell partnership. Let's go to the next slide. So at a glance, the global footprint for Buzz now, this is just HPC.

到 2026 年底，我們雙引擎策略的總目標可以是 7.5 億美元，當然，我們會優先考慮投資報酬率。因此，關於比特幣挖礦業務的規模化，如果 ASIC 投資能夠帶來投資報酬率並且具有吸引力，我們就會擴大規模。當然，在 Buzz HPC 上，我們將與戴爾合作，在貝爾合作的第一階段中啟用這些 GPU。我們來看下一張投影片。所以，從表面上看，Buzz 目前的全球佈局僅限於高效能運算 (HPC)。

We currently have approximately 5,000 Hopper, which means a H100s and H200 series GPUs, about 4,200 A-Series GPUs. And those are in Sweden and Quebec. And so the additional 6,000 Blackwell GPUs that we're going to bring online are coming on in three tranches. One is through the partnership with Bell in Manitoba. One is through the Toronto data center, which we recently closed on the purchase of and announced the conversion of Tier 3 liquid cooled.

我們目前擁有約 5,000 個 Hopper，這意味著 H100s 和 H200 系列 GPU，以及約 4,200 個 A 系列 GPU。這些地方分別位於瑞典和魁北克。因此，我們將要上線的另外 6,000 個 Blackwell GPU 將分三批上線。其中一項是透過與曼尼托巴省貝爾公司的合作。一是透過多倫多資料中心，我們最近完成了對資料中心的收購，並宣布將其改造為 Tier 3 液冷資料中心。

And then, of course, our facility in Boden, Sweden, which will also be Tier 3 liquid cooled. So Toronto and Sweden are owned -- HIVE and Buzz owned and operated data centers, we own the land and buildings, and we'll be converting those to liquid cooled. Those will come online in Q4 of next year and each facilitate 2,000 NVIDIA Blackwell Series GPUs. And so this shows you the math and the footprint of how we scale from 5,000 GPUs to 11,000 GPUs in our cloud business.

當然，還有我們在瑞典博登的工廠，該工廠也將採用 Tier 3 液冷技術。所以多倫多和瑞典的資料中心由 HIVE 和 Buzz 擁有並經營，我們擁有土地和建築物，我們將把它們改造成液冷式資料中心。這些設備將於明年第四季上線，每個裝置可支援 2000 個 NVIDIA Blackwell 系列 GPU。因此，這向您展示了我們在雲端業務中如何將 GPU 從 5,000 個擴展到 11,000 個的數學原理和規模。

And then, of course, with New Brunswick, the conversion of that to a Tier 3 colo with expected IT to deliver possibly 50 to 55 megawatts market rates in that sector would be about $85 million of additional ARR.

當然，對於新不倫瑞克省來說，將其改造為 Tier 3 託管中心，預計 IT 將在該領域提供 50 至 55 兆瓦的市場價格，這將帶來約 8,500 萬美元的額外 ARR。

And so this gives you a high-level glance of how we incrementally scale our $20 million ARR to date to over $200 million target for the end of next year. Next slide, please. So beautiful photo of one of our H200 clusters operating. Now to help clarify, on the GPU business because we're doing both GPU, AI cloud as well as -- to target hyperscaler colo in New Brunswick. So if we focus on the GPU cloud business, the growth is $20 million going to $140 million, and that reflects the growth from 5,000 and to 11,000 GPUs by bringing on an additional 6,000 Blackwell GPUs in those 3 facilities.

因此，這讓您大致了解了我們如何逐步將迄今為止的 2000 萬美元 ARR 增長到明年年底的 2 億美元以上目標。請看下一張投影片。這張我們H200叢集運作的照片真漂亮。為了幫助澄清，關於 GPU 業務，因為我們同時開展 GPU、AI 雲端業務，並且目標是新不倫瑞克省的超大規模資料中心。因此，如果我們專注於 GPU 雲端業務，其成長金額從 2,000 萬美元成長到 1.4 億美元，這反映了 GPU 數量從 5,000 個成長到 11,000 個，這得益於在這 3 個設施中新增了 6,000 個 Blackwell GPU。

And currently, we have a good mix of long-term contracts for 3 to 12 months, where we're monetizing our $20 million ARR as well as on-demand, we have over 10,000 unique users through our partner networks. And I think the really exciting thing is to highlight that we're focusing on liquid cooled Tier 3 data centers for the future as these NVIDIA reps get more and more dense. We've heard that the Blackwell GPU clusters for B300 could be as dense as 180 kilowatts per rack, and rumors are that ribbon could be as much as 200-plus kilowatts per rack. So it's building for the future. And of course, we're really excited about that partnership with Bell.

目前，我們擁有良好的長期合同組合，期限為 3 至 12 個月，透過這些合同，我們實現了 2000 萬美元的年度經常性收入 (ARR) 變現；此外，我們還通過合作夥伴網絡提供按需服務，擁有超過 10000 名獨立用戶。我認為真正令人興奮的是，隨著 NVIDIA 資料中心的規模越來越大，我們將重點放在面向未來的液冷 Tier 3 資料中心。我們聽說，B300 的 Blackwell GPU 群集的密度可能高達每機架 180 千瓦，而有傳言稱，帶狀陣列的密度可能高達每機架 200 千瓦以上。所以這是在為未來做準備。當然，我們對與貝爾公司的合作感到非常興奮。

Let's hop to the next slide. So this was released this quarter, a very exciting initiative where Bell is Canada's largest telecom provider. They have partnered with Buzz HPC, and the team has done a phenomenal job to bring this deal to fruition. And we've just executed all the operating agreements. And so we expect that the first cluster of B200s, which you'll be operating in Dell servers to arrive at the end of this year and go live in January of 2026 and bringing online that initial incremental ARR, and this will be part of the sovereign data strategy, Canadian owned, meeting the residency requirements. Bell is a -- sorry, Buzz is Canadian company with a great pipeline of data centers in Canada through Bell and the Toronto data center.

我們來看下一張投影片。所以，這項計劃是在本季推出的，這是一個非常令人興奮的舉措，貝爾是加拿大最大的電信營運商。他們與 Buzz HPC 建立了合作關係，該團隊為促成這筆交易做出了卓越的貢獻。我們剛剛簽署了所有營運協議。因此，我們預計第一批 B200 叢集（您將在戴爾伺服器上運行）將於今年年底到貨，並於 2026 年 1 月上線，從而帶來最初的增量 ARR，這將是主權資料策略的一部分，加拿大所有，符合居住要求。Bell 是一家——抱歉，Buzz 是一家加拿大公司，透過 Bell 和多倫多資料中心在加拿大擁有龐大的資料中心網路。

So this is all very exciting. Craig Tavares has done a phenomenal job advancing that initiative, along with Mario Sergi and our HPC team. Next slide. So by the numbers, again, on a time line basis, this shows the current $20 million ARR. And as we bring those incremental clusters of B200s into the Bell partnership, the 1,000 for Q1, another 1,000 by Q3, each cluster of 1,000 GPUs on long-term rental basis.

這一切都令人非常興奮。Craig Tavares 與 Mario Sergi 和我們的高效能運算團隊一起，為推進這項計劃做出了卓越的貢獻。下一張投影片。所以從數字上看，再從時間軸來看，這顯示了目前的 2000 萬美元 ARR。隨著我們逐步將 B200 集群引入與貝爾的合作關係，第一季 1000 個集群，第三季度再增加 1000 個集群，每個集群包含 1000 個 GPU，以長期租賃的方式使用。

So we're forecasting this, if we just go to your long-term contracts and you go up market rates on semi analysis to see where H200s and B200s trade-up. So this is based on dollar per GPU hour. Long-term 2-year contracts is about $20 million per cluster of 1,000 GPUs. So we're at $20 million today. If we bring on 1,000 GPUs in Q1, it gets us to $40 million ARR.

所以我們正在預測，如果我們查看您的長期合同，並按照市場價格進行半成品分析，看看 H200 和 B200 的價格會如何上漲。所以這是以每GPU小時的價格計算的。為期兩年的長期合同，每個包含 1000 個 GPU 的集群價值約 2000 萬美元。所以今天我們達到了2000萬美元。如果我們第一季引進 1,000 個 GPU，就能實現 4,000 萬美元的年度經常性收入。

Another 1,000 GPUs in Q2, Q3 gets us to $60 million ARR. Now the big ramp is Q4 next year because that's when the conversion of Toronto and Boden data centers will be complete. Each of those will bring on 2,000 more Blackwell GPUs. By Q4, we target it will be B300s. And of course, a cluster of 4,000 GPUs would add about $80 million ARR.

第二季和第三季再增加 1,000 個 GPU，就能實現 6,000 萬美元的年度經常性收入。現在真正的成長高峰期是明年第四季度，因為屆時多倫多和博登資料中心的改造將完成。其中每一項都將帶來 2000 個額外的 Blackwell GPU。我們的目標是到第四季達到B300等級。當然，4000 個 GPU 組成的叢集將增加約 8,000 萬美元的年度經常性收入。

And so that's how you get to the $140 million ARR growth on the AI cloud business with GPUs. And then in addition to that, separately would be the hyperscaler colo with a conversion of New Brunswick, currently a 70-megawatt Tier 1 into a Tier 3 plus data center. That incremental revenue would be about $85 million based on $130 kilowatt a month. And so this is the growth strategy for Buzz for 2026 with both AI cloud and hyperscaler colo. We have the land, we have the power, we have the expertise in running the GPU clusters and we've been doing it for the last two years.

所以，這就是人工智慧雲端業務借助 GPU 實現 1.4 億美元 ARR 成長的原因。此外，還有一個獨立的超大規模資料中心項目，即將新不倫瑞克（New Brunswick）的資料中心（目前為 70 兆瓦的 Tier 1 資料中心）改造為 Tier 3+ 資料中心。以每月每千瓦時 130 美元計算，新增收入約為 8,500 萬美元。因此，這就是 Buzz 2026 年的成長策略，包括 AI 雲端和超大規模資料中心。我們有土地，我們有電力，我們有運行 GPU 叢集的專業知識，而且我們在過去兩年裡一直在這樣做。

Next slide. We also are vertically integrating the tech stack. So HIVE and Buzz, we have expertise in building and operating data centers. We built expertise building and operating the GPU clusters. But especially with the partnership with Bell and sovereign initiatives within Canada, where we want to sell managed services to AI enterprises, it's about vertically integrating the stack and having a platform that enterprises can use or sovereign clients.

下一張投影片。我們也在對技術棧進行垂直整合。所以，HIVE 和 Buzz 在資料中心的建置和營運方面擁有豐富的專業知識。我們在建置和營運 GPU 叢集方面累積了豐富的經驗。但尤其是在與貝爾公司合作以及加拿大主權倡議方面，我們希望向人工智慧企業銷售託管服務，這關乎垂直整合技術棧，並擁有一個企業或主權客戶可以使用的平台。

And so this means custom endpoints allowing for agentic AI, inference training, tuning. And so this whole platform, we're very pleased to announce. And the next slide is Buzz HPC cloud. And so this is just launched, and this has been pressure tested. This is scalable.

因此，這意味著可以自訂端點，從而實現智慧AI、推理訓練和調優。因此，我們非常高興地宣布推出這個平台。下一張投影片是 Buzz HPC 雲端。所以這款產品剛剛發布，並且已經過壓力測試。這是可擴展的。

This allows us to sell sovereign compute for our clients in Canada, and we think that this is a very exciting development that really opens up the sovereign market in Canada, which, of course, Canada is the home to the Vector Institute, the home of Geoffrey Hinton. Our buzz team led by Craig Tavares is doing an amazing job working with the different strategic partners in Canada with Bell, with Dell, with the different research institutes, and we have some exciting news in the pipeline. So stay tuned for that. But moreover, what this does is with our platform selling AI enterprise solutions, it's a much higher margin business. Let's go to the next slide.

這使我們能夠為加拿大的客戶銷售主權計算，我們認為這是一個非常令人興奮的發展，它真正打開了加拿大的主權市場，當然，加拿大是向量研究所的所在地，也是傑弗裡·辛頓的故鄉。由 Craig Tavares 領導的宣傳團隊與加拿大不同的策略合作夥伴（包括 Bell、Dell 和不同的研究機構）合作，做得非常出色，我們有一些令人興奮的消息即將發布。敬請期待。此外，我們的平台銷售人工智慧企業解決方案，這是一個利潤率更高的業務。我們來看下一張投影片。

And this is the money shot. The Buzz cloud platform has been ranked and awarded Bronze by SemiAnalysis. This is the benchmark in the industry that looks at all the neo clouds. And you will notice, and I'm very proud to see our team has worked so hard. The Buzz team has done such a phenomenal job on our first go around with SemiAnalysis ClusterMAX, we received bronze.

這就是最精彩的一幕。Buzz 雲端平台經 SemiAnalysis 評選，榮獲銅獎。這是業界對所有新型雲端技術的衡量標準。你會注意到，我非常自豪地看到我們的團隊如此努力。Buzz 團隊在我們第一次使用 SemiAnalysis ClusterMAX 時表現出色，我們獲得了銅牌。

You will notice the other industry peers. And when I say industry peers, I'm referring to former Bitcoin miners that are now pursuing HPC AI cloud. The other companies at our peer group are all in the underperforming category. So -- and by the way, even below that, you'll see some names that have raised a lot of capital in the unavailable. So they weren't even able to really complete the benchmark test.

你會注意到其他行業同行。我說的行業同行，指的是那些從比特幣礦工轉型為高效能運算人工智慧雲端運算從業人員。我們同行業的其他公司都屬於業績不佳的行列。所以——順便說一句，即使在那下面，你也會看到一些名字，它們在無法獲得的資金中籌集了大量資金。所以他們甚至沒能真正完成基準測試。

And then the next category is underperforming where they completed, but obviously not up to the standard. And then beyond that, which is where Buzz is, among some other very reputable clouds is Buzz HPC. And our team believes that we're very close to being able to get a silver qualification next year, which would put us right up there with AWS. So super exciting. And we're very proud of this accomplishment. And again, Craig and the team have done an absolutely phenomenal job on this.

下一個類別是表現不佳，他們完成了比賽，但顯然沒有達到標準。此外，還有一些非常知名的雲端平台，例如 Buzz HPC。我們的團隊相信，我們明年非常接近獲得銀級認證，這將使我們與 AWS 並駕齊驅。太令人興奮了！我們為取得這項成就感到非常自豪。再次強調，克雷格和他的團隊在這方面做得非常好。

Let's go to the next slide. So with the blue-sky potential integrating the cloud platform to allow us to sell managed services for AI enterprise clients, we're looking at a much higher margin business. And so instead of renting GPUs for bare metal at long-term rates, which is what we presented on the previous slide, and that's the base case. The bull case or the blue-sky case here, if all the GPUs were monetized using our cloud platform for AI enterprise clients in Canada under the Buzz sovereign strategy, it would be a much higher margin.

我們來看下一張投影片。因此，透過整合雲端平台，我們可以向人工智慧企業客戶銷售託管服務，這具有巨大的發展潛力，我們有望獲得更高的利潤率。因此，我們不再像上一張投影片中所展示的那樣，以長期價格租用裸機 GPU，而這正是基本情況。從樂觀的角度來看，如果所有 GPU 都按照 Buzz 主權策略，透過我們面向加拿大 AI 企業客戶的雲端平台實現貨幣化，那麼利潤率將會高得多。

And by the numbers, you would be looking at approximately double the dollar per GPU hour unit rate. And on the previous slide, we were basing it on about $2.30 per GPU hour and these figures here on $4.50 a GPU hour, you get about $40 million of ARR per cluster of 1,000 GPUs. So what that does is if you bring on that first cluster and they're all being monetized through the Buzz cloud platform, it could bring an additional $40 million. That would mean the current $20 million of ARR goes to $60 million ARR and subsequently increments to almost $0.25 billion ARR just from the AI cloud business. Again, this is a blue sky, not necessarily all the GPUs will be sold through the cloud platform.

從數字上看，每 GPU 小時的單價大約是現在的兩倍。在上一張幻燈片中，我們以每 GPU 小時約 2.30 美元的價格計算，而這裡的數字是以每 GPU 小時 4.50 美元的價格計算的，那麼每個 1000 個 GPU 的集群將獲得約 4000 萬美元的 ARR。所以，如果引入第一個集群，並且所有集群都透過 Buzz 雲端平台實現貨幣化，那麼它可能會帶來額外的 4000 萬美元收入。這意味著目前的 2,000 萬美元 ARR 將增至 6,000 萬美元 ARR，隨後僅人工智慧雲端業務一項 ARR 就將增至近 2.5 億美元。再次強調，這只是設想，並非所有GPU都會透過雲端平台銷售。

For our sovereign clients, we still have existing relationships where we do sell AI compute globally. And so we believe the margin will fall somewhere between these targets and the base case targets. But if you add on the capacity of hyperscaler colo by converting all of New Brunswick, then that brings you to the north of $300 million ARR target. So if you look at this blue-sky and the base case, I do think that getting into the $0.25 billion ARR target for end of next year is realizable potential, and we're excited to take it to the next level. And we believe that if you look at where the multiples where some of the peers are trading, it easily puts our AI cloud business at a multibillion-dollar valuation if we were doing $250 million ARR.

對於我們的主權客戶，我們仍然保持著合作關係，在全球範圍內銷售人工智慧運算服務。因此，我們認為利潤率將介於這些目標和基本目標之間。但是，如果將新不倫瑞克省的所有資料中心都改造成超大規模資料中心，那麼 ARR 目標就能達到 3 億美元以上。所以，從樂觀預期和基本情況來看，我認為到明年年底實現 0.25 億美元的 ARR 目標是可以實現的，我們很興奮能將其提升到一個新的水平。我們相信，如果你看看一些同業目前的估值倍數，如果我們的年度經常性收入達到 2.5 億美元，那麼我們的 AI 雲端業務的估值很容易達到數十億美元。

And by the way, this is much higher margin. When you're selling through cloud, the margins are about 90%. And in the previous -- the base case where we would do long-term GPU contracts, at least for Blackwells about 80% margin after data center and electrical costs. So we're very excited to present this and 2026 will be a phenomenal year. The other exciting piece is that to bring these GPUs online, we have vendor financing.

順便說一句，這利潤率要高得多。透過雲端銷售時，利潤率約為 90%。在前一種情況下——基本情況是我們會簽訂長期 GPU 合同，至少對於 Blackwell 來說，扣除資料中心和電力成本後，利潤率約為 80%。因此，我們非常興奮地向大家展示這個，2026年將是意義非凡的一年。另一個令人興奮的消息是，為了將這些 GPU 投入使用，我們有供應商提供的融資。

And so we actually are not required to raise capital to bring on this cluster of GPUs because 6,000 Blackwells will be about $360 million. And we're bringing them on. We're doing about 1,000 GPUs at a time. And when we do this, we rely on vendor financing, lease-to-own which allows us to, therefore, be very mindful about our ROIC. And really, the CapEx is just to finish the conversion of our Toronto data center and our Boden data center.

因此，我們實際上不需要籌集資金來引進這批 GPU，因為 6000 個 Blackwell 顯示卡大約需要 3.6 億美元。我們正在把他們招進來。我們一次大約生產 1000 個 GPU。當我們這樣做時，我們依靠供應商融資和租賃購買，因此，我們可以非常關注我們的投資回報率。實際上，這筆資本支出只是為了完成我們多倫多資料中心和博登資料中心的改造。

And those two facilitate the growth of 6,000 GPUs. Moreover, the colo partnership with Bell, it's colo, and we're getting a very attractive rate, doesn't require any significant CapEx. So to fund the growth to bring online to 6,000 GPs does not require any significant CapEx beyond what I believe we can fund from our current balance sheet. And that's what's really exciting. The conversion of New Brunswick to HPC would be a more capital-intensive project, but stay tuned for updates on that.

而這兩項措施促進了 6000 個 GPU 的成長。此外，與貝爾的託管合作關係，也就是託管服務，我們獲得了非常優惠的價格，而且不需要任何重大的資本支出。因此，要為實現 6,000 家 GP 上線成長提供資金，除了我們目前資產負債表上能夠提供的資金外，不需要任何重大的資本支出。這才是真正令人興奮的地方。將新不倫瑞克改造成高效能運算中心將是一個資金密集型項目，但請繼續關注相關最新消息。

Next slide. So on the Bitcoin mining side of the business, very proud to announce we're mining approximately 10 Bitcoin per day, even with difficulty at 152 trillion, currently operating a footprint of 440 megawatts of green energy. We have a proven track record of scaling now as we've demonstrated industry how quickly we've brought on this capacity. Again, we've maintained not only best-in-class uptime and efficiency in the sector, but lowest G&A per Bitcoin mine, which you would expect because we've done this with a very lean team as we've quadrupled our revenue this year. We've done so by adding a small number of additional key hires.

下一張投影片。因此，在比特幣挖礦業務方面，我們非常自豪地宣布，即使挖礦難度高達 152 兆，我們每天也能挖出大約 10 個比特幣，目前我們使用的綠色能源佔地 440 兆瓦。我們已經證明了我們在規模化方面擁有成功經驗，因為我們已經向業界展示了我們能夠多麼迅速地實現這一產能。再次強調，我們不僅保持了業內一流的正常運行時間和效率，而且每個比特幣礦場的管理費用也最低，這是意料之中的，因為我們今年的收入翻了四倍，而我們卻只用了非常精簡的團隊就做到了這一點。我們透過增聘少量關鍵人才實現了這一目標。

Of course, our efforts in Paraguay are led by Gabriel Lamas and Carlos Torres, who have both done an absolutely phenomenal job. We're extremely proud of our Paraguay team. And I'm going to be flying down there in a couple of days for my quarterly site visit. I always like to visit every data center, walk the fields and walk the hot aisles, walk the cold aisles, just like to feel the energy. And of course, we do this all with disciplined capital allocation, which we prioritize ROIC, and we're going to double-click on that later in this presentation.

當然，我們在巴拉圭的工作是由加布里埃爾·拉馬斯和卡洛斯·托雷斯領導的，他們都做得非常出色。我們為巴拉圭隊感到無比自豪。我將在幾天後飛往那裡進行季度實地考察。我總是喜歡參觀每個資料中心，在機房裡走走，在高溫通道裡走走，在低溫通道裡走走，就是想感受那裡的能量。當然，我們做這一切都是建立在嚴格的資本配置之上的，我們優先考慮投資回報率（ROIC），稍後我們將在本次演示中對此進行更詳細的闡述。

Next slide. So Thanksgiving came early. We did target that we would hit the 25 exahash and completed 300 megawatts by US Thanksgiving. And we hit it a couple of days ago, which was really exciting. We put out a press release around November 11.

下一張投影片。感恩節提前到來了。我們的目標是在美國感恩節前達到 25 exahash 的算力，並完成 300 兆瓦的裝置容量。我們幾天前就實現了這個目標，這真是太令人興奮了。我們在11月11日左右發布了一份新聞稿。

And so Thanksgiving came early. So that's exciting. And it's 10 Bitcoin mined per day approximately and 25 exahash installed ahead of schedule. I think we've really demonstrated to the market that we have expertise. And I think for the longest time when the market was watching high, why aren't they scaling?

於是，感恩節提早到來了。那真是令人興奮。每天大約挖出 10 個比特幣，並且提前完成了 25 exahash 的安裝。我認為我們已經向市場充分證明了我們的專業能力。我認為，在市場高度關注的很長一段時間裡，為什麼他們沒有擴大規模？

Because we wanted to scale when it was accretive. And by the way, finding green energy, obviously, is more challenging than if you just look for any type of energy. So very happy that the team delivered. Everyone has done a phenomenal job. Shout out to Luke Rossy, our COO; and Bill Gray, our CTO as well.

因為我們想在成長階段擴大規模。順便說一句，尋找綠色能源顯然比尋找任何類型的能源更具挑戰性。團隊表現出色，我非常滿意。每個人都做得非常出色。特別感謝我們的營運長 Luke Rossy 和首席技術長 Bill Gray。

So the whole team, Darcy, Gabe, everybody has just done a phenomenal job. Next slide, please. So this is just a scenario analysis that shows you we've seen Bitcoin correct to just under 100,000. But of course, with Bitcoin at different incremental prices, you could see that our current annualized mining margin is about $200 million with Bitcoin 100,000, but that could easily get to $300 million at Bitcoin at 125,000 and at 150,000, almost $400 million of annualized mining margin after electrical cost. This is in not revenue.

所以整個團隊，包括達西、蓋布，每個人都做得非常好。請看下一張投影片。所以這只是一個情境分析，它向你展示了比特幣價格已經回調到略低於 10 萬美元的水平。當然，隨著比特幣價格的上漲，我們可以看到，目前比特幣價格為 10 萬美元時，我們的年化挖礦利潤約為 2 億美元；而當比特幣價格達到 12.5 萬美元時，年化挖礦利潤很容易達到 3 億美元；當價格達到 15 萬美元時，礦挖利潤成本後，年化礦挖利潤將接近 4 億礦。這不是收入。

This is mining margin after electrical cost. So $200 million to $300 million to $400 million is as measured against Bitcoin price, really at 100,000, 125,000 or 150,000. So a lot of upside in the Bitcoin mining business, of course. And so just a quick note on that. When we look at some of the hyperscaler colo deals that have been done, Cipher announced a deal with AWS $102 a kilowatt.

這是扣除電力成本後的採礦利潤。所以，2億美元到3億美元到4億美元，實際上是以比特幣價格為10萬、12.5萬或15萬美元來衡量的。所以，比特幣挖礦業務當然有很大的發展空間。所以，關於這一點，我簡單提一下。當我們查看一些已完成的超大規模資料中心託管交易時，Cipher 宣布與 AWS 達成協議，價格為每千瓦 102 美元。

If you actually dollar denominate that per kilowatt hour, it works out to about $0.14 a kilowatt hour. So with Bitcoin at about $43 hash price, Bitcoin was mostly at $102,000 this week. That's about $0.12 a kilowatt hour with our S21+ Hydros. And so you're actually not that far off on a dollar per kilowatt hour basis compared to hyperscaler colo. Of course, what institutions like is the long-term stability, a fixed price for 12 or 15 years, you can underwrite, put a multiple on, and we're very much aware of that.

如果以美元計價，每度電的價格約為 0.14 美元。因此，本週比特幣的哈希價格約為 43 美元，而比特幣的價格大多在 102,000 美元左右。使用我們的 S21+ 水力發電機，每千瓦時電費約為 0.12 美元。所以，以每千瓦時一美元計算，你實際上與超大規模資料中心託管服務商的價格相差不大。當然，機構投資者喜歡的是長期穩定性，12年或15年的固定價格，你可以進行承銷，設定倍數，我們非常清楚這一點。

I think the Morgan Stanley report on HPC did a good job spelling out that strategy. But what you have in the coin mining is upside because when hash price was $55, the mining business was actually doing $0.15 a kilowatt hour, so even more top line than the Cipher -- hyperscaler colo deal. But what's interesting is that, of course, our bottom line, our operating cost is about a $0.05. So you've got a much higher margin business. And that's why we're able to target 1 to 1.5-year ROI in the Bitcoin mining business, whereas your ROI when you're doing a hyperscaler colo, if you're spending $8 million to $10 million per megawatt to build a Tier 3 data center, you're looking at roughly 8-year ROI.

我認為摩根士丹利關於高效能運算的報告很好地闡述了這個策略。但加密貨幣挖礦的優勢在於，當哈希價格為 55 美元時，挖礦業務實際上每千瓦時可賺取 0.15 美元，因此其總收入甚至高於 Cipher 的超大規模資料中心交易。但有趣的是，當然，我們的最終利潤，也就是營運成本，大約是 0.05 美元。所以，這是一個利潤率較高的業務。這就是為什麼我們能夠在比特幣挖礦業務中實現 1 到 1.5 年的投資回報目標，而如果你進行超大規模資料中心託管，建造一個 Tier 3 資料中心，每兆瓦花費 800 萬到 1000 萬美元，那麼你的投資回報期大約為 8 年。

And so -- but we do both. We're targeting the HPC business with the AI cloud. That's about a 2.5-year ROI on the GPUs. And we're very much aware that institutions like the long stable cash flow of hyperscaler colo, and that's why we're very pleased to bring to market, the New Brunswick opportunity and put that in the 2026 pipeline. Let's go to the next slide.

所以——但我們兩者都做。我們正利用人工智慧雲端技術進軍高效能運算（HPC）產業。GPU的投資報酬期約為2.5年。我們非常清楚，機構喜歡超大規模資料中心託管的長期穩定現金流，因此我們非常高興地將新不倫瑞克的機會推向市場，並將其納入 2026 年的計劃。我們來看下一張投影片。

So just a high level for all the research analysts out there, where the hash rate is and how much power is online. And of course, the Phase 3 in Yguazú, the additional 100 megawatts actually gets us to a global capacity of 540 megawatts. Of course, 440 megawatts today is operating hydro power. And might I add, again, I just want to reinforce, we are not committed or we do not have an immediate capital need to bring on 10 exahash of ASICs. We will do so if economics and ROI satisfies our principles of realizing a 1 to 1.5-year ROI after cost for the ASICs.

所以，這裡簡單介紹一下所有研究分析師需要了解的要點：哈希率在哪裡，以及有多少算力在線。當然，伊瓜蘇水力發電廠第三期工程新增的 100 兆瓦裝置容量，實際上使我們的全球裝置容量達到了 540 兆瓦。當然，目前運作中的440兆瓦是水力發電。我還要補充一點，我想再次強調，我們目前沒有投入資金，也沒有立即引進 10 exahash ASIC 的需求。如果經濟效益和投資回報率符合我們的原則，即在扣除 ASIC 的成本後實現 1 至 1.5 年的投資回報，我們將這樣做。

And there are other ways to monetize that extra 100 megawatts of capacity as well, by the way. So stay tuned for that. We've got a lot of exciting things for 2026. We're putting all the fundamental pillars in place for a year of growth and to manage both upside and downside. And that's how we've lasted for, coming on 8 years now, being the first public crypto miner with the longest standing C-suite might I add between Frank, Darcy and myself.

順便一提，還有其他方法可以將這額外的 100 兆瓦容量貨幣化。敬請期待。2026年我們有很多令人興奮的計劃。我們正在為實現一年的成長奠定所有基本基礎，並應對可能出現的上漲和下跌風險。就這樣，我們堅持了近 8 年，成為第一家上市的加密貨幣礦工公司，值得一提的是，我們的 C 級高階主管團隊（法蘭克、達西和我）也是任職時間最長的。

But let's hop to the next slide. So -- by the numbers for those that would like a snapshot of what 35 exahash would look like on an ARR basis. Well, as we mentioned, currently, we're at $400 million ARR, doing about 50% margin after electrical cost, $200 million of margin after electrical cost on the current Bitcoin mining business for 25 exahash about 17.5 joules per terahash efficiency. We were to scale that to 35 exahash with latest generation ASICs throughout 2026. And by the way, we do believe that ASIC prices for the new generation here will come down and be more attractive.

但我們還是來看下一張投影片吧。所以——以下是一些數據，供那些想要快速了解 35 exahash 在 ARR 方面表現如何的人參考。正如我們之前提到的，目前我們的 ARR 為 4 億美元，扣除電力成本後利潤率約為 50%，而目前的比特幣挖礦業務在扣除電力成本後利潤率為 2 億美元，算力為 25 exahash，每 terahash 耗電量約為 17.5 焦耳。我們計劃在 2026 年使用最新一代 ASIC 將算力擴展到 35 exahash。順便說一句，我們相信新一代ASIC晶片的價格將會下降，更具吸引力。

And so we would evaluate those during the spring to summer of 2026 as the 100 megawatts would be completed around August to September 2026. So we're in no rush. But with that 35 exahash, current mining economics, which is modeled on $42 hash price brings you to $550 million ARR. But because you've got more efficient ASICs online, you're about a 60% margin. So that's $320 million of cash flow based on current mining economics.

因此，我們將在 2026 年春夏兩季對這些項目進行評估，因為 100 兆瓦的裝置容量將在 2026 年 8 月至 9 月左右完工。所以我們並不著急。但是，以目前以每哈希 42 美元為模型的挖礦經濟模式計算，35 exahash 的算力可以帶來 5.5 億美元的 ARR。但由於市面上出現了效率更高的ASIC晶片，利潤率大約為60%。根據目前的採礦經濟狀況，這將帶來 3.2 億美元的現金流。

So just a snapshot for the analysts and all the enthusiast investors out there that like to build their Excel models. Next slide, please. So we talk a lot about the ROI principle. And just such an avid math and physics student in school, sometimes you come across, you're deep in the chapter, in your physics textbook and there's just this one diagram that just puts the concept visually and then it crystallizes, meaning you have mastery of it and of course, all the equations that backstop. But this is especially for institutional investors that are trying to wrap their head around and they think that it's sort of this elusive or arcane business, it's actually not.

所以，這裡簡單介紹一下，讓分析師和所有喜歡建立 Excel 模型的投資人參考。請看下一張投影片。所以我們常常談到投資報酬率原則。就像學校裡一個熱愛數學和物理的學生一樣，有時你會遇到這種情況：你正在深入學習物理課本的某一章節，突然發現一個圖表，它能直觀地表達概念，讓你瞬間理解，這意味著你已經掌握了它，當然，還有所有相關的公式。但對於試圖理解這一概念的機構投資者來說，尤其如此。他們認為這有點像是一種難以捉摸或深奧的行業，但實際上並非如此。

Bitcoin mining is the intersect of computer science and electrical engineering is really what it is. We're building high-voltage, high energy infrastructure. And the revenue, the top line is really -- you can almost think of it as combinatorial mathematics. You've got a number of hashes per block is difficulty times 2 to the power of 32. Now Bitcoin price fluctuates, difficulty fluctuates, sometimes difficulty goes down.

比特幣挖礦實際上是計算機科學和電子工程的交叉領域。我們正在建造高壓、高能量基礎設施。而營收，也就是總收入，實際上──你幾乎可以把它看作是組合數學。每個區塊的哈希值數量是難度乘以 2 的 32 次方。現在比特幣價格波動，難度也波動，有時難度還會下降。

We just had difficulty dropped by almost 5%. We're 150, 160, now we're at 152. So what does that mean? Well, your top line here, as you see is like a squiggly line. It goes up and down, but with time, and we're talking a four-year horizon.

我們剛剛發現困難程度下降了近 5%。我們之前是150，160，現在是152。那這意味著什麼？嗯，你看，這裡的頂線就像一條彎曲的線。它會有起伏，但隨著時間的推移，我們說的是四年的時間跨度。

It does trend down as more hash price comes online. But during the life cycle of an ASIC, we always aspire to get one year ROI after electrical costs. And you could see that as in the blue area of the chart. Now once you've realized an ROI on your ASIC, then you're free cash flowing. And so that's why for the balance of that to four years, you're free cash flowing.

隨著更多哈希價格資訊上線，其價格確實呈下降趨勢。但在 ASIC 的生命週期中，我們始終希望在扣除電力成本後，一年內獲得投資回報。你可以在圖表的藍色區域看到這一點。一旦你從ASIC礦機中實現了投資回報，你就會擁有自由現金流。所以這就是為什麼在接下來的四年裡，你將擁有自由現金流的原因。

And this is how we mine Bitcoin, and this is how you make money in this business. You have to think this way and you also have to model this way. And of course, you have to invest and operate this way. Now the three bullet points here is, what are the two levers on this graph? Well, there's one vertical axis and that's your dollar per terahash ASIC acquisition price.

這就是我們挖比特幣的方式，也是你在這個行業賺錢的方式。你必須這樣思考，也必須這樣示範。當然，你必須按照這種方式進行投資和營運。現在，這裡有三個要點：圖中的兩個槓桿是什麼？嗯，這裡有一個縱軸，就是每 terahash ASIC 的收購價格（以美元計）。

The more you pay for your ASICs on a dollar per terahash basis -- and by the way, this is on a snapshot assuming the certain efficiency of joules per terahash, right? So given a model of ASIC, so a new ASIC comes out, you go great. This is what its ROI profile is going to look like. Depending on what you pay for that ASIC, the more you pay, the longer it's going to take you to hit that ROI. And as there's -- and we know that there's diminishing returns.

你為 ASIC 支付的每 terahash 一美元的費用越多——順便說一句，這是基於每 terahash 焦耳的確定效率的快照，對吧？所以，給定一個ASIC模型，如果一個新的ASIC問世，那就太好了。這就是它的投資報酬率曲線圖。根據你為 ASIC 支付的價格，你支付的價格越高，你獲得投資回報所需的時間就越長。而且我們知道，收益會遞減。

This is modeled. It's all part of the Bitcoin white paper as more hash rate comes online, it makes the network more secure. Bitcoin is the world's decentralized energy backed currency. So it's not a bad thing that you have to upgrade, and that more energy comes online. It makes the network more secure.

這是模型。這一切都包含在比特幣白皮書中，隨著更多算力的接入，網路變得更加安全。比特幣是世界上去中心化的、以能源為支撐的貨幣。所以，升級換代不是壞事，更多的能源投入使用也是好事。它能提高網路安全。

As Bitcoin is a market capital over $2 trillion, you have over 30 gigawatts of compute backing that. And it's the increasing efficiency of the ASICs that helps dollar-denominated to dollar per kilowatt hours, okay? So on the horizon -- on the time horizon, you see the plus/minus dollar per kilowatt hour. You see the lower your dollar per kilowatt hour operating cost, the longer you can run that same ASIC for. So you see how we've indicated or illustrated that additional tail end of free cash flow, well, the lower your power price, the longer you're going to be able to realize free cash flow.

由於比特幣的市值超過 2 兆美元，因此背後有超過 30 吉瓦的運算能力支撐。正是ASIC晶片效率的不斷提高，使得每度電價以美元計價上漲，懂嗎？因此，從時間尺度來看，你會看到每度電價的正負值。你會發現，每度電運轉成本越低，同一塊ASIC晶片的運作時間就越長。所以你看，我們已經指出或說明了自由現金流的額外尾端，嗯，你的電力價格越低，你就能實現自由現金流的時間就越長。

And of course, the cheaper your dollar per terahash purchase price, the cheaper that number is. The shorter your ROI duration is, and of course, that means you have all other things being equal, more time to free cash flow. And this is so important, and it's been moreover, as I said earlier in the presentation, we run our ASICs for their entire economic life cycle. And what that might mean in the third and fourth year, even the second year, on a margin basis, if you're looking at your MD&A, say, what was your gross mining margin this quarter? Well, if you're running older ASICs that are in pure free cash flow scenario, the margin apparently may not seem that great, but they're free cash flow and they paid themselves off.

當然，每千兆哈希的購買價格越低，這個數字就越低。投資回報期越短，當然，在其他條件相同的情況下，就意味著您有更多的時間獲得自由現金流。這一點非常重要，而且正如我在前面的演講中所說，我們的 ASIC 晶片在其整個經濟生命週期內都會運行。那麼，從利潤率的角度來看，到了第三年、第四年，甚至是第二年，這又意味著什麼呢？如果你查看你的管理階層討論與分析，比如說，你本季的毛採礦利潤率是多少？嗯，如果你運行的是舊款 ASIC 晶片，它們完全依靠自由現金流，那麼利潤率看起來可能不太高，但它們產生的是自由現金流，而且它們已經收回了成本。

And so you want to run those ASICs until the very end of the life cycle before you upgrade them. And this is an important principle. I thought this visual would very much help. So there you go, Bitcoin mining summarized. Let's go to the next slide.

所以，在升級這些 ASIC 晶片之前，你應該讓它們一直運行到生命週期的盡頭。這是一項重要的原則。我認為這張圖表會很有幫助。以上就是比特幣挖礦的簡要概述。我們來看下一張投影片。

By the numbers, this is what it translates to. We lead the sector in cash return on invested capital. Quarter in, quarter out, here it is, we've realized 18% annualized ROIC this quarter, 4.5% for the quarter. So I love explaining how the business works. We love to share expertise.

從數字上看，這就是它的實際意義。我們在投資資本現金回報率方面處於行業領先地位。季度結束，季度末，我們實現了本季 18% 的年化 ROIC，季度總 ROIC 為 4.5%。所以我喜歡解釋公司的運作方式。我們樂於分享專業知識。

We love to be beacons of truth in the industry where there's a lot of hubris. And again, HIVE has been standing strong as the longest crypto miner in the sector for the publicly traded peers, 2 Bitcoin halvings and an Ethereum merge, no one else has navigated all 3 of those events. In addition to that, we built our own ASIC miner with Intel. So we understand the industry at its very depths and also at a very macro level, having strategic oversight with Frank as a money manager, our Executive Chairman and myself as an electrical engineer, we're both numbers' guys, and we like to look at the prism of Bitcoin mining and data centers. So many different angles to understand what does it look like when you evaluate it.

我們喜歡在這個充滿傲慢自大的行業中成為真理的燈塔。此外，HIVE 作為上市同行中歷史最悠久的加密貨幣挖礦商，一直保持著強勁的勢頭，經歷了兩次比特幣減半和一次以太坊合併，沒有其他公司能夠經歷這三件事。除此之外，我們也與英特爾合作，自主研發了ASIC礦機。因此，我們既深入了解這個產業，也從宏觀層面進行策略監督。弗蘭克作為資金經理，我們的執行主席，而我本人則是電氣工程師，我們都是數位專家，我們喜歡從比特幣挖礦和資料中心的角度來看待這個問題。從很多不同的角度去理解，當你評估它時，它看起來會是什麼樣子。

And ultimately, our bottom line, though, is how do we get the best ROIC. Here it is. Next slide. We also have the lowest G&A in the industry. We have a high-performance work culture, our executive team.

但歸根究底，我們的最終目標是如何獲得最佳的投資報酬率。這裡是。下一張投影片。我們的管理費用也是業界最低的。我們擁有高效率的工作文化和卓越的管理團隊。

We were in Chicago for a Jim Collins seminar, really, how do we live and breathe being a good to great business. And so again, high-performance culture. We are in nine time zones, five languages. And again, we talked about a high-performance culture. We are a high-performance culture, bringing 300 megawatts online in 6 months, almost an exahash per week.

我們當時在芝加哥參加吉姆·柯林斯的研討會，主題是「我們如何成為一家優秀乃至卓越的企業」。所以，高績效文化再次應運而生。我們橫跨九個時區，使用五種語言。我們再次談到了高績效文化。我們擁有高效的工作作風，在 6 個月內實現了 300 兆瓦的併網發電，平均每週運算量接近 1 艾哈希。

I think we might have broken an industry record. And so you can clearly see here under 10% of our total revenue is reflected as G&A and -- I mean, a lot of our peers are really in the 20% to 30% range is really what it tells you. And so we're able to scale. We have a dual-engine strategy. This is the G&A for the whole corporation.

我認為我們可能打破了行業紀錄。因此，您可以清楚地看到，我們總收入中只有不到 10% 是管理費用，而我們的許多同行實際上都在 20% 到 30% 的範圍內，這才是真正說明的問題。因此，我們能夠擴大規模。我們採用雙引擎戰略。這是整個公司的管理費用。

So we're talking all our operating subsidiaries, our global business, HPC and Bitcoin mining, so incredibly privileging.

所以我們談論的是我們所有的營運子公司、我們的全球業務、高效能運算和比特幣挖礦，這真是莫大的榮幸。

We work long hours though. So if it's hard to get a call with us, it's -- we'll make time for you, but priorities. Next slide. So the other amazing thing is the value proposition. So our relative valuation signals a very strong opportunity.

我們工作時間很長。所以如果您很難聯繫到我們，那是因為——我們會抽出時間為您服務，但也有優先事項。下一張投影片。所以，另一個令人驚嘆的地方就是它的價值主張。因此，我們的相對估值顯示這是一個非常好的投資機會。

On a relative basis, where you look at our peers on EV to exahash basis, we should be at about a $4 billion enterprise value. Now of course, people would say, Oh, yes, but a lot of your peers here have an AR HPC strategy. Yes, as do we. And I think we have one of the best AI and HPC strategies with a lot of upside to be realized in 2026 as we bring online those 6,000 Blackwells and pursue hyperscaler colo through New Brunswick as well.

從相對角度來看，如果以 EV/exahash 為基準與同業進行比較，我們的企業價值應該在 40 億美元左右。當然，現在有人會說，哦，是的，但是你們這裡的許多同行都有 AR HPC 戰略。是的，我們也是。我認為我們擁有最好的 AI 和 HPC 策略之一，隨著 6000 個 Blackwell 資料中心上線，以及我們在新不倫瑞克省推動超大規模資料中心建設，到 2026 年，這些策略將有很大的發展潛力。

So I think that we also have best uptime in the sector, lowest G&A per Bitcoin mine, best ROIC and right now, the best value. So I think for the smart money, it's an opportune time. We've seen HIVE really rally to almost USD1.7 billion market cap. There's been a bit of a market-wide correction recently. So I think it's an opportune time as the market consolidates.

所以我認為，我們在業界也擁有最佳的正常運作時間、最低的比特幣礦井管理費用、最佳的投資報酬率，而且目前來說，性價比最高。所以我認為，對於精明的投資者來說，現在是入場的好時機。我們看到 HIVE 的市值已經飆升至近 17 億美元。最近市場整體出現了一些調整。所以我認為，在市場整合的這段時間，正是入場的好時機。

Next slide. Now a little bit more about what we do. Yes, we are very high performance, and Frank and I were boots on the ground. We go to all the conferences, but we also invest in the communities. So we had a program where we wanted to refresh 18 schools in the rural regions by our data centers.

下一張投影片。現在再詳細介紹一下我們的工作內容。是的，我們的績效非常高，我和法蘭克都親力親為。我們會參加所有會議，同時也會投資社區。因此，我們有一個項目，希望透過我們的資料中心為農村地區的 18 所學校進行設備升級。

And so Frank and I were actually visiting in Valenzuela, this is a primary school, elementary school and the kids were so happy. And so the pictures on the left are before, and you can see the beautiful hand painted map of Paraguay. But you see the walls are sort of weathered and chipped. And so what we did was we refreshed the schools. You see brand-new paint and air conditioners.

所以，我和法蘭克當時正在瓦倫蘇埃拉參觀，這是一所小學，孩子們都很開心。所以左邊的圖片是之前的樣子，你可以看到美麗的巴拉圭手繪地圖。但你看，牆壁有些風化和破損。所以我們對學校進行了翻新。你會看到嶄新的油漆和空調。

You see all the air conditioners after bolted on the walls for the classrooms and then we installed the playground as well for the kid. We're doing upgrades to 18 schools throughout the community. So just about how we like to invest in communities. As you know, we sponsor the hockey team in Boden, but we do what the community wants and needs. And of course, in this scenario in rural Paraguay, it's the schools.

你看，教室牆上都裝好了空調，我們還為孩子們安裝了遊樂場。我們正在社區內的 18 所學校進行升級改造。這就是我們喜歡投資社區的方式。如您所知，我們贊助了博登的冰球隊，但我們也做社區想要和需要的事情。當然，在巴拉圭農村地區，問題就出在學校。

Next slide. Also, embracing tradition. We were invited to the presidential palace for YPO event. This is Santiago Peña, who is an incredibly gracious host. And so we're wearing a traditional -- the scarfs, sort of traditional Paraguayan dress, and it was absolutely a phenomenal event.

下一張投影片。此外，還要擁抱傳統。我們受邀前往總統府參加YPO活動。這位是聖地牙哥·佩尼亞，他是一位非常熱情好客的主人。所以我們穿著傳統的——圍巾，一種傳統的巴拉圭服裝，這絕對是一場非凡的盛會。

We had our whole executive team down there. Of course, Gabriel Lamas and Frank, are pictured here with Peña, Luke Rossy, our COO; and myself and Jaime Perez, our Latin American correspondent. So investing in the communities at the schools in the neighborhoods, but also building strong ties with the leaders of the country. Next slide, please. Now Paraguay in turn is also building ties globally, and Peña has, I think done a phenomenal job having a great relationship with Trump, all smiles here with the big thumbs up.

我們整個高階主管團隊都去了那裡。當然，照片中還有 Gabriel Lamas 和 Frank，以及 Peña、我們的營運長 Luke Rossy；還有我和我們的拉丁美洲通訊員 Jaime Perez。因此，不僅要投資社區、學校和社區，還要與國家領導人建立牢固的聯繫。請看下一張投影片。現在巴拉圭也積極拓展全球關係，我認為佩尼亞在與川普建立良好關係方面做得非常出色，他在這裡笑容滿面，豎起了大拇指。

And moreover, Frank and I had a strategy session with Peña in September during that YPO Summit. And of course, shortly after we were granted an additional 100 megawatts, which we'd announced to the market. So it's about having relationships strategically and being aligned with the government and utility companies and just doing good business. And so we're very bullish on the future of Paraguay, not only for Bitcoin mining, but data centers broadly. Let's go to the next slide.

此外，我和法蘭克在九月的YPO峰會期間與佩尼亞進行了一次戰略會議。當然，不久之後，我們又獲得了額外的 100 兆瓦電力，我們也向市場宣布了這個消息。所以關鍵在於建立策略關係，與政府和公用事業公司保持一致，並做好業務。因此，我們非常看好巴拉圭的未來，不僅是比特幣挖礦，還有整個資料中心產業。我們來看下一張投影片。

Directionally, Latin America is emerging with HPC on the horizon, was in the headlines in October, OpenAI and Argentinian energy company are looking at a Stargate for Latin America. So of course, Argentina is adjacent to Paraguay, Argentina buys power from the Itaipu Dam, which is the largest hydro dam by production in the world. And so we believe that there will be a bright potential future for HPC in Latin America. Let's go to the next slide, which is Darcy Daubaras, the longest-standing CFO in the Bitcoin mining industry, and he's going to give you the overview of the financial results. And not only in the Bitcoin mining industry, of course, now we are a HPC business with a thriving AI cloud growth strategy as well as hyperscaler colo for 2026.

從發展方向來看，拉丁美洲正在崛起，高效能運算（HPC）即將到來，這在 10 月曾是新聞頭條，OpenAI 和阿根廷能源公司正在為拉丁美洲尋找一個類似「星際之門」的平台。當然，阿根廷與巴拉圭相鄰，阿根廷從伊泰普水力發電廠購買電力，這是世界上發電量最大的水力發電廠。因此，我們相信高效能運算在拉丁美洲將擁有光明的未來。接下來我們來看下一張投影片，這位是比特幣挖礦產業任職時間最長的財務長達西·道巴拉斯，他將為大家概述財務表現。當然，我們的業務不僅限於比特幣挖礦行業，現在我們是一家高效能運算企業，擁有蓬勃發展的 AI 雲端成長策略，並計劃在 2026 年推出超大規模資料中心。

Darcy, over to you.

達西，該你了。

Thank you. Good morning, everyone. And thank you for joining us today. And I will be walking through the Q2 results for the three and six-month period ended September 30, 2025. We are providing certain non-GAAP measures in our presentation today.

謝謝。各位早安。感謝您今天收看我們的節目。我將詳細介紹截至 2025 年 9 月 30 日的第二季業績（包括三個月和六個月的業績）。我們在今天的簡報中提供了一些非GAAP指標。

The company believes that these measures, while not a substitute for measures of performance prepared in accordance with U.S. GAAP, provide investors an improved ability to evaluate the underlying performance of HIVE. These measures do not have any standardized meaning prescribed under US GAAP and therefore, may not be comparable to other issuers. Further details are found in the management discussion and analysis for the three and six-month periods ended September 30, 2025.

該公司認為，雖​​然這些措施不能取代以美國通用會計準則編製的績效衡量指標，但可以為投資者提供更好的能力來評估 HIVE 的基本績效。這些措施沒有美國通用會計準則規定的任何標準意義，因此可能與其他發行人的情況不具可比性。更多詳情請參閱截至 2025 年 9 月 30 日止三個月和六個月期間的管理層討論與分析。

Moving on to the first slide. HIVE ended September 30, 2025 quarter with 236.8 million common shares, 2.7 million options, 11.4 million RSUs and 5.2 million warrants outstanding. And on the next slide, let's start with the key highlights for the quarter. For Q2, we generated $87.3 million in revenue, driven by digital currency mining and high-performance computing services and delivered $31.5 million in adjusted EBITDA. Production for the quarter was 719 Bitcoin equivalent, which is up from 406 in the prior period, supported by stable operations, strong uptime across our sites and the execution of our Paraguayan expansion.

接下來是第一張投影片。截至 2025 年 9 月 30 日季末，HIVE 擁有 2.368 億股普通股、270 萬份選擇權、1,140 萬份限制性股票單位及 520 萬份認股權證。接下來，讓我們從本季的主要亮點開始。第二季度，我們創造了 8,730 萬美元的收入，這主要得益於數位貨幣挖礦和高效能運算服務；調整後的 EBITDA 為 3,150 萬美元。本季產量為 719 個比特幣當量，高於上一季的 406 個比特幣當量，這得益於穩定的營運、我們各個站點的良好正常運行時間以及我們在巴拉圭的擴張計劃的實施。

These numbers reflect disciplined cost management, a focus on efficiency and the benefit of our diverse global footprint. Let's now on the next slide, take a look at how this operational performance translates into our balance sheet strength. We do take great pride in maintaining a healthy balance sheet. As of September 30, we held $22.6 million in cash, $24.4 million in digital securities and $17 million in receivables and prepaids. That totals $136.7 million in digital assets against $55.5 million in current liabilities.

這些數字反映了嚴格的成本管理、對效率的重視以及我們多元化的全球佈局所帶來的好處。接下來，讓我們在下一張投影片中看看這種營運績效是如何轉化為我們資產負債表實力的。我們為保持健康的資產負債表而感到非常自豪。截至 9 月 30 日，我們持有現金 2,260 萬美元，數位證券 2,440 萬美元，應收帳款及預付款 1,700 萬美元。數位資產總額為 1.367 億美元，而流動負債為 5,550 萬美元。

We also maintained $25.7 million in strategic investments. This strong liquidity has allowed us to manage market cycles, invest in expansion opportunities, specifically our HPC and Paraguayan opportunities and avoiding over-leveraging the company. With that context, let's look at how our earning metrics have evolved starting on the next slide. Shifting our focus to our gross operating margin on a year-over-year basis, comparing the results of this quarter to Q2 last year, our gross operating margin, which is calculated as total revenues minus direct operating and maintenance costs and high-performance computing service fees increased to $42.4 million in the most recent quarter compared to $400,000 in Q2 of last year. In this most recently completed quarter, we are reporting a basic loss of $0.07 per share compared to a net income of 0, basically flat per share reported for Q2 last year.

我們也維持了2570萬美元的策略投資。充足的流動性使我們能夠應對市場週期，投資於擴張機會，特別是我們的高效能運算和巴拉圭機會，並避免公司過度槓桿化。有了這些背景訊息，讓我們從下一張投影片開始，看看我們的獲利指標是如何演變的。我們將重點轉向同比毛利率，將本季業績與去年第二季業績進行比較，毛利率（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）在最近一個季度增至 4,240 萬美元，而去年第二季為 40 萬美元。在最近完成的這個季度，我們報告每股基本虧損 0.07 美元，而去年第二季度淨利潤為 0 美元，與去年同期基本持平。

Taking a look at our revenue increases year-over-year on the next slide, we generated total revenue in the second quarter of fiscal 2026 of $87.3 million versus $22.6 million in the previous year's second quarter. The revenues compared to the same quarter in fiscal 2025 can primarily be attributed to the expanded hash rate that we are experiencing from the Paraguay expansion. As mentioned previously, our gross mining margin, which equates to our revenues minus direct operating and maintenance costs and high performance computing service fees increased to $42.4 million or 49% margin in the most recent quarter compared to $400,000 or only 2% margin in the prior year comparable quarter. As we've said, that's a direct result of optimizing our mining fleet, the mass of Paraguayan expansion that we've experienced since the beginning of calendar 2025 and improving our overall operational efficiency. Now if we zoom into just the last two quarters, you'll see impressive improvements on the next slide.

從下一張投影片可以看出，我們的營收年增了，2026 財年第二季的總營收為 8,730 萬美元，而去年同期為 2,260 萬美元。與 2025 財年同期相比，營收成長主要歸功於巴拉圭擴張帶來的算力提升。如前所述，我們的毛利率（即收入減去直接營運和維護成本以及高效能運算服務費）在最近一個季度增長至 4,240 萬美元，利潤率為 49%，而去年同期僅為 40 萬美元，利潤率為 2%。正如我們所說，這是優化我們的採礦船隊、自 2025 年初以來我們在巴拉圭經歷的大規模擴張以及提高我們整體營運效率的直接結果。現在，如果我們放大查看最近兩個季度的數據，您會在下一張投影片中看到令人印象深刻的改進。

Comparing our current fiscal Q2 quarter to the previous Q1 quarter, we generated revenue in this current quarter of fiscal 2026 of $87.3 million versus $45.6 million in the previous quarter. The increase in revenues versus the prior quarter was impacted by increased exahash capacity with the Paraguay expansion, an increase in the price of Bitcoin, resulting in higher revenue from digital currency mining and our continued focus on our high-performance computing revenues.

將我們目前的 2026 財年第二季與上一季（第一季）進行比較，我們在本季（2026 財年）的營收為 8,730 萬美元，而上一季為 4,560 萬美元。與上一季相比，收入的成長受到巴拉圭擴建帶來的 Exahash 容量增加、比特幣價格上漲（導致數位貨幣挖礦收入增加）以及我們對高效能運算收入的持續關注的影響。

Our gross operating margin increased to $42.4 million or 49% operating margin in the most recent quarter compared to $15.8 million or 35% margin in the prior quarter's comparative. The increase in gross operating margin versus the prior quarter was greatly due to the comparative BTC pricing and resulting revenues and the continued improvement in our fleet efficiency. And on the next slide, I'd like to remind our stakeholders that our net income is comprised of our operational earnings or cash flow plus our investment earnings, which includes realized and unrealized earnings, which often includes noncash charges.

與上一季相比，我們最近一個季度的毛營業利潤增長至 4,240 萬美元，營業利潤率為 49%，而上一季的毛營業利潤率為 1,580 萬美元，營業利潤率為 35%。與上一季相比，毛營業利潤率的成長主要歸功於比特幣價格的相對上漲和由此帶來的收入成長，以及我們船隊效率的持續提高。在下一張投影片中，我想提醒各位利害關係人，我們的淨收入由營運收益或現金流量加上投資收益所構成，其中包括已實現收益和未實現收益，其中通常包括非現金支出。

Our adjusted EBITDA in this quarter ended September 30, 2025, was $31.5 million versus adjusted EBITDA of $12 million in the September 30, 2024 period. I will highlight that adjusted EBITDA is a non-GAAP figure. For this completed quarter, we experienced loss of $15.8 million compared to a net income of 0 in the previous year comparative. The net loss experienced this quarter was driven by non-cash losses experienced on our strategic investments and changes in the fair value of our derivatives, which is linked to the Bitcoin used as deposits on equipment purchases. On the next slide, the quarter-over-quarter view tells a similar story.

截至 2025 年 9 月 30 日的本季度，我們調整後的 EBITDA 為 3,150 萬美元，而 2024 年 9 月 30 日期間的調整後 EBITDA 為 1,200 萬美元。我要強調的是，調整後的 EBITDA 是非 GAAP 指標。本季我們虧損1,580萬美元，而上年同期淨利為0。本季淨虧損是由於戰略投資的非現金損失以及衍生性商品公允價值的變化所致，而衍生性商品公允價值的變化與用作設備購買定金的比特幣有關。下一張投影片中的季度環比數據也呈現類似的趨勢。

Our adjusted EBITDA in the second quarter of fiscal 2026 was a profit of $31.5 million versus adjusted EBITDA of $44.6 million in the previous 2026 Q1 quarter. In the second quarter of fiscal 2026, we experienced net loss of $15.8 million compared to a net income of $35.5 million in the previous Q1 quarter. The Q2 fiscal 2026 was a solid quarter for HIVE. We delivered strong revenue, expanded margins and maintained a robust balance sheet. Our operational discipline, fleet expansion and cost control measures continue to position us well to compete in a challenging environment and capture opportunities for growth.

2026 財年第二季調整後 EBITDA 為 3,150 萬美元，而上一季（2026 年第一季）調整後 EBITDA 為 4,460 萬美元。2026 財年第二季度，我們淨虧損 1,580 萬美元，而上一季（第一季）淨利為 3,550 萬美元。2026財年第二季對HIVE來說是一個穩健的季度。我們實現了強勁的營收，擴大了利潤率，並維持了穩健的資產負債表。我們的營運紀律、船隊擴張和成本控制措施使我們能夠繼續在充滿挑戰的環境中保持競爭力，並抓住成長機會。

As always, I want to thank our loyal stakeholders and encourage them to continue to follow our expansion efforts in both Bitcoin mining and high-performance computing operations. There's exciting things to come, so stay tuned.

一如既往，我要感謝我們忠實的利益相關者，並鼓勵他們繼續關注我們在比特幣挖礦和高效能運算業務方面的擴張努力。未來還有精彩內容，敬請期待。

(Event Instructions) Darren Aftahi, ROTH.

（活動說明）Darren Aftahi，ROTH。

Congrats on the progress. Two if I may. Just can you talk about what the assumed spend on CapEx per megawatt is to either retrofit or greenfield your data centers to Tier 3? And then on the AI cloud strategy, I think, Aydin, you talked a little bit about financing and then leasing the GPUs. I guess, do you guys plan to buy these at the end of that cycle?

恭喜你取得進展。如果可以的話，我想選兩個。能否談談將資料中心改造或新建至 Tier 3 標準，每兆瓦的假定資本支出為何？關於人工智慧雲端策略，Aydin，我想你剛才談到了GPU的融資和租賃問題。我想問的是，你們打算在這個週期結束時購買這些嗎？

And then I guess, what's the assumption on useful life you're assuming on GPUs?

那麼，我想問的是，您對GPU的使用壽命有何假設？

Yes, you bet. So the site in Boden is $25 million to build out to convert and Toronto is $40 million. They -- we've had those facilities effectively quoted and we're ready to commence the conversion of those. So the price per megawatt is different because each facility has just different existing infrastructure. Boden has already designed as GPU facility, and that's the one that you've been to actually when we did the site tour last year.

當然。因此，博登的場地改造費用為 2500 萬美元，多倫多的場地改造費用為 4000 萬美元。我們已經對這些設施進行了有效的報價，並準備開始進行改造。因此，每兆瓦的價格不同，因為每個設施現有的基礎設施都不同。Boden 已經設計了一個 GPU 工廠，而你去年參觀工廠時看到的正是這個工廠。

And Toronto is the facility that will -- that we recently announced a purchase of. So again, that's $25 million and $40 million, respectively. And then that provides -- and then, of course, Bell is colo. So there's no significant CapEx. So that collectively gets us to the footprint for 6,000 GPUs.

而多倫多正是我們最近宣布收購的那個設施。所以，分別是 2500 萬美元和 4000 萬美元。然後，這就提供了——當然，貝爾是科洛。因此，沒有重大的資本支出。這樣加起來，我們就得到了相當於 6000 個 GPU 的佔地面積。

And then -- sorry, what was your second question?

然後——不好意思，您的第二個問題是什麼？

Really just on the cloud.

實際上就是在雲端。

The buyout. It's really -- it's like really a lease-to-own. So the buyout is de minimis. So we will effectively have at the end of the term for a very nominal amount ownership of the GPUs.

收購。這實際上——這就像是一種租賃購買模式。所以這次收購金額微不足道。因此，在合約期滿後，我們將以非常象徵性的價格獲得GPU的所有權。

And what's the useful life you're assuming on this? I know you might be one of the fewer entities that have...

你預計它的使用壽命是多久？我知道你們可能是少數擁有…的機構之一。

I think broadly, what we've seen is that after three years, the -- easily or conservatively, GPUs are worth half of what you bought them for. And then I think that you could see a useful life conservatively is also 5 years. And I back that up with a couple of data points. As you know, we've -- as you've been following the story for a long time, we bought 38,000 Ampere GPUs, A40s, A6000s, A5000s, A4000s. And we made that order.

我認為總的來說，我們看到的情況是，三年後，GPU 的價值——無論是保守估計還是簡單估計——都只有你購買價格的一半了。然後我認為，保守估計，5 年也是其有效使用壽命。我可以用幾個數據點來佐證這一點。如您所知，我們——正如您長期以來一直關注此事的——我們購買了 38,000 個 Ampere GPU，包括 A40、A6000、A5000 和 A4000。我們下了那份訂單。

We announced in July of 2021. So a lot of those GPUs to the tune of over 4,000 are in our AI cloud still running. We have 4,300 A-Series cards, mostly A40s and A5000s. And here we are four years later, and they're still running. So that's why I put the useful life at five years.

我們在2021年7月宣布了這項消息。因此，我們 AI 雲端仍有超過 4000 個 GPU 正在運行。我們有 4300 張 A 系列顯示卡，大部分是 A40 和 A5000。四年過去了，他們仍在運作。所以，我才把使用壽命設定為五年。

I believe it could be longer. I believe it could be five, possibly six, maybe even seven. And then on the resale, we sold, and this is sort of in our past disclosures and M&A, we've sold the balance of that fleet of Ampere Series GPUs, about 34,000 of them at approximately 90% of their original face value. And those -- the sale of those GPUs was last year over kind of the course of the year. And so that puts us about three years into the economic life cycle, and we were selling them for 90% of what we bought them for.

我認為可能還會更長。我認為可能是五個，也可能是六個，甚至可能是七個。然後，在轉售方面，我們已經售出了剩餘的安培系列 GPU，大約 34,000 塊，這在我們過去的披露和併購中也有提及，售價約為其原始面值的 90%。而這些GPU的銷售是在去年進行的，銷售週期貫穿了整整一年。這樣算來，我們進入了經濟生命週期的大約三年，而我們賣出的價格是我們買入價的 90%。

So again, we're very strategic about ROIC, and we realized that there was a great opportunity there to get such a high value for them. And we took those proceeds and then we expanded instead and got more Hopper H100 and H200 GPUs. And that get us to where we are today. But moreover, to answer your question, we were able to sell at 90% of face value after three years. Of course, that was driven by global demand.

所以，我們再次強調，我們對投資報酬率 (ROIC) 非常重視，我們意識到這是一個為他們創造如此高價值的絕佳機會。我們利用這些收益進行了擴張，並購買了更多的 Hopper H100 和 H200 GPU。而這一切才造就了我們今天的局面。此外，回答你的問題，三年後我們得以以面額的 90% 出售。當然，這都是全球需求驅動的。

And so when I told you 50%, I'm trying to give you very conservative, realizable figures. So to wrap it up 50% after three years, and I think a useful economic life cycle of 5-plus years. And look, that three years, it could be higher, maybe the 2Ps are worth 70% more. But I mean, in our case, we've seen 90%, but let's just say, 50% to be conservative after three years.

所以當我告訴你50%的時候，我盡量給你一些非常保守、可實現的數字。因此，總結起來，三年後完成率達到 50%，我認為一個有效的經濟生命週期為 5 年以上。而且你看，三年後，它可能會更高，也許 2P 的價值會成長 70%。但我的意思是，就我們而言，我們已經看到了 90% 的成功率，但保守估計，三年後的成功率可能達到 50%。

Mike Grondahl, Northland.

麥克·格倫達爾，北地。

My question, on those 6,000 GPUs that you're putting out the next couple of quarters, how many of those are contracted today? Meaning what kind of visibility do you have on those? And then could you talk a little bit about the average term, at one point, I think I heard three months to 12 months and then another two years and just kind of the demand you're seeing?

我的問題是，在接下來的幾個季度裡，你們將推出6000塊GPU，目前已經簽訂了多少合約？也就是說，你對這些情況的了解程度如何？那麼，您能否談談平均期限？我之前好像聽過三個月到十二個月，然後又聽過兩年，以及目前看到的需求狀況？

Yes, Mike. So the -- you're correct in that the existing GPUs that we have online are in the three to 12-month range. And the -- I actually just want to refer you to -- sorry, I'm in Paraguay right now, someone's knocking on the door. So we also put out a press release this morning concurrent with our Q2 earnings that actually announced the order of the first cluster of 500 for those Blackwell B200s. And so that's the first cluster that we expect to be delivered before Christmas this year.

是的，麥克。所以——你說得對，我們目前在線的GPU使用壽命在三到十二個月之間。還有——其實我只想請你——抱歉，我現在在巴拉圭，有人敲門。所以，今天早上我們在發布第二季財報的同時，也發布了一份新聞稿，宣布了第一批 500 台 Blackwell B200 的訂單。所以，這是我們預計今年聖誕節前交付的第一批貨物。

And so the 6,000 GPUs, there's a chart in my section where we actually saw the first 1,000 of the 6,000 coming online by Q1, 2026 calendar Q1. The second cluster of 1,000 GPUs comes online Q3 2026. And then finally, the additional 4,000 Blackwells would be Q4. And the reason why Q4 is, again, it's the retrofit of the Boden and Toronto facilities. And those retrofits are underway.

因此，這 6,000 個 GPU，在我的部分有一個圖表中，我們實際上看到這 6,000 個 GPU 中的前 1,000 個在 2026 年第一季上線。第二批包含 1000 個 GPU 的叢集將於 2026 年第三季上線。最後，新增的 4,000 家 Blackwell 門市將在第四季開業。而第四季的原因，再次是博登和多倫多工廠的改造。這些改造工程正在進行中。

So of course, you wouldn't be bringing GPUs online until that conversion was complete. And so you've got 1,000 in Q1, another 1,000 in Q3, another 4,000 in Q4. So to answer your question in short, those GPUs are not live yet. We're bringing them online in that cadence. And so we will provide more color on the contracted GPUs when they go live.

所以，當然，在轉換完成之前，你是不會把GPU投入使用的。所以第一季有 1,000 人，第三季又有 1,000 人，第四季又有 4,000 人。簡而言之，回答你的問題，這些GPU尚未正式發布。我們正按這個節奏將它們上線。因此，當簽約的GPU上線時，我們將提供更多相關資訊。

So I hope that answers your question. And why two years is because we wanted to provide sort of a conservative base case if we underwrote the revenue of the GPUs on the longest-term contract, which conversely provides the lowest dollar per GPU hour. And so we're aware directionally that the Street and institutions are more in favor of the longer the cash flow, even if it's a lower quantum on GPU per hour, people like the stability. And so we've modeled that. But then moreover, with the cloud, what's exciting is when you're selling tokens or allowing people to utilize AI enterprise services with API endpoints, now you're selling a much higher margin.

希望這能解答你的疑問。之所以選擇兩年，是因為我們想提供一個保守的基準情況，以評估最長期限合約下 GPU 的收入，而這反過來又意味著每 GPU 小時的成本最低。因此，我們大致了解到，華爾街和機構更傾向於現金流週期較長的項目，即使每小時的 GPU 使用量較低，人們也喜歡穩定性。因此，我們已經建立了相應的模型。此外，有了雲端運算，令人興奮的是，當你出售代幣或允許人們使用帶有 API 端點的 AI 企業服務時，你現在可以獲得更高的利潤。

And so that's why we kind of had two similar slides showing the growth in revenue. One is on long-term two-year contracts and the other is higher margin selling AI enterprise services. So I believe my comment -- I hope my comment on those slides made it clear that we would expect the realized ARR to be sort of in the midpoint somewhere between those two projections I provided. Does that help?

所以這就是為什麼我們用了兩張類似的幻燈片來展示收入成長。一個是簽訂兩年長期合約的，另一個是銷售利潤較高的AI企業服務。所以我相信我的評論——我希望我對那些幻燈片的評論已經清楚地表明，我們預計實際的 ARR 將大致位於我提供的兩個預測之間的中間位置。這樣有幫助嗎？

Bill Papanastasiou, Stifel.

Bill Papanastasiou，Stifel。

Congrats on all the progress made scaling the company's Bitcoin mining and AI, HPC initiatives. First one on Bitcoin mining. Are you able to share your thoughts on where you think hash rate and economics could trend following the industry's push to AI, HPC and just general commentary on the strategy going ahead?

恭喜公司在擴大比特幣挖礦和人工智慧、高效能運算專案規模方面取得的所有進展。第一篇是關於比特幣挖礦的。您能否分享一下您對哈希率和經濟效益在產業轉型為人工智慧、高效能運算 (HPC) 後的發展趨勢的看法，以及您對未來策略的整體看法？

Yes, for sure. Thanks, Bill. So we currently are at a difficulty of 152 trillion difficulty downward corrected recently after 156 trillion all-time lined -- 156 trillion being an all-time high. Now what I would point out is the last correction of difficulty going from 156 trillion to 152 trillion, we actually were at a -- before the adjustment, we were sort of at a hash price in the 42 -- now I'm going to explain this sequentially because there's two variables, Bitcoin price and difficulty. So right now, I'm referring to when difficulty adjusted.

是的，當然。謝謝你，比爾。因此，我們目前的困難程度為 152 萬億，這是在創下 156 萬億的歷史新高後最近向下修正的結果——156 萬億是歷史最高水平。現在我想指出的是，上次難度調整從 156 萬億左右降至 152 萬億，實際上，在調整之前，我們的哈希價格大約在 42 萬億左右——現在我要按順序解釋一下，因為這裡有兩個變量，比特幣價格和難度。所以現在，我指的是難度調整的時候。

And of course, Bitcoin price was in the $102,000 range at that time. So a Bitcoin price at the $102,000 range at that time, we saw hash price sort of in the low $40 per petahash per day range, and that downward adjustment difficulty brought us up a bit to the -- kind of going from $41 to $42, up to $43 to $44. Obviously, as difficulty drops, hash price increases. So we sort of saw that. But then recently in the past sort of 5 days here, we've seen Bitcoin drop from $102,000 to $99, and now we're sitting at $93.8.

當然，當時比特幣的價格約為 102,000 美元。所以當時比特幣價格在 102,000 美元左右，我們看到哈希價格在每天每 petahash 40 美元左右，而向下調整的難度使價格上漲了一些——大概從 41 美元到 42 美元，漲到了 43 美元到 44 美元。顯然，隨著難度降低，哈希價格上漲。所以，我們多少也看到了這一點。但最近，在過去的五天裡，我們看到比特幣價格從 102,000 美元跌至 99 美元，現在跌至 93.8 美元。

So that's put hash price back down to $40 petahash a day. So I think consistently, what we've seen since the halving is that the hash price floor on a seven-day moving average has been $40. Now I guess, actually at $93,000 a $39 hash price. So it will be telling to see what happens over the next epoch. The next difficulty adjustment will be November '26.

這樣一來，哈希價格又回落到每天 40 美元（petahash）。所以我認為，自減半以來，我們看到的現像是，七日移動平均線的哈希價格下限一直保持在 40 美元。現在我猜，實際上是 93,000 美元，哈希價格為 39 美元。所以，看看接下來會發生什麼，將會很有趣。下一次難度調整將在 2026 年 11 月進行。

So we're still about 10 days away from that. And if the hash price floor of the last year is an indication, we would expect a downward adjustment, although as more efficient machines have come online over the course of the last year since the halving was in April of 2024. And we're now in 2025, we could see the hash price floor perhaps become incrementally lower, perhaps in the $36 to $38 range. But we'll know sort of in the course of next week. A lot of the peers are not publicly -- when I say peers, publicly traded Bitcoin miners, have not announced significant expansions.

所以距離那天還有大約10天。如果去年的哈希價格下限可以作為參考，我們預計價格會向下調整，儘管自 2024 年 4 月減半以來，過去一年中效率更高的機器已經上線。現在已經是 2025 年了，我們可能會看到哈希價格的下限逐漸降低，或許會降到 36 美元到 38 美元之間。但下週我們大概就能知道了。許多同行——我指的是公開交易的比特幣礦工——尚未宣布重大擴張計劃。

Of course, Bitdeers is being a producer has brought online more hash rate. I think Cipher has got themselves to 23 exahash. MARA, IREN, they're all hovering about 50 along with CleanSpark. So that hash rate is online. I don't see that going anywhere anytime soon.

當然，Bitdeers作為一個生產者，已經帶來了更高的算力。我認為 Cipher 的哈希率已經達到了 23 exahash。MARA、IREN，她們和 CleanSpark 的股價都在 50 左右徘徊。所以哈希率是在線的。我認為這種情況短期內不會改變。

However, again, we did see difficulty downward adjust. So there will certainly be smaller-scale miners perhaps with less efficient machines that are shutting off their hash rate capacity when we see hash rate in the $40 -- $39, $40 range. So we're definitely closely watching it. But the good thing is our breakeven hash price is about $22 petahash a day on a global fleet adjusted basis with a 17.5 joules per terahash global fleet efficiency. So we've mined every quarter since I've been with HIVE 2021 profitably.

然而，我們再次看到向下調整有困難。因此，當算力價格在 40 美元到 39 美元、40 美元之間時，肯定會有一些規模較小、機器效率較低的礦工關閉他們的算力容量。所以我們肯定會密切關注此事。但好消息是，我們以全球算力調整後的損益平衡哈希價格約為每天 22 千萬億次哈希，全球算力效率為每萬億次哈希 17.5 焦耳。自從我加入 HIVE 2021 年以來，我們每季都獲利了。

And so we upgraded our fleet accordingly, very intentionally to be able to mine with positive gross mining margin through the next halving. So look, with the Fed coming out, hopefully, there's a rate cut in December and that quantitative easing cycle. Hopefully, there's more liquidity, and we see a rally in risk on assets such as Bitcoin. Time will tell, but we're very much aware and monitoring things, but in the meantime, continuing to mine profitably.

因此，我們相應地升級了我們的礦隊，這是有意為之，以便在下一次減半期間能夠獲得正的毛採礦利潤。所以你看，隨著聯準會即將宣布降息，希望12月能迎來量化寬鬆週期。希望流動性增強，我們能看到比特幣等風險資產出現上漲。時間會證明一切，但我們非常關注並密切關注事態發展，同時，我們將繼續盈利地進行採礦。

Appreciate that color, Aydin. And then another one, if I may. Within the HPC stream, curious how we should just be framing our estimates between that base case and blue-sky opportunity? Are you able to share your targeted composition in --

艾丁，好好欣賞這顏色吧。如果可以的話，再問一個。在高效能運算領域，我們想知道應該如何界定基本情況和理想情況之間的差距？能否分享一下您的目標構想？--

Yes, yes, that's a good question and a very good question. I think as I sort of alluded to with Mike, we expect it to land somewhere in between the base case and the case with the additional -- or I should say, higher margin revenue with the cloud stream -- sorry, with the Buzz platform stream enabling higher margins on the cloud business. But I think you'll have your answer sooner rather than later because as we -- again, we're bringing these GPU clusters online first with Bell. So again, we expect those 1,000 GPUs to come online through the course of Q1. Again, this morning, we announced the purchase of the first 500, which we expect to get delivered before Christmas.

是的，是的，這是一個很好的問題，一個非常好的問題。我認為，正如我之前和 Mike 提到的那樣，我們預計最終結果會介於基本情況和包含額外收入（或應該說是雲端業務帶來的更高利潤率收入）的情況之間——抱歉，是 Buzz 平台帶來的雲端業務更高利潤率。但我認為你很快就會得到答案，因為我們——再說一遍，我們首先與貝爾公司合作，將這些 GPU 叢集上線。因此，我們預計這 1000 個 GPU 將在第一季陸續上線。今天早上，我們再次宣布了首批 500 台的採購計劃，預計將在聖誕節前交付。

Now, of course, takes time to plug and configure and pressure test these clusters. It's -- Frank often likes to give a very helpful analogies. From 6 hours of receiving an ASIC, you could have it hashing. It's more like 6 weeks when you're building an InfiniBand cluster with a bunch of GPUs. So we're -- we've got our first cluster of GPUs live in January, this 500 January, the second 500 coming online within a month or two of there, you'll see sort of what those figures are.

當然，現在需要時間來插拔、配置和壓力測試這些群集。弗蘭克經常喜歡用一些很有幫助的比喻。收到ASIC晶片後，6小時內就可以開始進行哈希運算。如果要搭建一個包含大量 GPU 的 InfiniBand 集群，大概需要 6 週。所以，我們的第一批 GPU 叢集已於 1 月上線，共有 500 個 GPU，第二批 500 個 GPU 將在一兩個月內上線，屆時您將會看到這些數字是多少。

So effectively, just stay tuned for fiscal Q1 -- sorry, calendar Q1, which would be fiscal Q3 period end March, and you'll see those numbers.

所以，請大家繼續關注第一財季——抱歉，是第一日曆年財季，也就是 3 月底的第三財季，屆時你們就會看到這些數字了。

Chris Brendler, Rosenblatt.

克里斯布倫德勒，羅森布拉特。

Congrats on the results, very impressive progress here. I just want to ask a question on the Bitcoin mining business for a second. The improvement in gross margins here, and I know the network has gotten more difficult, more challenging from a competition perspective, but your gross margins improved significantly quarter-over-quarter. And with the sort of a full quarter run rate of the Phase 3 complete now, I would expect the gross margins to continue to improve. Just wanted to get your -- take your temperature on that thought that your hash costs are going to continue to decline and your gross margins, all else being equal and the Bitcoin mining business should continue to improve now that you're fully up and running on Phase 3.

恭喜取得這樣的成績，進步非常顯著。我想問一個關於比特幣挖礦業的問題。雖然我知道網路環境變得更加複雜，競爭也更加激烈，但你們的毛利率環比顯著提高。隨著第三階段一個季度的順利完成，我預計毛利率將繼續提高。我只是想了解您對以下想法的看法：哈希成本將繼續下降，毛利率在其他條件不變的情況下繼續提高，隨著您全面啟動第三階段，比特幣挖礦業務應該會繼續改善。

Yes. You've got it bang on, Chris. So the Q2 -- fiscal Q2 we just reported, the average cash rate for that quarter was 16.1 exahash, and that was a period end September. And so that hash rate, I believe that it was Phase 2 of our Paraguay project. So 200 to 300-megawatts was completed in that quarter.

是的。你說得完全正確，克里斯。所以，我們剛剛公佈的第二季（即第二財季）的平均現金利率為 16.1 exahash，該季度截至 9 月底。所以我認為，那個哈希率是我們巴拉圭計畫的第二階段。因此，該季度完成了 200 至 300 兆瓦的工程。

However, today, we're at 25 exahash and that milestone, we just reached last week. And we had sort of provided an update on that, that we put out a press release that we hit 300 megawatts -- we completed 300 megawatts, which is super exciting. We hit 24 exahash operational, 25 exahash were installed. And there was some short-term just seasonal curtailments we're talking like a day or two at a time here in Canada. And then just a few days ago, we actually hit the full 25 exahash operational as well.

然而，今天我們的算力達到了 25 exahash，而我們上週才剛達到這個里程碑。我們之前也發布過相關更新，我們發布了一份新聞稿，宣布我們達到了 300 兆瓦——我們完成了 300 兆瓦，這真是太令人興奮了。我們實現了 24 exahash 的運行算力，安裝了 25 exahash。在加拿大，也出現了一些短期的季節性限制措施，例如每次持續一到兩天。就在幾天前，我們的算力也達到了 25 exahash 的滿載運轉。

So that's super exciting. But of course, we're in November now. So to your point and to further answer your question, yes, more hash rate coming online with our latest generation, 15 joule per terahash, S21+ Hydro machines are hitting the tape, and therefore, it will bring that average hash cost down as well as our cost of electricity in Paraguay is cheaper. And so you're getting two factors there that are attributing to improved gross mining margins. So yes, that's right.

那真是太令人興奮了。當然，現在已經是十一月了。所以，回到你的觀點，進一步回答你的問題，是的，隨著我們最新一代的 S21+ Hydro 機器（每太哈希 15 焦耳）投入使用，哈希率將大幅提升，因此，平均哈希成本將會降低，而且巴拉圭的電力成本也更便宜。因此，有兩個因素促成了採礦毛利潤的提高。是的，沒錯。

And so again, just for your model there, I believe it was 16. 8 exahash was the quarterly average operational hash rate for a period end September. Again, that's covering the growth from July, August, September. We obviously ended the period at a higher number. I think it was closer to 20, but nevertheless, you had quite a ramp.

所以，就你提到的模型而言，我認為截至 9 月底的季度平均運行哈希率為 16.8 exahash。同樣，這涵蓋了 7 月、8 月和 9 月的成長。顯然，我們最終的成績比之前更高。我覺得應該接近 20，但不管怎樣，你的坡道相當陡峭。

So what's the average of that ramp for the entire quarter? I believe it was 16.8. And until this quarter, it will not -- you could sort of interpolate the data just simply using our monthly production reports, what was October, which we put out not too long ago, and you'll see November reports in December. So you'll be able to figure our average operational hash rate. And again, all the new hash rate we brought online is at 15 joules a terahash.

那麼整個季度的平均成長率是多少？我相信是 16.8。而且直到本季度，都不會——你可以簡單地使用我們不久前發布的 10 月份的月度生產報告來推斷數據，你會在 12 月份看到 11 月份的報告。這樣你就能算出我們的平均運行哈希率了。再次強調，我們新增的所有算力都是每太哈希 15 焦耳。

The global average with the full 25 exahash online at 17.5 joules a terahash. And so we believe the monthly production reports are helpful for the analysts when doing your model. And we know some of our peers have sort of stopped doing monthly production reports. I don't understand -- I mean, I know why. Broadly, they're sort of trying to rebrand themselves or perhaps not advertise the fact that 99%, 97% of the revenue still comes from Bitcoin mining.

全球平均水平，25 exahash 在線，每 terahash 17.5 焦耳。因此，我們認為月度生產報告對分析師進行模型建立很有幫助。我們知道，我們的一些同行已經停止發布月度生產報告了。我不明白——我的意思是，我知道為什麼。總的來說，他們似乎想重新塑造自己的品牌形象，或者可能不想宣傳99%、97%的收入仍然來自比特幣挖礦這一事實。

No names. I mean, everybody knows. But yes, we -- I believe Bitcoin is the world's energy back decentralized currency, and we've had wonderful year transforming our business to institutional scale as that business is flourished. I believe pound for pound, we are the best Bitcoin miner in the sector. We lead in ROIC as evidenced in our quarterly metrics again.

沒有姓名。我的意思是，大家都知道。是的，我相信比特幣是世界上以能源為基礎的去中心化貨幣，隨著業務的蓬勃發展，我們在過去一年中成功地將業務轉型為機構規模。我認為就性價比而言，我們是業界最好的比特幣礦工。我們的季度指標再次證明，我們在投資回報率方面處於領先地位。

And so it's not something we're going to shy away from. Of course, HPC business is in Buzz, which is our pure-play subsidiary. So -- but it's part of our dual engine strategy. So there you go. I hope that's helpful.

所以，我們不會迴避這個問題。當然，高效能運算業務由我們的專屬子公司 Buzz 負責。所以——但這是我們雙引擎策略的一部分。就是這樣。希望這能幫到你。

Yes, sure. My follow-up question is on capital strategy. I mean at a high level, just the tremendous amount of growth you've had over the last year, and you've got big plans for next year as well between HPC and Bitcoin mining. Phase 4, I guess, is now on the table for Paraguay. How do you think about balancing the capital needs between HPC and Bitcoin mining? Is there a preference at this point? Or are you still looking to grow both at sort of the same rate?

當然可以。我的後續問題是關於資本策略的。我的意思是，從宏觀層面來看，你們在過去一年中取得了巨大的成長，而且明年在高效能運算和比特幣挖礦方面也有著宏大的計畫。我想，巴拉圭現在也該考慮第四階段了。您認為如何平衡高效能運算和比特幣挖礦之間的資金需求？目前有偏好嗎？或者您仍然希望兩者以大致相同的速度增長？

So in my presentation, what I outlined was we have the additional 100 megawatts in Paraguay, which was awarded to us. So currently, our global operating capacity is 440 megawatts, with 300 megawatts in Paraguay. Now we have been granted an additional 100 megawatts of green energy by ANDE in Paraguay, which is great. What's attractive about that is that it's actually at an existing site, the Yguazú site when we bought, that was actually designed and all the civil work has been done for 300 megawatts at that site alone, but we've built it as a 200-megawatt site because those are the transformers that were ordered and that's sort of what Bitfarms had near term. That's all being completed.

所以在我的報告中，我概述了我們在巴拉圭獲得了額外的 100 兆瓦電力，這是我們獲得的。目前，我們的全球營運容量為 440 兆瓦，其中 300 兆瓦在巴拉圭。現在，巴拉圭的 ANDE 公司又向我們提供了 100 兆瓦的綠色能源，這真是太好了。吸引人的是，它實際上是在一個現有的場地，也就是我們收購的 Yguazú 場地，該場地最初的設計以及所有土建工程都是為 300 兆瓦的裝機容量完成的，但我們將其建設成了一個 200 兆瓦的場地，因為訂購的變壓器容量就是 200 兆瓦，而這大概也是 Bitfarms 近期需要的。所有這些工作都在進行中。

So to get that extra 100 megawatts online, all we're doing is bringing on a couple more transformers for the substation and the medium voltage and then dropping hydro mining infrastructure in place. So sum that all up, the punchline is $0.25 million a megawatt to expand that 100 megawatts, which is incredibly attractive as we've mentioned before, our all-in cost for land, substation, everything was $400,000 a megawatt for our Valenzuela site and our Yguazú site. But because this is an expansion of an existing site that's already complete, it's a nominal incremental cost. So that's one portion of the CapEx. The bigger portion, of course, is I think all the analysts on the call and a lot of the very enthusiastic retail investors and certainly, institutions are aware that a cluster of Blackwells like a 1,000 cluster with InfiniBand and everything is roughly $60 million.

所以，為了增加這額外的 100 兆瓦電力，我們所做的只是為變電站和中壓線路增加幾個變壓器，然後鋪設水力採礦基礎設施。綜上所述，關鍵在於擴建這 100 兆瓦的裝置容量只需每兆瓦 0.25 億美元，這非常有吸引力。正如我們之前提到的，我們在瓦倫蘇埃拉和伊瓜甦的場地，土地、變電站等所有費用加起來是每兆瓦 40 萬美元。但由於這是對已建成的現有網站的擴建，因此增加的成本微乎其微。這是資本支出的一部分。當然，我認為參與電話會議的所有分析師、許多非常熱情的散戶投資者以及機構投資者都意識到，像 Blackwells 這樣的集群（例如 1000 台配備 InfiniBand 等所有設備的集群）價值約為 6000 萬美元。

So if you're bringing on 6,000 GPUs, about $360 million, but that's a significant CapEx. But if you've got vendor financing for that, then that is the most significant component of CapEx that you've now alleviated. So we -- at least in terms of relying on equity financing or, say, taking on debt in the capital markets or having a derivative like a convert or anything. So what we're really enthusiastic about is that with vendor financing, we are able to scale that GPU business. And again, Bell being a colo, there's no significant CapEx for us.

所以，如果你要引進 6000 個 GPU，大約需要 3.6 億美元，但這可是一筆龐大的資本支出。但如果你獲得了供應商融資，那麼這就是你現在減輕的最重要的資本支出部分。所以，至少就靠股權融資，或者說在資本市場舉債，或是擁有可轉換債券之類的衍生性商品而言，我們是不行的。因此，我們真正感到興奮的是，透過供應商融資，我們能夠擴大 GPU 業務的規模。再次強調，由於貝爾是託管公司，因此我們無需承擔任何重大資本支出。

So that ramp to the first 2,000 GPUs of our projection, getting us from $20 million to $60 million of ARR, we're able to realize through the colo with Bell and vendor financing on the GPUs, no significant CapEx, which is really nice. And then, of course, as I think it was Darren's question, the only CapEx we have to finish is with Little Boden and Toronto, $25 million and $40 million, respectively. And that gives us our ramp in our pipeline to operate 6,000 Blackwells globally in addition to our existing fleet of 5,000 GPUs to the tune of 11,000 GPU cloud globally.

因此，我們預計首批 2000 個 GPU 的交付量將使我們的 ARR 從 2000 萬美元增長到 6000 萬美元，而這得益於與 Bell 的託管以及 GPU 的供應商融資，無需承擔重大資本支出，這真是太好了。當然，正如我認為達倫提出的問題，我們唯一需要完成的資本支出項目是與 Little Boden 和多倫多的合作項目，分別為 2500 萬美元和 4000 萬美元。這樣一來，我們就可以按計劃在全球範圍內運營 6,000 台 Blackwell 超級計算機，加上我們現有的 5,000 台 GPU，在全球範圍內擁有 11,000 台 GPU 雲端伺服器。

So yes, it's about being very balanced and strategic with how we deploy capital and where we can have what we believe is accretive leverage, then we'll pursue that. And we have, and I'm very happy to announce that we've now got this capital plan laid out in addition to really support the growth.

所以，是的，關鍵在於如何非常平衡和策略性地部署資本，以及在我們認為能夠產生增值槓桿的地方，我們會追求這些。我們已經制定了這項資本計劃，我很高興地宣布，這將真正支持公司的發展。

Time for a few more questions, two more. Fedor Shabalin, B. Riley.

還剩最後幾個問題，就兩個。費多爾·沙巴林，B·萊利。

Thank you very much for putting out monthly updates. That's helpful. And question-wise, could you please provide an update on the time line for the Brunswick data center, including whether construction will be phased or completed at once? And additionally, should the colocation agreement not proceed hypothetically, is there a path to fully utilize the capacity for AI cloud demand? And how long would it take in this case, including timing for arranging, financing for GPU procurement?

非常感謝你們每月發布更新資訊。那很有幫助。另外，能否請您提供布倫瑞克資料中心的建置時間表，包括建設是分階段進行還是一次完成？此外，假設託管協議無法達成，是否有辦法充分利用 AI 雲端需求的容量？在這種情況下，包括安排和籌集GPU採購資金在內，需要多長時間？

Yes. So I think the takeaway from the presentation we provided, we actually wanted to emphasize that the conversion of the New Brunswick site, especially given its proximity close to the border of Maine, actually makes it very opportune as a hyperscaler colo project. And we're very much aware that right now, especially institutions, we were in Miami for the Cantor Conference, which was an absolute home run. I think Cantor did a phenomenal job putting together that event was extremely well attended, the quality of the attendees on both the buy side. And I mean, you basically had the whole industry and all the Wall Street there.

是的。因此，我認為我們從提供的簡報中得出的結論是，我們實際上想要強調的是，新不倫瑞克站點的改造，特別是考慮到它靠近緬因州邊界，實際上使其成為一個非常合適的超大規模資料中心託管專案。我們非常清楚，目前尤其對於各機構而言，我們在邁阿密參加了坎托會議，那真是個巨大的成功。我認為 Cantor 在舉辦這次活動方面做得非常出色，活動參與人數眾多，買方和買方與會者的素質都很高。我的意思是，基本上整個行業和華爾街的人都在那裡。

But anyway, it's clear that the Street is valuing hyperscaler colo because they like the stability, and they like to scale of those revenues. If you want to do a 100 or 200 or 300-megawatt site for hyperscaler colo, you can now allocate a large amount of capital. And if you've got a long-term leases, we've seen some of our peers announce, now you've got stable cash flows at lower margin.

但無論如何，很明顯，華爾街之所以看好超大規模資料中心託管服務，是因為他們喜歡這種服務的穩定性，並且喜歡這種收入規模化帶來的收益。如果你想為超大規模資料中心建造一個 100 兆瓦、200 兆瓦或 300 兆瓦的站點，現在你可以投入大量資金。如果你簽訂了長期租賃合同，正如我們的一些同行所宣布的那樣，現在你就能以較低的利潤率獲得穩定的現金流。

I mean just -- I think all the analysts on this call are well aware, but maybe for the other people that are dialed in, just if you look at it arithmetically, if you were to sign a lease, one of our peers recently did a lease that worked out to $102 per kilowatt a month on hyperscaler colo, all you do is you divide that by 730 hours, and that works out to $0.14 a kilowatt hour. So the unit economics of hyperscaler colo are relatively modest, $0.14 a kilowatt hour when Bitcoin was at a $42 hash price, ASICs were doing $0.12 a kilowatt hour, not too far off from that. $55 hash price. Our ASICs were doing $0.15 a kilowatt hour, that's 21 plus. And you're base operating costs in mining is with power and so forth about a $0.05.

我的意思是——我認為參加這次電話會議的所有分析師都很清楚這一點，但也許對於其他撥入電話會議的人來說，如果你從算術角度來看，如果你要簽訂一份租賃合同，我們的一位同行最近簽訂了一份超大規模數據中心託管的租賃合同，每月每千瓦時 102 美元，你只需要將其除以 730 小時，得出每千瓦時。因此，超大規模資料中心的單位經濟效益相對較低，比特幣算力價格為每千瓦時 0.14 美元時，ASIC 礦機的算力價格為每千瓦時 0.12 美元，相差不大。算力價格為每千瓦時 55 美元時，成本為每千瓦時 0.14 美元。我們的ASIC晶片每千瓦時成本為0.15美元，也就是21美元以上。而採礦的基本營運成本，包括電力等，約 0.05 美元。

So you're doing relatively high margins and quicker ROI. If you're a $50 hash price range, something like 1.5 years ROI after CapEx. Now that's why I like the dual engine strategy. But again, because we're aware that people like the scale and stability of hyperscaler colo, even though the ROI period is more like seven, eight years, depending on what your dollar per megawatt CapEx is to do the conversion with a long-term contract. It is being valued in the Street.

所以你的利潤率相對較高，投資報酬率也更快。如果你的哈希價格在 50 美元左右，那麼在資本支出之後，大約需要 1.5 年才能收回投資。這就是我喜歡雙引擎策略的原因。但是，我們再次意識到，人們喜歡超大規模資料中心的規模和穩定性，即使投資回報期更像是七到八年，這取決於您每兆瓦的資本支出是多少美元，才能透過長期合約進行轉換。它正在華爾街接受估值。

So right now, as we've positioned our 2026 targets, we've got both. We've got the revenue, right, from operating AI cloud, hyperscaler colo as we've targeted for New Brunswick.

所以現在，在我們設定的 2026 年目標中，我們都達成了這兩者。我們已經獲得了收入，沒錯，就是透過經營人工智慧雲端和超大規模資料中心，因為我們已將目標鎖定在新不倫瑞克省。

And then, of course, the Bitcoin mining business. So the $85 million target, Fedor, was actually based on hyperscaler colo. And so we did want to point out though that if you were going to base it off of GPU reference architecture based on latest generation GPUs, you could operate 25,000. But right now, our target and our focus is to get through the conversion of Toronto as well as Sweden and the Bell partnership to bring online those 6,000 GPUs. And stay tuned for updates on the strategy and status of the conversion of New Brunswick and directionally which way it goes.

當然，還有比特幣挖礦業務。因此，Fedor 的 8,500 萬美元目標實際上是基於超大規模資料中心託管。所以我們想指出，如果以最新一代 GPU 的 GPU 參考架構為基礎，則可以運行 25,000 個。但就目前而言，我們的目標和重點是完成多倫多、瑞典以及與貝爾的合作，使這 6,000 個 GPU 上線。請繼續關注新不倫瑞克省轉換策略和現狀的最新消息，以及轉換方向。

But again, I sort of emphasize that the projections we provided in both cases, I'd had those 2 projections on HPC revenue. Both cases were predicated with New Brunswick as hyperscaler colo. So I would say just stay tuned for updates on that strategy and developments there.

但我再次強調，我們在這兩種情況下提供的預測，都是我對高效能運算收入的兩種預測。這兩個案例都以新不倫瑞克為超大規模資料中心。所以我想說的是，請繼續關注該戰略和相關進展的最新消息。

Joe Vafi, Canaccord.

Joe Vafi，Canaccord。

Terrific progress. Great to see it. Just can we drill down a little bit on Itaipu and Paraguay, clearly becoming very strategic location for HIVE and very differentiated. And I know you did mention the Stargate initiative in Argentina, Patagonia. Clearly, Stargate like the clean power angle as well.

進展非常順利。很高興看到它。我們能否更深入地了解伊泰普和巴拉圭，它們顯然已成為 HIVE 的非常具有戰略意義且非常獨特的地點。我知道你確實提到了阿根廷巴塔哥尼亞的星際之門計畫。顯然，《星際之門》也喜歡清潔能源這個角度。

You just drill down. I know you've been down there. I know Frank has been down there a lot. You're close with the government and the President. How much power do you think -- is there additional power available to HIVE out of Itaipu?

你只需向下鑽探。我知道你去過那裡。我知道弗蘭克去過那裡很多次。你與政府和總統關係密切。您認為伊泰普水力發電廠還能為 HIVE 提供多少電力？

And maybe what's the President of Paraguay thinking about AI and things like that as the industry develops?

那麼，隨著人工智慧產業的發展，巴拉圭總統對人工智慧等相關技術又有什麼看法呢？

So what we've noticed is the -- I mean, the President of Columbia -- sorry, the President of Paraguay, Santiago Peña. He's like -- the ministers, the President, they're all like internationally educated. They're all extremely bright and the -- I mean Peña, I think he's 46. I believe it was his birthday, he just turned 47. So these are young, really smart guys, Joe, that want to position their country.

所以我們注意到的是——我是說，哥倫比亞總統——抱歉，是巴拉圭總統，聖地亞哥·佩尼亞。他就像──部長們、總統，他們都接受過國際教育。他們都非常聰明，而且──我是說佩尼亞，我想他46歲了。我相信那天是他的生日，他剛滿47歲。喬，這些都是年輕有為、非常聰明的年輕人，他們想讓自己的國家處於有利地位。

And they've been internationally educated, I mean, in the US, I believe. Peña was studied at Columbia University. So they want to position their country for success, and they're aware of they're very much attuned of -- they're very much attuned of the data center industry. We saw that OpenAI went down to Argentina to talk about a Latin American Stargate with Sur Energy. We, of course, have been talking with the Paraguayan government about the future of data centers in Latin America and HPC in Paraguay.

而且他們都接受過國際教育，我的意思是，我相信是在美國接受的教育。佩尼亞曾在哥倫比亞大學學習。所以他們希望讓自己的國家處於成功的位置，而且他們也意識到自己非常關注資料中心產業。我們看到 OpenAI 前往阿根廷與 Sur Energy 探討拉丁美洲星門計畫。當然，我們一直在與巴拉圭政府探討拉丁美洲資料中心的未來以及巴拉圭的高效能運算發展前景。

So I think that it's definitely on the horizon, and it's something that we're incubating and seeing how we could support and be a catalyst to help bring that vision to life. I would say that there's a vision for it right now and where -- what we're trying to do is be a catalyst for that vision in Latin America by working very closely with Peña and the various ministers, again, who are extremely business savvy. And Paraguay is a country of 6 million people, but it's also home to the largest hydro dam by production. The Itaipu Dam, by the way, maybe I'll put it on Twitter, Luke and I took a photo. It has again this world record banner when you approach it.

所以我認為這肯定指日可待，我們正在醞釀此事，看看我們如何能夠支持它，並成為催化劑，幫助將這個願景變為現實。我認為目前已經有了願景，而我們正在努力做的，就是透過與佩尼亞和各位部長密切合作，成為拉丁美洲這一願景的催化劑，他們都非常精通商業。巴拉圭是一個擁有 600 萬人口的國家，但它也擁有世界上發電量最大的水力發電廠。順便提一下，伊泰普大壩，也許我會把它發到推特上，我和盧克拍了張照片。當你走近它時，你會看到這面世界紀錄橫幅。

So it actually kind of set up as a tourist attraction like anyone can go there, marvel of engineering, et cetera. And so how do you monetize those vast natural resources? And I think Frank has often talked about how as we grow our footprint going from 300 to 400 megawatts in Paraguay. That means U.S. dollars paid in a timely manner for the government of Paraguay.

所以它實際上被打造成了一個旅遊景點，任何人都可以去那裡參觀，稱其為工程奇蹟等等。那麼，如何將這些豐富的自然資源轉化為經濟效益呢？我認為弗蘭克經常談到，隨著我們在巴拉圭的業務規模從 300 兆瓦擴大到 400 兆瓦，情況會如何變化。這意味著巴拉圭政府能夠及時收到美元款項。

And moreover, we believe that directionally, power prices are going to get attractive in this region. And they are attractive, and I think they're going to more so become attractive. And -- that's sort of what I could say for now. But let's just say we're working on a lot of things and standby for updates as we have them.

此外，我們認為，從趨勢上看，該地區的電力價格將變得很有吸引力。它們很有吸引力，而且我認為它們會變得越來越有吸引力。這就是我目前能說的全部。但總而言之，我們正在努力推進許多項目，如有最新消息，敬請期待。

That's great. And then just quickly on a follow-up. I think the Brazilians and the Paraguayan share the power off that dam. I think it's -- I mean, a Wikipedia search, I think it's like 15 gigawatts coming off of Itaipu. Have you had any discussions with the Brazilians at this point?

那太棒了。然後很快就跟進了。我認為巴西人和巴拉圭人共同享有那座水壩的電力。我覺得——我的意思是，在維基百科上搜尋一下，我覺得伊泰普水力發電廠的發電量大約是 15 吉瓦。目前你和巴西方面有過任何討論嗎？

Or -- because I think they're probably getting a lot of the power off the dam. Just wondering if you're exploring other things in the region given your Itaipu position.

或者——因為我認為他們很可能從大壩獲得了大量電力。我只是好奇，鑑於你在伊泰普的工作，你是否也在探索該地區的其他機會。

Yes, you're very astute, Joe. So yes, it's about 14 gigawatts. When we were there in December of last year, it was producing 10.7 gigawatts on that day. And we actually -- Jamie Brown came down for a visit in September. There was a YPO event that Peña hosted.

是的，你很精明，喬。所以，沒錯，大約是14吉瓦。去年 12 月我們去那裡的時候，它當天的發電量是 10.7 吉瓦。事實上，傑米布朗九月來拜訪我們。佩尼亞曾主持過一場YPO活動。

And it was at the Central Bank and then it was at the Presidential Palace and then we went over to Itaipu. And I believe that the dam was only producing about 8 gigawatts that day or -- yes, exactly. So that dam has a lot of capacity, exactly 14 gigawatts. Might be 14-point something, closer to 15. But when we were there, I recall it being 14 gigawatts.

我們先去了中央銀行，然後去了總統府，之後又去了伊泰普。我相信那天大壩的發電量只有大約 8 吉瓦，或者——是的，正好是 8 吉瓦。所以這座大壩的裝置容量很大，剛好是 14 吉瓦。可能是14點幾，更接近15。但我記得我們當時在那裡的時候，發電量是 14 吉瓦。

So there is -- the arrangement is that the power is actually sold like while -- when you go to the dam, it's called Itaipu Binacional. So there's a border and you've got both Brazil and Paraguay, but the power is actually sold to Brazil. So I think it's -- what happens is there's sort of a more nuanced outlay where the Itaipu infrastructure project has recently completed its CapEx, the construction cost of this magnificent facility, it has paid itself off. It has paid itself off. And so now what we're entering to in the 2027 era is what will that look like going forward now that it's been paid off.

所以，實際情況是，電力實際上是這樣出售的——當你去大壩的時候，它被稱為伊泰普雙子水力發電廠。所以這裡有一條邊界，巴西和巴拉圭都在這裡，但實際上權力賣給了巴西。所以我認為——實際情況是，伊泰普基礎設施項目最近完成了資本支出，這座宏偉設施的建設成本已經收回，這其中存在著一種更為微妙的支出情況。它已經收回成本了。因此，我們現在即將進入的 2027 年時代，是既然投資已經償清，未來會是什麼樣子。

And so when I sort of was referring to, we believe that the pricing of power from the Itaipu Dam will directionally be favorable. That's what I was sort of getting at. So you've asked a very good question. You've clearly done your homework. But that's all I can say for now, my friend.

所以，當我提到這一點時，我們認為伊泰普大壩的電力定價方向將有利。我大概就是這個意思。你問了一個很好的問題。你顯然已經做足了功課。朋友，我現在只能說這麼多了。

And stand by for updates on that. But yes, you're kind of pointing in the right direction. And again, we've -- with OpenAI coming down to Argentina, of course, Argentina is a neighbor of Paraguay as well. We think that there's going to be some very exciting potential activity, both in terms of having abundant green energy. And what we're also doing is initiatives to help improve the grid as well.

請繼續關注後續更新。但沒錯，你指出的方向基本上都正確。此外，隨著 OpenAI 進駐阿根廷，當然，阿根廷也是巴拉圭的鄰國。我們認為，在擁有豐富的綠色能源方面，將會有一些非常令人興奮的潛在活動。我們同時也採取一些措施來幫助改善電網。

And so part of -- as we showed how we were refurbishing the schools in the community, and that's goodwill at HIVE, right? No one's asked us to do that. We've done that because we think it's the right thing. And Frank and myself and our whole executive team, we really much value education even if it's at a primary school level. Of course, we have great education for the staff that work at our facilities.

所以，正如我們所展示的那樣，我們正在翻新社區裡的學校，這就是 HIVE 的善意所在，對吧？沒有人要求我們這樣做。我們這樣做是因為我們認為這是正確的做法。我和法蘭克以及我們整個管理團隊都非常重視教育，即使是小學階段的教育。當然，我們為在我們機構工作的員工提供了良好的教育。

Frank is a huge sports guy as anyone who knows him knows. And so we love to sponsor sports teams as well. But then you kind of take it up a level and when you're working with the utilities and the federal government, how can we help improve the grid and contribute to the nation's infrastructure. So standby. But yes, we're working on things that we'll provide you updates on over the course of the next year.

認識法蘭克的人都知道，他是個十足的運動迷。所以我們也樂於贊助運動隊伍。但當你把這個問題提升到一個更高的層次，當你與公用事業公司和聯邦政府合作時，我們如何幫助改善電網並為國家的基礎設施做出貢獻。請稍等。是的，我們正在進行一些工作，並將在未來一年內向您提供最新進展。

Excellent. Thank you, Joe. Thank you to all of our analysts and our attendees. We appreciate you joining us this morning. That concludes our Q&A session in our Q2 2026 earnings call.

出色的。謝謝你，喬。感謝所有分析師和與會者。感謝您今天早上收看我們的節目。本次2026年第二季財報電話會議的問答環節到此結束。

Thank you for joining. Thank you for your support. We look forward to speaking to you again soon.

感謝您的參與。感謝您的支持。我們期待盡快再次與您聯繫。