HIVE Digital Technologies Ltd (HIVE) 2026 Q3 法說會逐字稿

Hello, and welcome to today's webcast on HIVE Digital Technologies financial results for the quarter ended December 31, 2025. My name is Nathan Fast, Director of Marketing and Branding at HIVE. I'll 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 12 月 31 日季度財務業績的網路直播。我叫 Nathan Fast，是 HIVE 的行銷和品牌推廣總監。我將擔任今天電話會議的主持人。

Before we get started on Slide 2, I would like to briefly note the disclosures for today's presentation. Except for statements of historical facts, this presentation contains forward-looking statements within the meaning of the U.S. 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.

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。

For a full discussion of risk factors, please refer to our most recent SEC filings at sec.gov. 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're presented for supplemental purposes only and should not be considered in isolation from GAAP results. 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.

有關風險因素的完整討論，請參閱我們在 sec.gov 網站上提交的最新美國證券交易委員會 (SEC) 文件。除了討論依照公認會計準則 (GAAP) 計算的績效外，我們還將提及一些非公認會計準則 (non-GAAP) 財務指標，包括調整後 EBITDA、調整後淨利潤和自由現金流。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。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。

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

現在我將把報告交給弗蘭克·霍姆斯先生，請他對本季進行宏觀回顧。坦率？

Thank you, Nathan, and welcome to the show by HIVE. I've got lots to share with you as the Co-Founder and Executive Chairman and give you sort of an overview of what I'm seeing in the geopolitics around the world and some of the glitches that have happened that have really impacted the crypto ecosystem. And I'll give you also somewhat we'd like to call the standard deviations that this is a great buying opportunity based just on the math of markets that when things become overextended on the downside or upside.

謝謝你，Nathan，歡迎收看HIVE的節目。身為共同創辦人兼執行主席，我有很多話想和大家分享，並向大家概述我目前在世界地緣政治中看到的情況，以及一些真正影響到加密貨幣生態系統的故障。我也會告訴你一些我們稱之為標準差的東西，根據市場數學原理，當價格過度下跌或上漲時，這是一個絕佳的買入機會。

But before getting into this detail, I want to share with you that volatility is incredible. And it's also predictable when you take a look at it and you update this every quarter. But the S&P daily is 1% of the time. That means 70% of the time, it's a nonevent for the S&P to go up and down 1%. And over 10 days, 3%.

但在深入探討細節之前，我想先告訴大家，市場波動性非常驚人。而且，當你查看並每季更新一次時，你會發現結果也是可以預測的。但標普500指數日線圖出現的機率僅1%。這意味著，在標普500指數70%的時間裡，1%的波動幅度並不會造成什麼影響。10 天內，成長了 3%。

Gold is the same as the S&P 500, but Bitcoin is 3x greater. And that's something just to recognize that the stocks that are in technology, a new innovation like Bitcoin, it just will experience greater volatility. Tesla used to have this 21% volatility over 10 days until it became part of the S&P 500. But you can still see that on a daily basis, it's 4x greater than the volatility of the S&P 500 or gold bullion. And we can also see here that over 10 days, it's 11%. 11% is a normal volatility.

黃金的價值與標普500指數相當，但比特幣的價值是其3倍。我們需要認識到，科技股，尤其是像比特幣這樣的新興創新股，其波動性會更大。特斯拉在成為標普500指數成分股之前，10天內的股價波動幅度曾達到21%。但你仍然可以看到，從每日來看，它的波動性是標普 500 指數或黃金價格的 4 倍。我們也可以看到，10天內的波動率為11%。 11%屬於正常波動率。

Strategy, what is interesting for me is because strategy was always higher volatility than HIVE. And now it's a daily basis is plus or minus 5%. But over 10 days, HIVE has a greater volatility, which surprises me because we do not have the same balance sheet. We have a very conservative balance sheet and a very conservative pragmatic way of managing the company's growth.

Strategy，對我來說有趣的是，Strategic 的波動性總是比 HIVE 高。現在每日誤差範圍為正負 5%。但從 10 天的時間跨度來看，HIVE 的波動性更大，這讓我感到驚訝，因為我們的資產負債表並不相同。我們的資產負債表非常保守，公司發展管理方式也非常保守務實。

So here's the team. They're all working hard. Aydin Kilic, Darcy, our CEO and CFO, the longest-standing, I think, CEO and CFO in the industry. So I'm very happy about that. And Nathan has joined us a little over a year ago.

這就是我們的團隊。他們都很努力。Aydin Kilic，Darcy，我們的執行長兼財務長，我認為是業內任職時間最長的執行長兼財務長。所以我對此非常高興。內森加入我們也已經一年多了。

And now let's get into this macro recap. Here's the picture. And this picture is really important in respect that we grew our business from 6 exahash to 25 exahash in 2025. And we are 2% of the global network. And you can see that one of the investment bankers there, Jamie Brown, was on the ground floor of the creation of the idea of HIVE. And then you can see some of our directors are there and other key employees, our Chief Operating Officer and the President of Paraguay's operations, and you can see Nico's in there.

現在讓我們來回顧一下宏觀形勢。圖片如下。這張圖非常重要，因為它顯示我們在 2025 年將業務規模從 6 exahash 成長到了 25 exahash。我們僅佔全球網路的 2%。你可以看到，那裡的一位投資銀行家傑米布朗 (Jamie Brown) 是 HIVE 理念誕生的早期參與者之一。然後您可以看到我們的一些董事和其他重要員工，我們的營運長和巴拉圭業務總裁，還有尼科也在那裡。

And you can see Aydin Kilic, our CEO; and Johanna Thornblad, who's the President of Operations in Sweden. So we're really proud and happy that we've been able to grow this business, and we still have more growth ahead in 2026, very pragmatic and thoughtful expansion. And behind there is a 5 kilometer, but a total length of 7 kilometers, 5-mile dam. It's the largest dam in the Western Hemisphere. It's able to generate about 14 gigawatts of electricity, half to Brazil, half to Paraguay.

您還可以看到我們的執行長 Aydin Kilic；以及瑞典營運總裁 Johanna Thornblad。因此，我們非常自豪和高興能夠發展壯大這項業務，而且我們在 2026 年仍將保持成長勢頭，採取非常務實和深思熟慮的擴張策略。其後方是一座長 5 公里、總長 7 公里（5 英里）的大壩。它是西半球最大的水壩。它能夠產生約 14 吉瓦的電力，一半輸送給巴西，一半輸送給巴拉圭。

So we recently came out with a production in January, and that was -- Bitcoin produces 191% year-over-year growth. Even though the difficulty went up, we've been able to maintain this substantial growth. And it's helped us with Bitcoin coming off over the past 4 months because we have this economies of scale. We've also been able to drive down our fleet efficiency. And when you see Joules per Terahash, that really is the amount of energy that you have to pay for that's running those machines and how the ASIC machines, how fuel efficient.

所以我們最近在 1 月推出了一項產品，那就是——比特幣實現了 191% 的年增長。儘管難度增加了，但我們仍然保持了這種顯著的成長。過去四個月比特幣價格下跌，這對我們來說是一個幫助，因為我們擁有規模經濟。我們也提高了車隊效率。當你看到焦耳/太哈希時，這實際上就是運行這些機器所需的能量，以及ASIC機器的燃料效率。

And it's really remarkable, if you went back 10 years ago, it was about 300 joules, and now we're down with like Moore's Law, it's only 17.5 joules. And the next generation is going to take this down to 11. So it's able to manage if you have new chips, you're able to manage the halving that takes place in the Bitcoin ecosystem.

這真的很了不起，如果你回顧 10 年前，大約是 300 焦耳，而現在隨著摩爾定律的發展，它只有 17.5 焦耳了。而下一代將會把這個數字降到11。因此，即使有了新的晶片，它也能應對比特幣生態系統中發生的減半現象。

And so we're more than 2%, and we're happy with that. Steve Jobs had this wonderful speech. And in that speech at Stanford, he said, you cannot -- you can't connect the dots looking forward. You can only connect the dots looking backwards. So if you have to trust that the dots will somehow connect in your future, it's important that you look back. So let's look back at some of the dots that what's happened to the Bitcoin ecosystem in the past 4 months.

所以我們的佔比超過了2%，我們對此很滿意。史蒂夫·賈伯斯發表了一篇精彩的演講。在史丹佛大學的那次演講中，他說，你不能──你不能把過去的點點滴滴連結起來。回顧過去，才能把點連成線。所以，如果你必須相信未來這些點滴終將以某種方式串聯起來，那麼回顧過去就顯得尤為重要。那麼，讓我們回顧一下過去 4 個月比特幣生態系統中發生的一些重要事件。

On October 10, called 10/10, Bitcoin knock-out. This is a total crypto market cap fell $350 billion because it's alleged that is like Tyson punch, but the Binance had a faulty algo that basically triggered wrong accounts, whatever, and they blew out $19 billion worth of Bitcoin. And this knocked off and created contagion. What I didn't see it in front page of publications. I heard about it. I thought it was more noise, but actually, it's come out to be quite significant.

10 月 10 日，被稱為 10/10，比特幣淘汰賽。據稱，加密貨幣總市值下跌了 3500 億美元，就像泰森一拳重擊一樣，但幣安的演算法出現故障，觸發了錯誤的帳戶，導致價值 190 億美元的比特幣被拋售。於是，疫情就此爆發並蔓延開來。我沒在報紙頭版看到它。我聽說過這件事。我以為只是噪音，但實際上，它的影響相當顯著。

And so I'm going to show you how by connecting the dots. So October 10, and our CEO, Aydin Kilic has been at the Bitcoin Conference in Hong Kong. And this made the center stage, and there was lots of conversations and interviews regarding it. It's been dismissed by Binance and actually, they would. But what I want to explain to you is that there was this flash crash. It was only $19 billion. No, it's more than 10x FTX blow up. It's really quite significant.

所以接下來，我將透過串聯各個環節來向你們展示如何做到這一點。10 月 10 日，我們的執行長 Aydin Kilic 出席了在香港舉行的比特幣大會。於是，這件事成為了焦點，圍繞著它展開了許多討論和訪談。幣安已經駁斥了這種說法，而且實際上，他們確實會這麼做。但我想向你們解釋的是，發生了這次閃退。只有190億美元。不，這比 FTX 爆炸的幅度還要大 10 倍以上。這意義非常重大。

And that triggers margin calls in North America. And then we have ETFs. The ETFs get amplified because almost $200 billion of retail institutional money rolled into a suite of different asset managers with their Bitcoin ETF. And they've been really hurt with a 50% decline. They just become -- they lose this thing called trust. And really the find out that supposedly a hedge fund made $1.2 billion on this flash crash. And other funds that weren't supposed to get hurt, they got hurt, but Binance made them hold with [ $300 million ] injection, there's no big positive amplification to all the ETFs that felt this stress.

這會引發北美地區的追加保證金通知。然後我們還有ETF。由於近 2000 億美元的零售機構資金湧入一系列不同的資產管理公司及其比特幣 ETF，ETF 的規模得以放大。他們遭受了重創，跌幅高達 50%。他們會變得──他們會失去信任這種東西。結果發現，據說有一家對沖基金在這場閃崩中獲利 12 億美元。而其他一些本不該受到影響的基金卻受到了影響，但幣安透過注資 3 億美元讓它們得以維持，所有感受到這種壓力的 ETF 都沒有得到任何積極的提振。

So this was a big conversation and Binance comes out at the end of January and discusses it. But what's really important is that we've seen this before, and I know I've seen this in the futures market back in the early '80s. We've seen it in the gold markets where major banks would turn around and spoof.

所以這是一個重要的討論，幣安在一月底對此進行了討論。但真正重要的是，我們以前就見過這種情況，我知道我在 80 年代初的期貨市場就見過這種情況。我們在黃金市場已經看到過這種情況，一些大型銀行會反過來操縱市場，進行虛假報價。

And -- but you would have a court system and a court system that go after those traders and then they got charged and they were found guilty and then fines were paid by firms like JPMorgan. There was a -- that builds trust. So it's just -- there has to be a mechanism to -- if you have a rogue, they call this an algo. But I always ask why did that algo didn't work on April 2? Oh, it's all because of Trump and Trump went anti-China during that time period.

但是——你會有一個法院系統，一個專門追究這些交易員責任的法院系統，然後他們會被起訴，被判有罪，然後像摩根大通這樣的公司會支付罰款。有一種－可以建立信任。所以，必須有一種機制來——如果你遇到一個失控的程序，他們稱之為演算法。但我一直想知道，為什麼這個演算法在4月2日沒有生效？哦，這一切都是因為川普，而川普在那段時間裡對中國採取了反華立場。

I think that's just too easy to go blame Trump because on April 2, those algos didn't cause this crisis that the magnitude that took place on October 10, 10/10. So that's what's happened. So I went back and looked at what happened in 1 hour, what -- how fast it just turned around and hit and it only grew that day.

我認為把責任全部推給川普太容易了，因為4月2日發生的危機，那些演算法並沒有造成10月10日發生的如此嚴重的危機。事情就是這樣。所以我回頭查看了1小時內發生的事情，事情轉變之快令人震驚，而且當天疫情還在不斷惡化。

So in Consensus Hong Kong this past week, Binance's Richard Teng breaks down the 10/10 nightmare that rocked crypto, but really doesn't explain to what hedge funds and a lot of the chatter that was there that our CEO was listening to and giving us more color on it. It never made the front page of the Wall Street Journal, but Sam Bankman-Fried did. And this is a factor of 10x greater. So it's really disappointing, but it is what it is.

所以在上週的香港共識大會上，幣安的 Richard Teng 分析了 10/10 事件對加密貨幣造成的衝擊，但他並沒有真正解釋我們的 CEO 當時在聽取哪些對沖基金的意見，也沒有向我們提供更多細節。雖然這件事從未登上《華爾街日報》的頭版，但山姆·班克曼-弗里德卻登上了頭版。而且這個數字是原來的10倍。所以真的很令人失望，但事情就是這樣。

And the CEO, he's worth $88 billion according to Forbes. And other people say he's worth $30 billion to $40 billion, $50 billion. He's got this brilliant mind, what he's been able to do. But it doesn't make sense that this is an unregulated combination where the exchange and the investment broker is combined. You can't really do that. The New York Stock Exchange doesn't own money management.

根據《富比士》報道，這位執行長的身價高達 880 億美元。其他人則說他的身價在 300 億到 400 億美元，甚至 500 億美元之間。他才華洋溢，才取得如此成就。但交易所和投資經紀商合併在一起，這種不受監管的組合是不合理的。你實際上做不到這一點。紐約證券交易所並不擁有資金管理業務。

It's like merging the New York Stock Exchange with BlackRock and all of a sudden, then BlackRock has access to what the trades are and the traders know what the fund flows are doing. That's the difficulty in this unregulated Binance exchange, which say they trade trillions of dollars in notional value in the Bitcoin ecosystem.

這就像將紐約證券交易所與貝萊德合併，突然之間，貝萊德就能掌握交易狀況，交易者也能了解資金流動。這就是不受監管的幣安交易所的難點所在，他們聲稱在比特幣生態系統中交易的名義價值達數萬億美元。

So, I hope that there's a better clarity on what takes place. But it's 4 months later, and it's interesting that they come with explaining at the end of January -- and usually, when these crises happen, it's about 4 months later that we get a bottom in the ecosystem. But what happened after this, it's interesting to me in connecting the dots is Jim Chanos comes out and short the Bitcoin miners, short the NVIDIA, short the HPC, the hyperscalers, there's too much debt and Michael Burry is coming out. He came out a couple of weeks ago again.

所以，我希望大家能更清楚地了解發生了什麼事。但現在已經過了 4 個月，有趣的是，他們在 1 月底才做出解釋——通常情況下，當這些危機發生時，大約 4 個月後，生態系統才會觸底。但之後發生的事情，讓我覺得很有趣的是，吉姆·查諾斯 (Jim Chanos) 開始做空比特幣礦工、英偉達 (NVIDIA)、高性能計算 (HPC) 和超大規模數據中心，這些公司債務太多了，而邁克爾·伯里 (Michael Burry) 也開始做空。他幾週前又出來了。

He short this market. And it really starts to grow that -- this negativity on the ecosystem. And you can see all these headlines. Chanos warns of AI pullback, absurd Bitcoin treasury companies. Michael Burry's latest argument. Chanos is going after Michael Saylor, shorting them, Michael Burry, same thing and all these legendary people.

他做空了這個市場。而這種負面影響會逐漸加劇──對生態系的影響。你可以看到所有這些新聞標題。Chanos警告人工智慧可能出現回調，並指出比特幣國庫公司荒謬至極。邁克爾·伯里的最新論點。Chanos 正在做空 Michael Saylor、Michael Burry 以及所有這些傳奇人物。

And to me, I just looked at -- I remember commenting that there's something weird that there's just so many people that are all of a sudden negative on the AI, but I know that the demand is so big and the ability to build out is going to take more time. So I don't see this, the level of this negativity, but the Binance breakdown of the ecosystem that flash crash was part of this.

對我來說，我當時就注意到——我記得我評論說，很奇怪，突然有這麼多人對人工智慧持否定態度，但我知道需求如此之大，而建立人工智慧的能力還需要更多時間。所以，我並沒有看到這種程度的負面情緒，但幣安的閃崩導致生態系統崩潰，這也是其中的一部分。

And I always love this scene. It's from the Superman movie at the time. And it's basically saying where they have these monkeys that are out there making all the chats on Instagram and YouTube and X and Super -- this is about Superman's credibilities being destroyed. Well, the same thing happened out of nowhere all this negativity was showing up on Instagram and YouTube and X. And so I just -- it was a short-term fuse, but you look for as a money manager, is this sustainable? Is it real? And it became the trade.

我一直都很喜歡這個場景。這是當時上映的超人電影裡的劇照。基本上，它說的是，這些猴子在 Instagram、YouTube、Xbox 和 Super 等平台上胡說八道——這關乎超人的信譽被摧毀。嗯，同樣的事情也突然發生了，所有這些負面消息都出現在Instagram、YouTube和其他平台上。所以我覺得──這只是一個短期的導火線，但身為理財經理，你會考慮的是，這種情況是否可持續？這是真的嗎？於是，這便成了交易方式。

Well, let's look and connect the dots. We go back to October 10, and you can see starting at the beginning of October, the stocks have this big rise and CoreWeave goes through the roof, and we see HIVE is on a tear rising up and Marathon has the bounce and we see Core Scientific is rallying. But then after October 10 starts this Binance algorithm, it's like COVID contagion to tech stocks.

好，讓我們一起來看看，把這些點連結起來。我們回到 10 月 10 日，可以看到從 10 月初開始，股價大幅上漲，CoreWeave 股價飆升，HIVE 股價一路高歌猛進，Marathon 股價也出現反彈，Core Scientific 股價也在上漲。但是，10 月 10 日幣安演算法上線後，就像新冠病毒傳染給科技股一樣。

And you can see what took place with this, this domino effect, and this impacted Bitcoin prices coming off. And I still see every day on CNBC regarding the negativity of the hyperscalers and the Bitcoin treasury companies. But there's these inflection points that happen. They last about 4 months. And then we have another cloud that happens at the same time.

你可以看到由此產生了什麼，這種骨牌效應，以及這如何影響了比特幣價格的下跌。我仍然每天都能在 CNBC 上看到關於超大規模資料中心和比特幣金庫公司的負面報導。但總是會有一些轉折點發生。它們大約能用4個月。同時，我們也遇到了另一場雲。

The U.S. Senate Committee delays the crypto bill after opposition from Coinbase, Brian Armstrong. Why? It's because a lot of the banking system in America is not really cognizant of China's war against the U.S. dollar. They are just not aware that China has taken the BRICS nations and weaponized that trade is not in U.S. dollars, it's in the yuan and don't own one enforcing and pushing that these central banks basically sell their U.S. dollars. And now we're seeing gold become the biggest foreign exchange in many of these countries, central banks.

由於 Coinbase 和 Brian Armstrong 的反對，美國參議院委員會推遲了加密貨幣法案的審議。為什麼？這是因為美國很多銀行系統並沒有真正意識到中國對美元發起的挑戰。他們只是沒有意識到，中國已經利用金磚國家，將貿易結算方式從美元轉向人民幣，並強迫這些國家的中央銀行拋售美元。現在我們看到，黃金已成為許多國家央行最重要的外匯存底。

And we're seeing now the thought process of offering a reward mechanism or would it be like a money market fund for stablecoins so that the U.S. government would be able to have their stablecoin and places like Coinbase, they'd be able to pay, they call it rewards. But really, to me, in the money management business, it's like a money market fund. But it's very significant for the growth of mutual funds and then ETFs. This would be very significant for the crypto ecosystem and also for the U.S. dollar because we've seen the success of Tether.

我們現在看到的想法是提供獎勵機制，或者說，就像穩定幣的貨幣市場基金一樣，這樣美國政府就可以持有自己的穩定幣，而像 Coinbase 這樣的平台就可以支付，他們稱之為獎勵。但實際上，在我看來，在資金管理產業，它就像貨幣市場基金一樣。但這對共同基金乃至ETF的發展來說意義重大。這對加密貨幣生態系統以及美元來說都將是意義重大的，因為我們已經看到了 Tether 的成功。

Tether is phenomenal that bad country, bad policies like Venezuela, like Argentina, the Lebanon, you can see that Turkey, the currencies are being devalued and so people turn around and they bought Tether stablecoin and they're protected with U.S. dollars.

Tether 非常出色，像委內瑞拉、阿根廷、黎巴嫩、土耳其這樣政策糟糕的國家，貨幣貶值，所以人們轉而購買 Tether 穩定幣，並用美元進行保護。

Now they've been -- the Tether gold coin basically has been growing at a phenomenal rate. So we can see hundreds of billions of dollars going into those -- the success of what Tether has. But Tether doesn't pay a coupon, and therefore, it's not a money market fund, and therefore, it's not a security. So it's able to become a dominant like a U.S. dollar currency that people can digitally move money all around the world without the big banks turning around and delaying the payments and saying their AML/KYC concerns, et cetera, which is rightfully so, but it's becoming just so onerous to move money around, especially between countries and repatriating.

現在，Tether 金幣的成長速度驚人。因此我們可以看到數千億美元投入這些領域——Tether 的成功就是最好的證明。但 Tether 不支付利息，因此它不是貨幣市場基金，因此它也不是證券。因此，它有可能成為像美元一樣的主導貨幣，人們可以在全球範圍內進行數位轉賬，而無需大型銀行阻撓付款，並以反洗錢/了解你的客戶等理由阻撓。雖然這些理由是合理的，但轉帳變得越來越繁瑣，尤其是在國家之間和匯回資金時。

So if I am a worker here from Mexico and my family needs money back in Mexico, I can do it much faster with a stablecoin. I can -- much faster than any other way and the repatriation of that money helps these other families in other countries. Well, along comes the stablecoin and Coinbase wants to pay rewards. They want to basically make it like it's a money market fund.

所以，如果我是來自墨西哥的工人，我的家人需要錢寄回墨西哥，我可以用穩定幣更快完成匯款。我可以這樣做——比其他任何方式都快得多，而且匯回這筆錢還能幫助其他國家的其他家庭。這時，穩定幣出現了，Coinbase 也想支付獎勵。他們基本上想把它做成貨幣市場基金。

The banks don't want that because they want their stablecoin to get big. And before they turn around to allow a coupon and they keep saying, what will cause a crash, people will leave the banks and they'll go to the stablecoins because they're paying a coupon. It will hurt banks. You know what, I listened to this, and it happened a long time ago when banks weren't able to pay the coupon in 1980 as interest rates soared to 20%, but money market funds were.

銀行不希望這種情況發生，因為他們希望自己的穩定幣能夠成長壯大。在他們改變主意允許使用優惠券之前，他們一直說，這將導致崩潰，人們會離開銀行，轉而使用穩定幣，因為他們可以用優惠券支付。這將損害銀行的利益。你知道嗎，我聽過這個故事，它發生在很久以前，1980 年，當時利率飆升至 20%，銀行無力支付利息，但貨幣市場基金卻能支付。

And money market funds grew dramatically, which only helped the growth of mutual funds and equity funds. So that wasn't a big loss to banks. But what did happen is the S&Ls, they were allowed to pay a higher yield and the banks didn't like that, and they grew. And they had an S&L crisis. So I think it wasn't a banking crisis so much as the banks do not want competition. They do not want this fintech. And really, Bitcoin is a spoke in the wheel of fintech.

貨幣市場基金發展迅猛，這反過來又促進了共同基金和股票基金的發展。所以這對銀行來說損失並不大。但實際情況是，儲貸機構被允許支付更高的收益率，銀行不喜歡這樣，於是儲貸機構發展壯大了。他們還遭遇了儲貸危機。所以我認為這與其說是銀行業危機，不如說是銀行不希望面臨競爭。他們不要這種金融科技。實際上，比特幣只是金融科技這台機器上的輻條。

Coinbase is a critical spoke in that wheel of building fintech around the world is the way, in my opinion, as a money manager looking at what's going on. We're just going through this process.

在我看來，身為資金管理者，從目前的情況來看，Coinbase 是建構全球金融科技的關鍵一環。我們只是在經歷這個過程。

I think that paying rewards, it will win, it will get through, and this will be the reprieve. But it's a battle between the self-interest of the banking industry and lobbying groups and fintech growing. So we have this backdrop. We have the carry trade unwinding, which is about $500 billion throughout the month of December, especially January. So that's been behind us now.

我認為，透過支付獎勵，它就能獲勝，就能成功，這將是一次喘息之機。但這是銀行業和遊說團體的自身利益與金融科技發展之間的鬥爭。所以我們有了這樣的背景。我們看到套利交易正在平倉，12 月的平倉規模約為 5,000 億美元，1 月份的平倉規模尤其大。所以，那件事已經過去了。

We have the Binance igniting a huge meltdown in the Bitcoin ecosystem, breaking that trust factor. And then we have this last Coinbase. Well, let me share with you, we are down 2 standard deviations. And it's only happened a couple of times. You can see when China did its attack on the crypto ecosystem, and we had Bitcoin fall and the miners fall and then America end up benefiting becoming the biggest Bitcoin miners in the world. Then we had the Celsius, the FTX blown up, and we saw the prices fall 1 and then 2 standard deviations.

幣安引發了比特幣生態系統的巨大崩盤，破壞了信任因素。最後，我們還有 Coinbase。嗯，我來告訴你們，我們下降了 2 個標準差。而且這種情況只發生過幾次。你可以看到，當中國對加密貨幣生態系統發動攻擊時，比特幣價格下跌，礦工數量下降，而美國最終受益，成為世界上最大的比特幣礦工。然後Celsius和FTX崩盤了，我們看到價格下跌了1個和2個標準差。

Now we're down to 1.64 standard deviations. And that says to me that mathematically, what is 1 standard deviation over a 20 rolling day period, it's about 17%. So it's suggesting here that we could get from here a rise of 30% to 40%. We could get a higher rise if the act gets passed and with -- with where they can pay rewards on stablecoins, that would be a big boom, and we would probably see this go up 2 standard deviations.

現在我們把標準差降到了 1.64。這說明，從數學角度來看，20 天滾動週期內 1 個標準差是多少？大約是 17%。所以這裡暗示，我們可能會從這裡開始上漲 30% 到 40%。如果該法案獲得通過，並且允許使用穩定幣支付獎勵，那麼價格可能會上漲更多，這將是一個巨大的繁榮，我們可能會看到價格上漲 2 個標準差。

So, you can see that in a bullish cycle, it goes up 2 standard deviations more than it falls. But we are at an inflection point of accumulation is the smartest option, not to capitulate and sell out. So then I asked, let's look at HIVE. Same thing. You can see that HIVE was up at the very top here going into the beginning of October. We had a big run because we went from 6 exahash to 25 exahash and the world loved it, and we're going through this rerating until the Binance faulty bot they have blew up their system.

所以你可以看到，在牛市週期中，它的上漲幅度比下跌幅度大 2 個標準差。但我們正處於一個轉折點，此時最明智的選擇是積累，而不是投降和拋售。於是我問道，我們來看看 HIVE 吧。一樣。你可以看到，在 10 月初，HIVE 一直高居榜首。我們經歷了一波大漲，因為我們的算力從 6 exahash 漲到了 25 exahash，全世界都為之瘋狂，而我們將一直經歷著這種重新估值的過程，直到幣安那個有缺陷的機器人把他們的系統搞崩潰為止。

And then we fell. And we had a rally and now we're down once again over 1 standard deviation. And I think that we're an attractive buy from based on just the math of markets. Something else that is really important. We have never leveraged our balance sheet with incredible debt to go buy Bitcoin or to go and do contracts with for high-performance computing. We have not done that because we're conservative because we know the volatility.

然後我們就摔倒了。我們經歷了一波反彈，但現在又下跌了超過一個標準差。我認為，僅從市場數學角度來看，我們就是一個很有吸引力的買入標的。還有一件非常重要的事。我們從未利用巨額債務槓桿來購買比特幣或簽訂高效能運算合約。我們沒有這麼做，因為我們比較保守，因為我們知道市場波動性很大。

We know that there's building out Tier 3 data centers is fraught with construction difficulty. You have to be very pragmatic and thoughtful. And so we've not done this huge debt financing on our balance sheet. But what we have done is what we make the press release today is that we are -- HIVE isn't chasing AI fairy tales. It's building towards $140 million annualized GPU cloud revenue from measured steps. Today's $30 million 2-year contract secures the initial 504 GPU Manitoba rollout in partnership with Bell Canada, lifting HPC ARR.

我們知道，建造三級資料中心充滿了建設上的困難。你必須非常務實和深思熟慮。因此，我們的資產負債表上並沒有出現如此龐大的債務融資。但我們今天發布的新聞稿表明，HIVE 並沒有追逐人工智慧的童話故事。它正透過穩步推進，朝著每年 1.4 億美元的 GPU 雲端收入目標邁進。今天這份價值 3000 萬美元、為期 2 年的合約確保了與加拿大貝爾公司合作在曼尼托巴省率先推出 504 個 GPU，從而提升了 HPC ARR。

And the reason why I share this with you because a year ago, we had a run rate of about $1 million a month, then we got it up to pushing $2 million a month, and this is going to take us to $3 million a month, and our long-term vision is $2 million -- $10 million a month. And we're doing it in a measured way. This is a Tier 1 data center we bought. It's going through the transformation to Tier 3, and we get people knocking on our door that we know that if we had it up and running today, we have contracts for 5 years to buy and that give us big contracts. So it's interesting.

我之所以和你們分享這件事，是因為一年前，我們的月收入大約是 100 萬美元，後來我們把它提高到了接近 200 萬美元，而這將使我們達到每月 300 萬美元，我們的長期目標是每月 200 萬至 1000 萬美元。我們正在以穩健的方式進行。這是我們收購的一級資料中心。它正在經歷向三級供應商的轉型，我們不斷收到客戶的來信，我們知道，如果我們今天就能讓它投入運營，我們就能獲得5年的採購合同，這將為我們帶來大合同。所以這很有意思。

Our strategy is just different than other people that are going out, getting a hyperscaler, giving you about a $0.14 -- when we look at the math of this, a 10-year contract, a 15-year contract, but we're trying to get as much of the upside besides a tier HPC colocation that we know we've been able to build with high margin than people around the world. We've built the 10,000 customers in 80 countries are using our chips and mining by the hours.

我們的策略與其他公司不同，他們選擇與超大規模資料中心合作，每台伺服器只能獲得大約 0.14 美元的收益——當我們計算一下，一份 10 年或 15 年的合同，我們試圖從中獲得盡可能多的收益，除了我們知道我們已經能夠以比世界其他地方更高的利潤率建立的 HPC 託管服務之外。我們已經擁有來自 80 個國家的 10,000 名客戶，他們正在使用我們的晶片並按小時進行挖礦。

Some give us contracts for longer time periods. What we're seeing now is that once this is built, this will be solved. That I mean, we'll sell the asset, but the demand for our GPU chips at much higher prices than where Bitcoin revenue is per hour will be done. So we feel very excited about it and straightforward of how our vision is just different than other people. And that's where we're staying focused. This is another build-out. This is the data centers that we have.

有些公司會給我們簽訂期限更長的合約。我們現在看到的是，一旦這個計畫建成，這個問題就能解決。我的意思是，我們會出售這些資產，但是市場對我們 GPU 晶片的需求將遠高於比特幣每小時的收入水平。所以我們對此感到非常興奮，並且坦率地表示，我們的願景與其他人的願景不同。這就是我們將繼續關注的重點。這是另一個擴建區域。這是我們的數據中心。

And as you can see, we have them in New Brunswick, and this will go through a conversion, we bought more land, and this will go from 70 megawatts. What's interesting is it will be about 50 megawatts, we'll actually be able to do the HPC because a lot of people don't realize that when you go from Bitcoin mining to Tier 3 HPC or Tier 4, the bulk of your energy is used for air conditioning, 40%, not 5%, but you're now 40% of the electrical bill because those NVIDIA chips consume a lot of power.

正如你所看到的，我們在新不倫瑞克省有這些項目，這將進行改造，我們購買了更多土地，發電量將從 70 兆瓦增加到 70 兆瓦。有趣的是，它的功率將達到約 50 兆瓦，我們實際上能夠進行高效能運算，因為很多人沒有意識到，當你從比特幣挖礦升級到三級或四級高效能運算時，大部分能源都用於空調，是 40%，而不是 5%，你現在要支付 40% 的電費，因為英偉達晶片消耗大量電力。

They give up tremendous amounts of heat. You have to be up 24/7. It's a very different business model. But we're plotting along, and we feel very good about -- and our President is seeing nothing but big demand coming in. If we were up and running today, everything will be taken for our chips at very attractive contract prices. So it's now about being pragmatic.

它們會釋放出大量的熱量。你必須24小時待命。這是一種截然不同的商業模式。但我們正在按計劃推進，我們對此感覺非常好——而且我們的總統也看到了巨大的需求。如果我們今天就能開始經營，所有客戶都會以極具吸引力的合約價格購買我們的晶片。所以現在要務實一點。

You get your chillers, you start -- you have to preorder because the transformers -- there's a backlog for transformers. There's a backlog for the equipment you need for building substations today. There's a backlog for the special server racks and what you find now with HPC with the NVIDIA chips, the server racks are heavier. So now you have to build cement floors that are thicker. And so it's not easy to say, okay, we'll just convert. No, it's very thoughtful, and that's what we're doing as we're managing our cash.

你拿到冷卻器後就可以開始了——你必須預訂，因為變壓器——變壓器積壓了。目前建造變電站所需的設備供不應求。專用伺服器機架存在積壓訂單，現在使用NVIDIA晶片的高效能運算伺服器機架也更重。所以現在你必須建造更厚的混凝土樓板。所以，很難說，好吧，我們就轉換。不，這考慮得很周全，這也是我們管理現金的方式。

This is to share with you that data centers are continuing to grow, and they're a very big part of the GDP growth in America and the GDP growth in Canada. And what people have to be listening to is that it's not just Open Chat that's looking for these data centers. It's also the military spend.

我想告訴大家，資料中心正在持續成長，它們在美國和加拿大的GDP成長中都佔據了非常重要的地位。人們需要注意的是，不只是 Open Chat 在尋找這些資料中心。這也包括軍費開支。

And the NATO countries have now gone to 5% of their GDP. Well, a lot of the new weaponry needs data centers that are high-performance computing. And if it's military, they need Tier 4, which is another level of security and backup. So we see globally the demand for these data centers is not just these wonderful new platforms like Perplexity or Claude and Grok, I love Grok, I love Claude and Open Chat, it's military spending.

北約國家的國防開支現在已達到國內生產毛額的5%。很多新型武器都需要高效能運算的資料中心。如果是軍用設備，則需要第四級安全防護，這是更高一級的安全和備份。因此，我們看到全球對這些資料中心的需求不僅是像 Perplexity 或 Claude 和 Grok 這樣優秀的全新平台（我喜歡 Grok、Claude 和 Open Chat），還有軍事開支。

And then you have countries are saying, we only want our data centers and data in our country, we want it sovereign. So this creates another pent-up demand. And so we think we're in the sweet spot of being the biggest player in Canada at this stage, and we'll grow this and move this and we'll become the biggest player in Paraguay is our vision.

然後，一些國家表示，我們只希望資料中心和資料留在我們國家，我們希望資料主權得到保障。因此，這就產生了另一種被壓抑的需求。因此，我們認為我們目前處於最佳狀態，成為加拿大最大的參與者，我們將發展壯大，成為巴拉圭最大的參與者，這就是我們的願景。

This is just to give you some color about the hyperscalers are ramping up their CapEx. And this gets all this negative news. And I think that who's making this negative news is just really helpful for a short-term trade of being short. But the Metas and the Microsoft, they've not been spending like, well, I should have had here is Oracle, too, and CoreWeave, that spending will continue. And I see the reason for it is the backup demand is just immense.

這只是為了讓您更清楚地了解超大規模資料中心正在增加資本支出。結果這件事就招募了這麼多負面新聞。我認為，製造這些負面新聞的人，對做空的短期交易者來說，真的很有幫助。但是 Metas 和微軟並沒有像…嗯，我應該提到的還有 Oracle 和 CoreWeave，他們的投入將會持續下去。我認為原因在於備用電源的需求量龐大。

So here is to give you an idea of the future shock, the scale and speed of AI disruption, $100 billion hyperscalers are pouring into the AI infrastructure. That's just in America. You got to think about the rest of the world. $25 billion market impact, revenue shift from NVIDIA dominance to Chinese domestic chipmakers. These are all big real issues in the global race.

為了讓大家了解未來人工智慧帶來的衝擊、規模和速度，1,000億美元的超大規模資料中心正在向人工智慧基礎設施領域投入大量資金。這只是在美國的情況。你得考慮一下世界其他地方的情況。這將對市場造成250億美元的衝擊，收入來源也將從英偉達的壟斷地位轉移到中國本土晶片製造商手中。這些都是全球競爭中真正重要的現實問題。

What China has done for the past 10 years has exploded in sources of energy. They have been building hydro dams. Spain has been unwinding hydro dams, 2,000 of them relying only on solar and wind, and that's created their own energy crisis. But you're not seeing that in China who continues to build from hydro and dams of rerouting glacier water from the Himalayas down the rivers to basically create these massive dams and this hydro is so key, so now they can ramp up their data center business.

過去十年，中國在能源領域取得了爆炸性成長。他們一直在建造水力發電大壩。西班牙一直在拆除水力發電大壩，其中 2000 座大壩僅依靠太陽能和風能發電，這造成了他們自己的能源危機。但在中國，你卻看不到這種情況。中國繼續利用水力發電和水壩，將喜馬拉雅山的冰川水引流到河流上，建造這些巨大的水壩，而水力發電至關重要，因此他們現在可以大力發展資料中心業務。

Here in America, we've got more HPC data centers, but we've got to ramp up both sources of energy and be innovative and creative with that. And now it's nuclear energy is cool. Now nuclear energy is not the bad word. So things are changing, but the idea, it's unprecedented. And every year, I spend a week at Harvard, with 180 CEOs from 80 countries doing cases, and it's interesting to see that AI dominated all the cases. Leadership disruption, what Microsoft had to do in Europe. Greece is now trying to do a huge educational push.

在美國，我們擁有更多的高效能運算資料中心，但我們必須加大對這兩種能源的投入，並在能源利用方面進行創新和創造。現在核能很酷了。現在核能不再是貶義詞了。所以事情正在改變，但這個想法是前所未有的。每年我都會在哈佛大學待一周，與來自 80 個國家的 180 位 CEO 一起分析案例，有趣的是，人工智慧在所有案例中都佔據了主導地位。領導層變革，微軟在歐洲不得不採取的措施。希臘目前正大力推動教育事業。

Open Chat is partnering with them. The Onassis Foundation is partnering. A former [ McKinsey ] consultant went to Harvard. They're doing everything to fast track the kids' education so that they can participate in this growth in Open Chat and anything to do with AI. This is recognizing the future demand for accelerated computing and graphics processing and NVIDIA began designing GPUs specifically tailored for to meet these needs.

Open Chat 正在與他們合作。奧納西斯基金會正在參與合作。一位前麥肯錫顧問去了哈佛大學。他們正在竭盡全力加快孩子們的教育進程，以便他們能夠參與 Open Chat 和人工智慧領域的任何發展中來。這是因為NVIDIA意識到未來對加速運算和圖形處理的需求，並開始設計專門針對這些需求的GPU。

You know their big move was their pivot was 2010. And at Harvard, one of the cases was on Jensen. And what I did know is that Jensen's parents sent him to a private school in America, and they didn't realize it was a reform school, a Baptist reform school. So that made him really get tough and resilient, and that's what the whole idea of NVIDIA. But they did this big pivot in 2010. 26 -- we're talking about, what, 16 years ago, and then AMD is now related, but the CEO of AMD was a part of another case, and she is related to Jensen.

你知道他們最大的舉措是2010年的轉型嗎？在哈佛大學，其中一個案例就是關於詹森的。我知道的是，詹森的父母把他送到了美國的一所私立學校，但他們並不知道那是一所感化院，一所浸信會感化院。所以這讓他變得非常堅強和有韌性，而這正是英偉達的理念。但他們在 2010 年進行了重大轉型。 26——我們說的是，16 年前，然後 AMD 現在也與此有關，但 AMD 的 CEO 參與了另一起案件，她與 Jensen 有親屬關係。

And she has a PhD electrical engineer from MIT. And part of their pivot and AMD is to go in this space, but they're still very far behind where NVIDIA is. So I think we really are in a secular bull market on the adoption and the build-out necessary for AI and stay -- look to buy the dips.

她擁有麻省理工學院電機工程博士學位。AMD 轉型的一部分就是進軍這個領域，但他們仍然遠遠落後於英偉達。所以我認為我們確實正處於人工智慧普及和建設的長期牛市之中，所以要抓住機會逢低買入。

I want to thank these investors. Two Sigma Investments, there's a quant shop and Chicago Park Employees and Tidal Investments, Citadel Advisors, Schwab Corporation, that's individual investors. And it just amazes me that Schwab gets sold down and all the fintech just recently, this negative narrative because fintech is going to be disruptive with AI for all their client business. I don't think so.

我要感謝這些投資者。Two Sigma Investments 是一家量化投資公司，而 Chicago Park Employees、Tidal Investments、Citadel Advisors 和 Schwab Corporation 則是個人投資者。令我感到驚訝的是，嘉信理財(Schwab)和所有金融科技公司最近都被拋售，這種負面輿論甚囂塵上，因為金融科技將利用人工智慧顛覆他們所有的客戶業務。我不這麼認為。

I think if anything, AI is going to probably help on the overall compliance and the complexity of compliance and monitoring and things like that. And we're seeing KPMG has to be honored by independent auditors. And KPMG is going after their auditors for not getting lower audit bill for -- but the KPMG is ahead in using AI.

我認為，人工智慧最有可能有助於提高整體合規性，並簡化合規和監控等方面的複雜性。我們看到，畢馬威會計師事務所必須得到獨立審計師的認可。畢馬威正在追究其審計師的責任，因為他們沒有降低審計費用——但畢馬威在使用人工智慧方面處於領先地位。

So to say that AI is a bubble and it's all over, it's just market chitter-chatter for trading just short. And so I remain very, very bullish. There's Aydin with the Chief Minister in Paraguay, very important in the overall business development to be very close. We regularly go meet with ministers in Paraguay.

所以說人工智慧是個泡沫，一切都結束了，這只是做空市場的閒言碎語。因此，我依然非常非常看好這家公司。艾丁與巴拉圭首席部長關係密切，這對整體商業發展至關重要。我們定期與巴拉圭的部長們會面。

Our President, Gabriel Lamas, and I met with the ambassador from Paraguay, who's based in Washington, D.C., what their vision is. And they have a big vision of making Paraguay the dominant AI infrastructure build-out for all of Latin America. They need other sources of electricity. They know that. They hope to attract solar farms and solar independent electrical grid.

我們的總統加布里埃爾·拉馬斯和我會見了巴拉圭駐華盛頓特區大使，了解他們的願景。他們有一個宏偉的願景，就是將巴拉圭打造成為整個拉丁美洲人工智慧基礎設施建設的主導城市。他們需要其他電力來源。他們知道這一點。他們希望吸引太陽能發電廠和獨立於太陽能上的電網。

They're looking at -- they changed totally, the cost of energy is dropping, long-term contracts, something they didn't give when we first went there, but now they are. We are building out Tier 1 data centers so that they have the runway for Tier 3.

他們正在考慮——他們徹底改變了，能源成本正在下降，他們開始簽訂長期合同，這是我們第一次去那裡時他們沒有提供的，但現在他們提供了。我們正在建造一級資料中心，以便為升級到三級資料中心做好準備。

During this process from Tier 1 to Tier 3, you need to get dark fiber built over the country, just like we know this has to happen in Eastern Canada. You can't move the data from Tier 3 data centers around the world unless you have dark fiber because these large language models have so much compression of data in them.

從一級到三級，在這個過程中，需要在全國範圍內鋪設暗光纖，就像我們知道加拿大東部必須這樣做一樣。除非擁有暗光纖，否則無法將資料從世界各地的 Tier 3 資料中心傳輸到其他地區，因為這些大型語言模型的資料壓縮率非常高。

So, that's what we're doing. Now I'm going to turn over to Aydin Kilic to really give you an in-depth analysis of the company. And I hope that my presentation today is to give you some color about this incredible meltdown that's happened, what was the catalyst. We're probably mathematically at the bottom. And hopefully, going forward, I believe that we're going to trade much higher and HIVE is in a strong balance sheet position to monetize that growth with 10 exahash in Paraguay and huge upside in Canada and Sweden and the HPC business.

所以，這就是我們正在做的事情。現在我將把麥克風交給艾丁·基利奇，讓他為大家帶來對這家公司的深入分析。我希望我今天的演講能讓大家更清楚地了解這場令人難以置信的崩潰，以及它的催化劑是什麼。我們可能已經從數學角度來看處於最低點了。展望未來，我相信我們的股價會大幅上漲，HIVE 的資產負債表狀況良好，能夠將這種成長變現，我們在巴拉圭擁有 10 exahash 的算力，在加拿大、瑞典和高效能運算業務方面也擁有巨大的成長潛力。

Aydin, take it away.

艾丁，你把它帶走。

Frank, thank you very much for the insightful macro summary and now for an executive overview of this quarter. Now it was a really exciting quarter for us, and this is a photo from a recent visit to Paraguay. This is Minister of Foreign Affairs for Paraguay, Ruben Ramirez Lezcano, who you may have recognized in the recent Status of Forces Agreement signing between Paraguay and the U.S.A. with, of course, Secretary, Marco Rubio. More on that later.

弗蘭克，非常感謝您提供的精闢的宏觀經濟總結，現在請您概述本季的執行情況。對我們來說，這是一個非常令人興奮的季度，這張照片是我們最近訪問巴拉圭時拍攝的。這位是巴拉圭外交部長魯本·拉米雷斯·萊茲卡諾，您可能在最近巴拉圭和美國簽署的《駐軍地位協定》中見過他，當然，當時與他一同出席的還有國務卿馬可·盧比奧。稍後會詳細說明。

Okay. So it was a record quarter for HIVE, $93 million of total revenue. Of that $32 million of gross operating margin. Now while we did have a $91 million net loss, that was mostly noncash charges, $57 million in depreciation. Of course, we brought on a lot of new hardware online in Paraguay as we scaled the 300 megawatts and also a $31 million noncash charge on change in fair value derivatives, mostly driven by changes in Bitcoin price. So on an adjusted EBITDA basis, $5.7 million and ending the quarter with 481 Bitcoin on the treasury. So again, record revenue for HIVE and really proud of the team.

好的。因此，HIVE 創下了季度營收紀錄，總營收達到 9,300 萬美元。其中3200萬美元為毛營業利潤。雖然我們淨虧損了 9,100 萬美元，但這主要是非現金支出，其中 5,700 萬美元是折舊費。當然，隨著我們在巴拉圭將發電規模擴大到 300 兆瓦，我們也投入了大量新的硬體設備，此外，由於比特幣價格的變化，還產生了 3,100 萬美元的非現金費用，用於支付公允價值衍生性商品的變動。因此，按調整後的 EBITDA 計算，為 570 萬美元，季度末國庫持有 481 枚比特幣。所以，HIVE再次創下營收紀錄，我為團隊感到非常自豪。

Let's jump into the next slide. On an annualized basis, we realized $385 million ARR for the quarter, 879 Bitcoin mined. We realized 25 exahash of installed capacity, operated at an average of 22.8 exahash for the quarter as we had ramped up towards 25 exahash. And with the colder months, you have some temporary curtailments due to the very cold weather in the Canadian operations.

我們來看下一張投影片。按年計算，我們本季實現了 3.85 億美元的 ARR，挖出了 879 個比特幣。我們實現了 25 exahash 的裝置容量，本季平均運行容量為 22.8 exahash，因為我們已逐步達到 25 exahash 的裝置容量。隨著天氣轉冷，加拿大業務在冬季會因嚴寒天氣而出現一些暫時性的縮減。

New Brunswick can occasionally and Lachute, but very happy Paraguay was performing with nearly 100% uptime. And of course, being in the Southern Hemisphere, when it's cold and there's cold snaps in the north in the Southern Hemisphere, it's actually summertime. So being geographically diversified has its benefits. Ladies and gentlemen, 440 megawatts of operating capacity with an additional 100-megawatt PPA, we announced the signing of that late last year. And long lead items such as transformers have been ordered, and we expect that to come online September of this year.

新不倫瑞克偶爾會遇到問題，拉舒特也一樣，但巴拉圭的表現非常令人滿意，正常運行時間接近 100%。當然，由於位於南半球，當北半球寒冷或寒流時，南半球其實正值夏季。因此，地域多元化是有好處的。女士們、先生們，440兆瓦的營運容量，外加100兆瓦的購電協議，我們於去年底宣布簽署了該協議。變壓器等長週期產品已訂購，預計今年9月到貨。

Now on the BUZZ side, another very solid quarter. Looks to me, $5 million revenue for the quarter, keeping, tracking the $20 million ARR, and we are on track to reach our target of 11,000 GPUs on the BUZZ cloud by the end of this year. Currently, 5,000 GPUs, will be adding 6,000 GPUs this year as well that target of $225 million ARR between the GPU cloud business and the HPC colo is on track as well. And we have some very exciting news.

現在來看 BUZZ，又是一個非常穩健的季度。在我看來，本季營收將達到 500 萬美元，繼續維持 2,000 萬美元的年度經常性收入目標，我們預計在今年年底前實現 BUZZ 雲端上 11,000 個 GPU 的目標。目前擁有 5,000 個 GPU，今年還將增加 6,000 個 GPU，GPU 雲端業務和 HPC 託管業務之間 2.25 億美元的 ARR 目標也正在按計劃進行。我們還有一些非常令人振奮的消息要宣布。

Next slide, massive progress on that front, 70% increase to our HPC ARR. The $20 million ARR will be at $35 million ARR at the end of this quarter. And that comes from the signing of a 2-year contract for our incoming NVIDIA Blackwell B200 GPUs. So we announced in November that we ordered a 63 node cluster with NVIDIA Blackwell. They were destined for Manitoba, our first site with Bell. These GPUs are now fully contracted, receiving a deposit this week and the GPUs will go live this quarter in March and therefore, be cash flowing.

下一張投影片，這方面取得了巨大進展，我們的高效能運算年度經常性收入成長了 70%。本季末，年度經常性收入（ARR）將從 2,000 萬美元增至 3,500 萬美元。這是因為我們與 NVIDIA 簽訂了為期兩年的合同，採購即將推出的 Blackwell B200 GPU。因此，我們在 11 月宣布，我們向 NVIDIA Blackwell 訂購了一個 63 節點叢集。它們原本要運往曼尼托巴省，那是我們與貝爾公司合作的第一個地點。這些GPU目前已全部簽訂合同，本週將收到定金，這些GPU將於本季3月上線，因此將產生現金流。

So, we will be ending the current quarter period end March 31 with $35 million ARR, again, which is a 70% increase from the current quarter or reporting quarter of December 31. So huge news. Craig Tavares and the BUZZ team have done an absolutely phenomenal job. And I also want to point out that this is a very nimble, agile CapEx-light strategy allows to scale the GPU cloud business with the infrastructure that Bell AI Fabric is bringing online, and we've had very, very attractive single-digit lease-to-own financing on the GPUs themselves.

因此，截至 3 月 31 日的本季末，我們的 ARR 將達到 3,500 萬美元，比截至 12 月 31 日的本季或報告季度增加 70%。這是個大新聞。Craig Tavares 和 BUZZ 團隊做得非常出色。我還想指出，這是一個非常靈活、敏捷的輕資本支出策略，可以利用 Bell AI Fabric 正在上線的基礎設施來擴展 GPU 雲端業務，而且我們在 GPU 本身方面獲得了非常非常有吸引力的個位數租賃購買融資。

So no CapEx upfront for the GPUs. The entire full value of the GPUs, we are effectively leasing with a $1 buyout. So it works out like a finance, let's say when you finance a car with 0 down and single-digit interest. So very attractive. Again, Craig and the BUZZ team have done an absolutely tremendous job and more great news to come. Please stay tuned.

因此，GPU方面無需前期資本支出。我們實際上是以 1 美元的價格租借了所有 GPU 的全部價值。所以這就像貸款一樣，比如說，你以零首付和個位數利率貸款買車。非常有魅力。再次感謝 Craig 和 BUZZ 團隊的出色工作，相信還會有更多好消息傳來。敬請期待。

Let's hop into the next slide. We have a vertically integrated growth strategy. We have the land, the power, the data centers, whether it's ASICs or GPUs, we build, we operate and we optimize. So on the Bitcoin mining business this quarter, we realized $350 million ARR, mining approximately 10 Bitcoin a day in our Tier 1 data centers globally.

我們來看下一張投影片。我們採用垂直整合的成長策略。我們擁有土地、電力、資料中心，無論是ASIC或GPU，我們都負責建置、營運和最佳化。因此，本季我們在比特幣挖礦業務方面實現了 3.5 億美元的年度經常性收入 (ARR)，我們在全球一級資料中心每天挖出約 10 個比特幣。

On the HPC business, as mentioned, our new benchmark is $35 million ARR in the current quarter, March 30 -- end March 31, and that will scale to $225 million. We're going to have a closer look at that very shortly, and that's a Tier 3 data center strategy.

關於高效能運算業務，如前面所提到的，我們新的基準是本季（3 月 30 日至 3 月 31 日）的 ARR 為 3,500 萬美元，並將擴展到 2.25 億美元。我們很快就會仔細研究一下，這是一個三級資料中心策略。

Another nice Easter egg that we are providing the Street an update on is we realized $14 million of value from our Bitcoin pledge. You may recall, we had a substantial amount of Bitcoin, almost 1,400 Bitcoin pledged at $87,000. What that meant was we put up our Bitcoin at $87,000 to buy our ASICs, which was for expansion to 25 exahash in Paraguay. Once that Bitcoin was pledged at $87,000, that was it.

我們也要向華爾街透露一個好消息：我們透過比特幣質押實現了 1,400 萬美元的價值。您可能還記得，我們​​當時質押了相當數量的比特幣，將近 1400 個比特幣，價值 87000 美元。這意味著我們拿出價值 87,000 美元的比特幣來購買 ASIC 礦機，以便在巴拉圭將算力擴展到 25 exahash。當那枚比特幣以 87,000 美元的價格被質押後，一切就結束了。

However, we had an option to buy back the Bitcoin at $87,000 when Bitcoin rallied above that price. And so we did that and realized $14 million of value, which is great news. And we call that our dynamic HODL strategy. We're going to provide a bit more color, but I just want to clarify, there's no cash call. There's no obligation. There's nothing like that. It's a free call option is what it was. Locked in the price at $87,000. Any upside beyond that, it was at our discretion, our call option to exercise, and we crystallized $14 million of value. So very exciting news.

但是，當比特幣價格上漲到 87,000 美元以上時，我們可以選擇以該價格回購比特幣。於是我們這麼做了，實現了 1400 萬美元的價值，這真是個好消息。我們稱之為動態HODL策略。我們再補充一些細節，但我只想澄清一點，沒有現金募集。沒有義務。根本沒有那樣的事。它原本是一個免費通話選項。價格鎖定在 87,000 美元。除此之外的任何收益，都由我們自行決定是否行使我們的認購選擇權，我們最終實現了 1400 萬美元的價值。真是令人振奮的消息。

Next slide, please. An overall footprint of the HPC various operating jurisdictions and data centers, you can kind of see how it ramps up to $225 million, which is a target for the end of this year between GPU cloud and HPC. The HPE conversion would be for New Brunswick to be converted to 50 megawatts of critical IT load as a Tier 3 data center, adding $85 million of ARR to $140 million coming from the GPU cloud spread out over the various Canadian facilities and showing how we increment from the current 5,000 GPUs to 11,000 GPUs. Again, we recently announced that 504 GPU contracts.

請看下一張投影片。從 HPC 各個營運管轄區和資料中心的整體規模來看，你可以看出它是如何逐步成長到 2.25 億美元的，這是今年年底 GPU 雲端和 HPC 的目標。HPE 的改造將使新不倫瑞克省的關鍵 IT 負載達到 50 兆瓦，成為 Tier 3 資料中心，這將使 ARR 增加 8500 萬美元，使來自分佈在加拿大各個設施中的 GPU 雲的 ARR 達到 1.4 億美元，並展示我們如何從目前的 5000 個 GPU 增加到 1100 個 GPU。我們最近再次宣布了 504 份 GPU 合約。

So, let's go to the next slide. So here's what the growth of the HPC revenue looks like on a time series basis. We provided this projection last quarter as well. And as you can see here, for every 1,000 B200 GPU cluster, we'd be adding $20 million of ARR. Now keep in mind, the prevailing market rate at the time was about $2.20 per GPU per hour. And so this ramp from $20 million to $140 million ARR came along with 6,000 NVIDIA B200s being brought online. And then in addition to that, the $85 million estimated ARR from the conversion of New Brunswick to hyperscale and colo.

那麼，我們來看下一張投影片。以下是高效能運算收入隨時間變化的成長。我們上個季度也提供了同樣的預測。正如您在這裡看到的，每增加 1,000 個 B200 GPU 集群，我們將增加 2000 萬美元的 ARR。請記住，當時的市場價格約為每 GPU 每小時 2.20 美元。因此，隨著 6,000 台 NVIDIA B200 上線，ARR 從 2,000 萬美元成長到 1.4 億美元。此外，新不倫瑞克轉型為超大規模和託管資料中心預計可帶來 8,500 萬美元的 ARR。

However, next slide, please. Due to the very strong market demand, the realized value of the GPU contract that the BUZZ team secured was 30% above forecasted prices. So what that means is where previously we projected $20 million ARR per 1,000 GPUs, we realized $15 million of ARR for 500 GPUs. So that is tremendous, 30% above forecasted. Again, this is liquid-cooled GPUs, and this works out very well. Here's an illustration of what that does for our projected revenue. Let's hop to the next slide.

請看下一張投影片。由於市場需求非常強勁，BUZZ 團隊獲得的 GPU 合約的實際價值比預測價格高出 30%。這意味著，之前我們預計每 1000 個 GPU 的 ARR 為 2000 萬美元，而我們 500 個 GPU 的 ARR 為 1500 萬美元。所以這非常驚人，比預期高出30%。再次強調，這是液冷式 GPU，而且效果非常好。以下舉例說明這對我們預期的收入有何影響。我們來看下一張投影片。

I do want to say this is a potential and the team did a tremendous job. There's strong market demand right now. And so this is a blue-sky slide where if we were to scale the rest of the 6,000 GPUs at the same rate that the current deal was secured at, it would actually bring the GPU cloud ARR potentially up to $200 million by the end of this year. And then in addition to that, roughly $85 million from the NB colo, $285 million potential.

我想說，這很有潛力，團隊做得非常好。目前市場需求強勁。因此，這是一張樂觀的幻燈片，如果我們以與目前交易相同的速度擴展剩餘的 6,000 個 GPU，到今年年底，GPU 雲端的 ARR 實際上可能會達到 2 億美元。此外，NB 資料中心約有 8,500 萬美元的收入，潛在收入達 2.85 億美元。

Now again, we're going to stick with our baseline projections on the previous slide, just tremendous job by the BUZZ team where they realized the 30% higher contract value due to -- driven -- strong market demand. But it's not just having strong market demand. Let's hop to the next slide.

現在，我們仍然堅持上一張投影片中的基準預測，BUZZ 團隊做得非常出色，他們實現了合約價值提高 30%，這得益於強勁的市場需求。但這不僅是市場需求強勁的問題。我們來看下一張投影片。

Craig and the team have done a phenomenal job building out the BUZZ HPC cloud, which was awarded Bronze on ClusterMAX, which is in very good company with other very reputable clouds in the Bronze category. And you'll note a lot of peers actually were underperforming or even unavailable and some very well-known clouds in those categories that BUZZ outperformed. Next slide.

Craig 和他的團隊在建立 BUZZ HPC 雲端方面做得非常出色，該雲端在 ClusterMAX 上獲得了銅獎，與銅獎類別中的其他非常知名的雲端一起獲得了很高的榮譽。你會注意到，許多同行的表現其實都不盡如人意，甚至根本無法使用，而 BUZZ 在這些類別中甚至超越了一些非常知名的雲端服務。下一張投影片。

And I recently had a call with an analyst who didn't quite grasp what that meant. Well, when you're just renting GPUs bare metal, what that means is the user has to use an SSH key to get secure access into a GPU environment. They have to install the operating system. And really, it's just bare bones. And so not everybody -- if you're a model builder or a researcher, that's different. That's -- loading up an operating environment and clustering GPUs yourself is different than actually doing your LLM work. So what you want is this to be done for you. So you're getting a managed AI service.

我最近和一位分析師通了電話，他似乎不太明白這代表什麼。嗯，如果您只是租用裸機 GPU，這意味著用戶必須使用 SSH 金鑰才能安全存取 GPU 環境。他們需要安裝作業系統。實際上，它只是非常簡陋而已。所以並非所有人都是如此——如果你是模型建構者或研究人員，那就另當別論了。也就是說，自己載入作業系統環境和叢集 GPU 與實際執行 LLM 工作是不同的。所以你希望別人為你做這件事。所以您將獲得一項託管式人工智慧服務。

You have Kubernetes, you have Slurm. These are 2 integral components to having a proper cloud. So it's very easy for you to have this elastic GPU resource, whether you want 1, 8, 32 GPUs when they're properly orchestrated, they all work as 1 elastic computing resource. And so that is virtue of having proper cloud technology, which the BUZZ team has done a remarkable job. And so that's how we're able to attract these great clients and have strong demand. So again, a phenomenal job by the BUZZ team. And really, I think there's going to be some more exciting announcements in the months to come. So stay tuned as we execute and march toward those revenue growth targets.

有了 Kubernetes，就有了 Slurm。這是構成一個合格雲端的兩個不可或缺的組成部分。因此，您可以非常輕鬆地擁有這種彈性 GPU 資源，無論您需要 1 個、8 個還是 32 個 GPU，只要它們得到適當的協調，它們都可以作為 1 個彈性運算資源運作。這就是擁有合適的雲端技術的優勢所在，而 BUZZ 團隊在這方面做得非常出色。所以，這就是我們能夠吸引這些優質客戶並擁有強勁需求的原因。再次強調，BUZZ 團隊做得非常好。而且，我認為未來幾個月還會有一些令人興奮的消息公佈。敬請關注，我們將執行並朝著這些營收成長目標邁進。

Next slide. So on the Bitcoin mining side of the business, for the recent month of January, we did about 9.6 Bitcoin a day, again, 440 megawatts globally. We lead the sector in low G&A per Bitcoin mined, maintaining optimized ROIC Bitcoin modeling -- Bitcoin mining model.

下一張投影片。所以，就比特幣挖礦業務而言，在最近的1月份，我們每天挖出約9.6個比特幣，全球耗電量為440兆瓦。我們在每挖出一枚比特幣的 G&A 方面處於行業領先地位，保持了優化的 ROIC 比特幣模型——比特幣挖礦模型。

Let's go to the next slide. So as you know, we've got another 100 megawatt PPA that was announced in Paraguay. Paraguay has been very strongly aligned with the U.S. In December, Minister Ruben Ramirez Lezcano signed the Status of Forces Agreement with Marco Rubio, Secretary of State for the U.S. in a very momentous occasion. So it just shows the very strong alignment between Paraguay and the U.S. And Paraguay is really emerging as, I believe, one of the strongest U.S. allies, not only in Latin America but globally.

我們來看下一張投影片。如您所知，我們在巴拉圭宣布了另一項 100 兆瓦的購電協議。巴拉圭與美國的關係非常密切。去年12月，巴拉圭外長魯本·拉米雷斯·萊茲卡諾與美國國務卿馬可·盧比奧簽署了《駐軍地位協定》，這是一個非常重要的時刻。這充分顯示巴拉圭和美國之間非常緊密的聯繫。我相信，巴拉圭正在成為美國最強大的盟友之一，不僅在拉丁美洲，而且在全球範圍內。

The SOFA, Status of Forces Agreement, is only held by a handful of countries globally with the U.S. And so really emphasizes Paraguay as a stable and safe jurisdiction for foreign investment. And we see a very bright future for Tier 1 and Tier 3 data centers in Paraguay. Stand by for some very exciting updates over the course of the next few months as well as we continue to have a very bullish outlook on our investment and expansion into Paraguay.

《部隊地位協定》（SOFA）是全球僅有的幾個國家與美國簽署的協定。因此，這確實凸顯了巴拉圭作為外國投資的穩定和安全管轄區的地位。我們看到巴拉圭一級和三級資料中心擁有非常光明的前景。未來幾個月，我們將陸續發布一些非常令人興奮的最新消息，同時，我們對在巴拉圭的投資和擴張前景仍然非常樂觀。

Next slide, please. This is a summary of, of course, our 440 megawatts of operating capacity worldwide and then the additional 100 megawatts we'll be bringing on. It's actually Phase 3 of our Yguazu site in Paraguay. Next slide.

請看下一張投影片。當然，這是對我們全球 440 兆瓦營運容量以及我們將新增的 100 兆瓦容量的總結。這實際上是我們在巴拉圭伊瓜蘇計畫的第三階段。下一張投影片。

Okay. Here, we're going to talk about that $14 million in realized value from our Bitcoin pledge. So as we previously discussed, we have pledged Bitcoin at numerous prices. And we had a large pledge of approximately 1,400 Bitcoin at $87,000. So what that meant was when we purchased our ASICs, we put up Bitcoin when it was $87,000, and we have the opportunity to buy it back at that same price. We redeemed our Bitcoin at $93,000, at $110,000 and $123,000 with respect to the pledge. And on that, we realized a value of approximately $14 million.

好的。接下來，我們將討論我們透過比特幣質押實現的 1400 萬美元的實際價值。正如我們之前討論過的，我們已經以多種價格質押了比特幣。我們獲得了約 1400 個比特幣的巨額認購，價值 87,000 美元。這意味著，當我們購買 ASIC 礦機時，我們以 87,000 美元的價格投入了比特幣，我們也有機會以相同的價格將其買回。我們根據質押金額分別以 93,000 美元、110,000 美元和 123,000 美元的價格贖回了我們的比特幣。由此，我們實現了約 1400 萬美元的價值。

Then we took that realized value and translated it into approximately 3,800 Bitmain S21 XP air cooled, which then replaced our BUZZMiners, which very recently, as we've seen a contraction in hash price, those BUZZMiners have faithfully served us in hash for years and years. Approaching end of life, they've been upgraded. And so what it did is, it upgraded and increased our global fleet efficiency from 17.5 to 16.7 Joules per Terahash. What does that mean?

然後，我們將實現的價值轉化為大約 3,800 台比特大陸 S21 XP 風冷礦機，這些礦機取代了我們的 BUZZMiner 礦機。最近，隨著算力價格的收縮，這些 BUZZMiner 礦機多年來一直忠實地為我們提供算力服務。由於接近使用壽命終點，它們已升級改造。因此，它升級並提高了我們全球車隊的效率，從每太哈希 17.5 焦耳提高到 16.7 焦耳。這意味著什麼？

We used our pledge strategy to get a cashless realized value of $14 million, turn that into over 300 new generation ASICs and effectively lowered our global cost of mining in a bear market by 5% through dynamic HODL treasury management. And so it's just how we operate at HIVE.

我們利用質押策略獲得了 1,400 萬美元的無現金實現價值，將其轉化為 300 多台新一代 ASIC 礦機，並透過動態 HODL 資金管理，在熊市中有效地將全球挖礦成本降低了 5%。這就是我們在 HIVE 的運作方式。

We're, again, deeply analytical. We very much study hash price and have a dynamic HODL strategy that allows us to realize value beyond our mining, but also through treasury management. So I hope this is really helpful for the analysts.

我們再次強調，我們非常注重分析。我們非常關注哈希價格，並製定了動態的 HODL 策略，這使我們能夠在挖礦之外，透過資金管理實現價值。所以，我希望這對分析師真的有幫助。

And in addition to that, we still have 540 Bitcoin at the $87,000 strike price. Now with Bitcoin at about $66,000 as of time recording, that doesn't mean we have to put up any money. It's downside protection. We already did not pledge Bitcoin at that price. So in the current climate it's downside protection.

除此之外，我們還有 540 個比特幣，行使價為 87,000 美元。截至發稿時，比特幣價格約為 66,000 美元，但這並不意味著我們必須投入任何資金。這是下檔保護措施。我們之前並沒有以那個價格質押比特幣。所以在當前環境下，這是一種下行保護措施。

If Bitcoin happens to rally in the next couple of months, beyond $87,000, we can realize further value. So really happy with how this all played out. Again, we've been through numerous bear markets. HIVE has been through Bitcoin halvings and Ethereum merge. We built our own ASIC miner with Intel. You learn a lot along the way when you've been through it all.

如果比特幣在未來幾個月內上漲，突破 87,000 美元，我們就能實現更大的價值。我對事情的最終結果非常滿意。我們之前也經歷過多次熊市。HIVE 經歷了比特幣減半和以太坊合併。我們利用英特爾的技術支持，自主研發了ASIC礦機。經歷過這一切之後，你會學到很多。

So, let's hop into the next slide. Of course, mining economics have contracted a bit. We had the calamity from 10/10. The structural errors where the collateral coins held by Binance were effectively shorted and that led to auto deleveraging in October 10 and Bitcoin dropped from $126,000 to $105,000. But moreover, all those auto deleverage positions, a lot of people got washed out. Binance put up $300 million to make some people whole. A lot of retail investors took a hit though.

那麼，讓我們進入下一張投影片。當然，採礦業的經濟狀況有所萎縮。10月10日我們遭遇了災難。幣安持有的抵押幣被有效做空，導致其在 10 月 10 日自動去槓桿化，比特幣價格從 126,000 美元跌至 105,000 美元。此外，所有這些自動去槓桿頭寸，都讓許多人血本無歸。幣安出資 3 億美元，用於賠償部分受害者。不過，許多散戶都遭受了損失。

And recently, Binance put $1 billion to help support Bitcoin at the $60,000. So really, it was worse than the FTX crash. And it's just for people to be aware of why did Bitcoin sell off. And again, there's obviously broader market headwinds where we've seen a risk-off environment. And so as a result, we've updated the annualized mining margin analysis for all the shareholders and anyone watching this podcast, so, $30, $35 and $40 hash price, here are your projections. So current difficulty of $126 trillion with Bitcoin at $60,000 the left column, you've got a $30 hash price, well below where it is today. Today, Bitcoin is about $35 hash price. And if -- and then with Bitcoin at $80,000, we be a $40 hash price. So let's just start on the left column.

最近，幣安投入 10 億美元幫助比特幣支撐在 6 萬美元的價格區間。所以說，這比FTX崩潰事件還要糟糕。這樣做是為了讓大家了解比特幣拋售的原因。此外，顯然還有更廣泛的市場逆風，我們看到市場出現了避險情緒。因此，我們更新了所有股東和所有觀看此播客的聽眾的年度挖礦利潤分析，以下是哈希價格為 30 美元、35 美元和 40 美元時的預測。所以，目前難度為 126 兆美元，比特幣價格為 6 萬美元（左列），哈希價格為 30 美元，遠低於今天的水平。目前比特幣的哈希價格約為每哈希35美元。如果——那麼比特幣價格達到 80,000 美元，哈希價格將為 40 美元。那我們就從左邊那一欄開始吧。

Even in a more bearish scenario of $30 hash price -- by the way, we did see hash price flip down to $27 in last week when Bitcoin hit down to $63,000. Keep in mind, difficulty was still $141 back then. We saw flash crash at $27 hash price. And so anyway, I just want to give context where has hash price been. Has it been as low as $30? Yes, for a moment in time. So nevertheless, we project that even at $30 hash price, we still have an annualized mining margin after direct operating cost of about $90 million. So still healthy margins. At $35 hash price, mining margin is $135 million and at $40 hash price, $180 million. So this helps you have an outlook of what it could look like in a contracted Bitcoin environment.

即使在更悲觀的情況下，哈希價格為 30 美元——順便說一句，上週比特幣跌至 63,000 美元時，我們確實看到哈希價格跌至 27 美元。請記住，當時的難度係數仍然是 141 美元。我們看到哈希價格在 27 美元時出現閃崩。總之，我只是想介紹一下哈希價格的走勢。最低價過30美元嗎？是的，曾有過那麼一瞬間。儘管如此，我們預計即使哈希價格為 30 美元，扣除直接營運成本後，我們的年化挖礦利潤仍約為 9,000 萬美元。所以利潤率依然很健康。以每哈希價格 35 美元計算，挖礦利潤為 1.35 億美元；以每哈希價格 40 美元計算，挖礦利潤為 1.8 億美元。這樣可以幫助你了解在受限的比特幣環境下可能會是什麼樣子。

Like -- I saw Richard Teng, the CEO of Binance, actually speak at Consensus Hong Kong today actually. His accounting of it, he was quite stoic and he mentioned that you have these near-term measured in months and these calamities that happen in crypto. But when you look at the years horizon, the asset class consolidates and has grown in value. So it is another headwind that we will navigate, again, having low G&A, a very best-in-class mining operation amongst our global sites and great fleet efficiency. Again, that upgrade basis was done on a cashless basis, $14 million in realized value. I'm very proud of the HIVE team for all of the great scaling and very judicious and, in my opinion, expert-level Bitcoin mining. Next slide.

例如—我今天在香港共識大會上親眼看到了幣安CEO鄧銳的演講。他對此的解釋相當冷靜，他提到，加密貨幣領域存在著以月為單位的短期波動和災難。但從長遠來看，這類資產會不斷鞏固，價值也會成長。因此，這是我們將要克服的另一個不利因素，但我們擁有較低的管理費用、在全球礦場中一流的採礦運營以及出色的車隊效率。同樣，這次升級是以無現金方式進行的，實際價值為 1400 萬美元。我為 HIVE 團隊感到非常自豪，他們實現了出色的擴展，並且非常明智，在我看來，他們的比特幣挖礦水平達到了專家級。下一張投影片。

Again, this is a really helpful visual, just sort of like a math textbook. What is the fundamentals of Bitcoin mining? A lot of people understand it, but do they truly understand it? And so really, what you're trying to do is ROI in the first year to 1.5 years, and that's shown in the blue section. Your hash price does eventually commodify as more hashrate comes online, and there is an implicit breakeven and therefore, end of life cycle.

這又是一個非常有幫助的圖示，就像一本數學教科書一樣。比特幣挖礦的基本原則是什麼？很多人都理解它，但他們真的理解它嗎？所以實際上，你試圖實現的是第一年到一年半的投資回報率，這在藍色部分中有所體現。隨著更多算力上線，你的算力價格最終會商品化，存在一個隱含的損益平衡點，因此，生命週期也會結束。

So, your power cost, as that goes up and down, the higher your power cost, the shorter your x-axis, your horizon of useful economic life, the lower your power costs, the longer you can mine, therefore, the longer you can free cash flow. So anyways, it's just something to be aware of how does crypto mining work by design. Yes, you do upgrade your machines every 3 to 4 years, but we run them for as long as possible. Keep in mind, our BUZZMiners, those came online in 2022. So, all those BUZZMiners have been mining for almost 4 years now. Let's hop into the next slide.

因此，隨著電力成本的波動，電力成本越高，你的 x 軸（即你的經濟壽命）就越短；電力成本越低，你的採礦時間就越長，因此，你的自由現金流也就越長。總之，了解加密貨幣挖礦的工作原理是很有必要的。是的，你們每隔 3 到 4 年就會升級機器，但我們會盡可能長時間地使用它們。請記住，我們的 BUZZMiners 是在 2022 年上線的。所以，所有這些 BUZZMiners 礦機已經運作了將近 4 年了。我們來看下一張投影片。

Again, a big part of our ROIC-driven ethos, also having low G&A. And so let's go to the next slide. Not all of our peers have reported yet, but just based on those that have, again, lowest G&A in the sector. By the way, I do want to point out, if you compare on a year-over-year basis, our G&A is up about 80%. However, our revenue is up over 300%, it is over tripled. And our corporate margin is about $30 million this quarter, is up about 40x from a year ago when the corporate margin was $700,000. So the point is even as we've scaled the business dramatically, our G&A has not grown nearly as much.

再次強調，我們以投資報酬率為導向的理念很大程度上也反映在低管理費用上。那麼，我們來看下一張投影片。並非所有同業都已公佈業績，但僅就那些業績在業內最低的同業而言，我們的業績是這樣的。順便提一下，我想指出的是，如果按年比較，我們的一般及行政費用增加了約 80%。然而，我們的收入成長了300%以上，是原來的三倍多。本季公司利潤約 3,000 萬美元，比去年同期成長了約 40 倍，當時公司利潤為 70 萬美元。所以關鍵在於，即使我們大幅擴大了業務規模，我們的管理費用也沒有隨之成長。

And so, again, we maintain that lean and mean mindset. And by the way, we have a Bitcoin mining business and an HPC business. So very proud of the entire executive team. We've had to huddle over 9 time zones every single day. We're in 2 hemispheres. We're in multiple continents. Let's go to the next slide.

因此，我們再次堅持精簡高效的理念。順便一提，我們還有比特幣挖礦業務和高效能運算業務。我為整個管理團隊感到非常自豪。我們每天都要跨越9個時區開會討論。我們身處兩個半球。我們遍佈多個大洲。我們來看下一張投影片。

Also, best value. If you look at our peers, where they're trading on a EV to exahash, it would place HIVE with a $3 billion multiple, everybody is going to say, yes, but everybody else has HPC and landing power. So do we refer back to the tremendous growth that we're experiencing and that we further have projected for the rest of the year on the HPC business and stable and steady cash flows even in the sort of temporary bearish Bitcoin mining climate that we see. And of course, Bitcoin is a very cyclical asset class. You really make hay when the sun shines. And so we'll be ready for the next bull run when it comes. But in the meantime, we'll be cash flowing.

而且性價比最高。如果你看看我們的同行，他們正在用電動車進行交易，以達到 Exahash 的估值，這將使 HIVE 的市值達到 30 億美元，每個人都會說，是的，但其他公司都有高性能計算和著陸能力。因此，我們回顧一下我們正在經歷的巨大成長，以及我們對今年剩餘時間高效能運算業務的進一步預測，即使在目前這種暫時的比特幣挖礦市場低迷環境下，現金流也將保持穩定。當然，比特幣是一種週期性很強的資產類別。陽光燦爛的時候，你就能收穫很多。這樣，我們就能為下一輪多頭市場做好準備。但同時，我們的現金流不會中斷。

Next slide. Darcy, longest-standing CFO in crypto mining. Over to you. Thank you.

下一張投影片。Darcy，加密貨幣挖礦產業任職時間最長的財務長。接下來該你了。謝謝。

Thank you, Aydin, and good morning, everyone, and thank you for joining us today. I will be walking you through the highlights of the quarter. We are providing certain non-GAAP measures in our presentation today. The company believes that these measures, while not a substitute for measures of performance prepared in accordance with U.S. GAAP, do provide investors with an improved ability to evaluate the underlying performance of the company. These measures do not have any standardized meaning prescribed under U.S. GAAP and therefore, may not be comparable to other issuers. Further details are found in the management discussion and analysis for the 3 and 6 months ended December 31, 2025.

謝謝你，艾丁，大家早安，謝謝各位今天收看我們的節目。我將帶您回顧本季的重點內容。我們在今天的簡報中提供了一些非GAAP指標。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，但確實能讓投資人更能評估公司的實際績效。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 12 月 31 日止 3 個月及 6 個月的管理階層討論與分析。

Starting on the next slide, HIVE ended the December 31, 2025 quarter with 243.1 million shares, 2.6 million options, 13.6 million RSUs and 3 million warrants outstanding. I'll now walk through our financial results for the quarter ended December 31, 2025, beginning with key operational and financial metrics.

從下一張投影片開始，截至 2025 年 12 月 31 日季末，HIVE 擁有 2.431 億股股票、260 萬份選擇權、1,360 萬份限制性股票單位和 300 萬份認股權證。接下來，我將逐一介紹截至 2025 年 12 月 31 日的季度財務業績，首先從關鍵的營運和財務指標開始。

Q3 represented a quarter where we continued to execute operationally while navigating market volatility in digital assets. Our focus remains consistent, disciplined capital allocation, operational efficiency and cash-oriented returns on invested capital. Let's start with the headline financial outcomes on the next page.

第三季度，我們在應對數位資產市場波動的同時，繼續執行營運任務。我們始終專注於一貫的、有紀律的資本配置、營運效率和以現金為導向的投資回報。讓我們先來看看下一頁的主要財務結果。

For Q3, we generated $93.1 million in revenue with approximately 95% coming from hashrate services on our Bitcoin side and nearly $5 million contributed by HPC operations, demonstrating the scale we've achieved as we continue ramping toward higher hashrate and HPC expansion. Adjusted EBITDA remained positive at roughly $6 million, reinforcing that our operating model generates cash despite cyclical pricing conditions.

第三季度，我們創造了 9,310 萬美元的收入，其中約 95% 來自比特幣方面的算力服務，近 500 萬美元來自 HPC 運營，這表明隨著我們不斷提高算力和 HPC 業務的擴張，我們已經達到了一定的規模。調整後的 EBITDA 仍保持正值，約 600 萬美元，這進一步證明，儘管價格有週期性波動，但我們的營運模式仍能產生現金流。

Operational output remains strong with approximately 884 Bitcoin equivalent produced, which is up from 719 in the prior quarter, supported by stable operations, strong uptime across our sites and the execution of our Paraguayan expansion. At quarter end, we held 481 Bitcoin on the balance sheet, reflecting our hybrid strategy of liquidity management and strategic digital asset exposure. These numbers reflect disciplined cost management, a focus on efficiency and the benefit of our diverse global footprint.

營運產出依然強勁，約有 884 個比特幣當量產出，高於上一季的 719 個，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。截至季末，我們的資產負債表上持有 481 個比特幣，這反映了我們流動性管理和策略性數位資產配置的混合策略。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。

Now let's, on the next slide, take a look at how this operational performance translates into our balance sheet. HIVE takes pride in maintaining a healthy balance sheet. Turning to liquidity. We closed the quarter with approximately $14 million in cash and $14 million in digital currencies, bringing total current assets to about $91 million. Current liabilities stood at approximately $52 million, providing us with a healthy working capital position. This balance sheet supports our dual growth strategy, expansion in Paraguay and scaling our subsidiary, BUZZ HPC, while maintaining financial flexibility.

現在，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的資產負債表的。HIVE 以維持健康的資產負債表而自豪。轉向流動性。本季末，我們持有約 1,400 萬美元現金和 1,400 萬美元數位貨幣，流動資產總額約 9,100 萬美元。目前負債約 5,200 萬美元，為我們提供了健康的營運資金狀況。此資產負債表支持我們的雙重成長策略，即在巴拉圭擴張並擴大我們的子公司 BUZZ HPC 的規模，同時保持財務靈活性。

Our strategy remains conservative on leverage and disciplined on capital deployment. With that context, let's look at how our earnings 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 Q3 last year, our gross operating margin, which is calculated as total revenues minus direct operating and maintenance costs and HPC service fees, increased to $32.1 million in the most recent quarter compared to $5.3 million in Q3 last year. In this most recently completed quarter, we are reporting a basic loss of $0.38 per share compared to a net income of $0.53 per share reported for Q3 last year.

我們的策略依然是保持槓桿率保守和資本部署紀律嚴明。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三季業績進行比較，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 3,210 萬美元，而去年第三季為 530 萬美元。在最近完成的這個季度，我們報告每股基本虧損 0.38 美元，而去年第三季報告的每股淨利潤為 0.53 美元。

This reduction in earnings per share is largely driven by noncash accounting impacts such as the accelerated ASIC depreciation tied to our expansion in Paraguay, unrealized losses on investments and digital currencies held on the balance sheet and changes in the fair value of derivatives.

每股盈餘的下降主要是由於非現金會計影響，例如與我們在巴拉圭的擴張相關的 ASIC 加速折舊、資產負債表上持有的投資和數位貨幣的未實現損失以及衍生性商品公允價值的變化。

Taking a look at our revenue increases year-over-year on the next slide, we generated total revenue in the third quarter of fiscal 2026 of $93.1 million versus $29.2 million in the previous year's third quarter. On a year-over-year basis, revenue growth was supported by higher production scale and operational uptime.

從下一張投影片可以看出，我們的營收年增率如下：2026 財年第三季總營收為 9,310 萬美元，而上年同期為 2,920 萬美元。與去年同期相比，更高的生產規模和更長的營運正常時間支撐了收入成長。

Year-over-year, we saw a significant improvement in gross operating margin, expanding from roughly 18% to about 35%. This reflects the benefit of our efficiency initiatives, though it continues to move with Bitcoin pricing and network difficulty. It is important for investors to understand that our margin profile is heavily influenced by external variables, whether this be hash price, power costs and market volatility, while internally, we continue to focus on controllable drivers like uptime, fleet efficiency and SG&A discipline. Even in volatile market conditions, our goal is to maintain a structurally stronger operating model.

與去年同期相比，我們的毛營業利潤率顯著提高，從約 18% 成長到約 35%。這反映了我們提高效率措施的益處，儘管它會隨著比特幣價格和網路難度的變化而繼續波動。投資人需要了解的是，我們的利潤率狀況很大程度上受到外部因素的影響，例如哈希價格、電力成本和市場波動；而在內部，我們則繼續專注於可控因素，例如正常運作時間、車隊效率和銷售、管理及行政費用控制。即使在市場波動的情況下，我們的目標也是維持結構更穩健的營運模式。

We're focused on expanding the structural margin, not chasing cyclical upside. And if we zoom in just the last 2 quarters, you'll see our continued strength on the next slide. Comparing our current fiscal Q3 quarter to the previous Q2 quarter, we generated revenue in fiscal 2026 Q3 of $93.1 million versus $87.3 million in the previous quarter. A slight increase in revenues versus the prior quarter was impacted by continued increases in exahash capacity from Paraguay in spite of digital asset price movements and changes in network difficulty.

我們專注於擴大結構性優勢，而不是追逐週期性上漲。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我們持續強勁的業績。將我們目前的第三財季與上一財年的第二季進行比較，我們在 2026 財年第三季創造了 9,310 萬美元的收入，而上一財年第二季為 8,730 萬美元。儘管數位資產價格波動且網路難度發生變化，但由於巴拉圭的 exahash 容量持續增加，與上一季相比，收入略有增長。

Our gross operating margin decreased to $32.1 million or 35% in the most recent quarter compared to $42.4 million or 49% in the prior quarter's comparative. These quarter-over-quarter comparisons show margin compression relative to Q2, primarily reflecting digital asset price movements and timing effects rather than structural changes in our business.

與上一季 4,240 萬美元或 49% 相比，我們最近一個季度的毛營業利潤下降至 3,210 萬美元或 35%。這些季度環比比較顯示，與第二季度相比，利潤率有所下降，這主要反映了數位資產價格波動和時間效應，而不是我們業務的結構性變化。

Operationally, our facilities continued to perform well with strong uptime and efficiency metrics. What you're seeing here is market sensitivity. This is economics of the cycle, not a change in the trajectory of the business. As we scale toward higher hashrate and benefit from ongoing efficiency upgrades, we expect operating leverage to improve over time.

在營運方面，我們的設施持續保持良好的運作狀態，正常運作時間和效率指標均表現強勁。你在這裡看到的是市場敏感度。這是經濟週期規律，而不是企業發展軌跡的改變。隨著我們向更高的算力擴展，並受益於持續的效率提升，我們預計營運槓桿會隨著時間的推移而提高。

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. Our adjusted EBITDA for this quarter ended December 31, 2025, was $5.7 million compared with adjusted EBITDA of $82.9 million for the December 31, 2024 period. The largest contributor to the high adjusted EBITDA in the prior year was a $77.4 million unrealized gain on digital currencies. I will highlight again that adjusted EBITDA is a non-GAAP figure.

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組成，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。截至 2025 年 12 月 31 日的本季度，我們調整後的 EBITDA 為 570 萬美元，而 2024 年 12 月 31 日期間的調整後 EBITDA 為 8,290 萬美元。上一年改善後 EBITDA 較高的最大貢獻因素是數位貨幣未實現收益 7,740 萬美元。我再次強調，調整後的 EBITDA 是非 GAAP 指標。

For this completed quarter, we experienced a loss of $91.3 million compared to a net income of $68.2 million in the previous year comparative. On earnings, year-over-year comparisons include significant noncash impacts. Specifically, we have accelerated ASIC depreciation tied to the Paraguayan expansion, which reduces accounting earnings in the near term. This accounting treatment aligns depreciation with asset utilization, but does not materially impact cash generation. Adjusted EBITDA, therefore, often provides a clearer representation of underlying operating performance.

本季我們虧損 9,130​​ 萬美元，而去年同期淨利為 6,820 萬美元。在獲利方面，年比數據包含了重大的非現金影響。具體來說，我們加快了與巴拉圭擴張相關的ASIC折舊，這將在短期內降低會計收益。這種會計處理方法使折舊與資產利用率一致，但不會實質影響現金產生。因此，調整後的 EBITDA 通常能更清楚地反映潛在的經營績效。

On the next slide, the quarter-over-quarter view tells a similar story. Quarter-over-quarter earnings are affected by depreciation timing and fair value adjustments related to digital assets. Our adjusted EBITDA in this third quarter of fiscal 2026 was a profit of $5.7 million versus adjusted EBITDA profit of $31.5 million in the previous 2026 Q4 quarter.

下一張投影片中的季度環比數據也呈現類似的趨勢。季度環比收益受數位資產折舊時間和公允價值調整的影響。2026 財年第三季度，我們調整後的 EBITDA 利潤為 570 萬美元，而上一季（2026 年第四季）調整後的 EBITDA 利潤為 3,150 萬美元。

In the third quarter of fiscal 2026, we experienced net loss of $91.3 million compared to a net loss of $15.8 million in the previous 2026 Q2 quarter. Operational KPIs, including uptime, efficiency and production remained strong throughout the period. Our internal focus is squarely on cash ROIC rather than accounting volatility. Accounting noise should not be confused with operating performance.

2026 財年第三季度，我們淨虧損 9,130​​ 萬美元，而上一季（2026 年第二季）淨虧損為 1,580 萬美元。在此期間，包括正常運作時間、效率和產量在內的營運關鍵績效指標均保持強勁。我們內部的關注點完全在於現金投資報酬率，而不是會計波動性。會計雜訊不應與營運績效混淆。

Q3 fiscal 2026 was a solid quarter for HIVE. We delivered strong revenue, expanded margins and maintained a robust balance sheet. Our discipline, fleet expansion and cost control measures continue to position us well to compete in a challenging environment and capture opportunities for growth, both on the hashrate side and on the high-performance computing side in our data centers.

2026財年第三季對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。我們的紀律、車隊擴張和成本控制措施使我們在充滿挑戰的環境中保持良好的競爭力，並抓住成長機會，無論是在算力方面還是在資料中心的高效能運算方面。

I want to thank our local -- loyal stakeholders and encourage them to continue to follow our dual engine expansion efforts, both in hashrate services and HPC operations.

我要感謝我們本地的忠實利益相關者，並鼓勵他們繼續關注我們在算力服務和高效能運算營運方面的雙引擎擴展工作。

Thank you, Darcy. That concludes the presentation for today. We will now begin the question-and-answer portion of our call. Analysts on the line, if you could please click raise hand when you are ready with your questions. We will begin to choose and ask you to unmute. Our first question comes from the line of Darren from ROTH. Darren, if you kindly unmute, the floor is yours.

謝謝你，達西。今天的演講到此結束。現在我們將開始電話會議的問答環節。線上的分析師們，如果您準備好提問，請點擊「舉手」按鈕。我們將開始選擇並要求您取消靜音。我們的第一個問題來自 ROTH 的 Darren。達倫，如果你能取消靜音，現在輪到你發言了。

Yeah, good morning. Can you hear me?

早安.你聽得到我嗎？

I can hear you. Yeah, we got perfect.

我能聽到你說話。是的，我們做到了完美。

Congrats on all the progress. Two questions, if I may. Just as you kind of push forward on your HPC strategy, can you kind of maybe benchmark how you're thinking about the thought process of returns with AI cloud versus colocation? And maybe what specific metrics, whether it's payback period, return on invested capital, et cetera, that you're kind of making those decisions off?

祝賀你們取得的所有進展。請問兩個問題。正如您在推動高效能運算策略的同時，能否對人工智慧雲端與託管伺服器的收益考量過程進行基準測試？那麼，你們在做出這些決定時，會參考哪些具體指標，例如投資回收期、投資報酬率等等？

And then second question, you mentioned in the, I think, release about New Brunswick, and you kind of mentioned specifically Tier 3 hyperscaler. Is that put in there to sort of benchmark the level you want to build to? Or do you actually have interest from hyperscalers? And I'd be kind of curious about the level of interest there.

第二個問題，您在關於新不倫瑞克的發布會上提到了，而且您特別提到了三級超大規模資料中心運營商。把它放在那裡是為了設定你想要達到的水平的基準嗎？或者說，你們真的已經吸引了超大規模企業的注意？我很想知道那邊的關注度如何。

Thank you.

謝謝。

Thanks for those questions, Darren. This is Aydin here. The ROIs typically on the GPUs are approximately 2.5 years after direct operating costs, and we have a lot of experience operating GPUs going back to Ethereum mining days, moreover, having had AI cloud revenue on our income statement for the past 3 years. We had 38,000 NVIDIA A series GPUs, A40s, A6000s, A5000s, A4000s. So we're still running 4,000 of those cards and 34,000 of those cards, we were able to sell at 80% to 90% of face value, and that's what -- those proceeds went to upgrading and buying H100s and H200s.

謝謝你的提問，達倫。這位是艾丁。GPU 的投資回報期通常在扣除直接營運成本後約為 2.5 年，我們在營運 GPU 方面擁有豐富的經驗，可以追溯到以太坊挖礦時代，此外，在過去的 3 年裡，我們的損益表中一直有 AI 雲端收入。我們有 38,000 個 NVIDIA A 系列 GPU，包括 A40、A6000、A5000 和 A4000。所以我們目前仍在運作 4,000 張這樣的顯示卡，而我們能夠以面額的 80% 到 90% 出售的 34,000 張顯示卡，所得款項用於升級和購買 H100 和 H200。

The point is we don't just talk about it, we've done it. And so we've seen the demand ebb and flow in GPUs, but they have strong residual market value. And so where you're able to ROI in, call it, 2.5 years, but have these cards potentially be worth 60%, 70%, 80% of their value after 3 or 4 years, we've seen a huge uptick in demand for H100s as you've likely heard.

關鍵是我們不光說不練，我們已經付諸行動了。因此，我們看到GPU的需求有起有落，但它們仍然具有強大的剩餘市場價值。因此，如果你能在大約 2.5 年內獲得投資回報，而這些顯示卡在 3 到 4 年後仍有可能達到其價值的 60%、70% 甚至 80%，那麼正如你可能已經聽說的那樣，我們已經看到 H100 的需求大幅上升。

And so the demand comes in 2 ways. One is the hourly rate that the GPUs rent for goes up. But in turn, the market price for people purchasing the GPUs goes up because people realize you can get more cash flow from them. So it's an attractive business, I believe, because if you have the proficiency to do so, if you have the cloud technology platform, which we have and we've demonstrated, and there'll be a lot more updates and exciting news to come as we bring more GPUs online and march towards that 11,000 GPU cloud target, and that crest over that $200 million ARR target in the slides, we believe that it's an accretive business because the residual value -- a, you aligned the GPUs plus you have GPUs that have strong residual value. So you come out well ahead. So I think that answers the first half of your question.

因此，需求主要體現在兩個方面。一是GPU的租賃時薪上漲了。但反過來，人們意識到可以從 GPU 中獲得更多現金流，因此購買 GPU 的市場價格也會上漲。所以我相信這是一個很有吸引力的業務，因為如果你具備相應的能力，如果你擁有雲端技術平台（我們已經擁有並展示了這一點），而且隨著我們上線更多 GPU 並朝著 11,000 個 GPU 的雲目標邁進，以及在幻燈片中提到的超過 2 億美元的 ARR 目標邁進，未來還會有更多價值更新，未來會有更多價值GPU，其次，你擁有具有強大殘值能力的 GPU。所以你最終會取得很大的優勢。所以，我想這回答了你問題的第一部分。

And then the second half of your question, we actually talked about the conversion of New Brunswick in the previous quarter. We bought 32 acres of land adjacent to the site. Engineering design has been advancing since then. And so we have been in talks with groups that are interested. And so there are different ways to deliver power, power shell build-to-suit. And so I can't get into any more specifics other than what we've already disclosed, but a sort of market rate of what gets us about $130 a kilowatt a month for New Brunswick is a secondary -- primary secondary markets. New Brunswick is a secondary market. And so that's where that run rate of approximately $80 million ARR comes from.

至於你問題的後半部分，我們實際上在上個季度討論過新不倫瑞克省的轉換情況。我們購買了毗鄰該地塊的 32 英畝土地。此後，工程設計一直在不斷進步。因此，我們一直在與一些有興趣的團體進行洽談。因此，供電方式多種多樣，電源外殼可依需求客製化。因此，除了我們已經披露的內容之外，我無法透露更多細節，但新不倫瑞克省的市場價格約為每月每千瓦 130 美元，這是一個二級市場——一級市場和二級市場。新不倫瑞克省是一個二級市場。因此，這就是每年約 8000 萬美元的 ARR（年度經常性收入）的由來。

You do about 53 megawatts of IT load, but do stand by for updates as we advance our designs and our conversations. We just wanted to acknowledge to the Street that, that is moving forward. And it is not to be forgotten. It's still part of the road map and part of the game plan but stay tuned for more updates on that. Does that cover it all for you, Darren?

您大約需要 53 兆瓦的 IT 負載，但請隨時關注我們的更新，因為我們將推進我們的設計和討論。我們只是想向華爾街表明，事情正在向前發展。這件事不容遺忘。這仍然是路線圖和計劃的一部分，但請繼續關注更多相關更新。達倫，這樣就都清楚了嗎？

It does. Appreciate it, Aydin.

確實如此。謝謝你，艾丁。

Thank you.

謝謝。

Thank you, Darren.

謝謝你，達倫。

Next we'll go to the line of Fedor from B. Riley. Fedor, please unmute. The floor is yours.

接下來我們將介紹 B. Riley 的 Fedor 系列。費多爾，請解除靜音。現在輪到你發言了。

Thank you, very much and good morning, to everyone. I wanted to just like ask about current breakeven price for Bitcoin mining operations, assuming all-in cost to mine, not only power. And additionally, I'd like to understand how Bitcoin at current levels influences your capital allocation decisions for AI and HPC infrastructure. And if you could outline your expected CapEx spending over the next 1 or 2 quarters with any detail on the split between mining and AI HPC investments that also would be super helpful.

非常感謝，大家早安。我想問一下目前比特幣挖礦的損益平衡價格是多少，假設挖礦的所有成本都包含在內，而不僅僅是電力成本。此外，我還想了解目前比特幣價格水準如何影響您在人工智慧和高效能運算基礎架構方面的資本配置決策。如果您能概述一下未來 1 或 2 個季度的預期資本支出，並詳細說明挖礦和 AI HPC 投資之間的比例，那就太好了。

Thank you.

謝謝。

Yes, definitely, Fedor. So I think it's quite evident that 2025 is a year of scaling our Bitcoin mining business, having brought on the 300 megawatts in Paraguay, scaling to 25 exahash. So that reflects a lot of capital deployment in that business unit.

是的，當然，費多爾。所以我認為很明顯，2025 年是我們擴大比特幣挖礦業務規模的一年，我們在巴拉圭引進了 300 兆瓦的電力，並將算力擴大到 25 exahash。這反映出該業務部門投入了大量資金。

And what you'll note from our investor presentation that we just debuted and of course, last quarter, this year, 2026, our focus is on scaling the HPC revenue from $20 million ARR to $225 million ARR, so over 10x. And how do we accomplish that? Expanding the cloud from 5,000 GPUs to 11,000 GPUs, which in my section was detailed growing that revenue from $20 million to $140 million ARR. And then, of course, bringing on the conversion of New Brunswick to Tier 3 HPC for hyperscaler colocation, which at $130 a kilowatt on 53 megawatts of IT load gets you to about $80 million of ARR. So directionally, you can see where the capital deployment is being scaled.

從我們剛剛發布的投資者簡報中，您會注意到，當然，在上個季度、今年以及 2026 年，我們的重點是將 HPC 收入從 2000 萬美元 ARR 擴大到 2.25 億美元 ARR，即超過 10 倍。我們該如何實現這個目標？將雲端平台從 5,000 個 GPU 擴展到 11,000 個 GPU，我在前面詳細介紹了這個擴展過程，並將該部分的收入從 2000 萬美元增長到 1.4 億美元的 ARR。當然，接下來還要將新不倫瑞克省改造成超大規模資料中心的三級高效能運算 (HPC) 中心，以每千瓦 130 美元計算，53 兆瓦的 IT 負載可帶來約 8,000 萬美元的年度經常性收入 (ARR)。因此，從方向上看，你可以看到資本部署正在擴大規模。

I do want to take a moment to acknowledge though that with OEM vendor financing on our GPUs, we're able to get lease to own, so effectively equal lease payments over 36 months with a $1 buyout, so effectively a finance with single-digit interest rates, which is very, very attractive. Nothing funky like some of our peers have done with preference shares and warrants and all this convoluted mezz financing, just very attractive.

不過，我想花點時間說明一下，由於我們的 GPU 有 OEM 廠商提供的融資，我們可以選擇租賃購買，也就是在 36 個月內支付等額的租賃費用，然後以 1 美元的價格買斷，這實際上是一種利率為個位數的融資方式，非常非常有吸引力。不像我們的一些同行那樣搞什麼花哨的優先股、認股權證以及各種複雜的夾層融資，我們只是非常有吸引力而已。

And so we've been able to scale that GPU cloud business, of course, in the partnership with Bell AI Fabric Canada, that data center capacity, we're building the cloud on co-located premises with Bell. So again, that allows us to operate a CapEx-light high-margin GPU cloud business. And so we do have the 100 megawatts in Paraguay that we announced, and we announced that PPA late last year. And so long lead has been ordered, the substation, the design. So that's a long-tail project because, of course, Bitcoin mine economics right now, we're looking at $30 to $35 hash price. So we, of course, are proceeding very carefully.

因此，我們得以擴展 GPU 雲端業務，當然，這得益於與 Bell AI Fabric Canada 的合作，以及資料中心容量的提升，我們正在與 Bell 共同在託管場所建立雲端。所以，這使我們能夠營運資本支出少、利潤高的 GPU 雲端業務。因此，我們確實在巴拉圭實現了我們先前宣布的 100 兆瓦目標，並且我們在去年年底宣布了購電協議。因此，變電站的設計方案已經制定了很長的提前量。所以這是一個長尾項目，因為，當然，就目前的比特幣挖礦經濟而言，我們看到的是哈希價格在 30 美元到 35 美元之間。所以我們當然會非常謹慎地進行。

But what I do want to point out is just remind everybody that we had our recent press release where we're sending nodes to the largest telco player in Paraguay to do a proof of concept for HPC AI. And we're going to be launching GPUs out of an existing Tier 3 telecom center in Asuncion, which is the capital of Paraguay. So we're taking meaningful strides to actually realize and bring HPC compute to Latin America by partnering with an existing data center -- sorry, a telco provider with Tier 3 data centers, much like we found success doing that in Canada with Bell. We're doing it with largest telco player in Paraguay. They're actually owned by a multinational NASDAQ-listed company.

但我確實想指出的是，提醒大家我們最近發布了新聞稿，我們將向巴拉圭最大的電信營運商發送節點，以進行高效能運算人工智慧的概念驗證。我們將從位於巴拉圭首都亞松森的現有三級電信中心推出GPU。因此，我們正在採取切實有效的措施，透過與現有資料中心（抱歉，是與擁有 Tier 3 資料中心的電信營運商合作）合作，將高效能運算引入拉丁美洲，就像我們在加拿大與貝爾公司合作取得成功一樣。我們正在與巴拉圭最大的電信業者合作這項工作。它們實際上歸一家在納斯達克上市的跨國公司所有。

So that is directionally where we're also taking things in Latin America. So that 100 megawatts that we're bringing online, we are really looking at the ability to build a Tier 1 infrastructure today. So the high voltage switchgear, all the power distribution and that infrastructure can be used for Tier 1, i.e., Bitcoin mining or can be expanded upon with chillers and gensets and everything else that you need for Tier 3 for future HPC conversion.

所以，這也是我們在拉丁美洲的發展方向。因此，我們即將投入使用的 100 兆瓦電力，實際上是為了今天就能建造一級基礎設施。因此，高壓開關設備、所有配電和基礎設施可以用於一級應用，即比特幣挖礦，也可以擴展為三級應用，例如添加冷卻器、發電機組以及未來高效能運算 (HPC) 轉換所需的其他一切設備。

So, we're looking at evaluating a road map where we could do both in Latin America. But for right now, we're building the power infrastructure to power that additional 100 megawatts of land. But that is not massively CapEx intensive to buying -- compared to buying ASICs or certainly not building Tier 3. So I would say the biggest CapEx will be building out New Brunswick in -- for converting it to Tier 3. I hope that answered your question.

所以，我們正在研究評估路線圖，以便在拉丁美洲同時實現這兩個目標。但就目前而言，我們正在建造電力基礎設施，為這額外的 100 兆瓦土地供電。但與購買 ASIC 晶片或建造 Tier 3 晶片相比，這在資本支出方面並不算巨大。所以我認為最大的資本支出將是新不倫瑞克省的建設——將其改造為三級城市。希望我的回答能解答你的疑問。

It does. And just if you allow me to squeeze one related follow-up on Brunswick HPC facility. Specifically, I would like to understand, you already outlined the total CapEx for this project roughly in previous broadcast. But if you can outline current construction status and milestones completed to date for HPC-related portion of the facility? And what's remaining milestones and maybe CapEx for this or next quarter? Just to understand the CapEx spending.

確實如此。如果允許我再補充一點關於布倫瑞克高效能運算設施的相關後續資訊。具體來說，我想了解的是，您在之前的節目中已經大致概述了該項目的總資本支出。但是，如果您能概述一下該設施中高效能運算相關部分的當前建置狀態和迄今為止已完成的里程碑事件呢？那麼本季或下季還有哪些里程碑目標和可能的資本支出？只是為了了解資本支出狀況。

Thank you.

謝謝。

Not sure if we lost Aydin. Fedor, we will follow up you after this.

不確定我們是否失去了艾登。Fedor，我們會隨後與您聯絡。

Yeah, no, I'm here. So sorry, the question was -- I don't know, I was put on you for some reason. The question was what are the milestones for the New Brunswick Tier 3 conversion?

是的，我在這裡。非常抱歉，問題是──我不知道，不知為何我被安排問你這個問題。問題是，新不倫瑞克省三級轉換的里程碑是什麼？

Yeah, I just can quickly repeat, pardon me. It's just like for -- specifically for HPC portion of this data center, what's already completed to date? And what's the near-term plan with associated CapEx for next 2 quarters, let's say, this way.

是的，我只能簡單重複一遍，不好意思。就像——具體來說，對於這個資料中心的高效能運算部分，目前已經完成了哪些工作？那麼，接下來兩季的近期計畫以及相關的資本支出是什麼呢？

Thank you.

謝謝。

Yes. So what we've put out is we've worked -- we've bought the additional land. We're going through the design development. So we have design and permitting underway for that site. The next step would be ordering long lead items. But beyond that, I don't want to provide any more specificity at this time. We'll provide the market with announcements as those milestones are realized. So that's what I got to you right now, Fedor. Good question. I know you want to know more, but you got to hang tight, buddy.

是的。所以我們已經取得了成果——我們已經購買了額外的土地。我們正在進行設計開發。目前我們正在進行該地點的設計和審批工作。下一步是訂購交貨週期長的商品。但除此之外，我現在不想提供更多細節。我們將根據這些里程碑的實現情況向市場發佈公告。這就是我目前帶給你的訊息，費多爾。問得好。我知道你很想知道更多，但你得耐心等等，老兄。

I appreciate your feedback and continue your best of luck.

感謝您的回饋，祝您一切順利。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Thank you, Fedor. We've got time for 2 final questions. Mike from Northland. I know you've had your hand raised for quite some time. If you kindly mute. The floor is yours.

謝謝你，費多爾。我們還有時間回答最後兩個問題。來自北地的麥克。我知道你已經舉手很久了。請您靜音。現在輪到你發言了。

Yeah, hey, thanks. First question is just for Aydin. If your OEM financing is for 3 years, can you talk a little bit about why you're signing 2-year deals that mismatch? And then secondly, for Darcy, could you help us think about depreciation expense in the next couple of quarters?

是啊，謝謝。第一個問題只問艾丁。如果您的 OEM 融資期限為 3 年，您能否解釋為什麼您要簽署期限不符的 2 年期合約？其次，Darcy，您能否幫我們考慮未來幾季的折舊費用？

Because when you have a longer term, your payments are less. So you cash flow better, Mike. And so we know that these GPUs have great residual value in the market. So at the end of the 2-year term, we may elect to sell them for a gain. We could simply re-rent them out. There's lots of optionality. That's all. But it's mostly -- you just want to structure payment, so you cash flow nicely.

因為貸款期限越長，每月還款額就越少。這樣你的現金流就好多了，麥克。因此我們知道這些GPU在市場上具有很高的殘值。因此，在兩年期限結束時，我們可以選擇出售它們以獲取收益。我們可以把它們轉租出去。有很多選擇。就這樣。但最重要的是——你只是想合理安排付款方式，以便現金流順暢。

Got it. And then on the depreciation, maybe.

知道了。然後還有折舊的問題，或許吧。

Yeah. On the depreciation side, I think you can take a look at what we've got in for the Q3 right now for the 9 months. As we've noted, there was some catch-up depreciation in there -- so if you sort of take the incremental amount that you've got from sort of Q1 to Q3, you can probably take that as running forward. Through Q3, we had all of our ASIC equipment up and running within Paraguay. So that's the best driver moving forward.

是的。關於折舊方面，我認為您可以看看我們目前為第三季未來九個月所做的準備。正如我們所指出的，其中包含一些追趕性折舊——因此，如果你把從第一季到第三季的增量金額算進去，你大概可以把它當作向前推進的金額。第三季度，我們在巴拉圭的所有 ASIC 設備都已投入運作。所以，這是目前為止最好的驅動力。

Got it. Thank you.

知道了。謝謝。

Of course.

當然。

Excellent. Thanks, Mike. Gareth Gacetta from Cantor close us out with your final question.

出色的。謝謝你，麥克。來自 Cantor 公司的 Gareth Gacetta 將以您最後一個問題來結束本次訪談。

Hi guys, I just wanted to dig in on any potential CapEx requirements for the remaining GPUs you have at Manitoba. So I know you said about 500 have been or will be deployed in 1Q. So I wanted to figure out kind of have the remaining 1,500 GPUs been purchased? And if not, how are you thinking about the funding for those? And lastly, is there any CapEx on the data center side of things at Manitoba?

大家好，我只是想了解你們在曼尼托巴省剩餘的GPU可能需要哪些資本支出。我知道你說過第一季已經或將要部署大約 500 人。所以我想弄清楚剩下的1500塊GPU是否已經售出？如果沒有，您打算如何籌措這些資金？最後，曼尼托巴省在資料中心方面是否有任何資本支出？

Thank you.

謝謝。

So, the 504, the purchases those were announced in November and the leasing or contract -- contracted term of those GPUs was really announced last week. And so those GPUs should be -- they're being delivered to the facility now and they're expected to go live. So really, the focus is to let the Street know that, that first cluster, 63-node cluster is being commissioned with InfiniBand and all the bells and whistles is going to be live with the client.

所以，504，那些採購是在 11 月宣布的，而這些 GPU 的租賃或合約——合約期限實際上是在上周宣布的。因此，這些 GPU 應該——它們現在正在運往工廠，預計很快就會投入使用。所以，重點是要讓華爾街知道，第一個集群，一個 63 節點的集群，正在部署 InfiniBand，所有附加功能都將上線並交付給客戶。

This quarter ends March 31. So very soon. We've got 6 weeks left in this quarter. And so I would say, stand by for updates on that. And so once that first cluster is deployed, Gareth, then we intend to reload very quickly. And this model is shaping up to prove to be very successful. And so our intent is to reload and repeat as we rent a cluster, get -- order another one, finance it in a similar way, and get it delivered, rent it out, rinse and repeat. I hope that's helpful. What was the second half of your question?

本季於3月31日結束。很快了。本季還剩6週。所以我想說，請大家耐心等待後續更新。所以，一旦第一個叢集部署完畢，Gareth，我們就打算很快重新載入。而這種模式正逐漸展現出其成功潛力。因此，我們的目的是重新加載並重複這個過程：租用一個集群，訂購另一個集群，以類似的方式融資，然後交付，出租，如此反覆。希望這能幫到你。你問題的後半部是什麼？

Just if there's any potential CapEx needed on the data center side of things at Manitoba.

只是看看曼尼托巴省的資料中心方面是否需要任何潛在的資本支出。

No, I mean there was, some deposits up front, but that was all taken care of 6 months.

不，我的意思是，確實有一些預付款，但這些都在 6 個月內付清了。

Thank you, guys. Thanks for sneaking me in.

謝謝大家。謝謝你偷偷帶我進來。

Excellent, thank you. That concludes our Q&A session and our Q3 2026 earnings call.

太好了，謝謝。我們的問答環節和2026年第三季財報電話會議到此結束。

Thank you for joining. We look forward to sharing more exciting announcements very soon and speaking to you again soon.

感謝您的參與。我們期待很快與您分享更多令人興奮的消息，並儘快再次與您交流。

Thank you.

謝謝。