Hut 8 Corp (HUT) 2025 Q1 法說會逐字稿

Good day. Thank you for standing by. Welcome to the Hut 8 first-quarter 2025 earnings conference call.

再會。感謝您的支持。歡迎參加 Hut 8 2025 年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Sue Ennis, Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係主管蘇·恩尼斯 (Sue Ennis)。請繼續。

Good morning. Welcome to Hut 8's first-quarter 2025 financial results conference call.

早安.歡迎參加 Hut 8 2025 年第一季財務業績電話會議。

Joining us, today, are our CEO, Asher Genoot; and our CFO, Sean Glennan.

今天與我們一起參加的有我們的執行長 Asher Genoot 和財務長 Sean Glennan。

Following the presentation, we will open the line for questions.

演講結束後，我們將開放提問熱線。

This event is being recorded. A transcript will be made available on our website.

此事件正在被記錄。成績單將在我們的網站上公佈。

In addition to the press release issued earlier today, our full quarterly report on Form 10-Q is available at www.hut8.com, on our EDGAR profile at www.sec.gov, and on our SEDAR+ profile at www.sedarplus.ca.

除了今天稍早發布的新聞稿外，我們的 10-Q 表季度報告全文也可在 www.hut8.com、www.sec.gov 的 EDGAR 資料庫和 www.sedarplus.ca 的 SEDAR+ 資料庫中查閱。

All figures discussed today are in US dollars.

今天討論的所有數字均以美元計算。

Certain statements made during this call may constitute forward-looking statements within the meaning of applicable securities laws. These statements reflect current expectations and are subject to risks and uncertainties that could cause actual results to differ, materially. Certain key risks are detailed in our Form 10-Q for the quarter ended March 31, 2025, our Form 10-K for the year ended December 31, 2024, and our other continuous disclosure documents.

本次電話會議中所做的某些聲明可能構成適用證券法所定義的前瞻性聲明。這些聲明反映了當前的預期，但受可能導致實際結果存在重大差異的風險和不確定性的影響。某些關鍵風險在我們截至 2025 年 3 月 31 日的季度 10-Q 表、截至 2024 年 12 月 31 日的年度 10-K 表以及我們的其他持續披露文件中詳細說明。

Except as required by law, we assume no obligation to update or revise any forward-looking statements.

除法律要求外，我們不承擔更新或修改任何前瞻性聲明的義務。

During the call, management may reference non-GAAP measures, such as adjusted EBITDA. We believe these metrics, alongside GAAP results, provide valuable insight into our performance. Reconciliations of GAAP and non-GAAP results are included in the tables accompanying today's press release, also available on our website.

在電話會議中，管理階層可能會參考非公認會計準則指標，例如調整後的 EBITDA。我們相信，這些指標以及 GAAP 結果能夠為我們的業績提供寶貴的見解。今天的新聞稿附帶的表格中包含了 GAAP 和非 GAAP 結果的對帳表，也可在我們的網站上查閱。

With that, I'll turn the call over to our CEO, Asher Genoot.

說完這些，我將把電話轉給我們的執行長 Asher Genoot。

Thanks, Sue. Good morning, everyone.

謝謝，蘇。大家早安。

Since our 2024 earnings call, we've made substantial progress against our 2025 roadmap. Last year was about restructuring the legacy Hut 8 business and setting the foundation for sustained long-term value creation. This year is about building on that foundation, investing in growth, and advancing our evolution as an integrated energy infrastructure platform.

自 2024 年收益電話會議以來，我們在 2025 年路線圖方面取得了實質進展。去年我們重組了 Hut 8 的傳統業務，為長期持續的價值創造奠定了基礎。今年我們將在此基礎上繼續努力，投資成長，並推動我們向綜合能源基礎設施平台的方向發展。

Against that backdrop, the first quarter marked a deliberate and necessary phase of investments designed to accelerate our development flywheel, unlock more capital-efficient growth, and better position our platform to deliver sustained long-term value.

在此背景下，第一季標誌著一個深思熟慮且必要的投資階段，旨在加速我們的發展飛輪，實現更有效率的資本成長，並更好地定位我們的平台以實現持續的長期價值。

With that, let's get started.

有了它，我們就開始吧。

The significance of the first quarter is clearest in the context of our broader 2025 strategy. Today, I'll begin by outlining that strategic context; then, review our results and what we believe to be a forward-looking drivers of value creation, catalyzed by our work. Sean will follow with a detailed financial review.

在我們更廣泛的 2025 策略背景下，第一季的重要性最為明顯。今天，我將首先概述這一戰略背景；然後回顧我們的成果以及我們認為由我們的工作催化的、具有前瞻性的價值創造驅動力。肖恩將隨後進行詳細的財務審查。

In 2024, we fundamentally transformed the legacy Hut 8 business, optimizing operations, fortifying our capital strategy, and developing a high-velocity utility scale power origination pipeline. In 2025, we are channeling that foundation and momentum into a new phase of growth and expansion.

2024 年，我們從根本上改變了傳統的 Hut 8 業務，優化了運營，強化了資本策略，並開發了高速公用事業規模的電力來源管道。2025年，我們將以此基礎和動能進入新的成長和擴張階段。

Driving us forward is our development flywheel, a framework that aligns four drivers of value creation: origination, investment, monetization, and optimization, under a single power-first strategy.

推動我們前進的是我們的發展飛輪，這是一個將四個價值創造驅動力（起源、投資、貨幣化和優化）整合在單一的權力優先策略下的框架。

The premise is simple. The more effectively we reinforce each driver, the faster we compound value. Our objective is to deliver returns faster and more efficiently than infrastructure development models constrained by traditional commercialization dynamics and capital cycles.

前提很簡單。我們越有效強化每個驅動因素，我們的價值複合速度就越快。我們的目標是比受傳統商業化動力和資本週期限制的基礎設施開發模式更快、更有效地獲得回報。

Origination and investment are the foundational drivers of our flywheel. Together, they shape the focus of the first quarter.

起源和投資是我們飛輪的基本驅動力。它們共同塑造了第一季的焦點。

Origination defines the scope and scale of our platform. In the first quarter, our focus was on maintaining the scale and velocity of our power origination pipeline. As of March 31, 2025, it spanned approximately 10,800 megawatts, with approximately 2,600 megawatts under exclusivity.

起源定義了我們平台的範圍和規模。第一季度，我們的重點是維持電力起源管道的規模和速度。截至 2025 年 3 月 31 日，其發電量約為 10,800 兆瓦，其中約 2,600 兆瓦屬於獨家發電量。

Investment follows origination and transforms our pipeline into tangible revenue-generating assets. Historically, our platform model required us to allocate capital across three businesses: Power, Digital Infrastructure, and Compute, each with distinct risk profiles, return horizons, and capital intensity. In practice, this often forced difficult trade-offs between power acquisition, data center build-out, and mining expansion.

投資緊隨其後，並將我們的管道轉化為有形的創收資產。從歷史上看，我們的平台模型要求我們在三個業務之間分配資本：電力、數位基礎設施和計算，每個業務都有不同的風險狀況、回報期限和資本強度。在實踐中，這常常迫使人們在電力取得、資料中心建設和採礦擴張之間做出艱難的權衡。

Breadth came at the expense of depth, limiting the velocity of our flywheel. This challenge isn't unique to Hut 8. Across the sector, operators face a structural choice, focused exclusively on mining or diversify into the broader digital infrastructure space. Few who pursue the latter do so with true strategic coherence.

廣度是以犧牲深度為代價的，限制了飛輪的速度。這項挑戰並非 Hut 8 獨有。在整個行業中，營運商面臨著結構性選擇，專注於採礦還是向更廣泛的數位基礎設施領域多元化發展。追求後者的人很少能真正具有戰略連貫性。

We believe our power-first approach to digital infrastructure development provides a structural advantage in navigating that complexity. Our business is built around long-term access to high-quality energy assets and our approach to digital infrastructure development is application-agnostic.

我們相信，我們在數位基礎設施開發方面以實力為先的方法在應對這種複雜性方面具有結構性優勢。我們的業務建立在長期獲取高品質能源資產的基礎上，我們的數位基礎設施開發方法與應用無關。

Developing data centers for Bitcoin mining ASIC compute allows us to scale our power layer aggressively, while preserving the flexibility to potentially transition assets to other high-value use cases in the future. Within this architecture, ASIC compute for Bitcoin mining introduced structural tension.

為比特幣挖礦 ASIC 運算開發資料中心使我們能夠積極擴展我們的電力層，同時保留未來將資產轉移到其他高價值用例的靈活性。在這種架構中，用於比特幣挖礦的 ASIC 計算引入了結構性張力。

Each dollar allocated to fleet expansion had to be weighed not only against expected returns but, also, against its impact on our broader platforms, capital structure, and strategic positioning, especially given the distinct investor expectations and capital demands tied to mining.

分配給船隊擴張的每一美元不僅要與預期回報進行權衡，還要權衡其對我們更廣泛的平台、資本結構和戰略定位的影響，特別是考慮到與採礦相關的不同的投資者期望和資本需求。

To strengthen the compounding effect of our flywheel, we sought to decouple investments in ASIC compute from our capital allocation framework with the aim of creating a dedicated vehicle that could scale independently, without diverting capital from our core power and digital infrastructure businesses. That imperative led to the creation of American Bitcoin.

為了加強飛輪的複合效應，我們試圖將對 ASIC 計算的投資與我們的資本配置框架脫鉤，目的是創建一個可以獨立擴展的專用工具，而不會從我們的核心電力和數位基礎設施業務中轉移資本。這項要求導致了美國比特幣的誕生。

Now, let's examine this transaction across three dimensions: the actions of the past that made it possible, its present-date impact on our first quarter results, and the future value we believe it will unlock.

現在，讓我們從三個維度來審視這筆交易：過去促成這筆交易的行動、它對我們第一季業績的當前影響，以及我們認為它將釋放的未來價值。

First, I'll review the strategic arc that led to the launch of American Bitcoin. From the outset, our objective was threefold: to create a structure that preserved our ability to monetize power assets through Bitcoin mining, maintain long-term capital exposure to potential Bitcoin upside for our shareholders, and resolve the capital allocation constraints embedded in our integrated platform model.

首先，我將回顧美國比特幣推出的戰略弧線。從一開始，我們的目標就有三個：創建一個結構，以保留我們透過比特幣挖礦將電力資產貨幣化的能力，為我們的股東維持對比特幣潛在上漲的長期資本敞口，並解決我們整合平台模型中嵌入的資本配置限制。

Since I stepped into the role of CEO last year, we have methodically laid the groundwork for a purpose-built standalone entity capable of fulfilling that mandate. We began preparing for the carve-out, even before capital partners like Coatue came on board, driven by our conviction that restructuring the platform was critical to unlocking long-term scalability and capital efficiency.

自從去年我擔任執行長以來，我們已經有條不紊地為建立一個能夠履行這項使命的獨立實體奠定了基礎。甚至在 Coatue 等資本合作夥伴加入之前，我們就已經開始為剝離做準備，因為我們堅信重組平台對於實現長期可擴展性和資本效率至關重要。

We restructured the business, instilling technology-driven operating rigor and improving unit economics. We built a utility-scale power origination pipeline, unlocking access to near-term power, at scale. We forged deep relationships across the mining value chain, including a partnership with BITMAIN to commercialize a next-generation ASIC miner. We designed proprietary direct-to-chip liquid-cooled ASIC compute infrastructure, which we believe will enable market-leading ASIC-computing density and efficiency.

我們重組了業務，灌輸技術驅動的營運嚴謹性並提高單位經濟效益。我們建立了公用事業規模的電力供應管道，大規模地解鎖短期電力供應。我們在整個採礦價值鏈中建立了深厚的關係，包括與比特大陸 (BITMAIN) 合作將下一代 ASIC 礦機商業化。我們設計了專有的直接晶片液冷 ASIC 運算基礎設施，我們相信這將實現市場領先的 ASIC 運算密度和效率。

And, this quarter, we executed a fleet upgrade, increasing our deployed hashrate to 9.3 exahash at an average fleet efficiency of approximately 20 joules per terahash, as of March 31, 2025.

本季度，我們進行了礦機群升級，將部署的哈希率提升至 9.3 exahash，截至 2025 年 3 月 31 日，平均礦機群效率約為每太拉哈希 20 焦耳。

Together, these initiatives form the foundation of what we believe is a durable structural competitive advantage for American Bitcoin.

我們認為，這些措施共同構成了美國比特幣持久結構性競爭優勢的基礎。

The business is purpose-built to accumulate Bitcoin at scale, with exceptional speed, capital efficiency, and operational leverage. As Sean will detail shortly, the resulting structure also embeds a dedicated anchor tenant into our broader platform.

該業務旨在大規模累積比特幣，具有卓越的速度、資本效率和營運槓桿。正如 Sean 稍後將詳細介紹的那樣，最終的結構還將一個專門的主力租戶嵌入到我們更廣泛的平台中。

Now, let's turn to the present. The impact of the initiatives we executed in the first quarter is reflected in our results. I'll share the highlights now and Sean will walk through the numbers in detail.

現在，讓我們回顧一下現在。我們在第一季實施的措施的影響已經反映在我們的業績中。我現在將分享亮點，肖恩將詳細介紹這些數字。

Note that our results for the comparison period have been restated under our new reporting structure.

請注意，我們的比較期結果已根據新的報告結構重述。

This quarter, our performance reflects both our strategic investments during the period and the broader macroeconomic forces that shaped the Bitcoin mining sector over the past year.

本季度，我們的業績既反映了我們在此期間的策略投資，也反映了過去一年影響比特幣挖礦業的更廣泛的宏觀經濟力量。

Revenue for the quarter was $21.8 million, down from $51.7 million in the prior year. This decline was driven primarily by two factors. First was planned downtime associated with our fleet upgrade, which not only involved the installation of higher efficiency machines but, also, targeted infrastructure upgrades at our sites to support higher rack level power density. Second was top-line pressure from the April 2024-halving and resulting increase in network difficulty.

本季營收為 2,180 萬美元，低於去年同期的 5,170 萬美元。這種下降主要由兩個因素造成。首先是與我們的機組升級相關的計劃停機時間，這不僅涉及安裝更有效率的機器，而且還涉及我們站點的有針對性的基礎設施升級，以支援更高的機架級功率密度。第二是 2024 年 4 月減半所帶來的頂線壓力以及由此導致的網路難度增加。

These dynamics contributed to a net loss of $134.3 million for the quarter versus net income of $250.7 million in the prior year; and adjusted EBITDA of negative $117.7 million, down from $297 million. The majority of this variance stems from $112.4 million non-cash loss on digital assets, under the new FASB fair value accounting rules.

這些動態導致本季淨虧損 1.343 億美元，而去年同期淨收入為 2.507 億美元；調整後 EBITDA 為負 1.177 億美元，低於去年同期的 2.97 億美元。根據新的 FASB 公允價值會計規則，這項差異大部分源自於數位資產 1.124 億美元的非現金損失。

During the first quarter, the price of Bitcoin declined from approximately $93,000 as of December 31, 2024, to $82,500 as of March 31, 2025, triggering a mark-to-market adjustment that impacted reported results. As expected, this phase of investment also introduced transitional cost pressure.

第一季度，比特幣價格從 2024 年 12 月 31 日的約 93,000 美元下跌至 2025 年 3 月 31 日的 82,500 美元，引發了以市價調整，影響了報告結果。正如預期的那樣，這一階段的投資也帶來了過渡成本壓力。

Our energy cost per megawatt hour rose to $51.71 from $40.06 in the prior year, driven primarily by fixed transmission and distribution charges at our sites, where we incur monthly costs, regardless of consumption. These fixed charges had an outsized impact during the quarter, due to planned downtime from our fleet upgrade. With reduced consumption, these costs were spread over a smaller base, inflating our average cost.

我們的每兆瓦時能源成本從去年的 40.06 美元上漲至 51.71 美元，主要原因是我們工廠的固定輸電和配電費用，無論消耗量多少，我們每月都會產生費用。由於我們機隊升級導致的計劃停機，這些固定費用在本季產生了巨大影響。隨著消費的減少，這些成本分攤到較小的基數上，增加了我們的平均成本。

Normal operating periods: when consumption scales with uptime, these costs are amortized over a larger base, reducing per unit cost. While this dynamic led to a meaningful increase, we remain confident in our ability to maintain a track record of highly-competitive energy costs.

正常運作期間：當消耗量隨著正常運作時間而擴大時，這些成本會在更大的基數上攤銷，從而降低單位成本。雖然這種動態導致了有意義的成長，但我們仍然有信心維持極具競爭力的能源成本記錄。

With the upgrade now complete and our new ASIC fleet fully deployed, we expect a step-change improvement in mining economics across American Bitcoin's footprint, beginning in the second quarter.

隨著升級的完成和我們新的 ASIC 礦機群的全面部署，我們預計從第二季開始，整個 American Bitcoin 的採礦經濟將顯著改善。

Finally, while our results reflect the near-term impact of planned investment and external headwinds, they also highlight the strength of our balance sheet and discipline behind our capital strategy.

最後，雖然我們的業績反映了計劃投資和外部不利因素的短期影響，但也凸顯了我們的資產負債表的強勁以及資本策略背後的紀律。

We ended the quarter with 10,264 Bitcoin held in reserve, representing $847.2 million in market value as of March 31, 2025, and remain capitalized to support continued growth. That strength reflects a consistent focus on capital efficiency and thoughtful structuring.

本季末，我們持有 10,264 枚比特幣作為儲備，截至 2025 年 3 月 31 日，其市值為 8.472 億美元，並保持資本充足以支持持續增長。這一優勢體現了對資本效率和周到結構的一貫關注。

A clear example is the Bitcoin-based agreement we structured with BITMAIN to support our fleet upgrade. Under the terms, we pledged approximately $100 million in Bitcoin at a strike price of approximately $104,000, slightly above the spot price of approximately $101,000 at the time.

一個明顯的例子是我們與比特大陸達成的基於比特幣的協議，以支援我們的機隊升級。根據條款，我們承諾以約 104,000 美元的執行價格認購約 1 億美元的比特幣，略高於當時約 101,000 美元的現貨價格。

If three months after the shipment, Bitcoin is trading above that price, we reclaim the Bitcoin and pay cash. If not, we simply walk away with no further obligation. In effect, we secured new hardware, while retaining a no-cost call option on Bitcoin upside.

如果發貨三個月後，比特幣的交易價格高於該價格，我們將收回比特幣並支付現金。如果沒有，我們就會直接離開，不再承擔任何義務。實際上，我們獲得了新的硬件，同時保留了比特幣上漲的無成本看漲期權。

Stepping back, this quarter represents the first in building on the foundation we established in 2024. The investments we made were deliberate. And we believe they will begin compounding, meaningfully, in the quarters ahead.

回顧一下，本季是我們在 2024 年奠定的基礎之上的第一個季度。我們所做的投資是經過深思熟慮的。我們相信，在未來幾個季度裡，它們將開始顯著複合成長。

We executed our fleet upgrade, launched American Bitcoin, and advanced key infrastructure projects, including the continued development of our Vega data center and initial site work at our River Bend site.

我們執行了車隊升級，推出了 American Bitcoin，並推動了關鍵基礎設施項目，包括繼續開發 Vega 資料中心和在 River Bend 站點進行初步現場工作。

In total, we invested $63.3 million in property and equipment we believe will drive sustained margin expansion, capital productivity, and platform yield.

總體而言，我們在房地產和設備上投資了 6,330 萬美元，我們相信這將推動利潤率持續擴大、資本生產力和平台收益。

Our fleet upgrade delivered a 79% increase in deployed hashrate and a 37% improvement in fleet efficiency quarter over quarter.

我們的機隊升級使部署的哈希率比上一季增加了 79%，機隊效率比上一季提高了 37%。

Despite a roughly four-week delay due to customs clearance, strong coordination between our commercial and operation teams enabled us to accelerate deployment, once the hardware cleared ports and complete the upgrade efficiently.

儘管由於通關原因延誤了大約四周，但我們的商業和營運團隊之間的密切協調使我們能夠在硬體清關後加快部署並高效完成升級。

During the quarter, we also energized a test rack module at Salt Creek in preparation for the energization of our next-generation ASIC compute architecture at Vega. Vega is a key strategic asset due to its technical architecture, which we believe reflects where the broader industry is headed.

本季度，我們也為 Salt Creek 的一個測試機架模組通電，為 Vega 的下一代 ASIC 運算架構通電做準備。Vega 因其技術架構而成為關鍵的策略資產，我們相信這反映了整個產業的發展方向。

Our proprietary rack-based direct-to-chip liquid-cooling system for ASIC compute is designed to meet the demands of denser, more power-intensive compute. The proprietary system, including pump skids, fluid distribution networks, server racks, switchboards, and smart power distribution units was designed in-house to optimize thermal efficiency, minor stability, and operational reliability.

我們專有的基於機架的直接晶片液體冷卻系統用於 ASIC 運算，旨在滿足更密集、更耗電的運算需求。此專有系統包括泵橇、流體分配網路、伺服器機架、配電盤和智慧配電單元，均由內部設計，以優化熱效率、輕微穩定性和運作可靠性。

This system design is expected to enable materially higher compute density, greater thermal control, and improved uptime in high ambient environments like Texas, where air-cooled ASICs are prone to thermal throttling and failure. Early results show clear performance advantages from liquid-to-chip cooling over traditional air systems, particularly during peak temperature periods.

該系統設計預計將在德克薩斯州等高環境溫度下實現更高的運算密度、更好的熱控制和更長的正常運行時間，因為在這種環境中，風冷 ASIC 容易出現熱節流和故障。早期結果顯示，液體到晶片冷卻比傳統空氣系統具有明顯的性能優勢，特別是在峰值溫度期間。

As we energize and scale the site, we expect these gains to translate into higher realized hashrate and lower failure rates. To support this next-generation infrastructure, we took targeted steps to build durable technical leverage and drive long-term returns.

隨著我們為網站注入活力並擴大其規模，我們預計這些收益將轉化為更高的實際哈希率和更低的故障率。為了支持下一代基礎設施，我們採取了有針對性的措施來建立持久的技術槓桿並推動長期回報。

We established site level operating infrastructure at Vega, onboarded dedicated management for the site, and expanded our team with professionals from leading hyperscale operators like Microsoft to support enterprise-grade reliability and uptime.

我們在 Vega 建立了站點級營運基礎設施，為站點配備了專門的管理人員，並擴大了我們的團隊，吸收了來自微軟等領先超大規模運營商的專業人員，以支持企業級的可靠性和正常運行時間。

In parallel, we developed new software tools within reactor and operator built specifically to optimize energy consumption at Vega and automate ASIC level operations across our platform.

同時，我們在反應器和操作員內部開發了新的軟體工具，專門用於優化 Vega 的能源消耗並在我們的平台上實現 ASIC 等級操作自動化。

Put simply, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the coming quarters.

簡而言之，第一季是刻意且必要的投資階段。我們相信這項工作的回報將在未來幾季變得越來越明顯。

With that said, let's look to the future. The launch of American Bitcoin marks a pivotal shift in our platform trajectory, accelerating our transition to power and digital infrastructure.

話雖如此，讓我們展望未來。American Bitcoin 的推出標誌著我們平台發展軌蹟的關鍵轉變，加速了我們向電力和數位基礎設施的轉型。

The streamlined capital allocation framework, made possible by the carve-out of our Bitcoin mining business, reinforces our ability to scale lower cost of capital businesses, such as high-performance computing.

透過剝離我們的比特幣挖礦業務，我們實現了精簡的資本配置框架，這增強了我們擴展高效能運算等低成本資本業務的能力。

Because American Bitcoin remains strategically integrated in our platform as a dedicated anchor client, we also retain our ability to monetize power assets rapidly through mining. The carve-out not only streamlines our capital allocation framework but, also, drives cash flow predictability, positioning us to compound value through more predictable contracted sources of revenue.

由於 American Bitcoin 仍然作為專用錨定客戶策略性地融入我們的平台，因此我們也保留了透過挖礦快速將電力資產貨幣化的能力。此項剝離不僅簡化了我們的資本配置框架，而且還提高了現金流的可預測性，使我們能夠透過更可預測的合約收入來源實現複合價值。

At the same time, our retained ownership in American Bitcoin preserves exposure to Bitcoin, without the balance sheet burden of further parent level investments in mining hardware.

同時，我們保留的 American Bitcoin 所有權保留了對比特幣的投資，而無需承擔母公司在採礦硬體方面進一步投資的資產負債表負擔。

We believe this structure offers a distinct advantage across both the mining and broader digital infrastructure sectors, enabling us to deliver a more robust, diversified value proposition to our shareholders.

我們相信，這種結構在採礦業和更廣泛的數位基礎設施領域都具有獨特的優勢，使我們能夠向股東提供更強勁、更多樣化的價值主張。

In summary, the first quarter was a deliberate and necessary phase of investment designed to unlock the potential of our development flywheel and reposition our platform for faster, more efficient value creation.

總而言之，第一季是一個深思熟慮且必要的投資階段，旨在釋放我們發展飛輪的潛力並重新定位我們的平台，以實現更快、更有效率的價值創造。

With the launch of American Bitcoin, we streamlined our mandate, refined our capital allocation framework, and cemented our focus on power and digital infrastructure. While projects in these sectors take time to commercialize, we believe demand remains strong as we continue to make progress with creditworthy partners.

隨著 American Bitcoin 的推出，我們簡化了我們的任務，完善了我們的資本配置框架，並鞏固了我們對電力和數位基礎設施的關注。雖然這些領域的專案需要時間才能商業化，但我們相信，隨著我們與信譽良好的合作夥伴不斷取得進展，需求依然強勁。

We're executing alongside proven leaders in data center design, construction, and operations. And we're increasingly confident in our ability to play a differentiated role in this evolving market. That conviction is already taking shape across key projects on the ground:

我們與資料中心設計、建置和營運領域經驗豐富的領導者一起努力。我們對自己在這個不斷發展的市場中發揮差異化作用的能力越來越有信心。這項信念已在當地的關鍵項目中逐漸顯現：

Development at Vega continues to advance on track for energization in the second quarter.

Vega 核電廠的開發工作持續按計畫推進，預計第二季投入運作。

During the quarter, we secured 592 acres of land in Louisiana for our River Bend data center campus, which is being developed with the aim of supporting a utility-scale data center campus for high-performance computing. Initial site work is now underway, including clearing and grubbing across 75 acres for the switchyard, substation, laydown yards, and utility corridors.

本季度，我們在路易斯安那州的 River Bend 資料中心園區獲得了 592 英畝的土地，該園區的開發目標是支援一個用於高效能運算的公用事業規模的資料中心園區。目前，初步現場工作正在進行中，包括清理和挖掘佔地 75 英畝的開關站、變電站、堆場和公用設施走廊。

In parallel, we've advanced two additional AI data center projects, which, if secured, would add over 230 megawatts of IT load capacity to our platform. We're still in the early innings of this transition but we believe the path forward is clear and the logic behind our platform has never been stronger.

同時，我們也推進了另外兩個人工智慧資料中心項目，如果獲得批准，將為我們的平台增加超過 230 兆瓦的 IT 負載容量。我們仍處於這一轉型的早期階段，但我們相信前進的道路是明確的，我們平台背後的邏輯從未如此強大。

We look forward to updating you next quarter, as we continue to execute on our 2025 roadmap and as we build an enduring generational business at the intersection of energy and technology.

我們期待在下個季度向您更新最新情況，因為我們將繼續執行我們的 2025 年路線圖，並在能源和技術的交匯處建立持久的世代業務。

With that, I'll turn it over to Sean.

說完這些，我就把麥克風交給肖恩。

Thanks, Asher. Good morning, everyone.

謝謝，阿舍爾。大家早安。

I'll start by reiterating that the first quarter was a focused phase of investment designed to accelerate Hut 8's evolution as an integrated energy infrastructure platform and shift our revenue base towards more predictable and financeable lower cost of capital segments. That strategic objective shapes the work we did this quarter; most notably, the structuring and launch of American Bitcoin.

首先我要重申，第一季是投資的重點階段，旨在加速 Hut 8 作為綜合能源基礎設施平台的發展，並將我們的收入基礎轉向更可預測、更可融資、資本成本更低的部分。該戰略目標決定了我們本季所做的工作；最值得注意的是美國比特幣的建構和推出。

My remarks today will follow the logic of that transaction. I'll begin with the long-term economics and structural value unlocked by the commercial framework between Hut 8 and American Bitcoin. From there, I'll review our first-quarter results by segment, including the cost dynamics introduced by this period of investment. Finally, I'll close with an update on our capital planning and investment priorities for the remainder of the year.

我今天的發言將遵循這項交易的邏輯。我首先會談談 Hut 8 和美國比特幣之間的商業框架所釋放的長期經濟和結構價值。從那裡，我將按部門回顧我們第一季的業績，包括此投資期引入的成本動態。最後，我將介紹今年剩餘時間的資本規劃和投資重點的最新情況。

Let's begin with the long-term value creation embedded in our agreements with American Bitcoin.

讓我們從與 American Bitcoin 的協議中所蘊含的長期價值創造開始。

Going forward, all Bitcoin mining operations previously reported under Hut 8's Compute segment will operate through American Bitcoin and will be consolidated under Hut 8's existing reporting structure. While our objective is to execute a go-public transaction for American Bitcoin and our ownership position is expected to be diluted over time, American Bitcoin's economics will, for now, be consolidated under Hut 8's Compute segment, given our control position.

展望未來，先前在 Hut 8 計算部門下報告的所有比特幣挖礦業務都將透過 American Bitcoin 運營，並將合併到 Hut 8 現有的報告結構下。雖然我們的目標是讓 American Bitcoin 上市，而且我們的所有權地位預計會隨著時間的推移而被稀釋，但鑑於我們的控制地位，American Bitcoin 的經濟目前將合併到 Hut 8 的計算部門下。

To enable this transition and enhance long-term revenue visibility for Hut 8, we've implemented a commercial framework across three agreements that convert the cyclical economics of our legacy Bitcoin mining operations into stable contracted revenue streams within our Power and Digital Infrastructure segments.

為了實現這一轉變並提高 Hut 8 的長期收入可見性，我們在三項協議中實施了一個商業框架，將我們傳統比特幣挖礦業務的周期性經濟轉化為我們電力和數位基礎設施部門內穩定的合約收入流。

An additional benefit from having American Bitcoin as an anchor tenant is that it reinforces our development flywheel, as we now have a dedicated utility-scale offtaker to accelerate the monetization cycle of our robust powered land pipeline.

擁有 American Bitcoin 作為主力租戶的另一個好處是，它加強了我們的發展飛輪，因為我們現在擁有一個專門的公用事業規模的承購商，可以加速我們強大的動力陸地管道的貨幣化週期。

American Bitcoin also benefits from a dedicated partner providing access to a pipeline of new sites to support its growth. Let's discuss each aforementioned agreement in turn.

American Bitcoin 也受益於一個專門的合作夥伴，該合作夥伴提供了一系列新網站的存取權限，以支持其發展。讓我們依序討論上述每一項協議。

First is the colocation agreement, which gives Hut 8 the exclusive right to host American Bitcoin's ASIC miners at its sites. This agreement generates recurring fiat-based revenue for Hut 8's Digital Infrastructure segment, under our ASIC colocation business line. From an economic perspective, we have structured the colocation agreement to achieve a payback roughly equivalent to the depreciation cycle of the miners that they host.

首先是主機代管協議，該協議賦予 Hut 8 在其網站上託管 American Bitcoin ASIC 礦機的獨家權利。該協議將為 Hut 8 的 ASIC 主機託管業務線下的數位基礎設施部門帶來經常性法定收入。從經濟角度來看，我們建立了主機託管協議，以實現大致相當於其託管的礦工的折舊週期的回報。

Second is the managed services agreement, which you can think of as an asset management and O&M agreement. Structurally, this comprises a fixed price component, along with the pass-through of certain operational costs. This creates a second recurring fiat-based revenue stream within Hut 8's Power segment under managed services, while allowing American Bitcoin to leverage Hut 8's proven mining operations platform.

第二是託管服務協議，你可以將其視為資產管理和營運維護協議。從結構上看，這包括固定價格部分以及某些營運成本的轉嫁。這在 Hut 8 的託管服務電力部門中創造了第二個基於法定貨幣的經常性收入來源，同時允許 American Bitcoin 利用 Hut 8 成熟的採礦運營平台。

And third is the shared services agreement through which Hut 8 will manage American Bitcoin's core business and back-office functions. This agreement is designed to minimize the burden of building and maintaining business functions in-house, allowing American Bitcoin to scale with a lean SG&A-light cost structure. We believe this will make American Bitcoin one of the most efficient miners in the industry.

第三是共享服務協議，Hut 8 將透過該協議管理 American Bitcoin 的核心業務和後台功能。該協議旨在最大限度地減少內部建置和維護業務功能的負擔，使 American Bitcoin 能夠以精簡的銷售、一般及行政費用 (SG&A) 輕成本結構進行擴展。我們相信這將使 American Bitcoin 成為業內最高效的礦工之一。

Now, let's turn to our segment results.

現在，讓我們來看看我們的分部業績。

We begin with Power. Segment revenue declined from $9.9 million to $4.4 million year over year, driven primarily by an $8.2 million reduction in managed services revenue, following the termination of our managed services agreement with IONIC Digital. This was offset, partially, by a $2.7 million increase in power-generation revenue from our natural gas power plants in Ontario, which we own and operate through a joint venture with Macquarie.

我們從力量開始。分部收入從去年同期的 990 萬美元下降至 440 萬美元，主要原因是我們與 IONIC Digital 終止託管服務協議後，託管服務收入減少了 820 萬美元。這部分被我們透過與麥格理的合資企業擁有和營運的安大略省天然氣發電廠的 270 萬美元發電收入增加所抵消。

In our Digital Infrastructure segment, revenue declined from $5.8 million to $1.3 million, driven primarily by the termination of our ASIC colocation agreement with IONIC Digital. While this termination impacted top line during the quarter, it released critical rack capacity at our sites, which were reallocated to support our fleet upgrade ahead of the launch of American Bitcoin.

在我們的數位基礎設施部門，收入從 580 萬美元下降到 130 萬美元，主要原因是我們與 IONIC Digital 終止了 ASIC 主機託管協議。雖然此次終止影響了本季的營收，但它釋放了我們站點的關鍵機架容量，這些容量被重新分配以支援我們在 American Bitcoin 推出之前進行機隊升級。

Prior to the launch of American Bitcoin, we expected our Digital Infrastructure segment to reflect revenue from our ASIC colocation agreement at our Vega site with BITMAIN starting in the second quarter.

在推出 American Bitcoin 之前，我們預計我們的數位基礎設施部門將從第二季開始反映我們與 BITMAIN 在 Vega 站點簽訂的 ASIC 主機託管協議的收入。

However, with the launch of American Bitcoin, we now expect the following to happen. If we exercise our purchase option with BITMAIN for the 15 exahash of machines that are heading to Vega, that ASIC colocation revenue would instead be recognized through our colocation agreement with American Bitcoin.

然而，隨著美國比特幣的推出，我們現在預計以下情況將會發生。如果我們行使與 BITMAIN 的購買選擇權，購買即將運往 Vega 的 15 exahash 機器，那麼 ASIC 託管收入將透過我們與 American Bitcoin 的託管協議來確認。

Finally, we turn to our Compute segment, which bore the greatest impact from both our investments and sector-wide headwinds. Segment revenue declined from $32.1 million to $16.1 million year over year, reflecting two primary drivers: planned downtime related to our fleet upgrade and top-line pressure from the April 2024 halving, which drove higher network difficulty and lower hashprice. These dynamics were both anticipated and necessary.

最後，我們來看看計算部門，該部門受到我們的投資和整個行業不利因素的最大影響。分部收入從去年同期的 3,210 萬美元下降至 1,610 萬美元，主要原因有兩個：與礦機群升級相關的計畫停機時間，以及 2024 年 4 月減半帶來的營收壓力，這導致網路難度增加和哈希價格下降。這些動態都是可以預見的，也是必要的。

The downtime enabled us to complete infrastructure upgrades and our fleet upgrade. We ended the quarter with 9.3 exahash of deployed hashrate at an efficiency of approximately 20 joules per terahash, representing a 79% increase in hashrate and a 37% improvement in efficiency quarter over quarter. These gains lay the foundation for a step-change in top-line performance beginning in the second quarter.

停機時間使我們能夠完成基礎設施升級和車隊升級。本季末，我們部署的哈希率達到 9.3 exahash，效率約為每太拉赫 20 焦耳，與上一季相比，哈希率增加了 79%，效率提高了 37%。這些收益為第二季開始的營收表現的大幅提升奠定了基礎。

As Asher noted earlier, the launch of American Bitcoin introduced a set of onetime investments and setup costs required to execute the carve-out and establish the foundation for American Bitcoin's ambitious growth roadmap.

正如 Asher 之前指出的那樣，American Bitcoin 的推出引入了一系列一次性投資和設置成本，這些投資和成本是執行剝離和為 American Bitcoin 雄心勃勃的成長路線圖奠定基礎所必需的。

General and administrative expenses were $21.1 million versus $20 million in the prior year. The net increase of $1.1 million reflects approximately $5.8 million in strategic investments, including a $3.4 million increase in salary and benefits related to headcount expansion, a $1.3 million increase in transaction costs tied directly to the carve-out, and a $1.1 million increase in legal and tax advisory fees. These increases were partially offset by reductions in non-core and non-cash expenses, including restructuring charges, acquisition-related costs and stock-based compensation.

一般及行政開支為 2,110 萬美元，而上年同期為 2,000 萬美元。110 萬美元的淨增加反映了約 580 萬美元的策略性投資，包括與員工人數擴張相關的工資和福利增加 340 萬美元、與剝離直接相關的交易成本增加 130 萬美元，以及法律和稅務諮詢費增加 110 萬美元。這些成長部分被非核心和非現金支出的減少所抵消，包括重組費用、收購相關成本和股票薪酬。

While the net impact on SG&A was modest, these investments and fees enabled the carve-out of our mining business, positioned American Bitcoin for capital-efficient scale, and realigned our broader platform around contracted fiat-based revenue streams. Moreover, as a former banker, I can say that we managed to keep fees well below what I've seen often in my career.

雖然對銷售、一般和行政費用的淨影響不大，但這些投資和費用使我們能夠剝離採礦業務，使 American Bitcoin 實現資本高效的規模，並圍繞基於法定貨幣的合約收入流重新調整我們更廣泛的平台。此外，作為一名前銀行家，我可以說，我們設法將費用保持在遠低於我職業生涯中經常看到的水平。

I'll turn now to an update on our capital planning and investment priorities across the broader Hut 8 platform. Near-term CapEx will primarily fund the completion of our Vega site and advance the development of our River Bend campus.

現在我將介紹整個 Hut 8 平台的資本規劃和投資重點的最新情況。近期資本支出將主要用於資助我們 Vega 工廠的完工以及推動我們 River Bend 園區的開發。

At Vega, we have deployed more than 70% of planned capital, as of the end of the period. We remain on track to complete the final phase of investment and construction in the second quarter, targeting an all-in cost of approximately $400,000 per megawatt or approximately $80 million in total across 205 megawatts. As American Bitcoin scales, we expect Vega to serve as a replicable blueprint for rapid, capital-efficient build-out of next-generation Bitcoin mining infrastructure.

在 Vega，截至本期末，我們已部署了超過 70% 的計畫資本。我們仍有望在第二季完成投資和建設的最後階段，目標是每兆瓦總成本約為 40 萬美元，或 205 兆瓦總成本約為 8,000 萬美元。隨著美國比特幣規模的擴大，我們預計 Vega 將成為快速、資本高效建設下一代比特幣挖礦基礎設施的可複製藍圖。

At River Bend, our strategy reflects the disciplined capital allocation philosophy. To date, we have deployed only a de minimis portion of the project's expected total cost [of] around 2%, sufficient to maintain execution and power readiness, while avoiding significant speculative exposure.

在 River Bend，我們的策略體現了嚴謹的資本配置理念。到目前為止，我們僅部署了該專案預計總成本的約 2% 的極小部分，足以維持執行和電力準備，同時避免重大投機風險。

Certain opportunities we are underwriting today follow a yield on cost model with pass-through economics, which mitigates cost risk. Under this model, we expect our capital exposure to remain a fraction of total system cost, even at full build-out.

我們今天承保的某些機會遵循成本收益率模型和轉嫁經濟，從而降低成本風險。在這種模式下，我們預計，即使在全面建設的情況下，我們的資本風險也只佔系統總成本的一小部分。

As we think about ultimately funding some of these larger-scale data center projects, we believe we are well capitalized to execute on our strategy and ended the quarter with a strong liquidity position. From inception to quarter end, we have raised $275.5 million in net proceeds from our ATM program, selling 9.8 million shares at a weighted average price of $28.23.

當我們考慮最終為這些較大規模的資料中心專案提供資金時，我們相信我們有足夠的資金來執行我們的策略，並且在本季度結束時擁有強大的流動性狀況。從成立到季度末，我們從 ATM 計劃中籌集了 2.755 億美元的淨收益，以 28.23 美元的加權平均價格出售了 980 萬股。

Our ability to move decisively on high-return growth opportunities is further underpinned by 10,264 Bitcoin held in reserve, all of which will remain on the parent company's balance sheet and were valued at $847.2 million at quarter end.

我們果斷抓住高回報成長機會的能力得到了 10,264 比特幣儲備的支持，所有這些比特幣都將保留在母公司的資產負債表上，季度末的價值為 8.472 億美元。

With ABTC now focused on becoming a Bitcoin accumulation vehicle, the Bitcoin on Hut 8's balance sheet is available to be deployed into high-growth projects.

由於 ABTC 目前專注於成為比特幣累積工具，Hut 8 資產負債表上的比特幣可部署到高成長項目。

As always, we will continue to balance managing enterprise risk with shareholder dilution. Fortunately, few asset classes in recent history have attracted capital at the pace and scale seen in the data center sector. As such, there is a plethora of funding mechanisms at the project level.

像往常一樣，我們將繼續在管理企業風險和股東稀釋之間取得平衡。幸運的是，近代歷史上很少有資產類別能夠像資料中心領域一樣吸引資本的速度和規模。因此，專案層面存在大量的融資機制。

On the equity side of the project level, there is a range of options from third-party equity, preferred equity, and operational JVs.

在專案層面的股權方面，有第三方股權、優先股權和經營合資企業的一系列選擇。

And, on the debt side, the project finance market remains robust and healthy.

在債務方面，專案融資市場依然強勁健康。

In total, these options allow us to fine-tune capitalization to drive the highest risk-adjusted returns for our shareholders.

總的來說，這些選項使我們能夠微調資本化，從而為股東帶來最高的風險調整回報。

I'll close by revisiting the foundation Asher laid at the start of this call.

最後，我將重新回顧 Asher 在本次通話開始時所奠定的基礎。

Last year was about restructuring the legacy Hut 8 business and setting the foundation for sustained long-term value creation. This year is about building, investing in growth, and advancing our evolution as an integrated energy infrastructure platform.

去年我們重組了 Hut 8 的傳統業務，為長期持續的價值創造奠定了基礎。今年我們將致力於建造、投資成長並推動我們作為綜合能源基礎設施平台的發展。

The first quarter reflected that shift. It was a deliberate and necessary phase of investment designed to accelerate our development flywheel, unlock more capital-efficient growth, and better position our platform to deliver sustained long-term value.

第一季就體現了這種轉變。這是一個經過深思熟慮且必要的投資階段，旨在加速我們的發展飛輪，實現更有效率的資本成長，並更好地定位我們的平台以提供持續的長期價值。

We believe the benefits of that work are already beginning to materialize and that their impacts will compound in the quarters ahead.

我們相信，這項工作的效益已經開始顯現，其影響將在未來幾季加劇。

With that, operator, please open the line for Q&A.

好了，接線員，請開通問答專線。

(Operator Instructions)

（操作員指示）

George Sutton, Craig-Hallum.

喬治·薩頓、克雷格·哈勒姆。

Quite a bit of information on the call. So I'm just curious if you could walk through the River Bend message that you had.

通話中有很多資訊。所以我只是好奇您是否可以講解一下您所收到的 River Bend 訊息。

I think you were suggesting that this would be a yield on cost transaction. But I'm not sure if you were specifying that specific project.

我認為您暗示的是這將是成本收益交易。但我不確定您是否指定了該特定項目。

But any update on the work that you've started to do at River Bend would be helpful.

但是，您在 River Bend 開始進行的工作的任何更新都會有所幫助。

George, Asher here. Happy to jump in and go through that.

喬治，我是阿舍爾。很高興能夠參與並經歷這一切。

We did not clarify the type of structure yield on cost. But across the different projects that we have, some of the projects are more triangulated around yield on cost model and other projects are a fixed rate per kilowatt month.

我們沒有明確結構成本收益率的類型。但在我們擁有的不同項目中，一些項目更多地圍繞成本收益模型進行三角測量，而其他項目則是每千瓦月固定費率。

So depending on the project, the structure is different. But we haven't shared what we're doing at River Bend yet.

因此，根據項目的不同，結構也是不同的。但我們尚未分享我們在 River Bend 所做的事情。

In regards to River Bend, as we shared in the last earnings, we closed on the project. it's 592 acres of land in Louisiana at the River Bend campus.

關於 River Bend，正如我們在上次收益中所分享的，我們已經完成了這個專案。它位於路易斯安那州的 River Bend 校區，佔地 592 英畝。

We've already started investing in initial site work. And so, that includes civil work, initial substation work. So that's about 75 acres of the land and being able to hand over that switchyard to Entergy so they can start building out or hand over that land to Entergy so they can start building out their switchyard, while we're building out the substation in parallel with it.

我們已經開始投資初步的場地工作。因此，這包括土木工程、初始變電站工程。因此，這大約是 75 英畝的土地，我們可以將那個開關站移交給 Entergy，這樣他們就可以開始建造，或者將那塊土地移交給 Entergy，這樣他們就可以開始建造他們的開關站，同時我們正在同時建造變電站。

And so, for us, as we think about investment projects on data center builds in areas like River Bend where it's not a primary data center market, we will invest in some of the initial work, which is a nominal percentage of the overall budget of the data center, to make sure it continues to be on track, while we're working on the overall data center build; wherein, other sites where they're in more primary data center markets, we may invest a bit more capital in some of the data-center critical components.

因此，對我們來說，當我們考慮在 River Bend 等非主要數據中心市場的地區投資建設數據中心時，我們將投資一些前期工作，這僅佔數據中心總體預算的一小部分，以確保在我們致力於整體數據中心建設的同時，項目繼續按計劃進行；而在其他更主要的數據中心市場，我們可能會在一些數據中心關鍵組件上投入更多資金。

But we're thoughtful on making sure that the capital that we deploy; that it's recoupable in all scenarios and with all customer profiles.

但我們會深思熟慮，確保我們部署的資本在所有場景和所有客戶情況下都可以收回。

Just one other thing on the colocation agreement with American Bitcoin. You mentioned the payback would be roughly equivalent to the depreciation of the miners.

關於與 American Bitcoin 的主機代管協議還有一件事。您提到回報大致相當於礦工的折舊。

Can you just walk through the logic of that agreement?

您能簡單解釋一下該協議的邏輯嗎？

The way that we think about our economic interest with American Bitcoin and just our overall exposure and value creation from the Hut 8 perspective is threefold.

我們從三個方面來思考美國比特幣的經濟利益以及從 Hut 8 的角度來看我們的整體曝光和價值創造。

The first is through the agreements that we have and the revenues we generate through that agreement. So that is the colocation agreement in which they are a colocation tenant. They place their ASICs in our data centers and we allow them to use the data centers in order to operate their ASICs.

首先是透過我們達成的協議以及透過該協議產生的收入。這就是他們作為主機託管租戶的主機託管協議。他們將他們的 ASIC 放置在我們的資料中心，我們允許他們使用資料中心來操作他們的 ASIC。

The second is a managed services agreement in which we're the service operators to actually operate those data centers, on behalf of them.

第二個是託管服務協議，我們是服務業者，代表他們實際經營這些資料中心。

And the third is a shared services agreement where we essentially split SG&A, think supporting functions such as legal, HR, accounting, and so forth. And we're able to share those talents and those resources with American Bitcoin to fuel that business. We do that one at cost and that pass-through. And so, that's the first layer.

第三個是共享服務協議，我們基本上拆分了銷售、行政和行政管理費用，以及法律、人力資源、會計等支援職能。我們能夠與 American Bitcoin 分享這些人才和資源，以推動該業務的發展。我們以成本價進行此項工作，並將其轉嫁出去。這就是第一層。

We look at the returns of colocation relative to some of the deals that we're looking at, actually, on the traditional data center side and account for, obviously, the risk of the market, the halving cycles, and so forth.

我們研究了主機託管相對於我們正在研究的一些傳統資料中心交易的回報，顯然也考慮了市場風險、減半週期等因素。

We'll share more details on the exact economics between those two, as those numbers get reflected in our Q2 results.

我們將分享有關這兩家公司之間的確切經濟狀況的更多細節，因為這些數字將反映在我們的第二季業績中。

The second area of value creation for Hut 8 is obviously our equity ownership in American Bitcoin. We're large shareholders in [our] company. We believe that the company has a ton of upside and has extreme value that can be created, both in being a Bitcoin mining leader now not having to be restrained and can really fuel growth but, also, in being a Bitcoin accumulator. So we're very excited by our ownership and our equity stake within the entity.

Hut 8 的第二個價值創造領域顯然是我們在美國比特幣的股權。我們是公司的大股東。我們相信，該公司擁有巨大的上升空間，可以創造極大的價值，既可以成為比特幣挖礦的領導者，現在不必受到限制，可以真正推動成長，也可以成為比特幣的累積者。因此，我們對我們在該實體內的所有權和股權感到非常興奮。

And then, lastly, is the strategic alliance here. Something we've always shared, over the course of the last couple of quarters, is that Bitcoin mining, we've always seen as continuing to be strategic to our overall energy infrastructure platform. And the main reason for that is when competitors of ours that are just data center operators cannot go and acquire a land because they're not sure if they can bring a customer to an area that is more rural, we have the ability to place a Bitcoin mining facility there as a consumer of last resort and we can consume and monetize those assets.

最後，是策略聯盟。在過去幾季中，我們一直在分享的一點是，我們始終認為比特幣挖礦對我們的整體能源基礎設施平台具有持續的戰略意義。主要原因是，當我們的競爭對手只是資料中心營運商時，由於不確定是否能將客戶帶到更偏遠的地區而無法去購買土地，而我們有能力在那裡建立一個比特幣挖礦設施，作為最後的消費者，我們可以消費和貨幣化這些資產。

And, over the long term, if the power dynamics change, demand profile change, American Bitcoin can say, you know what, why don't we move these ASICs to another facility that may have more competitive power since more data center demand is coming here? And, at Hut 8, we can convert that to data centers or to other high-intensity use cases, as well.

而且，從長遠來看，如果權力動態發生變化，需求狀況發生變化，美國比特幣可以說，你知道嗎，既然這裡對資料中心的需求越來越大，為什麼我們不將這些 ASIC 轉移到另一個可能具有更多競爭力的設施呢？而且，在 Hut 8，我們也可以將其轉換為資料中心或其他高強度用例。

So there's a cash flow financial benefit through these agreements between the two parties. There is an equity interest in the value of that equity, as we believe it will appreciate. And then, the third is a strategic alignment between the two companies, as well.

因此，透過雙方之間的這些協議可以帶來現金流財務利益。我們相信該股權的價值會升值，因此我們對該股權的價值有股權利益。第三點是兩家公司之間的策略協調。

And so, that's why I believe that American Bitcoin is extremely well positioned, because without those three prongs, it's really hard for this type of structure to work. But because there's such a synergistic alignment between the two entities: really, one plus one here is greater than two.

所以，這就是為什麼我相信美國比特幣處於非常有利的地位，因為如果沒有這三個支柱，這種結構就很難發揮作用。但因為兩個實體之間存在著這樣的協同作用：實際上，一加一大於二。

Paul Golding, Macquarie.

麥格理銀行的保羅‧戈爾丁。

Asher, I wanted to ask about the Vega direct-to-chip liquid-cooling proprietary architecture for greater rack density. How is that being considered with hyperscalers in mind and in the context of potential use cases for GPUs for HPC and AI?

Asher，我想問 Vega 直接晶片液冷專有架構，以實現更高的機架密度。考慮到超大規模運算以及 GPU 在 HPC 和 AI 方面的潛在使用情況，您是如何考慮這一點的？

And, as a follow-on to that, to what extent is this proprietary architecture? Or, maybe, not in current terms, but how do you foresee this proprietary architecture potentially factoring into discussions with hyperscaler tenant prospects, as you further build out Vega and that architecture?

那麼，作為後續問題，這種專有架構在多大程度上是專有的呢？或者，也許不是按照現在的術語，但是當您進一步建立 Vega 和該架構時，您如何預見這種專有架構可能會影響與超大規模租戶前景的討論？

Thanks, Paul. Appreciate the question there.

謝謝，保羅。非常感謝您的提問。

When we look at the infrastructure that we're building just from the lens of Bitcoin, you could argue, okay, if I'm spending a little bit more on the infrastructure, is it actually worth it? Would I rather spend as least of amount as possible in initial CapEx and just go with a four-server facility, even if we see efficiency increase of those chips.

當我們只從比特幣的角度來看待我們正在建立的基礎設施時，你可能會爭辯說，好吧，如果我在基礎設施上多花一點錢，這真的值得嗎？我是否寧願在初始資本支出中花費盡可能少的金額並只使用四伺服器設施，即使我們看到這些晶片的效率提高。

So the overall decision, I think, is twofold.

所以我認為整體決定是雙重的。

One, from a Bitcoin mining perspective, we think that these chips will allow us to have longer lifetime and longevity with the actual ASICs that we run and operate them at a much higher throughput, regardless of environment and weather conditions.

首先，從比特幣挖礦的角度來看，我們認為這些晶片將使我們運行的實際 ASIC 擁有更長的使用壽命，並且無論環境和天氣條件如何，都能以更高的吞吐量運行它們。

But you hit on an area that we're extremely passionate about and it's a bigger story and the bigger reason why we're so focused and dedicated to innovating on this infrastructure stack: when we have operated traditionally in the Bitcoin space, our mindset has always been around how are we the lowest cost operator in the industry above all us, compared to everyone else. That's been the focus and it's been our ruthless priority since day 1 of starting US Bitcoin, which became Hut 8.

但你觸及了我們極其熱衷的領域，這是一個更大的故事，也是我們如此專注和致力於創新這一基礎設施堆疊的更大原因：當我們在比特幣領域進行傳統運營時，我們的思維方式始終圍繞著如何與其他所有人相比，成為行業中成本最低的運營商。這是我們關注的焦點，也是我們自創立 US Bitcoin（後來成為 Hut 8）第一天起就堅持不懈的首要任務。

As we look at the traditional data center market and as we're negotiating these customer contracts and conversations and site diligence, in some of these yield on cost models, at the end of the day, you're operating more as a regulated utility mindset than actually as a merchant operator.

當我們審視傳統資料中心市場，並就這些客戶合約、對話和現場盡職調查進行談判時，在某些成本收益模型中，最終你會發現，你的運作方式更多的是受監管的公用事業思維，而不是真正的商業運營商。

And what I mean by that is you're in the business of deploying capital and receiving a yield on that capital, not necessarily in the business of driving down costs as much as you can to increase the yield that you receive.

我的意思是，你的業務是部署資本並獲得資本收益，而不一定是盡可能降低成本來增加收益。

And so, I think, for us, long term, as we think about what is Hut 8's competitive advantage as we build? We execute on a data center contract. We deliver that to the market. Great.

因此，我認為，對我們來說，從長遠來看，當我們思考建造 Hut 8 時，它的競爭優勢是什麼？我們執行資料中心合約。我們將其推向市場。偉大的。

Long term, what are we, as a business; and where is our competitive moat above and beyond just monetizing some of the tower assets that we have? Are we competing on cost of capital with some of these other long-term yield vehicles, permanent capital, private equity firms and such? Or are we competing on innovation and are we competing on driving a product offering on the infrastructure stack that we believe can give customers what they need for the compute that they're running at a lower and more efficient cost?

從長遠來看，作為一家企業，我們是什麼？除了將我們擁有的一些塔資產貨幣化之外，我們的競爭優勢在哪裡？我們是否在資本成本上與其他一些長期收益工具、永久資本、私募股權公司等競爭？或者我們是在競爭創新，是在競爭推動基礎設施堆疊上的產品供應，我們相信這些產品可以以更低、更有效率的成本為客戶提供所需的運算能力？

That's where we've won in the past. And that's an area that we don't want to give up on. It is the philosophy that drives through our business.

這是我們過去獲勝的地方。這是我們不想放棄的領域。這是我們業務的驅動哲學。

And so, as a result, when we think about the liquid-cooling solution at Vega, I mean that site is being built from greenfield to server racks cooling systems, not including the actual ASICs themselves but, everything else, for a little above $400,000 a megawatt, far cheaper than the $10 million to $13 million per megawatt that people are building data centers at.

因此，當我們考慮 Vega 的液體冷卻解決方案時，我的意思是該站點正在從綠地建設到伺服器機架冷卻系統，不包括實際的 ASIC 本身，但其他所有東西的成本略高於每兆瓦 400,000 美元，遠低於人們建設資料中心的每兆瓦 1000 萬至 1300 萬美元的成本。

The big structural difference is you don't have a generator back-up, right? You don't have UPS systems. But even if you added a distributed redundant loop on the switchgears, transformers, you're talking an extra $50,000 to $100,000 on that piece.

最大的結構差異是您沒有備用發電機，對嗎？您沒有 UPS 系統。但即使你在開關設備、變壓器上添加了分散式冗餘迴路，你也要為此額外花費 50,000 到 100,000 美元。

And so, as we look at where we believe the industry evolves long term, I think we've gone through a similar chip efficiency cycle in the Bitcoin side of the business where we went from year-over-year efficiency increases on the chips that made older-generation chips harder and harder to operate.

因此，當我們展望行業的長期發展方向時，我認為我們在比特幣業務方面經歷了類似的晶片效率週期，晶片效率逐年提高，這使得老一代晶片的操作越來越困難。

So the way you had to operate it was either by decreasing your initial CapEx, driving down energy costs, building efficiencies through software. And, as a result, a lot of the machines that we're selling that are older-generation machines as we did the fleet upgrade are being shipped to places like Africa or South America, where they have low CapEx, low energy rates because of hydro, and they're able to operate.

因此，您必須採取的操作方式是減少初始資本支出、降低能源成本或透過軟體提高效率。因此，我們在進行機組升級後銷售的許多老一代機器被運往非洲或南美洲等地，這些地方的資本支出較低，由於有水力發電，能源價格也較低，因此能夠正常運作。

And so, when we fast forward three to five years, the value of building out these facilities that don't have these diesel backups but can power, can cool down these systems is that you can get them up quicker, right? But in three to five years, what's the value add?

因此，當我們快進三到五年時，建造這些沒有柴油備用但可以為這些系統供電和冷卻的設施的價值在於你可以更快地啟動它們，對嗎？但三到五年後，附加價值是多少？

The value add is when you have tens of billions of dollars being deployed into these GPUs today; and then, every 6 to 12 months, you have a new generation chip, does it still make sense with where the chips are depreciated and where their market value is to put them in a data center that was built across $10 million to $13 million a megawatt? Or can you put that into a lower resilience and redundancy data center, where it's raw compute that we're running?

附加價值是，當你今天在這些 GPU 上部署了數百億美元時；然後，每 6 到 12 個月，你就會有新一代晶片，考慮到晶片的貶值和它們的市場價值，將它們放在以每兆瓦 1000 萬到 1300 萬美元建造的數據中心是否仍然有意義？或者您可以將其放入較低彈性和冗餘度的資料中心，在那裡運行原始計算？

And so, we've had early conversations around what is the meaning and value of Vega. And when we talk about the cost that we built, people don't believe us. And so, a big part of us really building and innovating and making -- say, let's do a U design, it's a data center rack so we can actually interchange with the GPU is as the site comes online, people can torque and see what we've been able to build at that cost. And even if we add more functionality into the infrastructure, we're still able to be far cheaper than the market cost for a data center.

因此，我們在早期就 Vega 的意義和價值進行了討論。當我們談論建造成本時，人們不相信我們。因此，我們很大一部分工作實際上是在建設、創新和製造——例如，讓我們做一個 U 型設計，它是一個數據中心機架，這樣我們實際上就可以與 GPU 互換，當網站上線時，人們可以扭矩並查看我們能夠以該成本建造什麼。即使我們在基礎設施中添加更多功能，其成本仍然遠低於資料中心的市場成本。

And so, V2 of our design, which we've already been working on innovating and we'll be deploying on the next project, actually allows for room in the spacing where we can add in things like additional distributor redundant, even generators and some designs as well.

因此，我們一直在進行創新並將在下一個專案中部署的 V2 設計實際上在空間中留出了空間，我們可以在其中添加諸如額外的配電盤冗餘，甚至發電機和一些設計之類的東西。

And so, I think, Paul, we're very, very excited for this innovation and being able to share this. We've spoken to end users on the hyperscale side about this. To be honest, for some of them, we're a little too early for them and you really need senior management to get behind this.

所以，保羅，我認為我們對這項創新感到非常興奮，並且能夠分享這一點。我們已經與超大規模的最終用戶討論過這個問題。老實說，對某些人來說，我們還為時過早，確實需要高階管理層的支持。

And ,right now, they're just focused on deploying as many GPUs as possible. But, with others, there's real interest and we've gone through real conversations.

而現在，他們只是專注於部署盡可能多的 GPU。但是，對於其他人來說，他們確實感興趣，而且我們也進行了真正的對話。

But, also, with other data center operators. As we've looked at commercializing data centers, some of them we say, you know what, we can do on our own. Others, we say, Let's JV together, if you can help us decrease execution risk.

但也有其他資料中心營運商。當我們研究商業化資料中心時，我們會說，其中一些我們可以自己做。我們對其他人說，如果你能幫助我們降低執行風險，那就讓我們一起合資吧。

And, as we've built some of those relationships, they've also been surprised by what we've been able to do at Vega and have said, look, we have our typical offering for five nine redundancy Tier 3 data center but we also would like to talk about a different offering that we can give to customers, as well.

而且，當我們建立了一些關係時，他們也對我們在 Vega 所做的事情感到驚訝，並說，看，我們為五個九冗餘 Tier 3 資料中心提供了典型的產品，但我們也想談談我們可以為客戶提供的不同產品。

John Todaro, Needham.

約翰·托達羅，尼德漢姆。

I was hoping we could get a little bit more commentary around HPC. So my first question is around HPC customer conversations and, also, the potential JV conversations. Any milestones we should be able to look out for the next couple of quarters?

我希望我們能夠獲得更多關於 HPC 的評論。所以我的第一個問題是關於 HPC 客戶對話以及潛在的合資對話。在接下來的幾季中我們應該關注哪些里程碑？

And then, I have a follow-up.

然後，我有一個後續問題。

Thanks, John.

謝謝，約翰。

River Bend is the campus that we've been speaking about. We obviously started moving dirt there and starting investing, as we shared -- across River Bend, Vega, and some of the other projects, we spent about $63.3 million in these CapEx investments. And so, a lot of that was on the Vega project and the infrastructure that we're building. But, nevertheless, in the substation switchgear equipment, civil work as well.

River Bend 就是我們一直在談論的校園。我們顯然開始在那裡搬運泥土並開始投資，正如我們所分享的那樣——在 River Bend、Vega 和其他一些項目中，我們在這些資本支出投資上花費了大約 6330 萬美元。因此，其中許多都是關於 Vega 項目和我們正在建造的基礎設施。但儘管如此，在變電站的開關設備中，土木工程也是如此。

We're working on securing and announcing a customer contract and a definitive agreement. As we've shared with the market before, we have not and chosen, as a company, philosophically to not share LOIs. We believe that LOIs are not definitive agreements and, thus, should not get the market excited for something that isn't finished nor are negotiating leverage in these conversations.

我們正在努力爭取並宣布一份客戶合約和最終協議。正如我們之前與市場分享的那樣，作為一家公司，我們沒有選擇分享意向書。我們認為，意向書並非最終協議，因此不應讓市場對尚未完成的事情感到興奮，也不會成為這些對話中的談判籌碼。

We've seen an increased amount of appetite. We've been focused on really driving the discussions to bring a customer to finality on these sites but have increasing amounts of interest across Louisiana and other sites as well.

我們發現食慾增加。我們一直致力於真正推動討論，讓客戶最終確定這些站點，但路易斯安那州和其他站點的興趣也日益濃厚。

And I think that goes to a testament of the team's ability to build these relationships with these counterparties and being an active dialogue around what we're building, what we have. And so, I think we feel comfortable that if we step away from current discussions, there are plenty of interest, based on where Louisiana is today.

我認為這證明了團隊與這些交易對手建立關係的能力，以及就我們正在建立的和我們所擁有的東西進行積極對話的能力。因此，我認為，如果我們不再討論當前的話題，根據路易斯安那州目前的狀況，我們會感到很放心，因為會有很多人們感興趣的事情。

And then, some of our other projects, as well, as we shared: we have another 230 megawatts of IT projects that we're in discussion with as well and at different stages. And, in some of these projects, the energy is sooner than the other projects. We've gone through some of the definitive agreement negotiations and so forth.

然後，我們也分享了一些其他項目：我們還有另外 230 兆瓦的 IT 專案正在討論中，並且處於不同的階段。並且，在其中一些項目中，能量比其他項目更快。我們已經完成了一些最終協議談判等等。

And so, I would say, John, I think we have less small milestones and much more focused on bigger announcements when these deals actually come into fruition. But we continue to remain excited, focused and ruthlessly executing on these initial projects and bringing them across the finish line because we do believe that they're great [campuses] for the customers that come here.

所以，我想說，約翰，我認為我們不會太注重小里程碑，而會更加關注這些交易真正取得成果時的重大公告。但我們仍然對這些初始項目充滿熱情、全神貫注，並堅持不懈地執行它們，使它們順利完成，因為我們堅信，對於來到這裡的客戶來說，它們將是極好的園區。

That's helpful. And that led into my follow-up question on that additional 230 megawatts of critical IT capacity.

這很有幫助。這引出了我關於額外 230 兆瓦關鍵 IT 容量的後續問題。

Apologies if I missed this but do we have, like, a location or earliest when that power would be available?

如果我錯過了這個，請見諒，但我們是否有一個地點或最早什麼時候可以使用這種電力？

Both of those sites are near-term power, similar to the Louisiana campus, within the next 18 months. And that's why we focus on those to commercialize, relative to our broader energy pipeline.

這兩個場址都是短期發電，與路易斯安那州的場址類似，將在未來 18 個月內投入使用。這就是為什麼我們專注於商業化那些相對於我們更廣泛的能源管道。

We shared we have 2.8 gigawatts of power under exclusivity today. And the reason we're focusing on these is we believe that they're interesting markets from an overall power fiber story, land story, regional location.

我們今天分享了我們擁有的 2.8 千兆瓦獨家電力。我們之所以關注這些市場，是因為我們相信，從整體電力光纖市場、土地市場和區域位置來看，它們都是有趣的市場。

Out of those, one is in a proven Tier 1 data center market. And then, the other one is similar to Louisiana, where it's a little bit outside of the data center but, really, well on the worst located, relative to other data center markets and the fiber pass that runs across.

其中一家位於成熟的一級資料中心市場。然後，另一個與路易斯安那州類似，它位於資料中心外面一點，但相對於其他資料中心市場和穿過的光纖通道而言，它的位置確實最差。

Patrick Moley, Piper Sandler.

派崔克莫利、派珀桑德勒。

The power under diligence and power under exclusivity declined this quarter, for the first time, I think, since you started breaking out. So could you talk about just the overall decline? Is that indicative of you just completing due diligence and taking it out of the pipeline? Or could it be competitive pressures where other folks are getting to these sites before you can get to them?

盡職調查下的權力和排他性下的權力在本季度有所下降，我認為這是自你開始突破以來的第一次。那你能談談整體的衰退嗎？這是否表明您剛剛完成盡職調查並將其從管道中取出？還是因為競爭壓力，導致其他人在您之前造訪這些網站？

Any color there on the decline would be great. Thanks.

任何顏色的下降都會很棒。謝謝。

Thanks, Patrick.

謝謝，派崔克。

A bit of focus coming from my direction, 10.8 gigawatts is a lot of power. And there are a lot of sites. And so, when we think about the process in which we develop data centers, we have an origination team that falls into our corporate development team, which we're rapidly scaling.

從我的角度看，10.8 千兆瓦的功率是很大的。而且有很多網站。因此，當我們考慮開發資料中心的流程時，我們有一個屬於我們企業開發團隊的發起團隊，我們正在迅速擴大團隊。

And it's funny because James Robles -- I think this business we're in is similar to renewables 1.5 decades ago; and his advice was scale, scale, scale and capture, capture, capture. So we've been doing so.

這很有趣，因為詹姆斯·羅伯斯——我認為我們所從事的這個行業與 15 年前的可再生能源類似；他的建議是規模、規模、規模和捕獲、捕獲、捕獲。所以我們一直這樣做。

But even with that scale and increasing our energy pipeline substantially in what we've disclosed quarter over quarter, it's really important for us to stay focused on the projects that we think have the highest likelihood and chance of converting.

但即使規模如此之大，而且我們每季揭露的能源儲備都在大幅增加，我們仍然需要把重點放在我們認為最有可能和最有可能轉化的項目上。

And I think where we are today, we have a much faster ability to vet projects with customers than we did a quarter or two quarters or three quarters ago. We're able to directly now text or shoot a quick e-mail to a portfolio of customers and say, what do you think about this site? Is the site interesting, tell us why or why not?

我認為，就目前情況而言，我們與客戶一起審查專案的能力比一個季度、兩個季度或三個季度前要快得多。我們現在可以直接向客戶發送簡訊或電子郵件，詢問您對這個網站有何看法？這個網站有趣嗎？請告訴我們原因，或為什麼不有趣？

And so as a result, it allows us to stay a lot more focused on the sites that we believe can actually get to the finish line and are able to deploy capital. And the reality is, as we think about our development pipeline and the amount of CapEx dollars needed to actually bring those to fruition, we're also sensitive to what can we execute by ourselves? What can we execute with capital partners? And Sean has been looking at that, as well, into actually having special-purpose vehicles to execute projects, as we continue to scale.

因此，它使我們能夠更加專注於那些我們認為能夠真正到達終點並能夠部署資本的網站。事實是，當我們考慮我們的開發管道以及實際實現這些目標所需的資本支出金額時，我們也很敏感，我們自己可以執行什麼？我們可以與資本合作夥伴一起做什麼？隨著我們不斷擴大規模，肖恩也一直在考慮這個問題，實際上擁有專用工具來執行專案。

But the decrease in the (in my mind), in our minds, is primarily around our focus and our ability to say, if we don't think it's a perfect site and a really competitive site, we're willing to walk away, rather than just show the market a larger and larger pipeline. And so, that's been the drive. It's more a filtering of projects that we don't want the team spending time on and redirecting their areas of focus.

但（在我看來）在我們看來，下降主要在於我們的焦點和我們的能力，如果我們認為這不是一個完美的地點和一個真正有競爭力的地點，我們願意放棄，而不是僅僅向市場展示越來越大的管道。這就是動力。這更多的是過濾掉我們不希望團隊花費時間的項目並重新調整他們的關注領域。

And then, as a follow-up, Sean mentioned in his prepared remarks that the Bitcoin on the balance sheet would be available to be deployed or invested in projects, as you see fit.

然後，作為後續，肖恩在他的準備好的發言中提到，資產負債表上的比特幣將可以根據需要部署或投資於專案。

Could you, maybe, talk about just the overall HODL strategy? Is there a level of Bitcoin longer term that you'd like to hold on the balance sheet? Any color there would be helpful.

您能否談談整體的 HODL 策略？您希望在資產負債表上長期持有一定水準的比特幣嗎？任何顏色都會有幫助。

The big strategic mindset in forming American Bitcoin was that that equity ownership would become Hut 8's ownership and exposure into Bitcoin and Bitcoin upside and optionality. As American Bitcoin builds up its own strategic reserve, at H1ut 8, we see now that, that balance sheet becomes investable capital.

組成 American Bitcoin 的重大戰略思想是，股權所有權將成為 Hut 8 對比特幣的所有權和敞口以及比特幣的上行空間和可選性。隨著美國比特幣建立自己的戰略儲備，在 H1ut 8，我們現在看到，資產負債表成為可投資資本。

Sean mentioned in his prepared remarks that we had raised around $275 million through our ATM at an average price of $28.23 net proceeds. And so, for us, that's important because at where we're trading now, relative to the projects that we're working on to our balance sheet, we're not interested in raising capital and equity dollars. And, we haven't, over the last couple of months.

肖恩在他的準備好的發言中提到，我們透過 ATM 籌集了約 2.75 億美元，平均淨收益為 28.23 美元。因此，對我們來說，這很重要，因為就我們目前的交易而言，相對於我們正在進行的資產負債表項目而言，我們對籌集資本和股權資金不感興趣。但在過去幾個月裡，我們並沒有這麼做。

And so, as a result, as opportunities arise and if we need cash to fund those opportunities, we will look at that Bitcoin stack that we have, whether it be through some revolvers and being able to pull capital against the Bitcoin or selling the Bitcoin itself and investing in it.

因此，當機會出現時，如果我們需要現金來資助這些機會，我們就會考慮我們擁有的比特幣堆疊，無論是透過一些循環信貸並能夠從比特幣中提取資本，還是出售比特幣本身並對其進行投資。

And we'll also be creative in strategies that we deploy. As we shared, when we purchased the BITMAIN upgrade at about $100 million, rather than just using cash and letting it out the door, we actually structured essentially a free call option on Bitcoin optionality and upside.

我們也將在部署策略方面發揮創造力。正如我們所分享的，當我們以約 1 億美元的價格購買 BITMAIN 升級版時，我們實際上構建了一個關於比特幣期權和上行空間的免費看漲期權，而不是僅僅使用現金並將其釋放出去。

But the whole idea behind American Bitcoin and Hut 8 is Hut 8, over time, will drive down its volatility and become an energy infrastructure platform. And we hope with a lower vol, we'll be able to decrease our cost of capital.

但美國比特幣和 Hut 8 背後的整個想法是，隨著時間的推移，Hut 8 將降低其波動性並成為能源基礎設施平台。我們希望透過降低波動率來降低我們的資本成本。

And, on Hut 8 and on American Bitcoin side, we are building a business that gives people the best exposure to Bitcoin and Bitcoin accumulation. And as we've seen with companies like MicroStrategy in '21 with the Cantor SPAC, that business not only can monetize its volatility by being able to gain access to cheaper capital, if people want to trade around it.; but with the addition of a leading Bitcoin miner, we're able to not only buy Bitcoin at the market price but mine it at cheaper than the market and at a discount.

並且，在 Hut 8 和美國比特幣方面，我們正在建立一項業務，讓人們能夠最好地接觸比特幣和比特幣累積。正如我們在 2021 年透過 Cantor SPAC 收購 MicroStrategy 等公司所看到的那樣，如果人們想圍繞它進行交易，該企業不僅可以透過獲得更便宜的資本來將其波動性貨幣化；而且隨著領先的比特幣礦工的加入，我們不僅能夠以市場價格購買比特幣，而且還能以低於市場價格和折扣的價格開採比特幣。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Maybe, one for Sean. The Coinbase credit facility, I believe, matures next month.

也許，給肖恩一個。我相信 Coinbase 信貸額度將於下個月到期。

Is that something that you, guys, would look to repay or extend?

這是你們想要償還或延長的嗎？

Yeah. It's a good question. Thanks for joining today, Brett.

是的。這是個好問題。感謝您今天的參加，布雷特。

Yeah FY25. We have a maturity coming up in the middle of June. And I think that's something we're discussing with Coinbase, at the moment.

是的，FY25。我們的到期日將在六月中旬到來。我認為這是我們目前正在與 Coinbase 討論的事情。

I think there's some optionality to extend that potentially on better terms. If you look at some of the refinancings or financings done by CleanSpark and Riot in particular, those have been done at pretty attractive cost of capital.

我認為，存在以更好的條件延長這一期限的可能性。如果你看一下 CleanSpark 和 Riot 進行的一些再融資或融資，你會發現它們的資本成本相當有吸引力。

So as we think about ultimately lowering our overall cost of capital of the company, I think some of potentially extending that is something that is very attractive. And I think we'll look to do that on the best terms that we can, not necessarily just at the terms that we have at present.

因此，當我們考慮最終降低公司的整體資本成本時，我認為一些潛在的延長成本的做法非常有吸引力。我認為我們會盡力以最好的條件來實現這一目標，而不一定僅限於現有的條件。

And then, maybe, a question for Asher. Just on timing of the carve-out, I feel like the past couple of weeks or months, we've seen market sentiment for these type of businesses or anything with, call it, meaningful Bitcoin ownership improve.

然後，也許可以問阿舍爾一個問題。就剝離的時間而言，我覺得在過去的幾週或幾個月裡，我們看到市場對這類企業或任何可以稱之為有意義的比特幣所有權的企業的情緒有所改善。

Has that maybe wanted to accelerate your timing of the carve-out? Or has the timing changed?

這是否可能是為了加快您剝離的時間？還是時間已經改變？

So the carve-out happened when we announced the deal on April 1, right, at the end of the first quarter. We've been working on this structure and this transaction for well over a year now.

因此，當我們在 4 月 1 日（第一季末）宣布該交易時，就發生了剝離。我們已經在這個結構和交易上工作了一年多了。

When Coatue came in as an investor, as a part of our negotiation on our convert, we contemplated the carve-out of these assets and talked through the overall long-term strategy here. Really, what we focused on was what is the catalyst that allows us to split these two businesses apart? Is it going to be when we announce a data center deal? What is going to be the thing that allows American Bitcoin to be successful?

當 Coatue 作為投資者加入時，作為我們轉換談判的一部分，我們考慮了這些資產的剝離，並討論了整體的長期策略。實際上，我們關注的是，是什麼因素促使我們將這兩個業務分開？這會是我們宣布資料中心交易的時候嗎？什麼因素將使美國比特幣成功？

And at the time, it wasn't called American Bitcoin. It was called ASICCO, to be honest. And American Bitcoin was really ideated with Eric Trump and we came up with the name together.

當時它還不叫「美國比特幣」。說實話，它被稱為 ASICCO。美國比特幣實際上是由埃里克·川普構思的，我們一起想出了這個名字。

But when we got closer and closer with Eric and talked to what we were building and what we were doing at Hut 8, this was one of the ideas that we had. And we talked to American data centers and what they were doing, we felt like that was a strong catalyst that would give American Bitcoin the highest chances of being successful; but not only successful market leader within Bitcoin mining but, also, Bitcoin accumulation strategy.

但當我們與 Eric 的關係越來越密切，談論我們在 Hut 8 正在建造什麼以及正在做什麼時，這就是我們的想法之一。我們與美國資料中心討論了他們正在做的事情，我們覺得這是一個強大的催化劑，將為美國比特幣帶來最大的成功機會；不僅在比特幣挖礦領域成為成功的市場領導者，而且也是比特幣累積策略。

And both of us have built great and dear relationships with Michael Saylor. I've talked to him about this over the last couple of quarters.

我們兩人都與麥可·塞勒建立了良好而親密的關係。過去幾季我曾與他討論過這個問題。

And so, it's funny, we told them that he started rolling the snowball for both of us that kind of compounded together and are rolling even larger now. But, overall, we announced the deal at the end of the first quarter to make it easier and simpler on our accounting team.

所以，有趣的是，我們告訴他們，他開始為我們兩個滾雪球，這種雪球越來越大，現在滾得更大了。但總體而言，我們在第一季末宣布了這項交易，以便讓我們的會計團隊的工作變得更輕鬆、更簡單。

But we had this structure and idea in mind for a while now and needed the right moment and the right ingredients in order to guarantee success. And so, for American Bitcoin, the plan is it is operating at its own company today. It's mining Bitcoin to its own balance sheet. It's continuing to mine and accumulate that Bitcoin. And we look to take that company public, as well. That is the path that we're running forward with.

但我們已經有了這個結構和想法，需要正確的時機和正確的因素來保證成功。因此，對於 American Bitcoin 來說，計劃是目前在自己的公司運作。它正在將比特幣挖礦到自己的資產負債表中。它正在繼續挖掘和累積比特幣。我們也希望讓該公司上市。這就是我們前進的道路。

Bill Papanastasiou, KBW.

比爾·帕帕納斯塔西奧（Bill Papanastasiou），KBW。

I was just hoping you could describe the cadence of negotiations with prospect AI HPC counterparties. Have the talks been accelerating? Or are you seeing any form of hesitancy by counterparties to pull the trigger and deploy capital, following recent market headwinds?

我只是希望您能描述與潛在 AI HPC 交易對手的談判節奏。談判是否正在加速進行？或者，在最近的市場逆風之後，您是否看到交易對手在採取行動和部署資本方面表現出任何形式的猶豫？

Per my discussions, one operator in the space highlighted concern regarding GB200s overheating and customers waiting for the next generation of equipment. Curious to hear your thoughts.

根據我的討論，該領域的一位營運商強調了對 GB200 過熱以及客戶等待下一代設備的擔憂。好奇想聽聽你的想法。

Depending on the customer that people speak to, some customers are driven by their own demand signals and other customers are powering some of the large AI infrastructure platforms. And so, some, of the signals are changing less often because they're internally driven and others are driven by customers and they fill that need, then that demand signal quiets out until they have another need come up.

根據人們所交談的客戶，有些客戶受自己的需求訊號驅動，而其他客戶則為一些大型人工智慧基礎設施平台提供支援。因此，有些訊號變化較少，因為它們是內部驅動的，而有些訊號則由客戶驅動，它們滿足了客戶的需求，然後該需求訊號就會平靜下來，直到出現另一個需求。

And so, I think for us, the way we've approached these relationships and I think it's come to fruition is rather than saying we have one site, let's figure out and monetize it, this is all we want to do, we treated these as more long-term partnerships: tell us what you're looking for; what you're trying to build; do our sites fit within that framework? If not, no problem at all. Let's keep in touch and we'll share with you sites as they come up and tell us if it's interesting or not.

因此，我認為對我們來說，我們處理這些關係的方式以及我認為它已經取得的成果是，而不是說我們有一個網站，讓我們弄清楚並將其貨幣化，這就是我們想要做的一切，我們將這些視為更長期的合作夥伴關係：告訴我們您在尋找什麼；您想建立什麼；我們的網站是否適合該框架？如果沒有，也沒問題。讓我們保持聯繫，我們會與您分享新出現的網站，並告訴我們它是否有趣。

And for the folks that do say the sites are interesting and/or going deep into diligence, as we negotiate how we structure these deals, how do we drive the most value, I think we're a lot more long-term greedy than we are short term.

對於那些確實認為這些網站很有趣和/或深入盡職調查的人來說，當我們談判如何建立這些交易、如何實現最大價值時，我認為我們更注重長期利益而不是短期利益。

And what I mean by that is we're trying to find the best win-win solutions for us and the customers; and if we bring on any partners either to build a flywheel that we can continue to scale and replicate with those relationships.

我的意思是，我們正在努力為我們和客戶找到最佳的雙贏解決方案；如果我們引入任何合作夥伴來建造飛輪，我們就可以繼續擴大和複製這些關係。

And so, we've seen obviously ebbs and flows in the market and some of the larger market data. However, it hasn't impacted the conversations that we're having nor the demand profiles and calling the spade a spade.

因此，我們明顯看到了市場和一些較大市場數據的起伏。然而，它並沒有影響我們正在進行的對話，也沒有影響需求概況和實話實說。

We're not working on 5 gigawatts of data centers today, right? The River Bend campus with 300 megawatts of utility. We have another 230 megawatts of IT. That demand will continue to exist, regardless of the volatility of demand profiles for these customers that they hold, when they think about their multi-gigawatt demand profiles.

我們今天不會在 5 千兆瓦的資料中心工作，對嗎？河灣校區擁有 300 兆瓦的電力。我們還有另外 230 兆瓦的 IT。當他們考慮其多千兆瓦需求概況時，無論這些客戶的需求概況如何波動，這種需求仍將持續存在。

And so, as long as our relationships continue to be strong and we continue to be good partners, we believe that we can bring these to fruition.

因此，只要我們的關係繼續保持牢固，我們繼續成為良好的合作夥伴，我們相信我們能夠實現這些目標。

Appreciate that color. And then, for the second question, perhaps you can share some more color on the go-public transaction for American Bitcoin Corp.

欣賞那種顏色。然後，對於第二個問題，也許您可以分享一些有關 American Bitcoin Corp. 上市交易的更多資訊。

Do you have a timeline that you're targeting? And have tariff impacts played any part in reaching the 50 exahash target?

您有設定目標時間表嗎？關稅對實現 50 Exahash 目標有什麼影響嗎？

We'll share more timelines in the coming future and, definitely, by our next earnings call. We're sprinting forward on this aggressively, both in terms of capitalizing the company while it's private but, also, looking at its ability and access to be able to be in the public capital markets. And so, we'll share more on that, Bill, as we have news to share on those milestones.

我們將在未來分享更多時間表，當然，也會在下次財報電話會議上分享。我們正在積極推進這一進程，不僅在公司私有化期間為其註入資本，而且還考察其進入公開資本市場的能力和管道。因此，比爾，當我們有關於這些里程碑的新聞可以分享時，我們會分享更多這方面的資訊。

And, in regards to tariffs, we've looked at where these chips are being manufactured, right? We have them manufactured all over Southeast Asia. There's US manufacturing now, as well in North America, something we're spending a close eye on.

關於關稅，我們已經了解了這些晶片的生產地點，對嗎？我們的生產基地遍布東南亞。目前，美國和北美都有製造業，我們正在密切關注。

And, as we commit to the purchase price, we're obviously thinking about the all-in price of CapEx to actually deploy, not just the price we pay to one individual counterparty. And so, we'll have that a part of our overall underwriting.

而且，當我們承諾購買價格時，我們顯然會考慮實際部署的資本支出的全部價格，而不僅僅是我們支付給單一交易對手的價格。因此，我們將其作為整體承保的一部分。

And when we think about the phases of growth, we are not going to grow at all costs. If, at times, we're able to find the right entry point for ASICs to grow and we have the right sites with the right energy profiles, we will grow and we have confidence to grow at a fast and rapid rate like we've shown the market.

當我們思考成長階段時，我們不會不惜一切代價成長。如果有時我們能夠找到 ASIC 發展的正確切入點，並且我們擁有具有正確能源配置的正確站點，那麼我們就會發展，並且我們有信心像我們向市場展示的那樣以快速的速度發展。

At other times where ASIC prices have not come down, relative to adjustments in tariffs or hashprice, we will accumulate Bitcoin and purchase Bitcoin.

在其他時候，當 ASIC 價格沒有下降時，相對於關稅或哈希價格的調整，我們將累積比特幣併購買比特幣。

And so, that's the beauty about American Bitcoin. The mandate is to accumulate Bitcoin at the lowest cost possible. And we have different vectors in its ability to do so, rather than a grow on all-cost mindset, regardless of return profiles.

這就是美國比特幣的美妙之處。其任務是以盡可能低的成本累積比特幣。我們有不同的方法來達到這個目的，而不是不計回報地追求成長。

Our job is to accumulate Bitcoin at a discount to just being able to buy it in the open market.

我們的工作是以低於在公開市場上購買的價格累積比特幣。

Mike Grondahl, Northland.

麥克·格朗達爾，北地。

Two questions. The first one on the HPC side.

兩個問題。第一個是 HPC 方面的。

The two other sites that you're marketing non-River Bend, is it possible that those leases could be announced before River Bend? Just trying to get a sense of how far you're along on those two other sites.

您正在行銷的另外兩個非 River Bend 地區的地塊，是否有可能在 River Bend 之前宣布租約？只是想了解一下您在另外兩個網站上的進展如何。

And, secondly, as it involves American Bitcoin, you're going to own 80%. I think you've covered the milestones there, the IPO, and whatnot. But is there any other milestones or items you're really trying to accomplish in the first year of American Bitcoin being established?

其次，由於它涉及美國比特幣，你將擁有 80%。我認為您已經介紹了那裡的里程碑、首次公開發行 (IPO) 等等。但是，在美國比特幣成立的第一年，您是否真的想要實現其他里程碑或專案？

Just an opportunity there to answer that.

這只是回答這個問題的一個機會。

Thanks, Mike. I'll start with the (inaudible) first; and then, go into American Bitcoin.

謝謝，麥克。我將首先從（聽不清楚）開始；然後介紹美國比特幣。

On the first, the other projects we're working on, one of them, I would say, is in a similar place in terms of its evolution. Some areas were farther along, some areas were less far along, compared to River Bend. So, yes, there is a possibility.

首先，我們正在進行的其他項目，我想說，其中一個項目在發展方面處於類似的位置。與 River Bend 相比，有些地區較遠，有些地區較近。所以，是的，有可能性是存在的。

The other site, I would say, who is not as far along, however, is in a Tier 1 proven data center market. So the ability to move quicker with a lot of local contractors who work in that area, the talent is there. And so, that could catch up quickly.

我想說的是，另一個站點雖然發展得沒那麼快，但卻處於一級成熟的資料中心市場。因此，與在該地區工作的許多當地承包商一起，我們能夠更快地採取行動，因為那裡有人才。因此，這可以很快趕上。

So River Bend may not be the first campus that we announced. And I think that's accurate. But, candidly, we would not be talking so much about River Bend if the permits didn't get leaked out into the news and we felt like we had to address it.

因此，River Bend 可能不是我們宣布的第一個校區。我認為這是準確的。但是，坦白說，如果許可證沒有洩露到新聞中，我們就不會談論那麼多關於 River Bend 的事情，我們覺得我們必須解決這個問題。

And so, it is one of the campuses and may not be the first campus that we announced.

因此，它是我們宣布的校區之一，但可能不是第一個校區。

In regards to American Bitcoin, if we think about the roadmap -- and Eric has been pretty open and transparent that anything he wants to be a part of, he wants it to be the leader and he wants it to be the biggest. And so that is very, very much a focus.

關於美國比特幣，如果我們考慮路線圖——埃里克一直非常開放和透明地表示，他想參與任何事情，他希望它成為領導者，他希望它成為最大的。所以這是一個非常非常關注的重點。

When we think about key milestones, we have the plans to take the entity public. We have a private capital transaction that we're looking at funding before it goes public. So a raise there.

當我們考慮關鍵里程碑時，我們有將實體上市的計劃。我們有一筆私人資本交易，我們正在尋求在上市之前獲得融資。因此加薪。

We have the increase in exahash. We're at around 10 exahash today. The Vega side is 15 exahash of optionality to purchase those machines from BITMAIN and average fleet efficiency of 13 joules per terahash there.

我們的 exahash 有所增加。今天我們的強度大約是 10 exahash。Vega 方面有 15 exahash 的可選性，可以從 BITMAIN 購買這些機器，平均機器效率為每太赫茲 13 焦耳。

So leading fleet efficiency with the newest generation chips -- so the financing and purchase of those. And then, we have two other projects behind that when we think about Phase 3 and Phase 4 to get to 50 exahash and committing to those builds and structuring those deals.

因此，利用最新一代晶片來提高車隊效率——從而實現這些晶片的融資和購買。然後，當我們考慮第 3 階段和第 4 階段以達到 50 exahash 並致力於這些構建和構建這些交易時，我們還有另外兩個項目。

And so, there's a lot to do there. We're really excited. There's a lot of growth. And we're also looking at are there interesting convertible transactions in the private market that we can do that can convert into a public convert, similar to what we've seen -- how the Michael Saylor strategy lead the industry with and how he's been able to monetize the volatility within that company and the exposure to Bitcoin accumulation.

所以，那裡有很多事情要做。我們真的很興奮。有很大的增長。我們也在研究私人市場上是否有有趣的可轉換交易，我們可以將其轉換為公共轉換，類似於我們所看到的——邁克爾塞勒的策略如何引領行業，以及他如何能夠將公司內部的波動性和比特幣積累的風險貨幣化。

Brian Dobson, Clear Street.

布萊恩‧多布森 (Brian Dobson)，《清晰街》。

Just another follow-up question on American Bitcoin. If you could step back from a broader perspective, how does that team see the Bitcoin mining business evolving? And what will a successful mining business look like going into the next halving? Do you think it may consider a Bitcoin treasury model?

這只是關於美國比特幣的另一個後續問題。如果從更廣闊的角度來看，該團隊如何看待比特幣挖礦業務的發展？那麼，在下一次減半時，成功的採礦業務將會是什麼樣子呢？您認為它可能會考慮比特幣財政模型嗎？

The three layers we see in American Bitcoin are layer 1 -- which is the foundational layer that it started with, which is the Bitcoin mining business -- the ability to accumulate Bitcoin cheaper than competitors in the Bitcoin accumulation strategy are able to buy, we think, is extremely compelling and extremely interesting. And so, we'll continue to scale and build in a cost-efficient way, right?

我們在美國比特幣中看到的三個層是第 1 層 - 這是它開始的基礎層，即比特幣挖礦業務 - 以比比特幣積累策略中的競爭對手更便宜的價格積累比特幣的能力，我們認為，這是非常引人注目且非常有趣的。因此，我們將繼續以經濟高效的方式擴大規模和建設，對嗎？

The key thing there is, I think some companies have grown at all costs and the economics haven't really been as competitive. However, here, we're growing as long as that narrative, we believe, continues to hold as we model, which is by investing in Bitcoin mining, we'll be able to accumulate at a cheaper cost than we can buy for.

關鍵在於，我認為有些公司不惜一切代價追求成長，但經濟競爭力卻沒那麼強。然而，只要我們相信這種說法能夠繼續成立，我們就會在成長，正如我們所模擬的那樣，透過投資比特幣挖礦，我們將能夠以比購買成本更低的成本進行累積。

The second layer of the platform is the accumulation financing structure. So that's being able to raise capital to acquire Bitcoin, as well, in both equity and debt. Because when we think about it, how do we create a competitive advantage, relative to someone just buying Bitcoin and ETF, we increase Bitcoin per share that they own.

平台第二層是累積融資結構。因此，我們能夠透過股權和債務籌集資金來收購比特幣。因為當我們考慮這一點時，我們如何創造競爭優勢，相對於僅僅購買比特幣和 ETF 的人，我們增加他們擁有的每股比特幣。

How do we do so more competitively than other companies that are out there are coming out there now is let's add other layers of the business that can accumulate Bitcoin cheaper than we can just buy it for. So that kind of layer 2 is the Bitcoin accumulation through different financing mechanisms.

我們如何比其他公司更具競爭力呢？那就是讓我們增加其他業務層面，以比直接購買更便宜的價格累積比特幣。所以那種第 2 層是透過不同的融資機制進行的比特幣累積。

And then, layer 3 is we want American Bitcoin to be a Bitcoin household brand and that we can use that to create other Bitcoin businesses that are able to continue to increase Bitcoin per share for shareholders. So it's a three-pronged approach that will be layered in, as we continue to evolve and grow the business.

然後，第三層是我們希望美國比特幣成為一個家喻戶曉的比特幣品牌，我們可以利用這一點來創建其他比特幣業務，從而能夠繼續為股東增加每股比特幣的價值。因此，隨著我們業務的不斷發展和壯大，我們將採取三管齊下的措施。

Stephen Glagola, JonesTrading.

史蒂芬·格拉戈拉（Stephen Glagola），JonesTrading。

Asher, in light of the competitive colocation market, I just was hoping you could revisit and maybe elaborate on the specific ways your data center team differentiates Hut 8 and enhances the company's credibility and negotiating position with hyperscalers and other enterprise customers.

Asher，鑑於競爭激烈的主機託管市場，我只是希望您能重新審視並詳細說明您的資料中心團隊如何使 Hut 8 與眾不同，並增強公司在與超大規模企業和其他企業客戶的談判中信譽和地位。

Thanks, Stephen. I would start with sites are important. The quality of your site is extremely important because even if we have a good relationship with counterparties [but] if this site doesn't work for where their footprints are, you can still have a great relationship with them.

謝謝，史蒂芬。我想先說的是網站很重要。您的網站的品質極為重要，因為即使我們與交易對手有良好的關係，如果這個網站不適合他們的足跡所在的地方，您仍然可以與他們建立良好的關係。

But that site might not be the site that works, right? And we've seen that happen. We continue to maintain relationships with those that we're not in active discussions with. And those are the ones that we share new sites with that enter our development pipeline, if they would have interest or not at the early onset.

但該網站可能不是一個有效的網站，對嗎？我們已經看到這種情況發生了。我們將繼續與那些沒有進行積極討論的人保持關係。無論他們在早期是否感興趣，我們都會與他們分享進入我們開發流程的新網站。

Second, once a site passes the interest level, then the question is: What is the deal in the economic terms that you're willing to agree to? How do you minimize perception of execution risk, especially for entities like ourselves that don't have a long track record of building these types of infrastructures for customers, both execution on operating and build-out but, also, execution on financing?

其次，一旦某個站點滿足了興趣水平，那麼問題就是：從經濟角度來說，你願意同意的交易是什麼樣的？您如何最大限度地減少對執行風險的認知，特別是對於像我們這樣沒有長期為客戶建立此類基礎設施記錄的實體，包括營運和建設的執行，以及融資的執行？

And so, it's bringing in counterparties, not necessarily just joint venture counterparties but counterparties that we were able to say, hey, these are our financing counterparties; these are our engineering, A&E, MEP, GC counterparties; this is potential joint ventures that we can bring in if you want us to bring in.

因此，它引入了交易對手，不一定只是合資交易對手，而是我們可以說的交易對手，嘿，這些是我們的融資交易對手；這些是我們的工程、A&E、MEP、GC 交易對手；如果您希望我們引入，這些都是我們可以引入的潛在合資企業。

And I think that amount of humility for us has given us a lot of runway in building deeper trust.

我認為，這種謙遜為我們建立更深層的信任提供了很大的空間。

And in conversations where we said, look, we understand that we have not built these before but we have all these people around us/ We built infrastructure and energy infrastructure, at scale. So we believe we have the ability to do so. And with the counterparties around us, we will execute. But if you want, we can bring in a joint venture partner to be able to make you feel more comfortable because we care about the long-term relationship here.

在談話中我們說，看，我們知道我們以前沒有建造過這些，但我們周圍有這麼多人/我們大規模地建造了基礎設施和能源基礎設施。所以我們相信我們有能力做到這一點。並與我們周圍的交易對手一起執行。但如果您願意，我們可以引入合資夥伴，讓您感覺更舒服，因為我們關心的是長期合作關係。

And, in some of those conversations, as those have evolved, they said, you know what, you do it, it's all good; we trust you; let's try to get a deal done here.

而且，在一些對話中，隨著對話的進展，他們說，你知道嗎，你這樣做，一切都很好；我們相信你；讓我們嘗試在這裡達成協議。

And so, I think it's really having that long-term oriented mindset and being willing to say, my job here is not to just monetize the most amount of value I can out of this project for our shareholders but to create an opportunity where the customers feel comfortable and happy and win, as well, because that will lead us into getting the second, third, and fourth project with them, as well, because just getting one project is not how we're going to build the business that we envisioned to build here.

因此，我認為真正重要的是要有長遠的眼光，並且願意說，我的工作不僅僅是從這個項目中為我們的股東實現最大的價值，而且要創造一個讓客戶感到舒適和快樂並獲益的機會，因為這將引導我們與他們一起獲得第二、第三和第四個項目，因為僅僅獲得一個項目並不是我們在這裡建立我們設想的業務的方式。

This concludes the question-and-answer session.

問答環節到此結束。

Thank you for your participation in today's conference.

感謝大家參加今天的會議。

This does conclude the program.

該計劃確實就此結束。

You may now disconnect.

您現在可以斷開連線。