IREN Ltd (IREN) 2023 Q4 法說會逐字稿

Welcome to the Iris Energy Fiscal Year 2023 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

歡迎參加 Iris Energy 2023 財政年度業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Robert Lincoln. Please go ahead.

我現在想把會議交給今天的發言人羅伯特林肯。請繼續。

Good afternoon to those of you in North America, and good morning to those of you in Australia. Welcome to the Iris Energy FY '23 Earnings Conference Call. My name is Lincoln Tan, Senior Manager of Investor Relations. And with me on the call today is Daniel Roberts, co-Founder and co-CEO; and Belinda Nucifora, CFO.

北美的各位下午好，澳洲的各位早安。歡迎參加 Iris Energy 23 財年財報電話會議。我叫 Lincoln Tan，投資人關係資深經理。今天與我一起參加電話會議的是聯合創始人兼聯合執行長 Daniel Roberts。和財務長貝琳達·努西福拉 (Belinda Nucifora)。

I would like to remind you that certain statements that we make during this call may constitute forward-looking statements and Iris Energy cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners should not place undue reliance on forward-looking information or statements. Please refer to the disclaimer on Slide 2 within the accompanying presentation. Thank you, and I will now turn the call over to Dan Roberts.

我想提醒您，我們在本次電話會議中所做的某些陳述可能構成前瞻性陳述，而Iris Energy 提醒聽眾，前瞻​​性資訊和陳述基於某些假設和風險因素，這些假設和風險因素可能導致實際結果與實際結果有重大差異。公司的期望。聽眾不應過度依賴前瞻性資訊或陳述。請參閱隨附簡報中投影片 2 上的免責聲明。謝謝您，我現在將把電話轉給丹·羅伯茨。

Thank you, Lincoln. Dan Roberts, Co-Founder, Co-CEO. Welcome back to another results presentation. We're thrilled to be here. It's been a year of consolidation, building and putting ourselves in a position where as an organization, it's fair to say that we're rather excited about what lies ahead. Talking about exciting, there are 2 quite powerful and exciting numbers on the slide in front of us. They do come with caveats in context, which we'll go into, but we do believe we've laid a very powerful foundation to build upon. And today, we'd like to present that to you.

謝謝你，林肯。丹羅伯茨，共同創辦人、聯合執行長。歡迎回到另一個結果演示。我們很高興來到這裡。這是整合、建立和定位自己的一年，作為一個組織，可以公平地說，我們對未來的發展感到相當興奮。說到令人興奮，我們面前的幻燈片上有兩個相當強大且令人興奮的數字。它們確實在上下文中提出了警告，我們將對此進行討論，但我們確實相信我們已經奠定了一個非常強大的基礎。今天，我們想向您介紹這一點。

So moving through the slides, there's the disclaimer that Lincoln referred to, encourage you all to read it. Why Iris Energy? In very simple terms, we've now established a platform, which is ready to scale and continue the growth that we've delivered, particularly over the last 12 months. As we'll discuss today, we've established an extremely powerful power dynamic at Childress, our 600-megawatt Texas side, and we'll go through that today. We've got 30 exahash of bitcoin mining capacity so far as power availability, the land and the program to execute upon that. And as we've previously mentioned, we're exploring next-gen generative AI computing and are quite excited about the upcoming deployment of our NVIDIA H100 chips.

瀏覽幻燈片時，有林肯提到的免責聲明，鼓勵大家閱讀它。為什麼選擇虹膜能源？簡而言之，我們現在已經建立了一個平台，可以擴展並繼續我們所實現的成長，特別是在過去 12 個月。正如我們今天要討論的，我們在德克薩斯州的 Childress 建立了極其強大的電力動力，發電量為 600 兆瓦，今天我們將對此進行討論。就電力可用性、土地和執行程序而言，我們擁有 30 exahash 的比特幣挖礦能力。正如我們之前提到的，我們正在探索下一代生成式 AI 運算，並對即將部署的 NVIDIA H100 晶片感到非常興奮。

$0.014 power at Childress, again, caveats. This is based on actuals since inception. As you can see, we've delivered around $0.02 once we adjust for ARS, which we assume that we'll receive, given we have fulfilled all the requirements to receive that.

Childress 的電力為 0.014 美元，再次警告。這是基於自成立以來的實際情況。正如您所看到的，一旦我們調整了 ARS，我們就交付了大約 0.02 美元，我們假設我們會收到這筆錢，因為我們已經滿足了接收該金額的所有要求。

We weren't eligible for 4CP given our first year of operations. So if we adjust for that, we're looking at $0.014 of power. That's extremely powerful. It is lower than what we were expecting, quite frankly. It is a function of volatility in the market, having located close to the source of low-cost wind and solar congested transmission lines, there are periods of substantial power market volatility.

鑑於我們運營的第一年，我們沒有資格獲得 4CP。因此，如果我們對此進行調整，我們將看到 0.014 美元的功率。這是非常強大的。坦白說，它低於我們的預期。它是市場波動的函數，由於靠近低成本風能和太陽能擁擠的輸電線路的來源，電力市場有時會大幅波動。

Given the way we've established our operations, the end-to-end control of systems, technology and infrastructure, we've been able to dynamically interface with those energy markets and throttle between bitcoin mining and power market trading to optimize that cost of power. However, it may vary significantly from that $0.014 as we saw in August. In August, we delivered a net cost of electricity at Childress our Texas site of minus $0.08 per kilowatt hour. So rather than the $0.014 that we mentioned on the previous slide, there was volatility in the market that led to a substantially different outcome. $0.08 per kilowatt hour was effectively the equivalent of being paid $28,000 a bitcoin -- to mine bitcoin, which we then sold for another $28,000 per bitcoin, delivering $56,000 per bitcoin in mining profit.

鑑於我們建立運營的方式，系統、技術和基礎設施的端到端控制，我們已經能夠與這些能源市場進行動態交互，並在比特幣挖礦和電力市場交易之間進行節流，以優化能源成本。力量。然而，它可能與我們 8 月看到的 0.014 美元有很大差異。 8 月份，我們德州 Childress 工廠的淨電力成本為每千瓦時負 0.08 美元。因此，與我們在上一張投影片中提到的 0.014 美元不同，市場波動導致了截然不同的結果。每千瓦時 0.08 美元實際上相當於支付 28,000 美元一個比特幣來開採比特幣，然後我們以每個比特幣另外 28,000 美元的價格出售，每個比特幣的挖礦利潤為 56,000 美元。

Childress and this power market dynamic is the basis upon which we can now scale rapidly and we're going to start working towards 30 exahash of overall mining capacity. It involves a single site expansion at this Childress site. As we've previously advised, there's 600 megawatts of power and our total organizational power capacity of 760 megawatts, 20 megawatts is operating, another 80 megawatts is under construction and due to be commissioned early in the new year, and we've started working through long lead items and construction time frames to continue scaling that up towards the full 600 megawatts and take our business towards that 30 exahash target. It's an ongoing delivery and construction process. We've got teams on site. They continue to build. We envisage them moving from one data center to the next data center continuing to build out capacity on the site.

Childress 和這種電力市場動態是我們現在可以快速擴展的基礎，我們將開始努力實現 30 exahash 的整體挖礦能力。它涉及該 Childress 網站的單一網站擴充。正如我們之前所建議的，有600 兆瓦的電力，我們的總組織電力容量為760 兆瓦，其中20 兆瓦正在運行，另外80 兆瓦正在建設中，將於明年初投入使用，我們已經開始工作透過長期專案和建設時間框架，繼續將其擴展到 600 兆瓦，並使我們的業務實現 30 exahash 的目標。這是一個持續的交付和建置過程。我們在現場有團隊。他們繼續建造。我們設想他們從一個資料中心轉移到下一個資料中心，繼續在該網站上建立容量。

In addition, we've been thinking very carefully around funding and how we're going to fulfill this. And while we will continue to be respectful of market conditions and throttle up and down our fundraising efforts in line with market conditions, we have put in place a $626 million funding plan at a minimum. That involves the $69 million of existing cash and bank. We still have $57 million under the [e-lock facility] previously announced. In addition, we're going to establish a $500 million shelf of which $300 million will be dedicated towards an ATM and another $200 million will be put aside for other products.

此外，我們一直在非常仔細地考慮資金以及我們將如何實現這一目標。雖然我們將繼續尊重市場狀況並根據市場狀況調整融資力度，但我們已經制定了至少 6.26 億美元的融資計劃。這涉及 6900 萬美元的現有現金和銀行資金。我們在先前宣布的[電子鎖設施]下仍有 5700 萬美元。此外，我們將建立一個價值 5 億美元的貨架，其中 3 億美元將專門用於 ATM，另外 2 億美元將用於其他產品。

Finally, we continue to envisage reinvesting our operating cash flow in the growth of the business. As we've previously advised and differentiated from other miners, we don't believe in holding bitcoin on our balance sheet. We believe that creates a lazy balance sheet. We believe that, that lowers risk-adjusted returns for shareholders. When we have the capacity to reinvest that static asset in additional capacity, and compound returns for shareholders to deliver more and more bitcoin equivalent exposure, we believe that's a far superior outcome for shareholders and that they should not be paying us to hold bitcoin on their behalf.

最後，我們繼續設想將營運現金流再投資於業務成長。正如我們之前所建議的以及與其他礦工的區別，我們不相信在我們的資產負債表上持有比特幣。我們認為這會造成一個懶惰的資產負債表。我們認為，這會降低股東的風險調整回報。當我們有能力將靜態資產再投資於額外的能力，並為股東帶來越來越多的比特幣等值敞口的複合回報時，我們相信這對股東來說是一個更加優越的結果，他們不應該付錢給我們來持有比特幣。代表。

Down the bottom, you can see the trajectory that we're on. We've already grown substantially in the last 12 months, and we expect that to continue. Lincoln, I'll pass back to you.

在底部，您可以看到我們所處的軌跡。我們在過去 12 個月中已經取得了顯著成長，我們預計這種情況將持續下去。林肯，我會傳回給你。

Thanks very much, Dan. So this page just maps out the peer landscape and in particular, outlined 2 specific key metrics from August. So in the darker blue shaded columns, that represents bitcoin production in August. And overlaid on top of that in the light blue outline that represents disclosed exahash capacity across the sector. And as you can see, shaded in the green column that's Iris Energy, third largest production of bitcoin and the NASDAQ with 410 bitcoin mined in August. So if we just take a quick step back here.

非常感謝，丹。因此，本頁僅描繪了同行格局，特別概述了 8 月的 2 個具體關鍵指標。因此，在深藍色陰影欄中，代表 8 月的比特幣產量。並覆蓋在淺藍色輪廓之上，代表整個行業已披露的 exahash 容量。正如您所看到的，綠色欄中的陰影部分是 Iris Energy，該公司是第三大比特幣生產商，也是納斯達克上市公司，8 月開採了 410 枚比特幣。因此，如果我們快速退後一步。

In terms of the relationship that you would expect to see between disclosed exahash capacity and bitcoin production, the greater hash rate that you have means you've got a greater share of the global hash rate and therefore, you would expect that your bitcoin mining production should be higher. So really, it should come down to relatively simple maths and probability.

就您期望看到的公開的exahash 容量和比特幣產量之間的關係而言，您擁有的哈希率越高，意味著您在全球哈希率中所佔的份額越大，因此，您會期望您的比特幣挖礦產量應該會更高。所以實際上，它應該歸結為相對簡單的數學和機率。

However, as you can see from the chart, it appears quite evident that not all of the disclosed hash rate capacity is being utilized to buying bitcoin. Some things not quite matching up as we look across the peer landscape. And to Dan's point earlier, even if we do consider the impact of curtailment particularly in deregulated markets like Texas, from an Iris Energy perspective, we just use our capacity to mine the bitcoin, and it's our experience that we are still operating at very close to full output over that 4-, 5-month period. So in terms of what this means, a few key takeaways from our perspective. Firstly, in terms of how bitcoin mining companies generate revenue, we don't get paid based on our disclosed exahash capacity. We get paid based on our actual bitcoin production, and that is purely a function of exahash that is on the ground actually operating and hashing within our facilities 24/7.

然而，正如您從圖表中看到的那樣，很明顯，並非所有披露的哈希率容量都被用來購買比特幣。當我們縱觀同行格局時，有些事情並不完全匹配。對於Dan 之前的觀點，即使我們確實考慮了限電的影響，特別是在德克薩斯州等放鬆管制的市場，從Iris Energy 的角度來看，我們只是利用我們的能力來開採比特幣，根據我們的經驗，我們仍然在非常接近的情況下運作。在這 4、5 個月期間達到全部產出。因此，就這意味著什麼而言，從我們的角度來看，有一些關鍵要點。首先，就比特幣挖礦公司如何產生收入而言，我們不會根據我們揭露的 exahash 容量獲得報酬。我們根據實際的比特幣產量獲得報酬，這純粹是 exahash 的函數，它在我們的設施內 24/7 實際運行和散列。

But the second key point here is I think this clearly highlights some potential differences in operating models across the sector and potentially exposes some of the challenges that might be associated with, for example, third-party hosting, old shipping containers, abandoned warehouses, single-source generation and behind the meter arrangements and other business models, which may prioritize speed or other factors over sustainable levels of bitcoin production.

但這裡的第二個關鍵點是，我認為這清楚地凸顯了整個產業營運模式的一些潛在差異，並可能暴露出一些可能與之相關的挑戰，例如第三方託管、舊貨櫃、廢棄倉庫、單一- 資源產生以及電錶安排和其他商業模式的背後，這可能會優先考慮速度或其他因素而不是比特幣生產的可持續水平。

And just finally, before I hand back over to Dan, we don't see this as a particularly recent phenomenon. This is nothing new. We've been tracking these metrics fairly closely and the same sort of monthly data across the sector since our IPO. And we don't really get it. We just think that this is potentially overlooked by the market and potentially something that investors should pay a bit of closer attention to. Over to you, Dan.

最後，在我把問題交給丹之前，我們並不認為這是一個特別新的現象。這不是什麼新鮮事。自首次公開募股以來，我們一直在相當密切地追蹤這些指標以及整個行業的同類月度數據。我們並不真正明白。我們只是認為這可能會被市場忽視，也可能是投資人應該更加關注的事情。交給你了，丹。

Thanks, Lincoln. So I think that's a good segue link into the next slide. We are positioning ourselves as a next-generation computing platform. We're not a crypto miner. If we buy computers, we actually operate them. As you can see from the previous slide, if we tell you we have an amount of capacity, we will operate it and we will generate revenue from it. Just as we have put a purchase order in for NVIDIA chips, we don't intend for them to sit there idle either. We intend for them to be operated. As we've previously advised, we've ordered 250 NVIDIA H100 GPUs, they're on order. They're expected to arrive in the coming months, and we continue to have a number of promising customer conversations. We're talking terms, we're talking pricing, we're talking growth ambitions of these customers. And in due course, we are hopeful and would expect to sign a customer and provide a further update to the market.

謝謝，林肯。所以我認為這是到下一張投影片的一個很好的延續連結。我們將自己定位為下一代運算平台。我們不是加密貨幣礦工。如果我們購買計算機，我們實際上會操作它們。正如您從上一張幻燈片中看到的，如果我們告訴您我們有一定的產能，我們就會對其進行運營，並從中產生收入。正如我們已下達 NVIDIA 晶片採購訂單一樣，我們也不打算讓它們閒置。我們打算對它們進行操作。正如我們之前所建議的，我們已經訂購了 250 個 NVIDIA H100 GPU，它們正在訂購中。它們預計將在未來幾個月內到達，我們將繼續與許多有希望的客戶進行對話。我們正在談論條款，我們正在談論定價，我們正在談論這些客戶的成長目標。在適當的時候，我們充滿希望並期望簽下客戶並向市場提供進一步的更新。

I think what's really exciting for us, the more time that we spend on this sector is just the enormous growth ahead. This is like the dial-up days of the Internet. Remember in the '90s, you'd have to dial up your modem, it would be slow. It would be clunky. You would go into a messenger service, it again would be slow. There would be latency. And it was a bit of a hurdle to adoption because you really have to be committed to pursue and utilize those services. The exact same dynamic is happening in this space. For those of you on the call that have used generative AI, whether it's large language models or it's generative images like Midjourney, it takes time, particularly the images, text is a bit quicker. But when you're sitting there waiting 2 minutes to generate an image, that is an indication of why we believe we're at the dial-up phase of this sector. Because, A, it is an indication of the demand. If there is no one using it, those images would be produced faster.

我認為真正讓我們興奮的是，我們在這個領域投入的時間越多，未來的巨大成長就越大。這就像是網路的撥號時代。請記住，在 90 年代，您必須撥打調變解調器，速度會很慢。這會很笨重。你會進入信差服務，它又會很慢。會有延遲。這對於採用來說是一個障礙，因為您確實必須致力於追求和利用這些服務。這個領域也發生著完全相同的動態。對於那些在電話中使用過生成式人工智慧的人來說，無論是大型語言模型還是像 Midjourney 這樣的生成圖像，都需要時間，尤其是圖像，文字要快一些。但是，當您坐在那裡等待 2 分鐘來生成圖像時，這表明了為什麼我們認為我們正處於該領域的撥號階段。因為，A，它是需求的一個指標。如果沒有人使用它，這些圖像的生成速度會更快。

Secondly, more GPUs more capacity will make that quicker leading to greater utility out of the service, greater adoption and that positive flywheel effect. So we're super excited, and a large number of the team are currently in Los Angeles at a conference that we've sponsored. We've spoken there to a number of customers. We're excited about the sector. We look forward to providing a further update in due course. Belinda?

其次，更多的 GPU、更大的容量將使這個過程更快，從而帶來更大的服務效用、更大的採用率和正面的飛輪效應。所以我們非常興奮，團隊的大部分成員目前正在洛杉磯參加我們贊助的會議。我們在那裡與許多客戶進行了交談。我們對該行業感到興奮。我們期待在適當的時候提供進一步的更新。貝琳達？

Thank you Dan. So moving to the first slide, and good morning, everyone. I'd like to take you through some of the key financial numbers for the year ended 30 June 2023 as disclosed in our financial statements and 20-F. So the adjusted EBITDA for the 12 months was $1.4 million with a $16.5 million increase in bitcoin mining revenue year-on-year. Self-mining operating capacity increased by 380% from 1.2 exahash to 5.6 exahash with an additional 1,860 bitcoin mined in FY '23 with total bitcoin mined for the year of 3,259.

謝謝丹。現在轉到第一張投影片，大家早安。我想向您介紹我們的財務報表和 20-F 中揭露的截至 2023 年 6 月 30 日止年度的一些關鍵財務數據。因此，這 12 個月的調整後 EBITDA 為 140 萬美元，比特幣挖礦收入較去年同期增加 1,650 萬美元。自挖礦營運能力從 1.2 exahash 增加到 5.6 exahash，成長了 380%，23 財年額外開採了 1,860 個比特幣，全年開採的比特幣總數為 3,259 個。

The average price realized per bitcoin mined was $23,200 versus $42,200 in FY '22. Average electricity cost per bitcoin mined during FY '23 of $11,000 versus FY '22 of $7,900. Total other costs, which include site and corporate costs were $38.3 million for FY '23 being an increase of $16.5 million from FY '22 primarily driven by the 3 new sites commissioned during the year, Prince George, Mackenzie and Childress as well as an increase in professional fees and other costs associated with our expanded global business and as we grow beyond the 5.6 exahash.

每開採比特幣的平均價格為 23,200 美元，而 22 財年為 42,200 美元。 23 財年開採的每個比特幣的平均電力成本為 11,000 美元，而 22 財年為 7,900 美元。其他總成本（包括場地和企業成本）在23 財年為3830 萬美元，比22 財年增加了1650 萬美元，主要是由於年內啟用了3 個新場地（喬治王子城、麥肯齊和柴爾德里斯）以及增加與我們擴大的全球業務相關的專業費用和其他成本，以及隨著我們的發展超過 5.6 exahash。

So moving on to the next slide. The consolidated statement of profit and loss, so the net loss after income tax of $71.9 million as compared to the loss of $419.8 million in FY '22, was a decrease due to the factors with the noncash mark-to-market of the convertible instruments converted to equity at the IPO during the prior period. FY '23 loss also includes significant noncash items, such as the impairment of assets of $105.2 million, primarily relating to the limited recourse financing of $66.5 million and the impairment of mining hardware of $25.7 million.

繼續看下一張投影片。綜合損益表顯示，所得稅後淨虧損為 7,190 萬美元，較 2022 財年的 4.198 億美元虧損有所減少，這是由於可轉換工具的非現金按市價計價因素所致。前期在IPO時轉為股權。 23 財年的損失還包括重大非現金項目，例如 1.052 億美元的資產減值，主要與 6,650 萬美元的有限追索權融資和 2,570 萬美元的採礦硬體減損有關。

We also have other significant noncash items such as the share-based payments expense of $14.4 million, which primarily relates to $11.8 million of the amortization of the 75 exercise price options, which were granted pre-IPO.

我們還有其他重要的非現金項目，例如 1,440 萬美元的股份支付費用，主要與 75 項行使價選擇權的攤銷 1,180 萬美元有關，這些選擇權是在 IPO 前授予的。

So moving on to the next slide. We have our balance sheet. So we have a strong balance sheet at 30 June 2023 with total net assets of $305.4 million. Cash and cash equivalents of $68.9 million and no debt facilities. We were able to fully utilize all the main mining hardware prepayments during FY '23. And our total PP&E at the end of 30 June 2023 is $241 million. We have a current asset ratio of 3.7x, which is underpinning our future growth strategy. And we also have liabilities to asset ratio of 8%, providing flexibility with no debt obligations.

繼續看下一張投影片。我們有我們的資產負債表。因此，截至 2023 年 6 月 30 日，我們的資產負債表強勁，淨資產總額為 3.054 億美元。現金和現金等價物為 6,890 萬美元，無債務融資。我們能夠在 23 財年充分利用所有主要挖礦硬體預付款。截至 2023 年 6 月 30 日，我們的 PP&E 總額為 2.41 億美元。我們的當前資產比率為 3.7 倍，這是我們未來成長策略的基礎。我們的資產負債比率為 8%，提供靈活性且無債務義務。

So I'll now hand over for our Q&A. I think Lincoln will you start that?

現在我將開始我們的問答環節。我想林肯會由你開始嗎？

Yes, that's sounds good. Thanks very much Belinda. In terms of the Q&A, let's start with questions from the conference call line. And then to the extent of time we can move to the questions on the webcast.

是的，這聽起來不錯。非常感謝貝琳達。在問答方面，我們先從電話會議的問題開始。然後我們就可以討論網路廣播中的問題。

(Operator Instructions) And our first question will be coming from Mike Colonnese of H.C. Wainwright.

（操作員說明）我們的第一個問題將來自 H.C. 的 Mike Colonnese。溫賴特。

Dan and team, congrats on the tremendous growth in operations over the past year here. First for me, it would be great to get some more detail on the expansion build-out and energization of the miners at Childress. I know your guidance calls for about 3.5 exahash as of miners to come online in early 2024. So I was wondering, should we expect that to come online all at once? And when you say early 2024, are we looking sometime in 1Q?

Dan 和他的團隊對過去一年中業務的巨大成長表示祝賀。首先，對我來說，如果能夠了解更多有關 Childress 的擴建和礦工激勵的詳細信息，那就太好了。我知道您的指導要求礦工在 2024 年初上線大約 3.5 exahash。所以我想知道，我們是否應該期望它一次全部上線？當您說 2024 年初時，我們是在第一季的某個時間嗎？

I can take this Lincoln, great to hear from you and see you, Mike. Look, as we've previously advised, the expansion of this site happens in 20-megawatt data center increments. Each 20 megawatts is approximately 800 to 850 petahash depending on the specific miner model that we installed there, kind of revolving around that low 20s efficiency, so basically, as and when each data center is commissioned, that facilitates the ability to plug in around that 800 to 850 petahash.

我可以搭乘這輛林肯，很高興收到你的來信並見到你，麥克。看，正如我們之前建議的，該站點的擴展以 20 兆瓦的資料中心增量進行。每20 兆瓦大約為800 到850 petahash，取決於我們安裝在那裡的特定礦工模型，有點圍繞著20 秒的低效率，所以基本上，當每個資料中心投入使用時，這有助於圍繞此效率進行插入800 到 850 petahash。

In terms of minor procurement, -- we will advise the market once we formally enter into a purchase agreement for delivery. But at this stage, we remain where we were before, where we think there is substantial optionality in holding.

在小額採購方面，我們將在正式簽訂採購協議並交付後向市場提供建議。但在現階段，我們仍然保持先前的狀態，我們認為持有股票有很大的選擇權。

There are a number of conversations ongoing around the right way to procure models in terms of the economics of it and the structure of it. We intend to fill those data centers swiftly as they're commissioned. But at this stage, the ability to tell you exactly how we're doing that. We prefer not to go into too much more detail.

就模型的經濟性和結構而言，圍繞採購模型的正確方式正在進行許多對話。我們打算在這些資料中心投入使用後迅速填滿它們。但在現階段，我們能夠準確地告訴您我們是如何做到這一點的。我們不想討論太多細節。

Great. Well, fair enough, Dan. I appreciate that. And just looking beyond Phase 1 of this 100-megawatt build-out at Childress, in light of the upcoming halving and thinking about future scale -- scaling of that facility. How do you plan to approach future expansion? If you could just talk through some of the dynamics there and your thought process as we navigate into future expansion?

偉大的。好吧，很公平，丹。我很感激。考慮到即將到來的減半，並考慮未來的規模——該設施的擴展，我們要超越 Childress 100 兆瓦擴建項目的第一階段。您計劃如何進行未來的擴張？當我們進入未來的擴張時，您能否談談那裡的一些動態以及您的思考過程？

Absolutely. And I think this is what I was alluding to at the start of the call, the hard work has been done. We've got the platform. We've got the site. We've got the team. It's just a continual cookie cutter exercise, quite frankly, where we just have teams on site that roll from one building to the next rolling out 20 megawatts at a time. We don't need any more power. We don't need any more land. We don't need new supply chains, new ways of doing things. We've proven our data center design. We've proven how it interfaces with the energy market. So from a practical implementation perspective, it's just continuing to do more of the same, which is really exciting. And frankly, it's freed up a lot of our time to focus on new growth areas for the business like this generative AI GPU, looking at new sites globally and the development opportunities there. Funding is a big part of how quickly you can scale. As we saw during the presentation, we do have almost $70 million of cash in bank, which allows us just to continue to push ahead.

絕對地。我認為這就是我在電話會議開始時提到的，艱苦的工作已經完成。我們已經有了這個平台。我們已經找到了該網站。我們有團隊了。坦白說，這只是一個持續不斷的千篇一律的練習，我們只是在現場有團隊從一棟建築滾動到另一棟建築，一次推出 20 兆瓦的電力。我們不需要更多的電力。我們不需要更多的土地。我們不需要新的供應鏈、新的做事方式。我們已經證明了我們的資料中心設計。我們已經證明了它如何與能源市場對接。因此，從實際實施的角度來看，它只是繼續做更多相同的事情，這確實令人興奮。坦白說，它讓我們騰出了很多時間來專注於業務的新成長領域，例如生成式 AI GPU，尋找全球新網站以及那裡的發展機會。資金是影響擴張速度的重要因素。正如我們在演示中看到的那樣，我們的銀行確實有近 7000 萬美元的現金，這使我們能夠繼續前進。

We've got other funding loans in place and coming in place. We're going to continue having those conversations. We're going to be respectful of capital markets, liquidity, cost of capital, et cetera, but our intention is to capitalize on the opportunity in front of us for our shareholders and to continue to build into that.

我們已經準備好其他融資貸款並即將到位。我們將繼續進行這些對話。我們將尊重資本市場、流動性、資本成本等，但我們的目的是為我們的股東利用擺在我們面前的機會，並繼續發展這一機會。

And our next question will be coming from Josh Siegler of Cantor Fitzgerald.

我們的下一個問題將來自坎托·菲茨杰拉德的喬什·西格勒。

This is Will Carlson on for Josh Siegler. First question, can you walk us through the delta between the CapEx required for HPC versus bitcoin mining?

我是威爾·卡爾森 (Will Carlson) 替喬什·西格勒 (Josh Siegler) 演講。第一個問題，您能否向我們介紹 HPC 與比特幣挖礦所需的資本支出之間的差異？

That's a very open-ended question, Will, in terms of how you add to that because it is a little bit apples and oranges in the sense that one is an ASIC, one is a GPU. They both require different amounts of data center capacity. They both require slightly different configurations in terms of networking and storage infrastructure. They're both different revenue models. So it is a little bit difficult to say. I have seen a question that relates to this come through on the chat, which is adjacent to your question, which is around how the returns and payback periods interface between the 2 business lines. This is something that we're working through live time. But I think it's fair to say that with bitcoin mining, you're generally going to have a higher starting return on investment in terms of annualized cash yield. It is going to be more volatile, notwithstanding as a low-cost producer, you do have that natural volume hedge if the price goes down too far.

威爾，這是一個非常開放式的問題，就如何添加而言，因為它有點像蘋果和橘子，一個是 ASIC，一個是 GPU。它們都需要不同數量的資料中心容量。它們在網路和儲存基礎架構方面都需要略有不同的配置。它們都是不同的收入模式。所以說有點難。我在聊天中看到了一個與此相關的問題，該問題與您的問題相鄰，即關於回報和投資回收期如何在兩條業務線之間銜接的問題。這是我們正在透過即時工作進行的工作。但我認為可以公平地說，透過比特幣挖礦，就年化現金收益率而言，您通常會獲得更高的初始投資回報。儘管作為低成本生產商，如果價格下跌幅度過大，您確實可以進行自然的數量對沖，但它的波動性將會更大。

With GPU and generative AI, the model is more around selling GPU hours. So in the market, someone will contract with you and pay you x dollars per GPU hour for the right to use your capacity. Now for on-demand spot pricing, that's high for long-term contracts, 1, 2, 3 years. It obviously drops lower, partly because you're locking up 100% utilization of that capacity. I think it's generally being fed elsewhere in the market that you can expect 2, 2.5-year paybacks on GPUs, but again, it's a very live dynamic market at the moment in terms of those returns. And it also should be said that our focus on what we see as a test case, this initial 250 is less about the discrete ROI on 250 machines as it is of our proven product market fit, building customer relationships and exploring whether a business's scale exists and what that could look like going out into the future.

借助 GPU 和生成式 AI，模型更圍繞著銷售 GPU 時間。因此，在市場上，有人會與您簽訂合同，並向您支付每 GPU 小時 x 美元的費用，以獲得使用您的容量的權利。現在，對於按需現貨定價，對於 1 年、2 年、3 年的長期合約來說，價格很高。它顯然會下降，部分原因是您鎖定了該容量的 100% 利用率。我認為市場上其他地方普遍認為 GPU 的回報期為 2、2.5 年，但就這些回報而言，目前這是一個非常活躍的動態市場。還應該說的是，我們關注的是我們所看到的測試案例，最初的250 與250 台機器上的離散投資回報率無關，因為它是我們經過驗證的產品市場契合度、建立客戶關係以及探索業務規模是否存在以及未來會是什麼樣子。

Got it. And then how are you thinking about energy monetization at Childress moving forward? And how do you expect it to contribute during the summer months versus other months of the year?

知道了。那麼您如何看待 Childress 能源貨幣化的發展？與一年中的其他月份相比，您預計它在夏季的貢獻如何？

Yes. Part of the benefit is we don't need to think. It just does it all automatically. So it's a really simple equation. We contract for power and then our algorithm basically looks at revenue from bitcoin mining or spot market pricing and makes the decision for us. So we're already using generative AI a little bit actually in terms of how we iterate that in the systems internally. The simple way to think about it is the greater the volatility the lower our effective power cost will be because we can tap into that. So every 15 minutes, there's a market price signal in ERCOT. Our systems look at that price signal, they look at the opportunity cost of diverting electrons away from our machines and say where is the highest and best use of that electricity and they send those electrons to that.

是的。部分好處是我們不需要思考。它只是自動完成這一切。所以這是一個非常簡單的方程式。我們簽訂電力合同，然後我們的演算法基本上會考慮比特幣挖礦或現貨市場定價的收入，並為我們做出決定。因此，我們實際上已經在系統內部迭代方面使用了生成式人工智慧。簡單的思考方式是，波動性越大，我們的有效電力成本就越低，因為我們可以利用這一點。因此，每 15 分鐘，ERCOT 中就會出現一個市場價格訊號。我們的系統會查看價格訊號，查看將電子從我們的機器轉移出去的機會成本，並確定電力的最高和最佳用途在哪裡，然後將這些電子發送到那裡。

So whether that's through the bitcoin network to deliver bitcoin denominated revenues or whether it's back into the market. So we have come through summer months. That has been a volatile period for a number of reasons. As we look out into the future, it's fair to say volatility is expected and potentially likely to increase in the future transmission line congestion, the ongoing increased penetration of intermittent renewables et cetera. But all we can do is continue to have our system set up to monetize that volatility and lower our overall cost going forward.

因此，無論是透過比特幣網路提供以比特幣計價的收入，或是重新回到市場。就這樣，我們已經度過了夏天。由於多種原因，這是一個動蕩的時期。當我們展望未來時，可以公平地說，波動性是可以預期的，在未來輸電線路擁堵、間歇性再生能源滲透率持續增加等情況下，波動性可能會增加。但我們所能做的就是繼續建立我們的系統，將這種波動性貨幣化並降低未來的整體成本。

The final point I would add is, we've mentioned this before, it is choose your own adventure, I can go seek what our power cost is. If you want us to have $0.02 power, we can do it. If we want $0.01 power we can do it. It's all about the parameters that we set in our software and what we trade around.

最後我要補充的一點是，我們之前已經提到過，這是選擇你自己的冒險，我可以去尋找我們的電力成本是多少。如果你想讓我們有 0.02 美元的力量，我們就能做到。如果我們想要 0.01 美元的電力，我們就可以做到。這一切都與我們在軟體中設定的參數以及我們進行交易的內容有關。

Our next question will be coming from Joseph Vafi of Canaccord Genuity.

我們的下一個問題將來自 Canaccord Genuity 的 Joseph Vafi。

Nice to see solid progress in the business. Congratulations. Maybe we could talk just a little bit more on that power side, Daniel, relative to your ability to exploit the power markets, given how much power you used over the summer, if Childress does scale, do you think that your same methodology applies to -- or the same energy strategy applies. I mean, basically, can your energy strategy scale if you're at 200 or 300 megawatts there. And then I have a follow-up.

很高興看到業務取得紮實進展。恭喜。也許我們可以在電力方面多談一點，丹尼爾，相對於你利用電力市場的能力，考慮到你在夏天使用了多少電力，如果 Childress 確實擴大規模，你認為你的同樣的方法適用於——或者同樣的能源策略適用。我的意思是，基本上，如果你的能源策略規模為 200 或 300 兆瓦，那麼你的能源策略是否可以擴展。然後我有一個後續行動。

Thanks, Joe. There is no -- in terms of the scale, I think what you're alluding to is we've had 20 megawatts operating. If that goes 10x, we'll -- that volume have an impact on the economics. The shorter answer is, no, I don't believe so. No. That is still a very small amount of power relative to the overall liquidity and amount of electrons in the market. I think we've disclosed previously or you can validate for yourself. There's something like 20, 25 gigawatts of wind and solar farms up in that Panhandle region of Texas. So a couple of hundred megawatts here and there is unlikely to play a material role in that.

謝謝，喬。就規模而言，我認為您所指的是我們已經運行了 20 兆瓦。如果成長 10 倍，我們就會——這個數量對經濟產生影響。簡短的回答是，不，我不這麼認為。不。相對於市場上的整體流動性和電子數量，這仍然是非常小的電力。我想我們之前已經透露過，或者您可以自己驗證。德州 Panhandle 地區有大約 20、25 吉瓦的風能和太陽能發電廠。因此，這裡和那裡的幾百兆瓦不太可能在這方面發揮實質作用。

But look, there is uncertainty around the power market, right? Like it is a dynamic market, there is at an extraordinary amount of new generation permitted, tens and tens of gigawatts of new wind and solar in Texas, there are no additional transmission lines planned up into our region where Childress is, notwithstanding there's about $10 billion of other transmission lines planned over the next 5 years. So that congestion that kind of prevailing dynamic of a lot of cheap renewables is likely to continue on site. We aren't close to the load centers like Dallas and Houston where power tends to be a little bit more expensive, and you probably want the benefit of a long-term cheap hedge, and you might see less volatility.

但你看，電力市場存在不確定性，對吧？就像這是一個充滿活力的市場一樣，德州允許的新一代發電量非常大，有數十吉瓦的新風能和太陽能，沒有計劃在我們的Childress 所在地區建造額外的輸電線路，儘管大約有10 美元未來 5 年內計劃建造 10 億條其他輸電線路。因此，大量廉價再生能源所造成的擁擠很可能會持續下去。我們離達拉斯和休士頓這樣的負載中心不近，那裡的電力往往比較貴，您可能希望獲得長期廉價對沖的好處，而且波動性可能會較小。

So look, there is substantial uncertainty around that number, but equally, we can only play what's in front of us. And when you step back, this is the whole reason we set up this business, right? Because when the wind blows and sun shines, there's cheap power, there's volatility in the markets. There needs to be a solution, and we have developed a significant competitive advantage to take advantage of that.

所以看，這個數字存在著很大的不確定性，但同樣，我們只能玩眼前的遊戲。當你退一步看時，這就是我們創辦這項業務的全部原因，對嗎？因為當風吹日曬時，電力價格便宜，市場就會波動。需要有一個解決方案，我們已經開發了顯著的競爭優勢來利用它。

Sure. That's helpful. And then I know it's super early days, obviously, on the generative AI side. But do you have a feel at this point, Dan, on how power constrained that market gets, how quickly, obviously, the bitcoin miners have been able to do a good job of finding cheap power located close to the source of its production. But if this does ramp, how -- do you have a feel for when power gets constrained in that market, obviously, Childress has a lot of megawatts available to it over time.

當然。這很有幫助。然後我知道，顯然，在生成人工智慧方面，現在還處於非常早期的階段。但是，丹，您現在是否感覺到該市場的電力受到了多麼嚴重的限制？顯然，比特幣礦工能夠以多快的速度很好地找到靠近其生產源頭的廉價電力。但如果這種情況確實增加，你是否感覺到該市場的電力何時受到限制，顯然，隨著時間的推移，Childress 擁有大量可用的兆瓦電力。

Yes. Look, it's because it's such an early market and it's so disparate and the forecasts are all relatively subjective right? Like what's the adoption curve for generative AI, but the range of variability in that answer alone is just going to cause an enormous amount of noise in any answer that I say. All we can say is everywhere we go, everyone we speak to, speaks about the infrastructure choke on building out more generative AI capacity. Yes, before I jumped on this call, I spoke to Will Brother Co-CEO, Co-Founder who's in California at this AI conference, watching a presentation from Meta and their presentation is dedicated to the infrastructure challenge, if they start onboarding of billions of people into using generative AI.

是的。看，這是因為它是一個如此早期的市場，而且差異如此之大，而且預測都相對主觀，對嗎？就像生成式人工智慧的採用曲線一樣，但僅該答案的可變性範圍就會在我所說的任何答案中引起巨大的噪音。我們所能說的是，無論我們走到哪裡，與我們交談過的每個人，都談到了基礎設施在建立更俱生成性的人工智慧能力方面的阻礙。是的，在我參加這次電話會議之前，我與Will Brother 聯合執行長兼聯合創辦人進行了交談，他在加州參加了本次人工智慧會議，觀看了Meta 的演講，他們的演講致力於解決基礎設施挑戰，如果他們開始接納數十億人的話人們開始使用生成式人工智慧。

So it does feel like it's flavor of the month in terms of the narrative. But again, we prefer to validate these things rather than just get caught up in market hype. Let's see where we get to with its initial GPU purchase, see what it leads to in terms of tangible customer orders and in the (inaudible) and then we'll obviously be better positioned to work out our own view on where we're going.

所以就敘事而言，它確實感覺像是本月的風味。但同樣，我們更願意驗證這些事情，而不是只陷入市場炒作。讓我們看看我們最初購買 GPU 的進展如何，看看它在有形客戶訂單和（聽不清楚）方面帶來了什麼，然後我們顯然可以更好地制定我們自己對前進方向的看法。

And our next question will come from Lucas Pipes of B. Riley.

我們的下一個問題將來自 B. Riley 的 Lucas Pipes。

This is Nick Giles asking a question on behalf of Lucas. Congrats on all the progress here, in particular, the strong utilizations and power costs. My first question is related to the AI opportunity. What do you need to see in this initial purchase of H100 to promote further expansion? Dan, you noted earlier that ability to scale is a key consideration. And is this at the data center itself, access to GPUs?

我是尼克吉爾斯，代表盧卡斯提問。恭喜這裡取得的所有進展，特別是強勁的利用率和電力成本。我的第一個問題與人工智慧機會有關。您在首次購買 H100 時需要看到什麼以促進進一步擴張？ Dan，您之前指出，擴展能力是一個關鍵考慮因素。這是在資料中心本身，對 GPU 的存取嗎？

Yes. I think -- thanks, Nick. Good to hear from you. Look, I think it's like any business. You want to know there's product market fit. You know that you want to know that there's a sustainable return on investment, and it's working towards those. Buying 250 GPUs, spending $10 million to $12 million on that, seeing a return is part of that. But -- it's a little bit the chicken and the egg. You can engage in a lot of conversations in the market. But until you do something, you almost don't have a license to proper conversations, and we've seen that immediately.

是的。我想——謝謝，尼克。很高興聽到你的消息。聽著，我認為這就像任何生意一樣。您想知道產品是否適合市場。您知道您想知道投資是否有可持續的回報，並且它正在努力實現這些回報。購買 250 個 GPU，花費 1000 萬到 1200 萬美元，看到回報是其中的一部分。但是——這是先有雞還是先有蛋的問題。您可以在市場上進行很多對話。但在你採取行動之前，你幾乎沒有適當對話的許可，我們立即看到了這一點。

A large number of our management team spent time with NVIDIA this week, speaking with customers and all of a sudden that knowledge curve and understanding of where the market is going, the customers set up, it just grows and compounds really quickly. Just like once you buy these machines and plug them in, you work out how to operate them, you work out what tweaks are required physically around your data center infrastructure. It just paves the way to develop a better understanding and appreciation for the risk/return profile of dedicating more resources towards this sector.

本週，我們的許多管理團隊都花時間與 NVIDIA 合作，與客戶交談，突然之間，知識曲線和對市場走向的了解、客戶的建立、它的成長和複合都非常快。就像您購買這些機器並將其插入後，您就會弄清楚如何操作它們，您就會弄清楚資料中心基礎設施周圍需要進行哪些實體調整。它只是為更好地理解和評估向該領域投入更多資源的風險/回報狀況鋪平了道路。

So that's what a context, to answer your question more specifically, what do we want to see? We want to see revenue. Again, we're not in the business of just installing computers and telling people how much we've got without actually generating revenue from them. And I think Lincoln made that point very strongly. We need to generate revenue from this. But equally, the discrete amount of revenue we generate from this initial purchase in my mind, is second order to developing that profile in the market, the understanding of where customers are at and the outlook for deploying a substantial amount of capital over time to build a proper business in this sector.

這就是一個背景，更具體地回答你的問題，我們想看到什麼？我們希望看到收入。再說一次，我們的業務不僅僅是安裝電腦並告訴人們我們有多少，而不是實際從中產生收入。我認為林肯非常強烈地表達了這一點。我們需要從中創造收入。但同樣地，在我看來，我們從最初的購買中產生的離散收入是第二位的，其次是發展市場形象、了解客戶所處的位置以及隨著時間的推移部署大量資本來建設的前景。該行業的適當業務。

And ultimately, it goes to risk/return. If we're going to deploy capital, we need to see a long-term sustainable return on that capital. And that also goes hand in glove with cost of capital. I think it's no secret to acknowledge we have crypto miners trade in terms of capital and that's a very large way away from more traditional computing technology businesses. So it will be interesting to see over time if and when we build this business out, how all those factors come together to put us in a position to hopefully continue to drive shareholder returns.

最終，它涉及風險/回報。如果我們要部署資本，我們需要看到該資本的長期可持續回報。這也與資本成本密切相關。我認為承認我們的加密礦工在資本方面進行交易已經不是什麼秘密了，這與更傳統的計算技術業務有很大的差距。因此，隨著時間的推移，看看我們是否以及何時建立這項業務，所有這些因素如何結合在一起，使我們能夠繼續推動股東回報，這將是一件有趣的事情。

And that's really helpful. I really appreciate that color. You alluded to it earlier, but I just wanted to ask, at a high level, how do you think about structuring agreements with AI customers? You mentioned reserve capacity and on-demand opportunities. Would you expect to be primarily reserve, interested to hear your perspective there.

這真的很有幫助。我真的很欣賞這種顏色。您之前提到過，但我只是想從高層次問一下，您如何看待與人工智慧客戶簽訂協議？您提到了儲備能力和按需機會。您是否希望主要保持保留態度，有興趣聽聽您的觀點。

Yes. Look, it's -- our nature is always risk first, like we're always going to be trying to lay off risk to other people. So if we can sign a long-term contract, our natural bias just given who we are is to give that to someone. But ultimately, it comes to optimizing returns and that dovetails into the cost of capital point that I made earlier. If we can enter into long-term financing agreements over these GPUs. And we've seen other players like CoreWeave announced these in the market. So source of funding, long-term attractive cost of capital and then use of financing to deploy that into a customer at a headline rate that may be lower than what you'd order and what you'd receive trade-in spot capacity. If that is going to generate more accretive returns for shareholders, then absolutely, that feels like our model, like we're not -- we don't need to be in the business of trading GPU per hour pricing if we can line up a scalable way to raise capital at an attractive cost and deploy that at scale into a market that needs it with long-term customer contracts and that has a lot of appeal.

是的。聽著，我們的本性總是把風險放在第一位，就像我們總是試圖將風險轉移給其他人一樣。因此，如果我們能簽一份長期合同，我們的自然偏見就是把它交給某人。但最終，它涉及優化回報，這與我之前提出的資本成本觀點相符。如果我們能夠就這些 GPU 達成長期融資協議。我們已經看到 CoreWeave 等其他參與者在市場上宣布了這些產品。因此，資金來源、長期有吸引力的資本成本，然後利用融資以可能低於您訂購的價格和您收到的以舊換新現貨容量的總體利率將其部署到客戶身上。如果這將為股東帶來更多的增值回報，那麼絕對，這感覺像是我們的模式，就像我們不是一樣——如果我們能夠安排一個價格，我們就不需要從事每小時GPU 定價的交易業務。以具有吸引力的成本籌集資金的可擴展方式，並將其大規模部署到需要長期客戶合約且具有很大吸引力的市場。

Our next question will come from Paul Golding of Macquarie Capital.

我們的下一個問題將來自麥格理資本的保羅戈爾丁。

Dan, congrats on the year. I wanted to start by asking if you could give some color on the state of the supply chain. As we were listening to your prepared remarks with respect to Childress expansion. I heard you note that you're looking at the long lead time items and ordering those ahead of capacity expansion. So I just wanted to get a sense of what the lead time is and where there are constraints at the moment in the supply chain?

丹，祝賀這一年。我想先詢問您是否可以提供有關供應鏈狀況的一些資訊。當我們正在聽取您準備好的有關 Childress 擴張的評論時。我聽說您注意到您正在考慮交貨時間較長的產品，並在產能擴張之前訂購這些產品。所以我只是想了解一下交貨時間是多少以及目前供應鏈中存在哪些限制？

Thanks, Paul. Great question. Look, the shorter it is, we're not being constrained because we've had this site for a while. We've been planning. We've got gantt charts that are longer than I would like to read in terms of the project management, and it's just working through it, right? Like every component, every input into construction has an expected lead time. It has an expected risk. It has a number of options.

謝謝，保羅。很好的問題。看，它越短，我們就不會受到限制，因為我們已經擁有這個網站一段時間了。我們一直在計劃。我們的甘特圖在專案管理方面比我想讀的要長，而且它只是在解決它，對吧？與每個組件一樣，每個施工投入都有預期的交付時間。它有預期的風險。它有多種選擇。

We learned a lot when we built our facilities in British Columbia across Prince George, Mackenzie and Canal Flats. We then learned even more building the first 20 megawatts in Texas. It was a different dynamic, different supply chains, different contractors, different labor dynamic. So working through all that. We've now got a very accurate lay of the land in terms of what we need to order and when to ensure that we don't have choke points along the way.

當我們在不列顛哥倫比亞省喬治王子城、麥肯齊和運河公寓建造設施時，我們學到了很多東西。然後我們了解到更多關於在德克薩斯州建造第一個 20 兆瓦電站的資訊。這是一種不同的動態，不同的供應鏈，不同的承包商，不同的勞動力動態。所以要努力完成這一切。現在，我們對需要訂購什麼以及何時訂購有了非常準確的了解，以確保沿途沒有阻塞點。

So for every component, we will look at the lead time, we'll look at the risk that, that supplier falls over, what's our contingency, how late can we lead it, leave it, what level of buffer. So the short of it is we would only really be potentially constrained if we had $1 billion in the bank tomorrow and wanted to pull the trigger on building out infrastructure for the full 600 megawatts. And those numbers are not linked, but they're illustrative. At that point in time, yes, we probably face some supply chain challenges getting all the equipment as fast as we need. But generally speaking, it's all manageable, and we don't envisage any major issues.

因此，對於每個組件，我們都會考慮交貨時間，我們會考慮供應商倒閉的風險，我們的意外情況是什麼，我們可以拖到多晚，留下它，緩衝水平是多少。因此，缺點是，只有當我們明天銀行存款有 10 億美元並且想要啟動建造 600 兆瓦的基礎設施時，我們才會真正受到限制。這些數字沒有關聯，但它們具有說明性。是的，到那時我們可能會面臨一些供應鏈挑戰，以盡可能快的速度獲得所有設備。但總的來說，這一切都是可控的，我們預計不會有任何重大問題。

And then a follow-up around uptime and power efficiency and utilization, we've seen in prior presentations at prior results and the slide that you provided during this presentation that your utilization and efficiency in power use relative to peers based on those charts has been best-in-class in many cases. And I wanted to ask what you attribute that mostly to? Is it a distinct data center engineering profile? Is it algorithmic in terms of your systems? How should we think about your edge versus the rest of the sector in terms of the capacity at your disposal?

然後是圍繞正常運行時間、電源效率和利用率的後續行動，我們在先前的演示中看到了先前的結果以及您在本次演示中提供的幻燈片，根據這些圖表，您的電源利用率和效率相對於同行來說是在許多情況下都是同類最佳。我想問你這主要歸因於什麼？它是一個獨特的資料中心工程設定檔嗎？就您的系統而言，它是演算法嗎？我們該如何看待貴公司相對於該產業其他公司在可支配產能的優勢？

We build data centers, but I know that's a very single statement, but I'm not sure others do. But most of those on that slide are still putting computers in (inaudible). I feel like the sector is maturing. Maybe we're sitting in the wrong concept, maybe we're a data center computing business and not a crypto miner as decided. I mean there's a lot of wide gaps there that illustrate the inability or the fact that they haven't been utilized. I think operating thousands of computers in (inaudible) in a remote site, potentially a challenge. I think the whole immersion cooling we said it, we'll keep saying it. You cannot manage heat as effectively with immersion cooling in Texas. It is just the laws of physics. It becomes exponentially hard when you're trying to evacuate heat kind of a fluid in 100-degree temperature.

我們建立資料中心，但我知道這是一個非常單一的說法，但我不確定其他人是否也這麼認為。但幻燈片上的大多數人仍在安裝電腦（聽不清楚）。我覺得這個行業正在成熟。也許我們的概念是錯的，也許我們是一家資料中心運算企業，而不是所決定的加密貨幣礦工。我的意思是，那裡有很多巨大的差距，說明了它們的無能或它們未被利用的事實。我認為在遠端站點（聽不清楚）操作數千台電腦可能是一個挑戰。我認為整個浸入式冷卻我們已經說過了，我們會一直這樣說。在德克薩斯州，您無法透過浸入式冷卻來有效地管理熱量。這只是物理定律。當你試圖在 100 度的溫度下排出液體中的熱量時，它會變得極其困難。

I don't know like it's -- we're building data centers. We buy computers, we plug them in. Yes, we've developed a lot of competitive advantages and know-how internally, but at the end of the day, there's a power point, there's a data center, you plug them in, you generate revenue. Why aren't others doing that? That's more of a question for them.

我不知道是不是這樣——我們正在建造資料中心。我們購買計算機，然後將它們插入。是的，我們在內部開發了很多競爭優勢和專業知識，但最終，有一個電源插座，有一個數據中心，你將它們插入，你產生收入。為什麼其他人不這樣做？這對他們來說更是一個問題。

And our next question will be coming from Joe Flynn of Compass Point Research & Trading.

我們的下一個問題將來自 Compass Point Research & Trading 的 Joe Flynn。

We're just looking for some color on maybe the initial time line of AI, HPC and the kind of test runs you guys are offering and what exactly those entail? And on that front, with the customer conversations you're having, would you attribute it to more maybe like legacy businesses looking to expand, cloud offerings or like startups that are getting priced out in the market from hyperscalers?

我們只是想在人工智慧、高效能運算的初始時間線上尋找一些色彩，以及你們提供的測試運行類型，這些到底意味著什麼？在這方面，透過與您正在進行的客戶對話，您是否會將其歸因於更多可能尋求擴張的傳統企業、雲端產品或在市場上被超大規模企業淘汰的新創公司？

Thanks for the question. So look, the delivery schedule is in the coming months. So towards the end of this year, very early next year in terms of when they arrive. We're not waiting for them to arrive in terms of engaging customers. In a perfect world where the customer lined up, ready to use them at the moment they arrive on site and plugged in. So let's see where we get to.

謝謝你的提問。所以看，交付時間表是在未來幾個月內。因此，就他們在今年年底、明年初抵達的時間而言。我們不會等待他們到來吸引客戶。在一個完美的世界中，客戶排隊，在到達現場並插入電源後就可以使用它們。所以讓我們看看我們會達到什麼目的。

In terms of the nature of the customer conversations, we are talking to everyone. It's the short of it, the very large cloud businesses, the global technology majors all the way through to platform aggregators and more start-ups, generative AI, specialized companies. So it's a bit early to preempt the direction that will go in that regard. Although it probably, if I had to guess, it's probably not going to be one of the big technology majors at this point, partly because of scale, do they really want to get out of bed to deal with 250 GPUs or is this more part of the broader strategy, I was alluding to where prove up our capability, prove the product market fit and then utilize this test case to really scale over time. And I think that would be the hope or the ambition of us as a business.

就客戶對話的性質而言，我們正在與每個人交談。它的缺點是，非常大的雲端業務、全球科技巨頭一直到平台聚合器和更多的新創公司、生成人工智慧、專業公司。因此，現在就搶佔這方面的發展方向還為時過早。雖然它可能，如果我必須猜測，它可能不會成為大型科技專業之一，部分原因是規模，他們真的想起床處理 250 個 GPU 還是這更多？在更廣泛的戰略中，我指的是證明我們的能力，證明產品市場契合度，然後利用這個測試案例隨著時間的推移真正擴展。我認為這將是我們作為一個企業的希望或雄心壯志。

In terms of how the returns or those customers would work with us, it's long-term contracts, is it spot that's -- we're just going to have to work through that most of the time.

就退貨或這些客戶如何與我們合作而言，這是長期合同，我們大多數時候都必須解決這個問題。

(Operator Instructions) Our next question will come from Reggie Smith of JPMorgan.

（操作員指示）我們的下一個問題將來自摩根大通的雷吉·史密斯。

A few quick ones. Could you remind us what your CapEx needs -- or incremental CapEx needs are to get to 9 exahash that you guys are talking about for early 2024?

幾個快的。您能否提醒我們您的資本支出需求是什麼，或者增量資本支出需求是在 2024 年初達到您正在談論的 9 exahash？

I don't think we've disclosed that number specifically, Reggie. So let us take it on notice. It's a good question. I wouldn't want to respond.

我認為我們沒有具體透露這個數字，雷吉。因此，讓我們注意這一點。這是一個好問題。我不想回應。

I can probably provide some color, Dan?

我也許可以提供一些顏色，丹？

Please.

請。

So Reggie, we haven't provided specific detail in this release, but I think one release back. We provided some guidance around what it would cost to do 20 megawatts. The math hasn't changed materially since then in terms of to do a 20-megawatt building, roughly $35 million of CapEx for both the infrastructure and the miners. If we just look at current data points around where miner pricing is at probably $15 million on the infra and $20 million on the miners thereabouts. So you sort of scale that up times 4, gets you up to $140 million for the 80 megawatts, including the latest generation hiring, which is roughly split sort of $80 million for miners and $60 million for the infrastructure.

Reggie，我們沒有在這個版本中提供具體細節，但我認為會發布一個版本。我們針對 20 兆瓦的成本提供了一些指導。從那時起，建造一座 20 兆瓦的建築、基礎設施和礦工的資本支出約為 3,500 萬美元，數學計算並沒有重大變化。如果我們只看一下目前的數據點，基礎設施的礦機定價可能為 1500 萬美元，礦機的定價約為 2000 萬美元。因此，如果將其擴大到 4 倍，那麼 80 兆瓦的發電量將高達 1.4 億美元，其中包括最新一代的招聘，大致分為 8,000 萬美元用於礦工和 6,000 萬美元用於基礎設施。

Got it. And so just to make sure I'm kind of using apples and apples here, does that figure that you just quoted, should I be comparing that to your cash balance? Or has some of that already been spent, if that makes sense, or paid rather?

知道了。因此，為了確保我在這裡使用的是蘋果和蘋果，您剛才引用的這個數字是否應該與您的現金餘額進行比較？或者如果有意義的話，其中一些已經花掉了，或者已經支付了？

Yes. Look, some of that has been spent. I think it's just important to note that construction has been ongoing and that $69 million cash balance is a 30 June number based on the 30 June balance sheet.

是的。你看，有些已經花掉了。我認為重要的是要注意建設一直在進行，6,900 萬美元的現金餘額是根據 6 月 30 日的資產負債表得出的 6 月 30 日的數字。

Got it. Okay. Perfect. And this kind of ties in with that question. But obviously, you've got the halving, it's going to occur next spring. How do you guys think about or even evaluate the offers and the pricing for hardware in this environment, given some of the uncertainty around that halving? And maybe you could talk about kind of your base case hash rate assumptions? Or just anything that you guys or how you guys think about it to help investors kind of appreciate that.

知道了。好的。完美的。這與這個問題有關。但顯然，減半將會在明年春天發生。考慮到減半的一些不確定性，你們如何看待甚至評估這種環境下硬體的報價和定價？也許您可以談談您的基本情況哈希率假設？或只是你們的任何想法或你們如何看待它，以幫助投資者理解這一點。

Yes, sure. That's a good question, Reggie. I think part of that goes to the strategy as well, which Dan alluded to around optionality on the timing of the mining high wet purchases like it takes us physically 6 months to construct this infrastructure. But in terms of getting miners into these facilities, once the infrastructure is built, that sort of 6- to 8-week type time frame.

是的，當然。這是個好問題，雷吉。我認為其中一部分也與策略有關，Dan 提到了圍繞採礦高濕採購時間的可選擇性，就像我們實際上需要 6 個月的時間來建造這個基礎設施一樣。但就讓礦工進入這些設施而言，一旦基礎設施建成，就需要 6 到 8 週的時間框架。

And talking to the halving, the Iris Energy strategy is really similar to what we've always done, which is prepared for the worst-case scenario and hope for the best. So we hope that bitcoin will run into and post the halving. We look back historically, there are some data points that suggest that's going to be the case, but we just need to lock down risk wherever we can. So in terms of the cost of energy and making sure we survive and come out the other side, I'm very strong. It's managing our power prices appropriately, which Dan has spoken to.

談到減半，Iris Energy 的策略與我們一直以來所做的非常相似，即為最壞的情況做好準備，並希望最好的情況。因此，我們希望比特幣能夠迎來減半。我們回顧歷史，有一些數據點表明情況將會如此，但我們只需要盡可能地鎖定風險。因此，就能源成本以及確保我們生存並走出困境而言，我非常強大。它正在適當地管理我們的電價，丹對此表示過。

In terms of operating at scale, we are a 5.6 exahash business, the largest producer in the NASDAQ last month, so we tick that box. Efficiency is absolutely key. Again, we're demonstrating that optionality in the CapEx deployment, which we've spoken to in terms of the box, the CapEx relating to the miners. We are going to adopt a bit of a wait-and-see approach around that. To the extent the coin prices run, we have high confidence around the returns. We can invest and the capital will be there. To the extent there's a drawdown, a bitcoin does funny things around the halving. Thank God, we haven't deployed all of that capital without any visibility around that.

就營運規模而言，我們是一家 5.6 exahash 的企業，是上個月納斯達克最大的生產商，因此我們勾選了該框。效率絕對是關鍵。我們再次證明了資本支出部署中的可選性，我們已經在方框中談到了與礦工相關的資本支出。我們將對此採取觀望態度。就代幣價格的走勢而言，我們對回報充滿信心。我們可以投資，資本就會在那裡。在某種程度上，比特幣在減半期間會發生一些有趣的事情。感謝上帝，我們還沒有在沒有任何可見性的情況下部署所有這些資本。

So historically, if there's a drawdown in the bitcoin price, you just expect lower cost miners to prevail and some of the higher-cost guides of debt, less efficient facilities, higher operating costs, et cetera, to come out of the hash rate. And we want to be making sure that Iris Energy is as best positioned as possible relative to the rest of the sector.

因此，從歷史上看，如果比特幣價格下跌，你只會期望成本較低的礦商佔上風，而一些成本較高的債務指南、效率較低的設施、較高的營運成本等都會從算力中產生。我們希望確保 Iris Energy 相對於該行業的其他公司處於盡可能最佳的位置。

Got it. And if I could sneak one more in, and it's probably hard to answer, but is there a rule of thumb that like investors should think about in terms of maybe a framework, a better word, in terms of like how do you evaluate a follow-on offering, if you were to do an equity issuance? Like how should investors think about that the accretion potential around that? Is there any rule of thumb or guideline for that?

知道了。如果我可以再偷偷地講一個，這可能很難回答，但是有沒有一個經驗法則，像投資者一樣應該考慮一個框架，一個更好的詞，比如你如何評估追隨者- 在發行時，如果您要發行股票？例如投資人應該如何看待圍繞這一點的增值潛力？有沒有任何經驗法則或指南？

I can take this one, Lincoln. Look, it's something we look very closely at. Sorry, the video is taking time to update in my screen. Reggie, it's something we monitor almost live time speaking to all the banks around pricing terms, et cetera. I think it's fair to say these ATMs seem a more efficient way to raise capital. Just the spread on your share price, the lack of I guess, discount. We've seen warrants in the past, which is extremely unattractive. I'm just not sure the feasibility of a placement in the current market versus utilizing products like the [e-lock], the ATM, speaking to people about kind of vendor financing options, particularly with GPUs and traditional computing land that is more common. I alluded to the CoreWeave debt and financing facility they put in place. That's all attractive. Look, equity when you're a growing business and looking to lock down a platform is attractive, but equally, we need to be respectful of our share price, liquidity, et cetera and not dilute our shareholders unnecessarily.

我可以接受這個，林肯。看，這是我們非常密切關注的事情。抱歉，影片在我的螢幕上更新需要一些時間。雷吉，我們幾乎即時監控與所有銀行就定價條款等進行的對話。我認為可以公平地說，這些自動櫃員機似乎是一種更有效的籌集資金的方式。只是你的股價上的價差，我猜缺乏折扣。我們過去見過認股權證，這是極其沒有吸引力的。我只是不確定在當前市場中放置與使用 [e-lock]、ATM 等產品相比是否可行，與人們談論供應商融資選項，特別是 GPU 和更常見的傳統計算領域。我提到了他們設立的 CoreWeave 債務和融資機制。這一切都很有吸引力。看，當你是一家成長型企業並希望鎖定一個平台時，股權很有吸引力，但同樣，我們需要尊重我們的股價、流動性等，而不是不必要地稀釋我們的股東。

So we've got a lot of metrics that we look at in terms of accretion versus nonaccretive dilution of shareholders there's potentially some double negatives in there. It's just something to monitor lifetime. The best thing about putting these products in place is you're not making a point in time decision, you retain that optionality every day that you wake up to ensure that you're optimizing your cost of capital and generating that shareholder return.

因此，我們有許多衡量股東增值與非增值稀釋的指標，其中可能存在一些雙重否定。這只是監控生命週期的東西。使用這些產品的最好的一點是，您不必做出某個時間點的決策，您每天醒來時都可以保留這種選擇權，以確保優化資本成本並產生股東回報。

And I'm showing no further questions. I would now like to turn the call back over to Dan Roberts.

我沒有再提出任何問題。我現在想把電話轉回給丹羅伯茲。

Excellent. Thank you, operator. Well, thanks, everyone. Thanks for the great questions and support from the analysts that ask questions as they always do. We appreciate the support of all our shareholders. It's been a very interesting 12 to 18 months establishing the platform, getting us to where we are today, has involved an extraordinary amount of hard work from the team internally. Will and I could not be happier, we've got a fantastic group, the passion, the commitment, we know that we're at the forefront of an industry that is the future, the digitization of our world, the electrification, the movement of renewable energy into high-performance computing. We had conviction 5 years ago when we started this business. I know for a fact, there's a number of seed shareholders who are on this call that were there back then, they're here today. We're continuing to pursue that dynamic.

出色的。謝謝你，接線生。嗯，謝謝大家。感謝分析師一如既往地提出問題並提供支援。我們感謝所有股東的支持。建立這個平台經歷了非常有趣的 12 到 18 個月，讓我們達到了今天的水平，內部團隊付出了巨大的努力。威爾和我非常高興，我們有一個出色的團隊，充滿熱情，有奉獻精神，我們知道我們處於未來行業的前沿，我們世界的數位化，電氣化，運動將可再生能源轉化為高效能運算。五年前，當我們開始這項業務時，我們就抱持著堅定的信念。我知道事實上，有很多種子股東參加了這場電話會議，當時他們就在那裡，今天他們也在這裡。我們將繼續追求這種動力。

And I think it's fair to say over the last 5 years, nothing has changed, except that conviction around where the world is going is increasing like we are following that digitization, electrification dynamic, and we have established a platform, which is at the forefront of innovation to capitalize upon it. Yes, it started with bitcoin mining, but we said 5 years ago that high-performance energy dense compute broadening beyond bitcoin, it's likely to happen. And here we are at the forefront of that industry as well with a very unique business model to capitalize on that.

我認為可以公平地說，在過去的五年裡，什麼都沒有改變，除了對世界發展方向的信念不斷增強，就像我們正在追隨數位化、電氣化的動態一樣，我們已經建立了一個處於最前沿的平台的創新來利用它。是的，它始於比特幣挖礦，但我們在 5 年前就說過，高效能能量密集運算擴展到比特幣之外，這很可能會發生。在這裡，我們處於該行業的前沿，並擁有非常獨特的商業模式來利用這一點。

We've got a very unique proposition in terms of near-term growth, those 30 exahash numbers, the $0.014 power that we discussed during the slide deck. We feel like we've done a lot of the hard work, and we can now execute swiftly and most importantly, efficiently pursuing that (technical difficulty) I'd say see you next year, but we'll see you well before that. Thank you.

我們在短期成長方面有一個非常獨特的主張，即我們在幻燈片中討論的 30 exahash 數字，即 0.014 美元的力量。我們覺得我們已經做了很多艱苦的工作，我們現在可以快速執行，最重要的是，有效地追求（技術難度）我想說明年再見，但我們會在那之前再見。謝謝。

And this concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。