IREN Ltd (IREN) 2024 Q2 法說會逐字稿

Good afternoon to those of you in North America and good morning to those of you in Australia, and welcome to the Iris energy second fiscal quarter results conference call. My name is Lincoln Tan, Director of investor relations and joining 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 第二財季業績電話會議。我是投資者關係總監 Lincoln Tan，今天與我一起參加電話會議的是聯合創始人兼聯合首席執行官 Daniel Roberts 和首席財務官 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 two within the accompanying presentation over to you Dan.

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，Iris Energy 警告聽眾。此前瞻性資訊和聲明是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公司的預期有重大差異。聽眾不應過度依賴前瞻性資訊或陳述。請參閱隨附的簡報中第二張投影片上的免責聲明，丹。

Thanks, Linc. Good afternoon everyone and thank you for dialing in for another earnings call and a business update. We're very pleased to be speaking to you today particularly given the events of the past 6, 12 months and the outlook from here. So jumping straight in. Disclaimer, encourage you all to read it. Jumping into who we are and what we do. There's obviously been an increasing level of interest in our business over the last few months so we thought it was worth a recap of who we are and what we do.

謝謝，林克。大家下午好，感謝您撥通電話參加另一次財報電話會議和業務更新。我們很高興今天與您交談，特別是考慮到過去 6、12 個月發生的事件以及這裡的前景。於是直接跳進去。免責聲明，鼓勵大家閱讀。深入了解我們是誰以及我們做什麼。過去幾個月，人們對我們業務的興趣顯然越來越濃厚，因此我們認為有必要回顧一下我們是誰以及我們做什麼。

At our heart we're a next generation data center business, very distinct from traditional data centers and many of you would have heard this before but traditional data centers have typically grown up and evolved in capital city locations where they've optimized for very different outcomes and very different workloads to what we've designed.

從本質上講，我們是下一代資料中心業務，與傳統資料中心截然不同，許多人以前都聽說過這一點，但傳統資料中心通常是在首都城市發展和發展的，在那裡他們針對非常不同的情況進行了優化結果和工作負載與我們的設計截然不同。

You know your live time cloud computing, your mission critical systems, hospitals, governments, corporates et cetera. where really low latency, ultra-high reliability and proximity is really important. In the emerging world and the future of where we believe computing is going is driving demand and the bifurcation of compute into still those traditional data centers but equally this high-performance computing market. The demand for power dense, high-performance compute and at its heart that is the platform that we've built and are continuing to grow.

您了解即時雲端運算、關鍵任務系統、醫院、政府、企業等。其中真正的低延遲、超高可靠性和鄰近性非常重要。在新興世界和我們認為運算的未來發展趨勢正在推動需求和運算的分歧，仍然是那些傳統的資料中心，但同樣是這個高效能運算市場。對功率密集、高效能運算的需求，其核心是我們建構並持續成長的平台。

So our asset base, we've now got over 1,000 acres under our property portfolio. We've got 200 megawatts of operating data centers, over two gigawatts of power and associated land secured. We've got all the appropriate networking, physically dual redundant fiber. We've got very strong cyber security protocols that were developed early on and finally we've got our energy trading capability particularly around bitcoin mining where that gives us the ability to trade energy market pricing against bitcoin mining profitability on essentially a live time basis.

因此，我們的資產基礎現在擁有超過 1,000 英畝的房地產投資組合。我們擁有 200 兆瓦的營運資料中心、超過 2 吉瓦的電力和相關土地。我們擁有所有合適的網路、實體雙冗餘光纖。我們很早就開發了非常強大的網路安全協議，最後我們擁有了能源交易能力，特別是在比特幣挖礦方面，這使我們能夠在實時基礎上根據比特幣挖礦盈利能力來交易能源市場定價。

So that's the asset base, it's a real asset base, it's next generation data centers which have been specifically designed and purpose built by us for this emerging class of computing around power dense high-performance compute. And as we've always said how we use that asset base and monetize it over time will undoubtedly evolve. Today bitcoin mining, we've been doing it for a number of years now. Most of you understand what bitcoin mining is, it's essentially using computing power to secure the network in return.

這就是資產基礎，它是一個真正的資產基礎，它是下一代資料中心，它是我們專門為圍繞功率密集型高效能運算的新興運算類別而設計和建造的。正如我們一直所說的那樣，隨著時間的推移，我們如何使用該資產基礎並將其貨幣化無疑將會發生變化。今天的比特幣挖礦，我們已經做了很多年了。大多數人都知道比特幣挖礦是什麼，它本質上是使用運算能力來保護網路安全。

We liquidate those rewards directly into cash, withdraw that cash to our bank accounts, pay the bill, the power bill at the end of the month and pocket the rest as profit. It's quite a simple business as we outlined in the last row there, the payback periods on the compute are attractive. We intend on continuing to grow this business segment.

我們將這些獎勵直接變現為現金，將現金提取到我們的銀行帳戶，在月底支付帳單和電費，其餘的則作為利潤。正如我們在最後一行中概述的那樣，這是一項非常簡單的業務，計算的投資回收期非常有吸引力。我們打算繼續發展這一業務部門。

In parallel we also have our AI cloud services business, which is NVIDIA GPUs today, that may become more than just NVIDIA over time and essentially GPU compute for AI customers. So this involves graphic processing cards as distinct from Bitcoin mining which involves application specific integrated circuits or ASICs so two different types of chips but at its heart two different two computers.

同時，我們也有 AI 雲端服務業務，即今天的 NVIDIA GPU，隨著時間的推移，它可能不僅僅是 NVIDIA，而且本質上是為 AI 客戶提供 GPU 運算。因此，這涉及圖形處理卡，與比特幣挖掘不同，比特幣挖掘涉及專用集成電路或 ASIC，因此兩種不同類型的晶片，但其核心是兩台不同的兩台電腦。

So the business model for that is essentially selling out our GPU capacity on a per hour basis. Again, we pay the electricity costs and pocket the rest as profit. As you can see also a relatively attractive payback period on the hardware. So that's where we are today. In future we could be doing both, we anticipate doing both. We're pretty excited to be capitalizing on two macro tailwinds which we believe are a multi-decade the matics around Bitcoin as a store of value emerging monetary asset.

因此，其商業模式本質上是按小時出售我們的 GPU 容量。同樣，我們支付電費，並將其餘部分作為利潤。正如您所看到的，硬體上的投資回收期也相對有吸引力。這就是我們今天的處境。將來我們可能會兩者兼而有之，我們預計兩者都會做。我們非常高興能夠利用兩個宏觀順風，我們認為這兩個順風是圍繞比特幣作為新興貨幣資產的價值儲存手段的數十年的發展。

And AI in particular which we think is fundamentally going to change the way humans work together. In terms of future applications and way that we can use our high-performance computing data centers we'll continue to pursue and assess and weigh up the opportunities.

尤其是人工智慧，我們認為它將從根本上改變人類合作的方式。就未來的應用程式以及我們使用高效能運算資料中心的方式而言，我們將繼續尋求、評估和權衡機會。

So that's who we are what we're doing. If we roll into a little bit about Bitcoin mining and where we are today more specifically. So as many as you know we were the fastest growing miner in 2023 in terms of percentage gain in capacity installed and that's the trajectory we anticipate to continue. We've got 6.2 exahash operating. In the coming months that should step up to 10 exahash. We're finishing off the data centers now. The chips are due for delivery. We don't anticipate any reasons why that all won't be achieved in the first half this year as we've said since last year.

這就是我們正在做的事情。如果我們深入了解比特幣挖礦以及我們今天所處的具體情況。眾所周知，就裝置容量百分比成長而言，我們是 2023 年成長最快的礦商，我們預計將繼續保持這一軌跡。我們已經運行了 6.2 exahash。在接下來的幾個月裡，這個數字應該會增加到 10 exahash。我們現在正在完成資料中心的建置。晶片即將交付。正如我們自去年以來所說的那樣，我們預計沒有任何理由無法在今年上半年實現這一切。

Furthermore we're on track to hit 20 exahash over the next nine to ten months. Again we have the hardware and the machine secured through a combination of outright purchase agreements and options that were struck when Bitcoin was around $30,000 per Bitcoin. So we've got fixed price contracts already for hardware which were contracted when Bitcoin was around $30,000.

此外，我們預計在未來 9 到 10 個月內達到 20 exahash。我們再次透過直接購買協議和選擇權的組合來確保硬體和機器的安全，這些協議和選擇權是在比特幣價格約為每比特幣 30,000 美元時達成的。因此，我們已經簽訂了硬體固定價格合同，這些合約是在比特幣價格約為 30,000 美元時簽訂的。

We have the power available. We have the land available and equally importantly is this is just a single site expansion. We are not doing anything new. We are just continuing to build out existing data centers at our existing site in Childress, Texas. We have an internal construction team. We have external contractors mobilized. They will just continue to roll from building to building and deploying this capacity over the course of this year.

我們有可用的力量。我們擁有可用土地，同樣重要的是這只是一個單一站點的擴建。我們沒有做任何新的事情。我們只是繼續在德克薩斯州柴爾德里斯的現有站點上建造現有的資料中心。我們有一個內部施工團隊。我們動員了外部承包商。他們將在今年繼續不斷地建立和部署這種能力。

So we're super excited about the outlook for us in terms of our Bitcoin mining business. We believe that over the next nine to ten months as we approach that 20 exahash mark that will lead us to being one of the largest Bitcoin mining businesses on a standalone basis.

因此，我們對比特幣挖礦業務的前景感到非常興奮。我們相信，在未來 9 到 10 個月內，當我們接近 20 exahash 大關時，我們將成為最大的獨立比特幣挖礦企業之一。

In terms of dynamics around Bitcoin mining, most of you would be aware we've got the halving coming up in about eight, nine weeks and that's the point in time at which the block reward halves. So instead of miners receiving 6.25 Bitcoin every 10 minutes, it gets halved to 3.125. We feel like we're in a really strong position. We've got almost $150 million of cash sitting in our bank account today. We've got a strong market position, access to ongoing capital for growth and that goes to both equity but as well as other non-equity financing opportunities which I'll come to a little bit later on.

就比特幣挖礦的動態而言，大多數人都會知道我們將在大約八、九週後減半，這就是區塊獎勵減半的時間點。因此，礦工不再是每 10 分鐘收到 6.25 個比特幣，而是減半至 3.125 個。我們感覺自己處於非常有利的地位。今天我們的銀行帳戶裡有近 1.5 億美元的現金。我們擁有強大的市場地位，能夠獲得持續成長的資本，這不僅涉及股權，也涉及其他非股權融資機會，我稍後會談到。

We're very excited about the efficiency gains that we will see as we approach that 20 exahash. We've acquired and contracted for new generation Bitcoin mining machines from Bitmain that will drive our efficiency on a portfolio basis to a bit under 22 joules per terahash by the end of this year at that 20 exahash market.

當我們接近 20 exahash 時，我們將看到效率的提升，我們對此感到非常興奮。我們已經從比特大陸購買並簽訂了新一代比特幣礦機的合同，這將使我們的投資組合效率到今年年底在 20 exahash 市場上達到每 terahash 22 焦耳以下。

In terms of our energy trading business, that continues to perform in line with expectations. We delivered the platform, the software hardware integration, the ability to dynamically trade between Bitcoin mining profitability and the local power market in [Ercot], Texas where essentially we have an algorithm that automatically trades on our behalf and maximizes profit. So when the market price of power is high, it automatically puts our Bitcoin mining machines to sleep and we sell power back into the market.

就我們的能源貿易業務而言，其表現持續符合預期。我們提供了平台、軟體硬體整合、在比特幣挖礦盈利能力和德克薩斯州[Ercot]當地電力市場之間進行動態交易的能力，本質上我們有一個演算法可以代表我們自動進行交易並最大化利潤。因此，當市場電力價格很高時，它會自動讓我們的比特幣礦機進入休眠狀態，然後我們將電力賣回市場。

When power prices are cheap because of renewables, wind, solar, et cetera, negative priced at times, we simply route those electrons through our machines and monetize the electricity via the Bitcoin network. So that's been a fantastic strategy and profit centering of its own right for us, and we look forward to that continuing, particularly among the macro outlook for energy in Texas. We're seeing the ongoing permitting construction of wind and solar, particularly up in the north where we're locating.

當由於再生能源、風能、太陽能等而導致電價便宜時，有時甚至是負價，我們只需透過我們的機器傳輸這些電子，並透過比特幣網路將電力貨幣化。因此，這對我們來說是一個很棒的策略，並且以利潤為中心，我們期待這種情況繼續下去，特別是在德州能源的宏觀前景方面。我們看到風能和太陽能的建設正在獲得許可，特別是在我們所在的北部地區。

We're seeing the forward curve for power starting to soften. So we're very excited about the local dynamic there for power and our ability to dynamically manage it to optimize our cost base and profitability. So that's Bitcoin mining.

我們看到電力的遠期曲線開始軟化。因此，我們對當地的電力動態以及我們動態管理電力以優化我們的成本基礎和盈利能力的能力感到非常興奮。這就是比特幣挖礦。

Moving into the AI cloud services segment and we're really excited to give you an update around this. It's been a busy period. As you can see there, there's a photo of our data center at Prince George with the NVIDIA GPUs. You would have seen recent announcements where we've announced a tripling of our AI cloud capacity. And as the market continues to utilize each GPU purchase and demand continues to appear strong in the market, we will continue to grow that.

進入人工智慧雲端服務領域，我們非常高興為您提供有關此方面的最新資訊。這是一段忙碌的時期。正如您所看到的，這是我們位於喬治王子城的資料中心配備 NVIDIA GPU 的照片。您可能已經看到最近的公告，我們宣布將人工智慧雲端容量增加兩倍。隨著市場繼續利用每次購買的 GPU，且市場需求持續強勁，我們將繼續成長。

And for us, given the data centers that we've built, the multifunctionality of those data centers, the ability to order GPUs and either replace existing ASIC or plug it into new data center capacity that is agnostic as to whether it is used for Bitcoin mining or GPUs gives us enormous flexibility to capitalize on a thematic that we're extremely excited about, being AI.

對我們來說，考慮到我們已經建立的資料中心、這些資料中心的多功能性、訂購GPU 的能力以及替換現有ASIC 或將其插入新資料中心容量的能力，而新資料中心容量與是否用於比特幣無關挖礦或 GPU 為我們提供了巨大的靈活性，可以利用我們非常興奮的主題，即人工智慧。

We believe artificial intelligence, the development we're seeing around there, is a super exciting theme over the next 10 to 15 years. We believe it's still very early, but we believe-- that is one significant way that humans are going to progress from here. And our ability to own the real assets, the picks, and shovels, as some like to call it, and be agnostic in some cases as to what specific applications are developed is really excited. We believe that we can play a very large and important role in this evolution of the sector.

我們相信，人工智慧以及我們所看到的發展將是未來 10 到 15 年的一個超級令人興奮的主題。我們認為現在還為時過早，但我們相信這是人類從此進步的一種重要方式。我們擁有真正的資產、鎬和鏟子（有些人喜歡這樣稱呼它）的能力，並且在某些情況下不知道要開發什麼特定應用程序，這真的很令人興奮。我們相信，我們可以在該行業的發展中發揮非常重要的作用。

We have a competitive advantage, which I think is now becoming clear. As I mentioned before, this is very different to traditional data centers. As we've been saying for the last five or six years, you will, and we are, seeing the bifurcation in data centers where you've got those mission critical, low latency, high reliability capital city hyperscale data centers servicing very important high reliability workloads, but you've got this emerging high performance computing segment, which is only growing and growing quickly, which demands very different characteristics.

我們擁有競爭優勢，我認為這項優勢現在正變得越來越明顯。正如我之前提到的，這與傳統資料中心有很大不同。正如我們在過去五、六年裡所說的那樣，您將會，而且我們正在看到資料中心的分歧，您擁有那些關鍵任務、低延遲、高可靠性的首都城市超大規模資料中心，為非常重要的高服務提供服務。可靠性工作負載，但是這個新興的高效能運算領域正在不斷增長，並且增長迅速，需要非常不同的特性。

So for us, having developed our own data center design from the ground floor up, where we have optimized from day one for this power dense compute, and not being distracted with trying to be everything to everyone by servicing traditional data center loads has put us in a fantastic position with a real competitive advantage, where we have a cost base that is super competitive by virtue of where we locate, both regionally close to the source of low cost renewable energy, but also in terms of construction costs.

因此，對我們來說，從底層開始開發自己的資料中心設計，從第一天起就針對這種功率密集型運算進行最佳化，並且不因試圖透過服務傳統資料中心負載來滿足每個人的一切而分心，這讓我們我們處於一個具有真正競爭優勢的絕佳位置，我們的成本基礎憑藉我們所處的位置而具有超級競爭力，無論是在區域上靠近低成本可再生能源的來源，還是在建築成本方面。

We have designed these things from the ground up. We have iterated over a number of years, and we've got a design and internal construction team that we believe is best in class and extremely competitive. So we're extremely excited about where we sit in respect to the AI cloud services business, and we anticipate continuing to grow this strongly over the coming months and years.

我們從頭開始設計這些東西。經過多年的迭代，我們擁有了一支我們認為是同類最佳且極具競爭力的設計和內部施工團隊。因此，我們對人工智慧雲端服務業務的現狀感到非常興奮，並且預計在未來幾個月和幾年內將繼續強勁成長。

In terms of that competitive advantage, as I mentioned, we are cost effective because we have remained specialized. We have fit for purpose capability. We have not tried to be everything to everyone. We are laser focused on power dense, high performance computing workloads, and that goes to Bitcoin mining today, AI GPU compute today. Tomorrow, we don't know. Maybe there's more, but just those two alone are extremely exciting for us as we have an outlook and give us the ability to really be competitive in a market.

就競爭優勢而言，正如我所提到的，我們具有成本效益，因為我們一直保持專業。我們擁有適合目的的能力。我們並沒有試圖滿足所有人的一切。我們專注於功率密集、高效能運算工作負載，這適用於現今的比特幣挖礦和人工智慧 GPU 運算。明天，我們不知道。也許還有更多，但僅這兩點就對我們來說非常令人興奮，因為我們有前景並讓我們有能力在市場上真正具有競爭力。

And you can see there at the bottom, given our price point because of our cost base, because of the way we have set up our business, and the fact that we are not trying to be everything to everyone means we can be extremely cost competitive and deliver a quality product to our customers.

你可以在底部看到，考慮到我們的價格點，因為我們的成本基礎，因為我們建立業務的方式，而且我們並不試圖成為每個人的一切，這意味著我們可以極具成本競爭力並為我們的客戶提供優質的產品。

So now to mix things up a little bit, we're going to jump to a video.

現在讓我們把事情搞混一點，我們要跳到一段影片。

(video playing)

（影片播放）

Wonderful. Well, we've been super excited about this as a team. It's fresh, it's dynamic. We believe it's a better visual representation of who we are in terms of the technology, the innovation that we've developed, and the delivery to our customers and the services that we provide. And we're really excited with the rebrand.

精彩的。嗯，作為一個團隊，我們對此感到非常興奮。它是新鮮的，是動態的。我們相信，它可以更好地直觀地展示我們的技術、我們開發的創新、我們為客戶提供的服務以及我們提供的服務。我們對品牌重塑感到非常興奮。

Fundamentally, we're the same business, same people, same business, same platform, doing the same things. But we're really excited about a slight identity change and rebranding and IREN it is. So, on that note, I'd like to pass over to Belinda, who will now run us through the numbers. Thank you, Belinda.

從根本上來說，我們是同一家企業、同一個人、同一家業務、同一平台、做同樣的事情。但我們對輕微的身份變化和品牌重塑感到非常興奮，IREN 確實如此。因此，就此而言，我想請貝琳達（Belinda）發言，她現在將向我們介紹這些數字。謝謝你，貝琳達。

Okay. Thank you, Dan. It's very hard to follow up from that video, that's for sure. But I wanted to say good morning to all in Sydney and good afternoon to those in North America. So, firstly, I'm going to say I'm extremely excited about the rebrand and our expansion to the 20 exahash by the end of the year, as well as our tripling, our growing AI cloud services business.

好的。謝謝你，丹。可以肯定的是，很難從該影片中跟進。但我想向雪梨的所有人說早安，向北美的人說下午好。因此，首先，我要說的是，我對品牌重塑和年底前擴展到 20 exahash 以及我們不斷增長的人工智慧雲端服務業務成長兩倍感到非常興奮。

Tying into the concepts Dan's just discussed, I wanted to now take you through some illustrative comparative economics. So, at the top of the slide, we talk to the Bitcoin mining annualized hardware profit, and we're viewing this on a post-halving analysis. So, the scenarios used have Bitcoin prices of $40,000, $50,000, and $60,000, using the current global hash rate, and a further scenario showing a 20% reduction in the global hash rate.

結合丹剛剛討論的概念，我現在想帶您了解一些說明性​​的比較經濟學。因此，在幻燈片的頂部，我們討論了比特幣挖礦的年化硬體利潤，我們正在透過減半後的分析來看待這一點。因此，所使用的場景是使用當前全球哈希率的比特幣價格為 40,000 美元、50,000 美元和 60,000 美元，以及顯示全球哈希率降低 20% 的進一步場景。

As you can see, with the current Bitcoin price around $50,000, and I believe it's just under $52,000 as of today, and using the current global hash rate, the annualized hardware profit is very healthy at both the 10 exahash , and as we grow to 20 exahash , looking at around just under $200 million of annualized hardware profit.

正如您所看到的，當前比特幣價格約為50,000 美元，我相信截至今天它略低於52,000 美元，並且使用當前的全球哈希率，年化硬體利潤在10 exahash 時非常健康，並且隨著我們成長到20 exahash ，硬體年利潤約 2 億美元。

Moving on to the AI cloud services business and looking at an annualized hardware profit there, which would be revenue less electricity costs, based on a cluster of 816, which includes our recent purchase of a further-- Sorry, we had 248, and then we've further purchased GPUs to come up to 816. So, based on that cluster, we have used observed pricing from $2 per GPU hour to $3 per GPU hour, delivering a range of annualized hardware profit between $14 million and $21 million. So, taking a mid-range, that's between $17 million and $18 million of annualized hardware profit for the AI cloud services business.

轉向人工智慧雲端服務業務，看看那裡的年化硬體利潤，這將是收入減去電力成本，基於 816 個集群，其中包括我們最近購買的進一步--抱歉，我們有 248 個，然後我們進一步購買了GPU，達到816 個。因此，基於該集群，我們使用了從每 GPU 小時 2 美元到每 GPU 小時 3 美元的觀察定價，從而實現了 1400 萬美元到 2100 萬美元之間的年化硬體利潤。因此，以中檔計算，AI 雲端服務業務的年化硬體利潤在 1700 萬美元到 1800 萬美元之間。

So, moving on to the first slide around adjusted EBITDA. So, adjusted EBITDA increased from a negative 6.4 in the half-year ended FY23 to 20.7 in the half-year for FY24, primarily driven by an increase of $46 million in Bitcoin mining revenue, as exahash increased from 2.1exahash to 5.6exahash, being 167% increase.

那麼，請轉到第一張關於調整後 EBITDA 的幻燈片。因此，調整後的 EBITDA 從截至 2023 財年的半年的負 6.4 增至 2024 財年半年的 20.7，這主要是由於比特幣挖礦收入增加了 4600 萬美元，因為 exahash 從 2.1exahash 增加到 5.6exahash，增長167%。

We had total Bitcoin mine of 2,367 Bitcoin, which was an increase of 57% for 864 Bitcoin mined. The average price realized per Bitcoin mined was $32,300 in the half-year, and that was a 62% increase. Average electricity cost per Bitcoin mined increased from $9,300 to $13,900K. Just to give you a bit of a breakdown in other costs for the half, we had employee benefit expenses of $8.5 million, site and operating costs of $3.1 million, insurance costs of $3.1 million, provision for Canadian non-refundable sales tax of $3 million, and professional and other fees of $1.4 million.

我們的比特幣總開採量為 2,367 個比特幣，比開採的 864 個比特幣增加了 57%。半年中，每枚比特幣的平均實現價格為 32,300 美元，成長了 62%。每開採一個比特幣的平均電費從 9,300 美元增加到 13,900,000 美元。只是為了給您一半其他成本的詳細信息，我們的員工福利費用為 850 萬美元，場地和運營成本為 310 萬美元，保險費用為 310 萬美元，加拿大不可退還銷售稅準備金為 300 萬美元，以及140 萬美元的專業費用和其他費用。

Moving on to the quarter, being Q1 versus Q2, our adjusted EBITDA increased from $6.8million to $14million, with mining revenue increasing to $42 million. Our hash rate was consistent across both periods, and due to the increase in global hash rate, we saw a 6% or 79% drop in Bitcoin mined. This was offset by an average price realized per Bitcoin mined increase of 31%, being $36.8K paid for Bitcoin pricing during the half.

進入本季度，第一季與第二季度相比，我們調整後的 EBITDA 從 680 萬美元增加到 1,400 萬美元，挖礦收入增加到 4,200 萬美元。我們的算力在這兩個時期都是一致的，由於全球算力的增加，我們發現比特幣的開採量下降了 6% 或 79%。這被每比特幣開採的平均價格增長 31% 所抵消，上半年比特幣定價為 3.68 萬美元。

The average electricity cost per Bitcoin mined increased slightly from $13,400 to $14,500K. We saw less volatility in Q2 than we experienced in Q1, and as you'll see on the slide, in Q1 we realized from selling, curtailing at Childress and selling back into the market, a $3 million realized gain on financial asset.

每開採一個比特幣的平均電費從 13,400 美元小幅上漲至 14,500,000 美元。我們在第二季度看到的波動性比第一季要小，正如您在幻燈片中看到的那樣，在第一季度，我們透過出售、削減Childress 規模和賣回市場實現了300 萬美元的金融資產實現收益。

Other costs in the Q2 quarter are made up of employee benefits expense of $4.3 million, site and operating costs of $1.5 million , insurance costs of $1.5 million, provision for Canadian non-refundable sales tax of $1.4 million, and professional fees of $0.8 million. Our consolidated statement of profit and loss for the period, our loss improved to $10.5 million previously. In the six months ended FY 23, we had a loss of $161 million that was primarily due to impairment of assets when Bitcoin pricing was at a low at December 2022.

第二季的其他成本包括 430 萬美元的員工福利費用、150 萬美元的場地和營運成本、150 萬美元的保險費用、140 萬美元的加拿大不可退還銷售稅撥備以及 80 萬美元的專業費用。我們該期間的綜合損益表顯示，我們的虧損改善至先前的 1,050 萬美元。在截至 23 財年的六個月中，我們虧損了 1.61 億美元，這主要是由於 2022 年 12 月比特幣定價處於低位時的資產減損所致。

Also important to note the key non-cash items in the half being share-based expenses, $11.8 million and depreciation of $15.2 million. As we move to our balance sheet, as at 31st December 2023, we had approximately $90 million of cash, no debt, and strong operating cash flows. The cash position further strengthened to approximately $146 million at February 9, 2024. Between July 1 and December 31, 2023, we raised $75 million from the sale of approximately 17.6 million shares using our committed equity facility and our ATM.

同樣重要的是要注意上半年的關鍵非現金項目是基於股票的支出，1,180 萬美元和 1,520 萬美元的折舊。當我們查看資產負債表時，截至 2023 年 12 月 31 日，我們擁有約 9,000 萬美元的現金，沒有債務，營運現金流強勁。截至 2024 年 2 月 9 日，現金狀況進一步增強至約 1.46 億美元。2023 年 7 月 1 日至 12 月 31 日期間，我們利用承諾股權融資和 ATM 出售約 1,760 萬股股票，籌集了 7,500 萬美元。

And between January 1, 2024, to date, we raised a further $93 million from the sale of 19.7 million shares. Effective today, we've terminated the [Eloc]. However, we still have the discretion to utilise approximately greater than $300 million of our ATM to support growth. The usage of this facility will be assessed on an ongoing basis considering value accretion, market conditions and dilution. We have a very strong balance sheet with total net assets of $382 million which provides flexibility to fund our future growth.

從 2024 年 1 月 1 日至今，我們透過出售 1,970 萬股股票又籌集了 9,300 萬美元。從今天起，我們終止了[埃洛克]。然而，我們仍然可以酌情使用大約超過 3 億美元的 ATM 來支援成長。該設施的使用情況將根據價值增值、市場狀況和稀釋情況進行持續評估。我們擁有非常強大的資產負債表，總淨資產達 3.82 億美元，為我們未來的成長提供了靈活性。

So I'm now going to hand back to the moderator for any Q&A.

所以我現在將把任何問答交給主持人。

(Operator Instructions) Our first question comes from Reggie Smith of JPMorgan. Please go ahead.

（操作員說明）我們的第一個問題來自摩根大通的雷吉史密斯。請繼續。

Hey, good morning. Thanks for taking the question. I wanted to dig into the AI cloud opportunity. I appreciate the disclosure and the slide deck. The question is, I guess looking at the range of kind of prices, what are the factors that influence the price that you're able to charge there? I would imagine maybe scale, but maybe there's some other factors. So anything you could share there would be great.

嗨，早安。感謝您提出問題。我想挖掘人工智慧雲端機會。我很欣賞這份披露和幻燈片。問題是，我想看看各種價格的範圍，影響您在那裡收取的價格的因素有哪些？我想也許是規模，但也許還有其他一些因素。所以你能在那裡分享的任何東西都會很棒。

And then the second piece of that question is, how do you manage the I guess at those types of revenues per hour, do you anticipate ever having to curtail? And if you did, like how does curtailment impact the, I guess, service level, the quality of service from the customer's perspective? And I have a follow up. Thank you.

然後這個問題的第二個問題是，你如何管理我猜每小時這些類型的收入，你預計是否需要削減？如果你這樣做了，那麼從客戶的角度來看，削減對服務水準和服務品質有何影響？我有一個後續行動。謝謝。

Thanks, Reggie. Good to hear from you. Appreciate the question. It's a good one. And look, it's not a straightforward answer. There are straightforward elements. The price per GPU hour can be influenced by contract length. So for a longer-term contract, you would expect a slightly lower rate than a near term contract. But the market is evolving-- It's dynamic. It is very much kind of segmented where you've got the hyperscalers, the AWSs charging extremely large and high prices, many, many multiples of those pricing points.

謝謝，雷吉。很高興聽到你的消息。感謝這個問題。這是一件好事。看，這不是一個簡單的答案。有一些簡單的元素。每 GPU 小時的價格可能會受到合約長度的影響。因此，對於長期合同，您預計利率會比短期合約略低。但市場正在不斷發展——它是動態的。它在很大程度上是細分的，其中有超大規模提供商，AWS 收取的價格非常高，是這些定價點的很多很多倍。

And then you've got an emerging market that we're looking to play a large role in, which is significantly lower. And we're seeing prices around that $2 to $3 per GPU hour, depending on the quality of the counterparty, the credit provisions in the contract, the length of the contract, the scale of the underlying contract that will all influence it. But roughly, we're guiding to around 24 month payback on the hardware.

然後是我們希望在其中發揮重要作用的新興市場，該市場的價格要低得多。我們看到價格約為每 GPU 小時 2 至 3 美元，具體取決於交易對手的品質、合約中的信用條款、合約長度以及基礎合約的規模，這些都會對其產生影響。但粗略地說，我們預計硬體的投資回收期約為 24 個月。

Got it. That makes sense. If I could ask one more question, and I was able to pick up some of the disclosures in the presentation, but curious, how many shares were sold in the fourth quarter related to the ATM and then year to date? That's it for me. Thank you.

知道了。這就說得通了。如果我能再問一個問題，並且我能夠了解演示文稿中的一些披露信息，但很好奇，第四季度以及今年迄今為止出售了多少與 ATM 相關的股票？對我來說就是這樣。謝謝。

Hi, Reggie. I've got the breakdown for the financial half. So we raised $75 million from the sale of 17.6 million shares. And then further to that, from January 1 to date, we've raised a further $93 million from the sale of 19.7 million shares.

嗨，雷吉。我已經得到了一半的財務細目。因此，我們透過出售 1760 萬股股票籌集了 7500 萬美元。除此之外，從 1 月 1 日至今，我們透過出售 1,970 萬股股票又籌集了 9,300 萬美元。

Okay. Perfect. Thank you.

好的。完美的。謝謝。

Thank you. Our next question comes from Mike Colonnese of HC Wainwright & Co. Please go ahead.

謝謝。我們的下一個問題來自 HC Wainwright & Co. 的 Mike Colonnese。請繼續。

Hi, Dan and team, and thank you for taking my questions this morning or this afternoon, based on where some folks are from. It sounds like you're pretty confident you'll exercise the full purchase option with Bitmain to acquire all 10 exahash under that agreement with them. So how should we think about the ramp up in the second half of the year as you scale from 10 exahash to the 20 exahash?

嗨，丹和團隊，感謝你們今天早上或今天下午根據一些人來自哪裡回答我的問題。聽起來您非常有信心根據與比特大陸的協議行使完整的購買選擇權來獲得全部 10 exahash。那麼，當你從 10 exahash 擴展到 20 exahash 時，我們該如何看待下半年的成長？

Yeah, thanks, Mike. Good to hear from you. Look, as we've disclosed, 9 exahash of that 10 is an option agreement in our favour where we've got a call option to purchase those at $14 a terahash, an option agreement that was struck when Bitcoin was around $30,000 per Bitcoin. So given where Bitcoin's trading now, that does mean that the probability of exercise from our perspective, particularly combined with the availability of capital in the market and the outlook, the confidence level in getting to that full 20 exahash is obviously higher than what it was when we signed that option agreement and I guess it's validated the entry into that option agreement in some ways.

是的，謝謝，麥克。很高興聽到你的消息。看，正如我們所披露的，這10 個exahash 中的9 個exahash 是對我們有利的期權協議，我們有一個看漲期權，可以以每terahash 14 美元的價格購買這些期權，這是當比特幣價格約每枚30,000 美元時達成的選擇權協議。因此，考慮到比特幣現在的交易情況，這確實意味著從我們的角度來看，行使的可能性，特別是結合市場上的資本可用性和前景，獲得完整20 exahash 的信心水平明顯高於原來的水平當我們簽署該期權協議時，我想它在某些方面驗證了該期權協議的簽訂。

In terms of the specific ramp up, we've got flexibility. So there's two attributes to this. One is building the infrastructure. So if we step back and look at capital allocation within the business, your first decision is around CapEx on multiple ways to monetise that data centre capacity once it is built, whether that's Bitcoin or AI.

在具體的提升方面，我們有彈性。所以這有兩個屬性。一是基礎建設。因此，如果我們退後一步，看看企業內部的資本分配，你的第一個決定就是圍繞資本支出，在資料中心建成後透過多種方式將其貨幣化，無論是比特幣還是人工智慧。

Given that we've got the outlook for AI that we do and the growth we're seeing there, as well as the strength in Bitcoin, what these ETFs are doing, mopping up 10 to 15 times the available daily supply, we are very comfortable with going full steam ahead, building out all of that infrastructure. We've then got a discrete, separate investment decision around exercising the options to go up to that 20 exahash. That's not something we need to make today.

鑑於我們對人工智慧的前景和我們所看到的成長，以及比特幣的強勢，這些 ETF 正在做什麼，吸收了每日可用供應量的 10 到 15 倍，我們非常看好樂於全速前進，建立所有基礎設施。然後，我們就行使選擇權以達到 20 exahash 做出了離散的、單獨的投資決策。這不是我們今天需要做的事情。

We can be patient. We've got a lot of flexibility in terms of when and how we exercise that option during the second half of this year. So in terms of the specific ramp up, that will still be slightly market dependent, assuming we do go to the 20 exahash. But you can expect that it'll be a relatively gradual ramp up into the end of the year, similar to what we'll see in the first half with the ramp up to 10 exahash.

我們可以耐心等待。今年下半年，我們在何時以及如何行使這項選擇權方面擁有很大的靈活性。因此，就具體的成長而言，假設我們確實達到了 20 exahash，那仍然會稍微依賴市場。但你可以預期，到今年年底，這將是一個相對漸進的成長，類似於我們在上半年看到的成長到 10 exahash 的情況。

So we've already hit 6.2. You can expect that to tick up again in the next couple of weeks and gradually increase to that 10 exahash no later than June 30.

所以我們已經達到 6.2了。您可以預計該數字將在接下來的幾週內再次上升，並在 6 月 30 日之前逐漸增加到 10 exahash。

Got it. That makes a lot of sense. And congrats on securing that deal with Bitmain. Just a quick follow up for me, Dan. Just curious why you guys decided to go with the T21 miners instead of the S21s or another model out in the market today?

知道了。這很有意義。恭喜您與比特大陸達成交易。丹，我只是快速跟進一下。只是好奇為什麼你們決定使用 T21 礦機而不是 S21 或當今市場上的其他型號？

Yeah, look, we've had a fantastic experience with Bitmain. And I think I've told you offline, we cannot speak more highly of them as an organization, of them as an organization, their flexibility, their commercial rent-to-own us. We're extremely happy with the pre-market service we get, the post-market service, the quality of the hardware. Equally, we have used units from other manufacturers and anticipate scaling up more with those manufacturers over the time.

是的，你看，我們在比特大陸的經驗非常美妙。我想我已經在線下告訴過你們，我們對他們作為一個組織的評價再高不過了，他們作為一個組織，他們的靈活性，他們的商業租賃擁有我們。我們對我們獲得的售前服務、售後服務和硬體品質非常滿意。同樣，我們也使用了其他製造商的設備，並預計隨著時間的推移，我們將與這些製造商進一步擴大規模。

But the plus point, the quality, the flexibility around structure, for example, that 9 exahash option agreement is a really compelling opportunity for us and our investors. And in terms of specific selection of those T21s, they're sub 20 watts per terahash, highly efficient. They'll drive us extremely low down in the global cost curve in terms of resilience. They also allow us to make the most of our data centers. So when we've built quality data centers, we're not jamming these things in shipping containers, C cans, regional warehouses that have been retrofitted.

但優點是品質、結構的靈活性，例如 9 exahash 期權協議對我們和我們的投資者來說是一個非常有吸引力的機會。就這些 T21 的具體選擇而言，它們每太哈希值低於 20 瓦，效率很高。它們將使我們的全球成本曲線在彈性方面降到極低的水平。它們還使我們能夠充分利用我們的數據中心。因此，當我們建立高品質的資料中心時，我們不會將這些東西塞在經過改造的貨櫃、C 罐、區域倉庫中。

You want to make the most of it. And the ability to move as much computing capacity in our data centers as possible to make the most of those operating conditions makes a lot of sense. And then the final point on the T21 specifically is they've actually got two operating modes, a high energy, and a normal energy mode, which, again, gives you a lot of flexibility around both efficiency and maximizing revenue when Bitcoin prices are surging, as we've seen over the last month.

您想充分利用它。在我們的資料中心中移動盡可能多的運算能力以充分利用這些操作條件的能力非常有意義。T21 的最後一點是，它們實際上有兩種操作模式：高能量模式和正常能量模式，這再次為您在比特幣價格飆升時在效率和收入最大化方面提供了很大的靈活性，正如我們在上個月看到的那樣。

Great. Appreciate all the color.

偉大的。欣賞所有的顏色。

Thank you. Our next question comes from Josh Siegler of Cantor Fitzgerald. Please go ahead.

謝謝。我們的下一個問題來自坎托·菲茨杰拉德的喬什·西格勒。請繼續。

Yeah. Hi, guys. Thanks for taking my question. A lot of moving parts here, very exciting on the AI front. Specifically, I just want to dive a little bit more into that. I'd love to better understand the decision to really expand on the cloud compute front and how you're comparing that against potentially a larger co-location deal.

是的。嗨，大家好。感謝您提出我的問題。這裡有很多移動部件，在人工智慧方面非常令人興奮。具體來說，我只是想更深入地探討這一點。我很想更了解真正在雲端運算方面進行擴展的決定，以及您如何將其與潛在的更大的主機代管交易進行比較。

Yeah, look, we are having discussions. But to be frank-- look, I think in some ways that's a good way to scale up and scale up quickly. But I think our value add is more on the cloud solution. The internal expertise we've got around not just the infrastructure and the real assets, but the technology and software layers that sit above that, I think is emerging as a real competitive advantage and we've received direct feedback from a number of market participants about the onboarding and user experience that they see with Iris for AI cloud.-- Sorry, IREN-- I'll get there. That they see the AI cloud experience.

是的，看，我們正在討論。但坦白說，我認為從某些方面來說，這是擴大規模和快速擴大規模的好方法。但我認為我們的價值更多在於雲端解決方案。我們擁有的內部專業知識不僅圍繞基礎設施和實際資產，而且還圍繞其之上的技術和軟體層，我認為正在成為真正的競爭優勢，並且我們已經收到了許多市場參與者的直接反饋關於他們通過Iris for AI cloud 看到的入門和使用者體驗。-- 抱歉，IREN-- 我會趕到的。他們看到了人工智慧雲端體驗。

You know, typically they will have to wait two days before they can use a workload because they're having to download and install specific applications from NVIDIA, et cetera, to be able to use it. We preset it all up. We have one week full burning processes of every attribute, the InfiniBand network in the GPUs itself. And by the time they get to it, they get a full handover document, their own VPN, they log in, it is ready to go.

您知道，通常他們必須等待兩天才能使用工作負載，因為他們必須從 NVIDIA 等下載並安裝特定應用程式才能使用它。我們都預設好了。我們對每個屬性（GPU 本身中的 InfiniBand 網路）進行了為期一周的完整刻錄過程。當他們到達時，他們會得到一份完整的移交文件，他們自己的VPN，他們登入後，就可以開始使用了。

And I think that convenience, when you think about the end customer market with all these generative AI startups, all these corporates who are all dipping their toes into AI, the convenience, the ease of use, the ability to click a button and get into our cloud environment is a real competitive advantage, I believe, going forward as distinct from simply giving up our infrastructure for someone else to monetize on our behalf.

我認為，當你想到終端客戶市場上所有這些生成式人工智慧新創公司、所有這些都在涉足人工智慧的公司時，便利性、易用性、單擊按鈕即可進入的能力我相信，我們的雲端環境是真正的競爭優勢，這與簡單地放棄我們的基礎設施讓其他人代表我們獲利是不同的。

Thanks, Dan. That's a super helpful caller and also appreciate all the things you disclosed around, you know, economics for the AI side of things. Really helpful. Switching gears back towards Bitcoin mining, I was wondering if, you know, you could elaborate a little bit more on the future power strategy, especially as Childress scales up, can you talk a little bit more about the hedging opportunities that exist?

謝謝，丹。這是一個非常樂於助人的來電者，也很欣賞你所披露的所有事情，你知道，人工智慧的經濟學。真的很有幫助。回到比特幣挖礦，我想知道，你是否可以詳細闡述未來的電力策略，特別是隨著 Childress 的規模擴大，你能多談談現有的對沖機會嗎？

Yeah, absolutely. So as you know, we've been entering into rolling short-term power hedges, which we then use as a basis to arbitrage Bitcoin mining profitability and energy market pricing. It's been highly effective. We've been in the demand response program. We said we would-- We said we would go into 4CP and qualify. We did. We started effective January this year.

是的，絕對是。如您所知，我們一直在進行滾動短期電力對沖，然後將其用作套利比特幣挖礦盈利能力和能源市場定價的基礎。這非常有效。我們一直在參與需求響應計劃。我們說過我們會——我們說過我們會進入 4CP 並獲得資格。我們做到了。我們從今年一月開始生效。

So we have absolutely delivered on every attribute of that. In fact, we've delivered so well that the energy companies are now seeing that our performance, seeing the reliability and we're now having conversations around slightly longer term hedges with collateral and credit requirements that are far more appealing to us today than where they were 12 months ago. So over time, we'll look to enter into potentially longer term contracts, but equally the model today with shorter term hedges and then trading around those hedges is proving to be highly effective.

所以我們絕對兌現了它的每一個屬性。事實上，我們的交付如此之好，以至於能源公司現在看到了我們的表現，看到了可靠性，我們現在正在圍繞稍微長期的對沖進行對話，抵押品和信貸要求對我們來說比現在更具吸引力那是 12 個月前的事了。因此，隨著時間的推移，我們將尋求簽訂潛在的長期合同，但同樣，今天採用短期對沖然後圍繞這些對沖進行交易的模型被證明是非常有效的。

Perfect. Thanks so much, Dan. I appreciate your time today.

完美的。非常感謝，丹。我很感謝您今天的時間。

Thank you. Our next question comes from Lucas Pipes of B. Riley. Please go ahead.

謝謝。我們的下一個問題來自 B. Riley 的 Lucas Pipes。請繼續。

Thank you very much, operator. Good morning. Good afternoon, everyone. Dan, I first wanted to follow up on the AI side and ask if you could maybe articulate growth plans beyond the 816 GPUs that you outlined. I would appreciate how you think about and also on the financing path, what do you think is kind of the most feasible approach at this time? Thank you.

非常感謝您，接線生。早安.大家下午好。Dan，我首先想跟進 AI 方面的情況，並詢問您是否可以闡明您概述的 816 GPU 之外的增長計劃。請問您的想法以及融資路徑上，您認為目前最可行的做法是什麼？謝謝。

Thanks, Lucas. It's a really simple answer. We anticipate growing and growing strongly, but doing it in a prudent fashion. We received a fantastic level of interest from a customer perspective for those 248 GPUs that we are now delivering to poolside AI. And off the back of seeing that demand, we ordered twice as many more to add to that. So as and when they're delivered over the coming 6 to 10 weeks, we'll look to deploy them, look at the customer demand.

謝謝，盧卡斯。這是一個非常簡單的答案。我們預計會成長並且強勁成長，但會以謹慎的方式進行。從客戶的角度來看，我們對現在提供給池畔人工智慧的 248 個 GPU 表現出了極大的興趣。看到這種需求後，我們又訂購了兩倍的數量。因此，當它們在未來 6 到 10 週內交付時，我們將考慮部署它們，看看客戶的需求。

Assuming everything goes to plan as expected, I think we'll order more. Why not? It's a massive opportunity. We are real believers and have been since day one, as you know, in this thematic around power consumption and energy dense compute, really powering our society forward. The advent of AI, all this data analytics, machine learning, high performance compute, Bitcoin, et cetera.

假設一切按計劃進行，我想我們會訂購更多。為什麼不？這是一個巨大的機會。如你所知，我們是真正的信徒，從第一天起就一直相信這個圍繞功耗和能源密集計算的主題，真正推動我們的社會向前發展。人工智慧的出現，所有這些數據分析、機器學習、高效能運算、比特幣等等。

So I think the ability to be so well positioned for that tailwind and continue to snowball momentum as we be prudent around capital allocation and make sure that we continue to deliver what we're seeing is a top class customer service is something that we're really focused on.

因此，我認為，我們有能力在資本配置方面保持謹慎態度，並確保我們繼續提供我們所看到的頂級客戶服務，從而能夠在順風中佔據如此有利的地位，並繼續滾雪球式的發展勢頭。真正專注於。

That's helpful. Thank you. Thank you, Dan. And in terms of infrastructure for the GPUs, at what point do you think you would have to make kind of separate investments for structure, power, et cetera. So that you would have ample runway on the infrastructure side? Thank you.

這很有幫助。謝謝。謝謝你，丹。就 GPU 的基礎設施而言，您認為何時必須對結構、功率等進行單獨的投資。這樣你就可以在基礎建設方面擁有充足的跑道嗎？謝謝。

Yeah, so look, and I know we've had this conversation in the context of other businesses that are spending large sums of money on data centers. We just haven't had to like as we've disclosed previously, we're spending around that $750,000 per megawatt of CapEx. I think it's reasonable to assume that we're seeing more efficiencies over time. So stay tuned around that.

是的，所以看，我知道我們是在其他在資料中心上花費大量資金的企業的背景下進行過這次對話的。我們只是不必像我們之前披露的那樣喜歡，我們每兆瓦的資本支出約為 75 萬美元。我認為可以合理地假設隨著時間的推移我們會看到更高的效率。所以請繼續關注這一點。

But even using that $750,000 number, we are using the same fundamental infrastructure for Bitcoin mining and AI. There is no substantial additional capital costs and structural changes that we need to make to these data centers. And I know we were cautious around it. We were hesitant when queried around this over the last few years, because until we did it, and made sure we didn't miss anything, it was prudent to do so. But we've now done it. And it works like these base data centers are multifunctional, where we have got the flexibility to plug in GPUs for AI, or Bitcoin mining assets.

但即使使用 75 萬美元的數字，我們也使用相同的基礎設施來進行比特幣挖礦和人工智慧。我們不需要對這些資料中心進行大量的額外資本成本和結構變更。我知道我們對此持謹慎態度。在過去的幾年裡，當我們詢問這個問題時，我們一直猶豫不決，因為在我們這樣做並確保我們沒有錯過任何事情之前，這樣做是謹慎的。但我們現在已經做到了。它的工作原理就像這些基礎資料中心是多功能的，我們可以靈活地插入用於人工智慧或比特幣挖礦資產的 GPU。

Thank you. And in terms of when you would have to expand that footprint, and allocate additional capital towards infrastructure, at that rate called $750,000, when would that be kind of considering going to 20 exahash on the BTC side plus growth in the GPUs? I'm just trying to get a sense for when you would look to further expand the infrastructure component.

謝謝。就何時必須擴大足跡，並以 75 萬美元的速度向基礎設施分配額外資本而言，什麼時候會考慮 BTC 方面達到 20 exahash 加上 GPU 的增長？我只是想了解您何時希望進一步擴展基礎設施組件。

Thank you. Yeah, look, so we're expanding the infrastructure components, as you know, to hit the 20 exahash by the end of this year. That is the goal. But to put it in context of the AI and the GPUs, every, the 816 GPUs that we've purchased, what's the capex for that kind of USD30 million , USD35 million US dollars, let's round it up to USD35 million. That's using less than one and a half megawatts of power. So times that by 100. Yeah, you're at a $3 billion CapEx line with a 24 month payback on that CapEx, and you're only using 150 megawatts out of our data center capacity.

謝謝。是的，你看，我們正在擴展基礎設施組件，如您所知，到今年年底達到 20 exahash。這就是目標。但如果把它放在人工智慧和 GPU 的背景下，我們購買的每塊 816 個 GPU，那麼 3000 萬美元、3500 萬美元的資本支出是多少，讓我們四捨五入到 3500 萬美元。所用電量不到一兆瓦半。所以乘以 100。是的，您的資本支出為 30 億美元，該資本支出的投資回收期為 24 個月，而您只使用了我們資料中心容量中的 150 兆瓦。

So this is an attribute that we're also super excited about the diverse revenue lines, where you've got the ability to charge forward aggressively on the infrastructure build out, knowing that you've got the ability to deploy Bitcoin or AI. But the AI machines are very capital intensive, and equally, you know, deliver more revenue per megawatt. It means that your infrastructure constraints isn't there like it might be for different people at different times with Bitcoin mining.

因此，我們對多樣化的收入線也感到非常興奮，因為你知道你有能力部署比特幣或人工智慧，所以你有能力在基礎設施建設上積極推進。但人工智慧機器是資本密集的，同樣，你知道，每兆瓦可以帶來更多的收入。這意味著您的基礎設施限制並不存在，就像不同的人在不同時間進行比特幣挖礦一樣。

Dan, I really appreciate all the color to you and your team. Continue best of luck.

丹，我真的很感謝你和你的團隊的所有色彩。繼續祝你好運。

Thank you. Our next question comes from Joseph Vafi of Canaccord Genuity. Please go ahead.

謝謝。我們的下一個問題來自 Canaccord Genuity 的 Joseph Vafi。請繼續。

Hey guys, good morning. Nice to see progress in the business. I just really have one question, you know, relative to the halving coming up and optionality emerging in your business model between the, you know, the two lines of business here that, you know, clearly Bitcoin mining and then the emerging AI business. Are there any guideposts for us relative to, where resources may be more deployed in one line of business versus another, you know, relative to where network difficulty is or where spot prices are post halving?

嘿夥計們，早安。很高興看到業務取得進展。我真的有一個問題，你知道，相對於即將到來的減半和你的商業模式中出現的選擇性，你知道，這裡的兩條業務線，你知道，顯然是比特幣挖礦和新興的人工智慧業務。對我們來說，相對於網路困難或現貨價格減半後的情況，資源可能更多地部署在一個業務領域而不是另一個業務領域，是否有任何指導方針？

You know, it's nice to have options, just trying to get into your head a little bit of how you may be thinking about where to deploy resources in 24 and moving forward. Thanks a lot.

您知道，有選擇是件好事，只是試著讓您稍微了解一下您在 24 小時內如何部署資源並繼續前進。多謝。

Thanks, Joe. Appreciate the question. Look, it is optionality, but equally, it's just two discrete, super exciting business models that we're charging full steam ahead at. So that dovetails a bit into capital allocation, which, as I've said, like is essentially the following for this year. On the Bitcoin mining side, we're looking to go to 20 exahash by the end of the year. So we'll be looking to allocate capital to achieve that.

謝謝，喬。感謝這個問題。看，這是可選性，但同樣，這只是我們全力推進的兩種離散的、超級令人興奮的商業模式。因此，這與資本配置有些吻合，正如我所說，今年的資本配置基本上如下。在比特幣挖礦方面，我們希望在今年年底前達到 20 exahash。因此，我們將尋求分配資本來實現這一目標。

In terms of the AI cloud service, we'll be looking to allocate capital essentially as quickly as the market for GPUs absorbs the new GPUs as we order them. So we bought the initial order. They obviously had high demand. We contracted them with a quality counterparty on terms that we're really excited about. So we ordered twice as many more immediately.

就人工智慧雲端服務而言，我們將尋求在 GPU 市場吸收我們訂購的新 GPU 時盡快分配資本。所以我們買了最初的訂單。他們顯然有很高的需求。我們與優質交易對手簽訂了合同，條款令我們非常興奮。所以我們立即訂購了兩倍的數量。

When they arrive, we'll look to deploy them straight away. And assuming all goes to plan, we'll look to scale up further. So I think it's right to be more dynamic and flexible around AI and be prudent in terms of how you allocate capital in response to live time validation of the product and monetization of that capacity rather than me sitting here and giving you some arbitrary target for CapEx and revenue by the end of this year. But to be clear, we're super big believers in the thematic and we're keen to go pretty hard at it. But we're going to be prudent around how we deploy capital.

當它們到達時，我們將立即部署它們。假設一切按計劃進行，我們將尋求進一步擴大規模。因此，我認為圍繞人工智慧更加動態和靈活，並在如何分配資本以響應產品的即時驗證和該能力的貨幣化方面保持謹慎是正確的，而不是我坐在這裡給你一些任意的資本支出目標和今年底的收入。但需要明確的是，我們非常相信這個主題，我們熱衷於為此付出努力。但我們將謹慎對待如何部署資本。

Great. Thanks for that, color. Looking forward to a good 24. Thanks, guys.

偉大的。謝謝你，顏色。期待美好的24。多謝你們。

Thanks you. Our next question comes from Joe Flynn Compass Point Research & Trading. Please go ahead.

感謝您。我們的下一個問題來自 Joe Flynn Compass Point Research & Trading。請繼續。

Hi, guys. Assuming you would take the Bitmain option, we had a question just on, do you have a projection for remaining CapEx for the buildup for 20 exahash and kind of what the financing sources of that would tend to be?

嗨，大家好。假設您選擇比特大陸，我們有一個問題，您是否對 20 exahash 的剩餘資本支出有預測，以及其融資來源往往是什麼？

Yes. We've disclosed that we're fully funded for the 10 exahash. That was some time ago. As you've seen, we've raised additional capital since then and have almost $150 million of cash in the bank today. In terms of CapEx data centers, as we've said before, around that $750,000 per megawatt. So if you shoot 200 megawatts of capacity, that's about $150 million for the data centers.

是的。我們已經透露，我們已經為 10 exahash 提供了充足的資金。那是前一段時間了。正如您所看到的，從那時起我們已經籌集了額外的資金，現在銀行有近 1.5 億美元的現金。就資料中心的資本支出而言，正如我們之前所說，每兆瓦約為 75 萬美元。因此，如果容量為 200 兆瓦，那麼資料中心的成本約為 1.5 億美元。

We've then also disclosed that it's $14 per terahash for the machines. So 10 exahash, doing the numbers for everyone and working out all the zeros involved, that's about $140 million. So you've got $290 million of CapEx if you look at that incremental step up from 10 exahash to 20 exahash. So $290 million of CapEx total to deliver that, keeping in mind that we've got $150 million in the bank.

然後我們還透露，這些機器的價格為每 terahash 14 美元。10 exahash，為每個人計算數字併計算出所有涉及的零，大約相當於 1.4 億美元。因此，如果您查看從 10 exahash 到 20 exahash 的增量步驟，您將獲得 2.9 億美元的資本支出。因此，要實現這一目標，資本支出總額為 2.9 億美元，同時我們的銀行存款為 1.5 億美元。

Great. That's all for me.

偉大的。這就是我的全部。

Great. Thank you. Our next question comes from Paul Golding of Macquarie Capital. Please go ahead.

偉大的。謝謝。我們的下一個問題來自麥格理資本的保羅‧戈爾丁。請繼續。

Thanks so much. Just a housekeeping question. I was just wondering if you could give us an update on how the buildings are progressing at Childress. And I guess as a follow-up to Joe's question earlier, how that influences the way you think about deploying ASICs versus GPUs, given that you also have to go out and sell the GPU capacity, whereas the Bitcoin mining, you plug it in, and you start generating revenue. Thank you.

非常感謝。只是一個家政問題。我只是想知道您能否向我們介紹Childress 建築的最新進展。我想作為 Joe 之前提出的問題的後續問題，這會如何影響你對部署 ASIC 與 GPU 的思考方式，因為你還必須出去出售 GPU 容量，而比特幣挖礦則需要將其插入，然後你就開始產生收入。謝謝。

Yeah, so maybe starting in reverse.

是的，所以也許從相反的角度開始。

Sorry, Linc, you go for it.

對不起，林克，你就去吧。

So I was just going to talk to the first piece, Paul. Look, the construction is progressing very well. In fact, it's progressing ahead of schedule. I haven't got a photo to share literally right here on the screen, but if you look at our socials and on the videos, etcetera., you'll see the five buildings that we've got in respect of phase one Childress. Very, very well done. Very, very well progressed.

所以我只想和第一部分談談，保羅。瞧，建設進展得非常順利。事實上，它的進展比計劃提前。我沒有照片可以在螢幕上分享，但如果你看看我們的社群媒體和影片等，你會看到我們第一階段 Childress 的五棟建築。做得非常非常好。進展得非常非常好。

We've obviously energised 40 megawatts already. At Childress, as Dan mentioned earlier in the presentation, you should expect that hash rate to start ticking up in the next couple of weeks from the 6.2 exahash that we're currently at, and certainly well on track to hit that 10 exahash in the first half.

顯然我們已經提供了 40 兆瓦的電力。在 Childress，正如 Dan 在演講中前面提到的，您應該預計哈希率將在接下來的幾週內從我們目前的 6.2 exahash 開始上升，並且肯定會在接下來的幾週內達到 10 exahash上半場。

And then to the second half of your question, Paul, around GPU timing and Bitcoin mining, you're right. As soon as you plug in these Bitcoin mining chips, you sync them into the network, you get paid immediately. That's always been an attractive reason that we started with Bitcoin, right? Because you didn't have to have a customer onboarding experience. You didn't have counterparty risk. You could just plug and play and just start printing money.

Paul，關於你問題的後半部分，關於 GPU 計時和比特幣挖礦，你是對的。一旦你插入這些比特幣挖礦晶片，將它們同步到網路中，你就會立即獲得報酬。這一直是我們開始使用比特幣的一個有吸引力的原因，對吧？因為您不必擁有客戶入職體驗。你沒有交易對手風險。您可以即插即用並開始印鈔票。

In terms of the GPUs, it's different. You've got to find customers, you've got to onboard them, et cetera. But look, judging by the experience we had with the 248, it's really minimal in terms of the latency and the lag between having those GPUs ready to go and market demand and appetite to use them. So as I mentioned before, we typically put them through a one-week burn process where we basically throttle each component of the system very high to test it and make sure that it's all functioning to its full capacity.

就 GPU 而言，情況有所不同。你必須找到客戶，你必須吸引他們，等等。但是，從我們使用 248 的經驗來看，就延遲以及 GPU 準備就緒與市場需求和使用它們的興趣之間的滯後而言，它確實很小。因此，正如我之前提到的，我們通常會讓它們經歷為期一周的刻錄過程，在此過程中，我們基本上將系統的每個組件都調至非常高的水平以對其進行測試並確保其全部發揮其最大能力。

Once we go through that, we've got an onboarding document and process and customers are basically free to log in and start using the service.

一旦我們完成了這些工作，我們就獲得了入職文件和流程，客戶基本上可以自由登入並開始使用該服務。

Great. Thanks so much.

偉大的。非常感謝。

Thank you. (Operator Instructions) Thank you. I see no further questions on my side. Now I'll pass back to Lincoln.

謝謝。（操作員說明）謝謝。我認為我這邊沒有其他問題了。現在我將回到林肯。

Thanks very much. Look, we're just about to approach the hour, so I think that's all we have time for in terms of Q&A today. Perhaps we hand over to Dan just very briefly for a couple of closing remarks and then we can end the call from there.

非常感謝。聽著，我們的時間即將到來，所以我想這就是我們今天的問答時間了。也許我們會簡單地交給 Dan 做幾句結束語，然後我們就可以結束通話了。

Thanks, Linc. Thanks, everyone. We're obviously continuing to be very excited. 2024 is a good year for us on the Bitcoin mining side. We look forward to approaching 20 exahash on the AI, cloud services. We continue to look forward to growing that strongly throughout the year. This is all off the back of a starting base where we saw adjusted EBITDA double for the corresponding period last year. Adjusted EBITDA being a good proxy for cash flow and operating cash. We're in a good position. The team's going well. We're excited about the rebrand, the margins on both Bitcoin mining and AI cloud.

謝謝，林克。感謝大家。顯然我們仍然非常興奮。 2024 年對我們比特幣挖礦來說是豐收的一年。我們期待人工智慧、雲端服務接近 20 exahash。我們繼續期待全年的強勁成長。這一切都是在我們去年同期調整後的 EBITDA 翻倍的基礎上實現的。調整後的 EBITDA 可以很好地反映現金流和營運現金。我們處於有利位置。球隊進展順利。我們對品牌重塑、比特幣挖礦和人工智慧雲端的利潤感到興奮。

AI cloud seemed really compelling to us, the return on capital, the flexibility of the data centres. So look, for us, we're super pumped, to be frank. We believe we're at the beginning of two enormous multi-decade tailwinds with Bitcoin and AI and the ability to capitalise on both of those tailwinds through one platform and one common set of infrastructure is something that we're really excited about.

人工智慧雲端似乎對我們來說確實很有吸引力，資本回報率和資料中心的靈活性。所以說，對我們來說，坦白說，我們非常興奮。我們相信，我們正處於比特幣和人工智慧這兩個數十年巨大順風的開端，並且能夠透過一個平台和一套通用基礎設施來利用這兩個順風，這讓我們感到非常興奮。

So thanks, everyone. I think we had record attendance today by quite some margin, even multiples. So really appreciate everyone taking the time and look forward to a big 2024. Thanks, everyone.

謝謝大家。我認為我們今天的出席人數創了歷史新高，遠遠超過了一些，甚至是好幾倍。非常感謝大家抽出寶貴的時間，並期待 2024 年的輝煌。感謝大家。