IREN Ltd (IREN) 2024 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to IREN's third quarter FY 2024 investor update. At this time, all participants are in a listen only mode. Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎閱讀 IREN 2024 財年第三季投資者更新。此時，所有參與者都處於只聽模式。請注意，今天的會議正在錄製中。（操作員說明）

I would now like to hand the conference over to your speaker today, Lincoln Tan, Director of Investor Relations.

我現在想將會議交給今天的發言人，投資者關係總監 Lincoln Tan。

Thank you. Good afternoon all to those of you in North America and good morning to those of you in Australia, and welcome to IREN's third quarter FY24 Results Presentation. My name is Lincoln Tan, Director of Investor Relations and joining me on the call today are Daniel Roberts, Co-Founder and Co-CEO; and Belinda Nucifora, CFO.

謝謝。北美的各位下午好，澳洲的各位早安，歡迎參加 IREN 2024 財年第三季業績發表會。我是投資者關係總監 Lincoln Tan，今天與我一起參加電話會議的還有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)。

Before we begin, please note that this call is being webcast live within the accompanying presentation. For those that have dialed in via phone, you can elect to ask a question via the moderator after our presentation.

在我們開始之前，請注意，本次電話會議正在隨附的簡報中進行網路直播。對於透過電話撥入的用戶，您可以選擇在我們的演示結束後透過主持人提問。

I would like to remind you that certain statements that we make during this call may constitute forward-looking statements and IREN and 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.

我想提醒您，我們在本次電話會議中做出的某些陳述可能構成前瞻性陳述和IREN，並提醒聽眾，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。

Listeners should not take 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.

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。

Thanks, everyone. For dialing in, thanks, Lincoln for the introduction. We're thrilled to be here for our quarterly earnings call. There's a little bit to get through, so let's jump straight into it. And so first of all, it's probably worth recapping where we're at in terms of our business and our priorities for 2024 and beyond.

感謝大家。感謝您撥通電話，謝謝林肯的介紹。我們很高興來到這裡參加我們的季度財報電話會議。有一點要了解，所以讓我們直接開始。因此，首先，可能有必要回顧我們的業務以及 2024 年及以後的優先事項。

And I think working from left to right on the slide deck in front of you. The big news is we're now going to 30 exahash this calendar year. So we're now at 10 exahash of current bitcoin mining operating capacity, we told guidance and provided guidance around June 30, for that milestone.

我認為在你面前的幻燈片上從左到右工作。重大消息是，今年我們的哈希值將達到 30 exahash。因此，我們目前的比特幣挖礦運作能力目前達到 10 exahash，我們在 6 月 30 日左右告知並提供了這一里程碑的指導。

We've hit it in mid-May, and we're now upgrading our end of year. So over the next seven months and a bit how we go to 30 exahash. That's as a result of bringing forward the construction of some infrastructure. So some additional data centers that we we'll build by the end of this year, along with a transaction that we're pleased to announce today recently completed with Bitmain.

我們已經在五月中旬實現了目標，現在我們正在年底進行升級。那麼在接下來的 7 個月裡，我們將如何達到 30 exahash。這是一些基礎設施建設提前的結果。我們將在今年年底之前建造一些額外的資料中心，以及我們今天很高興宣布最近與比特大陸完成的一項交易。

So a bit more on that to come, but that's obviously super exciting and will take us up into that very top-tier of listed bitcoin miners. The next part, which is also exciting is the continued development of our AI cloud service business. We've provided updates over the course of this year.

接下來還會有更多內容，但這顯然非常令人興奮，並將帶我們進入頂級的上市比特幣礦工。接下來同樣令人興奮的是我們AI雲端服務業務的持續發展。我們在今年提供了更新。

We are looking at ways to expand this, so we look forward to giving you a further update during the course of this presentation. And then there's been a lot of commentary publicly in the media, social media, about the value of power and land in the context of the data center and I crunch as much of we've got over 3,000 megawatts of power and land secured.

我們正在尋找擴展此功能的方法，因此我們期待在本演示過程中為您提供進一步的更新。然後，媒體和社群媒體上出現了許多關於資料中心背景下的電力和土地價值的公開評論，我統計了我們已經獲得了超過 3,000 兆瓦的電力和土地。

This not only provides us with fantastic optionality and flexibility to continue our organic growth profile, but it's also giving rise to some interesting near-term opportunities to potentially bring forward monetization of some of that portfolio. Again, we'll get into that a little bit more detail but it's an exciting time, there's a lot going on and without further ado, let's jump in to the Bitcoin mining side of things.

這不僅為我們提供了絕佳的選擇和靈活性來繼續我們的有機成長，而且還帶來了一些有趣的近期機會，有可能推動部分投資組合的貨幣化。再次，我們將更詳細地討論這一點，但這是一個令人興奮的時刻，有很多事情正在發生，言歸正傳，讓我們進入比特幣挖礦方面。

We're now in a position to go to 30 exahash in 2024 and in fact, 20 exahash by the end of Q3. So over the next few months, we anticipate quite a large, a swift ramp-up in our capacity. We were the fastest growing bitcoin miner last year in the listed market. And as a result of this, we anticipate being similar this year.

我們現在有能力在 2024 年達到 30 exahash，事實上，到第三季末達到 20 exahash。因此，在接下來的幾個月裡，我們預計我們的產能將出現相當大、快速的成長。我們是去年上市市場上成長最快的比特幣礦商。因此，我們預計今年也會出現類似情況。

So 30 exahash of capacity, the majority of that is via S21 Pro from Bitmain which have an average efficiency of 15 joules Proterra, which by the end of oh being installed 30 exahash this year, we anticipate 16 joules per terahash in terms of nameplate efficient steam and $17,000 per Bitcoin electricity cost.

因此，30 exahash 的容量，其中大部分是透過 Bitmain 的 S21 Pro 實現的，Proterra 的平均效率為 15 焦耳，到今年年底安裝 30 exahash 時，我們預計每 terahash 的銘牌效率為 16 焦耳每個比特幣的蒸汽和電力成本為17,000 美元。

So in terms of size scale, how low cost, we're very pleased to be in a position where we think that we're on course, to be one of the real industry leaders in this. So again, this is as a result of bringing forward the construction of the infrastructure and the operations team, the construction team are really accelerating their work around this.

因此，就規模規模和成本而言，我們非常高興能夠成為這方面真正的行業領導者之一。所以，這也是基礎設施和營運團隊建設提前的結果，建設團隊確實正在圍繞著這個加快工作。

As we've spoken about in the past we've got a standardized data center design that we've been rolling out for a number of years now. We recently upgraded that from a 20-megawatt design to 25-megawatt design. That's indeed helped by the fact that it is standardized the fact that we have been doing this for a number of years and the team is simply getting better and faster assets. So that's putting us in a great position and to continue to build.

正如我們過去所談到的，我們已經推出了標準化的資料中心設計多年。我們最近將其從 20 兆瓦設計升級為 25 兆瓦設計。這確實是有幫助的，因為它是標準化的，我們已經這樣做了很多年，而且團隊只是獲得更好更快的資產。因此，這使我們處於有利地位並繼續建設。

What I also should say is that we're not stopping at 30 exahash. We've got options for another 10 exahash and as we'll see on the next slide. So as you can see, we're pleased to announce that we're attaining excess cash in terms of current operating capacity, we anticipate giving 20 exahash over the course of the next few months, i.e., by the end of September and then by the end of December, hitting that 30 exahash mark that I've mentioned a few times now.

我還應該說的是，我們不會止步於 30 exahash。我們還有另外 10 exahash 的選項，我們將在下一張投影片中看到。正如您所看到的，我們很高興地宣布，就當前的營運能力而言，我們獲得了多餘的現金，我們預計在接下來的幾個月內（即 9 月底）提供 20 exahash，然後是12月底，達到了我多次提到的30 exahash 大關。

In addition, we've got fixed priced options for an additional 10 exahash to potentially deploy early in 2025. And I think what's really important about all of this is the fact that we've got the land, we've got the power.

此外，我們還有額外 10 exahash 的固定價格選項，可能會在 2025 年初部署。我認為這一切真正重要的是我們擁有土地，我們擁有權力。

So six years ago, when will my brother and I set this business up, our belief was firmly that power and land would be scarce and the fact that it takes multi-year timeframes to develop and many of you on this call invested in early rounds where we spoke about things like The Matrix, Ready Player One, Wreck-It Ralph all these sci-fi movies where it could trade humanity in a certain direction and as a result of that, how much computing power it would need.

六年前，我和我的兄弟何時創辦這家企業，我們堅信電力和土地將會稀缺，事實上，它需要多年的時間框架才能發展，而你們中的許多人都在早期幾輪投資我們談到了《駭客任務》、《頭號玩家》、《無敵破壞王》等所有科幻電影，其中它可以將人類朝某個方向進行交易，因此，它需要多少計算能力。

Now who knows where we end up? Is it that way is a different trajectory. But our belief was over the next 10, 20, 30 years, the world is going to have this insatiable amount of demand for computing power. And we're going to have this real world digital world dislocation that we've spoken about many times before.

現在誰知道我們最終會去哪裡？是不是這樣，軌跡就不同了。但我們相信，在未來 10 年、20 年、30 年中，世界對運算能力的需求將會永無止境。我們將面臨我們之前多次談到的現實世界和數位世界的混亂。

The fact that the revenue line, the demand drivers are largely driven by the digital world, whether it's the price of Bitcoin, whether it's demand for AI, whether it's some sort of new computing and application in the future, the reality is once the real world gets to a critical mass, it's very hard to scale up and this is why at the moment, we're seeing such demand for new power, both from Bitcoin, miners, datacenters, hyperscalers, et cetera.

事實上，收入線、需求驅動因素很大程度上是由數位世界驅動的，無論是比特幣的價格，無論是對人工智慧的需求，無論是未來某種新的計算和應用，現實一旦成為現實世界達到了臨界規模，就很難擴大規模，這就是為什麼目前我們看到對新能源的需求如此之大，無論是來自比特幣、礦工、資料中心、超大規模企業等。

And the fact is you just cannot bring forward these power projects for various reasons we'll go into. So we're in a really good position where it's all organic growth. We've spoken to you for years about the platform and the foundation that we are laying down in terms of that organic growth and over the next six to nine months, we believe that you'll really see the fruits of that investment as we scale up our business extremely quickly.

事實上，由於我們將要討論的各種原因，你無法推進這些電力項目。因此，我們處於一個非常有利的位置，一切都是有機成長。多年來，我們一直在與您討論我們在有機成長方面所奠定的平台和基礎，在接下來的六到九個月內，我們相信，隨著我們規模的擴大，您將真正看到這項投資的成果我們的業務發展得非常快。

So I might pass over to Lincoln.

所以我可能會轉向林肯。

And so just to provide context, the next couple of slides just talk through at CapEx requirements. Funding requirements as well as some further detail around the S21 Pro agreements that we've just signed. So turning to this page, in terms of the CapEx as we previously mentioned the expansion to 20 exahash, which is now being pulled forward to the end of September this year, that is already fully funded. And the focus on this page is really talking about the additional CapEx and growth to get to 30 exahash by the end of this year.

因此，為了提供背景信息，接下來的幾張幻燈片將討論資本支出要求。資金要求以及我們剛剛簽署的 S21 Pro 協議的一些進一步細節。因此，翻到本頁，就資本支出而言，正如我們之前提到的擴展到 20 exahash，現在已提前到今年 9 月底，資金已經充足。此頁面的重點實際上是在討論今年年底達到 30 exahash 的額外資本支出和增長。

As we saw on the previous slide, the step-up from 20 exahash 30 exahash requires an additional 10 exahash for miners and an additional 150 megawatts of data center capacity. So really it should address by the end of this year, we will have 350 megawatts of operating data center capacity at Childress.

正如我們在上一張幻燈片中看到的，從 20 exahash 升級到 30 exahash 需要額外的 10 exahash 供礦工使用，並需要額外的 150 兆瓦的資料中心容量。因此，實際上應該在今年年底前解決，我們將在 Childress 擁有 350 兆瓦的營運資料中心容量。

And the CapEx guidance that we're providing for both mining hardware as well as the data centers is approximately $300 million. And as you can see on the top right quadrant of that slide, and that comprises approximately $190 million for 10 exahash of the latest generation Bitmain S21 Pro machines and approximately $110 million for 150 megawatts of data centers which is broadly in line with the previous guidance we provided.

我們為挖礦硬體和資料中心提供的資本支出指引約為 3 億美元。正如您在該投影片的右上象限中看到的那樣，其中包括約1.9 億美元用於購買10 exahash 的最新一代Bitmain S21 Pro 機器，以及約1.1 億美元用於150 兆瓦的資料中心，這與之前的指導大致一致我們提供。

And that sort of benchmark data center CapEx at about $750,000 per megawatt. Now turning to the funding strategy, we anticipate funding the step up to 30 exahash through a combination of existing cash resources, operating cash flows and other sources of capital. And as we've previously mentioned, we have $322 million of cash and that as of April 30, 2024.

此類基準資料中心資本支出約為每兆瓦 750,000 美元。現在轉向融資策略，我們預計透過結合現有現金資源、營運現金流和其他資本來源，為高達 30 exahash 的資金提供資金。正如我們之前提到的，截至 2024 年 4 月 30 日，我們擁有 3.22 億美元現金。

The business is generating very strong operating cash flows, which we are reinvesting into growing the business, and Belinda is going to touch on this in more detail in the financial statements, but you will note that we reported $48 million of positive operating cash flow year to date this financial year.

該業務正在產生非常強勁的營運現金流，我們將其再投資以發展業務，貝琳達將在財務報表中更詳細地討論這一點，但您會注意到我們報告了4800 萬美元的正營運現金流本財政年度至今。

And we are also continuing to explore other funding opportunities right across the capital structure. So as you are aware, we've got our existing ATM which has a capacity of $137 million remaining. We've also just filed a new $500 million shelf in ATM. And in parallel we're also exploring opportunities with debt capital, including potential funding for data centers and equipment financing for GPUs, which Dan is going to touch on a little bit later in this presentation.

我們也持續探索整個資本結構的其他融資機會。如您所知，我們現有的 ATM 容量剩餘 1.37 億美元。我們也剛在 ATM 機上申請了價值 5 億美元的新貨架。同時，我們也正在探索債務資本的機會，包括資料中心的潛在資金和 GPU 的設備融資，Dan 將在本次演講的稍後部分談到這一點。

And then finally, in terms of returns, and that's just talking to the shaded box on the left of this page, we just wanted to take a take the opportunity to provide a little bit more detail around how we frame up our capital raising and investment decisions.

最後，就回報而言，這只是與本頁左側的陰影框交談，我們只是想藉此機會提供有關我們如何建立融資和投資的更多細節決定。

Fundamentally, the use of the ATM program, for example, is entirely at our discretion, and we just view this as an important instrument that helps us funding growth that makes sense strategically and also financially in terms of returns to shareholders. We've run some analysis of some benchmarking analysis on how the market is valuing bitcoin miners today and we note a high degree of value being placed on installed excess capacity.

例如，從根本上講，ATM 計劃的使用完全由我們自行決定，我們只是將其視為一種重要工具，幫助我們為增長提供資金，從股東回報的角度來看，這種增長在戰略上和財務上都是有意義的。我們對當今市場如何評估比特幣礦商進行了一些基準分析，我們注意到已安裝的過剩產能受到高度重視。

And in particular for the larger-scale miners specifically Marathon, clean spark and Riot. Each of these operators with cash rates above 10 exahash, the market is valuing their capacity at an average of around $135 million per installed exahash.

特別是對於規模較大的礦工來說，尤其是 Marathon、Clean Spark 和 Riot。這些業者的現金費率均高於 10 exahash，市場對其容量的估值平均為每安裝 exahash 約 1.35 億美元。

And as you can see on the right-hand side of the page, we are building and delivering incremental hash rate at $30 million CapEx for one exahash, and that is inclusive of the mining hardware and the data centers. So putting all of that together, we see raising capital to become one of the largest and most efficient publicly-listed miners this year as making strategic sense and also driving long-term value creation for our shareholders.

正如您在頁面右側所看到的，我們正在建立和提供增量哈希率，每 exahash 的資本支出為 3000 萬美元，其中包括挖礦硬體和資料中心。因此，將所有這些放在一起，我們認為籌集資金成為今年最大、最高效的上市礦業公司之一具有戰略意義，也可以推動為股東創造長期價值。

Stepping to the next slide, I won't spend too much time on this as a lot of detail in our in our disclosures, but we've entered into a number of purchase and option agreements with Maine, which underpin our growth to 30 exahash this year and providing a pathway to 40 exahash in the first half of calendar 2025.

轉到下一張投影片，我不會花太多時間在這方面，因為我們的披露中包含很多細節，但我們已經與緬因州簽訂了許多購買和期權協議，這支撐了我們增長到30 exahash今年，並提供在 2025 年上半年達到 40 exahash 的途徑。

Just wanted to emphasize that these new and amended agreements relate to a combined 35 exahash of the S21 Pro Miners, which, as Dan mentioned, have a efficiency of 15 joules per terahash. These agreements are being struck at $18.90 per terahash. As you can see on the table, as we start to deploy that hardware, you can see that meaningful improvement in overall fleet efficiency to 16 joules per terahash at 30 exahash and then to 15 joules per terahash at 40 exahash.

只是想強調一下，這些新的和修訂後的協議涉及總計 35 exahash 的 S21 Pro 礦工，正如 Dan 提到的，其效率為每 terahash 15 焦耳。這些協議的達成價格為每太拉哈希 18.90 美元。正如您在表格中所看到的，當我們開始部署該硬體時，您可以看到整體車隊效率得到了有意義的改進，在30 exahash 時達到每terahash 16 焦耳，然後在40 exahash 時達到每terahash 15 焦耳。

And in terms of just the structuring, these agreements, we have very deliberately structured in this manner with delivery dates that align to the data center rollout at Childress over the rest of 2024 and 2025. Having options in the structure provide a degree of flexibility around growth as compared to, for example, a firm purchase as well as an element of downside protection to the extent market conditions change.

就這些協議的結構而言，我們非常謹慎地以這種方式構建，交付日期與 2024 年剩餘時間和 2025 年 Childress 資料中心的推出保持一致。與堅定購買相比，結構中的選擇提供了一定程度的成長彈性，並且在市場條件變化的情況下提供了下行保護。

And as we've just demonstrated as new technology emerges, a new and more efficient mining hardware emerges. We were able to, for example, amend the terms of our T21 option into the latest generation S21 Pros without impacting the time and timeline and I'm just flagging that this may not have been possible if we'd made a firm purchase order for those same machines.

正如我們剛剛所示範的，隨著新技術的出現，一種新的、更有效率的挖礦硬體出現了。例如，我們能夠將 T21 選項的條款修改為最新一代 S21 Pro，而不會影響時間和時間表，我只是指出，如果我們下了確定的採購訂單，這可能是不可能的那些相同的機器。

Turning to the next slide, this just maps out the landscape and a couple of perspectives to share here. The chart and shows Bitcoin mined in April and the table underneath. It just shows market cap as of last Friday and installed hashrate across the sector.

轉向下一張投影片，這只是勾勒出整體情況和幾個可以在這裡分享的觀點。這張圖表顯示了四月份開採的比特幣以及下表。它僅顯示截至上週五的市值以及整個行業安裝的算力。

So as Dan mentioned we were the fastest-growing miner in 2023, increasing our hashrate last year from 1.5 exahash to 5.60 exahash at the end of 2023. Whilst maintaining market leading levels of efficiency, we are continuing that trajectory this year, having grown from at 5.6 exahash of the start of the year to 10 exahash today.

正如 Dan 所提到的，我們是 2023 年成長最快的礦工，我們的算力從去年的 1.5 exahash 增加到 2023 年底的 5.60 exahash。在保持市場領先的效率水平的同時，我們今年將繼續保持這一軌跡，從年初的 5.6 exahash 增長到今天的 10 exahash。

And obviously, there's a lot more growth to come in 2024 as we grow to 30 exahash this year and moving into 2025, fully expect to maintain that momentum as well with our pathway to 40 exahash in the first half. And.

顯然，隨著我們今年成長到 30 exahash 並進入 2025 年，2024 年還會出現更多成長，我們完全有望保持這一勢頭，並在上半年達到 40 exahash。和。

I'm going to hand this back to Dan now to talk to the AI Cloud Services business.

我現在將把這個問題交還給 Dan，以討論人工智慧雲端服務業務。

Thanks, Lincoln, for any of the Bitcoin mining. Obviously, very exciting. So most of you be aware that and when we set out building this business, we built data centers. So we never built shipping containers sea-cans, we never subscribed to the abandoned warehouse Model of mining Bitcoin. We built multifunction data centers from day one capable of supporting different types of computing power.

感謝林肯為比特幣挖礦所做的一切。顯然，非常令人興奮。所以你們大多數人都知道，當我們開始建立這項業務時，我們建立了資料中心。所以我們從來沒有建造海運貨櫃，我們從來沒有訂閱過廢棄倉庫的比特幣挖礦模式。我們從第一天起就建立了能夠支援不同類型運算能力的多功能資料中心。

We signed an MOU with Dell computing many, many years ago, about four years ago, four and a bit to bring some of their customers and hardware out to our first site at the time the market wasn't quite ready. We put it on ice, focused on Bitcoin mining and then with the ramp up in AI last year, we dusted off the old strategy wind and ordered some NVIDIA H100s, have installed them in the same data centers.

很多很多年前，大約四年前，四年多前，我們與戴爾計算公司簽署了一份諒解備忘錄，以便在市場尚未完全準備好時將他們的一些客戶和硬體帶到我們的第一個站點。我們把它放在冰上，專注於比特幣挖礦，然後隨著去年人工智慧的興起，我們擺脫了舊的戰略風，訂購了一些 NVIDIA H100，並將它們安裝在同一個資料中心。

I we unplug the ASIC's and we plugged in the GPUs, the same infrastructure the same data centers and we launched an AI cloud service. It's a highly complementary business line. We don't see it as competing with Bitcoin mining, we see it as additional and incremental to Bitcoin mining.

我們拔掉 ASIC，插入 GPU，相同的基礎設施、相同的資料中心，然後我們推出了人工智慧雲端服務。這是一條高度互補的業務線。我們不認為它與比特幣挖礦競爭，我們認為它是比特幣挖礦的補充和增量。

And the key reason for that is the power consumption. As you can see in the chart on that right-hand side, every $100 million of GPU expenditure. It's only using around 1% of our data center capacity that we'll have online this year.

其主要原因是功耗。正如您在右側圖表中看到的那樣，每 1 億美元的 GPU 支出。它僅使用了我們今年線上資料中心容量的 1% 左右。

So we could go and spend a billion dollars on GPUs tomorrow, run rate earnings from that would be somewhere in the order of $400 million-plus based on market data and it would use around 10% of our data center capacity so again, we don't see it as competing with Bitcoin mining, we see it as complementary and additional.

因此，我們明天可以在 GPU 上花費 10 億美元，根據市場數據，由此產生的運行率收益將達到 4 億多美元，並且它將使用我們數據中心容量的 10% 左右，所以我們再次不這樣做我們不認為它與比特幣挖礦競爭，而是將其視為補充和補充。

Now in terms of cost of capital and optimizing it, we see this as a really important opportunity or inflection point for the business. It's no secret that bitcoin miners have struggled to raise debt type financing. It's volatile in commodity, it's been a volatile business but all of a sudden with the introduction of an additional earnings line and importantly, an additional view on the collateral within the platform conversations with lenders are looking far more prospective in terms of terms of potential debt and to elaborate on that more visualize yourself as a lender, you go to your credit committee and they say you're lending to a Bitcoin mining business.

現在就資本成本及其優化而言，我們認為這是業務的一個非常重要的機會或轉折點。比特幣礦商一直在努力籌集債務型融資，這已不是什麼秘密。它在大宗商品方面波動很大，它一直是一個波動很大的業務，但突然間引入了額外的收益線，重要的是，在與貸款人的平台對話中對抵押品的額外看法在潛在債務方面看起來更有前景為了詳細說明這一點，您可以將自己想像為貸款人，您去信用委員會，他們說您正在向比特幣採礦企業提供貸款。

What happens if bitcoin goes to zero? Now most of us, if not all of us on this call, understand the problem, really bitcoin going to zero. It's very low, but that's not the point those types of questions get asked. So all of a sudden, what's the secondary value of the infrastructure having now proven that our data centers can be used for alternate use cases. All of a sudden there's a collateral value in the data centers.

如果比特幣歸零會發生什麼事？現在，我們大多數人（如果不是參加這次電話會議的所有人）都明白這個問題，比特幣真的會歸零。這個比例非常低，但這不是提出此類問題的重點。因此，突然之間，基礎設施的次要價值是什麼，現在已經證明我們的資料中心可以用於替代用例。突然之間，資料中心就產生了抵押價值。

The infrastructure, the land portfolio, the power connections, as we know, which really opens up a very different lens for these credit funds and prospective debt providers. So this is something we're quite excited about pursuing. We're in a number of conversations at the moment.

正如我們所知，基礎設施、土地組合、電力連接確實為這些信貸基金和潛在的債務提供者打開了一個非常不同的視角。所以這是我們非常興奮的追求。我們目前正在進行多次對話。

If the terms are right on we will pursue some corporate-level debt financing, but equally given the accretion of continuing to use existing capital sources and as Lincoln went through a couple of slides earlier, we certainly don't feel the pressure to do that. So we'll make the right decision over time.

如果條件合適，我們將尋求一些企業層面的債務融資，但同樣考慮到繼續使用現有資本來源的增加，並且林肯早些時候經歷了幾張幻燈片，我們當然不會感到這樣做的壓力。因此，隨著時間的推移，我們將做出正確的決定。

The other interesting aspect to scaling the iCloud service business as far as capital is concerned is there appears to be substantial demand for GPU financing structures. We saw CoreWeave announced last year at $2.3 billion GPU financing structure led by Blackstone We then saw only a couple of weeks ago Lambda, another cloud service provider secure $500 million in GP financing.

就資本而言，擴大 iCloud 服務業務的另一個有趣的方面是，對 GPU 融資結構的需求似乎很大。我們看到 CoreWeave 去年宣布了由 Blackstone 領投的 23 億美元 GPU 融資結構，然後就在幾週前，我們看到另一家雲端服務供應商 Lambda 獲得了 5 億美元的 GP 融資。

Again, we've now proven out our cloud service. We've had exceptional customer feedback and from our customers. And importantly, we've got the PowerPoints, we've got the datacenters and the same cannot be said for other cloud providers. Certainly not all of them where essentially, they sit in the middle of a data center and the end customer and they own the computers.

我們現在再次證明了我們的雲端服務。我們從我們的客戶那裡得到了出色的客戶回饋。重要的是，我們有 PowerPoint，我們有資料中心，但其他雲端供應商卻無法做到這一點。當然，並非所有人本質上都位於資料中心和最終客戶的中間，並且擁有電腦。

And I think part of the feedback we're receiving and trying to dissect why it's been so positive; I think is down to largely two things. One is our vertical integrated platform where we're not sitting in the middle of a data center and a customer.

我認為我們收到的部分回饋並試圖剖析為什麼它如此積極；我認為主要歸結為兩件事。第一個是我們的垂直整​​合平台，我們不在資料中心和客戶之間。

So when the end customer wants to optimize some of their machines, they want to update some software firmware. They want to do something on the ground in the data center. If you're simply a cloud service provider, all you can do is larger support ticket within data center and wait for them to come back to.

因此，當最終客戶想要優化他們的某些機器時，他們想要更新一些軟體韌體。他們想在資料中心實地做一些事情。如果您只是一個雲端服務供應商，您所能做的就是在資料中心內提交更大的支援票，然後等待他們回來。

Your government numbers in terms of your service level agreement. Now contrast that to IREN, where the customer picks up the phone to us, our CTO, our customer service and all of a sudden, they can do absolutely anything lifetime on site. We've got 24/7 people on site and we own and control everything all the way from the soil concrete foundations, the steel structures the ventilation, the network cabling, all of the infrastructure, the software, the firmware layer.

您的政府根據您的服務等級協議提供數字。現在與 IREN 形成鮮明對比，在 IREN 中，客戶拿起電話聯繫我們、我們的 CTO、我們的客戶服務，突然之間，他們就可以在現場做任何事情。我們在現場有 24/7 的人員，我們擁有並控制一切，從土壤混凝土基礎、鋼結構、通風、網路佈線、所有基礎設施、軟體、韌體層。

So it's very easy in relative terms for us to tweak make adjustments and optimize the service offering for these end customers live time for second element, having received again, really positive feedback around the performance of our clusters. And you can see the quotes on the screen around performance of one metric being 3 times bigger than any other hardware set up.

因此，相對而言，我們很容易在第二個元素的即時時間中調整和優化為這些最終客戶提供的服務，再次收到有關我們叢集效能的非常正面的回饋。您可以在螢幕上看到有關一項指標效能的報價，該指標比任何其他硬體設定大 3 倍。

One of our customers is used and we've been trying to dusting, why is this the case? We've said it all up properly. And our theories and something to be tested is that it's due to the rack density that we're operating under.

我們的一位客戶使用後我們一直在努力除塵，為什麼會出現這種情況？我們已經說得很清楚了。我們的理論和需要測試的東西是，這是由於我們運行時的機架密度造成的。

So to step back traditional data centers, 80% of traditional data centers operate at five kilowatts or less rack density. According to the Uptime Institute reports in video GPUs require 40 to 45 kilowatt rack density based on their reference architecture. Now if you're installing a rack in different rooms because you can't manage the power, you can't manage the heat and the ventilation all of a sudden you've got the servers spread out across quite a distance within the datacenter.

因此，退一步來說，80% 的傳統資料中心以 5 千瓦或更低的機架密度運作。根據 Uptime Institute 的報告，視訊 GPU 根據其參考架構需要 40 至 45 千瓦的機架密度。現在，如果您因為無法管理電源、無法管理熱量和通風而在不同的房間安裝機架，那麼突然間您就會將伺服器分散在資料中心內相當長的距離。

Now, Jensen, the NVIDIA CEO, has been out there talking about things like the data center is the new computer. And when you zoom out you think about over the last 10 to 20 years, a lot of the innovation in compute at a chip level has been minimizing and shrinking the gateways on the transistors to enable the signal to travel back and forth faster and more effectively.

現在，NVIDIA 執行長 Jensen 一直在談論諸如資料中心就是新電腦之類的事情。當你縮小視野時，你會想到過去 10 到 20 年裡，晶片級運算方面的許多創新都在最大限度地減少和縮小晶體管上的網關，以使訊號能夠更快、更有效地來回傳輸。

Extrapolate that out to the data center where all of sudden these GPUs are now talking to each other to crunch training models to run these AI models. And it stands to reason that if they're all spread out and there's a lot of latency between the GPUs go back and forth, then it might be a lower performance as compared to someone like us who is operating 70 kilowatt rack density.

將其推斷到資料中心，突然之間，這些 GPU 開始相互通信，以處理訓練模型來運行這些 AI 模型。按理說，如果它們全部分散，並且 GPU 來回之間存在大量延遲，那麼與我們這樣運行 70 千瓦機架密度的人相比，性能可能會較低。

So all of our servers are in one spot at all times. So in theory, the latency is very low. The signal is communicating very quickly. So it is possible that is leading to the exceptional service reviews that we're getting, but we're taking that further time validate.

因此，我們所有的伺服器始終位於一處。所以理論上來說，延遲是非常低的。訊號傳輸速度非常快。因此，這可能會導致我們獲得出色的服務評論，但我們正在花更多時間進行驗證。

In terms of the rest of the strategy on our IR cloud service, we're currently testing the on-demand market so we've proven the model with bilateral contracts and now we're going down the pathway of testing an on-demand service, which is really exciting because we believe we understand that there are a number of smaller users and a number of bigger users that don't want to sign contractual commitments medium or long term for compute as it does deliver a much higher price for us versus a contracted relationship.

就我們的 IR 雲端服務策略的其餘部分而言，我們目前正在測試按需市場，因此我們已經透過雙邊合約證明了該模型，現在我們正在沿著測試按需服務的道路前進，這真的很令人興奮，因為我們相信我們了解有許多較小的用戶和許多較大的用戶不想簽署中長期計算合約承諾，因為它確實為我們提供了更高的價格一種契約關係。

Yes, it's at a higher risk, but for us using some of the service to do this to build relationships to learn, we're in the process of developing software actually to allow true burst up and burst down such that essentially prospective customers to come onto the website, click a drop-down box and start utilizing our cloud service.

是的，它的風險較高，但對於我們使用一些服務來建立學習關係來說，我們正在開發軟體，實際上是為了允許真正的爆發和爆發，這樣基本上潛在客戶就會來進入網站，單擊下拉框並開始使用我們的雲端服務。

So this data capability, we'll take our cloud service to another level, and it's something that we're on we're quite excited about. So in terms of the outlook for this technically we've proven it out commercially. It's looking really good with the larger pool side, the on-demand market. And we're now in the process of working through the optimal way to scale these up further through capital, maybe it's GPU financing, maybe it's other sources. Now, on to a little bit about our power and land portfolio.

因此，這種數據能力，我們將把我們的雲端服務提升到另一個水平，這是我們感到非常興奮的事情。因此，就技術前景而言，我們已經在商業上證明了這一點。更大的池邊，即點播市場，看起來真的很不錯。我們現在正在尋找最佳方式，透過資本進一步擴大規模，也許是 GPU 融資，也許是其他來源。現在，介紹一下我們的電力和土地組合。

So I mentioned at the outset that will and I when we set this business up, we had a view that over the next 10 to 20 years, the world was going to have a very large growing exponentially growing demand for compute and power from renewable energy sources to power that compute. So developing power and land is something that doesn't cost a lot of money, but it costs a lot of time.

因此，我一開始就提到，當我們創辦這項業務時，我和威爾認為，在未來 10 到 20 年裡，世界對再生能源的計算和電力的需求將會呈指數級增長。計算提供動力的資源。所以開發電力和土地是不需要花很多錢的事情，但是卻要花很多時間。

It takes years, identifying sites, securing the sites pretty mean grid connection studies, building that grid connections. It's something that historically has taken three, four, five years and now with the onset of a tremendous amount of demand from being high miles hyperscalers, data center providers. We're being told that these timelines are getting pushed out five, six, seven years.

確定站點、保護站點需要花費數年時間，這意味著電網連接研究、建立電網連接。從歷史上看，這需要三年、四年、五年的時間，現在隨著高里程超大規模供應商、資料中心供應商的大量需求的出現。我們被告知這些時間表被推遲了五年、六年、七年。

So what does this mean? The opportunity for us has always been to organically grow into this capacity, but we're now engaging conversations with various stakeholders. They continue to triangulate and validate that these data and power crunch is real. Morgan Stanley. Goldman Sachs have already released reports in the last month.

那麼這是什麼意思呢？我們的機會一直是有機地發展這種能力，但我們現在正在與各個利害關係人進行對話。他們繼續進行三角測量並驗證這些數據和電力緊縮是真實的。摩根士丹利。高盛上個月已經發布了報告。

In fact, the Morgan Stanley report went into some detailed quantitative analysis around what the value of having power and land was. And they came out with a number of $5 to $12 per watt. We've got 3 billion watts so that implies a tremendous amount of value in the portfolio.

事實上，摩根士丹利的報告對擁有電力和土地的價值進行了一些詳細的定量分析。他們推出了每瓦 5 至 12 美元的價格。我們擁有 30 億瓦的功率，這意味著該產品組合具有巨大的價值。

Is it worth that? Is it worth something different? We have no idea, but certainly this is the time in the market to start finding out. So we're undertaking a process to explore various structures, everything from prospective sales of some of our development sites to joint ventures over our development sites where we could build own and operate some sort of Shell provide us a co-location service provider, a cloud service.

值得嗎？值得做一些不同的事情嗎？我們不知道，但現在肯定是市場開始尋找答案的時候了。因此，我們正在探索各種結構，從我們的一些開發場地的預期銷售到我們的開發場地的合資企業，我們可以在其中建立自己的並運營某種殼牌為我們提供的託管服務提供商，雲端服務。

And we're talking to a number of the technology companies. We're talking to a number of investors the large banks, and it's something that we're excited to pursue over the coming months. Ultimately, again, we don't feel any pressure to execute on anything specific here. We're in a great position to continue growing organically and utilize this power for our own purposes as a going concern.

我們正在與一些科技公司進行洽談。我們正在與大型銀行的許多投資者進行交談，這是我們很高興在未來幾個月內追求的目標。最終，我們再次感到沒有任何壓力來執行這裡的任何具體內容。我們處於有利位置，可以繼續有機成長，並利用這種力量實現我們自己的持續經營目標。

So on that note, I'll pass over to linc to continue with some financial summary before Belinda then takes over for him. Thank you. Belinda

因此，在這一點上，在貝琳達接替他之前，我將轉到 linc 繼續進行一些財務摘要。謝謝。貝琳達

Thanks. Dan. This page is actually exactly the same one from out from our previous half yearly update. But just refresh some of the economics and based on current market conditions. And as you can see, Bitcoin mining margins and returns on a post hoc basis remained strong. And as we scale the business to 30 exahash at current Bitcoin prices and network exahash.

謝謝。擔。該頁面實際上與我們之前的半年更新頁面完全相同。但只是根據當前的市場狀況刷新一些經濟學原理。正如您所看到的，比特幣挖礦利潤和事後回報仍然強勁。當我們按照當前的比特幣價格和網路 exahash 將業務擴展到 30 exahash 時。

We have calculated illustrative electricity cost to be kind of $17,000 and annualized hardware profit of $408 million and driving sub two-year paybacks. And those economics that were calculated on a bitcoin price of about $63,000 a couple of days ago.

我們計算出示例性電力成本約為 17,000 美元，年化硬體利潤為 4.08 億美元，並可在兩年內收回投資。這些經濟學是根據幾天前大約 63,000 美元的比特幣價格計算的。

Turning to the right-hand column, the AI cloud services business, similar economics to what we've discussed previously. And we have very high margins at the gross margin level above 95% driving approximately two-year paybacks on the GPU hardware as well. So just to reiterate, we continue to see very healthy margins and attractive payback periods across both lines of business, which underpins why we're continuing to invest in growing both lines of business.

轉向右側一欄，即人工智慧雲端服務業務，其經濟學原理與我們之前討論的類似。我們的毛利率水準非常高，超過 95%，GPU 硬體也能在大約兩年內收回投資。因此，重申一下，我們繼續看到這兩個業務線的利潤率非常健康，投資回收期也很有吸引力，這也是我們繼續投資這兩個業務線的原因。

Stepping through to the next page, before I hand over to Belinda, this is the first financial reporting period where we have recorded revenue for our AI cloud services business, and you'll see that come through in the face of the P&L. And as you can see from February to today, a rapid ramp-up in revenue, which coincides with the onboarding of pool side as a customer in February.

進入下一頁，在我向 Belinda 介紹之前，這是我們記錄人工智慧雲端服務業務收入的第一個財務報告期，您會在損益表中看到這一點。正如您所看到的，從 2 月到今天，收入快速增長，這與 2 月份池邊客戶的加入相吻合。

And you'll note that they also announced and upsize and extension to their contract to 504 GPUs, which was effective in mid-April. So we should start to see some of that increased revenues from the upsized contract start flowing through and to revert to the revenue line in May and in the coming months.

您會注意到，他們還宣布將合約規模擴大並擴展到 504 個 GPU，該合約於 4 月中旬生效。因此，我們應該開始看到一些因擴大合約而增加的收入開始流動，並在五月和未來幾個月恢復到收入線。

And on the right-hand side of the chart, we've just highlighted there the $14 million to $18 million revenue opportunity. That's associated with the current GPU fleet that's already operating.

在圖表的右側，我們剛剛強調了 1400 萬至 1800 萬美元的收入機會。這與目前已經運行的 GPU 群相關。

I'll hand over now to Belinda to take us through the rest of the financial section.

現在我將讓貝琳達帶領我們完成財務部分的其餘部分。

Thank you, Lincoln and Dan. So good morning to those in Sydney and good morning to those in North America. Thank you for joining us today for our first quarterly update. To start with, I wanted to highlight our positive cash flow from operations of $48 million for the nine-month period ended March 31, 2024.

謝謝你們，林肯和丹。雪梨的人們早安，北美的人們早安。感謝您今天加入我們的第一個季度更新。首先，我想強調一下，截至 2024 年 3 月 31 日的 9 個月期間，我們的營運現金流為 4,800 萬美元。

This includes 129 of receipts resulting from the daily liquidation of our bitcoin mined. These positive operating cash flows highlight the quality of our underlying operations and are reinvested to support our ongoing expansion plan.

這包括每日清算我們開採的比特幣而產生的 129 張收據。這些積極的營運現金流凸顯了我們基礎業務的質量，並進行了再投資以支持我們正在進行的擴張計劃。

Turning to the consolidated statement of profit and loss, during the three months ended 31 March 2024, we reported another positive net profit before tax of $12 million and net profit after tax of $8.6 million as we do not hold bitcoin on our balance sheet. This result has been achieved without any reliance on Bitcoin mark-to-market revaluation gains includes non-cash expenses $17 million.

談到合併損益表，在截至2024 年3 月31 日的三個月中，我們報告了稅前淨利潤為1200 萬美元，稅後淨利潤為860 萬美元，因為我們的資產負債表上不持有比特幣。這一結果是在不依賴比特幣按市值計價的重估收益（包括 1700 萬美元的非現金費用）的情況下實現的。

Moving on to adjusted EBITDA for the quarter, a big EBITDA increase from $13.9 million to $21.8 million. This is Jason, the bitcoin mining revenue increasing from $42 million to $53.4 million as the average operating cash rate increase from 5.6 exahash to 6.4 exahash, resulting when 1,003 Bitcoin mined, at an average realized price of $53,200 being 45% increase in price during the quarter.

接下來是本季調整後的 EBITDA，EBITDA 從 1,390 萬美元大幅增加至 2,180 萬美元。This is Jason, the bitcoin mining revenue increasing from $42 million to $53.4 million as the average operating cash rate increase from 5.6 exahash to 6.4 exahash, resulting when 1,003 Bitcoin mined, at an average realized price of $53,200 being 45% increase in price during the四分之一.

Our average net electricity cost per bitcoin mined increased from $14,100 to $19,300, primarily due to lower number of bitcoin mined during the quarter as a result of increased global mining difficulty. Quarter on quarter, our other costs remained relatively flat. Looking at the adjusted EBITDA for the nine months ended March 31, 2024.

我們開採的每個比特幣的平均淨電力成本從 14,100 美元增加到 19,300 美元，這主要是由於全球採礦難度增加導致本季開採的比特幣數量減少。與上一季相比，我們的其他成本保持相對穩定。查看截至 2024 年 3 月 31 日止九個月的調整後 EBITDA。

We had a record adjusted EBITDA of $42.5 million. This is an increase of 32% year on year and very pleasing to see. And as I talked about earlier, the nine months cash flow being $48 million, so directly converting into that cash flow from operations. Bitcoin mining revenue for this period increased from $41.3 million to $129.9 million as the average operating cash rate increased from two exahash to 5.8 exahash, and we mined 3,371 bitcoin at an average cost of $38,500 being an 87% increase in price.

我們的調整後 EBITDA 達到創紀錄的 4,250 萬美元。這是年增32%，非常令人高興。正如我之前提到的，九個月的現金流量為 4,800 萬美元，因此可以直接轉換為營運現金流量。這段期間的比特幣挖礦收入從4,130 萬美元增加到1.299 億美元，因為平均營運現金率從2 exahash 增加到5.8 exahash，我們以38,500 美元的平均成本開採了3,371 個比特幣，價格上漲了87 %。

Average net electricity cost during this period increased from $9,900 to $15,400 primarily due to the increased global mining difficulty and our other costs increased from $32 million to $36 million with the children's site operational in April 2023.

在此期間，平均淨電力成本從9,900 美元增加到15,400 美元，主要是由於全球採礦難度增加，而隨著兒童站點於2023 年4 月投入運營，我們的其他成本從3200 萬美元增加到3600 萬美元。

Moving on to our consolidated cash flows. Net cash and cash equivalents increased by $191 million for the nine months ended March 31, 2024. The increase in net cash flow from the operations operating activities was 48 million due to the increase in the average operating hashrate, coupled with the higher average realized Bitcoin price.

繼續我們的合併現金流量。截至 2024 年 3 月 31 日的九個月，淨現金和現金等價物增加了 1.91 億美元。由於平均營運算力的增加以及比特幣平均變現價格的提高，營運活動產生的淨現金流量增加了 4,800 萬。

The increase in net cash used in investing activities was $188 million due to the expansion at children as well as our purchase of 816 NVIDIA H100 GPUs. increase in net cash from financing activities of $331 million primarily due to net proceeds received from sale sold under the ATM and airlock facilities.

由於兒童業務的擴張以及我們購買了 816 個 NVIDIA H100 GPU，用於投資活動的淨現金增加了 1.88 億美元。融資活動產生的現金淨額增加了 3.31 億美元，主要是由於 ATM 和氣閘設施銷售所得的淨收益。

And lastly, moving on to the balance sheet. We had a cash closing cash balance of $260 million at the end of March, no debt facilities. And as I mentioned, strong operating cash flows during that period.

最後，轉向資產負債表。截至 3 月底，我們的期末現金餘額為 2.6 億美元，沒有債務融資。正如我所提到的，該時期的營運現金流強勁。

Cash position further has strengthened to $322 million on April 30, 2024. During the period of the quarter, we raised $294 million from the sale of approximately 56 million shares and post April one, we raised a further $45 million from the sale of 8.2 million shares. So we have a strong balance sheet with total assets of $724 million, which will provide us flexibility to fund and grow into the future.

2024 年 4 月 30 日，現金狀況進一步增加至 3.22 億美元。在本季期間，我們透過出售約 5,600 萬股股票籌集了 2.94 億美元，在 4 月 1 日之後，我們透過出售 820 萬股股票進一步籌集了 4,500 萬美元。因此，我們擁有強大的資產負債表，總資產達 7.24 億美元，這將為我們提供融資和未來發展的靈活性。

I'll now hand back to the operator to take any Q&A for our session today.

我現在將把今天的會議的所有問答交給接線員。

(Operator Instructions) Lucas Pipes, B. Riley.

（操作員說明）Lucas Pipes，B. Riley。

Thank you very much, operator, and good afternoon, morning, everyone. Ben, my first question is on the incremental exahash and the optionality there that you outlined earlier on the call. Could you kind of walk us through and where this would be deployed? And then also just in terms of the potential timing around all of that. Thank you so much.

非常感謝接線生，大家下午好、早安。Ben，我的第一個問題是關於增量 exahash 以及您之前在電話會議中概述的可選性。您能否向我們介紹一下它將部署在哪裡？然後就所有這一切的潛在時機而言。太感謝了。

That Dan might have dropped off there. And Lucas, I'll take that question. So the majority of the capacity is being deployed into Childress. And as we've previously disclosed, that is scaling to 350 megawatts this year. So the vast majority of the new exahash growth is going to come on shoulders throughout the remainder of this year.

那個丹可能已經在那兒下車了。盧卡斯，我來回答這個問題。因此，大部分容量都部署到 Childres 中。正如我們之前所揭露的，今年發電量將擴大到 350 兆瓦。因此，絕大多數新的 exahash 成長將在今年剩餘時間內承擔。

And in terms of hitting that 40 exahash in the first half of next year. That is also going to be deployed at Childress. We did mention fleet upgrade as well for some of the our capacity will be used to upgrade the existing fleet as 19J Pro machines, which are primarily located in our British Columbia data centers.

明年上半年達到 40 exahash。這也將部署在Childress。我們確實提到了機隊升級，因為我們的一些容量將用於升級現有機隊為 19J Pro 機器，這些機器主要位於我們不列顛哥倫比亞省的資料中心。

So it will be a combination of both, but primarily at shoulders where it's a single site expansion currently operating at 100 megawatts and is it 350 megawatts this calendar year.

因此，這將是兩者的結合，但主要是在目前以 100 兆瓦運行的單站點擴建和今年 350 兆瓦的情況下進行。

Lincoln, thank you so much work for the additional color there. I appreciate it and best of luck. I'll turn it over.

林肯，非常感謝您為額外的顏色所做的工作。我很感激，祝你好運。我會把它翻過來。

Thanks, Lucas.

謝謝，盧卡斯。

Joseph Vafi, Canaccord Genuity.

約瑟夫‧瓦菲 (Joseph Vafi)，Canaccord Genuity。

Hey, everyone, and thanks for the update. Good morning to you. A few questions. Number one, you know, on that 10 exahash option with Bitmain that you have I just wondering if you could kind of go through what would be some of the reasons you might exercise that? Obviously, if Bitcoin is a lot higher that may be one, but just kind of balanced against maybe some of your other initiatives that you've got going on. And I know I know you know, there's a lot of moving parts, but just trying to get inside your head on that, and then I have a follow-up. Thanks.

大家好，感謝您的更新。早安.幾個問題。第一，你知道，關於比特大陸的 10 exahash 選項，我只是想知道你是否可以了解你可能行使該選項的一些原因是什麼？顯然，如果比特幣價格高得多，那可能是其中之一，但只是與您正在進行的其他一些舉措進行平衡。我知道我知道你知道，有很多變化的部分，但只是試圖讓你了解這一點，然後我有一個後續行動。謝謝。

Thanks and thanks, Joe. So just to clarify, that's the 10 exahash option to go from 30 to 40 exahash

謝謝，謝謝，喬。所以澄清一下，這是從 30 到 40 exahash 的 10 exahash 選項

Right exactly Dan.

完全正確，丹。

Yes, perfect. Look, I'll expect we'll exercise it from the presentation is clear in terms of the metrics when we can mine bitcoin around that indicative cost of $17,000 a coin with Bitcoin where it is today around [65]. That's a pretty healthy gross margin and a pretty good exposure going into what we believe is the next Bitcoin cycle.

是的，完美。聽著，我預計我們會從演示中明確的指標來運用它，當我們可以以今天大約 17,000 美元一枚硬幣的指示性成本開採比特幣時[65]。這是一個相當健康的毛利率，也是我們認為下一個比特幣週期的相當好的風險敞口。

And all we need to do is to continue to build out the same data centers at our existing sites. And so for us, we're planning to execute it and continue to grow through the cycle. And when you see those market metrics that link spoke to where, yes, minus about 10 exahash capacity being valued at $135 million for exahash, and we can continue building out an exahash with $30 million, I mean the value creation to shareholders is absolutely crystal clear and we're only going to grow when it's accretive.

我們需要做的就是繼續在現有站點上建立相同的資料中心。因此，對於我們來說，我們計劃執行它並在整個週期中繼續成長。當你看到那些連結的市場指標時，是的，減去大約10 exahash 容量，exahash 的估值為1.35 億美元，而我們可以繼續以3000 萬美元建設exahash，我的意思是，為股東創造的價值絕對是水晶般的明確，只有當它增值時我們才會成長。

As you would have seen in the last six weeks, I think we used the ATM three days. We sold a grand total of 5 million shares. Yes, we've lodged to a shelf to replace the existing one, but if we use it to generate that type of value creation and for our shareholders, so we anticipate continuing to grow and to ultimately exit size that 10 exahash expansion from 30 to 40 early next year.

正如您在過去六週中看到的那樣，我想我們使用了自動櫃員機三天。我們總共賣出了 500 萬股股票。是的，我們已經提出了一個方案來取代現有的方案，但如果我們用它來為我們的股東創造這種類型的價值，那麼我們預計會繼續增長，並最終退出規模，即10 exahash 從30擴展到明年初40。

Great, thanks for that update. And then just maybe one quick follow up here on your view of the three gigawatts of development sites that you have, if we could maybe drill down on that a little bit. I know I think, Dan you said that you may be entertaining some deals and that we might hear about that soon.

太好了，感謝您的更新。然後，如果我們可以深入研究您所擁有的 3 吉瓦的開發站點，那麼也許可以在這裡快速跟進您的看法。我知道我想，丹，你說過你可能會接受一些交易，我們可能很快就會聽到。

Just wanted to understand, I mean, with things moving so fast, does it make sense to structure a deal now or perhaps wait another nine months to a year when perhaps there's even more scarcity in the market relative to power and development. Thanks a lot.

我只是想了解，隨著事情進展如此之快，現在建立交易是否有意義，或者也許再等九個月到一年，因為市場上相對於電力和開發的稀缺性可能更加嚴重。多謝。

It's a great question Joe. Short answer is I have no idea. What we can do is work through the process and see what options are presented in front of you and make a decision on that basis. And I can make the case both ways for Whiting if we've got this level of scarcity now in respect of an asset Iperen land that can take five to eight years to develop.

這是一個很好的問題，喬。簡短的回答是我不知道。我們能做的就是完成整個過程，看看您面前有哪些選擇，並在此基礎上做出決定。如果我們現在對於 Iperen 土地資產的稀缺程度達到了這種程度，並且可能需要五到八年的時間來開發，那麼我可以從兩個方面為 Whiting 提供理由。

Then the scarcity factor may indeed increase over the next 6, 12, 18 months. But equally, I'm a believer in bird and bird in the hand, if you get a compelling offer that can demonstrate consumers considerable value to shareholders, particularly recognizing have a market capitalization now as compared to some of these numbers that have been thrown around, in terms of the value of the asset base, we have been yes, we're compelled to explore that and we will.

那麼接下來的6、12、18個月，稀缺因素可能確實會增加。但同樣，我相信手中的鳥和鳥，如果你得到一個令人信服的報價，可以向股東展示消費者的可觀價值，特別是認識到與其中一些已經拋出的數字相比，現在有一個市值就資產基礎的價值而言，我們一直是肯定的，我們被迫探索這一點，我們也會這樣做。

What I also should say is selling off or doing a joint venture on one of these sites is going to have realistically a very limited impact on our organic growth. You might recall, we've always said we've got over 1,000 megawatts of additional development sites where we don't disclose additional data.

我還應該說的是，出售或在這些網站之一上建立合資企業實際上對我們的有機成長的影響非常有限。您可能還記得，我們​​一直說我們有超過 1,000 兆瓦的額外開發地點，但我們沒有透露更多數據。

That was the case before. We announced our 1,400-megawatt site late last year. And it was still the case after we announced that 1,400 megawatts had last year. So over 1,000 megawatts under development could indicate any number above 1,000 megawatts. So I feel like we're long an asset that we can look to monetize without necessarily compromising our organic growth plans.

以前就是這樣。去年年底，我們宣布了 1,400 兆瓦的站點。去年我們宣布裝置容量達到 1,400 兆瓦後，情況仍然如此。因此，正在開發的超過 1,000 兆瓦可能表示任何超過 1,000 兆瓦的數字。因此，我覺得我們是一項長期資產，我們可以尋求貨幣化，而不必損害我們的有機成長計劃。

Sure. Fair enough. It's nice to have options. Thanks a lot, Dan.

當然。很公平。有選擇真是太好了。非常感謝，丹。

Mike Colonnese, H.C. Wainwright.

科隆尼斯 (Mike Colonnese)，H.C.溫賴特。

Hey, good morning, guys. Congrats on the quarter and great to see you delivering ahead of schedule again, with your build-out here, Childress ups, you guys have taken a measured approach to rolling out a cloud services business, which has certainly shown early success with pull side with the upsize deal there.

嘿，早上好，夥計們。恭喜這個季度，很高興看到你們再次提前交付，透過你們在這裡的擴建，Childress ups，你們已經採取了謹慎的方法來推出雲端服務業務，這無疑已經在拉動方面顯示出早期的成功那裡的升級交易。

Now that you have this proven model in place in service in place, how have conversations evolved with potential customers for this business and how I should think about growth of the business based on the current pipeline and some of the funding opportunities you spoke to there?

現在您已經在服務中建立了這個經過驗證的模型，與該業務的潛在客戶的對話如何發展？ 我應該如何根據當前的管道和您在那裡談到的一些融資機會來考慮業務的增長？

Yes. Thanks, Mike. Look, it's an evolving space. Clearly, we've received really good reviews. We've received really good demand for the cloud service. We see the mainstream narrative around the world being short GPUs and short, doubling the capacity. We seem to be living that day-to-day.

是的。謝謝，麥克。看，這是一個不斷發展的空間。顯然，我們收到了非常好的評價。我們收到了對雲端服務的巨大需求。我們看到世界各地的主流說法是 GPU 短缺以及容量加倍。我們似乎每天都過著這樣的生活。

But the focus for us is continuing to develop this service and expand its capability, which is why we've taken as a group or a cost out of the last units we bought and developing these on-demand service where the pricing is much higher. And we believe that there might be quite a deep market that's attractive where you can provide that true on-demand first up this down service.

但我們的重點是繼續開發這項服務並擴展其能力，這就是為什麼我們從我們購買的最後一個單位中提取成本，並開發這些定價要高得多的按需服務。我們相信，可能存在一個相當深入且有吸引力的市場，您可以在其中提供真正的按需先上後下服務。

We're continuing to engage in conversations with everything from smaller customers to larger customers on multiyear contracts and all of that goes hand-in-hand with the finance employees. So looking at different structures around how we finance it. And there's a number of different type of structures that have been suggested around GPU financing so it's just working through all that and looking at the best way to match it off to paying continuing to grow the service.

我們將繼續與從小型客戶到簽訂多年合約的大型客戶等各方進行對話，所有這些都與財務員工密切相關。因此，我們要圍繞融資方式考慮不同的結構。圍繞 GPU 融資提出了許多不同類型的結構，因此它只是解決所有這些問題，並尋找與其相符的最佳方式來支付持續成長的服務。

I must say over the last couple of weeks. He's been absolutely on nailing down the 30 exahash trajectory, finalizing the transaction with Bitmain and giving ourselves a very clean and path to industry leadership on the bitcoin mining and now we can really focus back on the AI cloud service for engage with a number of those large customers, financing providers and yeah, let's see what happens over the next few months.

我必須說的是過去幾週的情況。他絕對致力於確定30 exahash 的軌跡，完成與比特大陸的交易，並為我們提供了一條非常清晰的通往比特幣挖礦行業領導地位的道路，現在我們可以真正專注於人工智慧雲端服務來參與其中的一些工作大客戶、融資提供商，是的，讓我們看看接下來的幾個月會發生什麼。

Great. Appreciate the color. And just a follow-up for me. A really power cost come in during the quarter and Childress and how are you thinking about pricing in the market and uptime versus curtailment levels at the facility as we look out through the balance of the calendar year.

偉大的。欣賞顏色。這只是我的後續行動。真正的電力成本是在本季度出現的，Childress，當我們展望日曆年的剩餘時間時，您如何考慮市場定價和正常運行時間與設施的限電水平。

And I'm happy to take that one, Mike. So it is touched on in our presentation, but $0.033 a kilowatt hour sort of average process Childress since the start of this financial year. And that's just based on our experience.

我很高興接受這個，麥克。因此，我們的演示中提到了這一點，但自本財政年度開始以來，Childress 的平均流程為每千瓦時 0.033 美元。這只是基於我們的經驗。

Obviously, it's a volatile market. We trade energy in that market, and that's for a purely economic reason. So $0.033 per kilowatt hour at Childress, which is a very attractive rate of energy costs from a curtailment perspective and downtime uptime. To your earlier point, we're always making life decisions around whether we take the powder might be kind of we sell it back to the grid.

顯然，這是一個不穩定的市場。我們在那個市場上交易能源，這純粹是出於經濟原因。因此，Childress 的能源成本為每千瓦時 0.033 美元，從限電和停機正常運行時間的角度來看，這是一個非常有吸引力的能源成本率。就您之前的觀點而言，我們總是圍繞著是否將粉末賣回電網來做出生活決定。

And we've proven up an ability to operate the data centers through relatively extreme conditions up to 111 Fahrenheit last year in the summer and without skipping a beat. So these facilities are operating near 100% uptime with any curtailment of downtime, basically purely for economic reasons. And we expect that to could be the case as we continue to scale the data center capacity there.

去年夏天，我們已經證明了我們能夠在高達 111 華氏度的相對極端條件下運行資料中心，並且絲毫不受影響。因此，這些設施的正常運作時間接近 100%，停機時間有所減少，基本上純粹是出於經濟原因。我們預計，隨著我們繼續擴大那裡的資料中心容量，情況可能會如此。

Great. Thank you for taking my questions.

偉大的。感謝您回答我的問題。

Joe Flynn, Compass Point Research & Trading.

Joe Flynn，Compass Point 研究與交易。

Hi, guys. Thanks for the question. I was hoping you could provide more color potentially on the two-year payback on H100's. And ultimately you expect the data change materially as we move to further generations of chips such as Blackwell. And yeah, just any color there would be helpful.

嗨，大家好。謝謝你的提問。我希望您能為 H100 的兩年投資回報提供更多可能的資訊。最終，當我們轉向 Blackwell 等下一代晶片時，您預計數據會發生重大變化。是的，任何顏色都會有幫助。

Thanks, Joe. The two-year payback on chips is a rough guide reality. When you offer on-demand and shorter-term contracts, you're receiving a price where that payback can be shorter than 24 months. Equally, if you sign a longer-term contract and the payback might be a bit higher than 24 months.

謝謝，喬。晶片的兩年投資回報是一個粗略的現實。當您提供按需合約和短期合約時，您收到的價格回報期可能會短於 24 個月。同樣，如果您簽訂長期合約，投資回收期可能會略高於 24 個月。

Market pricing for GPUs is pretty transparent. So you can see how many dollars per GPU hour. NVIDIA H100s cost around $40,000. So really, it's back solving into that to get that rough two-year payback on the chips.

GPU 的市場定價相當透明。這樣您就可以看到每個 GPU 小時多少錢。NVIDIA H100 的價格約為 40,000 美元。所以說真的，我們需要重新解決這個問題，才能在晶片上獲得粗略的兩年回報。

In terms of data center configuration, look at it's something to watch. But what's becoming really apparent is very few. People can manage the 70-kilowatt rack density and that we're operating it. We're seeing traditional data centers have to go down these liquids rich deep and liquid cooling off where they can move the problem outside the data center.

在資料中心配置方面，看看有什麼值得關注的地方。但真正變得明顯的卻很少。人們可以管理 70 千瓦的機架密度，而我們正在操作它。我們看到傳統的資料中心必須對這些富含液體的深層液體進行冷卻，以便將問題轉移到資料中心之外。

They physically cannot deal with the heat and ventilation and the air flow in these multistory legacy data centers. So they're having to go down the path already of retrofitting and improvise in to deal with that rack density. And the reference architecture for NVIDIA chips is only that 40 to 45.

它們在物理上無法處理這些多層遺留資料中心的熱量、通風和氣流。因此，他們必須走上改造和即興發揮的道路，以應對機架密度。而NVIDIA晶片的參考架構也只有那40到45個。

So it's really hard to see how our data centers are operating at 70 kilowatt plus rack density. It fit for purpose and somewhat future proof as these new chips are released.

因此，很難看出我們的資料中心在 70 千瓦以上的機架密度下運作情況如何。隨著這些新晶片的發布，它符合目的，並且在一定程度上證明了未來的發展。

Paul Golding, Macquarie.

保羅‧戈爾丁，麥格理。

Thanks so much, just a quick question on the supply chain for GPUs. Just wondering, Dan, if you could comment on availability. Is the main constraint really just capital at this point. In other words, if you have the power capacity available based on your energizing Childress and the subsequent data center, if you had it available, are you confident you'd be able to get the GPU.s in hand through your suppliers.

非常感謝，我想問一個關於 GPU 供應鏈的簡單問題。丹，我只是想知道您是否可以對可用性發表評論。目前主要的限制真的只是資本嗎？換句話說，如果您擁有基於充滿活力的 Childress 和後續資料中心的可用電源容量，如果您有可用的電源容量，您是否有信心能夠透過供應商獲得 GPU。

And then as a follow-on to that, just briefly and looking at the table, showing the 95% plus gross margin. Is there a scenario that we should keep in mind where it might make more sense to unplug with more A6 and plug in GPUs, incremental GPUs. Thanks so much.

接下來，簡單地看一下表格，顯示 95% 以上的毛利率。我們是否應該記住一個情況，即拔掉更多 A6 並插入 GPU（增量 GPU）可能更有意義。非常感謝。

Not a pleasure, Paul. So on the last one, I absolutely have scenarios where you might unplug from Asics. And as I went through in the presentation, you're almost not mutually exclusive way you can continue to manage both of these businesses in parallel because the GPUs simply cost so much.

不高興，保羅。所以在最後一項中，我絕對有你可能會脫離 Asics 的場景。正如我在演示中所講的，您幾乎不會以相互排斥的方式繼續並行管理這兩項業務，因為 GPU 的成本實在是太高了。

But they, so expensive per unit of power consumed. So if we secure the financing and wanted to go out hypothetically and buy $1 billion worth of NVDR H100s tomorrow, 25,000 units, that would displace a bit less than 10% of our overall data center portfolio.

但它們每單位消耗的電量非常昂貴。因此，如果我們獲得融資並希望明天購買價值 10 億美元的 NVDR H100，即 25,000 台，那麼這將取代我們整個資料中心投資組合的不到 10%。

So we're still able to be a very large-scale Bitcoin mining business in addition to having all this optionality and additionality on the AR side. And in terms of timing and look at the moving feast and week-to-week, it does it does move around but guidance at the moment, we can probably stand-up new clusters within two months of go to work.

因此，除了在 AR 方面擁有所有這些可選性和額外性之外，我們仍然能夠成為一家非常大規模的比特幣挖礦企業。就時間安排而言，看看移動盛宴和每週情況，它確實在移動，但目前的指導，我們可能可以在上班後兩個月內建立新的集群。

Great thanks so much. And then just around availability, it sounds like it's more silicon, a question of capital, but just wanted to confirm that that fits the GPU marketplace will allow you to make the strategic first purchases as needed.

非常感謝。然後就可用性而言，聽起來更多的是晶片，是資本問題，但只是想確認適合 GPU 市場的產品將允許您根據需要進行策略性的首次購買。

I believe so. Currently guidance that we are receiving from our suppliers is such that we could stand up new clusters within that two-to-two-month timeframe, maybe three or four. It was a very large size.

我相信是這樣。目前，我們從供應商收到的指導是，我們可以在兩到兩個月（也許三到四個月）的時間內建立新的集群。這是一個非常大的尺寸。

Understood. Thank you so much.

明白了。太感謝了。

Josh Siegler, Cantor.

喬許·西格勒，坎托。

Yes, hi, guys. Thanks for taking my questions. First of all, I was wondering if you could comment briefly on that. We've started exploring and doing a little bit more work on the co-location aspect of the HPC business and kind of what that would entail to actually get set up. Thanks

是的，嗨，夥計們。感謝您回答我的問題。首先，我想知道你是否可以對此進行簡要評論。我們已經開始探索並在 HPC 業務的託管方面做更多的工作，以及實際建立所需的內容。謝謝

Thanks Josh. Yeah this is something we've been looking at and could form part of this kind of JV type structure to monetize additional land and power that we've got in the portfolio and it really goes to who's the end customer, what's linked to the contract, how do you finance that? And what's the opportunity cost around using that capacity ourselves.

謝謝喬希。是的，這是我們一直在考慮的事情，可以成為這種合資類型結構的一部分，以將我們在投資組合中獲得的額外土地和電力貨幣化，這實際上取決於誰是最終客戶，與合約相關的內容，你如何融資？我們自己使用這種能力的機會成本是多少？

So do we want to lease out the data center capacity and access to that power and land, which we understand is scarce in the current market or do we want to own and operate our own compute unit, whether it's bitcoin mining, ASICs or whether that's in NVIDIA GPUs and monetize that capacity directly.

那麼，我們是否想要出租資料中心的容量以及對電力和土地的使用權（據我們所知，這些在當前市場上是稀缺的），還是我們想要擁有並運營我們自己的計算單元，無論是比特幣挖礦、ASIC 還是其他運算單元？

So there's an opportunity cost. There are options around that. It's something that we're continuing to explore. But equally, like I could say in the presentation, we don't feel any pressure to engage and do a deal over a portion of this capacity when we can continue to monetize that and ourselves. So we'll just keep looking at the options that present themselves.

所以存在機會成本。圍繞這個有一些選擇。這是我們正在繼續探索的事情。但同樣，就像我在演示中所說的那樣，當我們可以繼續將其和我們自己貨幣化時，我們不會感到有任何壓力參與其中的一部分並進行交易。因此，我們將繼續關注出現的選項。

Yes, understood. Appreciate the color there. I guess secondly, I'd like to take a second and just ask a little bit about what you're seeing in the market post having if you're seeing different dynamics and we can kind of talk to, you know how your unit economics are holding up, especially given your new growth plans in place. Thanks.

是的，明白了。欣賞那裡的顏色。我想其次，我想花一點時間問一下您在市場帖子中看到的情況，如果您看到不同的動態，我們可以談談，您知道您的單位經濟效益如何正在堅持下去，特別是考慮到您已經制定了新的成長計劃。謝謝。

Yes. Look, it's interesting in my view publicly before the -- was that you wouldn't see any downward adjustment in the hashrate of proven slightly wrong. It was and maybe there will be a little bit more to come and just given where the hedge prices now and the squeeze that, that is having on some higher costs minus.

是的。聽著，在我公開的觀點中，有趣的是，你不會看到哈希率有任何向下的調整，但被證明是稍微錯誤的。過去是這樣，也許未來還會有更多，考慮到現在的對沖價格和擠壓，這會帶來一些更高的成本減去。

But ultimately, when you believe that Bitcoin is going to remain robust, you assume that the hashrate will continue to remain where it is and potentially trickle higher over the coming period. Private miners, you see a lot of prospective processes where people are looking to sell.

但最終，當你相信比特幣將保持強勁時，你會認為算力將繼續保持在原位，並可能在未來一段時間內繼續走高。私人礦工，你會看到很多人們想要出售的潛在流程。

We've seen some of the public models informally or formally talking about putting themselves up and for sale. And for us, it's really hard to justify when we've got the ability to grow organically when we can grow so accretively and with those metrics outlined in the presentation where by the end of this year in 7.5 months, yes, indicative cost per bitcoin mined of $17,000 post Harbin and generating that value to shareholders where you're spending $30 million in hashrate on CapEx and the market value in that at $135 million, it just seems very clear decision for us.

我們已經看到一些公共模特兒非正式或正式地談論將自己展示出來並出售。對我們來說，當我們有能力實現有機成長時，當我們能夠如此積極地成長時，並且根據簡報中概述的這些指標，到今年年底，7.5 個月內，是的，每比特幣的指示性成本，真的很難證明其合理性。這對我們來說似乎是非常明確的決定。

Yes, understood. I appreciate the color, Dan. Thanks for taking my questions.

是的，明白了。我很欣賞這個顏色，丹。感謝您回答我的問題。

Thanks, Josh.

謝謝，喬許。

Thank you. I would now like to turn the call back over to Lincoln Tan for any closing remarks.

謝謝。我現在想將電話轉回林肯·譚（Lincoln Tan），請他發表結束語。

I think that's we're just over the hour now, and that's probably all we have time for this morning and thank you for the questions. I think just to reiterate 30 hashrate this year in 2024 pathway to 40 hashrate in the first half of 2025. We're getting into very accretive growth out fastest growing miner. Last year we fully intend to continue that trajectory.

我想我們現在已經過了一個多小時了，這可能就是我們今天早上的全部時間了，謝謝大家的提問。我想重申今年 2024 年算力達到 30，到 2025 年上半年算力達到 40。我們正在從成長最快的礦工那裡獲得非常增值的成長。去年，我們完全打算繼續這一軌跡。

And we look forward to giving the shareholders after that with Alex, thank you very much for your time, everybody.

我們期待與亞歷克斯一起向股東致辭，非常感謝大家抽出寶貴的時間。