IREN Ltd (IREN) 2024 Q4 法說會逐字稿

Good day and welcome to Iren's fiscal year 2024 results conference call. (Operator instructions) Please be advised that today's conference is being recorded.

美好的一天，歡迎參加 Iren 的 2024 財年業績電話會議。（操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker, Mr. Lincoln Tan, Director of Investor Relations. Please go ahead.

現在我想將會議交給您的演講者，投資者關係總監 Lincoln Tan 先生。請繼續。

Good afternoon to all of our North American participants and good morning to those joining us from Australia. Welcome to Iren's FY24 results conference call. I'm Lincoln Tan, Director of Investor Relations, and I'm joined today by Daniel Roberts, Co-Founder and Co-CEO; and Belinda Nuclifora, CFO. Please note that certain statements that we make during this call may constitute forward-looking statements.

所有北美參與者下午好，來自澳洲的參與者早安。歡迎參加 Iren 的 2024 財政年度業績電話會議。我是投資者關係總監 Lincoln Tan，今天加入我的是聯合創始人兼聯合執行長 Daniel Roberts；和財務長 Belinda Nuclifora。請注意，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。

These statements are based on certain assumptions and risk factors that could cause actual results to differ materially from our expectations. Listeners should not place undue reliance on forward-looking information or statement. For further details, please refer to the disclaimer on slide 2 of the accompanying presentation. Thank you for joining us.

這些陳述是基於某些假設和風險因素，可能導致實際結果與我們的預期有重大差異。聽眾不應過度依賴前瞻性資訊或聲明。有關更多詳細信息，請參閱隨附簡報幻燈片 2 上的免責聲明。感謝您加入我們。

I'll now hand the call over to Dan Roberts.

我現在將電話轉交給丹羅伯茲。

Thank you, Lincoln. Welcome, everyone, and good afternoon. So moving through the presentation, obviously, this is our full year results. We have a year end of 30 June. So very pleased to report on what's been exciting 12 months for our end and its shareholders. And obviously a exciting outlook over the coming months and years. So jumping straight into our disclaimer, please all read it, it's very important.

謝謝你，林肯。歡迎大家，下午好。透過演示，顯然，這是我們的全年業績。我們的財政年度截止日期為 6 月 30 日。非常高興向大家報告這 12 個月裡我們及其股東所經歷的令人興奮的事情。顯然，未來幾個月和幾年的前景令人興奮。因此，請直接進入我們的免責聲明，請大家閱讀它，這非常重要。

And then into a quick overview of where we are as a business right here, right now. So we're pleased to announce that we have increased our installed capacity, Bitcoin mining to 15 (inaudible) hash. So the last reported update was 10.5. And we reiterate our original unchanged guidance that we will hit 20 extra hash by the end of next month, and 30 extra hash by the end of this year.

然後快速概述我們現在的業務狀況。因此，我們很高興地宣布，我們已將比特幣挖礦裝置容量提高到 15（聽不清楚）哈希值。所以最後報告的更新是 10.5。我們重申我們最初不變的指導方針，即我們將在下個月底之前達到 20 個額外哈希值，到今年年底達到 30 個額外哈希值。

So about 3.5 months' time, 3 months time on top line. So that's exciting. We're on track and the team is doing an absolutely tremendous job. On the AI cloud service front, we continue to build good, strong momentum there, month-on-month revenue growth. Our fleet continues to be fully utilized and the pipeline looks promising to further expand that business and we'll get into that in a little bit more detail.

大約需要 3.5 個月的時間，頂線是 3 個月的時間。所以這很令人興奮。我們正在步入正軌，團隊正在做著非常出色的工作。在人工智慧雲端服務方面，我們持續保持良好、強勁的勢頭，營收季增。我們的機隊繼續得到充分利用，管道看起來有望進一步擴大該業務，我們將更詳細地介紹這一點。

In terms of our data centers that are underpinning this growth. We're up to 300 megawatts now of energized, commissioned and are now operating data centers, and that's from a target of 510 megawatts by the end of December, again, unchanged, reiterating that guidance we continue. On the trajectory of where we said, we would be. So all very good, all very positive and again, huge effort from the team, but everything proceeding according to the original plan.

就支撐這一成長的資料中心而言。目前，我們的資料中心已通電、投入運作並正在運營，容量高達 300 兆瓦，而這一目標距離 12 月底之前的 510 兆瓦目標沒有變化，重申我們將繼續堅持這項指導方針。按照我們所說的軌跡，我們將會實現這一目標。所以一切都非常好，一切都非常積極，而且團隊付出了巨大的努力，但一切都按照原來的計劃進行。

And then finally, a quick overview of our current power and land portfolio. As most of you would be aware, we have 2,310 megawatts of secure grid connected capacity, and the land to go with that. In addition, we've got over a gigawatt of additional development sites around the world, which we continue to progress with even more vigor over the last few months, given the scarcity around power and land and the demand for that to underpin, not only our own growth ambitions, but also potentially to leverage into, I guess, others' growth, which we'll get onto shortly.

最後，快速概述我們目前的電力和土地投資組合。大多數人都知道，我們擁有 2,310 兆瓦的安全併網容量以及與之相匹配的土地。此外，我們在世界各地擁有超過千兆瓦的額外開發場地，考慮到電力和土地的稀缺性以及對這些基礎設施的需求，我們在過去幾個月中繼續以更大的活力取得進展，不僅我們自己的成長雄心，但我想，也有可能利用其他人的成長，我們很快就會討論這一點。

So jumping ahead to expand a little bit more on the bitcoin mining side of the business. So again, a little bit of a recap of where we've been. It was only the beginning of last year. We were operating with 1.7 times hash, doesn't sound super impressive today given the numbers that we're talking, but it is good to reflect and for us, for me, for Will to congratulate the internal team on the tremendous amount of growth and execution that they've achieved in that relatively short time period.

因此，我們將進一步擴大比特幣挖礦業務。再次回顧一下我們去過的地方。這只是去年年初的事。我們當時使用1.7 倍的哈希值進行操作，考慮到我們正在談論的數字，今天聽起來並不令人印象深刻，但它很好地反映了這一點，對我們、對我、對威爾來說，祝賀內部團隊取得的巨大成長以及他們在相對較短的時間內所取得的執行力。

So it hit 15 extra hash today, and to continue on a trajectory to double that again over the coming three months is super exciting. We are also pleased to announce that we have purchased an additional 10 extra hash of latest-generation Bitmain minus the S21 XPs at the efficiencies, 30 Terra hash, and that will drop our overall fleet efficiency, based on 30 extra hash to 15 joules to Terra hash. So again, very positive positions us very well as a low cost miner, particularly combined with some updates on our power strategy, which I'll come to in Texas in a minute.

因此，今天它的哈希值額外增加了 15 個，並且在未來三個月內繼續保持雙倍的增長軌跡，這是非常令人興奮的。我們也很高興地宣布，我們已經額外購買了最新一代比特大陸的10 個額外哈希值，減去S21 XP 的效率，即30 Terra 哈希值，這將降低我們的整體艦隊效率，基於30 個額外哈希值至15 焦耳泰拉哈希。再說一次，非常積極的立場使我們成為一家低成本礦商，特別是與我們的電力戰略的一些更新相結合，我稍後會在德克薩斯州談到這一點。

So again, just reiterating, we have retained current 20 extra hash of minor options, which are exercisable in 2025, which provides us a pathway to expand to 50 extra hash next year. So again, 30 extra hash by the end of December, and 50 excess hash next year. So these minus, they require data centers in real-world construction. And again, the team continues to perform extremely well on that front.

因此，再次重申，我們保留了目前 20 個額外哈希的次要選擇權，這些選擇權可以在 2025 年行使，這為我們提供了明年擴展到 50 個額外哈希的途徑。再說一次，到 12 月底額外增加 30 個哈希，明年額外增加 50 個哈希。因此，這些缺點，它們需要在現實世界中建立資料中心。再說一次，球隊在這方面繼續表現得非常出色。

You can see the growth since our IPO. In 2021, obviously, it was a challenging period early on IPO in November 2021 and where the markets went shortly thereafter. But as the markets have recovered, we've been able to capitalize on a lot of the work that we've done in the investment in land, planning, grid connections, et cetera, to really build some strong cadence and momentum into the end of this year and beyond.

您可以看到我們首次公開募股以來的成長。顯然，2021 年是 2021 年 11 月 IPO 初期以及不久後市場走勢的充滿挑戰的時期。但隨著市場的復甦，我們已經能夠利用我們在土地投資、規劃、電網連接等方面所做的大量工作，真正為最終建立一些強勁的節奏和動力今年及以後。

The team has done a fantastic job in continually trying to challenge how we procure items, how we build, how do we design, and that's resulting in us achieving significant efficiencies. The first efficiency is we're now building 25 megawatt data centers rather than 20 megawatt data centers. And we're now targeting two of those every month. So 50 megawatts of additional data center capacity every month, that's what we're targeting internally, and that's driving significantly rapid expansion as we've seen illustrated in these charts.

團隊在不斷嘗試挑戰我們如何採購物品、如何建造、如何設計方面做得非常出色，這使我們實現了顯著的效率。第一個效率是我們現在正在建造 25 兆瓦的資料中心，而不是 20 兆瓦的資料中心。我們現在每個月的目標是其中兩個。因此，每月增加 50 兆瓦的資料中心容量，這就是我們的內部目標，正如我們在這些圖表中看到的那樣，這正在推動顯著的快速擴張。

In addition, the other efficiency we're seeing is cost savings, which is always very welcome. So previously many of you would recall we've been guiding towards $750,000 per megawatt. As a result of all these optimizations that we're running, we are happy to report that we're now running at around $650,000 per megawatt.

此外，我們看到的另一個效率是節省成本，這總是非常受歡迎的。因此，之前你們中的許多人可能還記得我們的指導價是每兆瓦 75 萬美元。由於我們正在進行所有這些優化，我們很高興地報告，我們現在的運行成本約為每兆瓦 650,000 美元。

So again, the guys have reviewed all elements of the building design to optimize for both speed and cost without compromising quality. We've worked closely and continuing to deepen our relationships with the supplier network and reduce those lead times, reduce bottlenecks, and again, improving speed and flexibility through construction, through internally developed an IP designs around minor racking, filter banks, et cetera.

因此，這些人再次審查了建築設計的所有元素，以在不影響品質的情況下優化速度和成本。我們密切合作，繼續深化與供應商網路的關係，縮短交貨時間，減少瓶頸，並再次透過建造、內部開發圍繞小型機架、過濾器組等的 IP 設計來提高速度和靈活性。

So again, we're continuing to challenge how we do things. We're not sitting here complacent. We want to continue to get better and we're going to continue to try and do faster and better than what we're doing today. So that underpins a significant growth pathway. But if you haven't got the power and land then it's very difficult to grow, which is a great segue into my next slide.

因此，我們將繼續挑戰我們的做事方式。我們並沒有坐在這裡自滿。我們希望繼續變得更好，我們將繼續嘗試比今天做得更快更好。因此，這是一個重要的成長途徑的基礎。但如果你沒有權力和土地，那麼就很難發展，這是我下一張投影片的一個很好的延續。

We have single site expansion at Childress, which we continue to build into. As you can see on the left-hand side, it's been a fantastic trajectory to date. On the top left, that is a picture, an image from August last year, a lot of empty space there. And if you scroll down to the bottom left hand side, you can see considerable amount of construction and data center progress.

我們在 Childress 進行了單一站點擴張，並將繼續進行建設。正如您在左側所看到的，到目前為止，這是一條非常棒的軌跡。左上角，那是一張照片，去年八月的照片，那裡有很多空白。如果向下捲動到左下角，您可以看到大量的建置和資料中心進展。

If we look at the image on the right, it shows you a larger perspective of our overall land holding in Childress available for us to expand into. So based on the current 750 megawatts available at Childress, you can see the little green area that we're utilizing for our 350 megawatts, which is being built and commissioned over the next four months into the end of December.

如果我們看右圖，它會向您展示我們在 Childress 的整體土地持有量的更大視角，可供我們擴展。因此，根據 Childress 目前可用的 750 兆瓦發電量，您可以看到我們正在利用的 350 兆瓦發電量的小綠地，該發電量將在 12 月底之前的四個月內建成並投入使用。

And then we have a rough guide as to where the next 400 megawatts will be located. At the moment, the initial plans is for that to be continued to be built for Bitcoin mining as the primary use case. But equally, there's more opportunities arising on the AI side, potential co-location, potential clouds, which I'll come to shortly,

然後我們對接下來的 400 兆瓦發電將位於何處有一個粗略的指導。目前，初步計劃是繼續將比特幣挖礦作為主要用例。但同樣，人工智慧方面也出現了更多的機會，潛在的協同定位，潛在的雲，我很快就會談到這些，

So an update on our pricing and power strategy for Childress. So as many of you are aware, in July, our power costs were high. It was a result of the hedge contract that we had in place. And historically we have had to hedge. We have had no choice and a lot of that it's down to, retail has been very nervous historically around allowing bitcoin miners to take spot power. The risk with that for them and for the miner is that they could talent and systems file and do not work when power prices are high.

這是我們針對 Childress 的定價和電源策略的更新。正如你們許多人所知，七月我們的電力成本很高。這是我們制定的對沖合約的結果。從歷史上看，我們不得不進行對沖。我們別無選擇，這在很大程度上要歸咎於零售業歷史上對於允許比特幣礦工奪取現貨權力一直非常緊張。對他們和礦工來說，風險在於他們的人才和系統可能會在電價高時無法運作。

So for example, there (inaudible) very volatile. We can see $5,000 per megawatt hour pricing. If you are operating during that, then you're accruing a considerable liability. So the history of miners in the sector has resulted in retailers being very nervous about that. The good thing about July is it brought it to a head. It allowed us to have those conversations on a various assertive basis and point to the demonstrated track record of our curtailment systems, the scale of who we are now, and our ability to curtaile automatically multiple levels of [failSafe] and successfully negotiate a contract that allows us to take direct spot pricing from the market from August 1. So very exciting for us. It's been something in our pipeline ever since we launched at Childress.

例如，那裡（聽不清楚）非常不穩定。我們可以看到每兆瓦時的定價為 5,000 美元。如果您在此期間運營，那麼您將承擔相當大的責任。因此，該行業礦工的歷史導致零售商對此非常緊張。七月的好處是它達到了高潮。它使我們能夠在各種自信的基礎上進行這些對話，並指出我們的削減系統的良好記錄、我們現在的規模，以及我們自動削減多個級別的[故障安全]並成功談判一份合約的能力，允許我們從 8 月 1 日起直接從市場取得現貨定價。對我們來說非常令人興奮。自從我們在 Childress 推出以來，它就一直在我們的管道中。

Finally, now off the back of the events in July off of the back of our demonstrated track record in systems, we've been able to successfully negotiate that. So the benefit of spot pricing is it allows us to optimize our power cost in real time and simply avoid the high-priced time periods without incurring the costs and risks associated with entering into near term hedges.

最後，在 7 月發生的事件之後，在我們展示的系統追蹤記錄的支持下，我們已經能夠成功地解決這個問題。因此，現貨定價的好處是，它使我們能夠即時優化電力成本，並簡單地避開高價時段，而不會產生與進入短期對沖相關的成本和風險。

So there's a one-off cost of around $7 million to close out the existing hedges. So that is done, that will be booked as a one-off cost in the account and for August month to date, at the time of this presentation, our power price has been $0.031 all in Childress, which equates roughly to about $23,000 per bitcoin in terms of cost (inaudible) mind.

因此，關閉現有對沖的一次性成本約為 700 萬美元。這樣就完成了，這將作為一次性成本記入帳戶，從 8 月至今，在本次演示時，我們的 Childress 電價為 0.031 美元，大約相當於每個比特幣約 23,000 美元就成本（聽不清）而言。

So on the right-hand side, you can see our power prices, the average monthly cost since inception. On the left-hand side, that bar chart shows the $0.043, which is our average historically, actually. So that encompasses all the hedging costs. On the right-hand side, the $0.035 is illustrative of what power price we would have achieved if there was no hedge.

因此，在右側，您可以看到我們的電價，即自成立以來的平均每月成本。左側的長條圖顯示 0.043 美元，實際上這是我們的歷史平均值。因此，這包含了所有的對沖成本。右側的 0.035 美元說明瞭如果沒有對沖，我們將達到的電價。

So simply if all we did was operate on the same profile with the same curtailment, and took spot market power, $0.035 would have been the resulting price. So it's a material cost saving going forward. It gives us material flexibility to adjust to market conditions going forward. At the moment, we're able to set our parameters dynamically around where we want to trade power.

因此，如果我們所做的只是在相同的情況下進行相同的削減，並採取現貨市場力量，那麼最終的價格將是 0.035 美元。因此，這將節省未來的材料成本。它為我們提供了很大的靈活性，可以根據未來的市場狀況進行調整。目前，我們能夠圍繞我們想要交易電力的地方動態設定參數。

So if bitcoin mining profitability increases, we're able to increase that threshold to divert more of our electrons into the bitcoin network. If on the other hand, bitcoin mining profitability falls, we are able to sell more power back into the aircot market, because at that point it's going to be more profitable to do so. So the profit maximization opportunity is only enhanced through this change in our contracting structure.

因此，如果比特幣挖礦的獲利能力增加，我們就能夠提高該閾值，將更多的電子轉移到比特幣網路中。另一方面，如果比特幣挖礦獲利能力下降，我們可以將更多電力賣回 Aircot 市場，因為到那時這樣做會更有利可圖。因此，只有透過我們承包結構的改變，利潤最大化的機會才會增強。

So very positive development, something we're excited about, particularly as we now start to hit real scale at Childress and get momentum, building a significant amount of additional capacity there over the coming months.

這是非常積極的發展，我們對此感到興奮，特別是我們現在開始在 Childress 達到真正的規模並獲得動力，在未來幾個月內在那裡建立大量的額外產能。

So on to a quick update around our AI cloud service. So we continue to service multiple customers with our 816 Nvidia, H100s. As you can see on the right hand side, it's been a really good experience year-to-date since we launched in February, month-on-month revenue growth, month-on-month growth in the number of customers that we are serving, which is equally as important.

接下來是關於我們的人工智慧雲端服務的快速更新。因此，我們繼續使用 816 Nvidia H100 為多個客戶提供服務。正如您在右側所看到的，自從我們二月份推出以來，今年迄今為止，這是一次非常好的體驗，收入環比增長，我們服務的客戶數量環比增長，這同樣重要。

The opportunity to get exposure to more players in the industry, more companies doing different applications, approaching their systems, their operations in different ways being a fantastic opportunity for us and the team to service them and continue to build our profile through the industry. We've now launching our GPU pilot at Childress in the second half of this year, which is really exciting the opportunity to see the flexibility across different jurisdictions, different climates.

有機會接觸到行業中更多的參與者，更多的公司在做不同的應用程序，以不同的方式接觸他們的系統和運營，這對我們和團隊來說是一個絕佳的機會，可以為他們提供服務，並繼續在業界建立我們的形象。我們現在已於今年下半年在 Childress 啟動 GPU 試點，這確實令人興奮，有機會看到不同司法管轄區、不同環境下的靈活性。

So we look forward to reporting back on the results of how that goes. Poolside recently extended, they contract again, that's now expected to roll off at the end of August. They're looking to consolidate their clusters into a more larger cluster and the pathway they're going down is for strategic reasons confidentiality.

因此，我們期待報告進展的結果。池畔最近延長了，他們再次收縮，現在預計將在八月底結束。他們希望將自己的集群整合為更大的集群，而他們所走的道路是出於戰略保密的原因。

We're not able to say too much more, and they haven't told us too much more, but it has been clear that they remain very positive on Iren. They look forward to continuing the dialogue as they growth continues. And most importantly, they continue to be one of our best salespeople in the market. So the number of testimonials, the number of direct customer referrals that they are providing to us is really helping us continuing to grow that business.

我們無法透露太多，他們也沒有告訴我們太多，但很明顯他們對艾倫仍然非常積極。他們期待在不斷成長的過程中繼續進行對話。最重要的是，他們仍然是我們市場上最好的銷售人員之一。因此，他們向我們提供的推薦數量和直接客戶推薦數量確實有助於我們繼續發展業務。

So again, it's a testament to the internal team, the systems, the product that we've launched, the ability to look after every customer that comes through our clusters and drive that market awareness word of mouth to ensure that we are recognized as a good operator in this space. Our pipeline remains strong. So at the end of the August, we look forward to redeploying our capacity that will be freed up from poolside. There's a number of active conversations going on there. We would expect that capacity to be redeployed in relatively swift order, but it may take a little bit of time.

因此，這再次證明了我們的內部團隊、系統、我們推出的產品、照顧來自我們集群的每位客戶的能力，以及推動市場知名度的口碑，以確保我們被認為是這個領域的優秀營運商。我們的管道仍然強勁。因此，在 8 月底，我們期待重新部署池畔釋放的容量。那裡正在進行許多活躍的對話。我們預計這些能力將以相對較快的順序重新部署，但這可能需要一點時間。

Following that, we will continue to assess the opportunity to grow that fleet. But we're very mindful of the capital intensity of growing out our GPU fleet. They are expensive. And that's not to say that we weren't, but equally, we're now very focused on things like customer creditworthiness, the amount of prepayments, the tenor of contracts. We've proven the concept, we've grown the business from a standing start six months ago. And now really it's about optimizing the capital allocation to this business and we look forward to growing it sustainably and prudently into the future.

此後，我們將繼續評估擴大機隊的機會。但我們非常關注擴大 GPU 群的資本密集度。它們很貴。這並不是說我們不是，但同樣，我們現在非常關注客戶信譽、預付款金額、合約期限等問題。我們已經證明了這個概念，我們從六個月前的起步開始發展業務。現在真正的問題是優化該業務的資本配置，我們期待未來以可持續和審慎的方式發展該業務。

Power and land. So a quick update and recap perhaps to start on what we have when it comes to power and land. We've got 510 megawatts of operating data centers that will be built and online by the end of December this year. That is part of a 2.3 gigawatt, overall portfolio of secured grid connected power. Again, grid-connected being very important.

電力和土地。因此，快速更新和回顧也許可以從我們在電力和土地方面所擁有的內容開始。我們擁有 510 兆瓦的營運資料中心，將於今年 12 月底建成並上線。這是 2.3 吉瓦安全併網電力整體組合的一部分。再次強調，併網非常重要。

You're directly connected into these large scale transmission lines and get access to wholesale markets. We're not behind the meter, we're not reliant on counterparties. We have our destiny in our own hands. We're connected into public infrastructure and have access to wholesale markets very important in terms of risk management.

您可以直接連接到這些大型輸電線路並進入批發市場。我們不落後於計價器，我們不依賴交易對手。我們的命運掌握在自己手中。我們已連接到公共基礎設施並可進入批發市場，這對風險管理非常重要。

In addition, we continue to develop our 1 gigawatt global development pipeline. We're progressing connection agreements, land options, design, planning approval for a variety of sites around the world. We look forward to providing further updates on these in due course. But this power and land really underwrites our ability to continue that hyper growth profile that we outlined earlier, and the growth that we've experienced over the last 18 months to continue building, to continue to deliver shareholder value.

此外，我們也持續開發我們的 1 吉瓦全球開發管道。我們正在為世界各地的多個地點推進連接協議、土地選擇、設計和規劃審批。我們期待在適當的時候提供有關這些內容的進一步更新。但這種權力和土地確實保證了我們繼續保持我們先前概述的高速成長態勢的能力，以及我們在過去 18 個月中經歷的成長，以繼續建立、繼續提供股東價值。

A quick update on other opportunities to monetize this portfolio. So last month, July, we announced that we had appointed Morgan Stanley to evaluate AI data center opportunities for our 1.4 gigawatt West Texas site. That process continues to play out with signing NDAs. We're providing information and data room access to interested parties. So that's exciting. It's a process that will take some time, but equally, the traction that we're getting early on, the early conversations, the engagement looks promising that there will be robust conversations around opportunities for that site.

有關透過此投資組合獲利的其他機會的快速更新。因此，上個月（即 7 月），我們宣布已任命摩根士丹利為我們 1.4 吉瓦的西德克薩斯站點評估人工智慧資料中心的機會。隨著簽署保密協議，這一過程繼續進行。我們正在向感興趣的各方提供資訊和資料室存取權限。所以這很令人興奮。這是一個需要一些時間的過程，但同樣，我們早期獲得的關注、早期對話、參與看起來很有希望，圍繞著該網站的機會將進行強有力的對話。

Where it ends up? I don't know, but it's exciting to go through the process and the fact that we're engaged with some of the largest companies in the world. Active in this space is optimistic for the asset base that we built and the opportunity set that lies ahead. In addition, these conversations, in addition in conjunction with the existing relationships that we have are also opening up additional conversation around our existing sites in Canada, in childress.

最終會去哪裡？我不知道，但經歷這個過程以及我們與世界上一些最大的公司合作的事實是令人興奮的。活躍在這一領域對我們建立的資產基礎和未來的機會持樂觀態度。此外，這些對話，除了與我們現有的關係相結合之外，還圍繞著我們在加拿大的現有網站開展了更多對話。

We are a range of structures that are being discussed with potential partners around AI cloud services, around colocation and a variety of other options. And again, to recap, the attractiveness of these existing sites is they have grid-connected power right now. We have the ability to retro fit additional generation and batteries. We have the ability to retro fit liquid cooling, if that's required and surgical for customer clusters.

我們正在與潛在合作夥伴圍繞人工智慧雲端服務、託管和各種其他選項討論一系列結構。再次回顧一下，這些現有站點的吸引力在於它們現在擁有併網電力。我們有能力改裝額外的發電設備和電池。如果客戶群需要的話，我們有能力改造液體冷卻。

And finally, the latency. We've got sub 10 milliseconds from our Texas site into major hubs. There are 1,000 milliseconds in a second. We've got 10 milliseconds. So latency is great. It should support a vast variety of applications and really not be a constraining factor. In Canada, 20 milliseconds, still more than sufficient for the majority of the applications that we are seeing. So we look forward to providing further updates on all this in due course into some Q&A at the end.

最後是延遲。我們從德克薩斯州站點到主要樞紐的時間不到 10 毫秒。一秒有 1000 毫秒。我們還有 10 毫秒。所以延遲很大。它應該支援各種各樣的應用程序，而不是真正的限制因素。在加拿大，20 毫秒對於我們所看到的大多數應用程式來說仍然綽綽有餘。因此，我們期待在最後的一些問答中適時提供有關所有這些的進一步更新。

But in the meantime, I'll pass over to Belinda to give us an update on the numbers. Thanks, Belinda.

但同時，我將請貝琳達向我們通報最新的數字。謝謝，貝琳達。

Thank you, Dan, and good morning to those in Sydney, and good afternoon to those in North America. Thank you for joining us for our full year earnings update.

謝謝丹，雪梨的人們早安，北美的人們下午好。感謝您接受我們的全年收益更新。

And I'm pleased to report for the year ended 30 June 2024, the adjusted EBITDA is $54.7 million, being a significant year-on-year increase of $53.3 million, and the highest recorded EBITDA for the company. With Bitcoin mining revenue increasing from $75 million to $184 million as the average operating cash rate increase from 5.6 extra hash to 9.4 extra hash, resulting in 4,191 bitcoin mined at an average realized price of $44 k. being an 89% increase in price year-on-year.

我很高興地報告截至 2024 年 6 月 30 日的年度，調整後 EBITDA 為 5,470 萬美元，同比大幅增長 5,330 萬美元，是該公司有記錄的最高 EBITDA。隨著平均營運現金率從 5.6 個額外哈希增加到 9.4 個額外哈希，比特幣挖礦收入從 7,500 萬美元增加到 1.84 億美元，導致開採了 4,191 個比特幣，平均實現價格為 44,000 美元。價格較去年同期上漲89%。

During the financial year, as Dan mentioned, we commenced our AI Cloud Services business, and we recorded revenue in relation to that business of $3.1 million. Average net electricity cost per bitcoin mined increased from $11 k. to $18.1 k., primarily due to the increase in global hash rate and the impact of the halving event in April 2024.

正如丹所提到的，在本財年，我們開始了人工智慧雲端服務業務，並記錄了與該業務相關的收入 310 萬美元。每個開採比特幣的平均淨電力成本從 11,000 美元增加。至 18.1 萬美元，主要是由於全球算力的增加以及 2024 年 4 月減半事件的影響。

Our other costs increased from $38 million to $56 million. These include employee benefit expenses of $22 million, site expenses of $8.7 million, and these include the procurement of RECs, which is consistent with our commitment to utilizing 100% renewable energy. We had insurance costs of $7 million. Professional fees is $6 million and we also had a provision for Canadian non-refundable sales tax of $6.3 million, which is an ongoing CRA audit.

我們的其他成本從 3800 萬美元增加到 5600 萬美元。其中包括 2,200 萬美元的員工福利費用、870 萬美元的場地費用，其中包括 REC 的採購，這與我們利用 100% 再生能源的承諾是一致的。我們的保險費用為 700 萬美元。專業費用為 600 萬美元，我們還準備了 630 萬美元的加拿大不可退還銷售稅，這是一項正在進行的 CRA 審計。

The increase in the OpEx reflects a larger business today than FY23, including the expansion of our Childress site and the commencement of the AI cloud service businesses. As we recruit resources to support that growth, which has delivered significant growth during the financial year, and we project that growth to continue over the coming years.

營運支出的成長反映了當今業務比 2023 財年更大，包括我們的 Childress 網站的擴展和人工智慧雲端服務業務的啟動。當我們招募資源來支持這種成長時，這種成長在本財年實現了顯著成長，我們預計這種成長將在未來幾年持續下去。

We also have increased costs in relation to expanded risk compliance and reporting obligations, which come with being a listed NASDAQ company. Depreciation increased from $30.9 million to $51 million due to the commissioning of assets at Chikdress, as well as accelerated depreciation for the S19j Pro miners scheduled to be sold in Q1 of FY25 due to our recent fleet upgrade.

作為納斯達克上市公司，我們也因擴大風險合規和報告義務而增加了成本。由於 Chikdress 的資產投產，以及由於我們最近的機群升級而計劃於 2025 財年第一季出售的 S19j Pro 礦機的加速折舊，折舊率從 3,090 萬美元增加到 5,100 萬美元。

So, I might now turn to our cash flows for the year. We had very strong cash flow with a net increase of $336 million, which resulted in a closing cash position of $404.6 million. That increase in net cash came from primarily operating activities resulting in net cash of $53 million and included $194 million of receipts from our daily liquidation of our bitcoin mines.

所以，我現在可以談談我們今年的現金流。我們的現金流非常強勁，淨增加 3.36 億美元，最終現金部位達到 4.046 億美元。淨現金的成長主要來自營運活動，淨現金達到 5,300 萬美元，其中包括我們每天清算比特幣礦場的 1.94 億美元收入。

These positive operating cash flows highlight the quality of our underlying operations and are reinvested to support our ongoing expansion plans. Increase in net cash used in investing activities was $499 million, and is due to the expansion of the Childress data center, as well as our purchase of the bitcoin sorry, the Bitmain S21 pro and T21 miners as part of our pathway to 30 extra hash in 2024 and 40 extra hash beyond, as well as our purchase of the NVIDIA H100 GPUs of 816.

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。用於投資活動的淨現金增加了4.99 億美元，這是由於Childress 資料中心的擴建，以及我們購買比特幣（對不起，比特大陸S21 pro 和T21 礦機）作為我們獲得30 個額外哈希的途徑的一部分到 2024 年，再增加 40 個哈希值，以及我們購買 816 的 NVIDIA H100 GPU。

Our increase in cash from financing activities was $782 million with the sale of $108.1 million shares sold under the ATM and $12.9 million of shares sold under the ELOC facility.

我們透過 ATM 出售了 1.081 億美元的股票，並透過 ELOC 融資出售了 1,290 萬美元的股票，融資活動帶來的現金增加了 7.82 億美元。

So might move on to now our balance sheet. And as mentioned in our cash flows, we have a very strong closing cash at 30 June of $404.6 million. Waste continue to have no external debt or no debt facilities. And we have strong operating cash flows as discussed on the previous slide.

所以現在可能會轉向我們的資產負債表。正如我們的現金流中所提到的，截至 6 月 30 日，我們的期末現金非常強勁，達到 4.046 億美元。廢棄物繼續沒有外債或沒有債務便利。正如上一張投影片中所討論的，我們擁有強勁的營運現金流。

Our total equity increased to $1 billion with gross proceeds of $823 million from the sale of $121 million shares sold under the ATM and ELOC. This excludes 463,000 shares settled in early July, which raised a further $5.2 million of cash proceeds. Effective today, we have a remaining $223 million on our ATM facility. We have a strong balance sheet with total assets of $1.2 billion, which provides flexibility to fund our future growth. So that's a highlight of the key earnings highlights for the FY24 year against FY23. I think now we're going to turn to Q&A.

我們的總股本增至 10 億美元，透過 ATM 和 ELOC 出售價值 1.21 億美元的股票，所得總收益為 8.23 億美元。這不包括 7 月初結算的 463,000 股股票，這進一步籌集了 520 萬美元的現金收益。從今天起，我們的 ATM 設施上還有剩餘 2.23 億美元。我們擁有強大的資產負債表，總資產達 12 億美元，這為我們未來的成長提供了靈活性。因此，這是 24 財年與 23 財年主要獲利亮點中的亮點。我想現在我們要轉向問答環節。

(Operator instructions)

（操作員說明）

Joseph Vafi, Canaccord Genuity.

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

Hey, everyone. Good morning. Thanks for all the updates here. Very thorough. Just, maybe we'll start off from Dan. You did a New York Analyst Update for us all a few weeks ago. Anything kind of material science that are incremental to add in the, I guess, in both strategies? And how, what's your latest thoughts here on attractiveness and Bitcoin mining versus perhaps putting more CapEx into the hosting side, shorter term and I have a follow-up.

嘿，大家。早安.感謝這裡的所有更新。非常徹底。只是，也許我們可以從丹開始。幾週前，您為我們所有人做了紐約分析師更新。我想，在這兩種策略中都會增加任何類型的材料科學？以及如何，您對吸引力和比特幣挖礦的最新想法是什麼，或者可能將更多的資本支出投入到託管方面，短期內，我有一個後續行動。

Yes, hi, Joe. Just a few short weeks ago in New York was a really good event and appreciate you and 100 others in the room taking the time. Look things continue to involve like it every day, every week, Will and I are learning more, the team and continue to iterate our thinking. It doesn't result in materially different decisions. But at the margin, it does start to refine.

是的，嗨，喬。就在幾週前，在紐約舉辦了一場非常好的活動，感謝您和房間裡的其他 100 人抽出寶貴的時間。看起來事情每天、每週都像這樣繼續下去，威爾和我正在學習更多，團隊並繼續迭代我們的思維。它不會導致重大不同的決定。但在邊緣，它確實開始完善。

You're thinking what I'll say about bitcoin mining is we are in control. We are the masters of our own destiny with 2.3 gigawatts of power, we can plan to build a lot of bitcoin mining capacity over the coming few years. So that's a fantastic position, being particularly when we can do that accretively, particularly when capital markets are rewarding for that growth.

你可能會想，我對比特幣挖礦的看法是，我們掌控一切。我們是自己命運的主人，擁有2.3吉瓦的電力，我們可以計劃在未來幾年內建立大量的比特幣挖礦能力。因此，這是一個絕佳的位置，特別是當我們能夠不斷地做到這一點時，特別是當資本市場為這種成長帶來回報時。

So that's really exciting, because it's something that we can control and plan for. On the AI side of the non bitcoin applications, frankly, the challenge there is you are dealing with partners, you are dealing with counterparties and that takes more time. There's more complexity, there's more nuance. The cloud service is essentially a commodity in the sense that you're selling GPU hours online.

所以這真的很令人興奮，因為這是我們可以控制和計劃的事情。坦白說，在非比特幣應用程式的人工智慧方面，面臨的挑戰是你正在與合作夥伴打交道，你正在與交易對手打交道，這需要更多的時間。有更多的複雜性，有更多的細微差別。從在線銷售 GPU 時間的意義上來說，雲端服務本質上是一種商品。

So we provide a VPN, people login. They used the GPUs for their own purpose and the contracting structure is relatively simple. When it comes to larger scale deals, whether it's on the AI cloud or colocation or perhaps leasing side, perhaps a sale in a site, if we got the right price. Obviously, you're dealing with a different scale and a different set of complexities involving counterparties.

所以我們提供一個VPN，人們登入。他們將 GPU 用於自己的目的，並且承包結構相對簡單。當涉及更大規模的交易時，無論是在人工智慧雲端、託管或租賃方面，如果我們得到合適的價格，也許是在網站上進行銷售。顯然，您正在處理涉及交易對手的不同規模和不同複雜性。

So when we talk to partners or prospective partners, I should say around potentially building them out data center facilities for them to host their own GPUs in. There's a whole variety of considerations around what those data centers need to look like. The technical specs, things around backup generation, things around chillers, things around how the rack density looks and the internal network in the software. So there's a lot to it, and it means that in a few weeks there's not a material update on that because these things take time.

因此，當我們與合作夥伴或潛在合作夥伴交談時，我應該圍繞為他們建造資料中心設施以託管自己的 GPU 的可能性進行討論。圍繞這些資料中心的外觀需要考慮各種各樣的因素。技術規格、有關備份生成的事物、有關冷卻器的事物、有關機架密度的外觀以及軟體中的內部網路的事物。所以有很多內容，這意味著幾週內不會有任何實質更新，因為這些事情需要時間。

But the best thing for us that gives us so much excitement about this business is we are the masters of our own destiny, where bitcoin can continue to underwrite significant growth in this business. And this was the plan six years ago when we set the business up. Bitcoin bootstrapped the business. We built multifunctional data centers and then we can leverage into other applications. Once we have the opportunity to sign the right type of contract to grow the business in the right way on non bitcoin application, absolutely we're going to do it, but equally, it's not like we sit here feeling pressure to do a deal that's suboptimal. We're able to really control and throttle both sides of the business, why that makes sense.

但對我們來說，讓我們對這項業務如此興奮的最好的事情是，我們是自己命運的主人，比特幣可以繼續保證這項業務的顯著增長。這是六年前我們創辦公司時的計畫。比特幣推動了這項業務。我們建立了多功能資料中心，然後我們可以利用到其他應用程式。一旦我們有機會簽署正確類型的合同，以正確的方式在非比特幣應用程式上發展業務，我們絕對會這樣做，但同樣，我們也不會坐在這裡感受到做交易的壓力次優。我們能夠真正控制和限制業務的雙方，這是有道理的。

Sure. Thanks for that color, Dan. And then you've got a pretty big portfolio now, but you're still kind of inside acquisition mode with a big pipeline. I just kind of, maybe kind of again talk about your thought process of further site acquisition given how large your portfolio is now and, CapEx for more site acquisition versus CapEx for a site build-out? Thanks a lot, guys.

當然。謝謝你的顏色，丹。現在你已經擁有了相當大的投資組合，但你仍然處於擁有龐大管道的內部收購模式。考慮到您現在的投資組合有多大，我只是想再次談談您進一步收購網站的思考過程，以及更多網站收購的資本支出與網站擴建的資本支出？非常感謝，夥計們。

Yes, absolutely. I mean, things change so quickly and this is part of the original thesis. The scarcity that we see coming over the next 5, 10, 20 years for power land as the world continues to be digitize. And look it was probably only six months that we had Atlas very skeptical of our ability to ever do to have 600 megawatts at Childress. But the world changes really quickly and it comes back to the original thesis six years ago, when Will and I set up this business, which is the dislocation between the digital world and the real world.

是的，絕對是。我的意思是，事情變化得如此之快，這是原始論文的一部分。隨著世界繼續數位化，我們預計未來 5 年、10 年、20 年電力土地將變得稀缺。看看，可能只過了六個月，阿特拉斯就對我們是否有能力在 Childress 擁有 600 兆瓦的電力表示懷疑。但世界變化真的很快，這又回到了六年前的最初論點，當時威爾和我創辦這個企業，那就是數位世界和現實世界的錯位。

The real world cannot and will not keep up, because the digital world moves in these exponential functions, you've got adoption curves that go vertical, this insatiable demand for things that pop up in relative terms overnight bitcoin, AI, we don't know what's next, but the point is those demand drivers exponential, whereas the ability to service it in the real world, it's hard and it takes a long time and it takes longer and harder the bigger that digital will get because the low hanging fruit gets taken early and then it gets harder and harder, and the order of magnitude grows to get more power, more land, navigate supply chain to build stuff in the real world. And that's the vision for the business originally and that's the thesis that's playing out.

現實世界不能也不會跟上，因為數位世界以這些指數函數的方式移動，你有垂直的採用曲線，這種對一夜之間突然出現的相對而言的事物的永不滿足的需求比特幣，人工智慧，我們不知道接下來會發生什麼，但關鍵是這些需求驅動因素呈指數級增長，而在現實世界中提供服務的能力卻很困難，需要很長時間，而且數位化規模越大，需要的時間就越長，因為唾手可得的果實變得越來越容易儘早採取行動，然後變得越來越困難，並且數量級不斷增長，以獲得更多的電力、更多的土地、操縱供應鏈以在現實世界中建造東西。這就是企業最初的願景，也是正在展開的主題。

So we're not going to stop, absolutely not. Our gigawatts more of power because I fundamentally believe in 10 years, the scarcity dynamic that we're seeing in the market now is nothing compared to what's probably going to come. And we talk about CapEx, it doesn't really involve CapEx, but you signing land options for $20,000 here, $30,000 there.

所以我們不會停止，絕對不會。我們擁有更多千兆瓦的電力，因為我從根本上相信，十年後，我們現在在市場上看到的稀缺動態與可能即將到來的情況相比根本不值一提。我們談論資本支出，它並不真正涉及資本支出，但你在這裡簽署 20,000 美元的土地選擇權，在那裡簽署 30,000 美元的土地選擇權。

Yes, we've got a big team internally that cost us a little bit of overheads to go and do that, but most of it is time relatively small amounts of money and building up this incredible optionality on a future that we still fundamentally believe in.

是的，我們內部有一個龐大的團隊，這讓我們花了一點管理費用來做到這一點，但大部分時間都是相對少量的資金，並在我們仍然從根本上相信的未來上建立了這種令人難以置信的選擇性。

Great. A lot to look forward to. Thanks a lot for those comments, Dan.

偉大的。非常值得期待。非常感謝您的評論，丹。

Thanks, Joe.

謝謝，喬。

Lucas Pipes, B. Riley Securities.

盧卡斯‧派普斯 (Lucas Pipes)，B. 萊利證券 (Riley Securities)。

Thank you very much, operator, this is Nick Charles on for Lucas. You've made some key hires related to HPC here recently. And so I was wondering if you could expand on what these teams are focused on today? Should we see this as a read-through for more substantial GPU purchases in the near term. Thank you very much.

非常感謝，接線員，我是盧卡斯的尼克查爾斯。您最近在這裡招募了一些與 HPC 相關的關鍵人員。所以我想知道您是否可以擴展一下這些團隊今天關注的重點？我們是否應該將此視為近期購買更多 GPU 的通讀？非常感謝。

Potentially if we get the right structure, I mean my appetite to go and dilute shareholders and take on debt to spend hundreds of millions of dollars on spec to build out on AI cloud service. Business is frankly quite low. The market should speak to that and we should be able to negotiate contracts that in our minds, have the right risk return. We never do another contract because the risk-return doesn't make sense that I am col with that as well. We're not going to pursue it just for the sake of pursuing it.

如果我們獲得正確的結構，我的意思是，我有興趣稀釋股東的股權，並承擔債務，花費數億美元用於建立人工智慧雲端服務的規範。坦白說，生意相當低迷。市場應該對此做出回應，我們應該能夠談判我們認為具有正確風險回報的合約。我們再也沒有簽過合同，因為風險回報沒有意義，我也同意這一點。我們不會僅僅為了追求而追求它。

But as we prove out our credentials, we prove out our operating performance data and we provide those metrics to customers and we have an increasing amount of that current and past customers providing those referrals, those testimonials. I'm optimistic that we're in a really good position to grow that business. So it's something we're really optimistic on. But equally, I'm not going to sit here and just grow for the sake of growing.

但當我們證明我們的資歷時，我們證明了我們的營運績效數據，我們向客戶提供這些指標，並且我們有越來越多的當前和過去的客戶提供這些推薦和推薦。我樂觀地認為，我們處於發展該業務的良好位置。所以這是我們非常樂觀的事情。但同樣，我不會坐在這裡只是為了成長而成長。

The investment in people and platform within our business is really important. And we've always said we need to invest ahead of the curve. You don't grow business by focusing on every dollar of your expense line when you're growing in a hyper-growth manner. I mean, we're 10x in our Bitcoin mining capacity for 18, 20 months ago, right?

我們業務中對人員和平台的投資非常重要。我們一直說我們需要提前投資。當您以高速成長的方式成長時，您不會透過專注於支出線的每一美元來發展業務。我的意思是，我們的比特幣挖礦能力是 18、20 個月前的 10 倍，對吧？

We've grown and AI cloud service business that was zero six months ago. That's now do with annualized revenue of $15 million servicing half dozen customers and the ability to continue investing in people systems processes, given the optionality in the business that we've created with all that power and land, the datacenter design and the existing team, it's a really valuable investment for us, and it covers a whole span of different capabilities from network engineers to IR sales to general commercial investment banking funds management background, helping us negotiate prospective structures and large-scale transactions, all the way through to people that have had development experience with batteries, wind solar.

我們已經實現了人工智慧雲端服務業務的成長，而六個月前該業務為零。現在，考慮到我們用所有的權力和土地、資料中心設計和現有團隊創建的業務的可選性，這與為六家客戶提供服務的1500 萬美元的年收入以及繼續投資於人員系統流程的能力有關，這對我們來說是一項非常有價值的投資，它涵蓋了從網路工程師到投資者關係銷售再到一般商業投資銀行資金管理背景的各種不同能力，幫助我們談判未來的結構和大規模交易，一直到人員有電池、風能太陽能開發經驗。

As I said, in response to Joe's question, we're not stopping. We're going to continue pursuing this hyper growth because we fundamentally believe that the growth and demand for renewable energy power compute is not only not going away, it's really just started the exponential growth curve.

正如我在回答喬的問題時所說的，我們不會停止。我們將繼續追求這種高速成長，因為我們從根本上相信，再生能源電力運算的成長和需求不僅不會消失，而且實際上剛開始指數成長曲線。

Can I really appreciate all that color. My follow-up would be, do you have any target levels of prepayments in mind target contract duration? And then maybe any additional color you could add around the GPU pilot that Childress, the capital spend there, how many incremental GPUs you would add? Thank you very much.

我真的可以欣賞所有這些顏色嗎？我的後續問題是，您是否有目標合約期限內的預付款目標水準？然後也許您可以在 Childress 的 GPU 試點周圍添加任何其他顏色，在那裡花費的資本，您會添加多少個增量 GPU？非常感謝。

So the hard thing about giving guidance on contract structure like it's a great question, it's really relevant. The hard thing is every situation is slightly different. So as a base case, we'd love a reasonable proportion of prepayment. We'd love contract terms one to three years, and that's going to be the base case target. But equally, every circumstance is different. Every customer is different. There are strategic reasons why you might do something different, for example, it might be a trial, it might be a small opportunity to give them a small cluster seeing that they've got large growth ambitions.

因此，就合約結構提供指導的困難之處在於，這是一個很好的問題，但它確實很重要。困難的是每種情況都略有不同。因此，作為基本情況，我們希望預付款有合理的比例。我們希望合約期限為一到三年，這將是基本目標。但同樣，每種情況都是不同的。每個客戶都是不同的。你可能會做一些不同的事情，這是有戰略原因的，例如，這可能是一次試驗，也可能是一個小機會，因為他們有很大的增長雄心，所以給他們一個小集群。

There could be a larger cluster coming thereafter once you've proved yourself. So it's really hard to give specific guidance, but I think we're talking (inaudible) 12 months plus ideally and perhaps bit longer and several months of prepayments, if not a little bit more, but again, but please don't hold me to that because we want to remain flexible and make the right decisions and circumstances are always unique when it comes to these decisions.

一旦你證明了自己，之後可能會有更大的集群出現。所以很難給出具體的指導，但我認為我們正在討論（聽不清楚）理想情況下是12 個月以上，也許更長一點，還有幾個月的預付款，如果不是多一點的話，但還是那句話，但請不要阻止我因為我們希望保持靈活性並做出正確的決定，而在做出這些決定時，情況總是獨一無二的。

That certainly won't hold you to it, but congratulations to you and the team so far and the continue best of luck.

這當然不會讓你堅持下去，但恭喜你和團隊到目前為止並繼續祝你好運。

Thank you.

謝謝。

Paul Golding, Macquarie.

保羅‧戈爾丁，麥格理。

Thanks so much. Just a couple for me. First on the poolside capacity, that sounds like you're going back to market with to find the client for, could you speak a bit to how you're deciding between going back to single customer to take a significant swath of this capacity versus putting it on the market for on-demand customers to use. How do you think about that equation now that this will become available at the end of the month?

非常感謝。對我來說只是一對。首先是池畔容量，聽起來您要回到市場尋找客戶，您能否談談您如何決定是返回單個客戶以獲取大量容量還是將其投入？既然這個方程式將在本月底推出，您如何看待這個方程式？

Yes, it's a great question and we think about this a lot, Paul, and the short answer is we want to do all of it and retain flexibility. And it's kind of funny like, poolside extended the contract, again, that was June. So if they double down and extended a couple of times now, but the last one to roll off was earlier this month and they extended again to the end of August.

是的，這是一個很好的問題，我們對此進行了很多思考，保羅，簡短的回答是我們希望完成所有這些工作並保持靈活性。有點有趣的是，池畔又延長了合同，那是六月。因此，如果他們現在加倍努力並延期幾次，但最後一次延期是在本月初，他們再次延期至八月底。

And then they said we are consolidating elsewhere gave us a little bit of color, but essentially it makes sense from their side. And initially, our reaction was all that's pretty discipline. We've enjoyed working with poolside. They're great names, have been great being very much in this business. But the funny thing is now having that available capacity immediately is opening up all the opportunity to pursue other avenues and provide people the opportunity to use a small amount of these 500 GPUs that become available as a segue and hopeful pathway to deploying larger scale capacity with it.

然後他們說我們在其他地方的整合給我們帶來了一點色彩，但從他們的角度來看，這基本上是有道理的。最初，我們的反應是非常自律。我們很享受在池畔工作。他們都是偉大的名字，在這個行業中非常出色。但有趣的是，現在立即擁有可用容量，為追求其他途徑提供了所有機會，並為人們提供了使用少量 500 個 GPU 的機會，這些 GPU 可以作為部署更大規模容量的一條有希望的途徑。 。

So it ends up, been a bit of positivity coming out of it. And then in terms of long-term contracts versus spot and on-demand, we're pursuing both. So we're developing additional on-demand software capabilities internally. We're looking to provide some of that into the market at the moment. But equally in parallel, we're pursuing longer term contracts.

所以最終，它產生了一點積極性。然後就長期合約與現貨和按需合約而言，我們兩者都追求。因此，我們正在內部開發額外的按需軟體功能。我們目前正在尋求向市場提供其中的一些產品。但與此同時，我們正在尋求長期合約。

So just getting that mix right and retaining the flexibility. Do I envisage having thousands of GPUs operating on an on-demand basis in the near term, where we've got customers cycling through on a lifetime basis and not a huge contract paying for it. No, but, do we want to continue building the flip capability, continuing servicing that market learning about the depth of that market and what it might look like in the future? Absolutely.

因此，只要正確組合併保持靈活性即可。我是否設想在短期內讓數千個 GPU 按需運行，讓客戶終生循環使用，而不需要簽訂巨額合約來支付費用。不，但是，我們是否想繼續建立翻轉能力，繼續為該市場提供服務，了解該市場的深度以及未來可能會是什麼樣子？絕對地。

Thanks, Dan. And then just one more on the data centers themselves, the structures that sounds like you've iterated on the design in Texas. You're now down to a $650,000 per megawatt cost and you've got an extra 5 megawatts for structure. Could you give some extra color around what is enabling that extra 5 megawatts? Is that something where you can go retroactively to the [6]or so buildings that you've already constructed and flow that through there as well on a like-for-like basis? Or is this more of just a go forward. Thank you.

謝謝，丹。然後再談一談資料中心本身，這些結構聽起來就像是在德州迭代的設計。現在每兆瓦的成本已降至 65 萬美元，並且還額外獲得 5 兆瓦的結構費用。您能否對實現額外 5 兆瓦的原因提供一些額外的說明？您是否可以追溯至您已經建造的 [6] 左右的建築物，並在類似的基礎上將其流經那裡？或者這更像是一種前進。謝謝。

Yes, sure. Just to go forward, I mean, all these existing 20 megawatt buildings were designed for 20 megawatts. So the fall back to the size, the low-voltage electricals, the network cables, et cetera. So they are optimized for 20 megawatt. So simply, the 25 megawatt design is just a bigger version of the 20 megawatts with some increases in density, efficiency, et cetera, and the way that we do it. But really it's a go forward. Thing that's allowed us to save a material amount of CapEx on the data centers and also build out megawatts on a faster basis.

是的，當然。展望未來，我的意思是，所有這些現有的 20 兆瓦建築都是為 20 兆瓦設計的。因此，我們要回歸到尺寸、低壓電氣、網路電纜等方面。因此它們針對 20 兆瓦進行了最佳化。簡而言之，25 兆瓦設計只是 20 兆瓦設計的更大版本，在密度、效率等以及我們的設計方式上增加。但實際上這是一個前進。這使我們能夠節省大量資料中心的資本支出，並更快地建立兆瓦容量。

Great. Is even larger than 25 megawatts on the table or is 25, what we should expect for the foreseeable future?

偉大的。甚至超過桌面上的 25 兆瓦還是 25，在可預見的未來我們應該期待什麼？

Everything's always on the table, Paul. So we're looking at that and a lot of other option. But for now we're pretty happy with 25 megawatts. We'll keep punching them out and grow into it. But there's absolutely there's a lots of innovation challenge, ideas being worked on in the background. So I would expect us not to sit still, just be sitting on that one design for the long term.

一切都在桌面上，保羅。所以我們正在考慮這個以及許多其他選擇。但目前我們對 25 兆瓦感到非常滿意。我們將繼續擊敗他們並成長為他們。但絕對存在著許多創新挑戰，在後台正在研究各種想法。因此，我希望我們不要坐以待斃，而是長期堅持這項設計。

Great. Thanks so much and congratulations.

偉大的。非常感謝並祝賀。

Thanks, Paul.

謝謝，保羅。

Mike Colonnese, H.C. Wainwright.

科隆尼斯 (Mike Colonnese)，H.C.溫賴特。

Hi, good morning, Dan and team, and congrats on all the progress at Childress. First one for me, Dan, you guys always have a really great perspective on some of these market dynamics that would be great to get your outlook for house prices here, which, as we know have been really trending around all-time lows. Do you think we've bottomed out here and what do you think we can reasonably see a breakout above this $0.045 per (inaudible) hash range?

大家早安，丹和團隊，祝賀 Childress 取得的所有進展。第一個對我來說，丹，你們總是對一些市場動態有非常好的看法，這對於了解這裡的房價前景非常有用，據我們所知，房價一直在歷史低點附近發展。您認為我們已經觸底嗎？

Thanks, Mike, easy questions. (Laughter) It's a big world out there and there's lots of different miners and all have got their own kind of cost structures, availability of capital power land, and it just gets fed into that equation. So the key driver is the price of bitcoin rock, decline rallies, hash price, skyrockets and everyone is making money and everyone's scrambling to invest in and bring online more capacity. So that is the absolute key driver what the process between does day-to-day? I've got no idea.

謝謝，麥克，簡單的問題。（笑聲）這是一個很大的世界，有許多不同的礦工，都有自己的成本結構、資本電力土地的可用性，而這些都被納入這個等式中。因此，關鍵的驅動因素是比特幣價格、下跌反彈、哈希價格飆升，每個人都在賺錢，每個人都在爭先恐後地投資並帶來更多的線上容量。那麼這就是日常流程的絕對關鍵驅動因素嗎？我不知道。

What it does long term? Feels like it's inevitable, it's going significantly higher. So the key for our business is positioning that we can survive extended periods with the bitcoin price isn't that exciting and be really well positioned when it does run. So when you look at our cost per bitcoin mined at Childress six months in the low 20s per coin mined, the increases in efficiency coming were all good gross profit margins, we're feeling good at the current bitcoin price levels.

長期來看它有什麼作用？感覺這是不可避免的，它會明顯更高。因此，我們業務的關鍵是我們能夠在比特幣價格不那麼令人興奮的情況下長期生存，並在比特幣價格真正運行時處於有利位置。因此，當你看看我們在 Childress 六個月內開採的比特幣成本在 20 美元以下時，效率的提高都是良好的毛利率，我們對當前的比特幣價格水平感覺良好。

Now it's a good business that's why we're continuing to put more capital in. It's accretive, it's generates significant cash flow, but not everyone can do it and that's part of the hurdle. And I guess the moat that we've got and the opportunity and challenge for others in this space. So ultimately, that has brought a hash price wants to grow, then you need the price of bitcoin to move.

現在這是一項很好的業務，這就是我們繼續投入更多資本的原因。它具有增值性，可以產生大量現金流，但不是每個人都能做到，這也是障礙的一部分。我想我們擁有的護城河以及這個領域其他人的機會和挑戰。所以最終，這帶來了哈希價格想要成長，那麼你需要比特幣的價格移動。

And then people were trying to build into it, but the challenge is how you do that. So we're probably at what 20 to 25 gigawatts of power globally today dedicated to bitcoin mining capacity, but that's no small feat. I think the global data in the industries, maybe 25 to 30 others in the latest numbers. But that is a lot of power and the whole thing comes back to, I keep repeating around the digital world.

然後人們試圖將其融入其中，但挑戰在於如何做到這一點。因此，目前全球可能有 20 到 25 吉瓦的電力專用於比特幣挖礦能力，但這並不是一件小事。我認為全球各產業的數據，最新的數字可能還有25到30個。但這是很大的力量，整件事情又回到了我在數位世界中不斷重複的情況。

This slide, digital world, real world dislocation. You can't keeping us in respond to these exponential functions that are moving in the digital world. And if you look at the price of bitcoin today, bitcoin happens to double over the coming period, then how do you possibly find 20, 25 gigawatts of power in any timeframe that's in the short medium term to try and normalize mining profits or the hash price to where it is today. So that's a whole opportunity.

這張投影片，數位世界，現實世界錯位。你無法讓我們對數位世界中不斷變化的指數函數做出反應。如果你看看今天比特幣的價格，比特幣在未來一段時間內恰好翻倍，那麼你如何在中短期內的任何時間範圍內找到20、25 吉瓦的電力來嘗試使採礦利潤或哈希正常化價格達到今天的水準。所以這是一個完整的機會。

In (inaudible) hash right, the global network to grow, but it's getting harder to grow because of that access to power and land and really, it's probably more going to be growing through a function of increased efficiency on the chip side, which again is going to be slow. Again, it's going to require capital, not all miners have access to that capital.

在（聽不清楚）哈希權中，全球網路要成長，但由於獲得電力和土地而變得越來越困難，實際上，它可能更多地透過晶片方面提高效率的功能來成長，這又是會很慢。同樣，這需要資金，但並非所有礦工都能獲得該資金。

Got it. Appreciate the color there. And you cited in your July production update that there were some T21 miner performance issues, which we've seen with a couple other miners as well. Just curious if you could specify what those issues were for you and how much extra hash is being replaced and when made should get those replacements too?

知道了。欣賞那裡的顏色。您在 7 月的生產更新中提到，存在一些 T21 礦機效能問題，我們在其他幾個礦機中也發現了這個問題。只是好奇您是否可以指定這些問題對您來說是什麼以及需要替換多少額外的哈希值以及何時進行替換也應該得到這些替換？

Yes. I'm not sure how granular we pain on the details and bit miner are really good partner of ours. So I'm reluctant to speak to negatively about them because they've been fantastic for us over the long term, but there were ceramic manufacturing defects around heat sinks and ability to operate in the higher temperatures, and just general construction and assembly quality relative to the high standards that we see across other units.

是的。我不確定我們對細節的關注程度有多細，比特礦工確實是我們的好夥伴。因此，我不願意對它們進行負面評價，因為從長遠來看，它們對我們來說非常棒，但散熱器周圍存在陶瓷製造缺陷，並且無法在較高溫度下運行，而且總體結構和裝配質量相對較差達到我們在其他單位看到的高標準。

But again, testament to bitmind, their response times and then accepting this issue and taking hundreds of responsibility for has been fantastic. So again, if I make mistakes, I make mistakes all the time, there's always issues. It's how you responded to fix things and be made have been absolutely fantastic. It's round about potentially 1.5 extra hash of capacity, and that is being replaced lifetime. So we will expect to see that resolved over coming months.

但再次證明了 bitmind，他們的回應時間，然後接受這個問題並承擔數百個責任，這真是太棒了。再說一遍，如果我犯了錯誤，我就會一直犯錯，總是會有問題。這就是你解決問題的方式，而且做得非常出色。它大約可能增加 1.5 倍的額外雜湊容量，並且正在被取代生命週期。因此，我們預計這個問題將在未來幾個月內解決。

Great. Thanks for taking my questions, Dan

偉大的。感謝您回答我的問題，丹

Joe Flynn, Compass Point Research.

喬·弗林，Compass Point Research。

Hi, thanks for the question. The question regarding the 1.4 gigawatt throughout West Texas site. And you mentioned in the past, you've been chipping away at the CapEx there. But can you provide some color on like what actually is on-site, whether there be no transformers, substation, long [haul] fiber, et cetera, and also if there's any remaining or got approval? Thanks.

你好，謝謝你的提問。關於整個西德克薩斯州 1.4 吉瓦站點的問題。您過去提到過，您一直在削減那裡的資本支出。但您能否提供一些信息，例如現場實際情況，是否有變壓器、變電站、長距離光纖等，以及是否還有剩餘或已獲得批准？謝謝。

So there's nothing on site at the moment. It's a greenfield site. We're in the design planning phase around mapping out how we will build there. But part of us coming to market on that side with Morgan Stanley's, we're at that decision point now, where energization isn't far away. And the utilities working on that energization into an existing it network substations.

所以目前現場什麼都沒有。這是一個綠地。我們正處於設計規劃階段，規劃我們將如何在那裡建造。但我們中的一部分人與摩根士丹利一起進入市場，我們現在正處於這個決策點，距離充滿活力並不遙遠。公用事業公司正在為現有的 IT 網路變電站提供電力。

So in relative terms it's not an overly complicated connection. So they're working through their construction and procurement processes. And then for us, it's really design at this stage and coming to market now is because we need to track over that. We need to make decisions because the real world takes time and there's long lead items. So we're thinking already and working through the process for procuring high-voltage transformers and key lead items, but there's nothing material to report at this particular juncture.

所以相對而言，這並不是一個過於複雜的聯繫。因此，他們正在完成施工和採購流程。對我們來說，它實際上是現階段的設計，現在進入市場是因為我們需要對此進行追蹤。我們需要做出決定，因為現實世界需要時間，而且有很長的前置項目。因此，我們已經在考慮並完成購買高壓變壓器和關鍵主導產品的流程，但在這個特定時刻沒有任何材料可報告。

And if I could just cover on that, like your conversations with Morgan Stanley and potential customers or deal structures. I mean, have you seen kind of valuations from dollar per megawatt basis start to improve in areas like West Texas? And I just either you comment on there would be great.

我能否簡單介紹一下這一點，例如您與摩根士丹利以及潛在客戶或交易結構的對話。我的意思是，您是否看到西德克薩斯州等地區的每兆瓦美元估值開始有所改善？我只要你評論一下那就太好了。

Yes, I've got nothing to say. We're just not at that point with the Morgan Stanley process. We've had kind of indicative conversations around what colocation and AI cloud looks like at a small scale, the 1.4 gigawatts, but the reality is it's such a dynamic market. You look at how it's kind of evolved over the last six to nine months every month it goes by, the whole sector is thinking about how real is this power and land scarcity dynamic.

是的，我無話可說。我們只是還沒到摩根士丹利流程的這個階段。我們已經就小規模（1.4 吉瓦）的託管和人工智慧雲端的情況進行了一些指示性對話，但現實是這是一個充滿活力的市場。你看看過去六到九個月裡它是如何演變的，每個月，整個產業都在思考這種電力和土地稀缺動態的真實性。

What are these things worth? What's the price that I'm willing to pay? So again, we've seen market benchmarks and there's a couple of them out there which we can point to and others can point to, which are informative in these negotiations and discussions. But again, it's so dynamic that really from our perspective is looking at every opportunity on its face and saying, does the risk return make sense for allocating capital. If we're not allocating capital, what's the opportunity cost of giving up that power and land recognizing we've got a lot, we have got lot more coming with that development pipeline.

這些東西有什麼價值？我願意支付的價格是多少？再說一遍，我們已經看到了市場基準，其中有一些我們可以指出，其他人也可以指出，它們在這些談判和討論中提供了資訊。但同樣，它是如此動態，以至於從我們的角度來看，我們正在審視每一個機會並思考，風險回報對於資本配置是否有意義。如果我們不分配資本，那麼放棄電力和土地的機會成本是多少，因為我們已經擁有很多，隨著開發管道的發展，我們還有更多的資源。

So, again, yes, I wish I could give more more color, but it's nuanced, it's dynamic and until we get to that actual decision point, it's really hard to give firm guidance because whatever I say will be wrong, like that's the reality. Everything is just so dynamic.

所以，再說一遍，是的，我希望我能提供更多更多的色彩，但它是微妙的，它是動態的，在我們到達實際的決策點之前，很難給出堅定的指導，因為無論我說什麼都會是錯的，就像現實一樣。一切都是那麼充滿活力。

Understood. Thanks for the questions.

明白了。感謝您的提問。

Brett Nowak, Cantor Fitzgerald.

布雷特·諾瓦克，康托·菲茨杰拉德。

Yes. Thanks for taking my question and congrats on the quarter, and thanks for all the updates. Maybe starting with the new 10x hash of bitmain mining machines. Should we have those machines being plugged in in this year? Or are those machines plugged in next year?

是的。感謝您提出我的問題並祝賀本季度，並感謝您的所有更新。也許從比特大陸礦機的新 10 倍哈希開始。今年我們應該把這些機器插上電源嗎？或者這些機器明年會插上電源嗎？

Hi, Brett, this year. So a key part of that negotiation was trying to ensure that they'll be delivered this year. Some of it might be a little bit tight going into December, that's a good challenge for us. But the whole idea that additional purchase was to bring it forward into this year, given that way, making the investment decision to go to 30x hash, we're fully funded to do so. And then the ability to roll the existing optionality, the existing 20 extra hash of options into next year, and I guess kick the can on that decision point. It was a key part of that decision for us.

嗨，布雷特，今年。因此，談判的關鍵部分是努力確保它們能夠在今年交付。進入十二月，有些可能會有點緊張，這對我們來說是一個很好的挑戰。但額外購買的整個想法是把它提前到今年，考慮到這一點，做出投資決定去 30 倍哈希，我們有足夠的資金來這樣做。然後能夠將現有的選項、現有的 20 個額外的選項推遲到明年，我想在這個決策點就可以結束了。對我們來說，這是該決定的關鍵部分。

Awesome. Appreciate that. And then on the AICC pilot at Childress that you're expecting to finish in the second half of this year. Can you maybe just first broadly talk about what type of kind of returns you are being from what you're doing right now in BC? How much do you spend on the GPUs? And I guess just talk through that return dynamics of that business. And maybe just another follow-up on the size of this pilot, should we expect something similar in size two, what you guys are doing in BC?

驚人的。很欣賞這一點。然後是在 Childress 的 AICC 試點，您預計將在今年下半年完成。您能否先大致談談您現在在 BC 所做的事情帶來了什麼樣的回報？您在 GPU 上花了多少錢？我想只是談談該業務的回報動態。也許只是這個試點規模的另一個後續行動，我們是否應該期待第二個類似的東西，你們在 BC 做什麼？

Yes, and apologies to Nikki actually asked me about this earlier from the B Riley, and I forgot to answer it. So the size of the pilot in BC is small, like it's 16 GPUs, I think. So just under $1 million worth. And look, we're looking to stop training utilizing it imminently. So that's happening. So that's exciting. We'll learn a lot very quickly around that.

是的，向 Nikki 道歉，實際上 B Riley 早些時候問過我這個問題，但我忘了回答。所以 BC 中的試點規模很小，我認為就像 16 個 GPU 一樣。所以價值不到 100 萬美元。看，我們希望立即停止使用它的訓練。所以事情就這樣發生了。所以這很令人興奮。我們很快就會學到很多東西。

But in terms of the return decision, again, it's pretty much unchanged from prior guidance in the sense that you're looking at roughly two year paybacks on these GPUs, maybe it's extend a little bit to 24 to 30 months for the H1 100s as the black wells, the H200 start to come to market, as you seen that impact a better technology coming through.

但就回報決定而言，與先前的指導相比，它幾乎沒有變化，因為您正在考慮這些 GPU 大約兩年的投資回報，也許 H1 100 的回報時間會稍微延長到 24 到 30 個月，因為黑井之後，H200 開始上市，正如您所看到的，這影響了更好的技術的出現。

But again, you've got to weigh up that breakeven point in terms of the CapEx against how much capital we put into work, i.e., is there other prepayments at work, what's the contract tenor, what's the level of risk behind that contract, et cetera?

但同樣，你必須權衡資本支出與我們投入工作的資本的盈虧平衡點，即是否有其他預付款在工作，合約期限是多少，合約背後的風險水平是多少，等等？

So (inaudible) I see it looks like a great business, the near term paybacks, but you've got to get the contracting structure right. You've got to be mindful of the demand. And, it's an uncertain world so far as AI training and the demand for these GPUs over the coming years and all sounds it looks really exciting, and we think we're on that exponential curve and we probably are inevitably at some point, but there's always bumps in the road. So we don't want to be caught out there.

所以（聽不清楚）我認為這看起來是一項很棒的業務，短期內就能獲得回報，但你必須建立正確的合約結構。你必須留意需求。而且，就人工智慧訓練和未來幾年對這些GPU 的需求而言，這是一個不確定的世界，所有聽起來都非常令人興奮，我們認為我們正處於指數曲線上，而且在某個時候我們可能不可避免地會這樣，但有路上總是坎坷不平。所以我們不想被困在那裡。

And then on the supply side, the impact of new technology coming to market, de-iteration and efficiency of these GPUs. Again, you just don't want to get caught holding a whole bunch of older GPUs where the revenue profile of those GPUs falls a little bit fast than what you're expecting.

然後在供應方面，新技術上市的影響、這些 GPU 的迭代和效率。再說一遍，您只是不想陷入持有一大堆舊 GPU 的境地，因為這些 GPU 的收入下降速度比您預期的要快一些。

Perfect. Thanks, guys. Really appreciate it.

完美的。謝謝，夥計們。真的很感激。

Thank you. I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Co-Founder and Co-CEO, Mr. Dan Roberts.

謝謝。目前我在隊列中沒有顯示任何其他問題。我現在想將電話轉回給聯合創始人兼聯合執行長丹羅伯茨先生。

Thank you. I feel like I've done a lot of talking and sorry, Lincoln, Belinda. But thanks everyone for dialing in. It's been a great 12 months behind us, but probably a more exciting three to six months plus ahead of us. We feel like we're in a really good position to have $1 billion-plus of equity on the balance sheet, $400 million of cash, zero debt. So a really robust base platform.

謝謝。我覺得我已經說了很多話了，抱歉，林肯，貝琳達。但感謝大家撥通電話。我們已經過了 12 個月，但未來可能還有更令人興奮的 3 到 6 個月。我們覺得我們處於非常有利的位置，資產負債表上擁有超過 10 億美元的股本、4 億美元的現金、零債務。這是一個非常強大的基礎平台。

And we continue to prove our ability to grow significantly. I mean, we've grown our bitcoin mining capacity 8x since the start of last year. We've built at 2.5x since the start of this year. And we are going another 2x again in the next four months, all fully funded. So to go from 1.7 extra hash started last year to 30 extra hash at the end of this year.

我們繼續證明我們有能力實現顯著成長。我的意思是，自去年年初以來，我們的比特幣挖礦能力已經成長了 8 倍。自今年年初以來，我們的建造速度是原來的 2.5 倍。我們將在接下來的四個月內再次進行 2 次活動，並且資金充足。因此，從去年開始的 1.7 個額外雜湊值增加到今年年底的 30 個額外雜湊值。

It's just great, like we're super excited about it. But for us, 2025 is not far away, and the world doesn't end on 31 December. So the opportunity to grow substantially into next year and beyond, both on bitcoin mining and the AI side of the business is something we're really excited about. So I appreciate everyone's support. Thanks for dialing in and have a good evening, all.

這太棒了，我們對此感到非常興奮。但對我們來說，2025 年並不遙遠，世界末日也不會在 12 月 31 日到來。因此，我們對明年及以後在比特幣挖礦和人工智慧方面的業務大幅增長的機會感到非常興奮。所以我很感謝大家的支持。感謝您撥通電話，祝大家晚上好。

This concludes today's program. Thank you all for participating. You may disconnect.

今天的節目到此結束。感謝大家的參與。您可以斷開連線。