MARA Holdings Inc (MARA) 2024 Q1 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Welcome to Marathon digital Holdings first quarter 2024 earnings webcast and conference Call.

歡迎收看 Marathon digital Holdings 2024 年第一季收益網路廣播和電話會議。

I would now like to turn the call over to your host, Robert Samuels, Vice President of Investor Relations.

現在我想將電話轉給主持人投資者關係副總裁羅伯特·塞繆爾斯 (Robert Samuels)。

Please go ahead.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good afternoon, and welcome to Marathon digital Holdings first quarter 2024 earnings call.

下午好，歡迎參加馬拉松數位控股 2024 年第一季財報電話會議。

Thank you for joining us for our call today.

感謝您今天參加我們的電話會議。

With me on today's call are our Chairman and Chief Executive Officer, Fred Thiel, and our Chief Financial Officer, Salman Khan.

與我一起參加今天電話會議的有我們的董事長兼執行長 Fred Thiel 和我們的財務長 Salman Khan。

Before we get started, I'd like to remind everyone that our prepared remarks may contain forward-looking statements that we may make additional forward looking statements during the question and answer session day forward.

在開始之前，我想提醒大家，我們準備好的發言可能包含前瞻性陳述，我們可能會在問答環節當天做出更多前瞻性陳述。

Looking statements are subject to risks and uncertainties, and actual results may differ materially when used in this call.

前瞻性陳述存在風險和不確定性，本次電話會議中使用的實際結果可能會有重大差異。

The words anticipate, could, enable, estimate, intend, expect, believe, potential will should project and similar expressions as they relate to Marathon digital holdings are as such forward-looking statements.

預期、能夠、啟用、估計、打算、預期、相信、潛在意願等詞語以及與馬拉松數字控股相關的類似表達均屬於前瞻性聲明。

Please refer to our earnings release for a full recitation of our forward-looking statements.

請參閱我們的收益發布，以了解我們前瞻性陳述的完整敘述。

Investors are cautioned that all forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from those anticipated by Marathon at this time.

請投資人注意，所有前瞻性陳述均涉及風險和不確定性，可能導致實際結果與馬拉松目前的預期有重大差異。

Some of these risks and uncertainties are more fully described in Marathon public filings with the US Securities and Exchange Commission, which can be viewed at www.SEC.gov and irnatera.com.

其中一些風險和不確定性在 Marathon 向美國證券交易委員會提交的公開文件中有更全面的描述，您可以在 www.SEC.gov 和 irnatera.com 上查看這些文件。

Finally, please note that on today's call, we will refer to certain financial measures that were not prepared in accordance with generally accepted accounting principles in the United States, including adjusted EBITDA and non-GAAP total margin.

最後，請注意，在今天的電話會議上，我們將提及某些未依照美國公認會計原則編製的財務指標，包括調整後的 EBITDA 和非 GAAP 總利潤率。

Marathon believes these non-GAAP financial measures are important indicators of its operating performance because they exclude certain items that are unrelated to and may not be indicative of its GAAP financial results, please refer to our company's periodic reports on Form 10-K and 10-Q and to our website for a full reconciliation of these non-GAAP performance measures to the most comparable GAAP financial measures.

Marathon 認為這些非GAAP 財務指標是其經營績效的重要指標，因為它們排除了某些與其GAAP 財務表現無關且可能無法反映其GAAP 財務表現的項目，請參閱我們公司的定期報告10-K 和10-詢問並造訪我們的網站，以了解這些非公認會計原則績效指標與最具可比性的公認會計原則財務指標的全面對帳。

As usual, we'll begin today's call with prepared remarks from Fred and Simon.

像往常一樣，我們將以弗雷德和西蒙準備好的演講開始今天的電話會議。

After their comments, we will be going through some of the more popular questions from investors before transferring to a live Q&A with our covering analysts.

在他們發表評論後，我們將先討論投資人提出的一些較受歡迎的問題，然後再與我們的分析師進行現場問答。

And with that out of the way, I'm going to turn the call over to Fred to kick things off.

解決這個問題後，我將把電話轉給弗雷德，讓事情開始。

Fred?

弗雷德？

Thank you, Rob.

謝謝你，羅布。

The first quarter of 2024 was one of our most transformative.

2024 年第一季是我們最具變革性的季度之一。

To date, we officially transitioned Marathon from being an asset like Bitcoin miner and laid a solid foundation on which we are building this organization into a globally diversified company that leverages digital asset compute to build a more sustainable and inclusive future.

迄今為止，我們正式將 Marathon 從比特幣礦機等資產轉型，並為我們將該組織建設成為一家全球多元化公司奠定了堅實的基礎，利用數位資產計算來建立更永續和包容的未來。

During the quarter, we significantly grew and improved the resilience of our portfolio of digital asset compute by acquiring and integrating our first fully owned and operated bitcoin mining site at the end of last year, our portfolio consisted of 584 megawatts of capacity, only 3% of which we directly owned and operated in less than four months.

在本季度，我們透過去年年底收購和整合我們的第一個完全擁有和運營的比特幣挖礦站點，顯著增長並提高了我們的數位資產計算組合的彈性，我們的投資組合包括584 兆瓦的容量，僅佔3%其中我們直接擁有並在不到四個月的時間內運作。

We initiated negotiated closed and integrated our first two acquisitions comprised of three sites, the first two being the sites in Grand Prairie, Texas in Kearney, Nebraska, and the second being the site in Garden City, Texas that is adjacent to a wind farm.

我們啟動了談判，結束並整合了由三個場地組成的前兩次收購，前兩個是位於內布拉斯加州科爾尼的德克薩斯州大草原城的場地，第二個是位於德州花園城、毗鄰風電場的場地。

We purchased these assets for approximately 458,000 and 437,000 per megawatt respectively, which is approximately half the cost of what some of our competitors have paid to build new sites.

我們分別以每兆瓦約 458,000 和 437,000 美元的價格購買了這些資產，這大約是我們的一些競爭對手建造新站點成本的一半。

In Q1, we effectively doubled the size of our portfolio to 1.1 gigawatts of capacity, and we gained far more direct influence over our operations by taking direct ownership and operation control of 54% of the portfolio.

在第一季度，我們的投資組合規模實際上翻了一番，達到 1.1 吉瓦，並且透過直接擁有和營運控制 54% 的投資組合，我們對營運產生了更直接的影響。

We did this while generating significant savings for our shareholders relative to building sites that our competitors have.

與競爭對手擁有的建築工地相比，我們這樣做的同時為我們的股東節省了大量成本。

And we quickly gained enough capacity to meet our near term growth targets of 50 extra cash by the end of this year.

我們很快就獲得了足夠的產能，可以在今年年底前實現 50 美元額外現金的近期成長目標。

As we cost effectively led this path to accelerate our scale and enhance our operational influence.

由於我們以成本效益為主導，這條道路加速了我們的規模並增強了我們的營運影響力。

We also launched our first products and services as an organization.

我們也作為一個組織推出了我們的第一個產品和服務。

Each of which demonstrates our commitment to expanding and diversifying revenues by creating advanced technologies that transform digital infrastructure and diversify our revenue stream.

每一項都表明我們致力於透過創造先進技術來改變數位基礎設施並使我們的收入來源多樣化，從而擴大收入並實現收入多元化。

In February, we launched slipstream, which is a direct bitcoin transaction submission service that is designed to streamline confirmations of large or non-standard bitcoin transactions.

今年二月，我們推出了 slipstream，這是一項直接的比特幣交易提交服務，旨在簡化大額或非標準比特幣交易的確認。

In essence, it provides sophisticated users with a simple, transparent and trusted means of adding complex bitcoin transactions to the blockchain provided they adhere to Bitcoins protocol, and it provides Marathon with an opportunity to increase revenue by capturing more transaction fees, which is particularly advantageous in a post have you environment.

從本質上講，它為成熟的用戶提供了一種簡單、透明和可信的方式，只要他們遵守比特幣協議，即可將複雜的比特幣交易添加到區塊鏈中，並且它為Marathon 提供了透過獲取更多交易費用來增加收入的機會，這是特別有利的在帖子中有你的環境。

Although the service is only a few months old, it is already proving valuable.

儘管這項服務才推出幾個月，但它已經被證明是有價值的。

Last month just before the halving, we earned an additional 4.25 bitcoin from Clipstream alone, Maura pool, which powers Clipstream captured one block with 10 bitcoin in transaction fees and another with 16 generating nearly 10% greater fees than FPPS pools at the time.

上個月，就在減半之前，我們僅從Clipstream Maura 礦池就額外獲得了4.25 比特幣，該礦池為Clipstream 提供了動力，捕獲了一個包含10 個比特幣交易費用的區塊，另一個包含16 個比特幣的區塊，產生的費用比當時的FPPS 礦池高出近10%。

While these numbers are small relative to our overall production, slipstream serves as a tangible example of the strategic importance of operating our own mining pool of being at scale and of deploying our proprietary technology stack.

雖然這些數字相對於我們的整體產量來說很小，但滑流作為一個具體的例子，說明了我們自己的礦池規模化運作和部署我們的專有技術堆疊的戰略重要性。

Matter of fact, if you were to look at the menpool.space for the past week and look at mining pools you would see that Marathon's pool performed 40% above average as we demonstrated in March.

事實上，如果您查看過去一周的 menpool.space 並查看礦池，您會發現 Marathon 礦池的表現比我們在 3 月展示的平均水平高出 40%。

Slipstream was just the beginning.

滑流只是開始。

During the first quarter.

第一季期間。

We also brought our first products to market, all of which contribute to one of our key competitive advantages, our vertically integrated tech stack and provide us with an opportunity to diversify our revenue streams.

我們也將第一批產品推向市場，所有這些都有助於我們的關鍵競爭優勢之一，即我們的垂直整​​合技術堆疊，並為我們提供了實現收入來源多元化的機會。

These products include our industry leading more firmware, controller board and two-phase immersion technology, which we call toothpick.

這些產品包括我們行業領先的更多韌體、控制器板和兩相浸入式技術，我們稱之為牙籤。

We showcased each of these products at the Empower conference in March, and the reception was overwhelmingly positive we already have paying customers for our firmware and to pick a pipeline that is in the tens of millions of dollars and growing.

我們在三月的 Empower 會議上展示了這些產品，反應非常積極，我們已經擁有了付費客戶購買我們的固件，並選擇了價值數千萬美元且還在不斷增長的管道。

We're currently integrating two pits at some of our own sites, which is part of our strategy to optimize our performance by increasing uptime, improving efficiency and reducing maintenance downtime and costs.

我們目前正在整合我們自己的一些站點的兩個礦坑，這是我們透過增加正常運作時間、提高效率和減少維護停機時間和成本來優化效能的策略的一部分。

For the market our goal is to begin shipping these systems in volume to third parties by the end of this year.

對於市場，我們的目標是在今年年底前開始向第三方批量交付這些系統。

While the quarter was highlighted by the significant expansion of our portfolio of digital assets, compute in the launch of our first products and services geared towards transforming digital infrastructure.

雖然本季的亮點是我們的數位資產組合的顯著擴展，但我們推出了旨在轉變數位基礎設施的首批產品和服務。

Our bitcoin production was negatively impacted throughout the first quarter by unexpected equipment failures, predominantly transformers that are third party hosted sites, utility company transmission line maintenance and the higher than anticipated weather related curtailment across multiple sites.

我們的比特幣生產在第一季受到意外設備故障的負面影響，主要是第三方託管站點的變壓器、公用事業公司輸電線路維護以及多個站點與天氣相關的停電高於預期。

However, I'm pleased to say that we have mitigated a number of these issues and are currently operating at a record high level of

然而，我很高興地說，我們已經緩解了其中一些問題，目前的營運水準創歷史新高。

[27 ex ash].

[27前灰燼]。

While there will always be the potential for exogenous events that impact operations, we believe we can mitigate their impact over time as we continue to scale, standardize equipment, diversify globally and build redundancies and leverage economies of scale that stem from owning and operating multiple sites around the world.

雖然始終存在影響營運的外源事件的可能性，但我們相信，隨著時間的推移，隨著我們繼續擴大規模、標準化設備、實現全球多元化、建立冗餘並利用因擁有和運營多個站點而產生的規模經濟，我們可以減輕其影響世界各地。

In the meantime, we can always control how we respond to challenges.

同時，我們始終可以控制應對挑戰的方式。

And just as we always have, our team quickly began working on solutions that were within our control.

正如我們一直以來所做的那樣，我們的團隊很快就開始研究我們控制範圍內的解決方案。

We were able to immediately take advantage of the newly available capacity from our recent strategic acquisitions.

我們能夠立即利用最近戰略收購中新提供的產能。

Once it became clear that the transformer issues at Ellendale were more complicated than originally believed our team quickly began reallocating miners from this site to Garden City where there was available capacity.

一旦發現埃倫代爾的變壓器問題比最初認為的更複雜，我們的團隊就迅速開始將礦工從該地點重新分配到有可用容量的花園城。

We successfully moved 9,500 idle miners from Ellendale and simultaneously began energizing new machines to expand our capacity, our ability to adapt, combined with the uptime improving across our sites.

我們成功地將 9,500 名閒置礦工從 Ellendale 轉移，同時開始為新機器提供動力，以擴大我們的產能和適應能力，同時提高我們各個站點的正常運行時間。

These challenges were resolved enabled us to achieve an all-time high operating cash rate of [27 extra actions] this month transformer issues that negatively impacted our ability to convert megawatts into Terra hash.

這些挑戰的解決使我們能夠在本月實現 [27 項額外行動] 的歷史最高營運現金率。

And therefore, Bitcoin had been challenging, but with our hash rate continuing to grow to record levels.

因此，比特幣一直具有挑戰性，但我們的哈希率繼續增長到創紀錄的水平。

We have clearly been able to work through the challenges and to execute.

我們顯然能夠應對挑戰並執行。

And fortunately, the resilience we've built into our diversified portfolio, our ability to adapt to change and changing circumstances, and our hub strategy allowed us to still capitalize on Bitcoin positive momentum despite the operational challenges, we still produced record financial results during the first quarter to unpack our financial results.

幸運的是，我們在多元化投資組合中建立的彈性、適應變化和不斷變化的環境的能力以及我們的中心策略使我們能夠在面臨營運挑戰的情況下仍然利用比特幣的積極勢頭，我們在第第一季公佈我們的財務業績。

I'm now going to turn the call over to Salman, who will cover the results in more detail.

我現在將把電話轉給薩爾曼，他將更詳細地介紹結果。

Salman?

薩勒曼？

Thank you, Fred, and welcome all, to

謝謝弗雷德，歡迎大家來到

[TMR].

[TMR]。

As Fred mentioned, our Bitcoin production was negatively impacted in the first quarter by transformer and other issues.

正如 Fred 所提到的，我們的比特幣生產在第一季受到變壓器和其他問題的負面影響。

Despite these challenges, the positive momentum in bitcoin price, our strategy to increase our Bitcoin holdings over time, and our team's consistent ability to execute helped us drive our record financial results for the quarter.

儘管面臨這些挑戰，比特幣價格的積極勢頭、我們隨著時間的推移增加比特幣持有量的策略以及我們團隊一貫的執行能力幫助我們推動了本季度創紀錄的財務業績。

Let's dig into the details.

讓我們深入了解細節。

We reported net income of $337 million or $1.26 per diluted share in the quarter.

我們報告本季淨利潤為 3.37 億美元，即稀釋後每股收益 1.26 美元。

This was a 184% increase from net income of $119 million or $0.72 per diluted share in Q1 of last year.

與去年第一季 1.19 億美元的淨利潤（即稀釋後每股收益 0.72 美元）相比，成長了 184%。

The increase in net income was primarily driven by favorable bitcoin price, higher production and fair market value of digital assets on our balance sheet,

淨利潤的成長主要是由於有利的比特幣價格、資產負債表上數位資產的更高產量和公平市場價值所推動的，

Revenues increased 223% to a record $165 million from $51 million in the first quarter of 2023, with the average price of bitcoin mined being 126% higher this quarter than the year ago period.

營收從 2023 年第一季的 5,100 萬美元成長 223%，達到創紀錄的 1.65 億美元，本季開採的比特幣平均價格比去年同期高出 126%。

The increase in revenue was primarily driven by a $77 million increase in the average price of bitcoin mining.

收入的成長主要是由於比特幣挖礦平均價格上漲了 7,700 萬美元。

We produced an average of 30.9 bitcoin each day during the quarter compared to 24.4 bitcoin each day in the prior year period.

本季我們平均每天生產 30.9 比特幣，而去年同期每天生產 24.4 比特幣。

These improvements in production also contributed approximately $10 million to our top line.

這些生產改進也為我們的營收貢獻了約 1,000 萬美元。

As a result of closing the recent acquisitions, we are temporarily providing hosting services to existing hosted customers during the transition period, the revenue we generated from hosting revenues was $21 million, which was not present a year ago.

由於完成了最近的收購，我們在過渡期間暫時向現有託管客戶提供託管服務，我們從託管收入中產生的收入為 2,100 萬美元，這是一年前所沒有的。

We expect this revenue to taper off in the coming quarters as we work with current tenants, offer sites on their transition plans and use that space for our own growth.

我們預計這筆收入將在未來幾季逐漸減少，因為我們與現有租戶合作，為他們的過渡計畫提供場地，並利用該空間促進我們自身的成長。

Our hosting and energy costs were $71 million compared to $33 million last year in both time periods.

我們的託管和能源成本為 7,100 萬美元，而去年這兩個時期的成本為 3,300 萬美元。

The increase was primarily due to growth in our mining fleet and related costs.

這一增長主要是由於我們的採礦船隊和相關成本的增長。

In the first quarter of 2024, global hash rate or network difficulty levels continue to increase.

2024年第一季度，全球算力或網路難度持續上升。

Average global hash rate has increased by more than approximately 86% since Q1 of 2023.

自 2023 年第一季以來，全球平均哈希率增長了約 86% 以上。

That, combined with operational issues at our third-party hosted sites in Q1 of 2024 resulted in a higher cost per coin.

再加上 2024 年第一季我們第三方託管網站的營運問題，導致每枚代幣的成本更高。

Our non-GAAP cost of revenue without depreciation has improved 16% from $53.7 per point per day in Q1 of 2023 to $45.2 per hash per day in Q1 of 2024, as we realize synergies from our recently announced acquisitions, reenergized production at our third party hosted sites and spread the fixed costs over a larger 50 extra excess cash capacity.

我們的不計折舊的非GAAP 收入成本已從2023 年第一季的每天每點53.7 美元提高到2024 年第一季每哈希每天45.2 美元，提高了16%，因為我們從最近宣布的收購中實現了協同效應，並重新啟動了第三方的生產託管網站並將固定成本分攤到更大的 50 個額外超額現金容量。

We expect our marginal cost per coin to improve.

我們預計每枚代幣的邊際成本將會改善。

Total cost of revenues, which includes depreciation and amortization of $168 million compared to $151 million through off last year.

包括折舊和攤提在內的總收入成本為 1.68 億美元，去年同期為 1.51 億美元。

Depreciation and amortization was $78 million, a $60 million increase from the same quarter in the prior year.

折舊和攤提為 7,800 萬美元，比上年同期增加 6,000 萬美元。

The change was predominantly the result of growing our energized hash rate from 11 exahash to 27.8 exahash and recent acquisition of two sites in Texas and Nebraska.

這項變更主要是由於我們的活躍哈希率從 11 exahash 增加到 27.8 exahash 以及最近收購了德克薩斯州和內布拉斯加州的兩個站點。

Our non-GAAP total margin, excluding depreciation and amortization, was $75 million this quarter compared to $18 million in the same quarter last year.

本季我們的非 GAAP 總利潤率（不包括折舊和攤提）為 7,500 萬美元，而去年同期為 1,800 萬美元。

The change was predominantly related to higher Bitcoin prices, increased production and increased operational efficiency.

這項變化主要與比特幣價格上漲、產量增加和營運效率提高有關。

General and administrative expenses, excluding stock-based compensation, were $21 million compared with $11 million in the prior year period.

一般及行政費用（不含股票薪酬）為 2,100 萬美元，而上年同期為 1,100 萬美元。

This increase in expenses was primarily due to the increased scale of the business.

費用增加主要是因為業務規模擴大所致。

Headcount grew from 30 employees at the end of Q1 last year to 60 employees at the end of Q1 this year that subsequently has increased to over 100 employees.

員工人數從去年第一季末的 30 名員工增加到今年第一季末的 60 名員工，隨後又增加到 100 多名員工。

As we thoughtfully grow our company, we continued to opportunistically add talent across the organization.

在我們深思熟慮地發展公司的同時，我們繼續在整個組織中尋找機會增加人才。

Part of our strat treasury management strategy involved selling enough of the bitcoin to produce to cover operating expenses and then modeling the remainder on our balance sheet.

我們的策略財務管理策略的一部分涉及出售足夠的比特幣以支付營運費用，然後在我們的資產負債表上對剩餘部分進行建模。

By employing this strategy, we have essentially been dollar cost averaging into bitcoin at a discount for the past several years with our cost to produce a coins significantly lower than the bitcoin price.

透過採用這種策略，過去幾年我們基本上以美元成本平均折價購買比特幣，而我們生產比特幣的成本明顯低於比特幣價格。

The dollar average strategy generally has been even more accretive for our stockholders.

一般來說，平均美元策略對我們的股東來說更有利。

With the new accounting rules that require the measurement of crypto assets at fair value.

新的會計規則要求以公允價值計量加密資產。

And with the bitcoin price appreciating nearly 150% from the end of Q1 last year to the end of Q1 this year.

從去年第一季末到今年第一季末，比特幣價格上漲了近150%。

The strategy it's proven very effective for us.

事實證明，這個策略對我們來說非常有效。

In Q1 of this year, we increased our Bitcoin holdings 15% from 15,126 to 17,320 Bitcoin.

今年第一季度，我們將比特幣持有量增加了 15%，從 15,126 枚增加至 17,320 枚。

Because of the significant amount of bitcoin we hold on our balance sheet, we recognized a gain on digital assets of $489 million during the first quarter of 2024, primarily due to this favorable value investment.

由於我們的資產負債表上持有大量比特幣，我們在 2024 年第一季實現了 4.89 億美元的數位資產收益，這主要歸功於這項有利的價值投資。

Our adjusted EBITDA increased 266% to $529 million from $145 million in the prior year period.

我們調整後的 EBITDA 從去年同期的 1.45 億美元增至 5.29 億美元，成長了 266%。

A reminder that the fair value accounting reflects the changes in market value of bitcoin that we hold on our balance sheet.

提醒您，公允價值會計反映了我們資產負債表上持有的比特幣市場價值的變化。

In the current environment of bitcoin price appreciation in recent quarters, we have continued to recognize gains through our income statement, reflecting the impact huddle strategy has had on our financial statements.

在近幾季比特幣價格上漲的當前環境下，我們繼續透過損益表確認收益，反映了集中策略對我們財務報表的影響。

For example, every 10,000 change in bitcoin price period-over-period can impact our adjusted EBITDA by approximately $170 million to $200 million.

例如，比特幣價格每變動 10,000 次，就會對我們的調整後 EBITDA 產生約 1.7 億至 2 億美元的影響。

Digging more into our Bitcoin holdings and cash position, unrestricted cash and cash equivalents totaled $324 million, up from $125 million a year ago.

進一步研究我們的比特幣持有量和現金頭寸，不受限制的現金和現金等價物總計 3.24 億美元，高於一年前的 1.25 億美元。

Also at March 31, we held approximately 17,320 bitcoin to the fair value of $1.2 billion on the balance sheet.

同樣截至 3 月 31 日，我們在資產負債表上持有約 17,320 枚比特幣，公允價值為 12 億美元。

Combined, our balance of cash and Bitcoin was approximately $1.6 billion as of March 31, 2024.

截至 2024 年 3 月 31 日，我們的現金和比特幣餘額總計約為 16 億美元。

We sold 7,730 bitcoin during Q1.

我們在第一季出售了 7,730 比特幣。

Realizing cash proceeds of $45 million of these proceeds were utilized to fund operating expenses, including cost of revenues for energy hosting and other cash operating expenses and general and administrative expenses.

實現現金收益的 4,500 萬美元用於資助營運費用，包括能源託管的收入成本和其他現金營運費用以及一般和管理費用。

During the quarter, we raised $489 million from at-the-market equity sales, which we primarily intended to use for Minor's acquisition of infrastructure and for other general corporate purposes.

本季度，我們透過市場股權銷售籌集了 4.89 億美元，主要用於 Minor 收購基礎設施和其他一般公司用途。

We expect our future bitcoin holdings will generally increase, but will fluctuate depending on operating and market conditions.

我們預計未來比特幣持有量將普遍增加，但會根據營運和市場狀況而波動。

We intend to add to our Bitcoin holdings, primarily through our production activities.

我們打算主要透過我們的生產活動來增加我們的比特幣持有量。

And we will also continue to sell Bitcoin as a means of generating cash to fund monthly operating costs and general corporate purposes.

我們也將繼續出售比特幣作為產生現金的手段，以資助每月的營運成本和一般公司用途。

As Fred mentioned, we have systematically deployed capital for accretive growth and strategic investments, which our teams have been able to integrate successfully in Q1 of this year.

正如弗雷德所提到的，我們已經系統地部署了用於成長成長和策略投資的資本，我們的團隊已經能夠在今年第一季成功整合這些資金。

These acquisitions have not only been almost half the construction cost, but also have allowed us flexibility to move our miners from asset-light sites with operational issues as discussed above

這些收購不僅幾乎是建造成本的一半，而且使我們能夠靈活地將礦機從存在上述營運問題的輕資產礦場轉移出來

If we are if we were to construct such sites on our own, it would have taken us more than a year to energize and likely cost twice the amount on a per megawatt basis, making these acquisitions acquisitions highly accretive for our stockholders.

如果我們自己建造這樣的站點，我們將需要一年多的時間來提供能量，而每兆瓦的成本可能是兩倍，這使得這些收購為我們的股東帶來了巨大的增值。

The acquisition of sites in Grand Prairie, Texas and Kearney, Nebraska have been accounted for as a business combination for fast fast deals, and we have recognized the fair value of the assets acquired and liabilities assumed on our balance sheet.

收購德州大草原城和內布拉斯加州科爾尼的土地已被視為快速交易的業務合併，我們已在資產負債表上確認了所收購資產和承擔負債的公允價值。

As a result, we also recognized goodwill of $30.9 million and intangible assets of $22 million, primarily related to customer relationships.

因此，我們也確認了 3,090 萬美元的商譽和 2,200 萬美元的無形資產，主要與客戶關係相關。

We also accrued early termination expenses of $22 million as we terminated certain hosted customers subsequently.

由於我們隨後終止了某些託管客戶，因此我們也提列了 2,200 萬美元的提前終止費用。

One other item, another item worth highlighting as that Marathon was added to S&P SmallCap 600 Index.

另一個項目，另一個值得強調的項目是 Marathon 已被添加到 S&P SmallCap 600 指數中。

Just a reminder that S&P SmallCap 600 tracks 600 US companies with a market cap between $1 billion and $6.7 billion that have positive earnings or the most recent quarter in four quarters combined, we are proud to be the first bitcoin miner added to the S&P SmallCap into index.

請注意，S&P SmallCap 600 追蹤600 家市值在10 億美元至67 億美元之間的美國公司，這些公司在四個季度中最近一個季度的盈利為正，我們很自豪能夠成為第一家被納入S&P SmallCap 的比特幣礦商指數。

This inclusion is a testament to the consistently improving financial performance of our organization as we have scaled and implemented effective strategies to capitalize on market conditions.

這項納入證明了我們組織的財務表現持續改善，因為我們已經擴大規模並實施了有效的策略來利用市場條件。

And that completes my update.

我的更新就這樣完成了。

I'll now turn it back over to Fred, who will talk more about our future plans.

現在我將把它轉回給弗雷德，他將更多地談論我們未來的計劃。

Fred?

弗雷德？

Thanks a month.

謝謝一個月。

Over the past year, we've evolved from outsourcing our operations to third party hosting providers to owning and operating sites, developing and marketing technology products and using waste and stranded power to generate energy and recycle heat.

在過去的一年裡，我們已經從將業務外包給第三方託管提供商，發展到擁有和營運站點、開發和行銷技術產品以及利用廢物和滯留電力來發電和回收熱量。

During Q1, we laid the foundation for Marathon to become a globally diversified company that leverages digital asset compute to build a more sustainable and inclusive future.

在第一季度，我們為 Marathon 成為全球多元化公司奠定了基礎，利用數位資產運算來建立更永續和包容的未來。

And as we transition into the second quarter, we are reorganizing the internal structure of the business to better align with our growth opportunities, sharpen our strategic focus, bolster accountability and maintain our speed and agility as we scale.

隨著我們進入第二季度，我們正在重組業務的內部結構，以更好地適應我們的成長機會，強化我們的策略重點，加強問責制，並在規模擴張時保持我們的速度和敏捷性。

Starting in the second quarter, Marathon will be restructured into a matrix organization consisting of three business units, utility scale, mining, technological innovations and energy harvesting and supporting organizations such as Marcom, finance, et cetera.

從第二季開始，馬拉松將重組為由三個業務部門組成的矩陣組織，公用事業規模、採礦、技術創新和能源收集以及行銷傳播、財務等支援組織。

In my opening remarks, I spoke at length about the first two of these verticals.

在我的開場白中，我詳細討論了這些垂直領域的前兩者。

Utility scale mining is our large-scale global digital asset mining operations.

公用事業規模挖礦是我們大規模的全球數位資產挖礦業務。

This vertical is what Marathon is primarily known for today, large-scale digital asset compute that's geared towards enhancing grid stability and the security of the world's preeminent blockchain ledgers.

這個垂直領域是 Marathon 當今主要以大規模數位資產計算而聞名的領域，旨在增強電網穩定性和世界卓越區塊鏈帳本的安全性。

Our Technology division is focused on creating advanced technologies that transform digital infrastructure.

我們的技術部門專注於創造改變數位基礎設施的先進技術。

This group has already launched its first series of products.

該集團已經推出了第一個系列產品。

And going forward, its mission will be to deliver innovative hardware, software and services that maximize energy efficiency improve performance and unlock new opportunities for those who operate at the edge.

展望未來，其使命將是提供創新的硬體、軟體和服務，最大限度地提高能源效率、提高性能，並為邊緣運營商釋放新的機會。

And for those who are building the foundation of the digital future.

對於那些正在為數位未來奠定基礎的人來說。

In March, at the Empower conference, we demonstrated how the combination of more firmware and to pick immersion enabled us to operate state-of-the-art digital asset miners at significantly higher performance levels with their minimal impact to energy efficiency using this solution enables digital asset miners to significantly increase the productivity of their digital mining assets, earn a higher return on the compute investment dollars and reduce the total cost of operating sites.

今年3 月，在Empower 會議上，我們展示瞭如何結合更多韌體和選擇沉浸式體驗，使我們能夠以顯著更高的性能水平運行最先進的數位資產挖礦機，並且使用此解決方案對能源效率的影響最小化數位資產礦工可以顯著提高其數位採礦資產的生產力，獲得更高的計算投資回報並降低營運站點的總成本。

Our third vertical, which I did not discuss in my opening remarks, is energy harvesting.

我在開場白中沒有討論的第三個垂直領域是能量收集。

The mission of energy harvesting is to support the energy transformation by converting environmentally harmful waste energy stranded clean energy or otherwise underutilized sources of energy into economic value.

能量收集的使命是透過將對環境有害的廢棄能源滯留的清潔能源或其他未充分利用的能源轉化為經濟價值來支持能源轉型。

For now, it's perhaps easiest to think of this as the next evolution of bitcoin mining involving leveraging digital asset compute to convert waste into energy, sequester methane and generate and reuse heat for industrial and commercial purposes.

目前，也許最容易將其視為比特幣挖礦的下一個演變，涉及利用數位資產計算將廢物轉化為能源、封存甲烷以及為工業和商業目的產生和再利用熱量。

This last part is quite important as nearly 50% of total energy use is used for heat and a portion of that is low grade heap, i.e., sub 50 degrees Celsius that can be provided by heat harvested from our digital asset compute system.

最後一部分非常重要，因為總能源消耗的近 50% 用於熱量，其中一部分是低級堆，即低於 50 攝氏度，可以透過從我們的數位資產計算系統收集的熱量來提供。

This includes applications such as pre heating materials and industrial processes, heating Buildings and Water for communities and food production applications such as greenhouses interim farms.

這包括預熱材料和工業流程、為社區供暖建築物和水等應用以及溫室臨時農場等食品生產應用。

We created these business units in response to the opportunities we saw in the market and how we believe this industry will evolve.

我們創建這些業務部門是為了回應我們在市場上看到的機會以及我們相信這個行業將如何發展。

As you all know, the industry just underwent a heavy event during which the block award was reduced by 50% as block rewards will continue to reduce by 50% every four years.

眾所周知，該行業剛剛經歷了一場重磅事件，區塊獎勵減少了50%，而區塊獎勵將繼續每四年減少50%。

It is critical to find new ways to leverage expertise and create value for others in order to maintain a position as a leader in the industry.

為了保持行業領導者的地位，找到利用專業知識並為他人創造價值的新方法至關重要。

And we believe that we can do so successfully than we can not only mitigate the impact of having events, but also ourselves.

我們相信，我們可以成功地做到這一點，不僅可以減輕事件的影響，還可以減輕我們自己的影響。

While utility scale mining is by far the most significant portion of our business today, we believe each of these businesses will contribute meaningful meaningfully to our organization over the coming years.

雖然公用事業規模採礦是我們當今業務中最重要的部分，但我們相信這些業務中的每一項都將在未來幾年為我們的組織做出有意義的貢獻。

Long term, our goal is for 50% of our revenues to come from non utility-scale wind.

從長遠來看，我們的目標是 50% 的收入來自非公用事業規模的風能。

It will take time to reach that scale.

要達到這個規模需要時間。

But these new businesses are already showing progress.

但這些新業務已經取得了進展。

We already have a pipeline valued at tens of millions of dollars for our technology products.

我們已經擁有價值數千萬美元的技術產品管道。

Our pilot project in Utah, where we're capturing methane from landfills to power bitcoin miners is our first energy harvesting project, and we expect to launch several others in the coming quarters.

我們在猶他州的試點項目是我們的第一個能量收集項目，我們從垃圾掩埋場捕獲甲烷來為比特幣礦工提供動力，我們預計將在未來幾個季度啟動其他幾個項目。

The demand for these verticals isn't just domestic.

對這些垂直行業的需求不僅僅是國內的。

It's global and we're chasing after it.

它是全球性的，我們正在追逐它。

In April, we announced that we appointed a new Managing Director to lead our expansion in Europe, Middle East, Africa and parts of Asia.

四月，我們宣布任命一位新董事總經理來領導我們在歐洲、中東、非洲和亞洲部分地區的擴張。

Since his appointment our team has generated promising opportunities across the region from Finland and Monarc to Kenyan myself.

自從他上任以來，我們的團隊在整個地區創造了充滿希望的機會，從芬蘭和莫納克到肯亞本人。

While Marathon is already operating on three continents, our plan is to continue scaling our international business over coming years, such that approximately 50% of our revenues come from overseas by 2028.

雖然 Marathon 已在三大洲開展業務，但我們的計劃是在未來幾年繼續擴大我們的國際業務，以便到 2028 年我們約 50% 的收入來自海外。

In the more immediate term, we're doubling down on our utility scale mining business.

從更近期的角度來看，我們將加倍投入公用事業規模的採礦業務。

We originally targeted to grow our operations to 35 or 37 exahashby the end of 2024 and 50 exahash by the end of '25.

我們最初的目標是到 2024 年底將我們的營運規模擴大到 35 或 37 exahash，到 25 年底擴大到 50 exahash。

However, with the expansion capacity gain from our Richard recent acquisitions and the 45exahash of additional compute available to us between current orders and options, we're now targeting 50 exahash by the end of this year.

然而，隨著我們最近收購 Richard 帶來的擴展容量增益以及當前訂單和選項之間可用的 45exahash 額外計算，我們現在的目標是到今年年底達到 50exahash。

We already have 12 extra half of new miners arriving in early Q3 to take advantage of our acquired to expand capacity with more coming to fill waiting capacity over the balance of this year.

我們已經有另外一半的新礦商在第三季初抵達，利用我們收購的礦機來擴大產能，今年剩下的時間裡，還有更多礦商將填補等待產能。

This represents a doubling of our compute capacity and further increases our energy efficiency in under one year and will strongly extend our position as the leader in our industry.

這意味著我們的運算能力在不到一年的時間內翻了一番，並進一步提高了我們的能源效率，並將有力地鞏固我們作為行業領導者的地位。

While we will always be raising capital to continue growing our business, we currently have ample liquidity to fully fund the balance of our 58 cash growth target this year.

雖然我們將始終籌集資金以繼續發展我們的業務，但我們目前擁有充足的流動性，可以為今年 58 現金成長目標的餘額提供充足資金。

Q1 was a transformative quarter for Marathon during which we battled against operational challenges to produce record financial results.

第一季對 Marathon 來說是一個變革性的季度，在此期間，我們克服了營運挑戰，並取得了創紀錄的財務表現。

We launched and began building the pipeline of our first products, and we doubled the size of our portfolio of digital asset compute.

我們推出並開始建立第一批產品的管道，並將數位資產計算組合的規模擴大了一倍。

With 11 sites diversified across three continents and the road to 50 exash has clear ahead of us.

我們在三大洲擁有 11 個多元化站點，通往 50 exash 的道路已經清晰可見。

We look forward to evolving into and accelerate as a globally diversified company that leverages digital asset compute to build a more sustainable and inclusive future for all.

我們期待發展成為一家全球多元化公司，並加速發展，利用數位資產運算為所有人建立一個更永續和包容的未來。

And with that, I'll turn it back to Rob for Q&A.

接下來，我會將其轉回給 Rob 進行問答。

Rob spread.

羅布展開。

At this time, we are going to commence.

這時候，我們就要開始了。

The Q&A section of today's call will start by answering some of the most popular questions submitted by investors through our Q&A platform to our first question comes from Alexander M., who asks post having and what way that now are in a better position to stay profitable and grow compared to other mining companies.

今天電話會議的問答部分將首先回答投資者透過我們的問答平台提交的一些最常見的問題，我們的第一個問題來自 Alexander M.，他詢問帖子擁有以及現在如何才能更好地保持盈利與其他礦業公司相比，並有所成長。

Fred, you want to take that one?

弗雷德，你想拿那個嗎？

Sure.

當然。

On for a number of food by acquiring sites and vertically integrated integrating, we lower our cost structure.

在一些食品方面，我們透過收購場地和垂直整合整合，降低了我們的成本結構。

So essentially taking out the middleman, who was the third party hosting operator and taking out their margin, which in some cases can lower our cost by as much as 20%.

因此，從本質上講，去掉了中間商（即第三方託管運營商）並去掉了他們的利潤，在某些情況下，這可以將我們的成本降低多達 20%。

Additionally, the diversification of our revenue streams, technologies such as slip stream, which enhance our ability to earn transaction fees over and above what normal FPPS. pools earn provide us with abilities to in a lower bitcoin block subsidy world, such as post having generate generally greater revenues on a per block basis.

此外，我們收入來源的多樣化、滑流等技術增強了我們賺取高於正常 FPPS 的交易費用的能力。礦池的收入為我們提供了在比特幣區塊補貼較低的世界中的能力，例如在每個區塊的基礎上產生更大的收入。

So we believe we're very well positioned with our diversified revenue streams that we'll be developing over the coming years to be positioned to take advantage of whatever the market brings to us in the near and long term.

因此，我們相信，我們的多元化收入流處於非常有利的位置，我們將在未來幾年內開發這些收入流，以便能夠利用市場在短期和長期內為我們帶來的任何優勢。

Thanks.

謝謝。

Our next question and we had a couple of questions related to M&A department.

我們的下一個問題是，我們有幾個與併購部門相關的問題。

Interest asks is now looking for a merger or planning to buy out other miners in the short term?

興趣詢問現在是否正在尋求合併或計劃在短期內收購其他礦商？

Fred, you want to take that one as well?

弗雷德，你也想拿那個嗎？

Well, we've already shown the were acquiring hosting companies and the sites for capacity now to date, these have been mostly sites where we have miners installed currently.

好吧，我們已經展示了迄今為止正在收購的託管公司和站點的容量，這些站點主要是我們目前安裝了礦工的站點。

So it's a very easy integration.

所以這是一個非常容易的整合。

The challenge with integrating and acquiring miners that have their own fleets of miners is the age of miners that they have in their fleet.

整合和收購擁有自己的礦機隊的礦機面臨的挑戰是他們的礦機隊中的礦機的年齡。

Most companies today are still transitioning to the latest state of the art.

如今，大多數公司仍在向最新技術過渡。

That's 21 class of machines and maybe running S. 19 J. pros or even next piece.

那是 21 類機器，可能運行 S.19 J. pro 甚至下一個。

The challenge is if we were to acquire a miner today and attribute any value to their fleet of existing machines, especially if their machines were S. 19 J. Pro or older, that wouldn't be a very smart idea.

挑戰在於，如果我們今天要收購一台礦機，並將任何價值歸因於他們現有的機器群，特別是如果他們的機器是S.19 J. Pro 或更舊的機器，那將不是一個非常聰明的主意。

So essentially, as we acquire miners, you'll tend to find that pricing will be very focused on the infrastructure value as opposed to the miners that are installed, unless of course, they have state-of-the-art miners installed at which point you can value them at their replacement costs.

因此，本質上，當我們收購礦機時，您往往會發現定價將非常關注基礎設施價值，而不是安裝的礦機價值，當然，除非他們安裝了最先進的礦機您可以根據重置成本對它們進行估價。

But I think typically most publicly traded miners have valuations which exceed essentially the cost to rebuild that infrastructure.

但我認為大多數公開交易的礦商的估值基本上都超過了重建基礎設施的成本。

And it comes down to a question of time to revenues and what is it worth for you to acquire a reminder that has capacity running and miners installed versus building it yourself?

這歸結為收入的時間問題，與您自己建造相比，獲得一個已運行容量並安裝了礦工的提醒器對您來說值多少錢？

And how much extra do you want to pay for that time tomorrow.

明天那段時間您想額外支付多少費用？

Thanks, Brad.

謝謝，布拉德。

Our next question comes from rose on you who asks what's the status of your open ATM?

我們的下一個問題來自rose on you，他問你的開放式ATM 機的狀態如何？

And do you think this is the reason that Mara has not been tracking the price of bitcoin.

而你認為這就是瑪拉一直沒有追蹤比特幣價格的原因嗎？

Simon, I think this one's for you.

西蒙，我想這個適合你。

Thank you for asking the question, Roger, in Q1, there was a general rotation out of minors and into the recently launched ETFs.

羅傑，謝謝您提出這個問題，在第一季度，未成年人進行了全面輪換，轉向了最近推出的 ETF。

We believe the top-performing miners will see price appreciation as the investors see the results similar to other industries like oil and gold ETFs have their own position in the value chain, while oil and gold companies create value for their stockholders and generally track the commodity price of premium on top of the commodity price.

我們認為，表現最好的礦商將看到價格升值，因為投資者看到的結果與其他行業類似，例如石油和黃金ETF 在價值鏈中擁有自己的位置，而石油和黃金公司為其股東創造價值並通常追蹤大宗商品商品價格之上的溢價價格。

In terms of the ATM.

就ATM而言。

As of March 31, 2024, we had not access the new ATM and subsequently, we raised about 200 million.

截至2024年3月31日，我們還沒有使用新的ATM，隨後我們籌集了約2億美元。

As a reminder, the ATM gives us low cost of capital to invest in accretive acquisitions or grow the company as we continue to use bitcoin to fund our operating costs and G&A and so on.

提醒一下，ATM 為我們提供了較低的資本成本來投資增值收購或發展公司，因為我們繼續使用比特幣來支付我們的營運成本和一般管理費用等。

I think the next one three is for you as well, Orlando, C asks, what's your current breakeven for Bitcoin?

我想下一個三也適合你，奧蘭多，C 問道，你目前的比特幣損益平衡點是多少？

You want to take that one?

你想拿走那個嗎？

Great question.

很好的問題。

And there seems to be a lot of diversity in the industry in terms of and how the companies report their costs and where is it parked and all that stuff?

該行業在公司報告成本的方式以及成本存放在哪裡等方面似乎存在很大的多樣性？

So it's a difficult question to answer in terms of the apples to apples comparison.

因此，就同類比較而言，這是一個很難回答的問題。

So with that in mind, you could typically you could look at multiple ways.

因此，考慮到這一點，您通常可以考慮多種方式。

One is marginal cost of revenue without depreciation, which is cost of revenue minus depreciation, non-cash items, and that's one way of doing it.

一是不計折舊的邊際收入成本，即收入成本減去折舊、非現金項目，這是實現這一目標的一種方法。

The other way of doing it is to look at cost per hash, which we believe is a better representation in this industry.

另一種方法是查看每個哈希的成本，我們認為這是該行業更好的代表性。

So cost for potash, as we talked about previously in our prepared remarks, we have improved about 16% or so.

因此，正如我們之前在準備好的發言中談到的那樣，鉀肥的成本已經提高了約 16% 左右。

And as we fully integrate these recently announced acquisitions.

隨著我們全面整合這些最近宣布的收購。

As Fred had mentioned, some of those acquisitions can be can save up to 20% on our across all these costs will continue to show up in the in the future quarters as the synergies kick in and we integrate these acquisitions completely.

正如弗雷德所提到的，隨著協同效應的發揮以及我們完全整合這些收購，其中一些收購可以為我們節省高達 20% 的成本，所有這些成本將在未來幾季繼續顯現。

As a reminder, our mining fleet remains the industry's one of the most efficient of its share, which would even get better and more efficient as we progress with time.

提醒一下，我們的採礦隊仍然是業內最高效的採礦隊之一，隨著時間的推移，我們的採礦隊甚至會變得更好、更有效率。

And we hit the 50 exercise towards the end of the year and that larger scale of Exa hashed, it will allow us to have to spread the fixed cost across the larger pool, which which on a unit basis will help make us even more efficient.

我們在年底進行了 50 次演習，並且進行了更大規模的 Exa 散列，這將使我們能夠將固定成本分攤到更大的池中，這在單位基礎上將有助於提高我們的效率。

Moreover, just a quick reminder.

此外，只是一個快速提醒。

Our G&A per hash or coin remains one of the lowest in the sector.

我們的每哈希值或代幣的管理費用仍然是該行業中最低的費用之一。

And that's that shows how efficiently the Company has operated historically.

這顯示了公司歷史上的營運效率。

Thanks, Tom.

謝謝，湯姆。

And our next question comes from Terry Peters, who asks what are your plans for increasing efficiency and reducing the recent downtime at several bitcoin mining facilities?

我們的下一個問題來自特里彼得斯（Terry Peters），他問你們有什麼計劃來提高效率並減少最近幾個比特幣採礦設施的停機時間？

Fred, good question, Jerry.

弗雷德，好問題，傑瑞。

So if you think about what happened in Q1.

所以如果你想想第一季發生的事情。

As I mentioned in my prior remarks, we had transformer issues at third party hosted sites and we had a utility line maintenance that was done that shut down one of our sites for a short period of time.

正如我在之前的評論中提到的，我們在第三方託管站點遇到了變壓器問題，並且我們進行了公用事業線路維護，導致我們的一個站點短暫關閉。

And then we had weather events.

然後我們遇到了天氣事件。

All of these are exogenous factors.

這些都是外在因素。

If you think about when you own and operate sites, you'd look to do things like standardized equipment across sites.

如果您考慮何時擁有和營運站點，您會希望在站點之間進行標準化設備之類的事情。

So you have standard operating procedures.

所以你有標準的操作程序。

You also have spare parts for everything you're doing.

您還擁有適合您所做的一切的備用零件。

One of the challenges with the Ellendale site were transformer issues where some of the transformers that were installed could not operate at their stated spec.

埃倫代爾站點面臨的挑戰之一是變壓器問題，其中安裝的一些變壓器無法按照規定的規格運作。

And so as this transformer started to fail, they had to be replaced and or modified and had we built that site.

因此，當該變壓器開始出現故障時，必須更換和/或修改它們，並且我們必須建造該網站。

We most probably would not have used Chinese transformers, but rather transformers have higher quality that would operate within.

我們很可能不會使用中國變壓器，但變壓器品質更高，可以在其中運作。

So again, over time as more and more of the sites that we operate at come under our own control.

同樣，隨著時間的推移，我們運營的越來越多的站點受到我們自己的控制。

I think we'll see uptime continue to tick up and we'll see performance improve.

我認為我們會看到正常運行時間繼續增加，並且我們會看到效能提高。

And when you think about just operating efficiencies, again, stripping out the third party hosting provider dramatically impact your costs because you're stripping out some of these built-in margin.

當您只考慮營運效率時，再次剔除第三方託管提供者會極大地影響您的成本，因為您將剔除其中一些內建利潤。

And we also begin deploying our immersion technology to pick immersion technology does a number of things for one thing.

我們也開始部署我們的沉浸式技術來選擇沉浸式技術可以做很多事情。

It increases the essentially the lifespan of miners because these miners that traditionally would be air cooled and many sites essentially have to be serviced every 30 days.

它從本質上延長了礦機的使用壽命，因為這些礦機傳統上採用空氣冷卻，並且許多站點基本上必須每 30 天進行一次維護。

They have to be cleaned.

它們必須被清潔。

Filters have to be changed.

必須更換過濾器。

Fans have to be replaced and the mechanical load at the sites is higher using two-phase immersion.

必須更換風扇，並且使用兩相浸入式時現場的機械負載更高。

We don't have a lot of those issues.

我們沒有很多這樣的問題。

We have immersion systems that have run for months without having to be serviced at all.

我們的沉浸式系統已運作數月而無需維修。

And so that reduces the overhead at the site, which reduces your operating costs, makes you more efficient increases uptime and the other advantage with to pick Immersion is that you become fairly <unk> immune from heat waves because at the end of the day, the liquid in this tank is boiling, which basically said it's likely to be hotter in the tank than the ambient temperature would be.

這樣可以降低網站上的開銷，從而降低您的營運成本，使您更有效地增加正常運行時間，而挑選沉浸的另一個優勢是，您可以相當免受熱浪的影響，因為在一天結束時，該罐中的液體正在沸騰，這基本上表明罐中的液體可能比環境溫度更熱。

So that makes heat much less of an issue, especially in places like Texas and in the UAE, for example.

因此，這使得炎熱不再是一個問題，尤其是在德克薩斯州和阿聯酋等地。

And if you look at our site in UAE, that site operates with 99.8% uptime.

如果您查看我們在阿聯酋的網站，您會發現網站的正常運作時間為 99.8%。

And this is in an environment where the ambient temperature is over 100 degrees and humidity is well into the 90% range.

而且這是在環境溫度超過100度、濕度遠達90%的環境下進行的。

So I think that's a great example of how our sites operate more efficiently and more effectively when they're under our control.

因此，我認為這是一個很好的例子，說明我們的網站在我們的控制下如何更有效率地運作。

Thanks, Fred.

謝謝，弗雷德。

In the interest of time, I think we'll have to wrap up this section of the Q&A.

為了節省時間，我想我們必須結束這部分的問答。

And again, we really appreciate the questions and interest.

再次，我們非常感謝您的提問和興趣。

Now going to turn the call back to our operator to open the lines for questions from our covering analysts.

現在將電話轉回給我們的接線員，以解答我們的分析師的提問。

Felicia, back, do you think you will now be conducting a question-and-answer session, please?

Felicia，回來，您認為現在要進行問答環節嗎？

If you would like to ask a question, please press star one on your telephone keypad.

如果您想提問，請按電話鍵盤上的星號一。

A confirmation tone will indicate your line is in the question queue, you may press star two.

確認音將表示您的線路已在問題佇列中，您可以按星號二。

If you would like to remove your question from the queue For participants using speaker equipment.

如果您想從佇列中刪除您的問題 對於使用揚聲器裝置的參與者。

It may be necessary to pick up your handset before pressing the star key.

按星號鍵之前可能需要拿起聽筒。

One moment please while we poll for questions.

請稍等一下，我們將進行投票詢問問題。

Thank you.

謝謝。

Our first question comes from the line of Lucas Pipes with B. Riley Securities.

我們的第一個問題來自 Lucas Pipes 與 B. Riley Securities 的關係。

Please proceed with their question.

請繼續回答他們的問題。

Thank you very much, operator.

非常感謝您，接線生。

Good afternoon, everyone.

大家下午好。

Spread.

傳播.

My first question is on the on the pool performance you mentioned, I think you said 44% better.

我的第一個問題是關於你提到的池性能，我認為你說好 44%。

To what extent was this chance versus you being able to pick off on kind of above average on rewards.

與你能夠獲得高於平均的獎勵相比，這個機會在多大程度上是可行的？

Thank you very much for for that.

對此非常感謝。

Yes.

是的。

So over the past week period, which that number comes from, it's about 40 point something percent, about 44%.

所以在過去一周，這個數字的來源，大約是 40 個百分點，大約 44%。

But there were certain transactions that had very high IPs.

但有些交易的 IP 非常高。

And at the end of the day, you have to win the block to get paid the transactions.

最終，你必須贏得區塊才能獲得交易報酬。

But what slipstream enables us to do is essentially and generate additional fees on top of the standard fees that the pool otherwise would earn.

但滑流使我們能夠做的本質上是在礦池本來可以賺取的標準費用之外產生額外的費用。

And so even if you look over longer periods of time, whether it's October through May, October of last year through May and a pool has performed amongst the top pools from an average fee structure.

因此，即使您觀察更長的時間段，無論是 10 月到 5 月，還是去年 10 月到 5 月，從平均費用結構來看，某個池的表現已躋身前列。

A way to look at it is if you were to optimally fill a block with the highest-value transactions that would be an index of zero.

看待它的一種方法是，如果您要以最佳方式用索引為零的最高價值交易填充一個區塊。

And then how did a pool perform against that with blocks?

那麼礦池與區塊相比表現如何呢？

And most of the FPPS. pools operate at a minus 1% to 2%, sometimes 3% below the optimum where more appropriate to slipstream has been performing above that.

以及大部分 FPPS。池的運作溫度為負 1% 到 2%，有時比最佳值低 3%，而在該值之上更適合滑流運行。

And for the period.

並在此期間。

And really for the early part of this year to date, it's been almost 6%, 7% and sometimes higher than at PPS. pools that compete against.

事實上，今年年初至今，該比例幾乎達到了 6%、7%，有時甚至高於 PPS。與之競爭的礦池。

So this is an advantage that overtime made a decline as more people start trying to leverage the types of technologies.

因此，隨著越來越多的人開始嘗試利用這些技術，加班時間逐漸減少，這是一個優勢。

Now they're built into our pool.

現在它們已內建到我們的池中。

But this is the reason why having a vertically integrated tech stack is so important.

但這就是為什麼擁有垂直整合的技術堆疊如此重要的原因。

It allows us to do things that you can't when you're just buying best-of-breed technologies and putting it together and analogy, some people use when describing what we're doing is it's kind of the difference between the PC industry and the Apple ecosystem.

它使我們能夠做一些你在購買同類最佳技術並將其組合在一起時無法做到的事情，有些人在描述我們正在做的事情時使用的類比是，這是 PC 行業之間的區別以及蘋果生態系。

Apple is all vertically integrated from their own chips through their own software their own cloud services, et cetera, whereas the rest of the industry uses microprocessors from one vendor operating system from another vendor, graphics, et cetera, from other vendors.

蘋果公司都是透過自己的軟體、自己的雲端服務等從自己的晶片進行垂直集成，而行業的其他公司則使用來自一個供應商的微處理器、來自另一供應商的作業系統、來自其他供應商的圖形等。

So we believe a very tightly integrated tech stack allows you to operate large-scale digital asset compute in a much more efficient and optimized manner than just buying third party services and leveraging third-party pools.

因此，我們相信，與僅僅購買第三方服務和利用第三方池相比，非常緊密整合的技術堆疊可以讓您以更有效率、更優化的方式操作大規模數位資產計算。

I appreciate that.

我很感激。

Thank you, Fred.

謝謝你，弗雷德。

And from a modeling perspective, it would be too early to guide on an additional revenue on that or would you have yet to out?

從建模的角度來看，現在指導額外收入還為時過早，或者您還沒有這樣做嗎？

I think you could definitely work with Rob to look at the data.

我認為你絕對可以和 Rob 一起查看數據。

And you can actually just see this in your medical data space usually run reports for different periods of time.

實際上，您可以在醫療資料空間中看到這一點，通常會在不同時間段執行報告。

You can see how our pool fees have averaged compared to others.

您可以看到我們的池費與其他池池費相比的平均。

But I think that over time you have 2%, 3% would be a conservative estimate to use for modeling purposes.

但我認為隨著時間的推移，2%、3% 將是用於建模目的的保守估計。

And then there'll be times where tire and there may be times where we operate and sustain that PS tools.

有時我們會使用和維護 PS 工具。

But you have 2%, 3% on average should be fine, which over time becomes quite a large number of patients.

但平均有2%、3%應該沒問題，隨著時間的推移，患者數量會變得相當多。

Thank you, Fred.

謝謝你，弗雷德。

And at turning quickly to M&A, I know this has come up before, but where are you spending your energies right now and other more opportunities like the ones you've executed on recently in front of you.

在快速轉向併購時，我知道這個問題以前已經出現過，但你現在把精力花在哪裡了，以及其他更多的機會，例如你最近在你面前執行的機會。

I would appreciate your thoughts on that.

我很感激你對此的想法。

Sure.

當然。

So with the acquisitions we've already done we have capacity to get to our 50 extra hash goal by the end of this year.

因此，透過我們已經完成的收購，我們有能力在今年年底前實現額外 50 個哈希的目標。

And we obviously have the miners' inbound to fill that available capacity.

顯然，我們有礦工的入站來填補可用容量。

So as we look at acquisitions going forward, we believe that no, as I've said before, there's a mix of kind of third party hosting sites that may be attractive.

因此，當我們考慮未來的收購時，我們認為，正如我之前所說，多種第三方託管網站可能很有吸引力。

There's a mix potentially of sites where somebody has tied up power but hasn't fully built out the infrastructure.

可能存在多種站點，其中有人已經停電但尚未完全建造基礎設施。

And then there through greenfield where you're out talking to energy companies, solar project developers, wind project developers and trying to negotiate power deals and then having to build infrastructure from the ground up.

然後，透過綠地，你可以與能源公司、太陽能專案開發商、風能專案開發商交談，嘗試談判電力交易，然後必須從頭開始建造基礎設施。

So we're looking across all three of those buckets pretty equally.

因此，我們對這三個方面的研究相當平等。

We believe that this period post having now is going to be quite rich when it comes to M&A opportunities.

我們相信，就併購機會而言，現在這個時期將會非常豐富。

And we believe that, yes, there will be some great opportunities to acquire more capacity, but we don't think that there will be a shortage of compute.

我們相信，是的，將會有一些獲得更多容量的絕佳機會，但我們認為不會出現計算短缺。

We look at pricing in the marketplace and what we're seeing is more efficient rigs coming to market at essentially the same prices as they are now.

我們研究了市場的定價，發現更有效率的鑽孔機以與現在基本相同的價格進入市場。

And we don't see an additional buying wave now post halving of compute.

我們現在沒有看到計算減半後出現額外的購買浪潮。

So we think that that market will likely remained fairly stable with relatively easy access to on be able to buy more rigs.

因此，我們認為該市場可能會保持相當穩定，並且相對容易購買更多的鑽孔機。

And we continue to think that capacity.

我們繼續認為這種能力。

In other words, sites are that kind of the shortage and there's a lead time if you're going to build sites offer.

換句話說，網站就是那種短缺的東西，如果你要建立網站，就會有一個交貨時間。

So we think that as we look towards 2025 expansion because obviously we're not going to stop at the excess cash.

因此，我們認為，當我們展望 2025 年的擴張時，因為顯然我們不會止步於多餘的現金。

We look at 26, 27 towards the heavy in 28.

我們從 26、27 轉向 28。

We think that companies like Marathon where you have very large scale utility scale mining, if you would, combined with energy harvesting and technology SELLS provides you with a really robust and resilient business where you can weather ups and downs.

我們認為，像馬拉松這樣的公司，如果您願意的話，您擁有非常大規模的公用事業規模採礦，再加上能量收集和技術銷售，可以為您提供真正強大且有彈性的業務，讓您能夠經受住風風雨雨。

And then also you get the leverage of being able to continually operate a little bit better than everybody else.

然後你還可以獲得能夠持續比其他人做得更好一點的優勢。

That's the goal be the most efficient, most Optimiz operator.

這就是成為最有效率、最優化操作員的目標。

Okay.

好的。

This is helpful.

這很有幫助。

I want to turn it over to Fred to you and the team at that business.

我想把它交給弗雷德，交給你和該公司的團隊。

Thanks.

謝謝。

Joe Flynn, Compass Point

喬弗林《指南針點》

Guys.

夥計們。

Thanks for the question.

謝謝你的提問。

I had a question regarding the GE Capital acquisitions.

我有一個關於通用電氣資本收購的問題。

I was wondering how many megawatts of capacity is is currently hosted by legacy customers?

我想知道現有客戶目前託管了多少兆瓦的容量？

If you could provide more color ultimately the time time lines, have that freeing up that capacity?

如果您最終可以在時間軸中提供更多顏色，是否可以釋放該容量？

It transition itself and that will be yes.

它會自行轉變，這是肯定的。

So it's about 390 megawatts of total capacity, of which we already had somewhere around 180 ish megawatts that we were using.

因此，總容量約為 390 兆瓦，其中我們已經使用了約 180 兆瓦左右。

There's about 75 or 80 megawatts, which will be vacated by the end of June.

大約有75或80兆瓦，將於6月底騰空。

And then the balance we think shortly thereafter.

然後我們很快就會想到平衡。

So we think we'll have 100% utilization of that site for miners in Q3.

因此，我們認為第三季礦工對該站點的利用率將達到 100%。

Great.

偉大的。

And then on follow-up on odd kind of the power costs so cash costs look to be impacted just due to the uptime.

然後跟進奇怪的電力成本，因此現金成本看起來只是由於正常運行時間而受到影響。

But on going forward, how should we think about maybe just power costs from a cost per kilowatt hour basis and ultimately how owning your own infrastructure can layer in to lower those costs and how much improvement coming it has installed more efficiently?

但展望未來，我們應該如何考慮以每千瓦時成本為基礎的電力成本，以及最終如何擁有自己的基礎設施來降低這些成本，以及它可以更有效地安裝多少改進？

Sure.

當然。

So on if you look at the sites in Texas, where we can take advantage of a variety of programs to monetize energy.

如果您看看德克薩斯州的站點，我們可以利用各種計劃將能源貨幣化。

When we were using our sites that were operated by a third party, we didn't get the benefit of economic curtailment and power trading, which is something we now have the benefit of and we have actually reached on some very material gains on already in the first quarter from some of that activity.

當我們使用由第三方經營的站點時，我們沒有獲得經濟限制和電力交易的好處，而這是我們現在所受益的，並且我們實際上已經獲得了一些非常物質的收益第一季的一些活動。

But that's very opportunistic, depends on the temperature spikes, things that happened in the market that allow you to really benefit from that.

但這是非常機會主義的，取決於溫度高峰、市場上發生的事情，讓你真正從中受益。

The big chunk the big difference rather with owning sites versus using third party sites.

擁有網站與使用第三方網站的最大差異在於。

As you strip out this kind of upwards of $0.02 a kilowatt hour that the hosting provider was charging you, which was their way of covering their infrastructure costs, their operating costs, et cetera.

當您扣除託管提供者向您收取的每千瓦時 0.02 美元以上的費用時，這是他們支付基礎設施成本、營運成本等的方式。

And we believe we can operate sites that we own for somewhere between half a cent and $0.01 per kilowatt hour kind of depends on where where and what type of technology more immersion technology we have, the lower cost offered the site, as an example, when it comes to power prices.

我們相信，我們可以以每千瓦時0.5 美分到0.01 美元之間的價格運營我們擁有的站點，這取決於我們擁有的沉浸式技術越多，站點的成本越低，具體取決於地點和技術類型，例如，當涉及電價。

There's some wide ranges from PPAs that are in the sub $0.03 range to things that run upwards of $0.04 from somewhere in that range across the different sites.

不同站點的 PPA 範圍很廣，從低於 0.03 美元的範圍到高於 0.04 美元的範圍。

But the key savings from the shift from asset-light to <unk> owned and operated is stripping out that margin, the third party hosted providers.

但從輕資產轉向擁有和營運的關鍵節省是消除第三方託管提供者的利潤。

So you can imagine $0.01 to $0.015 a kilowatt hour reduction in your cost to mine pretty significant.

因此，您可以想像，每千瓦時採礦成本可大幅降低 0.01 至 0.015 美元。

Thanks

謝謝

Kevin DeDe. with H.C. Wainwright.

凱文·德德.與 H.C.溫賴特。

Yes, from Fred, Simon, thanks for having me on.

是的，弗雷德、西蒙，感謝您接受我的訪問。

Could you, Fred, maybe peel the onion back a little bit on power?

弗雷德，你能用電源把洋蔥剝一點嗎？

I know you moved some rigs from from Ellendale.

我知道你從埃倫代爾搬走了一些鑽孔機。

Could you give us your thinking on when you might be able to move rigs back on how you plan on building or filling out?

您能否告訴我們您對何時可以將鑽孔機移回您計劃的建造或填充方式的想法？

I think you have available capacity at the old January capital sites.

我認為舊的一月首都站點有可用容量。

Just give us some feeling for where you're going with power and how you'll be able to support 50 extra ASH this year so let me see if I understood your question properly.

請告訴我們您的電力用途以及今年您將如何支援 50 個額外 ASH，所以讓我看看我是否正確理解了您的問題。

So from a capacity perspective, it will be filling out a lot of the existing capacity over Q. three and a little bit into Q4 as well.

因此，從產能角度來看，第三季將填補大量現有產能，第四季也將填補少量產能。

I mean, as I said earlier to somebody's prior question, we should be seeing most of the hosted customers vacated some most of majority of the capacity really by end of this quarter and leading into a little bit into Q3.

我的意思是，正如我之前對某人之前的問題所說的那樣，我們應該會看到大多數託管客戶在本季度末並進入第三季度之前實際上已經騰出了大部分容量。

And we have a whole slew of miners coming into plug-in that are all state of the art S.

我們有一大批礦工正在使用插件，它們都是最先進的 S。

21 class machines on in the case of Ellendale power has we've been able to bring the site back up partially right now, it's operating at about 60%, 65%.

在 Ellendale 供電的情況下，21 級機器已啟動，我們現在已經能夠部分恢復站點，其運行速度約為 60%、65%。

It's max capacity in each week.

這是每週的最大容量。

A little bit more comes online as transformer fixes are made by applied on that site.

隨著變壓器修復透過該網站進行，更多內容上線。

And so far, we've been ahead of schedule there so we miners ready to go to plug in there.

到目前為止，我們已經提前到了那裡，所以我們礦工已經準備好去那裡充電了。

We moved 9m500 miners from Ellendale.

我們從 Ellendale 轉移了 9 公尺 500 名礦工。

The Garden City, just as a way to have the capacity was easy to make the move of the miners.

花園城市，只因為有能力才容易讓礦工搬家。

And so it made sense to do that.

所以這樣做是有道理的。

As Ellendale continues to come back online, we have machines ready to go plug in to take up those empty slots.

隨著埃倫代爾繼續恢復上線，我們已經準備好機器來插入以佔用這些空位。

So no change in power costs, if that's what you were asking for it in regards to power or if that was more related to energization gap and essentially the only the only site that we're really seeing a challenge from an energization perspective, it's just what's left to do at Ellendale, but that's progressing on a weekly basis as I mentioned, and that will be all backup on over the balance of the next coming months.

因此，電力成本沒有變化，如果這就是您在電力方面所要求的，或者如果這與通電差距更相關，並且本質上是我們從通電角度真正看到挑戰的唯一站點，那麼它只是埃倫代爾還剩下什麼要做，但正如我所提到的那樣，這每週都在進行，並將在接下來的幾個月中進行所有備份。

Well, the subtext of the question, Fred, apologies for not making it clear was I thought that there, the two sites that came with generate capital offer you flexibility and from adding capacity power capacity, I was just wondering how you were thinking about that and whether or not you thought you might might needed this year to reach 50%?

好吧，問題的潛台詞，弗雷德，很抱歉沒有說清楚，我認為，產生資本的兩個站點為您提供了靈活性，並且通過增加容量和電力容量，我只是想知道您是如何考慮的您是否認為今年可能需要達到50%？

No, we don't need to expand capacity at any sites.

不，我們不需要擴大任何站點的產能。

The capacity that we have that is energized people, if you would.

如果你願意的話，我們擁有的能力就是讓人充滿活力。

So no need for additional expansion covers up to 50 x ash.

因此無需額外擴展即可覆蓋高達 50 倍的灰燼。

So anything at the generated sites that would be an increase in site capacity would be additive and think of that as more a 2025 group outlook.

因此，在產生的網站上任何會增加網站容量的內容都將是累加性的，並將其視為 2025 年集團的展望。

One more if you let me, Fred, could you add a little color, please to your your energy harvesting theme and your history you've seen I'm you mentioned I've mentioned a couple of things on calls, but I'm not a not a ton of detail.

弗雷德，如果你讓我的話，你能在你的能量收集主題和你所看到的歷史中添加一點色彩嗎？很多細節。

Yes.

是的。

So on again, energy harvesting is taking essentially wasted or stranded energy, and that can come in multiple forms, right?

再說一遍，能量收集本質上是在獲取浪費或滯留的能量，並且可以有多種形式，對吧？

It can come in the form of methane coming off landfills.

它可以以垃圾掩埋場產生的甲烷的形式出現。

And we've talked about the pilots that we have running in Utah.

我們已經討論了我們在猶他州進行的試點。

In that regard.

在這方面。

You can also capture methane flare gas from oil fields, for example, and there is methane coming out of a variety of agricultural processes.

例如，您還可以從油田捕獲甲烷火炬氣，並且在各種農業過程中都會產生甲烷。

You obviously, dairy farming generates a lot of mature and you can take a lot of these safe, such as a bio waste of food processing plant, the essentially the waste that comes out of that, the stuff that comes out of ethanol, methanol manufacturing, which is all agricultural product base, you can take those based product and through anaerobic digesters, generate electricity with them you then use bitcoin miners to consume that electricity.

顯然，乳牛養殖會產生許多成熟的廢物，你可以採取很多安全的廢物，例如食品加工廠的生物廢物，本質上是從中產生的廢物，從乙醇、甲醇製造中產生的東西，這些都是農產品基地，你可以將這些農產品透過厭氧消化器發電，然後使用比特幣礦工消耗這些電力。

And then the heat generated by the miners can be fed back into the industrial process.

然後礦工產生的熱量可以回饋到工業過程中。

So in the case of ethanol and methanol manufacturing, the depreciate W. biomass that you're using to make ethanol on alcohol, for example, manufacturing, spirits, beer, et cetera.

因此，就乙醇和甲醇生產而言，用於生產酒精（例如製造業、烈酒、啤酒等）的乙醇的生物質會貶值。

You have to do similar things for the fermentation mass and in the case of agriculture, you'll find there's a lot of bio waste that can be used and you can generate heat and feed that back into things like greenhouses or shrimp farms, et cetera.

你必須對發酵物質做類似的事情，就農業而言，你會發現有很多可以利用的生物廢物，你可以產生熱量並將其反饋給溫室或養蝦場等。

So some heat reuse is very important.

所以一些熱量的再利用非常重要。

And you also have the simple use case of just heating buildings.

而且您還有隻為建築物供暖的簡單用例。

You can take electricity that normally is going to power a boiler and you can replace that boiler with are to pick technology with miners in it and you can generate hot water just the same.

你可以使用通常為鍋爐供電的電力，你可以用帶有礦工的技術來取代該鍋爐，你也可以同樣產生熱水。

Same amount of energy generates same type of water at similar cost.

相同數量的能源以相似的成本產生相同類型的水。

And so if for the building owner on if it's cost neutral to them or even a cost savings to them to deploy our solution versus the traditional boilers or a heating or even more importantly, if they're transitioning to electric heat from natural gas or oil as part of the energy transition, then they can get the benefit of having potential cost savings and we essentially get a situation where our cost to mine Bitcoin is free and long term, the benefit of energy harvesting is that the processing of the waste material and the sale of the heat back into an industrial process should hopefully mitigate 100% of your energy cost.

因此，對於建築物業主來說，與傳統鍋爐或暖氣相比，部署我們的解決方案對他們來說是否成本中立，甚至可以節省成本，更重要的是，如果他們正在從天然氣或石油過渡到電熱作為能源轉型的一部分，那麼他們可以獲得潛在成本節省的好處，我們基本上會得到這樣一種情況，即我們開採比特幣的成本是免費且長期的，能源收集的好處是廢料的處理和將熱量出售回工業流程可望降低100% 的能源成本。

And so the minute bitcoin has done for free.

比特幣免費的那一刻就是如此。

Now granted, these are smaller-scale sites, but some of these sites potentially are five to 20 megawatts and five, and you have the additional benefit that eventually if transmission lines were available, you could just sell the electricity you're generating.

現在，這些都是規模較小的站點，但其中一些站點可能有 5 至 20 兆瓦和 5 兆瓦，而且您還有額外的好處，即最終如果傳輸線路可用，您可以出售所產生的電力。

So we believe that as a way, to diversify our business, lower our costs, decentralize the mining of Bitcoin.

因此，我們相信，作為一種方式，可以使我們的業務多元化，降低成本，分散比特幣的開採。

And this is an important factor because with the halving you're going to see more and more concentration of bitcoin mining amongst the big miners, it's very important that you start to develop this long tail of bitcoin mining that I've talked about, where you essentially have hundreds of thousands, if not millions and things out there that are leveraging energy to mine bitcoin all to secure the Bitcoin, blockchain and process transactions because over time on large utility scale, miners will eventually come to a place where you can't get energy at utility scale at a lower cost than its cost to produce in those cases.

這是一個重要因素，因為隨著減半，您將看到比特幣挖礦越來越集中在大型礦工中，開始開發我談到的比特幣挖礦長尾非常重要，其中您基本上有數十萬，甚至數百萬的東西正在利用能源來開採比特幣，所有這些都是為了保護比特幣、區塊鏈和處理交易，因為隨著時間的推移，在大規模的公用事業規模上​​，礦工最終會到達一個可以開採比特幣的地方。

And if bitcoin price trends upward, but not as a accelerated pace then over the next four to eight years, potentially utility scale, mining will become a hub potentially a more challenging business.

如果比特幣價格呈上升趨勢，但不是加速上漲，那麼在未來四到八年裡，潛在的公用事業規模、採礦業將成為一個可能更具挑戰性的業務中心。

And so the combination of technology, the combination of using alternative energy sources, all of these things become really important to optimize your operations.

因此，技術的結合、替代能源的使用結合，所有這些對於優化您的營運都變得非常重要。

And our goal is to remain one of the lowest cost operators when we get to things having and be positioned to really continue to lead the industry well beyond the point where the block subsidies are the primary driver of revenues for Bitcoin mining.

我們的目標是，當我們達到目標時，仍然是成本最低的營運商之一，並定位於真正繼續引領產業，遠遠超出區塊補貼成為比特幣挖礦收入主要驅動力的階段。

John Todaro, Needham & Company.

約翰‧托達羅，李約瑟公司。

Great, thanks.

萬分感謝。

Thanks for taking my question here.

感謝您在這裡提出我的問題。

I guess, two, if you could just kind of remind us to the cadence of getting the 50 access by the end of 2024?

我想，第二，您能否提醒我們在 2024 年底之前獲得 50 個訪問權限的節奏？

And then second question, do you anticipate some DNA to kind of stay mostly flat from here?

然後是第二個問題，你是否預期一些 DNA 會從這裡開始保持基本平坦？

It sounded like there's still some hires you need to do, but just wondering if we could drill into that a bit more.

聽起來您還需要招募一些員工，但只是想知道我們是否可以進一步深入探討這一點。

And so I'll let Simon answer the G&A question.

因此，我將讓 Simon 回答一般管理費用問題。

But relative to the cadence of deployment and as I said before, capacity at the sites starts freeing up really at the end of this quarter and the early part of Q3, we have a large number of miners inbound to fill that capacity.

但相對於部署節奏，正如我之前所說，站點的容量在本季末和第三季初才真正開始釋放，我們有大量礦工湧入來填補該容量。

And then the balance of capacity growth will happen over the latter part of Q3 and into Q4 as we continue to grow, get Ellendale back on online fully and fill out the little nooks and crannies of capacity that exist out there at the same time, also upgrading some of the sites that we acquired from air to Immersion and doing things which will increase and efficiencies and increased uptime.

然後，隨著我們繼續成長，產能成長的平衡將在第三季後期和第四季發生，讓埃倫代爾完全恢復在線，並填補同時存在的產能的小角落和縫隙，將我們從空中獲得的一些站點升級為沉浸式站點，並採取一些措施來提高效率並增加正常運行時間。

And this is all before we start talking about the benefits of the conversion and what it can do from an overall cost perspective with minimal impacts to efficiency.

這就是我們開始討論轉換的好處以及它從總體成本角度可以做什麼並且對效率的影響最小之前的全部內容。

So I think longer term, these types of technologies are going to become really important because if you can over clock s 20 ones to the tune of 50% or 60%, and you can do it with a de minimus loss of efficiency, then you can save a lot of CapEx.

所以我認為從長遠來看，這些類型的技術將變得非常重要，因為如果你可以將20 個技術超頻到50% 或60%，並且你可以在效率損失極小的情況下做到這一點，那你可以節省大量的資本支出。

Our plus have the flexibility to over clock under clock, all depending on energy cost and Riquent price gives you a lot more flexibility and potential saves a lot of capital.

我們的 plus 可以靈活地在時鐘下超頻，這一切都取決於能源成本，而 Riquent 價格為您提供了更大的靈活性，並且有可能節省大量資金。

So we're very excited about kind of the impact of that on the longer term on, especially as we grow well beyond 50 extra cash at the end, it's here on the G&A on a for if you think about it from a cash G&A stock standpoint, excluding stock compensation, which is a non-cash item, we expect it to be flattish on a quarter-over-quarter basis.

因此，我們對這種影響的長期影響感到非常興奮，特別是當我們最終增長超過 50 美元的額外現金時，如果你從現金 G&A 股票的角度來考慮，它就在 G&A 上。不包括非現金項目的股票薪酬，我們預計其環比將持平。

Going forward from here, it's a quick reminder that on a unit basis, we continued to improve from here as we deploy more excess cash in the Company and spread that across that larger international.

從這裡開始，這快速提醒我們，在單位基礎上，我們繼續從這裡改進，因為我們在公司部署了更多多餘的現金，並將其分散到更大的國際市場。

Got it.

知道了。

Thanks Guys.

多謝你們。

Appreciate it.

欣賞它。

And thank you.

謝謝你。

Joe Flynn, Compass Point.

喬·弗林，《指南針點》。

I had a question.

我有一個問題。

I was wondering what the progress is on Aradigm's And also I'm probably talking about the Kevin latest and greatest as 21.

我想知道 Aradigm 的進展如何，而且我可能正在談論 21 歲的 Kevin 最新、最偉大的作品。

I am referring to the 17.5 Jost care after the most recent Pro Virgin words, 15 jobs cash?

我指的是17.5 Jost護理後最近的Pro Virgin的話，15工作現金？

Thanks.

謝謝。

Yes.

是的。

And so on Orthodyne, I'm not going to comment specifically on all the company's achievements because I'll let the management team to do that.

對於 Orthodyne，我不會具體評論公司的所有成就，因為我會讓管理團隊這樣做。

But what I will say is we are in the process of we'll be deploying Oridion in our two Phase immersion tanks.

但我要說的是，我們正在將 Oridion 部署在我們的兩個 Phase 浸沒池中。

We'll have essentially the ability to put almost 800 kilowatts of mining capacity in a eight foot container, which is a huge power density factor.

我們基本上有能力將近 800 千瓦的採礦能力放入一個 8 英尺的貨櫃中，這是一個巨大的功率密度因素。

And you can essentially take a what is today a home.

您基本上可以擁有今天的家。

If you look at our new A.

如果你看看我們的新 A.

Sites, we have essentially each 40 foot containers about one megawatt well, we can retrofit that container to dual phased immersion and up with 3.2 megawatts in that same form factor and at fairly low cost for the upgrade, same miners, just more of them and the ability to consume more power more power is available.

在站點上，我們基本上每個40 英尺的貨櫃大約有1 兆瓦的井，我們可以將該貨櫃改造為雙相浸入式，並以相同的外形尺寸升級到3.2 兆瓦，並且升級成本相當低，相同的礦工，只是更多，消耗更多電力的能力 可獲得更多電力。

So we believe that that's going to be a big differentiator going forward.

因此，我們相信這將成為未來的一大差異化因素。

The advantage with Paradyne's miners for us is a lot of the intelligence that's built into them regarding fleet management and like any and fabulous semiconductor company.

Paradyne 礦機對我們來說的優勢在於，它們內建了許多有關車隊管理的智慧功能，就像任何出色的半導體公司一樣。

Oridion is building wafer capacity with their vendors and continue to grow supply, and we'll continue to buy product from them as the supply chain increases.

Oridion 正在與他們的供應商一起建立晶圓產能並繼續增加供應，隨著供應鏈的增加，我們將繼續從他們那裡購買產品。

In regards to the bid main question, yes, there's a mix of pros and cons and the 17 joules per Terra hash.

關於出價的主要問題，是的，有利有弊，每個 Terra 哈希需要 17 焦耳。

The immersion version of the 21 does not come in a pro version, but the immersion version operates more efficiently than the air version.

21的沉浸版沒有專業版，但沉浸版比空氣版運作效率更高。

So kind of mitigates that to hopefully that answers your question.

這樣可以減輕這種情況，希望能回答你的問題。

Yes, appreciate the color.

是的，欣賞顏色。

Thank you.

謝謝。

Thank you.

謝謝。

As there are no further questions.

因為沒有其他問題了。

I'm going to turn the call back over to Rob Samuel for closing remarks.

我將把電話轉回羅布·塞繆爾（Rob Samuel）做結束語。

Thank you all for your time today.

感謝大家今天抽出時間。

If you have the questions that were not answered during today's call, please feel free to contact our Investor Relations team at ir dot Marriott.com. Thank you enjoy the rest of your day to infusions to these pillars, you may disconnect your lines at this time.

如果您的問題在今天的電話會議中未得到解答，請隨時透過 ir dot Marriott.com 聯絡我們的投資者關係團隊。感謝您在這一天剩下的時間裡享受對這些支柱的輸液，此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。