MARA Holdings Inc (MARA) 2024 Q2 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Welcome to MARA's second-quarter 2024 earnings webcast and conference call.

歡迎觀看 MARA 2024 年第二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, Daryll.

謝謝你，達裡爾。

Good afternoon, and welcome to MARA's second-quarter 2024 earnings call.

下午好，歡迎參加 MARA 2024 年第二季財報電話會議。

Thank you for joining us today.

感謝您今天加入我們。

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是我們的董事長兼執行長 Fred Thiel；以及我們的財務長薩爾曼汗。

Certain statements made during this call may be considered forward-looking statements within the meaning of the federal securities laws.

本次電話會議期間所做的某些陳述可能被視為聯邦證券法意義內的前瞻性陳述。

In particular, any statements about our future growth plans and performance, our liquidity position, our growth opportunities, and our future financial performance are forward-looking statements.

特別是，任何有關我們未來成長計畫和績效、流動性狀況、成長機會以及未來財務表現的陳述均屬於前瞻性陳述。

These statements are often identified by the use of words such as anticipate, believe, estimate, intend, design, may, plan, project, would, and similar expressions or variations.

這些陳述通常透過使用諸如預期、相信、估計、打算、設計、可能、計劃、項目、將以及類似表達或變體等詞語來識別。

Investors are cautioned not to place undue reliance on these forward-looking statements, for forward-looking statements made on today's call involve risks and uncertainties.

請投資人不要過度依賴這些前瞻性陳述，因為今天電話會議上發表的前瞻性陳述涉及風險和不確定性。

While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so, except to the extent required by applicable law.

雖然我們可能選擇在未來某個時候更新這些前瞻性陳述，但我們目前無意這樣做，除非適用法律要求的範圍內。

Our actual results and outcomes may differ materially from those included in these forward-looking statements as a result of various factors, including but not limited to, the factors discussed under the heading Risk Factors in our most recent annual report on Form 10-K and any other periodic reports that we may file with the SEC.

由於各種因素，包括但不限於我們最近的 10-K 表格年度報告中風險因素標題下討論的因素，我們的實際結果和成果可能與這些前瞻性陳述中包含的結果存在重大差異。 SEC 提交的任何其他定期報告。

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。

MARA believes these non-GAAP financial measures are important indicators of its operating performance because they exclude certain items that we do not believe directly reflect our core operations and may not be indicative of our recurring operations.

MARA 認為，這些非公認會計準則財務指標是其經營績效的重要指標，因為它們排除了我們認為不直接反映我們核心業務且可能不代表我們經常性業務的某些項目。

Please refer to the earnings release for a full reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures.

請參閱收益發布，以了解這些非公認會計原則財務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 Salman.

像往常一樣，我們將以弗雷德和薩爾曼準備好的演講開始今天的電話會議。

After their comments, we will go 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 on the way, I'm going to turn the call over to Fred to kick things off.

接下來，我將把電話轉給弗雷德，讓事情開始。

Fred?

弗雷德？

Thank you, Rob, and thank you, everybody, for joining us.

謝謝你，羅布，也謝謝大家加入我們。

Today, I'm going to discuss our second-quarter results and provide some insights into our newly launched business teams.

今天，我將討論我們第二季的業績，並對我們新成立的業務團隊提供一些見解。

In Q2, we celebrated several key achievements that highlight our innovative and strategic initiatives.

在第二季度，我們慶祝了幾項關鍵成就，這些成就突顯了我們的創新和策略舉措。

We completed the successful acquisition and closing of our Garden City data center in Texas, increased our 2024 hash rate target to 50 exahash, signed a significant partnership with the government of Kenya aimed at developing underutilized energy assets, and to fund further development of the electrical grid and boost local economic growth.

我們成功收購並關閉了德州花園城資料中心，將2024 年哈希率目標提高到50 exahash，與肯亞政府簽署了重要合作夥伴關係，旨在開發未充分利用的能源資產，並為電力的進一步開發提供資金電網建設，帶動地方經濟發展。

Began to diversify our revenues through the successful launch of MARA's Kaspa mining operations, launched a pilot heating project in Finland leveraging digital asset compute to offer an efficient and low-cost alternative to district heating by converting clean energy into heat directly on-site while reducing carbon emissions for the district by avoidance of wood pallet and biomass burning source of energy.

透過成功啟動MARA 的Kaspa 採礦業務，開始實現收入多元化，在芬蘭啟動了一個試點供暖項目，利用數位資產計算，透過在現場直接將清潔能源轉化為熱量，同時減少熱量消耗，為區域供暖提供高效、低成本的替代方案透過避免木托盤和生物質燃燒能源來減少該地區的碳排放。

Continued to increase capacity, reaching an all-time installed hash rate of 31.5 exahash through the deployment of 15,000 new miners with the energy efficiency of 17 joules per terahash.

繼續增加容量，透過部署 15,000 台新礦機，達到 31.5 exahash 的歷史安裝哈希率，能源效率為每 terahash 17 焦耳。

Organized MARA into strategic business teams with the focus on pushing responsibility and authority as far down in the organization as possible for diversification and growth.

將 MARA 組成策略業務團隊，重點是將責任和權力盡可能下放到組織中，以實現多元化和成長。

These accomplishments demonstrate our dedication to innovation, sustainable growth, and a long-term vision that leverages digital asset compute to transform the energy industry and enable a speedier energy transformation.

這些成就體現了我們對創新、永續成長的奉獻精神，以及利用數位資產運算改變能源產業並實現更快能源轉型的長期願景。

As I discussed during our last call, we are beginning to lay the foundation for MARA to become a globally diversified company that leverages digital asset compute to build a more sustainable and inclusive future.

正如我在上次電話會議中所討論的那樣，我們正在開始為 MARA 成為一家全球多元化公司奠定基礎，利用數位資產運算來建立更永續和包容的未來。

During the second quarter, we recognized -- sorry, we reorganized the internal structure of the business to better align our growth opportunities, sharpen our strategic focus, bolster accountability, and accelerate our speed and agility as we scale.

在第二季度，我們認識到——抱歉，我們重組了業務的內部結構，以更好地調整我們的成長機會，強化我們的策略重點，加強問責制，並在擴大規模時加快我們的速度和敏捷性。

MARA is now a streamlined organization consisting of three specialized business team: utility-scale mining, energy harvesting, and technology as well as support organizations.

MARA 現在是一個精簡的組織，由三個專業業務團隊組成：公用事業規模採礦、能源收集、技術以及支援組織。

Beginning this quarter, I'm going to organize my remarks around the specialties.

從本季開始，我將圍繞專業來組織我的發言。

Let's begin with utility-scale mining.

讓我們從公用事業規模的採礦開始。

This specialty is MARA's primarily known for today, large-scale digital asset compute focused on providing grid stability at scale and enhancing the viability of renewable energy projects in support of the energy transition.

這項專業是 MARA 今天主要以大規模數位資產計算而聞名，專注於提供大規模電網穩定性並增強再生能源項目的可行性，以支持能源轉型。

During the second quarter, our Bitcoin production was impacted by unexpected equipment failures and transmission line maintenance at the Ellendale site operated by Applied Digital, increased global hash rate, and result in network difficulty, and the April halving event.

第二季度，我們的比特幣生產受到Applied Digital營運的Ellendale站點意外設備故障和輸電線路維護、全球哈希率增加並導致網路困難以及四月份減半事件的影響。

That said, transformer issues in Ellendale were mitigated and remediated post quarter end, and our hash rate recovery effort is complete.

也就是說，艾倫代爾的變壓器問題在季度末後得到了緩解和修復，我們的哈希率恢復工作也已完成。

Furthermore, we grew our operational fleet by over 10% to approximately 250,000 miners and reached an overall operational hash rate of 30 exahash.

此外，我們的營運團隊成長了 10% 以上，達到約 25 萬名礦工，整體營運哈希率達到 30 exahash。

Our current fleet efficiency stands at 23.5 joules per terahash, and we expect this will continue -- this will improve through the remainder of the year as we deploy additional S21 Pros and immersion cooling.

我們目前的機隊效率為 23.5 焦耳/太赫哈希，我們預計這種情況將持續下去——隨著我們部署額外的 S21 Pro 和浸入式冷卻，這種情況將在今年剩餘時間內得到改善。

Turning to our newly acquired sites, in Garden City, Texas, since taking over the site, we improved our hash rate by 25% and completed airflow enhancements and electrical upgrades.

談到我們新收購的位於德克薩斯州花園城的站點，自接管該站點以來，我們將哈希率提高了 25%，並完成了氣流增強和電氣升級。

In Kearney, Nebraska, hash rate improved by almost 15% due to container upgrades and near completion of hosted customer exits.

在內布拉斯加州科爾尼，由於容器升級和託管客戶退出即將完成，哈希率提高了近 15%。

This site now operates almost entirely with MARA miners.

該站點現在幾乎完全由 MARA 礦工運營。

Lastly, we began construction of a heat recapture agricultural site, which we will discuss further at a later date.

最後，我們開始建造一個熱回收農業場地，我們將在稍後進一步討論。

In Granbury, when we took control from Hut 8 earlier this year, we inherited a site that was poorly maintained with flawed infrastructure that led to numerous electrical outages and low employee morale.

在格蘭伯里，當我們今年早些時候從 Hut 8 手中接管時，我們繼承了一個維護不善、基礎設施有缺陷的場地，導致多次停電和員工士氣低落。

In just a few months, our team has made significant progress fixing the infrastructure, resolving electrical outages, and making plans to enhance the sound wall.

在短短幾個月內，我們的團隊在修復基礎設施、解決停電問題以及製定增強隔音牆的計劃方面取得了重大進展。

We have also seen a notable uptick in employee satisfaction.

我們也看到員工滿意度顯著上升。

Work continues to upgrade the site with the installation of single-phase emergent containers, which should make up 50% of the infrastructure by year end.

現場升級工作仍在繼續，安裝單相緊急貨櫃，到年底應佔基礎設施的 50%。

We have also made good progress on transitioning hosted customers with an expectation of completing all transitions in Q3.

我們在託管客戶過渡方面也取得了良好進展，預計在第三季完成所有過渡。

Moving to our third-party hosted sites, we deployed software upgrades resulting in 20% increased efficiency of installed miners from 29 joules per terahash to 23 joules per terahash.

轉向我們的第三方託管站點，我們部署了軟體升級，使已安裝礦機的效率提高了 20%，從每 terahash 29 焦耳增加到每 terahash 23 焦耳。

By deploying software upgrades and purposely underclocking machines, we have been able to mitigate issues resulting from quality transformers while increasing efficiency and maintaining high uptime.

透過部署軟體升級並刻意對機器進行降頻，我們能夠緩解優質變壓器帶來的問題，同時提高效率並保持較高的正常運作時間。

We currently own and operate approximately 54% of the 1.1 gigawatts of power in our diversified portfolio of digital asset compute.

目前，我們擁有並經營多元化數位資產計算投資組合中 1.1 吉瓦電力的約 54%。

We will continue making owned and operated sites a greater percentage of our fleet over time and expect to see material cost savings as this occurs.

隨著時間的推移，我們將繼續使自有和運營的站點在我們的機隊中所佔的比例更大，並期望在這種情況下節省材料成本。

Longer term, our intention is to be amongst the lower-cost operators in the industry.

從長遠來看，我們的目標是成為業內成本較低的營運商之一。

We remain focused on delivering on our 50 exahash goal and continue to install and energize miners according to plan.

我們仍然專注於實現 50 exahash 的目標，並繼續按照計劃安裝和激勵礦工。

As we look to diversify our portfolio of digital asset compute, we announced that MARA is mining Kaspa, a proof of work digital asset.

當我們希望使我們的數位資產計算組合多樣化時，我們宣布 MARA 正在挖掘 Kaspa，這是一種工作量證明數位資產。

We currently mine roughly 9% of the global hash rate.

目前我們開採的哈希率約佔全球的 9%。

And once fully deployed, we expect the Kaspa will consume only 1% of our energy capacity or 11 megawatts, further highlighting the benefits of diversification.

一旦全面部署，我們預計 Kaspa 將僅消耗我們能源容量的 1%，即 11 兆瓦，這進一步凸顯了多元化的好處。

Furthermore, we continue to -- we currently mine Kaspa at 80% plus margins, which is highly accretive as those margin dollars can be used for everything from covering G&A to acquiring bitcoin in the open market.

此外，我們目前繼續以 80% 以上的利潤開採 Kaspa，這是高度增值的，因為這些保證金可用於從支付 G&A 到在公開市場購買比特幣等各種用途。

This brings me to the recent change in our high-level strategy.

這讓我想到了我們高層策略最近的變化。

We have long been advocating the bitcoin should be a strategic treasury asset for corporations and sovereigns.

我們長期以來一直主張比特幣應該成為企業和主權國家的戰略性財政資產。

In early 2021, MARA purchased $150 million of bitcoin, which formed the basis of our current HODL.

2021 年初，MARA 購買了 1.5 億美元的比特幣，這構成了我們目前 HODL 的基礎。

As market conditions changed in late '22, MARA began selling bitcoin from operations to cover operating expense.

隨著 22 世紀末市場狀況的變化，MARA 開始出售營運中的比特幣來支付營運費用。

Market conditions have since improved and regulatory pressures have eased as exemplified by the successful launch of bitcoin ETFs and increased institutional and sovereign investments in bitcoin.

此後，市場狀況有所改善，監管壓力也有所緩解，比特幣 ETF 的成功推出以及機構和主權對比特幣的投資增加就是例證。

Our recent announcement was opportune, given several statements from presidential candidates and Senator Lummis, signaling support for Bitcoin as a strategic reserve asset at the recent national conference.

鑑於總統候選人和參議員盧米斯在最近的全國會議上發表了幾份聲明，表明支持比特幣作為戰略儲備資產，我們最近的宣布是恰逢其時。

We continue to strongly advocate that corporations and sovereigns should hold bitcoin as a strategic reserve asset.

我們繼續強烈主張企業和主權國家應持有比特幣作為戰略儲備資產。

And we will make open market purchases of bitcoin opportunistically from time to time as our in-house digital asset trading desk takes advantage of dips in the market, such as our recent purchase of $100 million in bitcoin.

我們將不時在公開市場上機會性地購買比特幣，因為我們的內部數位資產交易部門將利用市場下跌的機會，例如我們最近購買了 1 億美元的比特幣。

Shifting to energy harvesting, its mission is to support the energy transformation by converting underutilized sources of energy, stranded clean energy, and environmentally harmful waste energy into economic value.

轉向能源收集，其使命是將未充分利用的能源、滯留的清潔能源和對環境有害的廢棄能源轉化為經濟價值，並支持能源轉型。

Additionally, we can eliminate redundant expense and waste associated with generating heat, leading to energy and cost savings and a more sustainable approach to energy use.

此外，我們可以消除與產生熱量相關的多餘費用和浪費，從而節省能源和成本，並採用更永續的能源使用方法。

In June, we announced the launch of a 2 megawatt pilot project in Finland to warm a town of 11,000 residents using digital asset computing.

6 月，我們宣佈在芬蘭啟動 2 兆瓦試點項目，利用數位資產計算為一座擁有 11,000 名居民的小鎮帶來溫暖。

I'm pleased to report that we've maintained over 98% uptime over the past 30 days and mined approximately 4.3 bitcoin in June and July, all while generating valuable heat for the community at a total energy use of less than what each home would have individually required.

我很高興地報告，在過去30 天裡，我們保持了超過98% 的正常運行時間，並在6 月和7 月開採了大約4.3 個比特幣，同時為社區產生了寶貴的熱量，總能源消耗低於每個家庭的能源消耗有個別需要的。

We plan to increase our heating capacity before the winter season by an additional 1.5 megawatts to the current pilot and start a new 1 megawatt pilot at another location.

我們計劃在冬季之前將供暖能力在當前試點的基礎上再增加 1.5 兆瓦，並在另一個地點啟動一個新的 1 兆瓦試點。

By year end, we expect our total capacity in Finland to reach over 4 megawatts or an equivalent of approximately 9,000 more finished homes.

到年底，我們預計芬蘭的總裝置容量將超過 4 兆瓦，相當於新增約 9,000 套成品住宅。

One distinctive aspect of our energy harvesting strategy is that unlike utility-scale mining where electricity is typically purchased from utilities at market prices, our energy harvesting projects typically benefit from subsidized power costs by utilizing recycled energy or unlocking stranded energy resources that lack grid interconnect.

我們的能源收集策略的一個獨特方面是，與通常以市場價格從公用事業公司購買電力的公用事業規模採礦不同，我們的能量收集專案通常透過利用回收能源或釋放缺乏電網互連的擱淺能源來受益於電力成本補貼。

This approach aims to substantially reduce our cost to mine over time, which is part of our goal towards achieving zero cost energy in the future.

這種方法旨在隨著時間的推移大幅降低我們的採礦成本，這是我們未來實現零成本能源目標的一部分。

As our energy harvesting business continues to grow, we expect to seek projects that have energy generation components with longer lives than traditional bitcoin mining sites, resulting in higher potential returns.

隨著我們的能量收集業務不斷增長，我們期望尋找具有比傳統比特幣礦場壽命更長的能源生成組件的項目，從而帶來更高的潛在回報。

Energy harvesting provides appealing opportunities for potential joint venture partners and infrastructure investors to collaborate with MARA and make a positive impact from the global energy landscape.

能量收集為潛在的合資夥伴和基礎設施投資者提供了誘人的機會，與 MARA 合作並對全球能源格局產生積極影響。

Turning to our technology business, the focus is on creating advanced technologies that transform digital infrastructure and enable AI and digital asset compute data center builders and operators to benefit from best-in-class cooling and power optimization strategy.

談到我們的技術業務，重點是創造先進的技術來改變數位基礎設施，並使人工智慧和數位資產計算資料中心建造者和營運商能夠從一流的冷卻和電源優化策略中受益。

Since its launch earlier this year, our 2PIC technology has received lots of positive attention, and we are actively working with OEMs, reseller partners, and end user customers on evaluations and potential orders for delivery later this year.

自今年稍早推出以來，我們的 2PIC 技術受到了廣泛的積極關注，我們正在與 OEM、經銷商合作夥伴和最終用戶客戶積極合作，進行評估並確定今年稍後交付的潛在訂單。

We have already begun using and deploying our own technology to improve the operations of our sites.

我們已經開始使用和部署我們自己的技術來改善我們網站的運作。

The development of our immersion technology will increase our uptime and stability and allow us to operate without curtailing due to heat or other weather-related issues that in the past may have impacted our air-cooled site.

我們浸入式技術的發展將增加我們的正常運行時間和穩定性，並使我們能夠在不因過去可能影響我們的風冷站點的高溫或其他天氣相關問題而導致運行中斷的情況下運行。

Over time, we expect the majority of our sites to be converted to immersion and our new build sites will be predominantly based on immersion.

隨著時間的推移，我們預計我們的大部分網站將轉變為沉浸式，而我們的新建置網站將主要基於沉浸式。

Together with our firmware, immersion will also help us to overclock and underclock with greater easing effect as well as provide the perfect complement to balance inference AI loads.

與我們的韌體一起，沉浸感還將幫助我們以更大的緩和效果進行超頻和降頻，並為平衡推理 AI 負載提供完美的補充。

We recently introduced a version of the tank that is designed specifically to be flexible to use for either bitcoin mining or AI.

我們最近推出了一款專為靈活用於比特幣挖礦或人工智慧而設計的坦克版本。

As a data center operator, this means that you can run bitcoin mining and if or when you want to move to HPC, the infrastructure does not need to change.

作為資料中心營運商，這意味著您可以運行比特幣挖礦，並且如果您想遷移到 HPC，則無需更改基礎架構。

We are optimistic about the conversations we're having with OEMs on the AI side as they like this concept since it allows their customers to deploy infrastructure and have it ready for AI while utilizing it to mine bitcoin in the near term.

我們對與人工智慧方面的原始設備製造商進行的對話感到樂觀，因為他們喜歡這個概念，因為它允許他們的客戶部署基礎設施並為人工智慧做好準備，同時在短期內利用它來開採比特幣。

Providing infrastructure to data centers is a long-term project and we expect to see revenues begin to scale in the next 18 to 24 months.

為資料中心提供基礎設施是一個長期項目，我們預計收入將在未來 18 至 24 個月內開始擴大。

In the mining space, we expect technology sales to grow incrementally as companies continue to build out and update their facilities with immersion technology.

在採礦領域，隨著公司繼續利用浸入式技術建造和更新其設施，我們預計技術銷售將逐步成長。

As previously stated, our long-term objective is for 50% of our revenue is to originate from non-utility scale mining, achieving this goal will take time that these new ventures are already showing progress.

如前所述，我們的長期目標是 50% 的收入來自非公用事業規模的採礦，而實現這一目標需要時間，因為這些新企業已經取得了進展。

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

我現在將把電話轉給薩爾曼，他將更詳細地討論我們的結果。

Salman?

薩勒曼？

Thank you, Fred.

謝謝你，弗雷德。

As Fred mentioned, our hash rate started to climb back up during the quarter as transformer issues at Ellendale started to improve and were subsequently resolved post quarter end.

正如 Fred 所提到的，隨著 Ellendale 的變壓器問題開始改善並隨後在季度末得到解決，我們的哈希率在本季度開始回升。

The Ellendale facility where we are hosted by Applied Digital is now fully back on track.

由 Applied Digital 託管的埃倫代爾工廠現已完全恢復正常。

During the quarter, despite increased deployment of miners and capacity a higher global hash rate resulting in increased network difficulty and lower bitcoin production due to April's halving events impacted our results.

在本季度，儘管礦工部署和容量有所增加，但全球哈希率較高，導致網路難度增加，並且由於四月份的減半事件影響了我們的業績，導致比特幣產量下降。

Let's dig into details.

讓我們深入了解細節。

Due to the unfavorable fair market value of digital assets and a decrease in bitcoin production due to the halving event in April, we reported a net loss of $200 million or $0.72 loss per diluted share in the quarter.

由於數位資產的公平市價不利，以及 4 月減半事件導致比特幣產量下降，我們報告本季淨虧損 2 億美元，即稀釋後每股虧損 0.72 美元。

This compares to a net loss of $9 million or $0.07 loss per diluted share in the second quarter of last year.

相較之下，去年第二季淨虧損 900 萬美元，攤薄後每股虧損 0.07 美元。

The average price of bitcoin was higher this quarter versus the same quarter last year.

本季比特幣的平均價格高於去年同期。

But the bitcoin price being lower than the price on the last day of the quarter of 2024 resulted in a significant loss on fair market value of our digital assets.

但比特幣價格低於 2024 年季度最後一天的價格，導致我們的數位資產公平市價出現重大損失。

The price of bitcoin deteriorated on June 30, 2024, versus March 31, 2024, resulting in a loss on digital assets of $148 million during the second quarter of 2024.

與 2024 年 3 月 31 日相比，比特幣價格在 2024 年 6 月 30 日下跌，導致 2024 年第二季數位資產損失 1.48 億美元。

The price of bitcoin after quarter end has recovered by roughly 6% as of July 30, and we expect this volatility to result in a temporary gain -- book gain or loss due to one of the largest bitcoin holdings in corporate America on our balance sheet.

截至7 月30 日，季度末後比特幣的價格已回升約6%，我們預計這種波動將帶來暫時的收益——帳面收益或損失，因為美國公司在我們的資產負債表上持有最多的比特幣。

I want to point out that if we combine our almost $490 million paper gain in the first quarter with our roughly $150 million paper loss in the second quarter, we are still up almost $340 million year to date.

我想指出的是，如果我們將第一季近 4.9 億美元的帳面收益與第二季約 1.5 億美元的帳面虧損相結合，那麼今年迄今我們仍增加了近 3.4 億美元。

As we continue to hold a larger number of bitcoin on our balance sheet with the recently announced HODL strategy, we expect the volatility in bitcoin price to impact our earnings to a larger extent.

隨著我們透過最近宣布的 HODL 策略繼續在資產負債表上持有大量比特幣，我們預計比特幣價格的波動將在更大程度上影響我們的收益。

For example, a $10,000 change in bitcoin price will result in over a $200 million impact in our earnings purity due to our large HODL position.

例如，由於我們持有大量 HODL 頭寸，比特幣價格變化 10,000 美元將導致我們的獲利純度受到超過 2 億美元的影響。

Revenue increased 78% to $145 million from $82 million in the second quarter of 2023, with the average price of bitcoin mined 136% higher this quarter than the prior-year period.

營收從 2023 年第二季的 8,200 萬美元成長 78% 至 1.45 億美元，本季開採的比特幣平均價格比去年同期上漲 136%。

The increase in revenue was primarily driven by $79 million increase in the average price of bitcoin, partially offset by $24 million impact due to lower bitcoin production.

收入的成長主要是由比特幣平均價格上漲 7,900 萬美元推動的，但部分被比特幣產量下降導致的 2,400 萬美元的影響所抵消。

We produced an average of 22.9 bitcoin each day during the quarter compared to 32.2 bitcoin each day in the prior year period.

本季我們平均每天生產 22.9 比特幣，而去年同期每天生產 32.2 比特幣。

The company produced 868 less bitcoin in the second quarter as compared to the prior-year period, primarily due to the halving, increased global hash rate, and the continued impact of unexpected equipment failures at third-party operated sites and transmission line maintenance, partially offset by an improvement in average operational hash rate.

與去年同期相比，該公司第二季度比特幣產量減少了 868 個，主要是由於減半、全球算力增加以及第三方營運站點意外設備故障和傳輸線路維護的持續影響，部分原因是平均運行哈希率的提高抵消了這一影響。

Subsequent to June 30, 2024, these issues were completely resolved,.

2024年6月30日後，這些問題已徹底解決。

We successfully integrated 590 megawatt of three operational sites in the last six months.

在過去六個月中，我們成功整合了三個營運站點的 590 兆瓦電力。

As a result of these acquisitions, we are temporarily providing hosting services to existing hosted customers.

由於這些收購，我們暫時向現有託管客戶提供託管服務。

The revenue we generated from hosting revenues was $9 million, which was not present a year ago.

我們從託管收入中獲得的收入為 900 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 of the 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，因為我們將與這些網站的現有租戶合作制定過渡計劃，並利用該空間來實現我們自己的成長。

Our hosting and energy costs were $86 million compared to $55 million last year.

我們的託管和能源成本為 8,600 萬美元，而去年為 5,500 萬美元。

The $31 million or approximately 55% increase was primarily driven by the growth in the company's hash rate from the deployment and energization of mining rigs in existing and new facilities, which increased hosting and energy costs compared to the prior-year period.

成長 3,100 萬美元，約 55%，主要是由於公司現有和新設施中礦機的部署和通電導致的算力增長，與上年同期相比，託管和能源成本增加。

Partially offsetting the increase was the impact of unexpected equipment failure and transmission line maintenance, which resulted in downtime that reduced hosting and energy costs.

意外設備故障和輸電線路維護的影響部分抵消了這一增長，這些故障導致停機，從而降低了託管和能源成本。

Our non-GAAP cost of revenue without depreciation has improved 19% from $50.4 per petahash per day in the second quarter of 2023 to $41 per petahash per day in the second quarter of 2024.

我們的不計折舊的非 GAAP 收入成本已從 2023 年第二季的每 Petahash 每天 50.4 美元下降到 2024 年第二季的每天每 Petahash 41 美元，下降了 19%。

Sequentially, we have improved this cost from $45.2 per petahash per day in Q1 of 2024 to $41 per petahash per day in Q2 of 2024, which reflects a 9% improvement in sequential quarters.

隨後，我們將該成本從 2024 年第一季的每 Petahash 每天 45.2 美元提高到 2024 年第二季的每 Petahash 每天 41 美元，這反映出比連續幾季提高了 9%。

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 capacity as we gear towards our 50 exahash goal, we expect our cost per petahash per day to improve at times.

隨著我們從最近宣布的收購中實現協同效應，重新啟動第三方託管網站的生產，並將固定成本分攤到更大的容量上，以實現50 exahash 的目標，我們預計每天每petahash 的成本有時會有所改善。

Depreciation and amortization was $88 million, a $51 million increase from the same quarter in the prior year.

折舊和攤提為 8,800 萬美元，比上年同期增加 5,100 萬美元。

The change was predominantly the result of deploying additional mining rigs since last year.

這項變更主要是自去年以來部署更多採礦設備的結果。

Our energize hash rate grew from 17.7 exahash to 31.5 exahash from the same period last year.

我們的 enerize 哈希率從去年同期的 17.7 exahash 成長到 31.5 exahash。

Our non-GAAP total margin, excluding depreciation and amortization, was $51 million this quarter compared to $27 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 5,100 萬美元，而去年同期為 2,700 萬美元。

The change was predominantly related to higher average bitcoin prices and increased operational efficiency.

這項變化主要與比特幣平均價格上漲和營運效率提高有關。

General and administrative expenses, excluding stock-based compensation, were $29 million compared with $15 million in the prior year period.

一般及行政費用（不含股票薪酬）為 2,900 萬美元，而去年同期為 1,500 萬美元。

This increase in expenses was primarily due to the increasing scale of the business and acquisitions, including payroll and benefits, professional fees, facility and equipment expenses, and other third-party costs associated with growth in the business.

費用增加主要是由於業務和收購規模不斷擴大，包括工資和福利、專業費用、設施和設備費用以及與業務成長相關的其他第三方成本。

Our headcount grew from 40 employees at end of Q2 last year to 109 employees at the end of Q2 of this year.

我們的員工人數從去年第二季末的 40 名員工增加到今年第二季末的 109 名員工。

As Fred mentioned earlier, we have structured the company in three distinct strategic business teams.

正如弗雷德之前提到的，我們將公司分為三個不同的策略業務團隊。

And we expect to continue funding diversified growth initiatives as we scale.

隨著規模的擴大，我們預計將繼續為多元化成長計畫提供資金。

Primarily due to an unfavorable fair value of digital assets and lower bitcoin production from the halving, we reported an adjusted EBITDA loss of $85 million compared to a gain of $36 million in the prior-year period.

主要由於數位資產的公允價值不利以及減半導致的比特幣產量下降，我們報告調整後的 EBITDA 損失為 8,500 萬美元，而去年同期為收益 3,600 萬美元。

As a reminder, these numbers include the fair value gain or loss on digital assets.

提醒一下，這些數字包括數位資產的公允價值損益。

Part of our treasury management strategy has involved partially selling bitcoin to cover operating expenses and then HODLing the remainder on our balance sheet.

我們的財務管理策略的一部分涉及部分出售比特幣以支付營運費用，然後將剩餘部分保留在我們的資產負債表上。

Last week, we announced a significant shift in our treasury policy and adopted a full HODL approach to retain all bitcoin going forward.

上週，我們宣布了財務政策的重大轉變，並採取了全面 HODL 的方式來保留所有比特幣。

In addition, we plan to periodically make strategic open-market purchases of bitcoin.

此外，我們計劃定期在公開市場上策略性地購買比特幣。

The adoption of this strategy reflects our confidence in the long-term value of bitcoin and our belief that it is the world's best treasury reserve asset.

這項策略的採用體現了我們對比特幣長期價值的信心以及我們對它是世界上最好的國庫儲備資產的信念。

In Q2 of this year, we increased our bitcoin holdings 7% from 17,320 to 18,488 bitcoin.

今年第二季度，我們將比特幣持有量增加了 7%，從 17,320 枚增加至 18,488 枚。

Subsequent to quarter end, we purchased $100 million worth of bitcoin and currently hold over 20,000 bitcoins on our balance sheet.

季度末後，我們購買了價值 1 億美元的比特幣，目前我們的資產負債表上持有超過 20,000 枚比特幣。

Digging more into our bitcoin holdings and cash position, unrestricted cash and cash equivalents totaled $256 million, up from $114 million a year ago.

進一步挖掘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 2.56 億美元，高於一年前的 1.14 億美元。

Also at June 30, we held approximately 18,488 bitcoins with a fair value of $1.2 billion on the balance sheet.

同樣截至 6 月 30 日，我們在資產負債表上持有約 18,488 個比特幣，公允價值為 12 億美元。

Combined, our balance of cash and bitcoin was approximately $1.4 billion as of June 30, 2024.

截至 2024 年 6 月 30 日，我們的現金和比特幣餘額總計約為 14 億美元。

We sold 1,048 bitcoin during Q2, realizing cash proceeds of $69 million.

我們在第二季度出售了 1,048 個比特幣，實現了 6,900 萬美元的現金收益。

These proceeds were utilized to fund operating expenses, including cost of revenues for energy hosting and other cash operating expenses and G&A.

這些收益用於資助營運費用，包括能源託管的收入成本以及其他現金營運費用和一般管理費用。

During the six months ended June 30, 2024, we purchased $16 million worth of bitcoin and subsequently announced adding $100 million worth of bitcoin purchases to our HODL position.

在截至 2024 年 6 月 30 日的六個月內，我們購買了價值 1,600 萬美元的比特幣，隨後宣佈在我們的 HODL 頭寸中增加價值 1 億美元的比特幣購買。

During the quarter, we raised $345 million from at-the-market equity sales, which we primarily intend to use for bitcoin purchases, miners, operating costs, acquisition of infrastructure, and other general corporate purposes.

本季度，我們透過市場股票銷售籌集了 3.45 億美元，主要用於購買比特幣、礦工、營運成本、基礎設施收購和其他一般公司用途。

We expect our future bitcoin holdings will generally increase due to our HODL strategy.

由於我們的 HODL 策略，我們預計未來的比特幣持有量將普遍增加。

We intend to add to our bitcoin holdings, primarily through our production activities and periodic open market purchases.

我們打算主要透過我們的生產活動和定期公開市場購買來增加我們的比特幣持有量。

As Fred mentioned earlier, the company recently introduced Kaspa to its digital asset compute portfolio.

正如 Fred 之前提到的，該公司最近將 Kaspa 引入其數位資產計算產品組合。

As of June 30, 2024, we held approximately $89 million Kaspa coins on our balance sheet.

截至 2024 年 6 月 30 日，我們的資產負債表上持有約 8,900 萬美元的 Kaspa 代幣。

The company intends to add to its cash flow holdings, primarily through its production activities.

該公司打算主要透過生產活動來增加其現金流量。

As of now, we infer significantly less cost to produce Kaspa in US dollar terms, which helps pay for our expenses and allows us to hold a larger amount of bitcoin on our balance sheet.

到目前為止，我們推斷以美元計算生產 Kaspa 的成本要低得多，這有助於支付我們的費用，並使我們能夠在資產負債表上持有更多的比特幣。

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, Salman.

謝謝，薩爾曼。

For MARA, bitcoin mining is a vehicle rather than the end destination.

對 MARA 來說，比特幣挖礦是一種工具，而不是最終目的地。

Unlike our Bitcoin mining peers, MARA is very focused on executing a long-term vision that leverages digital asset compute to transform the energy industry and enable a speedier energy transformation.

與我們的比特幣挖礦同行不同，MARA 非常注重執行長期願景，利用數位資產計算來改變能源產業並實現更快的能源轉型。

Over the past few years, the intersection of bitcoin mining and AI data centers has been at the forefront of our industry.

在過去的幾年裡，比特幣挖礦和人工智慧資料中心的交叉點一直處於我們行業的前沿。

While several of our competitors have announced their intentions to pivot parts of their business model to hosting and operating AI HPC, we have chosen to stay the course.

雖然我們的一些競爭對手已經宣布他們打算將部分業務模式轉向託管和經營 AI HPC，但我們選擇堅持到底。

However, don't take that to mean we're idly sitting by.

然而，不要認為這意味著我們無所事事。

We're constantly evaluating opportunities and looking for the right approach and entry point. while LLM's form the bulk of AI data center investments so far in the industry, AI at the edge will be the predominant application use case for AI.

我們不斷評估機會並尋找正確的方法和切入點。儘管法學碩士構成了該行業迄今為止人工智慧資料中心投資的大部分，但邊緣人工智慧將成為人工智慧的主要應用用例。

The majority of traffic in inference will not be human to machine, such as when you query your phone about where to find the best widget you're going to buy or how to write the best speech.

推理中的大部分流量都不是人機互動的，例如當您查詢手機以了解在哪裡可以找到您要購買的最佳小部件或如何編寫最佳演講時。

The predominant volume of inference AI will be machine-to-machine operated at the edge in oil fields, on jet planes, by telecoms of the base of telecom cell phone base stations, vehicle-to-vehicle communications networks, et cetera.

推理人工智慧的主要量將是在油田邊緣、噴射機上、透過電信手機基地台、車輛對車輛通訊網路等進行的機器對機器操作。

The challenge with inference AI is that it's an uneven load, not dissimilar to demand patterns on the grid, which vary throughout the day.

推理人工智慧的挑戰在於它的負載不均勻，與電網上的需求模式沒有什麼不同，後者整天都在變化。

The energy load on the compute varies as demand varies.

計算上的能源負載隨著需求的變化而改變。

Typically, these large sites that are operating predominantly inference AI have power purchase agreements and they need to consume a consistent amount of energy.

通常，這些主要運行推理人工智慧的大型站點都有電力購買協議，並且它們需要消耗穩定的能源量。

Bitcoin mining can act as a load balancer for inference AI, similar to how it does with the electrical grid due to its flexible and scalable use of curtailable compute.

比特幣挖礦可以充當推理人工智慧的負載平衡器，類似於它對電網的作用，因為它靈活且可擴展地使用可縮減計算。

It can be used to smooth out the energy load of the compute as demand varies throughout the day.

當需求全天變化時，它可用於平滑計算的能源負載。

During periods of low AI activity, excess energy can be redirected to digital asset compute, helping to maintain a more consistent energy consumption pattern which is more cost effective and efficient and preferred by utilities.

在人工智慧活動較少的時期，多餘的能源可以重新定向到數位資產計算，有助於保持更一致的能源消耗模式，更具成本效益和效率，受到公用事業公司的青睞。

We believe that co-locating AI with bitcoin mining is highly synergistic, especially when utilizing our technology where we can significantly overclock and undercover our miners in perfect synchronicity with the energy demands at the AI site.

我們相信，人工智慧與比特幣挖礦的共置是高度協同的，特別是在利用我們的技術時，我們可以顯著超頻並秘密挖掘我們的礦工，與人工智慧站點的能源需求完美同步。

This is just one example of the types of opportunities we're currently exploring.

這只是我們目前正在探索的機會類型的一個例子。

You won't see us purchasing GPUs and compute directly for a customer.

您不會看到我們直接為客戶購買 GPU 和運算。

As we develop greenfield sites, we may offer AI data center operators the opportunity to co-develop a site with us where we do the mining and they do the AI or we might build a data center and do the hosting.

當我們開發綠地站點時，我們可能會為人工智慧資料中心營運商提供與我們共同開發站點的機會，我們在那裡進行採礦，他們進行人工智慧，或者我們可以建立一個資料中心並進行託管。

Whichever path we choose to go down, we believe it is still too early in the cycle to be placing big bets.

無論我們選擇走哪條路，我們都認為在這個週期中下大賭注還為時過早。

There are already concerns with overbuilding and overinvesting.

人們已經擔心過度建設和過度投資。

M&A remains a high priority for us.

併購仍然是我們的重中之重。

We have a dedicated focus to go long capacity, which means a pipeline of greenfield power, partially developed power, acquiring additional power, or even a competitor.

我們專注於長期產能，這意味著綠地電力、部分開發電力、獲取額外電力甚至競爭對手的管道。

Our corporate development team of seasoned former energy M&A professionals is building a great pipeline of opportunities for us to execute on.

我們的企業發展團隊由經驗豐富的前能源併購專業人士組成，正在為我們建立大量的機會來執行。

We are not prepared to do a transaction for the sake of grabbing headlines or just to do a transaction.

我們不准備為了搶頭條而進行交易，或者只是為了進行交易。

If you look at the transactions that we have done historically, we've set the bar rather low in our cost per megawatt basis.

如果您查看我們歷史上完成的交易，您會發現我們在每兆瓦成本方面設定的標準相當低。

As these types of opportunities are presented to us, we will do our work, but will only pull the trigger on the right ones.

當這些類型的機會出現在我們面前時，我們將做好我們的工作，但只會扣動正確的機會。

In closing, I'm proud of the way our team performed this quarter.

最後，我對我們團隊本季的表現感到自豪。

We are past our operational challenges and we believe our 50 exahash goal by year end is in sight.

我們已經克服了營運挑戰，相信年底前 50 exahash 的目標就在眼前。

I'm a fan of Professor Scott Galloway, and a recent podcast that has really struck me.

我是斯科特·加洛韋教授的粉絲，最近的一個播客給我留下了深刻的印象。

He pointed out that in 1980, the most valuable companies in the world were energy companies.

他指出，1980年，世界上最有價值的公司是能源公司。

And today, the most valuable firms are tech companies.

如今，最有價值的公司是科技公司。

Moving forward, he argues, it's going to be the marriage of power and compute.

他認為，展望未來，這將是力量和計算的結合。

This is the future and we want to sit right in the middle of it.

這就是未來，我們希望坐在其中。

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。

(Event Instructions) The first question comes from John P, who asks, can you talk a little bit about your investment in Auradine and are you currently using any of their miners?

（活動說明）第一個問題來自John P，他問，您能談談您對Auradine的投資嗎？

Fred, do you want to take that one?

弗雷德，你想買那個嗎？

Sure.

當然。

So we've disclosed in the 10-Q orders and payments to Auradine for orders of machines and we believe the Auradine 3 nanometer miners, which will begin shipments towards the back half of this year and into next year, are amongst the best in the industry.

因此，我們在 10-Q 訂單和向 Auradine 支付的機器訂單中披露了這一情況，我們相信 Auradine 3 納米礦機將在今年下半年和明年開始發貨，是全球最好的礦機之一。行業。

In Nashville, they were demonstrating the 3 nanometer machines and getting a lot of very positive feedback from a number of miners who are evaluating currently.

在納許維爾，他們展示了 3 奈米機器，並從目前正在評估的許多礦工那裡獲得了很多非常積極的回饋。

And we believe that the Auradine miner potentially is a better choice and option due to its performance than the best MicroBT machines and a very strong competitor to Bitmain going forward.

我們相信，Auradine 礦機可能是更好的選擇，因為它的性能優於最佳的 MicroBT 機器，並且是比特大陸未來非常強大的競爭對手。

Great.

偉大的。

Our next question comes from Ian M, who asks, with the announcement of your 100% HODL strategy of mined bitcoin, how do you plan to fund continuing operations?

我們的下一個問題來自 Ian M，他問道，隨著你們宣布 100% HODL 開採比特幣策略，你們計劃如何為持續營運提供資金？

Salman, you want to take that?

薩爾曼，你想接受嗎？

Sure.

當然。

Thank you, Ian, for asking that question.

伊恩，謝謝你提出這個問題。

Look, this is not new to Marathon.

看，這對馬拉松來說並不新鮮。

MARA has bought $150 million worth of bitcoin in 2021 and has had full HODL strategy until we changed that last year.

MARA 在 2021 年購買了價值 1.5 億美元的比特幣，並一直採取全面的 HODL 策略，直到我們去年改變了這個策略。

So circling back to the strategy, this is not new MARA.

回到策略上來，這並不是 MARA 的新舉措。

Now in terms of how we plan to fund it, we have cash on the balance sheet and we have access to capital markets.

現在就我們計劃如何為其提供資金而言，我們的資產負債表上有現金，並且我們可以進入資本市場。

On top of that, in our prepared remarks, we talked about many other business initiatives that the MARA team has been diligently working on during this, year, and some of the examples that come to mind, for example, Kaspa, that Fred mentioned earlier is a very high margin compared to our current bitcoin operations.

除此之外，在我們準備好的發言中，我們談到了 MARA 團隊在這一年中一直在努力開展的許多其他業務計劃，以及我想到的一些例子，例如 Fred 之前提到的 Kaspa與我們目前的比特幣業務相比，這是一個非常高的利潤。

And that -- those kind of initiatives -- in addition to that, the technology businesses that we launched earlier this year will result in additional cash flows for us as we go -- more from here into -- in the next few quarters.

除此之外，我們今年稍早推出的技術業務將為我們帶來額外的現金流，從現在開始，我們將在接下來的幾季實現更多現金流。

Thanks, Salman.

謝謝，薩爾曼。

Our last question comes from David A, who asks, you have a number of really great initiatives ongoing.

我們的最後一個問題來自 David A，他問道，你們正在進行許多非常偉大的舉措。

When can we expect to get some more color on when they will begin to contribute to revenue and earnings?

我們什麼時候才能對它們何時開始為收入和盈利做出貢獻有更多的了解？

Fred, Salman, you guys want to take that?

弗雷德、薩爾曼，你們想接受嗎？

Sure.

當然。

I can take that.

我可以接受。

So listen, we're very focused on developing businesses that are resilient and businesses that have long-term growth potential.

所以聽著，我們非常注重發展有彈性的業務和具有長期成長潛力的業務。

And if you look at the synergies of energy harvesting together with our technology business, what you have is effectively a business that can begin to mine bitcoin at very low cost where you're not buying electricity off the grid as the majority of utility scale miners do.

如果你看看能量收集與我們的技術業務的協同效應，你所擁有的實際上是一家可以以非常低的成本開始開採比特幣的企業，而你不需要像大多數公用事業規模的礦工那樣從電網購買電力做。

The other thing we believe is we think that over time what is going to happen is you're going to see a movement of bitcoin mining into a lot of technologies related to energy storage, a lot of things related to energy generation, such as combination with residential, solar commercial, solar, et cetera.

我們相信的另一件事是，隨著時間的推移，將發生的事情是，您將看到比特幣挖礦轉向許多與能源儲存相關的技術，許多與能源產生相關的技術，例如組合包括住宅、太陽能商業、太陽能等。

And we're going to be playing a very active role in those businesses.

我們將在這些業務中發揮非常積極的作用。

So we feel the key to success here longer term is a diversified business where you're not just diversified geographically, which is why we're diversifying internationally, but also from a perspective of the use case of digital asset compute.

因此，我們認為，長期成功的關鍵是多元化的業務，不僅要在地域上多元化（這就是我們在國際上多元化的原因），還要從數位資產計算用例的角度來看。

So it's not just to mined bitcoin for balancing a grid, but it's also for heat offtake and other uses where bitcoin mining is simply a means to an end.

因此，開採比特幣不僅是為了平衡電網，還可以用於取熱和其他用途，而比特幣開採只是達到目的的手段。

And we're very excited about what we're doing there.

我們對在那裡所做的事情感到非常興奮。

And as we said earlier, our technology business, we think, is definitely going to give very good benefits, not just to us, but it will also be able to provide technology to other players in the mining business, but also around AI and around telecoms and other industries where we think a lot of that technology is going to shine.

正如我們之前所說，我們認為，我們的技術業務肯定會帶來非常好的效益，不僅為我們帶來好處，而且還能夠為採礦業務的其他參與者提供技術，而且還圍繞著人工智慧和其他領域提供技術。

So we're very excited about that.

所以我們對此感到非常興奮。

(Event Instructions)

（活動須知）

(Operators instructions) Reggie Smith, JPMorgan.

（操作員指示）Reggie Smith，摩根大通。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

I guess, you've talked about operational issues the last two quarters.

我想，您在過去兩個季度談到了營運問題。

And I was hoping -- I don't want to get too technical, but just can you explain, maybe in plain English, what exactly went wrong?

我希望──我不想太技術性，但你能用簡單的英文解釋一下到底出了什麼問題嗎？

How it was repaired?

是怎麼修復的呢？

I guess, what I'm really trying to get at is, I guess, the likelihood that that could happen again, either at that site or another site.

我想，我真正想要了解的是，我想，這種情況可能再次發生的可能性，無論是在該網站還是在另一個網站。

Just trying to understand a little bit better about what drove those issues.

只是想更了解導致這些問題的原因。

Thank you.

謝謝。

So if you look at the Ellendale site operated by Applied Digital, what you predominantly had were transformer issues where the transformers that had been supplied by the vendor did not operate just back when they were operated at over the long term.

因此，如果您查看 Applied Digital 運營的 Ellendale 站點，您會發現主要問題是變壓器問題，即供應商提供的變壓器在長期運行時無法正常運作。

And so you started to see failures.

所以你開始看到失敗。

And so the folks at Applied Digital did a heroic job of not just sourcing replacements, but also modifying the transformer such that they could be put back into service so they wouldn't have this issue again.

因此，Applied Digital 的工作人員做了一項英勇的工作，不僅採購了替代品，還修改了變壓器，使它們可以重新投入使用，這樣就不會再出現這個問題了。

There were also some transmission line maintenance issues, which again, is outside of their ability to control as -- or hosting partner's ability to control it.

還有一些輸電線路維護問題，這又超出了他們的控制能力或託管夥伴的控制能力。

That's done by the electrical utility.

這是由電力公司完成的。

So could it happen again?

那麼這種情況會再次發生嗎？

Once we became aware of these issues, we started looking at all our other sites to see what we could do to make sure that these types of issues wouldn't happen.

一旦我們意識到這些問題，我們就開始查看所有其他站點，看看我們可以採取哪些措施來確保這些類型的問題不會發生。

That's one of the reasons why in our prepared remarks, we talked about the fact that we were purposely underclocking miners at some of the third-party hosting sites so that we wouldn't strain the transformers and run a risk of this.

這就是為什麼在我們準備好的發言中，我們談到了這樣一個事實：我們故意在一些第三方託管站點對礦工進行降頻，這樣我們就不會給變壓器帶來壓力並冒這樣的風險。

So again, these are sites which we don't own and operate.

再說一次，這些網站不屬於我們所有和經營。

And so we have little control over the infrastructure that's there.

因此我們對那裡的基礎設施幾乎沒有控制權。

But we've been working very closely with the hosting partners to make sure we put in place strategies to mitigate the potential for this to happen again.

但我們一直在與託管合作夥伴密切合作，以確保我們制定適當的策略來減輕這種情況再次發生的可能性。

Understood.

明白了。

And I appreciate the color on your HPC kind of strategy and thinking.

我很欣賞你們 HPC 策略和思維的色彩。

I was curious and I know it's early days, you talked about some, I guess, different use cases at the edge.

我很好奇，我知道現在還為時過早，我猜你談到了一些不同的邊緣用例。

I guess, how do you evaluate or weigh the economics of mining versus maybe what you can earn doing some of that edge-type work?

我想，你如何評估或權衡採礦的經濟性與從事一些邊緣類型的工作可能獲得的收入？

Do you have a sense of the value of that work today (multiple speakers) on what basis -- you follow my question?

您對今天這項工作（多位發言者）的價值有感覺嗎？

Right.

正確的。

Yeah.

是的。

So again, as we said, we're not going to be the operator of the AI inference operating at the edge.

所以，正如我們所說，我們不會成為在邊緣運行的人工智慧推理的運營商。

If you just look at NVIDIA's roadmap for equipment, you'll see that they're quadrupling the power and throughput, if you would, of their technology over the next three generations in 24 months, which makes the technology transitions in the bitcoin industry look fairly benign.

如果你只看NVIDIA 的設備路線圖，你會發現他們在接下來的三代技術中，在24 個月內將其技術的功率和吞吐量翻了兩番，這使得比特幣行業的技術轉型看起來相當良性。

So we definitely don't want to be in what is a hugely more CapEx-intensive business.

因此，我們絕對不想從事資本支出極為密集的業務。

That being said, we do want to be a provider of infrastructure for people in this business.

話雖這麼說，我們確實希望成為這個行業的基礎設施提供者。

And if you look at our emerging technology, you look at our cooling technology, it is specifically designed for use in these areas.

如果你看看我們的新興技術，你看看我們的冷卻技術，它是專門為這些領域的使用而設計的。

And if you look at the sheer amount of infrastructure spending that is going to go in to all of these inference data centers, especially inference at the edge, it is an ideal market for us to sell immersion and cooling technology to and there are very interesting opportunities to partner with people who are building bundled solutions that include the GPU, et cetera.

如果你看看將進入所有這些推理資料中心的基礎設施支出的絕對數額，特別是邊緣推理，這是我們向其銷售沉浸式和冷卻技術的理想市場，並且有非常有趣的市場與正在構建包括GPU等在內的捆綁解決方案的人員合作的機會。

And we're just going to be a vendor to them.

我們只是成為他們的供應商。

We think that is the best way for us to play in that marketplace.

我們認為這是我們在該市場中發揮作用的最佳方式。

I don't believe that bitcoin miners should really be in the business of doing operating AI.

我認為比特幣礦工不應該真正從事操作人工智慧的業務。

They can be in the business of hosting AI, if they feel they want to build that infrastructure.

如果他們覺得自己想要建立人工智慧基礎設施，他們可以從事託管人工智慧的業務。

But the real future is around containerized immersion-based infrastructure at the edge.

但真正的未來是圍繞著邊緣的容器化沉浸式基礎設施。

And that's really where we're going to play in that area.

這確實是我們要在該領域發揮作用的地方。

Now when you look at running inference AI data centers of larger scale, we believe there's a great synergy between bitcoin mining in the IT and data center because of the electrical load variances in inference and the perfect synergy with bitcoin mining there.

現在，當您考慮運行更大規模的推理人工智慧資料中心時，我們相信IT 和資料中心的比特幣挖掘之間存在巨大的協同作用，因為推理中的電力負載差異以及與比特幣挖掘的完美協同作用。

So we will partner with data center operators on that.

因此，我們將在這方面與資料中心營運商合作。

But again, we don't want to be the operator of the AI.

但同樣，我們不想成為人工智慧的經營者。

We don't want to own the compute load because we are so early in the technology cycles here that the CapEx spend in that industry is going to make the CapEx spend in the bitcoin mining industry look fairly small.

我們不想擁有計算負載，因為我們處於技術週期的早期，該行業的資本支出將使比特幣採礦業的資本支出看起來相當小。

A data center for AI on costs over $12 million of megawatt today.

如今，人工智慧資料中心的耗電量超過 1,200 萬美元兆瓦。

And in the bitcoin mining space, you're looking at $1 million megawatt.

在比特幣挖礦領域，您所看到的價值為 100 萬兆瓦。

So we believe it's an industry where it's better to be a fast follower and to be an infrastructure provider.

因此，我們相信，在這個行業中，最好是成為快速追隨者並成為基礎設施提供者。

And by being an infrastructure provider, you could partner with the people who are the leaders in the industry and you can learn and you can see exactly where you can benefit from it.

透過成為基礎設施提供者，您可以與行業領導者合作，您可以學習，並且可以準確地看到可以從中受益的地方。

Tyler DiMatteo, BTIG.

泰勒·迪馬特奧，BTIG。

Yeah.

是的。

Hi, everyone.

大家好。

Good afternoon and thanks for taking the question.

下午好，感謝您提出問題。

Really appreciate it.

真的很感激。

Fred, I'm curious.

弗雷德，我很好奇。

I'm following the rationale for the three business units is streamlining and breaking it out.

我遵循的三個業務部門的基本原理是精簡和分解。

I guess, what I'm wondering though is how do you think about deploying capital among the various units?

我想，我想知道的是，您如何看待在各個部門之間部署資本？

And I guess what goes into that decision in your mind?

我猜你的這個決定是出於什麼考量？

And then my follow-up question here is that you put some notes in the prepared remarks on the speed and the agility.

然後我的後續問題是，您在準備好的評論中添加了一些關於速度和敏捷性的註釋。

I'm also curious beyond the capital part of the equation for the three units.

除了三個單位的等式的大寫部分之外，我也很好奇。

How do you think about being flexible among deploying other general resources, whether that be personnel?

您如何看待在部署其他一般資源（無論是人員）方面的靈活性？

What have you among the various units?

各單位裡你有什麼？

Any color there?

那裡有什麼顏色嗎？

Sure.

當然。

So you're familiar with the matrix organization, because that's the way most investment banks operate today, you have teams that do different things.

所以你熟悉矩陣組織，因為這是當今大多數投資銀行的運作方式，你有做不同事情的團隊。

And you'll notice in our remarks, we're talking about business teams.

您會注意到，在我們的演講中，我們談論的是業務團隊。

So the groups that are actually factoring the business that are out there, winning the business that are out there, delivery on the business are divided up into teams of specialists who were able to go and execute these transactions, execute the projects.

因此，實際上負責考慮現有業務、贏得現有業務、交付業務的團隊被分成能夠執行這些交易、執行專案的專家團隊。

The support organizations, finance, communications, HR, IT, et cetera, are centralized functions that support the various business teams and their purposes.

支援組織（財務、通訊、人力資源、IT 等）是支援各個業務團隊及其目標的集中職能。

So in very traditional matrix organization, the goal is to not have redundant infrastructure or redundant support people would rather be able to benefit from being able to have specialized teams.

因此，在非常傳統的矩陣組織中，目標是沒有冗餘的基礎設施或冗餘的支持，人們寧願能夠從擁有專業團隊中受益。

Like a football team, you have especially units, special teams that do special things.

就像一支足球隊一樣，你有特殊的單位、特殊的團隊來做特殊的事情。

That's how we look at the business.

這就是我們看待業務的方式。

Utility scale mining is a very well understood, very easy business to operate.

公用事業規模採礦是一項非常容易理解、非常容易操作的業務。

You have swap teams doing O&M.

你有交換團隊進行維運。

You have business development doing acquisition.

您有業務開發正在進行收購。

You have operations folks running NOCs and running the actual sites.

您有營運人員運行 NOC 並運行實際站點。

In the case of energy harvesting, a lot of them are one-off projects and they started pilots and then they grow.

就能量收集而言，很多都是一次性項目，他們開始試點，然後不斷發展。

And so you have to have the specialized project team that doing and do those.

因此，您必須擁有專門的專案團隊來完成這些工作。

If you tried to do that in a traditional siloed organization, it would be very difficult.

如果你試圖在傳統的孤立組織中做到這一點，那將非常困難。

You wouldn't be able to do it quickly.

你不可能很快就做到這一點。

And more importantly, you would lose the benefit of the specialized knowledge.

更重要的是，您將失去專業知識的好處。

And so we're able to, for example, move very quickly in deploying these sites.

因此，我們能夠非常快速地部署這些站點。

We do a test.

我們做一個測試。

We do a pilot.

我們做了一個試點。

We figure out how we're going to do it, and then we can scale it.

我們弄清楚如何去做，然後我們就可以擴展它。

From a CapEx perspective, where it becomes interesting is, on the energy harvesting side, you have an opportunity to bring in co-investors on the energy generation assets.

從資本支出的角度來看，有趣的是，在能源收集方面，您有機會引入能源發電資產的共同投資者。

And that lowers your CapEx need for the overall project from a specific Marathon perspective.

從特定的 Marathon 角度來看，這降低了整個專案的資本支出需求。

The other benefit you have is that a lot of the energy harvesting projects, the actual cost of electricity is subsidized.

您獲得的另一個好處是，許多能量收集項目的實際電力成本得到了補貼。

So we are constantly evaluating projects based on an IRR model or a ROIC model, return on investment capital -- invested capital.

因此，我們持續根據 IRR 模型或 ROIC 模型（投資資本報酬率－投資資本）評估項目。

And so utility scale mining is a business which is all about operational efficiency, right?

因此，公用事業規模採礦是一項與營運效率相關的業務，對吧？

How do you get the lowest cost power?

如何獲得最低成本的電力？

How do you operate the miners have the maximum amount of uptime with the lowest energy consumption per miner so you can mine the maximum amount of bitcoin.

如何操作礦機才能使每個礦機的正常運作時間最長，能耗最低，這樣您就可以開採最大數量的比特幣。

In the energy harvesting world, it's all about how do you get zero cost energy, which is very different.

在能量收集領域，關鍵在於如何獲得零成本能源，這是非常不同的。

And when you look at the ability to finance the CapEx on the energy side using traditional means and bringing in third-party partners and you look at essentially operating a site where the cost of electricity starts becoming insignificant because it's being paid for by the value you're creating for the recipient of the heap reuse or how you're dealing with the waste energy, those projects tend to provide a more attractive ROIC overtime than some of the traditional utility-scale mining sites.

當您考慮使用傳統方式並引入第三方合作夥伴為能源方面的資本支出提供融資的能力時，您會看到本質上運營一個電力成本開始變得微不足道的站點，因為它是由您的價值支付的正在為堆再利用的接收者或如何處理廢棄能源而創建，這些項目往往會比一些傳統的公用事業規模採礦場提供更具吸引力的投資回報率。

And that's why as we look at the two businesses sort of side by side, we say we're going to be diversifying and investing more in these non-traditional utility scale mining businesses.

這就是為什麼當我們並排看待這兩項業務時，我們說我們將實現多元化，並增加對這些非傳統公用事業規模採礦業務的投資。

On the technology side, you're looking at a business where you're essentially working with OEMs, channel partners, and large end users for large projects where you're providing technology, which will then eventually also have ongoing O&M fees and recurring revenues tied to maintenance and managed services projects.

在技​​術方面，您正在尋找一家企業，您基本上與原始設備製造商、通路合作夥伴和大型最終用戶合作開展大型項目，您在其中提供技術，最終還將獲得持續的運營和維護費用和經常性收入與維護和託管服務項目有關。

So we view that as a very separate type of business.

因此，我們將其視為一種非常獨立的業務類型。

But again, we invested in just like one would a startup company, in the same way that we invested in Auradine, for example, where we leveraged our intellectual property together with great talented teams and venture capital from Silicon Valley.

但我們再次像投資新創公司一樣進行投資，就像我們投資 Auradine 一樣，我們利用我們的智慧財產權以及來自矽谷的優秀團隊和風險投資。

You'll see us continue to kind of build and invest in things like that as we go, as we continue to diversify the business.

隨著我們繼續實現業務多元化，你會看到我們繼續建立和投資類似的東西。

Lucas Pipes, B. Riley Securities.

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

Thank you so much, operator.

非常感謝你，接線生。

Good afternoon, everyone.

大家下午好。

My first question is on the cost side.

我的第一個問題是關於成本方面的。

When I back into kind of cash costs, direct costs, whatever you may want to call it, a shakeout around at $59,000 per coin.

當我回到現金成本、直接成本（無論你怎麼稱呼它）時，每枚代幣的價格約為 59,000 美元。

So first, I'm wondering if you could comment on that.

首先，我想知道你是否可以對此發表評論。

I could see there might be some pluses, some minuses around that number.

我可以看到這個數字可能有一些優點，也有一些缺點。

Obviously, it excludes non-cash items such as DNA and some other things.

顯然，它不包括DNA等非現金物品和其他一些東西。

And then more broadly, in an environment, macro-wise, where there's maybe a bit more volatility, do you have specific cost targets that you think about where could you squeeze some additional cost reductions out of the business?

然後更廣泛地說，在宏觀環境中，波動性可能更大，您是否有具體的成本目標，您會考慮在哪些方面可以從業務中擠出一些額外的成本削減？

Thank you very much.

非常感謝。

Yeah, let me try to answer that question.

是的，讓我嘗試回答這個問題。

So first of all, because that's right, the cost per coin, the way you're viewing it, it includes certain cash and non-cash component to it.

首先，因為這是正確的，每枚硬幣的成本，從你看待它的方式來看，它包括一定的現金和非現金成分。

So G&A is included in that cost and sort of the mining cost of revenue.

因此，管理費用包含在該成本和收入的挖礦成本中。

The way we view that's a better way of viewing the way we run our business and we believe this is a better metrics from a KPI perspective is the hash cost per petahash per day.

我們認為這是查看我們業務運作方式的更好方式，我們相信從 KPI 角度來看這是一個更好的指標，即每天每 petahash 的哈希成本。

And that that is a more a better representation of our business structure and also the hash that we're deploying, which is effective and the costs associated with mining.

這更好地代表了我們的業務結構以及我們正在部署的哈希，這是有效的以及與挖掘相關的成本。

So first of all, from that standpoint, if you view it from a going-forward perspective as we deploy more hash and we energize as we head towards the 50 exahash target that we've set for ourselves, we expect the fixed cost to be spread across a larger exahash capacity available.

因此，首先，從這個角度來看，如果你從未來的角度來看，當我們部署更多的哈希值並且當我們朝著我們為自己設定的50 exahash 目標前進時我們會充滿活力，我們預計固定成本為分佈在更大的可用 exahash 容量上。

And we expect the cost to decline over a period of time systematically as a result of that.

我們預計成本將因此在一段時間內系統性下降。

Secondly, what we have to understand a little bit is that we've got some one-off costs in our cost structure in the Q1 and Q2 both.

其次，我們必須了解一點的是，我們在第一季和第二季的成本結構中都有一些一次性成本。

We closed two major acquisitions and there are some legal costs and repairs and maintenance costs and certain things that Fred alluded to in the prepared remarks about the quality of assets that the way they were managed previously versus how we are managing the -- bringing them back to our standard, it requires some additional money, and that is reflected in our in our operating costs as of now.

我們完成了兩項重大收購，存在一些法律費用、維修和維護費用，以及弗雷德在準備好的有關資產品質的評論中提到的某些事情，即以前的管理方式與我們管理方式的比較——將它們帶回來按照我們的標準，它需要一些額外的資金，這反映在我們目前的營運成本中。

The other thing is we also have some one-off legal costs in there that we expect over a period of time to disappear.

另一件事是，我們還有一些一次性的法律費用，我們預計這些費用在一段時間內會消失。

So in the last two quarters, we've experienced some additional one-off costs that is driving our G&A at least a little bit on the higher side.

因此，在過去的兩個季度中，我們經歷了一些額外的一次性成本，這至少使我們的一般管理費用略有上升。

Now when you think about our business, the current business is bitcoin mining, a majority of the business from a materiality standpoint.

現在，當你考慮我們的業務時，目前的業務是比特幣挖礦，從重要性的角度來看，這是大部分業務。

But then we also have introduced Kaspa, which is more than 80% margin to produce Kaspa with less than 1% of our energy capacity.

但後來我們也推出了Kaspa，用不到我們1%的能源產能來生產Kaspa，利潤率超過80%。

And those kind of businesses as we bring them mainstream from a pilot phase, as Fred alluded to previously, in our energy harvest business, we expect to see our -- not only increasing our revenues, but also driving our costs down and squeezing that margin with the passage of time.

正如弗雷德之前提到的那樣，當我們將此類業務從試點階段納入主流時，在我們的能源採集業務中，我們期望看到我們的——不僅增加我們的收入，而且降低我們的成本並擠壓利潤率隨著時間的推移。

So hopefully, that answers the question.

希望這能回答問題。

I appreciate that very much.

我非常欣賞這一點。

Thank you.

謝謝。

My second question is a bit higher level for both of you.

我的第二個問題對你們兩個來說都是一個更高層次的問題。

With the HODL strategy, I see you have some US dollar expenses.

透過 HODL 策略，我發現您有一些美元支出。

Should we think about you liquidating some bitcoin to pay those US dollar bills, electricity, salaries, what have you?

我們是否應該考慮一下你清算一些比特幣來支付那些美元帳單、電費、工資，你有什麼？

And then more broadly, is the goal here really to just maximize the absolute number of bitcoins in treasury?

更廣泛地說，這裡的目標真的只是最大化金庫中比特幣的絕對數量嗎？

Is it maximizing bitcoin produced per share -- held per share?

它是否最大化了每股生產的比特幣——每股持有的比特幣？

Or is it ultimately an ROIC measure that's still the most important?

或者它最終仍然是最重要的投資報酬率衡量標準？

Thank you so much for your perspective.

非常感謝您的觀點。

Yeah.

是的。

So bitcoin purchases as we announced fairly recently, which is again not a new strategy, whereas we used to have the strategy two years ago, we intend to HODL -- exclusively HODL.

因此，正如我們最近宣布的那樣，購買比特幣，這也不是一個新策略，而我們兩年前曾經有過這個策略，我們打算長期持有（HODL）——完全長期持有（HODL）。

So we don't intend to sell bitcoin at this stage for the foreseeable future.

因此，在可預見的未來，我們不打算在現階段出售比特幣。

The macroeconomic conditions and the geopolitical situation and what's with the presidential elections this year, we expect a lot of tailwinds in this space and the bitcoin price, which was already projected to be going up based on the demand and supply and based on the projections that we see publicly discussed.

宏觀經濟狀況和地緣政治局勢以及今年的總統選舉，我們預計這一領域和比特幣價格將出現很多順風，根據需求和供應以及基於以下的預測，比特幣價格已經預計將會上漲：我們看到公開討論。

So from a HODL strategy standpoint, yes, we are a bitcoin miner and we produce bitcoin and we were HODLing handling a big portion of our bitcoin historically.

因此，從 HODL 策略的角度來看，是的，我們是比特幣礦工，我們生產比特幣，並且歷史上我們一直在持有比特幣。

And you're selling some portion of that bitcoin to pay for our operating expenses.

您將出售部分比特幣來支付我們的營運費用。

With this change in strategy or going back to our original strategy, we will stop selling bitcoin for paying for operating expenses.

隨著這項策略的改變或回到我們原來的策略，我們將停止出售比特幣來支付營運費用。

So what does that mean?

那麼這意味著什麼呢？

That means that we will continue to HODL more because we see from a ROIC perspective, from a shareholder value perspective, any capital that we deploy in building our bitcoin reserve assets, that is highly accretive to our stockholders.

這意味著我們將繼續更多地持有，因為從投資回報率的角度、從股東價值的角度來看，我們在建立比特幣儲備資產時部署的任何資本都對我們的股東有很大的增值作用。

All right.

好的。

Well

出色地

--

--

(multiple speakers)

（多個發言者）

(multiple speakers)

（多個發言者）

I was just going to say that I think the -- we are just at the beginning of the institutional wave of invested and holding bitcoin.

我只是想說，我認為我們正處於投資和持有比特幣的機構浪潮的開始。

ETFs have now accumulated substantial position in bitcoin.

ETF現已在比特幣中累積了大量部位。

And we're starting to see businesses like Cantor Fitzgerald start offering financing businesses, financing offerings around people who have bitcoin holdings.

我們開始看到像坎托·菲茨杰拉德這樣的企業開始提供融資業務，為持有比特幣的人提供融資服務。

We're starting to see pension funds invest.

我們開始看到退休基金進行投資。

We are starting to see many long-term holders invest.

我們開始看到許多長期持有者進行投資。

And at the end of the day, it is a finite resource.

歸根結底，它是一種有限的資源。

And the only place to get it is what's available in the market or what people are willing to sell.

獲得它的唯一地方是市場上現有的東西或人們願意出售的東西。

And when we're able to go into the marketplace as we did in the past 30 days and buy at very attractive prices, it just makes sense for us to do that.

當我們能夠像過去 30 天一樣進入市場並以非常有吸引力的價格購買時，我們這樣做就有意義了。

And then it makes sense for us to hold it.

那我們持有它就有意義了。

The $150 million of because we bought in January of 2021, we never sold.

因為我們在 2021 年 1 月購買了 1.5 億美元，所以我們從未出售過。

And so we think right now, we are in the beginning of a very attractive time for bitcoin.

所以我們認為，現在我們正處於比特幣非常有吸引力的時期的開始。

We believe it's an asset that's going to continue to perform better than other areas.

我們相信，這是一項將繼續比其他領域表現更好的資產。

And if we look at kind of the historical returns that bitcoin has offered, you're looking at something north of 30%, 35% and as Salman said holding bitcoin can be very accretive for our shareholders.

如果我們看一下比特幣提供的歷史回報率，你會看到超過 30%、35% 的回報率，正如 Salman 所說，持有比特幣可以為我們的股東帶來巨大的增值。

So that's one of the reasons that drove this.

這就是推動這一趨勢的原因之一。

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Hi, Fred, Salman.

嗨，弗雷德，薩爾曼。

Thanks for taking my question.

感謝您提出我的問題。

I was wondering if you might add a little more detail to your 50 exahash target?

我想知道您是否可以為您的 50 exahash 目標添加更多細節？

At 31 now, 31.5 now, congrats.

現在31歲，現在31.5，恭喜。

Just kind of curious about power source, where -- is that increase going to come on the change?

只是對電源有點好奇，在哪裡——這種變化會增加嗎？

I know you've talked about the S21 Pro introduction.

我知道您已經談到了 S21 Pro 的介紹。

Is it efficiency or how much more power do you think you're going to need and will you be able to address to hit that target?

是效率還是您認為需要多少功率以及您是否能夠實現該目標？

So Kevin, we talked about when we did the acquisitions and we announced the target that essentially the vast majority of this is all going to come from the capacity that will be made available to us by owning these assets.

凱文，我們在進行收購時談到了這一點，我們宣布了目標，基本上，其中絕大多數都將來自我們透過擁有這些資產而獲得的產能。

And that remains the case today.

今天的情況仍然如此。

So we'll continue to add other sources of power along the way.

因此，我們將繼續添加其他電源。

But at this point, we have essentially -- we have the machines ready and we're plugging them in as we vacate customers from the sites and as we continue to do the refits of the sites that help us expand the capacity at the sites.

但在這一點上，我們基本上已經準備好了機器，並且在我們將客戶從站點中撤離以及繼續對站點進行改造以幫助我們擴大站點容量時將它們插入。

So it's not like we have to go out and buy 500 megawatts of power to do this.

所以我們不需要出去購買 500 兆瓦的電力來做到這一點。

We're well on that way with what we already have.

憑藉我們已有的資源，我們在這方面進展順利。

Fair enough.

很公平。

How would you recommend we judge your perspective on moving the company closer to power generation versus like the Generate Deal and Applied Deal in Garden City, right, where you own the facility, but it doesn't really get you closer to that zero power cost target?

您如何建議我們判斷您對讓公司更接近發電的看法，而不是像花園城的發電交易和應用交易，在您擁有設施的地方，但這並不能真正讓您更接近零電力成本目標？

Energy harvesting -- sorry, go ahead.

能量收集——抱歉，繼續。

No, no, you go ahead, Fred.

不，不，你繼續吧，弗雷德。

Yeah.

是的。

I was just going to say that the owning our own infrastructure removes the middleman in the infrastructure, allows us to own control of the power, generate the revenues from trading of the power and control our destiny.

我只是想說，擁有自己的基礎設施消除了基礎設施中的中間人，使我們能夠控制電力，從電力交易中產生收入並控制我們的命運。

The next step is going all the way back to looking at the actual power source

下一步是回到查看實際電源

.

。

Now that being said, I'm not going to go out and ask our team to go buy a bunch of power-generating -- large-scale power-generating assets, but there are opportunities out there for us to partner with people who have power-generating assets, which to date aren't able to monetize those assets effectively where we can share the benefits of very, very low cost power.

話雖這麼說，我不會出去要求我們的團隊去購買一堆發電——大型發電資產，但我們有機會與那些擁有這些資產的人合作。化，而我們可以分享非常非常低成本電力的好處。

And then on the energy harvesting side is where you really see this benefit of zero cost energy.

然後在能量收集方面，您可以真正看到零成本能源的好處。

And there are locations in the world where today they are shutting down power generation because they can't generate revenues from it.

如今，世界上有些地方正在關閉發電，因為它們無法從中產生收入。

And those are locations where the marginal cost to operate those sites is de minimus.

在這些地方，經營這些站點的邊際成本是微乎其微的。

And so partnering with those types of partners allow us to get very low cost energy as well.

因此，與這些類型的合作夥伴合作也使我們能夠獲得非常低成本的能源。

So you'll start seeing the energy harvesting business over time become involved in projects where the actual energy cost is low and then the additional service the energy harvesting business provides whether that heat recapture, whether that's waste mitigation, whether it's consuming methane flare gas from oil fields or landfills, essentially provide a subsidized costs, which will help lower our overall mining costs for bitcoin across the board.

因此，隨著時間的推移，您將開始看到能量收集業務參與實際能源成本較低的項目，然後能量收集業務提供的附加服務是否是熱量回收、是否是廢物減少、是否是消耗甲烷火炬氣油田或垃圾掩埋場，本質上提供了成本補貼，這將有助於全面降低我們比特幣的整體開採成本。

When you look at your pipeline, though, on the M&A side, Fred, is it fair to assume that more of your emphasis will be on that energy harvesting initiative versus than maybe getting involved in a hostile takeover that seems to be going back and forth in a business?

不過，弗雷德，當你審視你的管道時，在併購方面，你可以公平地假設你更多的重點將放在能量收集計劃上，而不是參與似乎來回的敵意收購。

We don't comment on M&A activities.

我們不會對併購活動發表評論。

But sometimes, it can be fun to watch.

但有時，觀看也很有趣。

But as I said in our prepared remarks, we have kind of multiple buckets we look at.

但正如我在準備好的發言中所說，我們會考慮多個方面。

We look at full through greenfield where, for example, somebody has -- owns an interconnect, wants to monetize that or they have potentially a renewable energy project that they can monetize effectively or is somebody has the substation and at really attractive energy prices, then you have kind of the next step down, which is somebody who has started and built a bitcoin mining site with maybe, let's say, 100 megawatts of power, but the substation and the interconnect they have provide power up to 300 or 400 megawatts, which is kind of what you see a lot of people doing in the M&A world around today.

我們全面審視綠地，例如，有人擁有互連繫統，想要將其貨幣化，或者他們可能有一個可以有效貨幣化的可再生能源項目，或者有人擁有變電站並且能源價格非常有吸引力，那麼你有下一步，有人開始並建造了一個比特幣採礦場，可能有100 兆瓦的電力，但他們擁有的變電站和互連繫統提供高達300 或400 兆瓦的電力，這就是當今併購界很多人所做的事情。

And then you have buying an operational miner who maybe has a pipeline of stuff.

然後你就買了一個正在運作的礦工，他可能擁有一系列的東西。

We're looking at all these things.

我們正在研究所有這些事情。

The market pricing is kind of where it is today, which is very different than where we were buying sites at the beginning of this year where we were paying under $500,000 of megawatts.

市場定價與今天的價格差不多，這與我們今年年初購買網站時支付的兆瓦電量不到 50 萬美元有很大不同。

So we'll continue to be opportunistic, but we'll look at where we think we can generate the most long-term value and as opposed to just trying to do nameplate deals.

因此，我們將繼續保持機會主義，但我們將著眼於我們認為可以在哪裡產生最大的長期價值，而不是只嘗試進行銘牌交易。

Thank you.

謝謝。

At this point, there are no further questions.

至此，沒有其他問題了。

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

我將把電話轉回給 Rob Samuels，讓其結束語。

Thanks, operator, and thank you all for your time today.

謝謝接線員，也謝謝大家今天抽出寶貴的時間。

If you have questions that we were not answered during today's call, please feel free to contact our Investor Relations team at ir@mara.com. Thanks and enjoy the rest of the day.

如果您有疑問而我們在今天的電話會議中未得到解答，請隨時透過 ir@mara.com 聯繫我們的投資者關係團隊。謝謝並享受這一天剩下的時間。

Thank you.

謝謝。

This does conclude today's teleconference.

今天的電話會議到此結束。

We appreciate your participation.

我們感謝您的參與。

You may disconnect your lines at this time and enjoy the rest of your day.

此時您可以斷開線路並享受剩下的一天。