MARA Holdings Inc (MARA) 2024 Q3 法說會逐字稿

Greetings.

問候。

Welcome to MARA's Third Quarter 2024 Earnings Call.

歡迎參加 MARA 2024 年第三季財報電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Robert Samuels, Vice President of Investor Relations.

現在我將會議交給東道主投資者關係副總裁羅伯特·塞繆爾斯 (Robert Samuels)。

Thank you.

謝謝。

You may begin.

你可以開始了。

Thank you, operator.

謝謝你，接線生。

Good afternoon, and welcome to MARA's Third Quarter 2024 Earnings Call.

下午好，歡迎參加 MARA 2024 年第三季財報電話會議。

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聲明可能被視為聯邦證券法含義內的前瞻性聲明。

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.

請投資人不要過度依賴這些前瞻性陳述。

All forward-looking statements made on today's call involve risks and uncertainties.

今天電話會議中所做的所有前瞻性陳述都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 risk 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 Securities and Exchange Commission.

由於風險因素，我們的實際結果和結果可能與這些前瞻性陳述中包含的結果有重大差異，這些風險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和我們可能向證券交易委員會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無法表明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準則財務指標與最具可比性的公認會計準則財務指標的全面對帳。

We hope you've had the chance to read our new shareholder letter and look forward to your feedback.

我們希望您有機會閱讀我們的新股東信並期待您的回饋。

Today's call will be a little bit different.

今天的電話會有點不同。

We'll begin with some brief prepared remarks from Fred and Salman.

我們將從弗雷德和薩爾曼準備好的一些簡短演講開始。

After those comments, we are going to be conducting an analyst interview with management.

在發表這些評論之後，我們將對管理層進行分析師訪談。

We are going to be doing this on a rotating basis, and our inaugural session will be conducted by Kevin Dede, analyst at HD Wainwright.

我們將輪流進行這項工作，我們的首次會議將由 HD Wainwright 分析師 Kevin Dede 主持。

Once Kevin is finished, we will go through some of the more popular questions from our retail investors.

凱文講完後，我們將討論散戶提出的一些更常見的問題。

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

解決這個問題後，我將把電話轉給弗雷德，讓他把事情處理掉。

Fred?

弗雷德？

Hello, everybody.

大家好。

Yesterday, we announced the addition of approximately 372 megawatts of owned and operated capacity across three sites in Ohio.

昨天，我們宣佈在俄亥俄州的三個站點增加約 372 兆瓦的自有和營運容量。

These additions include the acquisition of two data centers offering a combined 222 megawatts of interconnect approved capacity and the development of a third greenfield data center, which is expected to add another 150 megawatts of compute capacity.

這些新增內容包括收購兩個資料中心，提供總計 222 兆瓦的互連核准容量，以及開發第三個綠地資料中心，預計將再增加 150 兆瓦的運算能力。

We acquired two operational data centers in Hannibal and Hopedale Ohio, with 222 megawatts of combined capacity.

我們收購了位於俄亥俄州漢尼拔和霍普代爾的兩個營運資料中心，總容量為 222 兆瓦。

These sites have 122 megawatts of current capacity and approved to expand by another 100 megawatts in 2025.

這些站點目前容量為 122 兆瓦，並獲准在 2025 年再擴建 100 兆瓦。

Simultaneously, MARA has begun developing a 150-megawatt operation in Findlay, Ohio, which already has 30 megawatts of capacity.

同時，MARA 已開始在俄亥俄州芬德利開發 150 兆瓦的項目，該項目已擁有 30 兆瓦的產能。

These three facilities have a combined interconnect approved capacity of 372 megawatts, which MARA intends to fully energize by the end of 2025.

這三個設施的互連核准總容量為 372 兆瓦，MARA 計劃在 2025 年底前全面啟用。

Compute for these sites is purchased, secured and ready for deployment.

這些站點的計算已購買、保護並準備好部署。

These data centers contribute to the resilience of MARA's flexible compute portfolio.

這些資料中心有助於增強 MARA 靈活運算產品組合的彈性。

This initiative increases MARA's exposure to PJM, one of the largest and most sophisticated independent system operators or ISOs.

這項措施增加了 MARA 與 PJM 的接觸，PJM 是最大、最複雜的獨立系統運營商或 ISO 之一。

Once energized, our data centers will be further diversified across multiple jurisdictions, ensuring that no single ISO contains more than 50% of our owned and operated capacity.

一旦通電，我們的資料中心將在多個司法管轄區進一步多元化，確保沒有一個 ISO 包含超過我們自有和營運容量的 50%。

We intend to further expand and diversify our portfolio of owned and operated sites, which we expect to yield significant cost savings.

我們打算進一步擴大我們擁有和經營的網站組合併使其多樣化，我們預計這將顯著節省成本。

These growth initiatives align with our strategic goal to position MARA as one of the most cost-effective and cost-efficient operators in the industry.

這些成長措施與我們的策略目標一致，即將 MARA 定位為業界最具成本效益和成本效益的營運商之一。

And with that, I'll hand it over to Salman.

就這樣，我將把它交給薩勒曼。

Thank you, Fred.

謝謝你，弗雷德。

Through our proven discipline and data center expertise, we acquired these assets at a multiple of approximately $270,000 per megawatt based on approved capacity and after customary adjustments.

憑藉我們經過驗證的學科和資料中心專業知識，我們根據批准的容量並經過慣例調整後，以每兆瓦約 27 萬美元的價格收購了這些資產。

This is one of the lowest disclosed multiples amongst our larger publicly traded peers, which demonstrates our unmatched ability to deliver accretive acquisitions.

這是我們較大的上市同行中披露的最低市盈率之一，這表明我們具有無與倫比的增值收購能力。

As the largest, best capitalized company in our space, MARA has privilege of reviewing every potential M&A opportunity on the market.

作為該領域規模最大、資本最雄厚的公司，MARA 有幸審查市場上每一個潛在的併購機會。

We have been at the table for every scalable transaction announced this year.

我們參與了今年宣布的每項可擴展交易。

And if those opportunities traded to our peers, it was because we passed on them.

如果這些機會轉移給了我們的同行，那是因為我們放棄了它們。

Our M&A track record reflects our discipline in organic growth and our focus on maximizing shareholder value.

我們的併購記錄反映了我們對有機成長的紀律以及對股東價值最大化的關注。

Furthermore, these data centers will increase our total owned and operated compute capacity by over 70%.

此外，這些資料中心將使我們擁有和營運的總運算能力增加 70% 以上。

Owning the sites will provide us with greater operational control and could further reduce our operating cost at Hopedale data center, which is part of this acquisition, up to 50%.

擁有這些站點將為我們提供更大的營運控制權，並可進一步降低我們在 Hopedale 資料中心（本次收購的一部分）的營運成本高達 50%。

Much of the future capacity is alongside operating generation, power opportunity -- providing opportunities for cost reduction, power redundancy and development optionality.

未來的大部分容量都與營運發電、電力機會一起提供——為降低成本、電力冗餘和開發選擇性提供了機會。

I want to remind, in 2024, so far, MARA has secured approximately 1 gigawatt of nameplate capacity through acquisitions and greenfield site developments.

我想提醒的是，到2024年，到目前為止，農業農村部已經透過收購和綠地開發獲得了約1吉瓦的銘牌容量。

As a result of strategic expansion, the company's total nameplate capacity has increased to just under 1.5 gigawatts with approximately 65% of this capacity proudly owned and operated by MARA.

由於策略擴張，該公司的總額定容量已增至略低於 1.5 吉瓦，其中約 65% 的容量由 MARA 自豪地擁有和營運。

With that, I will hand it back to Rob.

這樣，我會把它交還給羅布。

Thanks, Salman.

謝謝，薩爾曼。

Thanks, Fred.

謝謝，弗雷德。

Now I'm going to turn the call over to Kevin Dede from H.C. Wainright to begin our interview.

現在我要把電話轉給來自 H.C. 的 Kevin Dede。溫賴特開始我們的訪談。

Kevin?

凱文？

I think maybe fair to probably make sense to start with the deal just closed.

我認為從剛完成的交易開始也許是合理的。

Why don't we talk a little bit about how you see it sort of folding into MARA's overarching thesis in driving energy costs to near zero?

為什麼我們不談談您如何看待它融入 MARA 推動能源成本接近於零的整體論點呢？

Sure.

當然。

So as you look at any acquisition we do, we're focused on obviously lowering our cost of operations.

因此，當你看看我們所做的任何收購時，我們都專注於大幅降低營運成本。

These particular sites one of which we had some capacity operating in it, allow us to lower our cost of operating pretty significantly.

這些特定站點（其中我們擁有一定的營運能力）使我們能夠大幅降低營運成本。

Our goal over time as we continue to grow our capacity is to focus on sites where we'll be continually able to lower our cost to operate.

隨著時間的推移，隨著產能的不斷增長，我們的目標是專注於能夠不斷降低營運成本的站點。

So by way of example, if you look at the on-site generation that we recently announced through our partnership with NGON, we're able to generate electricity at a cost somewhere around $0.01 per kilowatt hour, which is significantly lower than the typical market price of around $0.04 per kilowatt hour paid for by miners using grid energy.

舉例來說，如果你看一下我們最近透過與 NGON 合作宣布的現場發電，我們能夠以每千瓦時 0.01 美元左右的成本發電，這明顯低於典型市場使用電網能源的礦工支付的價格約為每千瓦時0.04 美元。

And as we continue to expand those opportunities, and by the way, that type of stranded gas opportunity in gigawatt hours measured is over 1 million gigawatt hours per year of capacity when you look at the overall market availability of gas.

隨著我們繼續擴大這些機會，順便說一句，當您查看天然氣的整體市場可用性時，以吉瓦時為單位測量的這種擱淺天然氣機會每年的容量超過 100 萬吉瓦時。

And so we believe that you'll see miners like MARA go after these types of opportunities where we only control our own power generation.

因此，我們相信，您會看到像 MARA 這樣的礦工會追逐這些我們只控制自己發電的機會。

And over time, MARA will be building more and more owned and operated generation capacity and find ways in partnering with AI companies, hyperscalers, providing services around energy management, which will allow us to subsidize our cost to operate because we co-locate with them.

隨著時間的推移，MARA 將建立越來越多的自有和營運發電能力，並找到與人工智慧公司、超大規模企業合作的方法，提供圍繞能源管理的服務，這將使我們能夠補貼我們的營運成本，因為我們與他們位於同一地點。

And I think over the next few quarters, you'll see us expose a little bit more our plans in those areas, what we're doing, the partnerships we have.

我認為在接下來的幾個季度中，您會看到我們更多地公開我們在這些領域的計劃、我們正在做的事情以及我們擁有的合作夥伴關係。

And I think it will make it very clear what our vision is as we transition from a traditional mining company that has been predominantly dependent on third-party operators to a mining company that's very focused on owning and operating its own resources and a mining company that really focuses on providing energy transition capabilities to companies way outside of land.

我認為，當我們從一家主要依賴第三方運營商的傳統礦業公司轉型為一家非常注重擁有和運營自己資源的礦業公司以及一家真正專注於為陸地以外的公司提供能源轉換能力。

Specific to the Ohio sites and their connection to PJM, what sort of flexibility do you have in your use of power and maybe an ability to resell it back to the grid?

具體到俄亥俄州站點及其與 PJM 的連接，您在使用電力方面有什麼樣的靈活性，並且可能有能力將其轉售回電網？

PJM gives us the opportunity to leverage power trading, gives us the opportunity to leverage hedges, gives us the opportunity to do all the things that as a large load consumer, we would want to be able to do.

PJM 為我們提供了利用電力交易的機會，為我們提供了槓桿對沖的機會，為我們提供了做作為大負荷消費者我們希望能夠做的所有事情的機會。

And I think the benefits of what we've learned to how we can operate in Texas, now being able to operate with PJM being one of the largest ISOs in this space will give us a lot of flexibility in managing power costs.

我認為我們所學到的知識對我們在德克薩斯州運營的好處，現在能夠與 PJM 作為該領域最大的 ISO 之一一起運營，將為我們在管理電力成本方面提供很大的靈活性。

And as we continue to grow and expand our footprint there, it will be more and more powerful over time.

隨著我們在那裡不斷發展和擴大我們的足跡，隨著時間的推移，它將變得越來越強大。

I know you mentioned the next couple of quarters as probably being more demonstrative of your zero power push.

我知道您提到接下來的幾季可能更能體現您的零功率推動。

But if you -- if we took a look at the progress MARA made in the third quarter, are there any highlights that you could point to, the multi-tentacle facet strategy that MARA has implemented that could point to power reduction -- power cost reduction?

但是，如果我們看一下 MARA 在第三季度取得的進展，是否有任何亮點可以指出，MARA 實施的多觸角策略可能會降低電力成本 - 電力成本減少？

Sure.

當然。

I mean the NGON partnership is a very early first step where you see us essentially going after micro data centers at the edge.

我的意思是，與 NGON 的合作是非常早期的第一步，我們本質上是在追求邊緣的微型資料中心。

And as I said, the opportunities there are very deep and very broad across oil and gas fields domestically as well as international and the domestic opportunities themselves are huge.

正如我所說，國內和國際油氣領域的機會非常深入和廣泛，國內機會本身也是巨大的。

And we believe we now have a core competency in being able to do this and execute it at scale.

我們相信，我們現在擁有能夠做到這一點並大規模執行的核心能力。

And as we continue to grow and become a bigger and bigger portion of our fleet and our owned and operated data centers.

隨著我們不斷發展，並成為我們機隊以及我們擁有和經營的資料中心中越來越大的一部分。

Okay.

好的。

Let's switch gears a little bit and talk about -- I think it's almost 27,000 bitcoin MARA holds at this point.

讓我們換個話題來談談——我認為 MARA 目前持有近 27,000 個比特幣。

Can you talk a little to your HODL strategy and how MARA -- how it views it as an adjunct to building the company's presence where MARA might be able to take it, what sort of financial implementation might drive greater yield on it?

您能否談談您的 HODL 策略以及 MARA 如何將其視為建立公司影響力的輔助手段，MARA 可能能夠採取這種策略，什麼樣的財務實施可能會帶來更高的收益？

Maybe a little more insight on how you see your HODL strategy.

也許對您如何看待 HODL 策略有更多的了解。

Sure.

當然。

So I think one way to look at it is we have purchased roughly 6,400 BTC at an average cost of around $60,000 per BTC and you think about the convert transaction we did in late August, where we purchased a little over 4,000 bitcoin.

因此，我認為看待這個問題的一種方式是，我們以每枚BTC 的平均成本約為60,000 美元購買了大約6,400 個BTC，想想我們在8 月底進行的兌換交易，我們購買了4,000 多個比特幣。

That transaction has netted a huge IRR to our shareholders over a very short period of time because of where the price of bitcoin is today.

由於目前比特幣的價格，該交易在很短的時間內為我們的股東帶來了巨大的內部報酬率。

And if you recall, at the time we said the reason we go into the market and opportunistically buy bitcoin is because we believe that there will be a price inflection point where it is a huge value to our shareholders for us to go buy bitcoin versus investing assets into building mining capacity, which won't generate bitcoin for potentially 12 to 18 months.

如果你還記得的話，當時我們說我們進入市場並機會主義地購買比特幣的原因是因為我們相信將會出現一個價格拐點，對於我們的股東來說，購買比特幣而不是投資比特幣具有巨大的價值資產用於建立採礦能力，這可能在 12 到 18 個月內不會產生比特幣。

And so here is a very good proof point of that strategy playing out very positively for our shareholders and for Marathon.

因此，這是一個很好的證據，證明該策略對我們的股東和馬拉松產生了非常積極的影響。

If you look over the multiple purchases of bitcoin we've done over the years, it has netted a very healthy return for our shareholders.

如果你看看我們多年來多次購買比特幣，你會發現它為我們的股東帶來了非常可觀的回報。

And we believe that we will continue to execute a strategy of a hybrid of buying bitcoin when it makes sense and mining bitcoin when it makes sense.

我們相信，我們將繼續執行一種混合策略，在有意義的時候購買比特幣，在有意義的時候開採比特幣。

Our average cost of the bitcoin in our HODL today is somewhere under $50,000 when you average our cost to mine of the bitcoin that we've mined in our treasury and the bitcoin that we have acquired.

當你將我們在金庫中開採的比特幣和我們已獲得的比特幣的開採成本平均起來時，我們今天持有的比特幣的平均成本低於 50,000 美元。

And so if you look at that compared to today's price of bitcoin, a very significant appreciation in value.

因此，如果你將其與今天的比特幣價格進行比較，你會發現其價值非常顯著的升值。

And today, I think we hold a little over $2.2 billion.

今天，我認為我們持有略高於 22 億美元的資金。

Almost $2.5 billion.

近25億美元。

Almost $2.5 billion in bitcoin in the balance sheet.

資產負債表中的比特幣價值近 25 億美元。

And now to the latter part of your question, so what do you do with that bitcoin?

現在到你問題的後半部分，那你要用比特幣做什麼呢？

Well, there are ways to generate yield on that bitcoin such that we can generate income from it and that income can generate either cash to buy more bitcoin, cash to subsidize SG&A expenses, cash to lower power costs, cash to fund equipment purchases.

好吧，有很多方法可以讓比特幣產生收益，這樣我們就可以從中產生收入，而這些收入可以產生現金來購買更多的比特幣，現金來補貼SG＆A費用，現金來降低電力成本，現金來為設備購買提供資金。

So it gives us financial flexibility.

因此，它為我們提供了財務靈活性。

We can also collateralize it and borrow against it.

我們也可以對其進行抵押並以它為抵押進行借貸。

It gives us a lot of options.

它給了我們很多選擇。

And having one -- amongst one of the strongest balance sheets in the industry, we believe we are very well positioned for whatever the market brings.

擁有業內最強大的資產負債表之一，我們相信無論市場帶來什麼，我們都處於有利地位。

At the current moment in the marketplace with this current jump in the price of bitcoin, we believe the period of low-cost growth is likely coming to an end and companies will now be forced to compete for capacity in a very different way than they have in the past and growth will become more and more expensive and the smaller miners will become more and more challenged, which will make consolidation a more attractive option.

在當前市場上，隨著比特幣價格的上漲，我們認為低成本成長的時期可能即將結束，公司現在將被迫以一種與以往截然不同的方式爭奪產能。越昂貴，小型礦商將面臨越來越多的挑戰，這將使整合成為更具吸引力的選擇。

However, we are not in the business of going out and paying $1.6 million of megawatts for capacity like some of our peers have done.

然而，我們並不像一些同行那樣，走出去並支付 160 萬美元的兆瓦容量。

Look at this transaction, $277,000 a megawatt, almost half of what we paid at the beginning of this year for the other assets that we acquired.

看看這筆交易，每兆瓦 277,000 美元，幾乎是我們今年年初購買的其他資產的一半。

We are going to be very smart.

我們會變得非常聰明。

We have taken advantage of the pricing of machines and ordered more machines than we needed for our 50 exahash goal, such that we would be ready for the growth spurts that come next year.

我們利用了機器的定價優勢，訂購了超過 50 exahash 目標所需的機器，這樣我們就可以為明年的成長做好準備。

And we believe the market next year will be capacity constrained for some miners and those of us who have plans in advance, who have machines in inventory on order and optioned at attractive prices and have the ability to build their own miners, and there are very few of our peers who are able to build their own miners and have access to chip supply for it, will be the ones that over the next years leading into the next halving will dominate this marketplace.

我們相信，對於一些礦商和我們這些提前計劃的人來說，明年的市場容量將受到限制，他們有訂購的庫存機器，並以有吸引力的價格選擇，並且有能力建造自己的礦機，而且有很多礦機。 我們的同行中很少有能夠建造自己的礦機並能夠獲得晶片供應的，他們將在未來幾年中進入下一個減半階段，從而主導這個市場。

And we think between our tech stack, our ability to build custom miners, our 2PIC immersion technology, which lets us run miners at significant levels of overclock and optimize our use of energy, together with our focus on near zero cost energy will make a us the predominant miner in this industry from a cost perspective.

我們認為，我們的技術堆疊、我們建造客製化礦機的能力、我們的2PIC 浸入式技術（使我們能夠以顯著的超頻水平運行礦機並優化我們的能源使用），再加上我們對接近零成本能源的關注，將使我們從成本角度來看，該公司是該行業的主要礦商。

So Fred, apart from an opportunistic approach, how should we think about MARA's priority in capital use between bitcoin on the balance sheet, acquisition of sites, deployment of more mining machines, partnerships with potential companies to reuse heat and the assorted other opportunities you have not to mention software development?

因此，Fred，除了機會主義的方法之外，我們應該如何考慮MARA 在資產負債表上的比特幣、收購場地、部署更多礦機、與潛在公司合作以重複利用熱量以及您擁有的各種其他機會之間的資本使用優先順序更不用說軟體開發了？

Kevin, very big question.

凱文，非常大的問題。

Almost more for an Analyst Day type of fireside chat than we have time for today.

分析師日類型的爐邊談話幾乎比我們今天的時間還要多。

But you can think of it this way.

但你可以這樣想。

We have a very well-defined plan for organic expansion that combines a focus on owned and operated energy, owned and operated data centers and collaboration with large-scale AI hyperscalers.

我們有一個非常明確的有機擴張計劃，該計劃結合了對自有和運營的能源、自有和運營的數據中心以及與大型人工智慧超大規模企業的合作的關注。

We have a very well-defined plan around our technology stack and how we're going to deploy it.

我們圍繞著我們的技術堆疊以及如何部署它有一個非常明確的計劃。

You'll see next generations of our 2PIC miners focused specifically for AI.

您將看到我們專門針對人工智慧的下一代 2PIC 礦機。

Also combined functionality, AI, and mining.

也結合了功能、人工智慧和挖掘。

You'll see different form factors of those specifically designed for edge inference locations where we'll be able to essentially operate anything from 4U up to 48U in a single 2-phase immersion container.

您將看到專門為邊緣推理位置設計的不同外形尺寸，我們基本上能夠在單個兩相浸入式容器中操作從 4U 到 48U 的任何設備。

And these systems will continue to get more and more efficient and more and more able to leverage the ever-increasing power and heat densities that come from the AI world.

這些系統將繼續變得越來越高效，越來越能夠利用人工智慧世界不斷增加的功率和熱密度。

And as we move up the stack, towards our pool and software systems for energy balancing, I think you'll continue to see over the next year to two years, a series of announcements which start positioning MARA as one of the leading solutions providers in the area of essentially optimizing idle electrons no matter where they stand.

隨著我們向能源平衡的池和軟體系統邁進，我認為您將在未來一到兩年內繼續看到一系列公告，這些公告開始將 MARA 定位為領先的解決方案提供商之一本質上優化閒置電子的區域，無論它們位於何處。

The Ohio deal very compelling, Fred.

弗雷德，俄亥俄州的交易非常引人注目。

Was there any sort of special negotiation sort of behind the scenes that where you were able to elicit such favourable terms?

是否有某種特殊的幕後談判讓你們能夠獲得如此優惠的條件？

And how much more supply at that rate do you think exists in North America given huge demand for HPC and AI?

鑑於對 HPC 和 AI 的巨大需求，您認為以這個速度，北美的供應量還會增加多少？

Well, I think it comes down to some sites are suitable for AI and HPC and some sites aren't.

嗯，我認為這歸結為有些網站適合人工智慧和 HPC，而有些網站則不適合。

It's like that old commercial, sometimes you think like a nut and sometimes you don't.

就像那個古老的廣告一樣，有時你會像個瘋子一樣思考，有時你不會。

And there are sites that really only are good suited for bitcoin mining because they have load that has to be curtailed.

有些網站實際上只適合比特幣挖礦，因為它們的負載必須減少。

They don't have access to high-speed Internet connection or fibre connectivity for -- there are lots of other reasons.

他們無法存取高速網路連線或光纖連線還有很多其他原因。

And so we believe that if you look at the multitude of bitcoin mining sites that have been built over the years and the amount of projects for power, there are lots of low-hanging fruit in this type of price range.

因此，我們相信，如果你看看多年來建成的眾多比特幣礦場以及電力項目的數量，你會發現在這種價格範圍內有很多唾手可得的成果。

The challenge is scale, right?

挑戰在於規模，對嗎？

MARA is of a scale today where we're not interested in 20, 30, 40, 50-megawatt sites.

MARA 目前的規模是我們對 20、30、40、50 兆瓦站點不感興趣。

Our focus is on the 100-megawatt and larger scale, especially around what we call Utility Scale Mining.

我們的重點是 100 兆瓦及更大的規模，特別是我們所謂的公用事業規模採礦。

For the on-site generation, we're very focused on micro data centers because, a, we have the technology to do it because of our immersion technology and our container technology and software, our ability to deploy miners that are very fault-tolerant and can operate without human assistance and the fact that we can generate our own energy, which means our overall cost to operate is very, very low.

對於現場發電，我們非常關注微型資料中心，因為，a，我們有技術來做到這一點，因為我們的沉浸式技術、我們的容器技術和軟體、我們部署容錯能力很強的礦工的能力並且可以在沒有人工幫助的情況下運行，而且我們可以自己產生能源，這意味著我們的整體運行成本非常非常低。

And then as we look more towards the future, ultra-high scale or what I would call hyperscale, comes from relationships with hyperscalers, where there's a very symbiotic relationship to be had between bitcoin miners and large loads in the AI HPC space.

然後，當我們更多地展望未來時，超高規模或我所說的超大規模，來自於與超大規模企業的關係，比特幣礦工和 AI HPC 領域的大型負載之間存在著非常共生的關係。

And I think what you'll continue to see is MARA scaling from power all the way through to energy management, fully across that spectrum across a variety of solutions.

我認為您將繼續看到 MARA 從電力擴展到能源管理，完全跨越各種解決方案。

So you've mentioned 2PIC a couple of times, Fred.

Fred，您已經多次提到 2PIC。

I know that the letter referred to some tanks that you intend to ship in Q4.

我知道這封信提到了你們打算在第四季出貨的一些坦克。

I'm wondering, aside from the ones that you're running in test facility, what you might be able to say about them and how you geared up production.

我想知道，除了您在測試設施中運行的那些之外，您還能對它們說些什麼以及您如何準備生產。

I know the letter alluded to an order rate like a third-party order already.

我知道這封信已經提到了像第三方訂單一樣的訂單率。

How are you allocating resources to meet that demand as well as upgrading some of your own sites?

您如何分配資源來滿足該需求並升級您自己的一些網站？

Sure.

當然。

So we are blessed with the fact that we have one very large customer called MARA, who is a very nice customer, but they're a hard negotiator on price.

因此，我們很幸運，我們有一個非常大的客戶，名叫 MARA，他是一位非常好的客戶，但他們在價格方面是一個很難談判的人。

And then we have third-party miners and data center operators who are very interested in the technology, and so have been willing to place orders with us to test technology and see its applicability in deploying across their systems.

然後我們有第三方礦工和資料中心營運商，他們對這項技術非常感興趣，因此願意向我們下訂單來測試技術並了解其在跨系統部署時的適用性。

And so those systems being shipped, I think nearly 40 systems between what MARA is using and third parties will be delivered by the end of this year and installed.

因此，我認為 MARA 正在使用的系統和第三方之間的近 40 個系統將在今年年底前交付並安裝。

We are currently operating 2PIC in production, not just in test and getting some very good results.

我們目前正在生產中運行 2PIC，而不僅僅是測試並取得了一些非常好的結果。

I mean in some cases, we're seeing overclock well over 20% in systems very efficiently and getting very good results.

我的意思是，在某些情況下，我們發現系統的超頻率非常高，超過 20%，並且取得了非常好的結果。

The additional advantage of 2PIC is there's a very low PUE, which means the mechanical load for cooling is very, very low.

2PIC 的另一個優點是 PUE 非常低，這意味著冷卻的機械負載非常非常低。

So the overall power draw of the facility comes down, which means you now have even more energy that you can apply to mining bitcoin.

因此，該設施的整體功耗下降了，這意味著您現在有更多的能源可用於開採比特幣。

And so the initial results seem very attractive, and we'll continue to ramp production at the same time as we're iterating the design.

因此，初步結果似乎非常有吸引力，我們將在迭代設計的同時繼續提高產量。

We have gone from the 2PIC solution that was designed specifically for bitcoin miners moving towards a 2PIC solution that is designed for a hybrid application of a mix in the same tank of miners and AI rigs; two, a 2PIC solution that allows for top swap ability of AI rigs or miners in multiple form factors from large-scale deployment all the way down to micro data centers.

我們已經從專為比特幣礦工設計的 2PIC 解決方案轉向了專為在同一池礦工和人工智慧設備中進行混合應用而設計的 2PIC 解決方案；第二，2PIC 解決方案允許人工智慧設備或礦機以多種形式實現從大規模部署一直到微型資料中心的頂級交換能力。

And what we're seeing is a very significant amount of interest in people looking to test this and see how it works, two-phase immersion is still a new technology, two-phase technology is something that not all systems can just be dropped in and operated in.

我們看到人們對想要測試它並了解其工作原理的人們非常感興趣，兩相沉浸仍然是一項新技術，兩相技術並不是所有系統都可以投入使用並經營於.

And so we're working with OEMs to make sure that the systems that they manufacture work appropriately.

因此，我們正在與原始設備製造商合作，確保他們製造的系統正常運作。

MARA has built and designed its own custom miners for 2PIC, which are ultra-high density such that we can operate in what would normally be a 300 kind of kilowatt implementation over a megawatt of miners in a single 2PIC sense.

MARA 已經為 2PIC 建造和設計了自己的客製化礦機，這些礦機具有超高密度，因此我們可以在單一 2PIC 意義上的 300 千瓦礦機運行，而不是 1 兆瓦礦機。

And we're seeing really good results with that.

我們看到了非常好的結果。

So we will continue to be more and more vertically integrated than what we do and become less and less dependent on supply chains from offshore manufacturers, providing technology that is really designed for the average bitcoin miner as opposed to a highly optimized, highly integrated miner like ourselves.

因此，我們將繼續進行越來越多的垂直整合，並越來越少地依賴離岸製造商的供應鏈，提供真正為普通比特幣礦工設計的技術，而不是像高度優化、高度整合的礦工那樣我們自己。

The miners themselves referenced here, Fred, are they the result of the work that you've done with Auradine and if you wouldn't mind commenting, maybe you could give us a little insight on how you see wafer source given hubbub of the and controversy surrounding Bitmain and its AI partner at TSMC?

Fred，這裡提到的礦工本身是您與 Auradine 所做的工作的結果，如果您不介意發表評論，也許您可以向我們提供一些關於您如何看待晶圓來源的見解。其人工智慧夥伴台積電的爭議？

So in regards to Auradine, obviously, yes, we're using Auradine miners, both -- there are standard miners as well as down at the silicon level and optimizing for our own applications.

因此，就 Auradine 而言，顯然，是的，我們正在使用 Auradine 礦機，既有標準礦機，也有矽級礦機，並針對我們自己的應用進行了最佳化。

That being said, we have designed our 2PIC miner unit to be able to use hash boards from third-party providers as well.

話雖這麼說，我們設計的 2PIC 礦機單元也能夠使用第三方供應商的算力板。

And this is not a product we're looking to sell to anybody.

這不是我們想要賣給任何人的產品。

This is a product we're keeping for ourselves.

這是我們自己保留的產品。

Sorry to be selfish, but the advantages of the power densities and what we do in these systems is such that we believe it's better that we use it for our own purposes.

很抱歉自私，但功率密度的優勢以及我們在這些系統中所做的事情使我們相信最好將其用於我們自己的目的。

That being said, we have optimal flexibility in that we can use Auradine chip.

話雖這麼說，我們擁有最佳的靈活性，因為我們可以使用 Auradine 晶片。

We can use Auradine hash boards, we can use third-party hash boards in these devices, which we then modify for a specific use case.

我們可以使用 Auradine 算力板，我們可以在這些裝置中使用第三方算力板，然後我們針對特定用例進行修改。

As you look at wafers, three-nanometre wafers are in short supply because of what's going on in the GPU space.

從晶圓來看，由於 GPU 領域的發展，三奈米晶圓供應短缺。

However, we have not seen any indication from TSMC that Bitmain supplier access to wafers has been impacted.

然而，我們沒有看到台積電有任何跡象表明比特大陸供應商獲得晶圓受到影響。

We are seeing that certainly, Auradine has ample access to wafers and is getting all the supply that they need.

我們確實看到，Auradine 擁有充足的晶圓來源，並且正在獲得他們所需的所有供應。

As we look at next-generation technologies, I think you won't see 2-nanometer appear on the marketplace most probably for closer to three years.

當我們審視下一代技術時，我認為您很可能在近三年內不會看到 2 奈米技術出現在市場上。

And I think what you're going to see before that is the reengineering of how miners actually look and operate such that the geometry will be much less important than how the hash board is designed such that you could even take 7-nanometer chips, run them at lower power and higher frequency and get the energy efficiency of much more expensive 3-nanometer parts and not have any of the supply chain constraints.

我認為在此之前您將看到的是對礦工實際外觀和操作方式的重新設計，這樣幾何形狀將遠不如算力板的設計方式那麼重要，這樣您甚至可以採用 7 奈米晶片，運行它們以更低的功率和更高的頻率工作，並獲得更昂貴的3 奈米零件的能源效率，並且不受任何供應鏈限制。

And so I think you're going to see a lot of innovation around miner technology by third parties, and this market is going to really start becoming very exciting relative to the options that miners are going to have, which will mean less control from the hardware vendors as times roll on.

因此，我認為您將看到第三方圍繞礦工技術進行的大量創新，相對於礦工將擁有的選擇而言，這個市場將真正開始變得非常令人興奮，這將意味著來自礦工將擁有更少的控制硬體供應商隨著時間的推移。

Well, that's long overdue.

嗯，那是姍姍來遲的事情。

Happy to hear that supply -- wafer supply isn't constrained.

很高興聽到供應——晶圓供應不受限制。

So the shareholder letter made that explicitly clear that MARA harbours no ambition to run AI sites.

因此，股東信中明確表示，MARA 無意經營人工智慧網站。

You have two new Board members that have great experience in both data centers and energy.

你們有兩位新的董事會成員，他們在資料中心和能源方面都有豐富的經驗。

I guess what I'm curious to hear your perspective on is how you might be able to capitalize on that experience and incorporate their consultation and input in MARA's day-to-day operation?

我想我想聽聽您的觀點是您如何能夠利用這些經驗並將他們的諮詢和意見納入 MARA 的日常運作中？

Kevin, I'm obviously not going to share our five-year strategic plan with you on the phone right now.

凱文，我現在顯然不打算在電話中與您分享我們的五年戰略計劃。

I'm sure that.

我確信這一點。

Maybe next quarter?

也許下個季度？

Yes.

是的。

I'm sure that our friends at CleanSpark would love for us to do that, but we're not going to do that today.

我確信 CleanSpark 的朋友會喜歡我們這樣做，但我們今天不打算這樣做。

What I will share is that if you look at the hosting business or the GPU as a rental service business, H100 rental prices have dropped by 75% in the last six months.

我要分享的是，如果你將託管業務或GPU視為租賃服務業務，H100租賃價格在過去六個月內下降了75%。

If you think that the technology obsolescence of bitcoin mining is aggressive, welcome to the world of GPUs.

如果您認為比特幣挖礦的技術過時是嚴重的，歡迎來到 GPU 的世界。

It is even more aggressive.

它甚至更具侵略性。

Anybody who comes from the bitcoin mining side, who is excited about going into the hyperscale or large-scale data center for AI HPC hosting business is in for what I believe will be an abrupt surprise come two or three years when the hyperscaler deployments of the data centers they have in production today start coming online and there is no way for third-party independent providers to compete on price or capability or functionality.

任何來自比特幣挖礦領域、對進入超大規模或大型資料中心進行 AI HPC 託管業務感到興奮的人，我相信在兩三年後，當超大規模資料中心部署時，這將是一個突然的驚喜。他們今天投入生產的資料中心開始上線，第三方獨立供應商無法在價格、能力或功能上競爭。

The hyperscalers will have first choice of hardware, the hyperscalers will have the first choice of power and the hyperscalers will have first choice of customers.

超大規模企業將擁有硬體的第一選擇，超大規模企業將擁有電力的第一選擇，超大規模企業將擁有客戶的第一選擇。

And so I think companies that are able to tie up agreements in the very short term today as long as those agreements, those hosting agreements can be enforced in the customers that are behind them are able to pay over the long term, I think they're lucky, and I congratulate them.

因此，我認為，今天能夠在很短的時間內簽訂協議的公司，只要這些協議、那些託管協議可以在其背後的客戶中執行，就能夠長期支付，我認為他們’很幸運，我祝賀他們。

I think anybody else trying to go into this business today is looking at a race to the bottom from a cost perspective and a very challenging capital market once people wake up to the fact that how difficult it really is to run an AI HPC hosting business when you're not a hyperscaler yourself.

我認為，今天任何試圖進入這一行業的人都會從成本角度看待一場逐底競爭，一旦人們意識到運營 AI HPC 託管業務到底有多麼困難，資本市場就會變得非常具有挑戰性。並不是超大規模用戶。

So not to take up more time on this but think of it, we are a technology company.

因此，不要在這方面花費更多時間，但想一想，我們是一家科技公司。

We are a company that is focused on bringing to market high-value solutions that will generate a great return for our shareholders.

我們是一家專注於將高價值解決方案推向市場的公司，這些解決方案將為我們的股東帶來豐厚的回報。

We are not chasing the next hype trend.

我們並不是追逐下一個炒作趨勢。

We're not chasing the next fab.

我們並不是追逐下一個晶圓廠。

We're focused on delivering true value to the marketplace.

我們專注於為市場提供真正的價值。

And I think if you look at the team we have built and continue to build, you look at what we're doing in adding talent and knowledge to our board, you can start getting an idea for the direction of the types of technologies that MARA will begin to continue to bring to market and the solutions that we plan to bring to market that will position us very differently from anybody who looks at us as just a bitcoin miner.

我認為，如果你看看我們已經建立並繼續建立的團隊，看看我們在向董事會添加人才和知識方面所做的工作，你就可以開始了解 MARA 技術類型的方向。計劃向市場推出的解決方案，這將使我們與那些將我們視為比特幣礦工的人截然不同。

Fair enough, Fred.

很公平，弗雷德。

We'd be remiss if we weren't to discuss the events of last week and the subsequent reflection in bitcoin price, I'm not one to opine on politics at all.

如果我們不討論上週發生的事件以及隨後對比特幣價格的反映，我們就是失職的，我根本不會對政治發表意見。

But I'm certainly curious to your perspective.

但我當然對你的觀點感到好奇。

Definitely warrants some discussion.

絕對值得一些討論。

The MARA letter made it pretty clear that you folks have been involved in the process.

MARA 的信件非常清楚地表明你們已經參與了這個過程。

I guess I'm wondering whether or not you think that continues?

我想我想知道你是否認為這種情況會繼續下去？

How you see the changes anticipated and reflected in the industry going forward.

您如何看待行業未來預期和反映的變化。

I mean aside from perhaps Mr. Gensler losing his job, what else are you looking forward to as US government moves toward a more crypto friendly stance?

我的意思是，除了 Gensler 先生失去工作之外，隨著美國政府朝著對加密貨幣更加友好的立場邁進，您還期待什麼？

And how do you see MARA taking advantage of it?

您認為 MARA 如何利用它？

Absolutely.

絕對地。

Well, I think one of the great advantages of the United States form of government is that we have three branches of government, but I'll focus my comments on the legislative and the executive branch.

嗯，我認為美國政府形式的巨大優勢之一是我們擁有三個政府部門，但我將集中評論立法和行政部門。

If you look at the results of this election, 200 members of the House of Representatives and close to 18 Senators are joining the legislative branch who are all pro-crypto.

如果你看一下這次選舉的結果，你會發現 200 名眾議院議員和近 18 名參議員加入了立法部門，他們都是支持加密貨幣的。

The crypto industry spent over $100 million in targeted campaigns and MARA together with two other of our peers, cofounded the bitcoin voter project, which specifically targeted campaigns and individuals who felt crypto was important and got them to go out and vote for candidates that were pro-crypto.

加密產業在有針對性的活動上花費了超過1 億美元，MARA 與我們的另外兩個同行共同創立了比特幣選民項目，該項目專門針對認為加密很重要的活動和個人，讓他們出去投票給支持的候選人-加密貨幣。

The most significant race of which was the Sherrod Brown Bernie Marino race, where the crypto activists were able to unseat Sherrod Brown, one of Elizabeth Warren's co-collaborators in trying to drive the anti-crypto army.

其中最重要的競選是謝羅德·布朗伯尼·馬裡諾競選，在這場競選中，加密活動人士成功擊敗了伊麗莎白·沃倫的合作者之一謝羅德·布朗，試圖推動反加密大軍。

So we believe the legislative branch will have a much more open perspective on crypto, and we fully expect the Republican majority in the Senate.

因此，我們相信立法部門將對加密貨幣有更開放的視角，我們完全期望共和黨在參議院獲得多數席位。

And we'll see how the house turns out to put forth legislation that we believe President Trump will sign that provides for market structure, provides for stable coins and provides for a regulatory regime for bitcoin and crypto that will enable banks to custody and collateralize crypto and bitcoin assets, and you'll see other forms of ETFs and other types of securities come to market that will provide institutional investors with a plethora of options so that they can take advantage of bitcoin and other crypto assets as investment instruments.

我們將看看眾議院如何提出我們相信川普總統將簽署的立法，該立法規定了市場結構，規定了穩定幣，並規定了比特幣和加密貨幣的監管制度，使銀行能夠託管和抵押加密貨幣和比特幣資產，你會看到其他形式的ETF 和其他類型的證券進入市場，這將為機構投資者提供過多的選擇，以便他們可以利用比特幣和其他加密資產作為投資工具。

In regards to the executive branch, if you look at the two campaigns, it was quite obvious from Vice President Harris' comments, I believe it was on The View, when asked, what are you going to do differently, if anything, to President Biden and the Vice President answered that she would do nothing different.

關於行政部門，如果你看一下這兩次競選活動，從副總統哈里斯的評論中可以明顯看出，我相信這是在《觀點》上，當被問到，你打算對總統採取什麼不同的做法（如果有的話）時拜登和副總統回答說，她不會做任何不同的事情。

That was a clear indication that the war on crypto was going to continue, and it was a clear indication that the bitcoin mining community needed to rally around the Republican cause.

這清楚地表明，針對加密貨幣的戰爭將繼續下去，也清楚地表明，比特幣挖礦社區需要團結在共和黨的周圍。

President-elect Trump clearly stated at the national conference not only his support for bitcoin, but his belief in bitcoin as being something that should be mined in the US and that the US should hold the strategic reserve of such that they could project power within crypto markets and specifically in the use of bitcoin as this international trade settlement asset and hold a strategic significant amount of bitcoin similar to how the US government holds gold.

當選總統川普在全國會議上明確表示，不僅他對比特幣的支持，而且他相信比特幣應該在美國開採，美國應該持有比特幣的戰略儲備，以便他們可以在加密領域投射力量市場，特別是使用比特幣作為國際貿易結算資產，並持有大量戰略性比特幣，類似美國政府持有黃金的方式。

Now Senator Lummis has put forth a bill specifically to establish a strategic reserve in the belief of two things.

現在，盧米斯參議員提出了一項專門建立戰略儲備的法案，其信念有兩點。

One is the ability to project power.

一是投射力量的能力。

But more importantly, if bitcoin continues to appreciate as it has and the past weeks are a great example of how it can, then a significant amount of bitcoin held by the US government could be used as an offset to the federal debt.

但更重要的是，如果比特幣繼續像現在這樣升值，而過去幾週就是一個很好的例子，那麼美國政府持有的大量比特幣可以用來抵消聯邦債務。

The only other alternative to paying that debt is to allow inflation to run wild and inflate down the debt, which is not something I want my children or grandchildren to have to experience.

償還債務的唯一選擇是允許通貨膨脹瘋狂並降低債務，這不是我希望我的子孫經歷的事情。

And so I know I personally will do anything to support government initiatives that promote the ease and use of bitcoin as an investment asset and provide tax legislation around allowing bitcoin to be used for transactions and not have those transactions be taxed, allow miners to operate freely and have equal access to power in the US without being targeted and allow more and more bitcoin to be mined in the US such that the US is able to ensure that it has a significant amount of block space to protect the freedom of transactions in bitcoin regardless of use application as long as it's lawful within the US and by people investing in the US.

因此，我知道我個人將盡一切努力支持政府舉措，促進比特幣作為投資資產的便利性和使用，並圍繞允許比特幣用於交易而不對這些交易徵稅提供稅收立法，允許礦工自由運營並在美國擁有平等的權力而不被針對，並允許越來越多的比特幣在美國被開採，這樣美國就能夠確保擁有大量的區塊空間來保護比特幣交易的自由，無論只要在美國境內合法並且由在美國投資的人合法，就可以使用應用程式。

I'm going to switch over to Salman for my last question.

我將轉向薩爾曼回答我的最後一個問題。

Salman, taking a step back and looking at MARA's overall financial performance, what do you see as the highlights what worked well as well as you had hoped?

Salman，退後一步，看看 MARA 的整體財務業績，您認為哪些亮點是如您所希望的那樣運作良好？

And where do you think you need to move to improve performance?

您認為您需要在哪些方面進行改進才能提高績效？

And what do you think we could expect to see going forward?

您認為我們未來會看到什麼？

Thank you, Kevin, for the question.

謝謝凱文提出的問題。

As we've reported today, our energized hash rate has increased 93% to 36.9 exahash per second in the Q3 of this year versus Q3 of last year.

正如我們今天報導的，與去年第三季相比，今年第三季我們的活躍哈希率增加了 93%，達到每秒 36.9 exahash。

And as you know, in this sector, our production is public information after the quarter end as well.

如您所知，在這個領域，我們的產量在季度末後也是公開資訊。

So we have hit more than 40 exahash already.

所以我們已經達到 40 exahash 以上了。

And we are driving towards the 50 exahash target that we had set for ourselves that was revised in middle of the year this year.

我們正在努力實現我們為自己設定的 50 exahash 目標，該目標在今年年中進行了修訂。

Now in terms of total block space, another great highlight for us, despite halving, we were 32% higher compared to Q2 of 2024.

現在就總區塊空間而言，這是我們的另一個重大亮點，儘管減半，但與 2024 年第二季相比，我們仍高出了 32%。

And that's a significant increase quarter -- from a sequential quarter standpoint.

從連續季度的角度來看，這是一個顯著成長的季度。

In addition to that, obviously, that impacts our revenues.

除此之外，顯然這會影響我們的收入。

Our revenues increased 35% compared to the same quarter of last year.

與去年同期相比，我們的營收成長了 35%。

There's an impact on bitcoin price, and there's an impact of halving.

對比特幣價格有影響，有減半的影響。

And then there's an impact of global hash rate.

然後還有全球哈希率的影響。

As you -- as we all know, global hash rate has gone up considerably over this period of time.

眾所周知，全球算力在這段時間大幅上升。

As a result of that, difficulty level has gone up considerably.

結果，難度水平大大提高。

Despite all those challenges, we have persevered and our revenues have gone up considerably compared to last year at the same time.

儘管面臨所有這些挑戰，我們仍然堅持不懈，與去年同期相比，我們的收入大幅成長。

On the cost side, it's a similar story.

在成本方面，情況也類似。

Our cost of revenue, as we measure from a cost per petahash per day perspective, that's a KPI that we have set for ourselves, it has improved consistently throughout this year.

我們的收入成本，從每天每 petahash 的成本角度來衡量，這是我們為自己設定的 KPI，它在今年持續改善。

And one of the reasons is the acquisitions, the accretive acquisitions that we did, those are driving our costs down.

原因之一是收購，我們所做的增值收購正在降低我們的成本。

But also in addition to that is the organic growth, the additional capacity that our teams have successfully deployed that we are very proud of, that has consistently resulted in a decline of our cost of revenue.

除此之外，我們的團隊成功部署了我們非常自豪的有機成長和額外產能，這一直導致我們的收入成本下降。

So if you look at cash cost of revenue, as we call it, without depreciation, that has gone down.

因此，如果你看看我們所說的收入現金成本，在沒有折舊的情況下，它已經下降了。

And a reminder, that's a non-GAAP measure as we disclosed in our financials and in our shareholder letter as well.

提醒一下，正如我們在財務報告和股東信中所揭露的那樣，這是一項非公認會計準則衡量標準。

It has gone down 18% from a $45.2 in the third quarter of 2023 to $37.1 per petahash per day in the third quarter of 2024.

從 2023 年第三季的 45.2 美元下降到 2024 年第三季的每天每 petahash 37.1 美元，下降了 18%。

And that's a testament of our strategy of driving towards near zero energy cost.

這證明了我們推動接近零能源成本的策略。

But as you know that we were an asset-light company a year ago, just a year ago.

但如你所知，一年前，就在一年前，我們還是一家輕資產公司。

And with the gigawatt addition in capacity approximately once it's fully energized through acquisitions and organic growth, those acquisitions will reap benefit over a period of time, and we're starting to see those benefits.

隨著千兆瓦容量的增加，大約一旦透過收購和有機成長完全激發活力，這些收購將在一段時間內獲得收益，我們開始看到這些好處。

Sequentially, we continue to reduce our costs.

接下來，我們繼續降低成本。

So if you look at sequential quarter from Q2 to Q3, it's a 10% reduction with the same KPI that we just talked about.

因此，如果您查看從第二季度到第三季度的連續季度，您會發現與我們剛才討論的 KPI 相同，下降了 10%。

And then on the balance sheet side, obviously, we -- as Fred mentioned already, we have over 27,000 bitcoin at this stage post quarter end.

然後在資產負債表方面，顯然，正如 Fred 已經提到的，我們在季度末的現階段擁有超過 27,000 個比特幣。

And the value of that is -- obviously, it has gone up considerably as anticipated.

顯然，它的價值已經按照預期大幅上漲。

With the transaction, I want to touch a little bit more on the convert transaction that we did.

對於交易，我想更多地談談我們所做的轉換交易。

And we have access to multiple sources of capital, Kevin, at this stage, which is encouraging.

凱文，現階段我們可以獲得多種資金來源，這是令人鼓舞的。

Yet it is a little bit premature in this industry as we evolve as an industry and as we become more mainstream per se from a banking and financial services perspective, we expect to see more sources of capital open up to the sector.

然而，隨著我們作為一個行業的發展，並且從銀行和金融服務的角度來看，我們本身變得更加主流，我們預計會看到更多的資本來源向該行業開放。

Having said that, the decision to buy bitcoin on top of producing bitcoin was highly accretive for us.

話雖如此，在生產比特幣的基礎上購買比特幣的決定對我們來說是非常有利的。

We -- just looking at the 6,400 -- over 6,400 bitcoin that we purchased this year at an average price of $60,000 per bitcoin, that has resulted in -- as of today, it has resulted in approximately 50% increase in our BTC yield per share.

我們——僅看看今年我們以每枚比特幣 60,000 美元的平均價格購買的 6,400 枚——超過 6,400 枚比特幣，這導致——截至今天，我們的每枚比特幣收益率增加了約 50%分享。

And remember, this per share calculation is based on assumed diluted share calculation based on our best estimate at this stage.

請記住，每股計算是基於我們現階段最佳估計的假設攤薄股計算。

So in terms of value creation and value driver, that purchase is a great example in that the convertible debt it made a lot of sense for us to execute that we did in August.

因此，就價值創造和價值驅動而言，這次購買是一個很好的例子，因為我們在 8 月執行的可轉換債券對我們來說非常有意義。

Now going back to combined restricted cash and BTC, our balance sheet continues to be extremely strong, one of the strongest in the sector with the bitcoin that we hold on the balance sheet.

現在回到限制性現金和比特幣的組合，我們的資產負債表仍然非常強勁，是我們資產負債表上持有的比特幣行業中最強勁的資產負債表之一。

And from a long-term perspective, the whole bitcoin building strategy is already paying off when you look at these rate of returns.

從長遠來看，當你看到這些回報率時，整個比特幣建設策略已經得到了回報。

Now a quick reminder, bitcoin price is a commodity price.

現在快速提醒一下，比特幣價格是商品價格。

We don't control it.

我們無法控制它。

It fluctuates and investors should expect that it will fluctuate over a period of time.

它會波動，投資者應該預期它會在一段時間內波動。

But with the amount of HODL that we have the second largest worldwide as a public company space that we believe is going to create significantly more value than it has already created for us at this stage.

但作為一家上市公司，我們擁有全球第二大的 HODL 空間，我們相信這將創造比現階段已經為我們創造更多的價值。

Thanks, Salman.

謝謝，薩爾曼。

And thanks for the detail on the mining cost per petahash.

感謝您提供有關每 petahash 挖礦成本的詳細資訊。

I think it was $37.

我記得是 37 美元。

I imagine we'll see that decline again through the fourth quarter as the Ohio sites come online.

我想隨著俄亥俄州網站的上線，我們將在第四季度再次看到這種下降。

Thank you very much for entertaining my questions, gentlemen.

先生們，非常感謝您解答我的問題。

I really appreciate it.

我真的很感激。

And Fred, thanks for digesting the questions and offering a shorter answer than you may have wanted to otherwise.

Fred，感謝您消化這些問題並提供比您想要的更簡短的答案。

I appreciate that.

我很欣賞這一點。

I'll turn the call back to Rob.

我會把電話轉回給羅布。

Thanks again for having me on.

再次感謝您邀請我參加。

Thanks, Kevin.

謝謝，凱文。

We really appreciate all the questions.

我們非常感謝所有的問題。

We did, as usual, we did take some -- get some questions from our retail investors.

像往常一樣，我們確實聽取了散戶投資者的一些問題。

Most of them hit on some of the similar questions that you were asking, Kevin.

凱文，他們中的大多數人都提出了您所問的一些類似問題。

There's one that people are asking I just would like to address to Fred is how involved, Fred, do you think -- how involved do you expect us to be MARA to be in the shaping of US bitcoin and bitcoin mining/energy policy with the incoming administration?

人們問我，我想向 Fred 說的是，Fred，你認為——你希望我們 MARA 如何參與制定美國比特幣和比特幣採礦/能源政策？

I think members of the incoming administration have been engaging with the bitcoin miners regarding early thoughts on a variety of policies, and we'll continue to advise and consult and provide our input when asked.

我認為即將上任的政府成員一直在與比特幣礦工就各種政策的早期想法進行接觸，我們將繼續提供建議和諮詢，並在被要求時提供我們的意見。

We're obviously going to take as active a role as is appropriate, but we're very focused on working with all branches of government, whether it be the executive branch, the legislative branch or even the departments such as FERC, DOE and others, such that the broader government, civil servants, the parts of the government that run and operate independent of elected or appointed officials, become educated to the benefits of how bitcoin mining and our industry can benefit the energy grid and the deployment and transition of energy to a more electrified nation.

顯然，我們將在適當的情況下發揮積極的作用，但我們非常注重與政府所有部門合作，無論是行政部門、立法部門，甚至是 FERC、DOE 等部門，以便更廣泛的政府、公務員、獨立於民選或任命官員運作和運作的政府部門接受教育，了解比特幣挖礦和我們的產業如何使能源網格以及能源的部署和轉型受益走向更電氣化的國家。

This country is going to have to spend trillions of dollars to upgrade its grid as it continues to deploy more renewable and intermittent energy generation.

隨著該國繼續部署更多再生和間歇性能源發電，該國將不得不花費數兆美元來升級其電網。

And until we have a more broadly -- broad acceptance for further nuclear energy in this country, all renewable energy will be intermittent in nature, which means you need the ability to load balance and you need dispatchable load and that is something that bitcoin mining is uniquely positioned to do, and that's something we're going to be working with all government departments.

在這個國家進一步廣泛接受核能之前，所有可再生能源本質上都是間歇性的，這意味著你需要負載平衡的能力，你需要可調度的負載，這就是比特幣挖礦的目的我們處於獨特的位置，我們將與所有政府部門合作。

Just try and get them to realize the benefits such that as they plan and build out the grid, considerations for large dispatchable loads of bitcoin mining are taken into account.

只要嘗試讓他們認識到這樣的好處，例如當他們規劃和建立網格時，就會考慮到大量可調度的比特幣挖礦負載。

Thanks, Fred, and thanks, Salman, and thank you, everyone, for your time today.

謝謝弗雷德，謝謝薩爾曼，謝謝大家今天抽出寶貴的時間。

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

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@mara.com 聯絡我們的投資者關係團隊。非常感謝，祝您度過這一天剩下的時間。

Thank you.

謝謝。

All parties may disconnect.

所有各方都可以斷開連接。