Mawson Infrastructure Group Inc (MIGI) 2022 Q3 法說會逐字稿

Good day and welcome to the Mawson Infrastructure Group, Inc. third-quarter 2022 earnings call. (Operator Instructions) Please note that this event is being recorded. Now I'd like to turn the call over to Mr. Nick Hughes-Jones. Please go ahead, sir.

美好的一天，歡迎來到 Mawson Infrastructure Group, Inc. 2022 年第三季度財報電話會議。 （操作員說明）請注意，正在記錄此事件。現在我想把電話轉給 Nick Hughes-Jones 先生。請繼續，先生。

Hello, everyone. And thank you for taking the time to hear about Mawson Infrastructure Group's third-quarter 2022 financial results. My name is Nick Hughes-Jones, Chief Commercial Officer of Mawson. Joining me today is James Manning, our Chief Executive Officer; Liam Wilson, our Chief Operating Officer; and our Principal Accounting Officer, Ariel Sivikofsky.

大家好。感謝您抽出寶貴時間了解 Mawson Infrastructure Group 的 2022 年第三季度財務業績。我叫 Nick Hughes-Jones，是 Mawson 的首席商務官。今天加入我的是我們的首席執行官 James Manning；我們的首席運營官利亞姆·威爾遜 (Liam Wilson)；以及我們的首席會計官 Ariel Sivikofsky。

We look forward to taking you through the investor presentation today. But first, I need to read you a short disclaimer around forward-looking statements. Please be aware today we'll be making forward-looking statements. These statements are based on current expectations and assumptions and are subject to risks that could cause actual results to differ materially from those expected. We may also make forward-looking statements as part of our Q&A at the conclusion of this presentation.

我們期待著帶您完成今天的投資者介紹。但首先，我需要向您宣讀有關前瞻性陳述的簡短免責聲明。請注意，今天我們將做出前瞻性陳述。這些陳述基於當前的預期和假設，並存在可能導致實際結果與預期結果大不相同的風險。我們也可能在本演示文稿結束時做出前瞻性陳述，作為我們問答的一部分。

Please be sure to refer to the cautionary text regarding forward-looking statements contained in this presentation on slide 2, as well as the risk factors in our annual report and Form 10-K filed March 21, 2022, under the subheading Risks Relating to our Business, as well as the 10-Q filed today, Monday, November 14. With that, I'll hand it across to our CEO, James Manning.

請務必參考幻燈片 2 中本演示文稿中有關前瞻性陳述的警示性文本，以及我們年度報告和 2022 年 3 月 21 日提交的 10-K 表格中的風險因素，在與我們相關的風險子標題下業務，以及今天（11 月 14 日星期一）提交的 10-Q。有了這個，我將把它交給我們的首席執行官詹姆斯曼寧。

Thanks, Nick. Since our Friday night's close, Mawson had a market capitalization of approximately $33 million and is listed on the NASDAQ under the code MIGI and has four bitcoin mining sites across the USA and Australia. Mawson's diversified model generates revenue from three business lines: our bitcoin self-mining operations, hosting co-locations, and finally, our energy markets program.

謝謝，尼克。自周五晚上收盤以來，Mawson 的市值約為 3300 萬美元，在納斯達克上市，代碼為 MIGI，在美國和澳大利亞擁有四個比特幣礦場。 Mawson 的多元化模式從三個業務線產生收入：我們的比特幣自挖業務、主機代管，最後是我們的能源市場計劃。

As at the end of September 2022, our bitcoin self-mining and hosting co-location installed operating capacity was at approximately 3.7 exahash. And we expect this to rise to 4.5 exahash by Q1, 2023, and then up to 8 exahash by Q4, 2023. We sell the bitcoin generated from self-mining daily and our hosting contracts are on a cost-plus basis, where we earn a margin on the infrastructure we provide, which is all paid in US dollars.

截至 2022 年 9 月底，我們的比特幣自挖和主機代管安裝運營能力約為 3.7 exahash。我們預計到 2023 年第一季度，這個數字將上升到 4.5 exahash，然後到 2023 年第四季度上升到 8 exahash。我們每天出售自挖產生的比特幣，我們的託管合同是在成本加成的基礎上進行的，我們賺取我們提供的基礎設施的保證金，全部以美元支付。

Throughout the third quarter Mawson continued to participate in this energy market program, generating $6.3 million in the process. This program enables Mawson to monetize its energy by curtailment and by selling energy back to the grid when energy prices are high, while maintaining the flexibility to mine bitcoin when energy prices are low. This is a significant strategic advantage for Mawson in the current environment.

在整個第三季度，Mawson 繼續參與該能源市場計劃，在此過程中產生了 630 萬美元。該計劃使 Mawson 能夠通過削減能源並在能源價格高時將能源賣回電網來貨幣化，同時在能源價格低時保持開採比特幣的靈活性。在當前環境下，這對 Mawson 來說是一個重要的戰略優勢。

One of the major strategic highlights of the quarter was the sale of our Georgia facility to CleanSpark, Inc. for approximately $40 million. This sale has resulted in Mawson having a renewed focus on our Pennsylvania assets where we have low energy costs, large-scale facilities, and the ability to continue to generate revenue and reduce our cost of mining via our energy market program.

本季度的主要戰略亮點之一是以大約 4000 萬美元的價格將我們的佐治亞州工廠出售給 CleanSpark, Inc.。此次出售使 Mawson 重新關注我們在賓夕法尼亞州的資產，在那裡我們擁有低能源成本、大型設施，並且能夠通過我們的能源市場計劃繼續產生收入並降低我們的採礦成本。

The sale has also placed Mawson in the enviable position of having low net debt and to simultaneously have our major facility now fully funded to its expansion of a 100 megawatts, a significant strategic advantage in the current environment. With that, I'll hand over to Ariel to talk through our financial highlights for the quarter.

此次出售還使 Mawson 處於令人羨慕的位置，因為它的淨債務很低，同時我們的主要設施現在已獲得充足的資金來擴建 100 兆瓦，這在當前環境下是一個重要的戰略優勢。有了這個，我將交給 Ariel 來談談我們本季度的財務亮點。

Thanks, James, and thank you to everybody who has joined the call. Touching on some highlights of the third quarter of 2022, Mawson generated record revenue of year to date, $28.3 million, up 160% year-on-year. Gross profit of $10 million, up 20% year-on-year. Non-GAAP EBITDA of $8.8 million, up 203% year-over-year, and bitcoin produced for self-mining increased 12%, 282 coins.

謝謝 James，也感謝所有加入電話會議的人。談到 2022 年第三季度的一些亮點，Mawson 創造了今年迄今為止創紀錄的收入，達到 2830 萬美元，同比增長 160%。毛利1000萬美元，同比增長20%。 Non-GAAP EBITDA 為 880 萬美元，同比增長 203%，自挖比特幣增長 12%，282 個幣種。

Pleasingly, our hosting co-location business also generated solid growth, rising 58% from quarter two in 2022, $5.7 million in quarter three. As you can see on slide 6, Mawson began receiving the proceeds of sale from the Georgia facility in October and November, with the $20.6 million in cash hitting the balance sheet subsequent to quarter end. The September 30 balance sheet, you can see on screen, does not include any of the proceeds of sale of the Georgia facility.

令人高興的是，我們的託管託管業務也實現了穩健增長，比 2022 年第二季度增長了 58%，第三季度增長了 570 萬美元。正如您在幻燈片 6 中看到的那樣，Mawson 於 10 月和 11 月開始從佐治亞州工廠收到銷售收益，2060 萬美元現金在季度末進入資產負債表。您可以在屏幕上看到，9 月 30 日的資產負債表不包括出售佐治亞工廠的任何收益。

However, some balance sheet highlights from the quarter include: a $3.7 million increase in the fair value of energy contracts to $21.4 million, referred to here as derivative assets; a $4.1 million reduction in trade and other payables; and a $21.6 million increase in assets held for sale. At the end of the quarter three, our net assets were $92.8 million. Based on shares on issue as at September 30, of $81.2 million. And net tangible assets currently sit at $1.14 versus a share price of $39.50 as at Friday night's close.

然而，本季度資產負債表的一些亮點包括：能源合同的公允價值增加 370 萬美元，達到 2140 萬美元，此處稱為衍生資產；貿易和其他應付款項減少 410 萬美元；持有待售資產增加 2160 萬美元。第三季度末，我們的淨資產為 9280 萬美元。基於截至 9 月 30 日的已發行股份，價值 8,120 萬美元。截至週五晚收盤，有形資產淨值目前為 1.14 美元，而股價為 39.50 美元。

Turning to our income statement, some of the highlights from quarter three 2022 versus quarter two 2022 include: a 43% increase in revenue from $19.8 million in quarter two to a record $28.3 million in quarter three; a 58% increase in hosting co-location revenue in quarter two from $3.6 million, to $5.7 million; a 47% reduction in our selling, general and administrative expenses from $9.4 million in quarter two to $5 million in quarter 3; and 1,160% increase in energy markets revenue from $0.5 million in quarter two to $6.3 million in quarter three; and an $11 million increase in hardware sales, a 41% reduction in current trade and other payables in quarter two from $47 million to $27.5 million in quarter three; and an 87% increase in gross profit from $5.4 million in quarter two to $10.1 million in quarter three.

談到我們的損益表，2022 年第三季度與 2022 年第二季度相比的一些亮點包括：收入從第二季度的 1980 萬美元增長 43% 到第三季度創紀錄的 2830 萬美元；第二季度託管託管收入從 360 萬美元增長 58% 至 570 萬美元；我們的銷售、一般和管理費用減少了 47%，從第二季度的 940 萬美元減少到第三季度的 500 萬美元；能源市場收入增長 1,160%，從第二季度的 50 萬美元增至第三季度的 630 萬美元；硬件銷售額增加 1100 萬美元，第二季度的當前貿易和其他應付賬款減少 41%，從第三季度的 4700 萬美元減少到 2750 萬美元；毛利潤從第二季度的 540 萬美元增長 87% 至第三季度的 1010 萬美元。

I'll now hand over to Chief Operating Officer, Liam Wilson, to provide an operational update.

我現在將交給首席運營官 Liam Wilson 來提供運營更新。

Thanks, Ariel. Hello, everyone, and thank you for joining. As James mentioned earlier, in Q3, we sold our Georgia facility to CleanSpark for approximately $40 million and have begun to receive the proceeds of the sale through October and November. The proceeds being a mixture of cash and CleanSpark stock.

謝謝，愛麗兒。大家好，感謝您的加入。正如 James 之前提到的，在第三季度，我們以大約 4000 萬美元的價格將佐治亞州的設施出售給了 CleanSpark，並已開始在 10 月和 11 月收到出售收益。收益包括現金和 CleanSpark 股票。

The operational impacts of this mean Mawson is now firmly focused on the development of our Pennsylvania assets where we have large scale facilities which have a low cost of power and provide Mawson the opportunity to continue participating in our energy markets program, which generates revenue while lowering our overall cost of production.

這意味著 Mawson 的運營影響現在堅定地專注於我們賓夕法尼亞州資產的開發，在那裡我們擁有電力成本低的大型設施，並為 Mawson 提供了繼續參與我們的能源市場計劃的機會，該計劃在產生收入的同時降低我們的總體生產成本。

Our Pennsylvania assets are at this stage, made up of two primary sites: our 100-megawatt facility in Midland, which is in the process of being expanded from 50 megawatts to 100 megawatts, and our 120-megawatt facility in Sharon, where we expect to have the first 12 megawatts energized in late Q4, 2022.

我們在賓夕法尼亞州的資產處於現階段，由兩個主要站點組成：我們在米德蘭的 100 兆瓦設施，該設施正在從 50 兆瓦擴展到 100 兆瓦，以及我們在沙龍的 120 兆瓦設施，我們預計在 2022 年第四季度末啟動第一批 12 兆瓦的電力。

Combined, these sites are capable of operating at approximately 8 exahash, based on utilization of the latest generation ASIC hardware. And we expect to have installed capacity of 8 exahash by the end of 2023 with a 50-50 split between self-mining and hosting co-location.

基於最新一代 ASIC 硬件的使用，這些站點加起來能夠以大約 8 exahash 的速度運行。我們預計到 2023 年底的裝機容量將達到 8 exahash，自挖和託管託管之間的比例將達到 50-50。

Slide 9 spells out the development timeline at both our Midland and Sharon sites out to Q4, 2023. As a result of our recent asset sales, our Midland expansion is now fully funded. At our Sharon site, and to the expected expansion beyond 12 megawatts in 2023, we expect any further funding requirements to see contribution from incoming hosting customers. Given the recent bankruptcy of Compute North and issues being faced by other large publicly listed hosting providers, demand for hosting is very high and we look forward to updating stockholders on this in due course.

幻燈片 9 闡明了到 2023 年第四季度為止我們米德蘭和沙龍場地的開發時間表。由於我們最近出售了資產，我們的米德蘭擴張現已獲得全部資金。在我們的 Sharon 站點，對於 2023 年超過 12 兆瓦的預期擴展，我們預計任何進一步的資金需求都將來自即將到來的託管客戶的貢獻。鑑於 Compute North 最近破產以及其他大型公開上市託管服務提供商面臨的問題，對託管的需求非常高，我們期待在適當的時候向股東更新這方面的信息。

The pivot to Pennsylvania also ensures that Mawson is now a 100% sustainable miner with the vast majority of our energy coming from 100% carbon-free nuclear energy. I'll now hand back to James to run through our self-mining, hosting, and energy markets businesses.

轉向賓夕法尼亞州還確保 Mawson 現在是 100% 可持續的礦工，我們的絕大部分能源來自 100% 無碳核能。我現在將交還給詹姆斯，介紹我們的自挖礦、託管和能源市場業務。

Thanks, Liam. As previously discussed, Mawson generates revenue primarily from three different business segments. In Q3,our self-mining business generated $5.9 million of revenue. And on slide 10, we detail our expectations to our forward self-mining exahash flow.

謝謝，利亞姆。如前所述，Mawson 的收入主要來自三個不同的業務部門。第三季度，我們的自挖業務產生了 590 萬美元的收入。在幻燈片 10 中，我們詳細說明了我們對未來自挖 exahash 流程的期望。

As we expand into our Pennsylvania facilities over 2023 year, we expect our self-mining business to grow from 1.5 exahash in Q1, 2023 to 4 exahash in Q4, 2023. And you can see on this slide that the corresponding daily bitcoin production annualized revenue based on current [network capability] and market conditions.

隨著我們在 2023 年擴展到賓夕法尼亞州的設施，我們預計我們的自挖業務將從 2023 年第一季度的 1.5 exahash 增長到 2023 年第四季度的 4 exahash。你可以在這張幻燈片上看到相應的每日比特幣產量年化收入基於當前[網絡能力]和市場條件。

Turning to slide 11. In Q3, our hosting co-location business generated $5.7 million in revenue, up 58% from Q2 this year. Our hosting contracts are all on a cost-plus basis, meaning we are well protected from fluctuations in energy prices.

轉到幻燈片 11。在第三季度，我們的主機託管業務產生了 570 萬美元的收入，比今年第二季度增長了 58%。我們的託管合同均以成本加成為基礎，這意味著我們可以很好地免受能源價格波動的影響。

As we continue to build out our Pennsylvania facilities, and based on inbound demand from hosting in present, we anticipate growing our contracted hosting business 100% from the current 100 megawatts contracted as at September 30, 2022, to 200 megawatts by Q4, 2023. As many of you are no doubt aware, the bankruptcy of Compute North, as well as well-publicized issues in some of our listed hosting fees, has meant demand for hosting continues to be very strong.

隨著我們繼續建設賓夕法尼亞州的設施，並根據目前託管的入境需求，我們預計到 2023 年第四季度，我們的承包託管業務將從目前簽約的 100 兆瓦增長 100%，截至 2022 年 9 月 30 日，將增長到 200 兆瓦。毫無疑問，你們中的許多人都知道，Compute North 的破產，以及我們列出的一些託管費用中廣為人知的問題，意味著對託管的需求仍然非常強勁。

On slide 12, we provide some details about our energy market business. In Q3, we generated $6.3 million in revenue from this program, whereby we curtail and sell our energy to the grid at times of high energy prices. This is a very high-margin business for Mawson and means we can be very flexible with that energy load, which brings other benefits for the community and the environment.

在幻燈片 12 上，我們提供了有關我們能源市場業務的一些詳細信息。在第三季度，我們從該計劃中獲得了 630 萬美元的收入，我們通過該計劃在能源價格高時削減能源並將其出售給電網。對於 Mawson 而言，這是一項利潤率非常高的業務，這意味著我們可以非常靈活地處理能源負荷，從而為社區和環境帶來其他好處。

For example, as a result of our curtailment activities in 2022, we have avoided over 24,000 tonnes of CO2 emissions, which is the equivalent of over 56,000 barrels of oil. All of this is central to our ESG strategy and how we become better corporate citizens.

例如，由於我們在 2022 年的減排活動，我們避免了 24,000 多噸二氧化碳排放，相當於 56,000 多桶石油。所有這些都是我們的 ESG 戰略以及我們如何成為更好的企業公民的核心。

Turning to energy infrastructure pipeline, we have demonstrated, by the recent sale of our Georgia asset, the ability to profitably identify, develop and then sell our facilities. Part of this process is keeping the top of the funnel active. And over the course of Q3 and into Q4, the Mawson team has been busier in this area. We are looking forward to updating stockholders on this front in due course.

談到能源基礎設施管道，我們通過最近出售我們的佐治亞州資產證明了我們有能力識別、開發然後出售我們的設施並從中獲利。此過程的一部分是保持漏斗頂部處於活動狀態。從第三季度到第四季度，Mawson 團隊在這方面更加忙碌。我們期待在適當的時候在這方面更新股東。

Our current pipeline of energy infrastructure is over 300 megawatts. These are all located in the USA and are all high-quality carbon-neutral locations. I'll now hand over to Liam and to run through our ESG focus, Board and register.

我們目前的能源基礎設施管道超過 300 兆瓦。這些都位於美國，並且都是高質量的碳中和地點。我現在將交給 Liam 並完成我們的 ESG 重點、董事會和註冊。

Thanks, James. At Mawson, ESG is a core priority for us. We have already touched briefly on our focus on carbon-free energy. In addition to this, we offset any residual carbon footprint using carbon offset credits and, through our energy markets program, Mawson is able to serve the community further by curtailing our energy use in times of need.

謝謝，詹姆斯。在 Mawson，ESG 是我們的核心優先事項。我們已經簡要談到了我們對無碳能源的關注。除此之外，我們還使用碳抵消額度來抵消任何殘留的碳足跡，並且通過我們的能源市場計劃，Mawson 能夠在需要時減少我們的能源使用，從而進一步為社區服務。

By the end of 2022, we will have planted over 100,000 new trees across the US and Australia with 75,000 trees planted in 2022 alone, which is approximately 1.5 new trees planted every time a block is created on the bitcoin blockchain.

到 2022 年底，我們將在美國和澳大利亞種植超過 100,000 棵新樹，僅 2022 年就種植了 75,000 棵樹，這相當於每次在比特幣區塊鏈上創建一個區塊時種植大約 1.5 棵新樹。

Mawson is also a very active member of the local communities in which we operate, something we take very seriously. We have an active community engagement program in Pennsylvania, sponsoring ballpark as well as supporting the local community colleges, performing art centers, and local healthcare systems.

Mawson 還是我們經營所在當地社區的非常活躍的成員，我們非常重視這一點。我們在賓夕法尼亞州有一個積極的社區參與計劃，贊助棒球場並支持當地社區學院、表演藝術中心和當地醫療保健系統。

Our most recent program in the Midland community is handing out 200 turkeys for Thanksgiving and 200 Christmas trees for Christmas to people in need, as well as participating in community food programs through the holiday period, programs we're really looking forward to taking part in this year.

我們在米德蘭社區最近的計劃是向有需要的人分發感恩節的 200 只火雞和聖誕節的 200 棵聖誕樹，以及在假期期間參與社區食品計劃，我們非常期待參加這些計劃今年。

Slide 15 touches on our Board and management team. Our US team is led by myself and our Chief Development Officer, Craig Hibbard, who oversees the development of our portfolio of facilities in the United States. You've already heard today from Aerial Sivikofsky, who recently joined the Mawson team and brings with him 25 years of financial stewardship and a thorough understanding of the cryptocurrency industry.

幻燈片 15 涉及我們的董事會和管理團隊。我們的美國團隊由我和我們的首席開發官 Craig Hibbard 領導，他負責監督我們在美國的設施組合的開發。您今天已經聽到 Aerial Sivikofsky 的消息，他最近加入了 Mawson 團隊，帶來了 25 年的財務管理經驗和對加密貨幣行業的透徹理解。

Our Board is chaired by Greg Martin, who was the CEO of Australia's largest energy business, AGL Energy, for five years and was with AGL for 25 years. Michael Hughes, another of our independent nonexecutive directors, has extensive experience across capital markets, governance and audit. We are currently searching for a fourth director, who we anticipate will be US-based.

我們的董事會由 Greg Martin 擔任主席，他曾擔任澳大利亞最大的能源企業 AGL Energy 的首席執行官五年，並在 AGL 工作了 25 年。我們的另一位獨立非執行董事邁克爾·休斯 (Michael Hughes) 在資本市場、治理和審計方面擁有豐富的經驗。我們目前正在尋找第四位董事，我們預計他將常駐美國。

For our second last slide, I wanted to highlight just how aligned Mawson's Board and senior management are with all of our fellow shareholders. Board and management currently own approximately 19% of Mawson, so we all have a huge amount of skin in the game. This is unique amongst our NASDAQ listed peers and ensures we are extremely focused on shareholder returns.

對於我們的倒數第二張幻燈片，我想強調 Mawson 的董事會和高級管理層與我們所有股東的一致程度。董事會和管理層目前擁有 Mawson 大約 19% 的股份，因此我們在遊戲中都有很大的利益。這在我們納斯達克上市的同行中是獨一無二的，並確保我們非常關注股東回報。

Lastly, for me before we move to questions. In summary, why invest in Mawson Infrastructure Group? Over the last 15 months, we have grown the size of our self-mining and hosting co-location business over 17 times from 0.2 of an exahash to 3.7 exahash as at September 2022, and anticipate growing this further to 8 exahash by Q4, 2023. We truly are an infrastructure first business with a significant amount of energy infrastructure in place, a strategic advantage in the current environment.

最後，在我們開始提問之前，對我來說。綜上所述，為何投資莫森基建集團？在過去的 15 個月裡，截至 2022 年 9 月，我們的自挖和主機代管業務規模增長了 17 倍以上，從 0.2 exahash 增加到 3.7 exahash，並預計到 2023 年第四季度將進一步增長到 8 exahash . 我們確實是基礎設施優先的企業，擁有大量的能源基礎設施，在當前環境下具有戰略優勢。

We are one of the most sustainable bitcoin miners on the NASDAQ, with all of our energy coming from sustainable sources, predominantly nuclear energy. We have strategic relationships in place with Voltus, Canaan and CleanSpark. We are one of the most efficient, fastest, and lowest cost deployers of energy in the industry. And we have very high insider ownership at 19%, meaning we are incredibly focused on shareholder returns.

我們是納斯達克上最具可持續性的比特幣礦工之一，我們所有的能源都來自可持續能源，主要是核能。我們與 Voltus、Canaan 和 CleanSpark 建立了戰略關係。我們是業內效率最高、速度最快、成本最低的能源部署商之一。而且我們的內部人持股比例非常高，達到 19%，這意味著我們非常關注股東回報。

With the presentation now complete, we wanted to take this opportunity to thank all of our employees, suppliers and shareholders for their ongoing support in 2022. I'll now hand back the floor for any questions.

演示現已完成，我們想藉此機會感謝我們所有的員工、供應商和股東在 2022 年的持續支持。我現在將把發言權交還給任何問題。

(Operator Instructions) Josh Siegler, Cantor Fitzgerald.

（操作員說明）Josh Siegler，Cantor Fitzgerald。

Yes, hi. Thanks for taking my questions today. I'd love to get some updated color on hosting demand environment right now, especially in regards to the Sharon, Pennsylvania site. Thank you.

是的，嗨。感謝您今天回答我的問題。我現在很想了解有關託管需求環境的一些最新信息，尤其是關於賓夕法尼亞州沙龍的網站。謝謝。

Sure. I'll take that one. Look, we've had a large amount of inbound from I guess what I would describe as [open minders], guys that have been bought out by Compute North or other mine hosting providers not being able to provide capacity.

當然。我會拿那個。看，我們有大量的入站，我想我會形容為 [open minders]，那些被 Compute North 或其他無法提供容量的礦山託管提供商收購的人。

It's really difficult given the current environment to I guess qualify, which customer you want to take on board. And that's really where we're spending a lot of that time at the moment is trying to weed through the inquiry to find the right hosting partner, one that's willing and able to support their operation with the right capital structure.

考慮到當前的環境，我想要確定您想接納哪個客戶真的很難。這確實是我們目前花費大量時間的地方，試圖通過調查來尋找合適的託管合作夥伴，一個願意並能夠以正確的資本結構支持他們運營的合作夥伴。

And so while we're really confident about getting hosting customers in there, we're balancing that with the time to build Sharon and who do we want in our facilities running, having experienced [sell-through] going into Chapter 11. We're very cautious about just taking any hosting customers on now, moving forward.

因此，雖然我們真的有信心在那裡接待客戶，但我們正在平衡建立 Sharon 的時間以及我們希望誰在我們的設施中運行，經歷了進入第 11 章的[銷售]。我們'我們對現在接受任何託管客戶非常謹慎，向前邁進。

Understood. And that actually leads really well to my next question, which is just -- how are you thinking about your growth timeline given the lower bitcoin levels right now? Is there any risk to achieving your hash rate targets if bitcoin hovers around $15,000 to $17,000? Thank you.

明白了。這實際上很好地引出了我的下一個問題，那就是——鑑於目前比特幣水平較低，你如何看待你的增長時間表？如果比特幣徘徊在 15,000 美元到 17,000 美元之間，實現您的哈希率目標是否有任何風險？謝謝。

Yes. So I think at the moment, the hash rate target is a combination of two things. It's both our self-mining and our hosting clients. We, feel very comfortable around the hosting client assumptions. Look, we're still profitable, we've still got margin here around this $15,000, $16,000 mark.

是的。所以我認為目前，哈希率目標是兩件事的結合。這既是我們的自挖礦，也是我們的託管客戶。我們對託管客戶的假設感到非常滿意。看，我們仍然盈利，我們在這 15,000 美元、16,000 美元大關附近仍有利潤。

We've got a great power contract in PA, which makes mining affordable and can operate there, the API side, the 3.6 power rates. Mining down there at this price point works for us still. So we are always considering how and where we add equipment and at what time and so forth.

我們在賓夕法尼亞州有一份很棒的電力合同，這使得挖礦變得負擔得起並且可以在那裡運行，API 方面，3.6 的電價。以這個價位在那裡開採仍然對我們有用。因此，我們一直在考慮如何以及在何處添加設備以及何時添加設備等等。

I guess for us our focus is on the infrastructure at the moment. So we're very, very focused on getting Sharon built, API built, and we're very focused on how we get that built for the lowest total cost per megawatt out there. That key focus on getting the infrastructure built cost effectively, really important to us.

我想對我們來說，我們目前的重點是基礎設施。因此，我們非常、非常專注於構建 Sharon、構建 API，並且我們非常專注於如何以最低的每兆瓦總成本構建它。重點關注以經濟高效的方式建設基礎設施，這對我們來說非常重要。

And so we'll reconsider -- when we buy, what equipment we buy and when we turn it on, and we always think about that in terms of payback periods, what's the payback period on any new equipment. And that will be especially important for us as we look to acquire any other future equipment.

所以我們會重新考慮——什麼時候買，買什麼設備，什麼時候打開，我們總是考慮投資回收期，任何新設備的投資回收期是多長。這對我們來說尤其重要，因為我們希望獲得任何其他未來設備。

And Josh, the other thing to note, of course, is that mining hardware is certainly getting cheaper by the day. So we're also very cognizant of that.

Josh，當然，另一件需要注意的事情是，挖礦硬件肯定會越來越便宜。所以我們也非常清楚這一點。

Of course. Thank you very much. Appreciate the comment.

當然。非常感謝。感謝評論。

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Hi, guys, thanks for having me. Appreciate you tackling my questions.

嗨，伙計們，謝謝邀請我。感謝您解決我的問題。

Anytime, Kev. We love hearing your questions.

任何時候，凱夫。我們喜歡聽到您的問題。

Okay. All right. I am curious on a couple of things. One is, what do you think your CapEx ballpark will be to finish Sharon on, say, a per megawatt basis? And where do you stand -- I mean, I understand some miners went to CleanSpark, not entirely sure how many. I'm curious if you can give me an idea on what you need to get your hands on in order to hit your 4 exahash target for year-end in self-mining next year.

好的。好的。我對幾件事很好奇。一是，你認為你的資本支出大概是多少才能完成 Sharon，比如說，以每兆瓦為基礎？你的立場是什麼——我的意思是，我知道一些礦工去了 CleanSpark，但不完全確定有多少。我很好奇你是否可以告訴我你需要做什麼才能在明年的自挖中達到年終的 4 exahash 目標。

Sure. Why don't I give Liam the per megawatt one, because he's looking after the operations side of the business and then I'll talk to the equipment?

當然。為什麼我不給 Liam 每兆瓦一個，因為他負責業務的運營方面，然後我會與設備交談？

So Kevin, fully deployed, our Sharon site, we're looking at $250,000 per megawatt for a fully deployed site. There's a large number of efficiencies within our business now with regards to the -- just the sheer volume of modular data centers that we're purchasing as well as our transformers, as well as -- we've now got a fair bit of fitness, you could call it, with regards to building these data center sites. So there's a lot of efficiencies that we're seeing come through the business. So we're targeting $250,000 a meg to get Sharon completely online.

所以凱文，完全部署，我們的 Sharon 站點，我們正在為一個完全部署的站點尋找每兆瓦 250,000 美元。我們的業務現在有很大的效率 - 只是我們購買的模塊化數據中心的絕對數量以及我們的變壓器，以及 - 我們現在有相當多的適應性，關於構建這些數據中心站點，您可以稱之為。因此，我們通過業務看到了很多效率。所以我們的目標是每兆 250,000 美元，讓 Sharon 完全上網。

How much have you spent thus far, Liam, and how far do you need to go?

利亞姆，你到目前為止花了多少錢，你還需要花多長時間？

At the moment, we've only spent money on the fixed mobile -- modular data centers that are required for the site. That's all that we had to put down so far.

目前，我們只在固定移動設備上花錢——該站點所需的模塊化數據中心。到目前為止，這就是我們必須放下的一切。

And the transformers -- and we've got some transformers as well in there, that site.

還有變形金剛——我們在那個地方也有一些變形金剛。

Okay. So you have what you need for -- to support the 12 megawatts that you're committed to there now?

好的。所以你有你需要的東西——支持你現在承諾的 12 兆瓦？

Correct.

正確的。

Exactly. The 12 megawatts is fine. The remainder of the site we still need to purchase. We would still need to fund the build out of that.

確切地。 12兆瓦很好。我們仍然需要購買網站的其餘部分。我們仍然需要為它的建設提供資金。

Are you sticking with the modular designs that you used in Georgia?

您是否堅持在格魯吉亞使用的模塊化設計？

Yes. The only difference is that there is the capacity for the units in Pennsylvania to be turned off remotely so that we can participate in the energy curtailment programs. That's the only difference, which is a very slight variance.

是的。唯一的區別是賓夕法尼亞州的設備可以遠程關閉，這樣我們就可以參與能源削減計劃。這是唯一的區別，差異很小。

Okay.

好的。

(multiple speakers) and services, they're exactly the same unit that's down in Georgia.

（多個揚聲器）和服務，它們與喬治亞州的完全相同。

Okay. Can you give me an idea on how many miners you're moving from Sandersville? And sort of where Midland stands and what you'll need to fill Sharon?

好的。你能告訴我你要從桑德斯維爾搬走多少礦工嗎？以及 Midland 的立場以及你需要什麼來填補 Sharon 的空缺？

Sorry, was that with regards to ASIC units?

抱歉，那是關於 ASIC 單元的嗎？

Yeah. Just the mining rigs themselves, because I've completely lost track. I mean, I noticed on your timeline, right, for the current quarter, you expected about a 1.2 exahash dip. And I'd imagine that's on account of the transit. I just was hoping you could give me some idea on I guess what your machine level is, and where you need to go to get to 4? How much is in your hands, Liam, and what do you need to buy?

是的。只是採礦設備本身，因為我完全迷失了方向。我的意思是，我在你的時間表上註意到，對，對於當前季度，你預計大約會下降 1.2 exahash。我想這是因為過境。我只是希望你能給我一些想法，我猜你的機器級別是多少，你需要去哪裡才能達到 4？利亞姆，你手裡有多少，你需要買什麼？

So we need to -- Kevin, I'll take that -- I'll take that one, Liam. So, we need to acquire about 2.5 exahash. With our current capacity, we've got some gear moved up from GA to PA. That will come on most likely very beginning of Q1, it may be late Q2 -- sorry, late Q4 this year. But it's most likely Q1 that we turn that gear on as we finish both the API and the Sharon build. And then we've got to go buy 2.5 exahash to hit the 2023 guidance.

所以我們需要——凱文，我來接——我來接，利亞姆。所以，我們需要獲得大約 2.5 exahash。以我們目前的能力，我們已經將一些設備從 GA 升級到 PA。這很可能會在第一季度開始，可能會在第二季度末——抱歉，今年第四季度末。但是，當我們完成 API 和 Sharon 構建時，我們很可能會在第一季度開啟該功能。然後我們必須去購買 2.5 exahash 以達到 2023 年的指導。

And depending on when we buy that, what the price is, obviously, we will need to fund that at the appropriate time. But given where the current bitcoin price is, we haven't rushed out to try and commit to any of that, Kevin, at the moment because we just want to wait and see where the price and the return metrics all sit at the moment.

顯然，根據我們購買的時間和價格，我們需要在適當的時候為其提供資金。但考慮到當前的比特幣價格，我們目前還沒有急於嘗試做出任何承諾，凱文，因為我們只想等待，看看目前的價格和回報指標都在哪裡。

Okay. So you need -- I lost you, I apologize, James, I lost you. You need to buy 2.5 to get to 4?

好的。所以你需要——我失去了你，我很抱歉，詹姆斯，我失去了你。您需要購買 2.5 才能達到 4？

No, sorry. We've got -- we have approximately 2 exahash in equipment currently. So, we'd expect we will probably cycle some of that gear. We will sell some additional gear during the period. But we have a recycling program where we sell gear and buy gear. So, we're thinking about it as a business that we would be probably buying some additional equipment, selling some equipment. So, we think overall, probably somewhere between 2 and 2.5 exahash to be bought during 2023 to hit guidance [off of it].

不，對不起。我們有——我們目前的設備大約有 2 個 exahash。所以，我們預計我們可能會循環使用其中的一些裝備。在此期間，我們將出售一些額外的裝備。但是我們有一個回收計劃，我們出售和購買裝備。因此，我們將其視為一項業務，我們可能會購買一些額外的設備，出售一些設備。因此，我們認為總體而言，可能會在 2023 年購買 2 到 2.5 exahash 之間的某處以達到指導 [off of it]。

Okay. Fair enough. Have you had a chance to get your hands on the 1346 or the 1366?

好的。很公平。您有機會接觸到 1346 或 1366 嗎？

We haven't yet, no.

我們還沒有，不。

Okay. I mean --.

好的。我是說 - 。

We are in conversations about them. But yes, I just -- we haven't got one yet. And we're not looking to procure any equipment before January. So, we've got a little bit of time up our sleeves on all of that at the moment.

我們正在談論它們。但是，是的，我只是——我們還沒有。我們不打算在 1 月之前採購任何設備。所以，我們現在有一些時間來解決所有這些問題。

Okay. The opportunity in Texas, is that something you're devoting any financial resources at this point? Or I guess I'm just curious how you're thinking about it from a timeline perspective?

好的。得克薩斯州的機會，您目前是否正在投入任何財務資源？或者我想我只是想知道您是如何從時間軸的角度考慮它的？

Yes. We've obviously got the Texas asset. We've done some work firming up the energy and the leasing and all the work there, including procurement of I guess some transformers attached to it and so forth. We're really focused on getting the business up and operating, up in that Pennsylvania region. And I guess we're ultimately looking at -- is it a non-core asset and should we be selling it?

是的。我們顯然擁有得克薩斯州的資產。我們已經做了一些工作來鞏固能源和租賃以及那裡的所有工作，包括採購我猜一些連接到它的變壓器等等。我們真正專注於在賓夕法尼亞地區開展業務並開展業務。而且我想我們最終會考慮 - 它是非核心資產嗎？我們應該出售它嗎？

And that's something we're currently actively considering, as we refocus all our attention up in that PA region. Because we're up in PA, Kevin, with phenomenal power, [great talent], the JPM market allows great hedging and low liquidity in that market. And it's a cooler environment. So, the equipment runs very well up there. You don't have to battle the heat like you have to battle in Texas. So, there's some advantages there as well.

這是我們目前正在積極考慮的事情，因為我們將所有註意力重新集中在那個 PA 地區。因為我們在賓夕法尼亞州，凱文，擁有非凡的力量，[偉大的人才]，摩根大通市場允許在該市場進行大量對沖和低流動性。這是一個涼爽的環境。所以，設備在那裡運行得很好。您不必像在得克薩斯州那樣與高溫作鬥爭。所以，那裡也有一些優勢。

And so we're really focused. And then operationally, all our sites are within an hour of each other up there. So, we're very much thinking about refocusing the business in PA and around the PA region, and Northern half of the US as opposed to splitting the business between Texas and PA. So, I'd probably consider it as a non-core asset for us, and we're considering how to best approach that.

所以我們真的很專注。然後在操作上，我們所有的站點都在一個小時之內。因此，我們非常考慮重新調整賓夕法尼亞州和賓夕法尼亞州周邊地區以及美國北半部的業務，而不是在德克薩斯州和賓夕法尼亞州之間拆分業務。所以，我可能會認為它是我們的非核心資產，我們正在考慮如何最好地處理它。

Okay. I appreciate that. Welcome to the call, Ariel, glad you joined Mawson. I think you mentioned cash balances post the close of September, and I missed the numbers there. So could you run through your balance sheet from a cash and debt perspective as it stands, I guess, after the cash changed hands and whether or not the debt levels changed?

好的。我很感激。歡迎致電，Ariel，很高興您加入了 Mawson。我想你提到了 9 月底的現金餘額，但我錯過了那裡的數字。那麼你能否從現金和債務的角度審視你的資產負債表，我猜，在現金易手之後，債務水平是否發生變化？

Yeah. Sure. Hi. Thank you for your question. Look, we -- at September, you would have seen the balance sheet at USD1.2 million. And with the proceeds of sale we had in the slide deck, it shows that from the sale of Georgia facility in October and November, we received $20.6 million in cash hitting our balance sheet subsequent to quarter end.

是的。當然。你好。謝謝你的問題。看，我們 - 在 9 月份，您會看到資產負債表為 120 萬美元。加上我們在幻燈片中獲得的銷售收益，它表明，從 10 月和 11 月出售佐治亞州的工廠，我們收到了 2060 萬美元的現金，這些現金在季度末後進入了我們的資產負債表。

But we have got further proceeds of sale coming in in different forms. So, that gives you an indication of how we are utilizing our cash resource, paying off debt -- our down debt is a strategic play for us as well. Did that answer your question?

但是我們有更多的銷售收入以不同的形式出現。因此，這表明我們如何利用我們的現金資源、償還債務——我們的首付債務對我們來說也是一項戰略舉措。這回答了你的問題嗎？

Yes. I was just hoping you wouldn't mind giving us a little insight on the specifics of the debt collateralized and whether or not there's recourse? Any insight on those things? Because I know I've had these discussions, but I've forgotten.

是的。我只是希望你不介意讓我們了解一下抵押債務的具體情況以及是否有追索權？對這些事情有什麼見解嗎？因為我知道我有過這些討論，但我忘記了。

James, did you want to talk about the collateralized?

詹姆斯，你想談談抵押品嗎？

Yeah. I could probably give the -- I will give you the whole history. So, there is two debt facilities, primary debt facilities: one is the Marshall investment facility, which is over the Australian assets in Cordell in Northern New South Wales. They are over the miners and the MDCs in that location.

是的。我可能會給你——我會給你整個歷史。因此，有兩種債務安排，主要債務安排：一種是馬歇爾投資安排，它涉及澳大利亞在新南威爾士州北部科德爾的資產。他們在那個位置的礦工和 MDCs 之上。

The second one is the Celsius facility, and that is over the -- that has some collateral over some miners as well as some MDCs detached to the ATI facility. So, they are attached to those assets. So, they are -- I guess they did not like some of -- they are not just purely equipment facilities.

第二個是 Celsius 設施，那就是 - 它對一些礦工以及一些與 ATI 設施分離的 MDC 有一些抵押品。因此，它們與這些資產相關聯。所以，他們是——我猜他們不喜歡其中的一些——他們不僅僅是純粹的設備設施。

Some of them have extra flexibility in them and they were just asset equipment facilities, they were -- to enable us to purchase the infrastructure like containers. So, there is a big -- they are recourse loans at the end of the day ultimately. So, we are very comfortable with them though. We have made -- we won't go into specifics, but we have made pay-downs subsequent to the quarter end in the ordinary course. And we are really comfortable with the profile.

其中一些具有額外的靈活性，它們只是資產設備設施，它們是——使我們能夠購買容器等基礎設施。所以，有一個很大的 - 他們最終是在一天結束時追索貸款。所以，我們對他們很滿意。我們已經 - 我們不會詳細說明，但我們已經在常規課程的季度結束後進行了支付。我們對個人資料非常滿意。

Very good. Okay. Well, great to talk to you gentlemen again. Thanks for taking my questions. Appreciate it.

非常好。好的。好吧，很高興再次與各位先生交談。感謝您回答我的問題。欣賞它。

Thanks, Kevin.

謝謝，凱文。

Thanks, Kev.

謝謝，凱夫。

[Bart Bokeh], [Bokeh Capital]

[Bart Bokeh]、[Bokeh Capital]

Hello. Thanks for taking my questions. So I noticed, great job on the SG&A, down about 47%. Is that sustainable on go-forward basis?

你好。感謝您回答我的問題。所以我注意到，SG&A 做得很好，下降了大約 47%。這在前進的基礎上是可持續的嗎？

Yeah, on the SG&A, yes, we believe it is. We worked really hard. We ran it at that SG&A for a period. We are obviously expanding. But we have removed all the staff costs post period end in GA. So actually that number should be a little bit lower, I believe. And so the additional staff (inaudible) in our SG&A side have been removed.

是的，在 SG&A 上，是的，我們相信是的。我們真的很努力。我們在 SG&A 運行了一段時間。我們顯然正在擴張。但是我們已經在 GA 中刪除了期末後的所有員工成本。所以實際上這個數字應該低一點，我相信。因此，我們 SG&A 方面的額外員工（聽不清）已被撤職。

I guess one of the benefits of us having high insider ownership and management completely aligned is we are really focused on removing running costs and keeping the P&L tight and getting the most out of our balance sheet.

我想我們擁有高度內部所有權和管理層完全一致的好處之一是我們真正專注於消除運營成本並保持損益緊張並從我們的資產負債表中獲得最大收益。

To give you a bit of a feel, I think we have saved probably about $100,000 a week out of the GA exit in ongoing costs. So, not only did we have the benefit of releasing that capital and booking a profit on that sale, but the ongoing operational costs have materially reduced as well.

為了給你一點感覺，我認為我們從 GA 退出中每周可以節省大約 100,000 美元的持續成本。因此，我們不僅受益於釋放該資本並從該銷售中獲利，而且持續的運營成本也大大降低了。

Understood. And thank you for that. And I'm looking at page 7 of your new presentation that you just uploaded. And it looks like your trade and other payables went down by $19.5 million between the two quarters and I guess it says current. So that means maybe subsequent to the quarter, the balance was further down because I'm also comparing to the balance sheet debt. And it seems like maybe after the Q3 ended, you further reduced that the payable number, which is encouraging, Do I understand that correctly?

明白了。謝謝你。我正在查看您剛剛上傳的新演示文稿的第 7 頁。看起來你的貿易和其他應付賬款在兩個季度之間減少了 1950 萬美元，我猜它是當前的。所以這意味著可能在本季度之後，餘額進一步下降，因為我也在與資產負債表債務進行比較。似乎在第三季度結束後，您進一步減少了應付金額，這是令人鼓舞的，我的理解正確嗎？

Yes, that would be a very fair assumption to make.

是的，這是一個非常合理的假設。

Okay. So, then next question is -- and this is your own numbers. At the end of Q3, you are reporting $1.14 basic net asset value -- book value and that's I guess not counting the -- some of the CleanSpark shares that you got, which are in today's numbers, $7 million, $8 million. And you got some, I guess receivables from them as well that you are currently getting. And you cut your G&A by 47%. Revenues are up significantly, including the energy market revenue, which you have visibility on.

好的。那麼，下一個問題是——這是你自己的數字。在第三季度末，你報告的基本淨資產價值為 1.14 美元——賬面價值，我想這還不算——你獲得的一些 CleanSpark 股票，按照今天的數字，700 萬美元、800 萬美元。你得到了一些，我想你現在也從他們那裡得到了應收賬款。您將 G&A 減少了 47%。收入顯著增加，包括您可以看到的能源市場收入。

So, my question is, obviously, you are executing really well in a very difficult environment in multiple revenue buckets. If your stock is trading at 30% of your book value -- and also another point I will make is since your July financing, stock is down more than 50% plus and your business is significantly better and the balance sheet is significantly stronger.

所以，我的問題是，顯然，您在多個收入桶的非常困難的環境中執行得非常好。如果你的股票交易價格是賬面價值的 30%——我還要指出的另一點是，自你 7 月融資以來，股票下跌超過 50%，你的業務明顯好轉，資產負債表也明顯增強。

Have you thought about maybe undoing the raise, meaning just a stock buyback of sorts of maybe eliminate the dilution and also increase your ownership as insiders as well, being on the same boat with us shareholders? I mean I think the stock offers a tremendous value and maybe there is an opportunity to balance between growth and owning more of what you have today, which is -- well, by all metrics is very appealing, at least to me.

你有沒有想過取消加薪，這意味著只是股票回購可能會消除稀釋，同時增加你作為內部人的所有權，與我們的股東在同一條船上？我的意思是，我認為這隻股票提供了巨大的價值，也許有機會在增長和擁有更多你今天擁有的東西之間取得平衡，這是——嗯，從所有指標來看都非常有吸引力，至少對我來說是這樣。

Yeah. Look, I don't want to preempt the Board decision is probably the first caveat I'll say to you. So, ultimately, capital allocation and capital strategy is a Board decision. What I would say is the Board is putting together a capital allocation strategy. We have a Board meeting around this scheduled. And all things are being considered.

是的。看，我不想搶占董事會的決定可能是我要對你說的第一個警告。因此，最終，資本分配和資本戰略是董事會的決定。我要說的是，董事會正在製定一項資本分配戰略。我們圍繞這個計劃召開了一次董事會會議。所有的事情都在考慮之中。

We're very aware that the share prices has had a divergence from its NTA and what we believe are the fundamental economics. But yes, a buyback is on the table. Capital management strategies are all on the table, are all going to be considered as part of that.

我們非常清楚股價與其 NTA 以及我們認為的基本經濟狀況存在差異。但是，是的，回購已經擺在桌面上。資本管理策略都擺在桌面上，都將被視為其中的一部分。

I'm really encouraged to hear that. And thank you for considering. That's all for me, and keep up the great work. Thank you.

聽到這個我真的很受鼓舞。並感謝您的考慮。這就是我的全部，並繼續努力。謝謝。

Thank you.

謝謝。

(Operator Instructions) John Siegler, Cantor Fitzgerald.

（操作員說明）John Siegler，Cantor Fitzgerald。

Yeah, hi, guys. Thanks for taking my follow-up. Just one question here, and that's really around understanding how much more capital is required to reach your targets, especially considering the roughly $26 million or so of cash coming in from CleanSpark. How are you utilizing that cash for your capital commitments? And also, how are you thinking about building out Sharon by leveraging funding from hosting partners? Thank you.

是的，嗨，伙計們。感謝您接受我的跟進。這裡只有一個問題，這實際上是關於了解實現目標需要多少資金，特別是考慮到來自 CleanSpark 的大約 2600 萬美元現金。您如何使用這筆現金來支付您的資本承諾？此外，您如何考慮利用託管合作夥伴的資金來構建 Sharon？謝謝。

Yes. So, I think I can take that again. I think we have got a sound build-out and CapEx strategy around how we build out the facilities that's funded through existing cash flow and some of the proceeds, and take into account all our balance sheet requirements over the 12 months to 18 months. So, we are pretty comfortable around building out Sharon, building out Midland.

是的。所以，我想我可以再接受一次。我認為我們已經制定了完善的擴建和資本支出戰略，圍繞我們如何建設通過現有現金流和部分收益提供資金的設施，並考慮到我們在 12 個月至 18 個月內的所有資產負債表要求。因此，我們對打造 Sharon、打造 Midland 感到非常自在。

I think the CapEx that we need to consider is what equipment we need, what additional active liners we need to acquire during the period. And I think any of that could be offset by any non-core asset sales that we might be able to realize in the forthcoming period.

我認為我們需要考慮的資本支出是我們需要什麼設備，我們需要在此期間獲得哪些額外的活動班輪。而且我認為，其中任何一項都可以被我們在未來一段時間內可能實現的任何非核心資產出售所抵消。

So, everything is being considered in how we ultimately get the most efficient balance sheet. We are not wed to owning assets for assets sake. We want to have a very efficient business. And as part of that, we are looking at assets that are non-core, can we dispose of them in the market at an appropriate price where we are profitable on them? And can we recycle that capital ultimately to get the best return for shareholders.

因此，我們正在考慮如何最終獲得最有效的資產負債表。我們不會為了資產而擁有資產。我們希望擁有非常高效的業務。作為其中的一部分，我們正在研究非核心資產，我們能否以適當的價格在市場上出售它們，從而從中獲利？我們能否最終回收這些資金以獲得股東的最佳回報。

Great. Thank you very much.

偉大的。非常感謝。

Thank you. This concludes our question-and-answer session. And I'll now turn the call back over to Mr. James Manning for closing remarks.

謝謝。我們的問答環節到此結束。現在，我將把電話轉回給 James Manning 先生，請他作結束語。

Sure. I just might take one other -- we have got a couple of other written questions here. I have got one from Mitch Duran. What is your plan for meeting the NASDAQ share compliance? Is it a reverse split and when?

當然。我可能會接受另一個——我們這裡還有幾個其他的書面問題。我從 Mitch Duran 那裡得到了一個。您有什麼計劃來滿足納斯達克股票合規要求？是反向拆分嗎？什麼時候？

Mitch, just briefly, we are in the process of preparing a reverse split, which will get us back into NASDAQ compliance. I would expect that will go out to investors in the December period and ultimately be completed by February-March.

米奇，簡單地說，我們正在準備反向拆分，這將使我們回到納斯達克合規。我預計這將在 12 月期間向投資者公佈，並最終在 2 月至 3 月完成。

I have got a question from Andrew Turner at Fairfax Media, how will Mawson earning come from its bitcoin mining in the longer term?

Fairfax Media 的 Andrew Turner 向我提出了一個問題，從長遠來看，Mawson 的比特幣挖礦收入將如何產生？

Andrew, our business has three fundamental fields of revenue earnings. That is our hosting business, our bitcoin mining and our energy markets program. I think when you consider the combination of our energy markets and our bitcoin mining operation, they work hand-in-hand and the energy market programs provide us with extra marginal lower power costs ultimately to be able to mine bitcoin at even lower prices.

安德魯，我們的業務有三個基本的收入領域。那就是我們的託管業務、我們的比特幣挖礦和我們的能源市場計劃。我認為當你考慮我們的能源市場和我們的比特幣挖礦業務的結合時，它們是攜手合作的，能源市場計劃為我們提供了額外的邊際更低的電力成本，最終能夠以更低的價格開採比特幣。

So, how will we earn income from bitcoin mining? By simply turning the machines on ultimately. But I think the actual answer is by having really good sound long-term power contracts that are renewable energy based that give us a long-term competitive advantage of the place -- in the space.

那麼，我們將如何從比特幣挖礦中賺取收入呢？最終只需打開機器即可。但我認為真正的答案是擁有基於可再生能源的真正良好的長期電力合同，讓我們在這個地方——在太空中——擁有長期的競爭優勢。

And then the last question I have got is from Nick Smith. How much bitcoin is held on the balance sheet?

然後我收到的最後一個問題來自 Nick Smith。資產負債表上持有多少比特幣？

The simple answer is none. Nick, we sell our bitcoin daily. We regularly sell our bitcoin and I think that has definitely played out well for us over the last nine months of this year because we have not found ourselves as a downdraft from the bitcoin moving in a negative direction. We have been to sell those down daily and realize those.

簡單的答案是否定的。尼克，我們每天都出售我們的比特幣。我們定期出售我們的比特幣，我認為這在今年的最後九個月對我們來說肯定是好的，因為我們沒有發現自己是比特幣向負方向移動的下降趨勢。我們一直在每天賣掉那些並變現。

I am sorry, I just had one last question pop-up. This is from Matt. CleanSpark has a [ROFO] on MIGI USA assets. What does this mean?

對不起，我剛彈出最後一個問題。這是來自馬特。 CleanSpark 對 MIGI USA 資產擁有 [ROFO]。這是什麼意思？

Great question, Matt. That question is, what does the ROFO on the MIGI asset mean? Look, we have got a very good relationship with CleanSpark. They have -- they obviously bought our GA assets. They are very keen to look at any other assets that we have in the US, say rate assets, I think, in our mind, the assets we bought were built very, very well. We have got a bit of a cost and competitive advantage the way we build these sites. We like to think we can build them well and sell them well.

好問題，馬特。問題是，MIGI 資產上的 ROFO 是什麼意思？看，我們與 CleanSpark 的關係非常好。他們 - 他們顯然購買了我們的 GA 資產。他們非常熱衷於研究我們在美國擁有的任何其他資產，比如利率資產，我認為，在我們看來，我們購買的資產構建得非常非常好。我們建立這些網站的方式在成本和競爭上都有優勢。我們喜歡認為我們可以很好地構建它們並很好地銷售它們。

The ROFO would enable some of my CleanSpark to meet their targets by ultimately buying additional sites and additional capacity for us where they could install equipment. And they have got the first right to have a look at those assets if we decide as a business we would like to dispose of them. So, we will work with them in any non-core assets and take it from there.

ROFO 將使我的一些 CleanSpark 最終通過為我們購買額外的場地和額外的容量來實現他們的目標，他們可以在這些地方安裝設備。如果我們決定作為一家企業要處置這些資產，他們將首先有權查看這些資產。因此，我們將在任何非核心資產方面與他們合作，並從那裡獲取。

With that, I have no more questions in my inbox or on the question box. I would just like to take a moment to thank everyone for their time this morning. We are really looking to Q4. Happy holidays for those who are based in US. We know that's up and coming in a minute. We are super excited to close our Q4 for Mawson. It's been a great second half of the year. It's been a real turnaround story for us.

這樣，我的收件箱或問題框中就沒有更多問題了。我想花點時間感謝大家今天早上的時間。我們真的很期待第四季度。居住在美國的人們節日快樂。我們知道這將在一分鐘內完成。我們非常高興能夠結束 Mawson 的第四季度。這是一個偉大的下半年。這對我們來說是一個真正的轉機故事。

I want to thank my management team, Liam, Ariel, Nick, Tom, (inaudible) and so forth. The team has been great and ultimately my Board as well for the support they have shown us through tough times in the crypto space. And I think we are in a really good position to see through the other side.

我要感謝我的管理團隊，Liam、Ariel、Nick、Tom，（聽不清）等等。團隊一直很棒，最終我的董事會也非常感謝他們在加密領域的艱難時期向我們展示的支持。而且我認為我們處於一個非常好的位置，可以看到另一面。

And finally, I guess the biggest thank you is to our investors that continue to support us, although some seem to be selling more than they are buying, evident by our share price. But for those that have stuck around, we greatly appreciate your continued support. And for the new ones we really appreciate you coming onboard and supporting the story and taking the time to understand our business. Thank you, everyone, and have a great day.

最後，我想最感謝的是繼續支持我們的投資者，儘管從我們的股價上可以看出，有些投資者似乎賣得比買的多。但對於那些堅持不懈的人，我們非常感謝您一直以來的支持。對於新人，我們非常感謝您加入並支持這個故事並花時間了解我們的業務。謝謝大家，祝你有美好的一天。

Thank you. Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。