Mawson Infrastructure Group Inc (MIGI) 2022 Q4 法說會逐字稿

Greetings and welcome to the Mawson Infrastructure Group fourth-quarter and year end 2022 earnings results call. (Operator Instructions) As a reminder, this conference is being recorded.

歡迎參加莫森基礎建設集團第四季和 2022 年底收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Tim Broadfoot, Chief Corporate Officer. Thank you, Tim. You may begin.

現在我很高興向您介紹東道主蒂姆·布羅德富特（Tim Broadfoot），他是首席公司官。謝謝你，提姆。你可以開始了。

Thank you and hello, everyone. Welcome to Mawson Infrastructure Group Inc.'s Annual and fourth-quarter 2022 earnings call. Joining me today on today's call are our Founder and CEO, James Manning; our COO, Liam Wilson; and our CFO, Ariel Sivikofsky.

謝謝大家，大家好。歡迎參加 Mawson 基礎設施集團公司的 2022 年年度和第四季財報電話會議。今天加入我今天的電話會議的是我們的創辦人兼執行長詹姆斯曼寧 (James Manning)；我們的營運長 Liam Wilson；以及我們的財務長 Ariel Sivikofsky。

We look forward to taking you through the investor presentations today. Firstly, I need to bring to your attention 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 risk that could cause actual results to differ materially from those expected. We may also make forward-looking statements as a part of our Q&A at the conclusion of this presentation.

我們期待今天向您介紹投資者的演講。首先，我需要提請您注意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聲明。這些陳述是基於目前的預期和假設，並存在可能導致實際結果與預期有重大差異的風險。我們也可能在本簡報結束時做出前瞻性陳述，作為問答的一部分。

We will also discuss certain non-GAAP financial measures about performance during today's presentation and Q&A. You can find the reconciliation of GAAP financial measures at the rear of our presentation, which is available on our website.

我們還將在今天的演示和問答中討論有關業績的某些非公認會計準則財務指標。您可以在我們的簡報後面找到 GAAP 財務指標的調整表，該簡報可在我們的網站上找到。

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 in Form 10-K filed March 23, 2023, under the subheading, Risks Relating to Our Business.

請務必參閱投影片 2 簡報中有關前瞻性陳述的警示文本，以及我們於 2023 年 3 月 23 日提交的 10-K 表格年度報告中的風險因素，該報告的副標題為：我們的業務。

With that, I'll hand across to our CEO, James Manning.

接下來，我將把工作交給我們的執行長詹姆斯曼寧 (James Manning)。

Thanks, Tim, and welcome to everybody. Q4 was a transitionary period for Mawson as we closed the sale of the Georgia facility to CleanSpark and moved all our [absentee] into our Pennsylvania facility expansion. During this time, our industry in particular, and the economy more broadly, faced significant macro headwinds. Mawson has combated these headwinds with a continued focus on our diversified and social revenue model, consisting of three revenue streams, one being self-mining, two being hosting co-location, and three, our market-leading energy markets program.

謝謝蒂姆，歡迎大家。第四季度對 Mawson 來說是一個過渡期，因為我們完成了將喬治亞州工廠出售給 CleanSpark 的交易，並將所有[缺席]轉移到賓夕法尼亞州工廠的擴建中。在此期間，我們的行業，尤其是更廣泛的經濟，面臨重大的宏觀阻力。 Mawson 透過持續關注我們的多元化和社會收入模式來應對這些不利因素，該模式由三種收入來源組成，一是自採礦，二是託管主機代管，三是我們市場領先的能源市場計劃。

Our model has provided significant support to the company's revenue and gross profit through Q4 and through 2022. Some key highlights from the period include the closing of our Georgia sale for over $40 million, completion of the build-out of Phase 1 of Midland, PA for 120 megawatts of capacity, securing some additional sites for growth, including firming up our 120-megawatt facility in Sharon, PA, and the entry into a binding sale agreement for the Texas facility for $8.5 million, enabling us to continue our strategic focus on the PA region.

我們的模型為公司第四季度甚至2022 年的收入和毛利提供了重要支持。這段時期的一些關鍵亮點包括完成了超過4000 萬美元的喬治亞州銷售、完成了賓州米德蘭的一期建造120 兆瓦的產能，確保了一些額外的成長地點，包括鞏固我們在賓州沙龍的120 兆瓦設施，以及以850 萬美元的價格簽訂德州設施的具有約束力的銷售協議，使我們能夠繼續我們的策略重點賓州地區。

With that summary, I'm going to hand over to Ariel Sivikofsky, our CFO, to run through the financials for the year.

有了這個總結，我將把今年的財務數據交給我們的財務長 Ariel Sivikofsky。

Thanks, James, and thank you to everybody who has joined the call. Touching on some highlights of the full-year results of 2022, Mawson has generated record revenue for year to date of $84.3 million, up 92% year on year; gross profit of $36.6 million, up 8% year-on-year; non-GAAP EBITDA of $30.4 million, up 70% year-on-year; and Bitcoin produced for self-mining increased 66% to 1,343 coins. Importantly, with a large depreciation shield afforded to us, we have almost no tax burden in this EBITDA number.

謝謝詹姆斯，也謝謝所有加入電話會議的人。談到 2022 年全年業績的一些亮點，Mawson 迄今已創造創紀錄的收入 8,430 萬美元，年增 92%；毛利3660萬美元，年增8%；非美國通用會計準則 EBITDA 為 3,040 萬美元，較去年同期成長 70%；自挖礦生產的比特幣增加了 66%，達到 1,343 個。重要的是，由於我們獲得了大量的折舊盾，我們在這個 EBITDA 數字中幾乎沒有稅負。

Pleasingly, our hosting co-location business also generated solid growth, rising 1,464% from 2021 to $13.3 million in 2023. In addition to this, Mawson had a new source of revenue in 2023, being the Energy Markets Program that generated $13.7 million in revenue at a gross margin of 91%.

令人高興的是，我們的託管主機代管業務也實現了穩健增長，從2021 年增長了1,464%，到2023 年達到1,330 萬美元。除此之外，Mawson 在2023 年還有一個新的收入來源，即能源市場計劃，該計劃產生了1,370 萬美元的收入毛利率達91%。

Mawson received $20.6 million of proceeds from the sale of the Georgia facility in Q4, with additional share-based payments hitting the balance sheet subsequent to year end. These funds have been partially used to reduce debt, as shown on the balance sheet, with debt reduction payments of $11.93 million in quarter four.

Mawson 在第四季度透過出售喬治亞州工廠獲得了 2,060 萬美元的收益，年底後額外的股份支付將進入資產負債表。如資產負債表所示，這些資金部分用於減少債務，第四季度的債務減少付款為 1,193 萬美元。

Some other balance sheet highlights from the quarter include an addition of $11.3 million in assets associated with energy contracts, referred to here as derivative assets; a $3.2 million increase in marketable securities; and a $5.4 million increase in assets held for sale. At the end of 2022, our net assets were $76.1 million. Based on shares on issue, as at March 6, 2023, at $14.1 million, our net assets per share sit at $5.34 per share versus a share price of $2.50.

本季度資產負債表的其他一些亮點包括與能源合約相關的資產增加了 1,130 萬美元，此處稱為衍生資產；有價證券增加 320 萬美元；待售資產增加 540 萬美元。截至 2022 年底，我們的淨資產為 7,610 萬美元。根據截至 2023 年 3 月 6 日已發行的股票（1,410 萬美元）計算，我們的每股淨資產為每股 5.34 美元，而股價為 2.50 美元。

Turning to our income statement, some other highlights from 2022 versus 2021 include a 37% reduction in our selling, general and administrative expenses from the first half of 2022 to the second half of 2022. Our $12 million increase in year on year in hardware sales to $14.2 million in 2022.

談到我們的損益表，2022 年與2021 年相比，其他一些亮點包括從2022 年上半年到2022 年下半年，我們的銷售、一般和管理費用減少了37%。我們的硬體銷售額同比增加了1200 萬美元到 2022 年將增至 1,420 萬美元。

Critically, and with the challenge of 2022 behind us, Mawson is focused on ensuring that we have a strong balance sheet for 2023. Through strategic asset sales, increases in our operations and the capital raised in 2022, we are well-placed to grow in 2023.

至關重要的是，隨著2022 年的挑戰過去，Mawson 致力於確保我們在2023 年擁有強勁的資產負債表。透過策略性資產出售、業務成長和2022 年籌集的資金，我們已做好充分準備，在2023 年實現成長2023 年。

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

我現在將把工作交給首席營運長利亞姆·威爾遜 (Liam Wilson)，以提供最新的營運情況。

Thanks, Ariel. As James touched on earlier, Mawson has developed a diversified and highly flexible operating model. Through 2022, we saw this model pay dividends as extreme weather events, coupled with global social issues, caused power prices to peak worldwide. Our infrastructure-first approach was highly favorable through 2022. Due to these events and the operating model, Mawson had the ability to steer ourselves through the market and come out the other side with our eyes firmly on what can be achieved in 2023.

謝謝，阿里爾。正如詹姆斯早些時候提到的，莫森開發了一種多元化且高度靈活的營運模式。到 2022 年，隨著極端天氣事件加上全球社會問題導致全球電價達到峰值，我們看到這種模式帶來了紅利。到 2022 年，我們的基礎設施優先方法非常受歡迎。由於這些事件和營運模式，Mawson 有能力引導自己穿過市場，並堅定地著眼於 2023 年可以實現的目標。

Our self-mining for 2022 included an average of 0.8 of an exahash online for the year, with the top of 1.63 exahash online for self-mining reached in June 2022. We look forward to our self-mining ramping up significantly through Q2 and Q3 as our 120-megawatt Midland, PA facility and the first 12 megawatts of our 120-megawatt facility in Sharon, PA come online. We are actively watching the market for purchasing opportunities to add to and upgrade our self-mining fleet.

我們 2022 年的自挖量包括全年平均在線 0.8 exahash，自挖在線量峰值於 2022 年 6 月達到 1.63 exahash。我們期待我們的自挖量在第二季度和第三季度大幅增長我們位於賓夕法尼亞州米德蘭的120 兆瓦設施以及位於賓州沙龍的120 兆瓦設施的首批12 兆瓦設施已上線。我們正在積極關注市場的購買機會，以增加和升級我們的自採礦隊。

The second arm of our diversified model, hosting, continued to pay dividends during 2022, which further justified our mining-hosting split. A record $13.3 million of hosting revenue was earned through 2022, which ran at a 24% margin. Mawson views hosting as stable revenue and an option to hedge against full bitcoin exposure, and will continue to look for favorable and appropriate hosting partners in the future.

我們多元化模式的第二個分支——託管——在 2022 年繼續支付股息，這進一步證明了我們的挖礦與託管分拆的合理性。到 2022 年，託管收入達到創紀錄的 1,330 萬美元，利潤率為 24%。 Mawson 將託管視為穩定的收入和對沖全部比特幣風險的選擇，並將在未來繼續尋找有利且合適的託管合作夥伴。

Our third revenue stream, the Energy Markets Program, was a resounding success story of 2022. $13.7 million in revenue was earned during a period when our competitors would have otherwise been offline. This program ran at a 91% margin. On top of this, our grid stability contribution was significant, particularly during the pre-holiday period winter storm which hit across the US.

我們的第三個收入來源，即能源市場計劃，在 2022 年取得了巨大的成功。在我們的競爭對手原本會處於離線狀態的時期，我們獲得了 1,370 萬美元的收入。該計劃的成功率為 91%。除此之外，我們對電網穩定性的貢獻非常大，特別是在節前席捲美國的冬季風暴期間。

In Q4, Mawson exited the Australian facility at Condong. This decision was made so that Mawson could focus all of our attention on Pennsylvania and Ohio. We firmly believe the climatic conditions in these areas are perfect for mining and hosting. They also provide the opportunity to participate in the Energy Markets Program.

第四季度，莫森退出了位於康東的澳洲工廠。做出這個決定是為了讓莫森能夠將我們所有的注意力集中在賓州和俄亥俄州。我們堅信這些地區的氣候條件非常適合採礦和託管。他們還提供參與能源市場計劃的機會。

With regards to the climate, winters are cool with some rare freezing events. Summers are mild with very few extremely warm days. What you are left with is highly favorable air-cooled mining weather for 99% of the year.

氣候方面，冬季涼爽，有罕見的冰凍事件。夏季氣候溫和，極溫暖的日子很少。一年中 99% 的時間都是非常有利的風冷採礦天氣。

Mawson now has our eyes firmly on what can be achieved in 2023, and this is underpinned by our secure energy pipeline. Our infrastructure-first model and existing strategic relationships have given Mawson first access to multiple attractive sites and we look forward to announcing further growth in the near future.

Mawson 現在堅定地著眼於 2023 年可以實現的目標，而這以我們安全的能源管道為基礎。我們的基礎設施優先模式和現有的戰略關係使莫森能夠首先進入多個有吸引力的地點，我們期待在不久的將來宣布進一步成長。

We will continue to search for, deal on, and develop sites which we believe will be highly lucrative for either self-mining, hosting, or a mix, and will look to add to our Energy Markets Program where applicable as well.

我們將繼續尋找、經營和開發我們認為對於自採礦、託管或混合開採都將帶來高利潤的網站，並將在適用的情況下將其添加到我們的能源市場計劃中。

Mawson's ESG program is something we are incredibly proud of and we'll continue to look for opportunities to further the program through 2023. Our proximity to the Beaver Valley Nuclear Station is a strategic advantage and we are very proud of our 100% nuclear certification.

Mawson 的 ESG 計劃令我們感到無比自豪，我們將繼續尋找機會在 2023 年之前推進該計劃。我們靠近海狸谷核電站是一項戰略優勢，我們對 100% 核認證感到非常自豪。

During 2022, we were welcomed to the Midland, PA community and we're extremely proud to have contributed to their arts, education, and healthcare facilities with grants. On top of this, we have been active supporters in the Sandersville community prior to our sale for three years and have recently become involved in the Sharon, PA community.

2022 年，我們受到賓州米德蘭社區的歡迎，我們非常自豪能夠透過贈款為他們的藝術、教育和醫療設施做出貢獻。除此之外，在出售之前的三年裡，我們一直是桑德斯維爾社區的積極支持者，最近又參與了賓州沙龍社區的活動。

With that, I will pass back to James. Thanks, James.

說到這裡，我將回傳給詹姆斯。謝謝，詹姆斯。

Well said, Liam. Continuing on, an important part of our success today and to the future is our employee team. Our operational team is led by our CMO, Liam Wilson, driving the operations and performance of the company. Craig Hibbard, our CDO, is overseeing the development of our portfolio facilities in the United States.

說得好，利亞姆。繼續說，我們今天和未來成功的重要組成部分是我們的員工團隊。我們的營運團隊由首席行銷長 Liam Wilson 領導，負責推動公司的營運和績效。我們的 CDO Craig Hibbard 負責監督我們在美國的投資組合設施的發展。

We then have our corporate team consisting of Tom Hughes in General Counsel; Tim Broadfoot, our CCO; Ben Hertell, our CPO; and Ariel Sivikofsky, our CFO. This team brings a wealth of experience, knowledge and know-how from many industries that helps Mawson reach its goals now and to the coming years. With this combination of personnel and structure, we are confident and excited to take on any challenges into 2023.

然後，我們的公司團隊由總法律顧問 Tom Hughes 組成； Tim Broadfoot，我們的 CCO； Ben Hertell，我們的 CPO；以及我們的財務長阿里爾·西維科夫斯基 (Ariel Sivikofsky)。該團隊帶來了來自許多行業的豐富經驗、知識和專有技術，幫助莫森實現現在和未來幾年的目標。憑藉這種人員和結構的結合，我們有信心並興奮地迎接 2023 年的任何挑戰。

Finally, we want to acknowledge the market price of our share versus several other metrics. 2022 saw Mawson shareholders observe a material decline in the share price. Having taken into consideration the current market price versus our peers and other external factors, such as bitcoin, we prepared this final slide to help everyone reflect upon the value proposition we at Mawson see in the share price.

最後，我們要確認我們股票的市場價格與其他幾個指標的比較。 2022 年，Mawson 股東觀察到股價大幅下跌。考慮到當前市場價格與同行的對比以及其他外部因素（例如比特幣），我們準備了最後一張投影片，以幫助每個人反思我們在 Mawson 在股價中看到的價值主張。

In summary, 2022 was a pivotal year for the Mawson team. We simultaneously expanded our large-scale and low-cost Pennsylvania facilities, which today stand at 240 megawatts of capacity, or approximately 8 exahash of computing power. We also completed the sale of one of our non-core facilities to CleanSpark, approximately $40 million. And we intend to expand our Pennsylvania facilities with a mixture of self-mining and hosting throughout 2023 and into 2024, and look forward to sharing more information on this expansion early Q2 this year.

總而言之，2022 年對 Mawson 團隊來說是關鍵的一年。我們同時擴展了賓州的大型低成本設施，目前容量為 240 兆瓦，或約 8 exahash 的運算能力。我們還完成了將我們的一項非核心設施出售給 CleanSpark，價值約 4000 萬美元。我們打算在 2023 年和 2024 年期間透過自挖礦和託管相結合的方式擴展我們賓州的設施，並期待在今年第二季初分享有關此擴展的更多資訊。

With that, I just want to take a moment to thank shareholders for their continued support at Mawson, and we look forward to answering any questions and giving you updates in the future. Thank you.

在此，我想花點時間感謝股東對 Mawson 的持續支持，我們期待回答您的任何問題並在未來向您提供最新消息。謝謝。

Thank you, gentlemen. With this presentation now complete, we wanted to take this opportunity to thank all of our employees, suppliers, and shareholders for their ongoing support in 2022 and into 2023. We'll now answer any questions.

謝謝你們，先生們。本次演示現已完成，我們想藉此機會感謝所有員工、供應商和股東在 2022 年和 2023 年的持續支持。我們現在將回答任何問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。 （操作員說明）

Josh Siegler, Cantor Fitzgerald.

喬許·西格勒，坎托·菲茨傑拉德。

Yes. Hi, guys. Thanks for taking my question today. I think for my first one, I'd love to get an update on what you're seeing in terms of hosting demands and the progress you've made in finding a hosting partner moving forward. Thank you.

是的。嗨，大家好。感謝您今天回答我的問題。我想，對於我的第一篇文章，我很想了解您在託管需求方面所看到的最新情況，以及您在尋找託管合作夥伴方面取得的進展。謝謝。

Hey, Josh. Good to hear from you. I might pass that one to Liam, who's sort of been dealing with the day-to-day hosting inquiries. He'd be best positioned to answer that.

嘿，喬許。很高興聽到你的消息。我可能會把這個轉交給利亞姆，他一直在處理日常的託管查詢。他最適合回答這個問題。

Thanks, Josh. Thanks for the question. I guess the simplest answer is there's a ton of inquiry coming through. We're seeing plenty of the large miners looking for hosting now that the other facilities through the market have dropped off through 2022. And we're seeing plenty of new demand for hosting come through from players that we previously hadn't heard of before. So in short, there's a large pipeline of hosting customers ready.

謝謝，喬許。謝謝你的提問。我想最簡單的答案是有大量的詢問。我們看到許多大型礦商正在尋找託管服務，因為市場上的其他設施在 2022 年之前都已經減少。而且我們看到，我們以前從未聽說過的玩家對託管服務提出了許多新的需求。簡而言之，大量的託管客戶已準備就緒。

With regards to us nailing down a hosting partner, we're going through some pretty stringent DD with a number of parties at the moment. And we hope to be announcing some exciting news on hosting in the near future. But we're in the final stages of that now.

關於我們確定託管合作夥伴的問題，我們目前正在與多個各方進行一些相當嚴格的 DD。我們希望在不久的將來宣布一些有關託管的令人興奮的消息。但我們現在正處於最後階段。

Understood. That's helpful color. And then I'd love to circle back to the build-out at Sharon. What CapEx are you assuming will be required to finish construction of that site?

明白了。這是有用的顏色。然後我想回到沙龍的擴建部分。您認為完成該站點的建設需要多少資本支出？

James, do you want me to take that?

詹姆斯，你想讓我接受嗎？

Yeah, you're more than welcome to, Liam.

是的，非常歡迎你來，利亞姆。

Thanks. Josh, the first 12 megawatts for that facility are already fully funded. So that's the first six MDCs, the transformers, and all the poles and wires to get that online. The balance of the 108 megawatts, we'll be looking for a partner to execute that site on.

謝謝。喬什，該設施的前 12 兆瓦已經獲得全額資助。這就是前六個 MDC、變壓器以及所有連網的電線桿和電線。剩下的 108 兆瓦，我們將尋找合作夥伴來執行該站點。

All right. Understood. Thank you.

好的。明白了。謝謝。

Kevin Dede, H.C. Wainwright.

凱文·德德，H.C.溫賴特。

Hi, gents. Thanks for taking my call. Your objectives look pretty appetizing. And I was wondering what all was behind them. I mean, you're at 50 megawatts now, hoping to go to 4.5 exahash and then 8 on a mix of self-mining and hosting. Can you give us a little more detail on how you expect that mix to break down?

嗨，先生們。感謝您接聽我的電話。你的目標看起來很誘人。我想知道他們背後到底發生了什麼事。我的意思是，你現在有 50 兆瓦，希望透過自挖礦和託管的組合達到 4.5 exahash，然後達到 8。您能給我們更多關於您期望這種組合如何分解的細節嗎？

Sure. So what I'd say is we're at 50 megawatts online, and within the next 30 days, we expect to be 120 megawatts online. So that's the first one. So the thing about us is 50 megs is probably not giving us full credit where credit's due. The balance of the facility is built out at Midland, the whole 120 meg of infrastructure is there, and we're just in commissioning phase on that.

當然。所以我想說的是，我們的線上容量為 50 兆瓦，在接下來的 30 天內，我們預計線上容量將達到 120 兆瓦。這是第一個。所以我們的問題是 50 兆可能並沒有給予我們應有的充分信任。該設施的其餘部分是在米德蘭建造的，整個 120 兆的基礎設施都在那裡，我們正處於調試階段。

So we probably need to -- we were intending to come to market when we start turning those cans on over the next couple of weeks. But the containers are on site, the substation is built, and we're in the testing phase of commissioning. So the thing about it is more 120 megs online is probably closer to the mark of where we are. And that's obviously being funded and built out to date.

所以我們可能需要——我們打算在接下來的幾週內開始打開這些罐子時進入市場。但貨櫃已就位，變電站已建成，我們正處於調試測試階段。因此，在線 120 兆以上可能更接近我們所處的位置。到目前為止，這顯然已經得到了資助和建設。

The next one is Sharon, which we're obviously, as Liam alluded to, is currently already being -- in the process of being finalized from a construction perspective, but is also fully funded. So we're more like 132, 135 megawatts of built-out infrastructure.

下一個是沙龍，正如利亞姆所提到的，我們顯然目前已經在建設中——從建設的角度來看，它正在敲定，但資金也足夠。所以我們更像是 132、135 兆瓦的內建基礎設施。

That obviously gives us a good head start on total infrastructure build and where we are. I think on one of the slides we allude to, I think it's slide 10, you'll see there's sites one, two, and three. There are some other sites that we've got a very low CapEx, but in some sites, we can turn on another almost 50 megawatts there very quickly for very, very little, small capital outlay. And we've got those sites locked up already with some LOIs and some bonding agreements.

這顯然讓我們在整體基礎設施建設和我們所處的位置上取得了良好的開端。我認為在我們提到的一張投影片上，我認為是投影片 10，您會看到網站一、二和三。還有一些其他站點，我們的資本支出非常低，但在某些站點，我們可以非常快速地打開另外近 50 兆瓦的電力，而資本支出非常非常小。我們已經透過一些意向書和一些擔保協議鎖定了這些網站。

So we're well down the track of having the infrastructure in place and the infrastructure is funded. So I think that's the important piece.

因此，我們正在順利完成基礎設施建設，並為基礎設施提供資金。所以我認為這是重要的部分。

So then really what it leaves us with is picking the mix between do we self-mine or do we host? And I think that was part of the question you asked. And really that's about us trying to optimize both profitability and risk as a company.

那麼，它留給我們的真正問題是在我們自己挖礦還是託管之間進行選擇？我認為這是你問的問題的一部分。事實上，我們作為一家公司正在努力優化獲利能力和風險。

And so we're looking for strong counterparties in hosting that we feel comfortable with that continue to obviously pay bills on time, fund a relative proportion of any CapEx or provide a security around that and be good profitable counterparties or failing that we're looking at what's the mix of self-mining. And we would like to do a bit of both ultimately.

因此，我們正在尋找強大的託管交易對手，我們對此感到滿意，能夠繼續按時支付賬單，為任何資本支出的相對比例提供資金或提供相關的擔保，並成為良好的盈利交易對手，否則我們正在尋找失敗的交易對手自挖礦的組合是什麼。我們最終希望兩者兼而有之。

And really, it's about balancing. Do we have a really strong hosting partner? We're more like just a data center business, but we also like the profitability of bitcoin mining. So we're just trying to find that balance there. And really, that's a delicate balance that we manage based on decisions around when the facility is going to be ready, what our CapEx is, and what the cost of that additional infrastructure might be or mining rigs are, and what the market is, and what the return of payback profile is, ultimately around that stuff.

事實上，這與平衡有關。我們有真正強大的託管合作夥伴嗎？我們更像是一家資料中心企業，但我們也喜歡比特幣挖礦的獲利能力。所以我們只是想在那裡找到平衡。事實上，這是一個微妙的平衡，我們根據有關設施何時準備就緒、我們的資本支出是多少、額外基礎設施或採礦設備的成本可能是多少、市場是什麼等決策來管理。投資回收期的回報是什麼，最終圍繞著這些東西。

So you'll see in our release that we've got the equipment we've just moved over from Australia. We've got some equipment we've moved up from Georgia. So we have gear to turn on fundamentally. And with that turned on gear, we get closer to the 2 exahash marks. So we've got gear to bring on in our existing facilities as we bring our gear on. Then we'll look forward to what's the additional gear and what's that mix moving forward.

因此，您會在我們的新聞稿中看到我們剛從澳洲搬來的設備。我們有一些從喬治亞州搬來的設備。所以我們有從根本上啟動的裝備。打開齒輪後，我們就更接近 2 exahash 標記了。因此，當我們攜帶裝備時，我們就可以在現有設施中攜帶裝備。然後我們將期待什麼是額外的裝備以及未來的組合是什麼。

Very helpful, James. Thank you. Would you mind going through, I guess, sort of two different calculations? One is the choice to sell out of Texas versus buying two facilities in Ohio. And the other is balancing energy sales versus consumption for mining and hosting.

非常有幫助，詹姆斯。謝謝。我猜你介意進行兩種不同的計算嗎？其一是選擇出售德州的工廠，還是購買俄亥俄州的兩處工廠。另一個是平衡能源銷售與採礦和託管的消耗。

Yeah, I'm really happy to go through both of those. So sort of mid-last year as a group, we did a -- we sat down, we had a real soul searching and strategy session. And as a company and as a board, we established a clear strategy about where we wanted to be located, what we wanted to be focused on and how we wanted to operate the business.

是的，我真的很高興經歷這兩件事。所以去年年中，作為一個團隊，我們坐下來，進行了一次真正的自我反省和策略會議。作為一家公司和董事會，我們制定了明確的策略，明確我們的定位、我們想要關注的領域以及我們想要如何經營業務。

And the big outcome of that was we really wanted to be focused in a region. We wanted to be -- we didn't want our execs traveling all over the US and managing multiple sites, which are multiple days of trips in between each one. So we decided we really liked Pennsylvania. We like the PJM energy market. We found the pricing there to be competitive with the Texas market. And it has huge climate benefits.

這樣做的最大成果是我們真的想專注於一個地區。我們希望——我們不希望我們的高階主管在美國各地出差並管理多個站點，而每個站點之間需要多天的旅行。所以我們決定我們真的很喜歡賓州。我們看好 PJM 能源市場。我們發現那裡的定價與德克薩斯州市場具有競爭力。它具有巨大的氣候效益。

So the idea was although we'd originally committed to go into Texas, we decided we wanted to leave the Texas market. We realized that we could sell those Texas assets in the market and move and refocus our energy really up in the Ohio and Pennsylvania region where the power is competitive and the climate's a little bit more forgiving.

所以我們的想法是，雖然我們最初承諾進入德克薩斯州，但我們決定離開德克薩斯州市場。我們意識到，我們可以在市場上出售德克薩斯州的資產，然後將我們的能源真正轉移並重新集中到俄亥俄州和賓夕法尼亞州地區，那裡的電力具有競爭力，氣候也更加寬容。

So that was the real focus of why we wanted to move, ultimately, up into that region. So does that answer that portion of your question, Kevin?

因此，這就是我們最終想要進入該地區的真正焦點。那麼這是否回答了你問題的一部分，凱文？

Yeah, that helps a lot, James. Yeah, thank you.

是的，這很有幫助，詹姆斯。是的，謝謝。

And what was the other component, sorry?

抱歉，另一個組件是什麼？

Yeah, just as you look at Pennsylvania and developing a site in Ohio, how would you recommend we look at your prospects in deciding how you'll allocate -- you'll have what, 240 megawatts in PA and what, about 50 megawatts in Ohio? How will you balance use of that power between your energy market strategy versus your host and self-mining strategy?

是的，就像您考慮賓夕法尼亞州並在俄亥俄州開發一個站點一樣，您會如何建議我們在決定如何分配時考慮您的前景- 您將在賓夕法尼亞州擁有240 兆瓦，在賓夕法尼亞州擁有約50 兆瓦俄亥俄州？您將如何平衡能源市場策略與主機和自挖礦策略之間的權力使用？

So I guess, ultimately, we're always optimizing that for the greatest gross profit margin. So because we don't have a HODL strategy, we sell our bitcoin. Everything we do, we're about maximizing profitability ultimately. And so if it's most lucrative, ultimately, to be selling energy back to the market, we'll look to do that. If it's more lucrative to be mining bitcoin, we'll be doing that.

所以我想，最終，我們總是在優化它以獲得最大的毛利率。因此，因為我們沒有長期持有策略，所以我們出售比特幣。我們所做的一切，最終都是為了實現利潤最大化。因此，如果最終將能源賣回市場最有利可圖，我們就會這樣做。如果開採比特幣更有利可圖，我們就會這麼做。

And we have an internal model and algorithm which we look at daily, which ultimately helps drive that decision. So I know that's not great from a modeling perspective for you, Kevin, but what we're looking to do is ultimately be as profitable as we can be as a business. So we really make it -- we make the jump between energy markets revenue, and mining, or hosting ultimately to make the most margins possible.

我們有一個每天都會查看的內部模型和演算法，這最終有助於推動這項決策。所以我知道，從建模的角度來看，這對你來說並不好，凱文，但我們希望做的最終是盡可能實現我們作為一家企業的獲利能力。所以我們真的做到了——我們在能源市場收入和採礦或託管之間進行跳躍，最終獲得盡可能多的利潤。

Okay. Just peeling the onion back a little bit on Josh's question on hosting partners, could you give us an idea of what you're looking for and I guess sort of your partner -- your expectation, your partner's flexibility, given the flexibility that you want to have in making that energy consumption decision. And then if you're able to find someone that can fit that bill, how do you compensate them?

好的。就喬希關於託管合作夥伴的問題稍微展開一下，您能否告訴我們您正在尋找什麼，我想您的合作夥伴是什麼樣的——您的期望，您合作夥伴的靈活性，考慮到您想要的彈性做出能源消耗決策。然後，如果您能夠找到符合要求的人，您將如何補償他們？

Yeah, so it's a great question. Most of our contracts are open-book cost-plus-power contracts. So that has some huge advantages because we're not, I guess we're not exposed to price risk like you saw Core was where they had unprofitable power inputs with fixed price power and I think you've seen some other hosting companies come across with similar arrangements where they committed to a cost per kilowatt hour of power and their prices spiked and they subsequently failed, I guess, ultimately.

是的，這是一個很好的問題。我們的合約大多是開捲成本加電力合約。所以這有一些巨大的優勢，因為我們不是，我想我們不會像你看到的那樣面臨價格風險，核心是他們有無利可圖的電力輸入和固定的價格電力，我想你已經看到其他一些託管公司遇到類似的安排，他們承諾每千瓦時電力的成本，但他們的價格飆升，我想他們最終失敗了。

So we've always been transparent in our pricing model. So we do a cost-plus model where we've got a charge for infrastructure recovery. We've got a margin component for the business and then obviously power is power. So we're very transparent with our customers on that. And we think that while they're our customers, we think that forms a partnership-type arrangement where they get the benefits of seeing it.

因此，我們的定價模式始終保持透明。因此，我們採用成本加成模型，對基礎設施恢復收取費用。我們有業務的利潤部分，顯然權力就是權力。因此，我們在這方面對客戶非常透明。我們認為，雖然他們是我們的客戶，但我們認為這形成了一種夥伴關係類型的安排，他們可以從中受益。

When power spikes typically people don't want to be operating because they're on a cost-plus basis. So they're very happy to turn off and that's built into, I guess, how we see what our margins are as part of what we consider our margin to our customer. We ultimately say we get the benefit of -- we might get the benefit of any curtailment on any new hosting contract that we get. So we think they're important parts of a contract negotiation and making sure the relationship's right, ultimately. And it's about getting that mix right with our customers because they don't want to pay high power prices and we need to manage that.

當電力高峰時，人們通常不想繼續運營，因為他們是在成本加成的基礎上進行運營的。因此，他們很樂意關閉，我想，這已經融入我們如何看待我們的利潤，作為我們對客戶的利潤的一部分。我們最終會說，我們將受益於——我們可能會受益於我們獲得的任何新託管合約的任何縮減。因此，我們認為它們是合約談判的重要組成部分，並確保最終關係正確。這是為了與我們的客戶實現正確的組合，因為他們不想支付高電價，而我們需要對此進行管理。

Okay. Yeah. For fear of hogging the call, James, last question. Given your and Liam's view of the climate in Ohio and Pennsylvania, I get the sense that you're not going to explore immersion in dealing with those few hot days. Or am I not making the right assumption there?

好的。是的。因為擔心佔用電話，詹姆斯，最後一個問題。鑑於您和利亞姆對俄亥俄州和賓夕法尼亞州氣候的看法，我感覺到您不會在應對這幾天的炎熱天氣中探索沉浸式體驗。或者我在那裡沒有做出正確的假設？

Look, we've got a viable immersion product. The reality is on a cost-per-megawatt basis, it doesn't compete with [air] to build this stuff out at the moment. And until those economics changes, especially with what has historically been through '22 depressed bitcoin prices, it's very hard to make the economics stack. But I think if you're sitting in a hotter climate, then you have to explore that.

看，我們有一個可行的沉浸式產品。現實情況是，以每兆瓦成本為基礎，目前它無法與[空氣]競爭來建造這些東西。在這些經濟狀況發生變化之前，尤其是在歷史上經歷過 22 年比特幣價格低迷的情況下，要使經濟狀況發生變化是非常困難的。但我認為如果你身處氣候較熱的地方，那麼你就必須探索這一點。

And there's a very logical reason to do that. But I think it's all a tradeoff between OpEx and CapEx. And I guess given where we are we're pretty comfortable that OpEx, CapEx balance.

這樣做有一個非常合乎邏輯的理由。但我認為這都是營運支出和資本支出之間的權衡。我想考慮到我們目前的狀況，我們對營運支出和資本支出的平衡感到非常滿意。

I'd also say that typically when you see the hottest days in somewhere like PA or Ohio, you wake up and realize that they're also the highest peak pricing of power. And so switching off for those few hours in a day for the few days in a year makes a lot of economic sense as well. So when you consider it overall, we just don't see, given the region and climate we're operating in, that it makes a huge amount of economic sense.

我還想說，通常當您看到賓夕法尼亞州或俄亥俄州等地最熱的日子時，您醒來後會意識到這也是電價的最高峰值。因此，一年中的幾天、每天關閉幾個小時也具有很大的經濟意義。因此，當你從整體上考慮時，考慮到我們營運所在的地區和氣候，我們並沒有看到它具有巨大的經濟意義。

Perfect. Yeah. Thanks for that color. Appreciate it, James.

完美的。是的。謝謝那個顏色。欣賞它，詹姆斯。

Not a problem. So we don't have any calls left, questions on calls. I'm sorry, I've got a couple more came in and then I've got some email questions as well. So we've got one here from [Burke], who's a great supporting shareholder. Burke, how are you?

不是問題。所以我們沒有剩下任何電話、電話問題。抱歉，我收到了更多郵件，還有一些電子郵件問題。我們這裡有一位來自[伯克]的人，他是一位出色的支持股東。伯克，你好嗎？

Hello, guys. (inaudible)

大家好。 （聽不清楚）

Great to hear from you.

很高興聽到你的消息。

So first, congrats on closing out the year very strongly with, obviously, a lot of moving pieces. I just want to clarify a few things. You talked about the Texas agreement, $8.5 million. Did you talk about the closing expectation and time of that? Is that within few months or few weeks? How should we think about that?

首先，恭喜您以強勁的勢頭結束了這一年，顯然有很多令人感動的事情。我只想澄清一些事情。您談到了德克薩斯州協議，850 萬美元。您是否談到了最終的預期和時間？是在幾個月內還是幾週內？我們該如何思考這個問題？

Yeah, I think we'd expect that to close in April at this point in time.

是的，我想我們預計會在四月這個時間點結束。

Okay. So that's $8.5 million of cash that -- it's obviously not reflected in Q4 yet, but it will be on most like a second quarter, sounds like.

好的。這就是 850 萬美元的現金——顯然還沒有反映在第四季度，但聽起來很像第二季度。

And just clarification on the CleanSpark earn-out shares. Other than what you show on Q4 2022, there were other considerations received in Q1 '23 in the form of stock. So either you sold them and they became cash or they sit as a stock on your balance sheet as of now. Is that fair assumption?

只是對 CleanSpark 獲利份額的澄清。除了 2022 年第 4 季顯示的內容之外，23 年第 1 季還收到了以股票形式存在的其他考慮因素。因此，要么你賣掉它們，它們就變成了現金，要么它們現在就作為股票出現在你的資產負債表上。這是公平的假設嗎？

Correct. I'm happy to confirm that we've sold the vast majority of all those CleanSpark shares.

正確的。我很高興地確認，我們已經出售了絕大多數 CleanSpark 股票。

Okay. So basically, there is a pretty substantial strength in form of cash on the balance sheet that it's not even showing in Q4 yet. So --

好的。因此，基本上，資產負債表上的現金形式具有相當大的實力，但在第四季度尚未體現出來。所以 -

So the position strengthened between, I guess, December 31. And today, we're in a much stronger position overall.

因此，我猜，從 12 月 31 日起，我們的地位就得到了加強。而今天，我們的整體地位要強得多。

That's great to hear. Then my question is on your targets, you're basically targeting 200 megawatts for average capacity going from 34 megawatts on self-mining, and 0.8 exahash to 7 exahash, and from a revenue perspective, $43 million to $200 million, or $199 million to be more specific, in this year alone. Could you walk me through -- I mean, those are obviously pretty substantial increases.

聽到這個消息我很高興。那麼我的問題是關於你的目標，你的目標是平均容量從34 兆瓦增加到200 兆瓦，從0.8 exahash 到7 exahash，從收入的角度來看，4300 萬美元到2 億美元，或1.99億美元更具體地說，光是今年。您能否向我介紹一下——我的意思是，這些增長顯然是相當可觀的。

Could you walk me through how you're going to get there? I mean, I could see what's going to happen with Midland very -- in the short order, as you talked about in the call. And obviously, you already have the hosting demand from your existing partner. And I imagine while you guys were taking calls, bitcoin pricing going up 60%, 70% since the beginning of the year, and your focus on infrastructure only gives you a stronger hand to be able to negotiate those contracts.

您能告訴我您將如何到達那裡嗎？我的意思是，正如您在電話中談到的那樣，我可以很快看到米德蘭會發生什麼。顯然，您已經有了現有合作夥伴的託管需求。我想，當你們接聽電話時，比特幣價格自年初以來上漲了 60%、70%，而你們對基礎設施的關注只會讓你們在談判這些合約時擁有更強的實力。

So I could see what's going to happen in Midland and Sharon, but maybe talk me through about how you get to a 200-megawatt average for the year, which would assume that, obviously, your exit rate for the end of the year is higher than that number for that to be an average. So could you maybe give more granular information on that? How are you going to execute on that?

所以我可以看到米德蘭和沙龍會發生什麼，但也許可以告訴我如何達到今年 200 兆瓦的平均水平，這將假設，顯然，年底的退出率更高比該數字為平均值。那麼您能否提供更詳細的資訊？你打算如何執行？

Sure, I'll let Liam take this one.

當然，我會讓利亞姆拿走這個。

Sure. Thanks for the question. I think the first thing to consider is that the Midland facility is about to turn on another 70 megawatts. So when we look at Mawson at the moment, we're looking at 50 megs to Kevin's question earlier on. The reality is that in a couple of weeks, realistically, we're going to be at 120 megawatts and then 132 megawatts straight away after that. So the ramp up is rapid over the next period.

當然。謝謝你的提問。我認為首先要考慮的是米德蘭工廠即將再啟動 70 兆瓦的發電。因此，當我們現在查看 Mawson 時，我們正在查看 Kevin 早些時候提出的問題的 50 兆。現實情況是，幾週後，我們的發電量將達到 120 兆瓦，然後立即達到 132 兆瓦。因此，下一階段的成長速度很快。

Post that, we have the sites that we have mentioned in the deck, and then we have a number of other sites which we have various levels of commitment on. All the sites that Mawson looks at -- and Kevin, this is probably an answer for you too -- but all the sites that Mawson looks at do not require substation work. So the smaller sites that we look for, we look for sites that don't require substation work.

之後，我們有我們在甲板上提到的網站，然後我們有許多其他網站，我們對這些網站有不同程度的承諾。莫森查看的所有網站 - 凱文，這可能也是您的答案 - 但莫森查看的所有站點都不需要變電站工作。因此，我們尋找的較小站點，我們尋找不需要變電站工作的站點。

And the reason we look for those is that, A, it dramatically reduces the CapEx, but B, it dramatically cuts down the time needed to actually get those facilities online. So for some of the facilities that we're looking at the moment, from the time that we actually do the initial walkthrough to getting power online is somewhere within 90 days.

我們尋找這些的原因是，A，它極大地減少了資本支出，但是 B，它極大地減少了實際使這些設施上線所需的時間。因此，對於我們目前正在關注的一些設施，從我們實際進行初步演練到上線供電大約需要 90 天內。

So that's how we get to what could be perceived as quite eye-opening numbers. But it's actually very easy for Mawson to ramp up there. And so once we get off the mark with our 70-megawatt expansion at Midland, the 12-megawatt expansion at Sharon, I think you will see Mawson quickly roll numerous other facilities which do not require, A, a ton of CapEx, or B, a ton of time to get done.

這就是我們如何得出令人大開眼界的數字。但實際上對莫森來說，晉升到那裡非常容易。因此，一旦我們在米德蘭(Midland) 的70 兆瓦擴建項目、在沙龍(Sharon) 的12 兆瓦擴建項目取得成功，我想您會看到莫森(Mawson) 迅速推出許多其他設施，這些設施不需要A、大量資本支出或 B ，需要大量的時間來完成。

Perfect. Thanks for that clarification. And I'm also assuming that you are, between what you ship from Australia and what you have on hand, you're sitting on a fairly sizable amount of exahash that you can immediately, or in a very short period of time, connect in Pennsylvania here in weeks or months. And obviously, your hosting partner is already ready and able to come up on their end. So you have visibility into how you're growing both sides of that business, at least in kind of a short order. Is that a correct assumption?

完美的。感謝您的澄清。我還假設，在從澳洲運來的東西和手頭上的東西之間，你擁有相當大數量的 exahash，你可以立即或在很短的時間內連接到賓夕法尼亞州將在數週或數月內到達。顯然，您的託管合作夥伴已經準備好並能夠完成任務。因此，您可以清楚地了解如何發展該業務的雙方，至少在短期內。這是一個正確的假設嗎？

Yeah, that's correct as well. We have somewhere in the vicinity of 1.5 to 1.6 exahash of equipment ready to go to be turned on, that self-mining gear. And then we have the remainder of our hosting partners, the balance of their gear, ready to go as well. So we've got -- hitting that initial number for Mawson, I think it's 4.5 exahash, we don't feel that's going to be a struggle at all.

是的，這也是正確的。我們在附近的某個地方有 1.5 到 1.6 exahash 的設備準備好打開，即自挖礦設備。然後，我們剩下的託管合作夥伴以及他們的其餘設備也已準備就緒。所以我們已經達到了 Mawson 的初始數字，我認為是 4.5 exahash，我們認為這根本不會是一場鬥爭。

Okay. And another question here. Obviously, last year, you have created a brand-new business with 91% margin. I forgot the revenues, in the $12 million, $13 million range, which is very substantial. That gives you the flexibility. Does the Ohio sites that you're talking about, are they going to -- I'm familiar with what's going on in Pennsylvania, but are the Ohio sites could be part of the similar plan as well or not necessarily?

好的。這裡還有另一個問題。顯然，去年，您創建了一項利潤率為 91% 的全新業務。我忘記了收入，在 1200 萬美元、1300 萬美元之間，這是非常可觀的。這給了你靈活性。你所說的俄亥俄州站點是否會——我熟悉賓夕法尼亞州正在發生的事情，但俄亥俄州站點是否也可能是類似計劃的一部分，或者不一定？

I'll take that one. So you are right, Burke. The energy markets revenue has been a phenomenal success for us. We saw even $4 million worth of revenue in December. Ohio will have a similar program, and we're really excited about that. So the short answer is yes. And I think the more important thing is, given that we're going to go from 50 megawatts worth of infrastructure to 120, 130, to 120 in Midland, then to 132 with Sharon coming online in the near term, we'll be able to grow that revenue stream as well. So that energy markets revenue has the opportunity to grow substantially as well.

我會接受那個。所以你是對的，伯克。能源市場收入對我們來說是個巨大的成功。 12 月我們甚至看到了價值 400 萬美元的收入。俄亥俄州將有一個類似的計劃，我們對此感到非常興奮。所以簡短的回答是肯定的。我認為更重要的是，考慮到我們將從米德蘭的 50 兆瓦基礎設施增加到 120、130、120，然後在 Sharon 近期上線後增加到 132，我們將能夠也增加收入來源。因此，能源市場收入也有機會大幅成長。

Yeah. I mean, that's exciting. I'm just looking at your deck. You guys just put out talking about 400 megawatts. I mean, that's eight times the size of if you get there on what you had, and you were able to generate $12 million or so of EBITDA. So that's certainly exciting.

是的。我的意思是，這很令人興奮。我只是在看你的牌組。你們剛剛談了 400 兆瓦。我的意思是，如果你憑藉現有資源實現這一目標，並且能夠產生 1200 萬美元左右的 EBITDA，那麼這個規模是你的八倍。所以這當然令人興奮。

My last question is another slide that you put on your deck that I'm just looking at. Talking about the discount to your net asset value, and obviously by selling the sites that you're not using and converting that into your core competency, you're navigating that very successfully. But what I didn't realize is that the stock was $15 equivalent when bitcoin was basically where it was today. And I imagine that bitcoin was on its way down from the mid-$60,000s to $30,000 when market sentiment was lower versus you have a completely flip of a positive market sentiment right now.

我的最後一個問題是您放在甲板上的另一張幻燈片，我正在看。談到您的淨資產價值的折扣，顯然透過出售您不使用的網站並將其轉化為您的核心競爭力，您正在非常成功地導航。但我沒有意識到，當比特幣基本上處於今天的水平時，該股票的價值為 15 美元。我認為，當市場情緒較低時，比特幣正從 6 萬美元左右跌至 3 萬美元，而現在的市場情緒完全逆轉。

I mean, it's a long question, but what, in your opinion, is creating that disconnect? You have some analyst coverage already that they were on the call today, and they do a great job following you. What do you think is the disconnect on everything else being equal, bitcoin pricing $30,000, and you're sitting at an 80% discount to that or a 70% discount to that on your share price today?

我的意思是，這是一個很長的問題，但在您看來，是什麼造成了這種脫節？您已經收到一些分析師的報道，他們今天參加了電話會議，並且他們在追蹤您方面做得很好。在其他條件相同的情況下，比特幣定價為 30,000 美元，而您今天的股價比該價格低 80% 或比該價格低 70%，您認為這之間的脫節是什麼？

Thanks, Burke. I mean, yeah, it's a long question, and I think there's a complex set of answers to which I don't know all of them. Ultimately, I think '22 was tough for us. I think there was a lot of concern about our hosting partner being Celsius, but they continue to pay. They continue to pay on time and we've got good security, but I think a lot of people got very concerned about that. I think everyone's seen that that's less of a concern than everyone realizes it is, and we continue to get paid, and we continue to operate the facility with them. So we're pretty comfortable around that.

謝謝，伯克。我的意思是，是的，這是一個很長的問題，我認為有一組複雜的答案，我並不知道所有的答案。最終，我認為 22 年對我們來說很艱難。我認為人們對我們的託管合作夥伴攝氏度有很多擔憂，但他們繼續付費。他們繼續按時付款，我們也有良好的安全保障，但我認為很多人對此非常擔心。我認為每個人都看到這並不像每個人意識到的那樣令人擔憂，我們繼續獲得報酬，並且我們繼續與他們一起運營該設施。所以我們對此感到非常滿意。

Look, obviously, all miners had a tough year last year, but I think we just got put into the unloved section of the market, unfortunately, and I don't think it's a fair price reflection. I think there's a big disconnect between ultimately where we think value is and where the market thinks value is, and I think the discount to NTA is evident of it.

顯然，去年所有礦商都度過了艱難的一年，但不幸的是，我認為我們剛剛進入了市場不受歡迎的部分，而且我認為這不是一個公平的價格反映。我認為我們最終認為的價值與市場認為的價值之間存在著很大的脫節，我認為 NTA 的折扣就很明顯。

I think pound for pound, we've put on more infrastructure with less capital than just about anyone else in the market. So I think we've been good stewards of capital, and we've delivered on what we said we'd deliver, and I just don't think we've been rewarded in share price action for that accordingly. If we'd raised a similar amount of capital of the other peer group, I think you'd see we'd be number one or number two today.

我認為，相對於市場上的任何其他公司，我們以更少的資本投入了更多的基礎設施。因此，我認為我們一直是良好的資本管理者，我們已經兌現了我們所說的承諾，但我認為我們並沒有因此而從股價走勢中獲得回報。如果我們籌集了與其他同行集團類似數量的資金，我想您會看到我們今天會成為第一或第二。

So I think you call out a problem that is one that's hard for us, but we don't control capital markets, ultimately. But what we can do is focus on being a profitable business and getting a high return on our capital and squeezing every last drop out of what we have on our balance sheet to get the most greatest return and the greatest profitability that we can.

所以我認為你提出了一個對我們來說很難的問題，但我們最終無法控制資本市場。但我們能做的就是專注於成為一家獲利的企業，獲得高資本回報，並榨乾資產負債表上的每一滴錢，以獲得最大的回報和最大的獲利能力。

Sure, I understood, obviously, that you guys have a high level of inside ownership as well, so certainly you have skin in the game. But keep up the great work, and it's pretty exciting what you have planned for '23, and execution should take care of, hopefully, the share price and value for shareholders. But thank you, that's all I have.

當然，我顯然明白，你們也擁有高水準的內在所有權，所以你們當然也參與其中。但繼續努力吧，你為 23 年制定的計劃是非常令人興奮的，執行應該照顧到股價和股東的價值。但謝謝你，我只有這些了。

Thanks, Burke. We have one more from Kevin Dede, I believe.

謝謝，伯克。我相信我們也收到了凱文·德德 (Kevin Dede) 的一封信。

Kevin, you may proceed with you question.

凱文，你可以繼續你的問題。

Thank you. Thanks for taking me back, James. I appreciate it.

謝謝。謝謝你帶我回來，詹姆斯。我很感激。

I want to get back to your infrastructure-first strategy and your view of development and sale. And I think this came up in discussion a couple times last year as you guys worked through the discussion of the Georgia facility sale. And I'm wondering how close you're keeping that to your strategic thinking at this juncture, or whether or not maybe you're shifting back to maybe what I perceived as the original Mawson when it was Cosmos, where you were building to take over the world. Maybe you could kind of reset our thinking there.

我想回到你們的基礎設施優先策略以及你們對開發和銷售的看法。我認為去年當你們討論佐治亞州設施出售時，這個問題曾多次被討論過。我想知道你在這個時刻與你的戰略思維有多接近，或者你是否會回到我所認為的最初的 Mawson，當時它是 Cosmos，你正在構建的地方全世界。也許你可以在那裡重新調整我們的想法。

Yeah, thanks, Kev. I think, look, we're doing a little bit of both, and what we recognize is we're very good builders, ultimately. We understand how to build the infrastructure. We understand how to build it at scale, build it efficiently, at a good cost per megawatt. And in many sense, we think there's an opportunity as part of our hosting business to expand that business to expand that business, as well as where we see strategic opportunities to either partner with hosting customers or sell and manage those sites for a profit.

是的，謝謝，凱夫。我認為，看，我們在這兩方面都做了一點，我們認識到，最終我們是非常優秀的建設者。我們了解如何建設基礎設施。我們了解如何以每兆瓦的良好成本大規模、有效率地建造它。從許多意義上說，我們認為作為我們的託管業務的一部分，有機會擴展該業務，以及我們看到與託管客戶合作或出售和管理這些網站以獲取利潤的策略機會。

Importantly for us, we recognize where we are in our capital stack and where we are in the market. We can only do so much, but I think we're very well regarded within the industry, and a lot of counterparties would like to deal with us. We see good deal flow and good site flow, and the ability to take some of those on, potentially build, identify a contract, develop them, and then move them on is an attractive option to us, as well, where we can do that for a customer or do it on our own balance sheet and recycle some of those transactions.

對我們來說重要的是，我們認識到我們在資本堆疊中的位置以及我們在市場中的位置。我們能做的就這麼多，但我認為我們在業界享有很高的聲譽，許多交易對手都願意與我們打交道。我們看到良好的交易流和良好的網站流，並且能夠承擔其中的一些，潛在地建立，確定合同，開發它們，然後將它們轉移對我們來說也是一個有吸引力的選擇，我們可以做到這一點為客戶或在我們自己的資產負債表上進行並回收其中一些交易。

We're very much looking at all angles, ultimately, Kevin, but the focus is on building a larger sustainable business with recurring revenues, and you don't get recurring revenues ultimately just selling sites. It's about doing a combination of the hosting, the mining, and the energy program, and then optimizing the portfolio as we go. As we acquire some of these sites, maybe we identify some sites in the portfolio once built would be better operated by a third party, and we can focus on the next site that we identify.

凱文，我們最終會從各個角度著眼，但重點是建立一個具有經常性收入的更大的可持續業務，而你最終不會僅僅透過銷售網站獲得經常性收入。這是關於將託管、挖礦和能源計劃結合起來，然後不斷優化投資組合。當我們收購其中一些網站時，也許我們會發現投資組合中的一些網站一旦建成將更好地由第三方運營，並且我們可以專注於我們確定的下一個網站。

We're very realistic about what we can build and run, given our capital structure, and I think Burke pulled it out. We're probably the largest or one of the largest high concentration of management team that owns -- management team with a high concentration of ownership in the business, and because of that, we're really focused on that return on capital and return on equity. We're very much -- we don't want to see heaps of delusion for capital growth's sake, so we're very focused on making sure we've got the right return profiles.

考慮到我們的資本結構，我們對我們可以建造和運行的東西非常現實，我認為伯克把它拿出來了。我們可能是最大的或最大的高度集中的管理團隊之一，擁有業務所有權高度集中的管理團隊，因此，我們真正專注於資本回報率和資本回報率公平。我們非常不希望看到大量為了資本成長而產生的錯覺，因此我們非常注重確保我們獲得正確的回報。

Great answer, James. Thanks for taking the time. Yeah, it was a great answer with a focus on return on capital. Appreciate hearing that.

很好的答案，詹姆斯。感謝您抽出寶貴的時間。是的，這是一個很好的答案，重點是資本回報率。很高興聽到這個消息。

Perfect. I've just got a couple of written queries, questions. I'm just going to take a couple of those before we wrap up. I know we're getting a bit long in the tooth from a time perspective, so I've got the first one here. I've got from Dave.

完美的。我剛剛收到一些書面詢問和問題。在我們結束之前我只想講幾個。我知道從時間角度來看我們已經有點久了，所以我這裡有第一個。我從戴夫那裡得到的。

You have a large amount of infrastructure capacity in Pennsylvania. What's the total amount of exahash you could have across these sites, assuming you use the latest-generation MatchX? My math has it at over 8 exahash based on the latest-generation main XPs. I might let Liam run that. And thanks, Dave, for your message.

賓州擁有大量基礎設施容量。假設您使用最新一代的 MatchX，您在這些網站上可以擁有的 exahash 總量是多少？根據我的數學計算，基於最新一代的主 XP，它的值超過 8 exahash。我可能會讓利亞姆來負責。謝謝戴夫的留言。

Thanks, James. Thanks, Dave, for the question. So for 132 megawatts, we could expect to get roughly just under 39,000 units online. I'm just working out the math now, but if you're using an XP, then that would be 5.4 exahash on the 132 megawatts.

謝謝，詹姆斯。謝謝戴夫提出的問題。因此，對於 132 兆瓦，我們預計線上發電量將略低於 39,000 台。我現在正在計算，但如果您使用的是 XP，那麼 132 兆瓦的功率為 5.4 exahash。

If we look at the two public sites, which are Sharon and Midland, at 240 megawatts, which is their nameplate capacity, then you're just under 71,000 units, and you're actually at 9.9 exahash if you run the XPs. If you run just the standard S19, you're at 7.8 exahash or 9.9 if you run the XPs. So that's what those numbers are looking like. It's 71,000 units is approximately what we can fit in our sites at the moment.

如果我們看一下 Sharon 和 Midland 這兩個公共站點，其銘牌容量為 240 兆瓦，那麼您的容量略低於 71,000 個單位，如果您運行 XP，則實際上是 9.9 exahash。如果您只執行標準 S19，則為 7.8 exahash；如果執行 XP，則為 9.9。這就是這些數字的樣子。目前，我們的場地大約可以容納 71,000 個單位。

Great, thanks, Liam.

太好了，謝謝，利亞姆。

Thanks, James.

謝謝，詹姆斯。

Next one's from John. I read in the analyst report CLSK have a roofer on MIGI USA assets. When does this expire, i.e., how long do they have on this? From memory, it was 12 months from September this year. Given the recent M&A in the space with Hut 8, et cetera, could this become relevant? Thanks. I might take that one.

下一個來自約翰。我在分析報告中讀到 CLSK 在 MIGI USA 資產上有一個屋頂工人。該有效期什麼時候到期，即他們的有效期是多長？根據記憶，距離今年9月已經有12個月了。鑑於最近該領域與 Hut 8 等公司的併購，這是否具有相關性？謝謝。我可能會接受那個。

Yes, there was a structure with a first right of refusal, first right of offer with CLSK over select assets in the USA. Part of that, those rights expire at six months, and September was the date, so some of them are just coming up to expiry, and some have a longer tail, which is the 12-month tail. So you are correct in that that it was a six- and 12-month tail.

是的，CLSK 對美國的部分資產有優先拒絕權和優先要約權的結構。其中一部分是，這些權利在六個月後到期，而日期是 9 月，因此其中一些權利即將到期，而另一些權利則有更長的尾巴，即 12 個月的尾巴。所以你說的是 6 個月和 12 個月的尾巴，這是正確的。

Look, I can't talk for CLSK. We have great respect for Zach and his team over there. They've obviously acquired our Georgia facility, which we think we've built a world-class facility there. And I'm sure they would like to have a look at our other facilities in due course. But I don't want to preempt or cause any speculation on that.

聽著，我不能代表 CLSK 發言。我們非常尊重扎克和他的團隊。他們顯然已經收購了我們在喬治亞州的工廠，我們認為我們已經在那裡建立了世界一流的工廠。我相信他們會在適當的時候參觀我們的其他設施。但我不想先發制人或引起任何猜測。

But there's obviously a lot of M&A potentially on the cards this year and in the industry, and Malta wants to be at the table playing with everyone. And we'll obviously make sure that if anything's occurring in that space, we're out there talking to everyone and making sure we're looking at the right deals with counterparties to see if there's any other opportunity to create value for shareholders.

但顯然今年該行業可能會出現大量併購，馬耳他希望與所有人一起參與。我們顯然會確保，如果該領域發生任何事情，我們都會與所有人交談，並確保我們正在與交易對手進行正確的交易，看看是否有任何其他機會為股東創造價值。

And I think, back to Kevin's point, it's all a focus of internal capital and making sure we squeeze every last drop out of it. So we're very much focused on identifying anything we can to create extra value.

我認為，回到凱文的觀點，這都是內部資本的焦點，並確保我們榨乾每一滴錢。因此，我們非常專注於尋找能夠創造額外價值的一切。

I've got one from Aaron. What's the current debt and liability situation? I might pass that one to Ariel to take on.

我有一份來自亞倫的。目前的債務和負債情況如何？我可能會把那個交給 Ariel 來接手。

Hi, it's Ariel from -- CFO of Mawson. Welcome to everybody. The current debt, just reading off the balance sheet, is $35.5 million. That's a combination of trade payables and borrowings. Borrowings being about $23 million at year end, and trade payables about $10.5 million.

大家好，我是 Mawson 財務長 Ariel。歡迎大家光臨。目前的債務（僅從資產負債表上看）為 3550 萬美元。這是貿易應付帳款和借款的組合。年底借款約 2,300 萬美元，應付帳款約 1,050 萬美元。

Thanks, Aaron, for that question. And then I've got one last question, which was, your low cost of energy in Pennsylvania, what is the power rate and how long do you have this in place? From my analysis of the sector, this is among the lowest in the industry. It's green nuclear power, if I recall.

謝謝亞倫提出這個問題。然後我還有最後一個問題，那就是，賓州的能源成本低廉，電價是多少，以及您將其安裝多久？從我對該行業的分析來看，這是該行業中最低的。如果我沒記錯的話，這是綠色核電。

Thanks, Andrew. The Pennsylvania power, we've got a combination of PJM market power and a hedge. So our hedge is locked in at $0.036. And then the PJM market is spot market power. Currently in the market, PJM power is in the high teens per megawatt to the mid-$0.20 per megawatt. So between $0.01 and $0.02 per megawatt-hour. And it's very competitive power. And that's why I say it's competitive power anywhere else within the USA.

謝謝，安德魯。賓州電力，我們擁有 PJM 市場力量和對沖的組合。因此我們的對沖被鎖定在 0.036 美元。然後 PJM 市場是現貨市場的力量。目前市場上的 PJM 電力價格為每兆瓦十幾美元到每兆瓦約 0.20 美元。因此每兆瓦時 0.01 美元到 0.02 美元之間。而且這是非常有競爭力的。這就是為什麼我說它在美國其他地方具有競爭力。

We have a hedge that's got approximately four years left to run on it. And you're right, it is 100% green power. It's nuclear and it's all zero carbon. So that's an important point for us from an ESG perspective, is that we're on zero carbon power. And we believe that it's really important for the entire industry to be moving towards that. Because it will ultimately result in us being considered as a sustainable business and a sustainable industry.

我們有一個對沖，還剩大約四年的運行時間。你是對的，它是 100% 綠色能源。它是核能，而且都是零碳。因此，從 ESG 角度來看，這對我們來說很重要，那就是我們採用零碳電力。我們相信，整個產業朝這個方向邁進非常重要。因為它最終將使我們被視為可持續發展的企業和可持續發展的行業。

So we'd like to think that we're leading the charge on that. And it's an important part of our investment criteria from an ESG lens is when we're looking at new sites, what's the generational mix of the power and what's that going to do? And it's not to say we won't look at a site with some negative generation, but we'll always need to look at a site and say, what's the path to being carbon neutral on this site? And that's what makes sites important for us in our site selection.

因此，我們認為我們在這方面處於領先地位。從 ESG 角度來看，我們投資標準的一個重要部分是，當我們尋找新地點時，權力的世代組合是什麼？它將做什麼？這並不是說我們不會考慮產生一些負面影響的網站，但我們總是需要查看一個網站並詢問，該網站實現碳中和的途徑是什麼？這就是網站對我們選址非常重要的原因。

I think with that, I'd like to wrap up today's presentation. I'd really like to thank all our shareholders for their continued support. I'd like to thank the people that participated in this call for their great questions and getting too many real curveballs today. So with that, I'd like to sign off and thank everyone and look forward to keeping everyone in the loop for 2023 as we continue to grow. Thank you.

我想我想結束今天的演講。我衷心感謝所有股東的持續支持。我要感謝參加本次電話會議的人們提出了很好的問題，並且今天得到了太多真正的曲線球。因此，我想在此結束並感謝大家，並期待讓大家了解 2023 年我們不斷發展的情況。謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。