Mawson Infrastructure Group Inc (MIGI) 2023 Q1 法說會逐字稿

Good afternoon and welcome to the Mawson Infrastructure Group first-quarter 2023 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

下午好，歡迎參加莫森基礎建設集團 2023 年第一季財報電話會議。 （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。

Welcome, ladies and gentlemen, to the Q1 presentation for Mawson Infrastructure Group. In this presentation, we look forward to updating you to the operating and financial performance of the company.

女士們、先生們，歡迎觀看莫森基礎設施集團第一季的示範。在本簡報中，我們期待向您介紹公司的營運和財務表現的最新情況。

In today's presentation, we may make forward-looking statements. We bring your attention to the disclosures on slide 2 regarding these statements and encourage you to read our full disclosures in our most recently filed 10-K and 10-Q. In addition, some of the metrics in today's presentation use non-GAAP financial metrics. We bring your attention to slide 13 for a reconciliation of those metrics.

在今天的演示中，我們可能會做出前瞻性陳述。我們提請您注意投影片 2 上有關這些聲明的揭露，並鼓勵您閱讀我們最近提交的 10-K 和 10-Q 中的完整揭露。此外，今天演示中的一些指標使用非 GAAP 財務指標。我們請您注意投影片 13，以協調這些指標。

Mawson utilizes a dynamic three-pillar approach to revenue generation in its standard business operations. This allows for a robust revenue model to navigate the volatility in all associated markets within our industry.

Mawson 在其標準業務運營中利用動態三支柱方法來創造收入。這允許建立一個強大的收入模型來應對我們行業內所有相關市場的波動。

Firstly, we have our self-mining operation. Mawson currently has 13,500 miners deployed and hashing at its facilities. Secondly, we enter into long-term hosting contracts, with 50 megawatts deployed and additional 70 megawatts planned over the remaining of the year. Lastly, we have our energy markets program that enables Mawson to mitigate energy pricing risk, support the local grid, and also earn high-margin returns by strategically reducing load during high-demand periods.

首先，我們有自己的挖礦業務。 Mawson 目前在其設施中部署了 13,500 名礦工並進行哈希處理。其次，我們簽訂了長期託管合同，部署了 50 兆瓦，並計劃在今年剩餘時間內額外部署 70 兆瓦。最後，我們的能源市場計劃使莫森能夠降低能源定價風險，支持當地電網，並透過在高需求時期策略性地減少負載來獲得高利潤回報。

I will now hand over to our Chief Operating Officer, Liam Wilson, to take you through the operational updates from the quarter.

我現在將交給我們的營運長利亞姆·威爾遜 (Liam Wilson)，向您介紹本季的營運最新情況。

Thanks, Tim. Mawson has started 2023 with a bang. We announced the sale of our greenfield Texas land and transformers for $8.5 million.

謝謝，蒂姆。 Mawson 圓滿地開啟了 2023 年。我們宣布以 850 萬美元的價格出售德克薩斯州的綠地土地和變壓器。

We complemented the strategic sale of Texas with the addition of our new facility in Corning, Ohio. This 24-megawatt facility has a further 26 megawatts of capacity, capable of holding just under 15,000 miners or 2 exahash of equipment. We are actively looking for the right hosting partner for this site. The site will be a mixture of self-mining and hosting.

我們在俄亥俄州康寧增設了新工廠，補充了德州的戰略銷售。這個 24 兆瓦的設施還有 26 兆瓦的容量，能夠容納近 15,000 名礦工或 2 exahash 設備。我們正在積極尋找適合該網站的託管合作夥伴。該網站將是自挖礦和託管的混合體。

On top of Corning, Ohio, we have secured an additional 20 megawatts at our live facility in Midland, Pennsylvania. Operationally, during the month, we have begun the build-out of the next 70 megawatts at the Midland, Pennsylvania, facility, as well as the first 12 megawatts at our Sharon facility. We are looking forward to having that power come online through Q2 2023.

在俄亥俄州康寧市的頂部，我們在賓夕法尼亞州米德蘭的現場設施中獲得了額外的 20 兆瓦電力。在營運方面，本月我們已開始在賓州米德蘭工廠建造接下來的 70 兆瓦電力，以及在沙龍工廠建設首批 12 兆瓦電力。我們期待在 2023 年第二季之前實現這項功能。

We firmly believe that Mawson has best-in-class operations. Our uptime through Q1 was 92%, with the 8% being curtailed hours when we were driving revenue through another stream. We have 264 megawatts sewn up, with 88 megawatts currently online. We foresee having 132 megawatts online through Q2.

我們堅信莫森擁有一流的營運能力。第一季我們的正常運作時間為 92%，其中 8% 的運作時間因我們透過其他管道增加收入而縮短。我們已安裝 264 兆瓦，目前已上線 88 兆瓦。我們預計到第二季上網容量將達到 132 兆瓦。

What makes our sites more impressive is that they are both carbon free, being 100% nuclear, and also sit within Pennsylvania and Ohio with cool winters and mild summers. The average temperature through Q1 was 43 Fahrenheit or 6 Celsius, which is perfect Bitcoin-mining weather.

我們的網站更令人印象深刻的是，它們都是無碳的，100% 核電，而且位於賓夕法尼亞州和俄亥俄州，冬季涼爽，夏季溫和。第一季的平均氣溫為 43 華氏度或 6 攝氏度，這是比特幣挖礦的完美天氣。

Mawson strategically locates and acquires assets in specific locations which provide optimal operating conditions in a variety of different ways. We like our sites to be located in deregulated markets where curtailment is an option. However, we need a reliable grid.

Mawson 在特定地點策略性地定位和收購資產，以各種不同方式提供最佳營運條件。我們希望我們的網站位於放鬆管制的市場，在那裡可以選擇限電。然而，我們需要一個可靠的電網。

We like our energy low and access to a readily accessible workforce near major cities. Most importantly, we love a cool climate, which means air cool is the preferable operating model at both inflated and deflated BTC prices.

我們希望我們的能源消耗較低，並且可以在主要城市附近獲得容易獲得的勞動力。最重要的是，我們喜歡涼爽的氣候，這意味著無論是在比特幣價格上漲還是下跌的情況下，空氣冷卻都是更可取的營運模式。

Our strategic decisions to operate in cooler climates in certain parts of the US allows us the advantage of not having to concentrate our efforts on immersion. This is a huge advantage when it comes to the efficient deployment of capital. Our in-house designed MDC solution is manufactured in-store for $527 per miner, which is a market-leading price. This is in comparison to approximately $3,635 per miner, the immersion systems needed to effectively operate mining farms in warmer climates.

我們的策略決策是在美國某些地區氣候較涼爽的地區開展業務，這使我們具有不必將精力集中在沉浸感上的優勢。對於資本的有效配置來說，這是一個巨大的優勢。我們內部設計的 MDC 解決方案在店內製造，每台礦機的價格為 527 美元，這是市場領先的價格。相比之下，每個礦工大約需要 3,635 美元，在溫暖的氣候下有效運作礦場所需的沉浸式系統。

Mawson has one of the most solid and robust energy pipelines in the industry. Our flagship facility in Midland, Pennsylvania, is supported by the Sharon and Corning facilities. We are also in deep final discussions for additional sites in our region, which we're excited about hopefully announcing to the market soon.

莫森擁有業內最堅固、最強大的能源管道之一。我們位於賓夕法尼亞州米德蘭的旗艦工廠得到沙龍和康寧工廠的支持。我們也正在就我們地區的其他站點進行深入的最終討論，我們很高興希望很快向市場宣布。

Not only is our pipeline solid, but our history of execution is reliable and market leading. With our secure energy pipeline and ability to execute, Mawson has set itself up for a very successful and fruitful 2023 and beyond. We are aiming to 7.2 exahash of units installed by the end of 2023, with our target set on 10 exahash in 2024.

我們的管道不僅穩固，而且我們的執行歷史可靠且處於市場領先地位。憑藉我們安全的能源管道和執行能力，Mawson 已為 2023 年及以後的成功和碩果累累做好了準備。我們的目標是到 2023 年底安裝 7.2 exahash 的設備，到 2024 年安裝 10 exahash 的目標。

Our mining fleet consists of 20,000 units at the moment, which is capable of producing up to 1.7 exahash of computing power, which translates to approximately 4.45 bitcoin per day. This equates to $124,000 a day at the current price of Bitcoin or $45 million per year in revenue.

目前，我們的礦機由 20,000 台礦機組成，能夠產生高達 1.7 exahash 的運算能力，相當於每天約 4.45 比特幣。以當前比特幣價格計算，這相當於每天 124,000 美元，或每年 4500 萬美元的收入。

We are actively looking to test new units at the moment, as we decide when and where to place our next large order. We have space in our pipeline for additional miners to be deployed and look forward to updating the market on this in due course.

我們目前正在積極尋求測試新設備，以決定何時何地下一個大訂單。我們的管道中有足夠的空間來部署更多的礦工，並期待在適當的時候更新市場的情況。

With that, I will pass to Chief Financial Officer, Ariel Sivikofsky, [for further] -- thank you.

接下來，我將請財務長 Ariel Sivikofsky（進一步）—謝謝。

Thanks, Liam, and thank you to everybody who has joined the call today. Following on from the operational measures discussed already, some of the financial highlights of quarter one 2023: Mawson generated mining revenues of $2.8 million. Pleasingly, our co-hosting business continues to generate solid revenue growth at $4.3 million for the quarter, with the energy markets program contributing another $400,000 at a gross margin of 84%.

謝謝利亞姆，也感謝今天加入電話會議的所有人。繼已經討論的營運措施之後，2023 年第一季的一些財務亮點是：Mawson 產生了 280 萬美元的採礦收入。令人高興的是，我們的聯合託管業務在本季度繼續實現 430 萬美元的穩健收入增長，能源市場計劃又貢獻了 40 萬美元，毛利率為 84%。

The sale of assets contributed $1.59 million of revenue, primarily being the sale of marketable securities, being the CleanSpark stock. The cost of revenues amounted to $4.7 million. The net EBITDA result was a minor loss of $2 million, and adjusted EBITDA loss of $400,000. Quarter-one US GAAP net loss was $11.4 million, being a similar result for the same period last year.

資產出售貢獻了 159 萬美元的收入，主要是出售有價證券，即 CleanSpark 股票。收入成本達 470 萬美元。 EBITDA 淨額輕微虧損 200 萬美元，調整後 EBITDA 虧損 40 萬美元。第一季美國 GAAP 淨虧損為 1,140 萬美元，與去年同期的結果相似。

Moving to the balance sheet, as at quarter one close, the total assets in the group amounted to $116.7 million, primarily made up of fair valued fixed assets of $84.6 million; derivative assets of $10.6 million, relating to the energy markets program; and trade and other receivables of $10.6 million (sic - see slide 12, "$9.88 million"). The liabilities amounted to $50 million, with trade and other payables and borrowings being $24.4 million -- $24.2 million and $22.9 million, respectively. This results in a net asset position at quarter-end of $66.7 million.

轉向資產負債表，截至第一季末，集團總資產達 1.167 億美元，主要由公允價值 8,460 萬美元的固定資產組成；與能源市場計劃有關的衍生資產1,060萬美元；貿易及其他應收款 1,060 萬美元（原文如此 - 參見投影片 12，「988 萬美元」）。負債達 5,000 萬美元，其中貿易及其他應付款項及借款分別為 2,440 萬美元、2,420 萬美元及 2,290 萬美元。這導致季末淨資產部位為 6,670 萬美元。

Now, as a summary of the previous two slides, and in reconciling to our statutory reporting, from a net loss of $11.4 million, similar to the same period last year, a minor adjusted EBITDA loss of $400,000 was achieved. Further, from total revenues of $7.7 million and cost of revenues of $4.7 million, an overall growth with profit margin of 40% or $3 million was achieved.

現在，作為前兩張投影片的摘要，並與我們的法定報告一致，淨虧損為 1,140 萬美元，與去年同期相似，小幅調整後的 EBITDA 虧損為 40 萬美元。此外，總收入為 770 萬美元，收入成本為 470 萬美元，整體成長了 40%，利潤率達到 300 萬美元。

As detailed previously, as at quarter-one end, total net assets amounted to $66.7 million from an asset base of $116.7 million and total liabilities of $50 million. It must be noted that our liabilities were reduced by $8 million in this quarter. And with the subsequent events highlighted earlier by Liam, being the close of the Texas [out] transaction and the successful $5 million capital raising, that strengthens our balance sheet further.

如前所述，截至第一季末，淨資產總額為 6,670 萬美元，資產基礎為 1.167 億美元，負債總額為 5,000 萬美元。必須指出的是，本季我們的負債減少了 800 萬美元。隨著利亞姆早些時候強調的後續事件，即德克薩斯州[退出]交易的結束和成功的 500 萬美元融資，這進一步增強了我們的資產負債表。

Now I hand over to Tim Broadfoot.

現在我將任務交給提姆·布羅德富特。

During Mawson's site development and operations, we like to have a responsible corporate perspective to decision making. This has led to an operational model that utilizes 100% nuclear, non-carbon-emitting power for its mining and hosting operations. We also partner and support local initiatives that we believe align Mawson with the local community and support the people who support us in our mission to grow.

在 Mawson 的網站開發和營運過程中，我們希望以負責任的企業視角來制定決策。這導致了一種利用 100% 核能、非碳排放電力進行採礦和託管業務的營運模式。我們也合作並支持當地的舉措，我們相信這些舉措使莫森與當地社區保持一致，並支持支持我們成長使命的人們。

At Mawson, we are very grateful for the local communities, suppliers, shareholders, and employees that enable us to be the company that we are today. I'll now hand you over to our CEO and Founder, James Manning.

在莫森，我們非常感謝當地社區、供應商、股東和員工，正是他們使我們成為了今天的公司。現在我將把您交給我們的執行長兼創辦人詹姆斯·曼寧。

Thanks, Tim. The cornerstone of our success at Mawson is the employees and the leadership team. The deep knowledge base of our diversified experience and expertise starts at the Board level and cascades down through the executive team to create a robust management team that drives the business. Each and every member brings a valuable addition to the operations of the company, and we are excited to be able to drive the company through 2023 and beyond with this support in place.

謝謝，蒂姆。莫森成功的基石是員工和領導團隊。我們多元化的經驗和專業知識構成了深厚的知識基礎，從董事會層級開始，一直到執行團隊，打造出強大的管理團隊來推動業務發展。每一位成員都為公司的營運帶來了寶貴的貢獻，我們很高興能夠在這種支持的支持下推動公司度過 2023 年及以後。

The shareholder base we have at Mawson is very important to us, and we are grateful for the support and trust that they provide us with. The team at Mawson believes there's real value for the company we have, and the market is undervaluing that.

Mawson 的股東基礎對我們非常重要，我們感謝他們為我們提供的支持和信任。莫森的團隊相信我們擁有的公司具有真正的價值，而市場低估了這一價值。

As we highlight on this slide, the trading value of the MIGI stock is at a 39% discount to the net assets. And there's a large distortion tracking from the value of the BTC recovery. We believe there is a solid opportunity for investment in Mawson.

正如我們在這張投影片上所強調的那樣，MIGI 股票的交易價值較淨資產折讓 39%。比特幣復甦的價值追蹤存在很大的扭曲。我們相信莫森有良好的投資機會。

In summary, we look forward to the continued growth of Mawson, which Mawson has been working very hard on. And we hope to deliver value improvement to our shareholders in the next quarter and year. We look forward to achieving our forecast operational goals, the same way as we have historically. And we're excited to grow our relations with all stakeholders of the company.

總而言之，我們期待莫森的持續成長，莫森一直在為此努力。我們希望在下一季和下一年度為股東帶來價值提升。我們期待像以往一樣實現我們的預測營運目標。我們很高興能夠發展與公司所有利害關係人的關係。

With the presentation now complete, we'd like to take this opportunity to thank all our employees, suppliers, and shareholders for their ongoing support throughout both 2022 and into 2023. We will now take any questions.

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 年期間的持續支持。我們現在將回答任何問題。

(Operator Instructions) Josh Siegler, Cantor Fitzgerald.

（操作員說明）喬許·西格勒（Josh Siegler）、坎托·菲茨杰拉德（Cantor Fitzgerald）。

Yeah. Hi, guys. Good afternoon. Thanks for taking my question today. I guess, first of all, I would love to get an update on how you're thinking about the company's long-term outlook on self-mining versus hosting.

是的。嗨，大家好。午安.感謝您今天回答我的問題。我想，首先，我很想了解您如何看待公司對自挖礦與託管的長期前景的看法。

Thanks, Josh. James here. Josh, we're definitely -- now that we're commissioning and turning on Midland -- and we've announced some other sites, and there's a couple of others that are near-term to be announced -- we're definitely refocused on the mining aspects.

謝謝，喬許。詹姆斯在這裡。喬什，我們肯定 - 現在我們正在調試並啟用米德蘭 - 我們已經宣布了其他一些站點，還有一些其他站點即將宣布 - 我們肯定會重新調整重點關於採礦方面。

Obviously, hosting served us well, and we'll continue to host some customers in our site. But we're definitely looking to get that mixed up and get some of the self-mining online. So part of that's commissioning [additional] equipment we have. And part of that is looking how we apply some additional equipment at the right time.

顯然，託管對我們很有幫助，我們將繼續在我們的網站上託管一些客戶。但我們肯定希望將其混合起來，並在網上進行一些自我挖掘。因此，其中一部分是調試我們擁有的[額外]設備。其中一部分是研究如何在正確的時間應用一些額外的設備。

And whether that's in some mining joint ventures or some hosting arrangements with profit share, we're definitely looking to getting that proportion of our infrastructure online with mining or self-mining equivalent online up a lot higher.

無論是在一些礦業合資企業中，還是在一些具有利潤分成的託管安排中，我們肯定希望透過採礦或自採礦等線上方式將我們的基礎設施的比例提高很多。

We always knew quarter one was the toughest quarter for us in many ways since we moved out of GA, and we had the time lag between GA and PA coming fully online. But we've been commissioning PA, and we've got -- we'll have the whole 100 megawatts online up and running this quarter. So we're really excited to have that on, and you'll see a large jump in our online hash accordingly.

我們一直都知道，自從我們退出 GA 以來，從很多方面來說，第一季對我們來說都是最艱難的一個季度，而且我們在 GA 和 PA 完全上線之間存在時間差。但我們一直在調試 PA，而且我們將在本季度讓全部 100 兆瓦的電力上線並運行。因此，我們非常高興能夠啟用此功能，您會看到我們的線上雜湊值相應大幅躍升。

Yeah, understood in that regard. And then for my follow-up, I'd like to focus a little bit on the new Ohio facility. Specifically, if you could dive a little bit into how you're thinking about cost of power at Ohio, and do you have access to similar energy demand response programs there? Thank you.

是的，在這方面是理解的。然後，對於我的後續行動，我想專注於俄亥俄州的新工廠。具體來說，您是否可以深入了解您如何看待俄亥俄州的電力成本，以及您是否可以在那裡參與類似的能源需求響應計劃？謝謝。

James, I'm going to take that one.

詹姆斯，我要買那個。

Perfect. Sure.

完美的。當然。

Good day, Josh. So firstly, the site in Corning, Ohio, sits within the PJM market. So we're going to be pulling index pricing at the moment. We think it's cheap enough. It's certainly attractive at these levels.

美好的一天，喬許。首先，位於俄亥俄州康寧市的工廠位於 PJM 市場內。因此，我們目前將取消指數定價。我們認為它足夠便宜。在這些級別上它確實很有吸引力。

And yeah, we're very confident in that grid as a whole. So we'll be pulling it directly up from the index. We won't be looking to hedge at the moment.

是的，我們對整個網格非常有信心。所以我們將直接從索引中提取它。我們目前不會尋求對沖。

With regards to the split of the sites, that'll be a mixture of self-mining and hosting. We are in kind of significant conversations with a number of parties who are interested on the site and would like to move forward on it. (inaudible) sorry, I've just forgotten the second part of your initial question.

關於網站的劃分，這將是自挖礦和託管的混合體。我們正在與許多對該網站感興趣並希望繼續推進的各方進行重要對話。 （聽不清楚）抱歉，我剛剛忘記了您最初問題的第二部分。

Thank you very much. Appreciate it.

非常感謝。欣賞它。

Sorry, I believe you asked around the curtailment programs that we have. And yes, it's exactly the same curtailment program that we have in Midland, Pennsylvania. So we have access to all the same -- through both systems, though CO2 energy. We have access to all the same demand response programs. So we're pretty bullish on that as an operating model as well.

抱歉，我相信您詢問了我們的削減計劃。是的，這與我們在賓州米德蘭實施的限電計畫完全相同。因此，我們可以透過兩個系統獲得所有相同的資源，儘管是二氧化碳能源。我們可以存取所有相同的需求響應計劃。因此，我們也非常看好這種營運模式。

Got it. Understood. Thank you.

知道了。明白了。謝謝。

I'll add to that answer with another question I've also been -- a posted question here online just asking about power rates. So as Liam alluded to, we're in the PJM market, and so we are taking market power.

我將在這個答案中添加我也遇到的另一個問題——網上發布的一個問題，只是詢問電價。正如 Liam 所提到的，我們處於 PJM 市場，因此我們正在佔據市場主導地位。

In Midland, we have some of that power hedged to $0.036 a kilowatt hour. But beyond that, we're in market power rates. And obviously, after the last few we've seen some -- a lot of volatility in power and power pricing. And we are looking at how we hedge some of that power over time.

在米德蘭，我們將部分電力對沖至每千瓦時 0.036 美元。但除此之外，我們還處於市場電價水準。顯然，在過去的幾年之後，我們看到了電力和電價的大幅波動。我們正在研究如何隨著時間的推移而對沖部分這種權力。

But to give you a bit of a feel, we're seeing power as low as $0.017 a kilowatt hour and as high as $0.04 a kilowatt hour, in the $0.04 range per kilowatt hour intraday. So we've got really competitive power in the PJM market. It's cheap, it's reliable, and we strategically have contracted that as always nuclear energy.

但為了給您一點感覺，我們看到電力低至每千瓦時 0.017 美元，最高至每千瓦時 0.04 美元，盤中區間為每千瓦時 0.04 美元。所以我們在 PJM 市場上擁有真正的競爭力。它便宜、可靠，我們一如既往地策略性地承包了核能。

So it's zero-carbon power as well from our perspective, which I think is important from an overall -- from our ESG perspective but also from an overall industry power mix perspective. So -- trying to look ahead to some of those regulatory risks that may be on the horizon. But I think where we've got contracted, renew -- clean energy, I think that's a really important part of the mix in the story there.

因此，從我們的角度來看，這也是零碳電力，我認為這從整體來看很重要——從我們的 ESG 角度以及整個產業電力結構的角度來看。因此，試著展望一些可能即將出現的監管風險。但我認為我們已經簽訂了合同，更新了清潔能源，我認為這是故事中非常重要的一部分。

Great. Thanks for all the color, guys. Appreciate it.

偉大的。謝謝你們所有的顏色。欣賞它。

(Operator Instructions)

（操作員說明）

All right. We've got several questions that have come in via the web interface. What would determine the final mix of hosting and self-mining coin? Liam, do you want to take that one?

好的。我們透過網路介面收到了幾個問題。什麼將決定託管幣和自挖幣的最終組合？利亞姆，你想拿那個嗎？

Absolutely, James. That was, what is the final mix in your -- the final mix of our self-mining and hosting, was it?

絕對是，詹姆斯。也就是說，您的最終組合是什麼——我們的自我挖掘和託管的最終組合，是嗎？

Correct.

正確的。

Sure thing. So I think similar to what you spoke about earlier, over the past three months, I would say that self-mining has certainly become a lot more attractive for Mawson. And as we're continuing to turn on our Midland and Sharon facilities over the next two months, I think we'll see a larger percentage of self-mining throughout Mawson.

當然可以。因此，我認為，與您之前所說的類似，在過去的三個月中，我想說，自挖礦對莫森來說肯定變得更具吸引力。隨著我們在接下來的兩個月內繼續開啟米德蘭和沙龍設施，我認為我們將在整個莫森看到更大比例的自採礦。

It's hard for us to categorically say what is going to be the final split for Mawson for self-mining and hosting at the moment. Because we do it on a case-by-case basis, and I think that's very important to note.

目前我們很難明確地說 Mawson 對於自挖礦和託管的最終分裂是什麼。因為我們是根據具體情況進行處理的，我認為這一點值得注意。

It's -- Mawson has always been best-idea-wins business. And if a particular site means that we will have a hosting customer and have a site fully funded, then that could be the correct operating model for that site. If a site screams that we need self-mining -- for example, we're looking at a few now that certainly scream self-mining -- then we will do self-mining.

莫森一直是一家以最佳創意獲勝的企業。如果某個特定站點意味著我們將擁有一個託管客戶並且擁有一個資金充足的站點，那麼這可能是該站點的正確營運模式。如果一個網站尖叫著我們需要自我挖掘——例如，我們現在正在尋找一些肯定尖叫著自我挖掘的網站——那麼我們就會進行自我挖掘。

If it means it's going to be a mixture, then it will be a mixture. But certainly I will say that, yeah, over the past 60 to 90 days, there's been a lot more robust conversation around expanding our self-mining fleet and really getting involved there again. Thanks, James.

如果這意味著它將是混合物，那麼它將是混合物。但我當然會說，是的，在過去的 60 到 90 天裡，圍繞著擴大我們的自採礦隊並真正再次參與其中進行了更多激烈的討論。謝謝，詹姆斯。

Thanks, Liam. Since I've got you, I might ask another one that's come through. I saw that Stronghold did a deal recently with Canaan, where Stronghold will host Canaan Bitcoin miners, and they'll split the Bitcoin production 50/50. Is that something that you're looking at?

謝謝，利亞姆。既然找到了你，我可能會問另一個已經過來的人。我看到 Stronghold 最近與 Canaan 達成了一項協議，Stronghold 將託管 Canaan 比特幣礦工，他們將按照 50/50 的比例分配比特幣產量。這是你正在看的東西嗎？

Yeah, for sure. Absolutely. We read that article as well. And congratulations to the Stronghold team for pulling that deal together. It reads very, very well.

耶，當然了。絕對地。我們也讀了那篇文章。祝賀要塞團隊促成了這筆交易。讀起來非常非常好。

We would certainly entertain and are entertaining deals like that, similar. I guess you would call that a miner-for-equity deal or miner-as-currency deal, depending how you look at it. We've spoken to the major players, I would say, in the ASIC world around something like this.

我們肯定會接受並且正在接受類似的交易。我想你會稱之為礦工股權交易或礦工貨幣交易，這取決於你如何看待它。我想說，我們已經與 ASIC 世界中的主要參與者就此類問題進行了交談。

And as we continue to add sites, again, just to what I said before, it will be best-idea-wins. We will run our numbers to decide whether it's hosting, decide whether it's self-mining, or to decide whether it's something like this, which is jumping in bed basically with an ASIC manufacturer and using their miners as currency, and we bring the structure. So it was a great deal and certainly something that we're interested to pursue.

隨著我們繼續添加站點，正如我之前所說，這將是最佳創意獲勝。我們將運行我們的數據來決定它是否託管，決定它是否是自挖礦，或者決定它是否是類似的東西，基本上是與ASIC 製造商一起跳床並使用他們的礦工作為貨幣，我們帶來了結構。所以這是一件很重要的事情，當然也是我們有興趣追求的事情。

All right. Thanks, Liam. This one is probably for Ariel. I see that you have sold Texas for $8.5 million in April and raised $5 million in May subsequent to the end of Q1 for a total of $13.5 million. What part of this cash will be set on growing the existing business and facilities in PA and Ohio, and is some of this earmarked for repayment of debt? Ariel?

好的。謝謝，利亞姆。這可能是給愛麗兒的。我看到您在 4 月以 850 萬美元的價格出售了德克薩斯州，並在第一季末後的 5 月籌集了 500 萬美元，總計 1350 萬美元。這筆現金的哪一部分將用於發展賓州和俄亥俄州的現有業務和設施？其中一部分是否專門用於償還債務？艾瑞爾？

Hi, James. Thanks, James. Thanks for the question. Look, it's something that you've alluded to before, and following on from Liam's last question, I guess we're earmarking our cash. We are actively looking to add equipment and work with the operations team on procurement strategy -- whether that's in joint ventures or tight partnerships -- and deployment time.

嗨，詹姆斯。謝謝，詹姆斯。謝謝你的提問。聽著，這是你之前提到過的事情，繼利亞姆的最後一個問題之後，我想我們正在指定我們的現金。我們正在積極尋求增加設備，並與營運團隊就採購策略（無論是合資企業還是緊密合作夥伴關係）和部署時間進行合作。

We're also looking to -- obviously, there's the balancing mechanism, where we also use the cash that we've received as servicing our debt commitments in the near future. But it's really looking to expand our operations, finance them, and looking to add new equipment. Thanks, James.

顯然，我們也希望建立平衡機制，在不久的將來，我們也可以使用收到的現金來償還我們的債務承諾。但它確實希望擴大我們的業務，為其提供資金，並尋求添加新設備。謝謝，詹姆斯。

Thanks, Ariel. Have we seen more calls come through over the -- I'll just check that. I've got no one else in the queue. I've got one last question that's come through. I've got one more question that's come through. Can you shed more light on the details regarding the recent stock offering? It's come from [Aaron].

謝謝，阿里爾。我們是否看到更多的電話通過——我會檢查一下。我的隊列裡沒有其他人了。我還有最後一個問題要解決。我還有一個問題要解決。您能否透露更多有關近期股票發行的細節？它來自[亞倫]。

Sure, Aaron. I'll take that one. Look, the company's recently secured that facility in Corning, and we're shortly to announce an additional facility. So from a total CapEx and turning-on-sites perspective, it was prudent for the company to have some additional capital to facilitate the deployment of these additional sites.

當然，亞倫。我會接受那個。看，該公司最近在康寧獲得了該設施，我們很快就會宣布增加一個設施。因此，從總資本支出和站點開通的角度來看，公司明智的做法是擁有一些額外的資本來促進這些額外站點的部署。

We've got thousands of machines that have come up from GA that we've already -- we own and we paid, and we own outright, and we need to commission and turn on. And the combination of Midland -- even with just Midland coming online, we need to have enough capacity. So we've secured some additional sites.

我們已經擁有數千台從 GA 出來的機器——我們擁有並支付了費用，我們完全擁有，我們需要調試和啟動。還有米德蘭的組合——即使只有米德蘭上線，我們也需要有足夠的容量。因此，我們已經確保了一些額外的站點。

And those sites will be coming on in this quarter, and some of them will come on early next quarter as well. So the capital raise is fundamentally around making sure we have enough working capital and capital for infrastructure to turn those facilities on.

這些網站將在本季上線，其中一些網站也將在下個季度初上線。因此，籌集資金的根本目的是確保我們有足夠的營運資金和基礎設施資金來啟動這些設施。

And that actually covers the next question that came on, which -- how long do you think it will take to deploy the 20,000 miners you already have? And Liam, do you want to take that about the turn-on time for the miners that we have?

這實際上涵蓋了出現的下一個問題，即您認為部署現有的 20,000 名礦工需要多長時間？ Liam，你想了解我們礦工的啟動時間嗎？

Yeah, absolutely. So the -- I can say, as of today, 13,500 units are deployed and operational for Mawson. We have -- the next stage of our deployment is the Sharon deployment, which will be 12 megawatts coming online in Sharon. We have to see that happening over the next three weeks. So call that early June that will come online.

是的，絕對是。因此，我可以說，截至今天，莫森已經部署並運行了 13,500 個單位。我們部署的下一階段是 Sharon 部署，Sharon 的發電量將達到 12 兆瓦。我們必須看到這種情況在接下來的三週內發生。所以說六月初就會上線。

And then the balance of those units will be coming on through another Mawson asset in the very near future as well. So by the end of June, by the end of Q2, as we've already stated, we'll have our whole fleet deployed.

然後，這些單位的餘額也將在不久的將來透過另一項莫森資產來實現。因此，到六月底，到第二季末，正如我們已經說過的，我們將部署整個機隊。

That's great. Thanks, Liam. I've got no other questions coming through, guys. So unless someone else pops one through, at this point, I think we'll be wrapping up the call. I'll just leave it a minute to see if there's anyone -- any other questions that are coming through.

那太棒了。謝謝，利亞姆。夥計們，我沒有其他問題要問了。因此，除非其他人打通電話，否則我認為我們將在此時結束通話。我會稍等一下，看看是否有人提出任何其他問題。

No. And on that basis, I think we will wrap up the investor call today. Just wanted to thank those investors and analysts that have jumped on the call. We really appreciate your continued support, and we look forward to presenting the next quarter's results in the near future. Thank you very much.

不。在此基礎上，我認為我們今天將結束投資者電話會議。只是想感謝那些熱心參與電話會議的投資人和分析師。我們非常感謝您的持續支持，我們期待在不久的將來公佈下一季的業績。非常感謝。

That does conclude your conference call for today. We thank you for your participation and ask that you please disconnect your lines.

今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。