Riot Platforms Inc (RIOT) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Riot Platforms first quarter 2024 financial results conference call.

您好，歡迎您參加 Riot Platforms 2024 年第一季財務業績電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

A brief question-and-answer session will follow the formal presentation.

正式演講後將舉行簡短的問答環節。

(Operator Instructions).

（操作員說明）。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Phil McPherson, Vice President of Capital Markets and Investor Relations.

現在我很高興向您介紹東道主菲爾·麥克弗森（Phil McPherson），他是資本市場和投資者關係副總裁。

Thank you, Phil, you may begin.

謝謝你，菲爾，你可以開始了。

Thank you.

謝謝。

Good morning and welcome to Riot Platforms' first quarter 2024 earnings call.

早上好，歡迎參加 Riot Platforms 2024 年第一季財報電話會議。

My name is Phil McPherson, and joining me on today's call are Jason Les, CEO; Colin Yee, CFO; and Jason Chung, Executive Vice President of Corporate Development and Strategy.

我的名字是 Phil McPherson，參加今天電話會議的有執行長 Jason Les；葉科林，財務長； Jason Chung，公司發展與策略執行副總裁。

On the Riot investor relations website, you can find our first quarter 2024 earnings press release and earnings presentation, which are intended to supplement today's prepared remarks and which include a discussion of certain non-GAAP items.

在 Riot 投資者關係網站上，您可以找到我們的 2024 年第一季收益新聞稿和收益演示文稿，它們旨在補充今天準備好的評論，其中包括對某些非 GAAP 項目的討論。

Non-GAAP financial measures provided should not be considered as a substitute for or superior to the measures of financial performance prepared in accordance with GAAP, and are included as additional clarifying items to aid investors in further understanding the company's first quarter performance.

所提供的非公認會計原則財務指標不應被視為替代或優於根據公認會計原則編制的財務業績指標，而是作為額外的澄清項目包括在內，以幫助投資者進一步了解公司第一季的業績。

During today's call, we will be making forward-looking statements regarding potential future events.

在今天的電話會議中，我們將就未來潛在事件做出前瞻性聲明。

These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties.

這些陳述是基於管理層目前的預期和假設，並受到風險和不確定性的影響。

Actual results could materially differ due to factors discussed in today's earnings press release, in comments and responses made during today's call and in the Risk Factors section of our Form 10-K, Form 10-Q included for the quarter ended March 31, 2024, which will be filed today after market close, and other filings with the Securities and Exchange Commission.

由於今天的收益新聞稿中討論的因素、今天電話會議中的評論和回應以及截至2024 年3 月31 日的季度的10-K 表格、10-Q 表格的風險因素部分中討論的因素，實際結果可能會存在重大差異，該文件將於今天收盤後向美國證券交易委員會提交。

With that, I would like to turn the call over to Jason Les, CEO of Riot Platforms.

說到這裡，我想將電話轉給 Riot Platforms 執行長 Jason Les。

Thank you, Phil, and good morning, everyone.

謝謝你，菲爾，大家早安。

Riot filed our first quarter 2024 press release and earnings presentation this morning, both of which are available on the Investor Relations section of Riot's website.

Riot 今天早上提交了 2024 年第一季的新聞稿和收益報告，這兩個內容都可以在 Riot 網站的投資者關係部分找到。

Riot's primary strategic focus has been on developing a leading vertically integrated bitcoin mining company, built on the three key pillars of developing and owning operations at significant scale, being a low-cost producer of bitcoin, and building a balance sheet of strength.

Riot的主要策略重點是發展一家領先的垂直一體化比特幣挖礦公司，該公司建立在三大關鍵支柱之上：開發和擁有大規模營運、成為低成本比特幣生產商以及建立實力雄厚的資產負債表。

By focusing on a vertically integrated strategy, we are best able to build these pillars.

透過專注於垂直整合策略，我們最有能力建構這些支柱。

Over the past three years, we have been focused on developing this strategy at scale.

過去三年來，我們一直致力於大規模製定這項策略。

This began with the acquisition of our Rockdale facility, its development and operations teams, and low-cost fixed power contracts.

這始於收購我們的羅克代爾工廠、其開發和營運團隊以及低成本固定電力合約。

The strategy continued with the acquisition of ESS Metron and the introduction of our engineering segment, which helps control the key supply bottleneck for electrical equipment and building out bitcoin mining infrastructure.

隨著收購 ESS Metron 和引入我們的工程部門，該策略得以繼續，這有助於控制電氣設備的關鍵供應瓶頸並建立比特幣採礦基礎設施。

And finally, the development of our Corsicana facility has broadened our portfolio of access to power capacity and purpose-built bitcoin mining facilities.

最後，我們科西卡納設施的開發擴大了我們的電力容量和專用比特幣採礦設施的投資組合。

The benefits of this strategy are on display today.

這一戰略的好處今天已經顯現出來。

And as a result, we see other miners in the space moving towards a similar strategy.

因此，我們看到該領域的其他礦工正在採取類似的策略。

Since Riot has developed this strategy most fully and at scale, we are able to build out facilities like Corsicana further while others who have not already ordered key pieces of electrical equipment face 18 plus months of supply chain constraints.

由於 Riot 已經最全面、最大規模地制定了這項策略，我們能夠進一步建造像科西卡納這樣的設施，而其他尚未訂購關鍵電氣設備的人則面臨 18 個多月的供應鏈限制。

The energization of Corsicana this month means that Riot has a clear fully funded growth plan.

本月科西卡納的活力意味著 Riot 有一個明確的、資金充足的成長計劃。

This landmark achievement is the result of our team's dedication to our long-term strategy.

這項里程碑式的成就是我們團隊致力於長期策略的結果。

The first phase of this facility puts us well on track to increase our self-mining hashrate to 31 EH/s by the end of 2024.

該設施的第一階段使我們預計在 2024 年底將自挖礦算力提高到 31 EH/s。

The Corsicana facility utilizes emersion cooling for all of its buildings, a technology in which Riot is the industry leader in deploying at scale.

科西卡納工廠的所有建築均採用浸沒式冷卻技術，Riot 是大規模部署該技術的行業領導者。

We are very excited about the incredible pipeline for growth the Corsicana facility provides for the next several years, and we look forward to further executing on this plan.

我們對科西卡納工廠在未來幾年提供的令人難以置信的成長管道感到非常興奮，我們期待進一步執行該計劃。

Through owning and operating our own sites and an unmatched portfolio of 345 megawatts of fixed-price long-term power agreements, we have the unique ability to execute on our power strategy, which demonstrates the benefits of bitcoin mining for grid stability and significantly drives down our cost of power.

透過擁有和營運我們自己的站點以及無與倫比的 345 兆瓦固定價格長期電力協議組合，我們擁有執行電力戰略的獨特能力，這證明了比特幣挖礦對電網穩定性的好處，並顯著降低了我們的電力成本。

Power is the primary variable input for bitcoin mining, and that is why we have built our reputation as a leader in this key part of our business.

電力是比特幣挖礦的主要變數輸入，這就是為什麼我們在這項業務關鍵部分建立了領導者的聲譽。

Making large acquisitions, developing pipelines for growth and maintaining fixed-price power contracts at scale requires a strong financial and liquidity position.

進行大規模收購、開發成長管道以及維持大規模固定價格電力合約需要強大的財務和流動性狀況。

Our unmatched balance sheet strength makes all of this possible and is responsible for their success.

我們無與倫比的資產負債表實力使這一切成為可能，並為他們的成功負責。

With this strong position, we are funding our near and intermediate term growth plans to expand Corsicana and increase our hashrate through purchasing leading-edge miners on a long-term fixed-price basis from MicroBT.

憑藉這一強勢地位，我們正在為我們的近期和中期增長計劃提供資金，以擴大 Corsicana 並通過以長期固定價格從 MicroBT 購買領先的礦機來提高我們的算力。

In conclusion, we remain focused on the growth and enhancement of our self-mining business.

總之，我們仍然專注於自挖礦業務的成長和增強。

In 2023, we terminated two remaining legacy hosting contracts at the Rockdale facility because of both customers' failure to perform under those agreements.

2023 年，我們終止了羅克代爾設施剩餘的兩份舊託管合同，因為這兩個客戶都未能履行這些協議。

As a result of the reduction in hosting revenue, we have eliminated the data center hosting business as a separate reporting segment starting in the first quarter of 2024 and are consolidating results into the Bitcoin Mining business segment.

由於託管收入減少，我們從 2024 年第一季開始將資料中心託管業務作為一個單獨的報告部門取消，並將業績合併到比特幣挖礦業務部門。

Riot's focus is maximizing Bitcoin Mining results, and our strategy is enabling us to execute on this at an unprecedented scale.

Riot 的重點是最大化比特幣挖礦成果，我們的策略使我們能夠以前所未有的規模執行這一目標。

With that, I would like to now turn the call over to Colin Yee, CFO of Riot Platforms.

現在，我想將電話轉給 Riot Platforms 財務長 Colin Yee。

Thank you, Jason.

謝謝你，傑森。

I'm excited to present Riot's financial results for the first quarter of 2024, during which Riot achieved a number of key milestones.

我很高興向大家介紹 Riot 2024 年第一季的財務業績，在此期間 Riot 實現了許多關鍵里程碑。

For ease of reference, Slide 5 presents a snapshot of key metrics for the first quarter of 2024.

為了方便參考，投影片 5 提供了 2024 年第一季關鍵指標的快照。

So let's go over some highlights on the following pages.

讓我們回顧一下接下來幾頁的一些要點。

We own and operate one of the largest bitcoin mining operations in North America and during this past quarter, we continued to deploy miners in Rockdale.

我們擁有並經營北美最大的比特幣挖礦業務之一，在上個季度，我們繼續在羅克代爾部署礦機。

We have also pushed ahead with development activities at our new Corsicana facility, which has since been energized and operations have begun.

我們還推進了科西卡納新工廠的開發活動，該工廠現已通電並開始運作。

At the end of the first quarter of 2024, our Bitcoin Mining business segment had a total deployed hashrate of 12.4 EH/s, which represents an 18% increase year over year.

截至 2024 年第一季末，我們的比特幣挖礦業務部門的總部署算力為 12.4 EH/s，年增 18%。

And as Jason previously mentioned, we anticipate achieving a total self-mining hashrate capacity of 31 EH/s by the end of 2024.

正如 Jason 之前提到的，我們預計到 2024 年底，自挖算力總容量將達到 31 EH/s。

During the first quarter of 2024, we mined 1,364 bitcoin, which represents a decrease of 36% from the 2,115 bitcoin we mined during the first quarter of 2023.

2024 年第一季度，我們開採了 1,364 個比特幣，比 2023 年第一季開採的 2,115 個比特幣減少了 36%。

This was primarily due to the significant increase in the bitcoin network difficulty, which has more than doubled since January 2023.

這主要是由於比特幣網路難度顯著增加，自 2023 年 1 月以來增加了一倍以上。

However, with a significant increase in growth in our hashrate capacity expected by the end of this year, we anticipate producing more bitcoin per day by the end of the year than we did in the first quarter of 2024, even in spite of the recent halving that occurred a few weeks ago on April 20, 2024.

然而，隨著我們的算力容量預計到今年年底將顯著增長，我們預計到今年年底每天生產的比特幣將比 2024 年第一季更多，即使最近減半也是如此這發生在幾週前的2024 年4 月20 日。

Riot ended the first quarter of 2024 with 8,490 bitcoin, up significantly relative to the 7,094 bitcoin that we held at the end of the first quarter 2023.

截至 2024 年第一季末，Riot 持有 8,490 枚比特幣，較 2023 年第一季末持有的 7,094 枚比特幣大幅增加。

In the first quarter of 2024, Riot reported total revenue of $79.3 million as compared to $73.2 million for the first quarter of 2023, an 18% increase year over year.

Riot 報告 2024 年第一季的總收入為 7,930 萬美元，而 2023 年第一季的總收入為 7,320 萬美元，年增 18%。

This increase was primarily driven by a 131% increase in average bitcoin prices year over year, offset by lower bitcoin production, which decreased 36% year over year, again due primarily to the significant increase in bitcoin network difficulty, which has more than doubled since January 2023.

這一成長主要是由比特幣平均價格年增131% 推動的，但比特幣產量下降所抵消，比特幣產量年減36%，這主要是由於比特幣網路難度顯著增加，自此以來比特幣網路難度增加了一倍多2023 年 1 月。

In footnote number one, you should note that power curtailment credits received totaled approximately $5.1 million for the quarter as compared to $3.1 million during the first quarter of 2023, and this equates to approximately 98 bitcoin as computed by using average daily closing bitcoin prices on a monthly basis.

在腳註一中，您應該注意到，本季度收到的限電信貸總額約為510 萬美元，而2023 年第一季為310 萬美元，這相當於約98 個比特幣，這是根據比特幣日均收盤價計算得出的。

If these power credits received were applied to our total cost of revenues, our non-GAAP gross profit margin would have equaled $37.3 million or a 47% margin.

如果將收到的這些電力積分計入我們的總收入成本，我們的非 GAAP 毛利率將等於 3,730 萬美元，即 47%。

Non-GAAP adjusted EBITDA for the first quarter was $245.7 million as compared to the non-GAAP adjusted EBITDA of $81.7 million in the first quarter of 2023.

第一季非 GAAP 調整後 EBITDA 為 2.457 億美元，而 2023 年第一季非 GAAP 調整後 EBITDA 為 8,170 萬美元。

Based on FASB's final standard on crypto assets issued in December 2023, under which Riot now recognizes its bitcoin held at fair value and with changes in fair value now recognized in income.

根據 FASB 於 2023 年 12 月發布的加密資產最終標準，根據該標準，Riot 現在承認其以公允價值持有的比特幣，並且公允價值的變化現已在收入中確認。

Riot elected to early adopt this guidance in 2023.

Riot 選擇在 2023 年提前採用該指南。

Net income for the quarter was $211.8 million or $0.82 per share compared to net income of $18.5 million or $0.11 per share for the same period in 2023.

本季淨利為 2.118 億美元，即每股 0.82 美元，而 2023 年同期淨利為 1,850 萬美元，即每股 0.11 美元。

As a reminder, our net income for the quarter included a change in the fair value of bitcoin equal to $234.1 million, non-cash stock-based compensation expense of $32 million, and depreciation and amortization of $32.3 million.

提醒一下，我們本季的淨利潤包括 2.341 億美元的比特幣公允價值變動、3,200 萬美元的非現金股票補償費用以及 3,230 萬美元的折舊和攤提。

Beginning in the first quarter of 2024, we adjusted our depreciation schedule for mining hardware from a two-year to a three-year schedule, based on our evaluation of market practice and our own operational history.

從 2024 年第一季開始，我們根據對市場實踐的評估和我們自己的營運歷史，將採礦硬體的折舊計畫從兩年調整為三年。

In 2023, Riot terminated its two legacy data center hosting agreements.

2023 年，Riot 終止了兩項舊資料中心託管協議。

During the first quarter of 2024, revenue from the final data center hosting agreement was no longer material from both revenue and profit, and so commencing this quarter, we will no longer report data center hosting as a separate reportable segment.

在 2024 年第一季度，最終資料中心託管協議的收入不再對收入和利潤產生重大影響，因此從本季度開始，我們將不再將資料中心託管作為單獨的可報告部門進行報告。

We also have no plans to offer data center hosting services to new customers.

我們也沒有計劃向新客戶提供資料中心託管服務。

For the first quarter of 2024, Bitcoin Mining revenue totaled $74.6 million, which included $32 million in hosting revenue, an increase of $26.6 million year over year.

2024 年第一季度，比特幣挖礦收入總計 7,460 萬美元，其中託管收入為 3,200 萬美元，年增 2,660 萬美元。

This increase was primarily due to higher bitcoin prices in the first quarter of 2024, which averaged $52,343 compared to $22,706 in the first quarter of 2023.

這一增長主要是由於 2024 年第一季比特幣價格上漲，平均價格為 52,343 美元，而 2023 年第一季為 22,706 美元。

However, this increase was partially offset by a decrease in bitcoin mined in the first quarter of 2024 compared to the first quarter of 2023, again due to the significant increase in the bitcoin network difficulty.

然而，與 2023 年第一季相比，2024 年第一季開採的比特幣數量有所減少，部分抵消了這一增長，這也是由於比特幣網路難度的顯著增加。

Bitcoin Mining cost of revenue primarily consists of direct production costs, including electricity, labor and insurance and excludes depreciation and amortization, Bitcoin Mining revenue in excess of Bitcoin Mining cost of revenue for the quarter was $33.5 million, which is a margin of 45% as compared to $26.1 million or a margin of 54% from the first quarter of 2023.

比特幣挖礦收入成本主要由直接生產成本組成，包括電力、勞動力和保險，不包括折舊和攤銷，本季比特幣挖礦收入超過比特幣挖礦收入成本的部分為3,350 萬美元，利潤率為45%，如下所示：相較之下，2023 年第一季的利潤率為 2,610 萬美元，利潤率為 54%。

This increase was primarily driven by the increase in revenues from the expansion of bitcoin mining capacity at our Rockdale facility.

這一增長主要是由於我們羅克代爾工廠比特幣挖礦能力的擴大而帶來的收入成長。

If power credits were directly allocated to Bitcoin Mining cost of revenue, Bitcoin Mining cost of revenue would have decreased by $5.1 million, increasing our Bitcoin Mining margin to $38.6 million or 52% on a non-GAAP basis.

如果電力積分直接分配給比特幣挖礦收入成本，比特幣挖礦收入成本將減少 510 萬美元，使我們的比特幣挖礦利潤率增加至 3,860 萬美元，即以非 GAAP 計算的 52%。

Bitcoin Mining costs also included $4.5 million of power costs for the remaining hosting contracts.

比特幣挖礦成本還包括剩餘託管合約的 450 萬美元電力成本。

Slide 9 breaks down Riot's costs to mine.

投影片 9 詳細分析了 Riot 的挖礦成本。

The first quarter of 2024 for Riot had changes to our reporting segments.

Riot 2024 年第一季的報告分部發生了變化。

In 2023, Riot terminated the two remaining agreements under the legacy Data Center Hosting business, due to the failure of both customers to meeting their obligations under the agreements.

2023 年，由於兩位客戶未能履行協議規定的義務，Riot 終止了遺留資料中心託管業務下的兩項剩餘協議。

As such, costs that had previously been captured and reported in the Data Center Hosting segment have been absorbed by our selfimining operations and presented within the Bitcoin Mining segment in our first quarter 2024 financial statements.

因此，先前在資料中心託管部門捕獲和報告的成本已被我們的自營業務吸收，並在我們 2024 年第一季財務報表中的比特幣挖礦部門中列出。

Direct cost to mine in the first quarter 2024 was $23,034 per bitcoin, of which power costs were $16,764 or 73% of the total.

2024 年第一季度，每個比特幣的直接挖礦成本為 23,034 美元，其中電力成本為 16,764 美元，佔總成本的 73%。

Other costs of $6,270 represents the remaining 27%.

其餘 27% 為其他成本 6,270 美元。

The increase in the global network hashrate and accompanying increase in network difficulty was the primary driver behind an increase in Riot's average direct cost to mine bitcoin.

全球網路算力的增加以及隨之而來的網路難度的增加是 Riot 開採比特幣的平均直接成本增加的主要驅動力。

Other costs include direct labor, miner insurance, miner and miner-related equipment repairs, land lease and related property taxes, network costs, and other utilities expenses.

其他成本包括直接人工、礦工保險、礦工和礦工相關設備維修、土地租賃和相關財產稅、網路成本和其他公用事業費用。

We have already ordered new MicroBT machines to be deployed at our Rockdale facility, of which deployment will begin in the second quarter 2024 and as additional hashrate is deployed and operational uptime has increased, we expect increased production of bitcoin at the Rockdale facility.

我們已經訂購了新的MicroBT 機器，將在我們的Rockdale 工廠部署，該部署將於2024 年第二季度開始，隨著額外算力的部署和運營正常運行時間的增加，我們預計Rockdale 工廠的比特幣產量將會增加。

So as production increases, these fixed costs will be spread across a greater number of bitcoin produced, thereby lowering our cost to mine each bitcoin.

因此，隨著產量的增加，這些固定成本將分攤到生產更多的比特幣中，從而降低我們開採每個比特幣的成本。

Riot's engineering business carried on through Riot's wholly-owned subsidiary of ESS Metron, reported revenue of $4.7 million in the first quarter of 2024 as compared to $16.1 million for the same three-month period in 2023.

Riot 的工程業務透過 Riot 的全資子公司 ESS Metron 開展，該業務報告 2024 年第一季營收為 470 萬美元，而 2023 年同期三個月收入為 1,610 萬美元。

The decrease of $11.4 million was primarily attributable to global supply chain constraints, resulting in decreased receipts of materials.

減少 1,140 萬美元主要是由於全球供應鏈限制導致材料收入減少。

This delayed the completion of certain custom products for two large projects, potentially worth $13.2 million, which ended up not being delivered in the quarter, and therefore, we were not able to recognize this revenue.

這推遲了兩個大型項目的某些客製化產品的完成，這些項目可能價值 1,320 萬美元，最終未能在本季度交付，因此，我們無法確認這筆收入。

These supply chain shortages also impacted projects in our backlog due to the lack of manufacturing capacity.

由於缺乏製造能力，這些供應鏈短缺也影響了我們積壓的項目。

However, we anticipate that the supply chain issues currently impacting our Engineering results will be resolved towards the end of the third quarter of this year.

然而，我們預計目前影響我們工程業績的供應鏈問題將在今年第三季末解決。

Engineering gross margin for the quarter was similarly impacted by these issues, resulting in a gross loss of $1.3 million as compared to a gross profit of $0.5 million for the first quarter of 2023.

本季的工程毛利率同樣受到這些問題的影響，導致毛損失 130 萬美元，而 2023 年第一季的毛利為 50 萬美元。

I will now turn the call back over to Jason Les.

我現在將把電話轉回傑森·萊斯。

Thank you, Colin.

謝謝你，科林。

Pictured on this slide is an aerial shot of our new Corsicana facility.

這張投影片上的圖片是我們新的科西卡納工廠的空拍照片。

We purchased the land for this facility in 2022 due to its strategic location next to the Navarro switch, where 1 gigawatt of power capacity was available.

我們於 2022 年購買了該設施的土地，因為該設施位於納瓦羅交換機旁邊，具有 1 吉瓦的可用電力容量。

Over the past two years, we have worked to develop this site to support reaching 1 gigawatt in total capacity, beginning with the first phase consisting of 400 megawatts of 100% emersion cooled bitcoin mining infrastructure, which spans four total buildings.

在過去的兩年裡，我們致力於開發該站點，以支援達到1 吉瓦的總容量，從第一階段開始，包括400 兆瓦的100% 浸沒式冷卻比特幣採礦基礎設施，該基礎設施橫跨四棟建築。

The 400 megawatt substation for the first phase of Corsicana's development was energized last month and mining operations have already commenced.

科西卡納開發第一階段的 400 兆瓦變電站已於上個月通電，採礦作業也已開始。

Construction remains underway to complete the rest of the first phase by the end of 2024 and in 2025, we intend to continue development of this site to eventually reach 1 gigawatt in total capacity, which would cement the Corsicana facility's status as the largest dedicated bitcoin mining facility in North America and potentially globally.

建設工作仍在進行中，預計到2024 年底完成第一階段的剩餘部分，我們打算在2025 年繼續開發該站點，最終達到1 吉瓦的總容量，這將鞏固科西卡納設施作為最大的專用比特幣挖礦設施的地位工廠位於北美，甚至可能遍布全球。

Riot's infrastructure pipeline and long-term miner purchase agreement with MicroBT provides us with a clear and direct path to reaching 100 EH/s in self-mining hashrate.

Riot 的基礎設施管道以及與比特微的長期礦機購買協議為我們提供了一條清晰、直接的途徑，使自挖礦算力達到 100 EH/s。

Based on our current purchase agreements and development plans, Wyatt plans to exit 2024 with a total hashrate of 31 EH/s.

根據我們目前的購買協議和開發計劃，Wyatt 計劃在 2024 年以 31 EH/s 的總算力退出。

This includes 2.7 EH/s of growth at our Rockdale facility and 16 EH/s of new growth at our Corsicana facility.

這包括我們的羅克代爾工廠 2.7 EH/s 的增長速度和我們科西卡納工廠 16 EH/s 的新增長速度。

All together, when fully developed, this would represent a 154% increase in self-mining hashrate over 2024.

總而言之，一旦開發完成，自挖礦算力將比 2024 年增加 154%。

Fully developing the Corsicana facility through the remaining 600 megawatts of remaining capacity following the completion of the first phase of development and executing on part of our purchase option of MicroBT M56S miners would allow Riot to reach nearly 60 EH/s in total hashrate capacity.

在第一階段開發完成後，透過剩餘的600 兆瓦的剩餘容量全面開發科西卡納設施，並執行我們購買MicroBT M56S 礦機的部分選項，將使Riot 的總算力容量達到近60 EH/s 。

In other words, Corsicana provides a substantial amount of the infrastructure needed for Riot to utilize its purchase options with MicroBT and reach our 100 EH/s goal.

換句話說，Corsicana 提供了 Riot 所需的大量基礎設施，以利用其與 MicroBT 的購買選項並實現我們 100 EH/s 的目標。

These components give Riot the most directly visible and predictable pipeline for growth in the bitcoin mining sector.

這些組件為 Riot 提供了比特幣挖礦業最直接可見且可預測的成長管道。

In order to fully utilize our pipeline of infrastructure, over the past 12 months we have entered into a series of agreements with MicroBT to add a total of 32 EH/s of next-generation miners.

為了充分利用我們的基礎設施管道，在過去的 12 個月裡，我們與比特微簽訂了一系列協議，增加了總計 32 EH/s 的下一代礦機。

The decision to enter these large-scale purchase agreements came after several months of testing various latest generation MicroBT miners in both immersion and air-cooled environments and observing strong operating performance.

在浸入式和風冷環境中對各種最新一代 MicroBT 礦機進行了幾個月的測試並觀察到強勁的運行性能後，我們決定簽署這些大規模採購協議。

As a result of this investment, full deployment of our purchase orders is expected to improve our overall fleet efficiency by 21.3% to 21.8 J/TH.

這項投資的結果是，我們的採購訂單的全面部署預計將使我們的整體機隊效率提高 21.3%，達到 21.8 J/TH。

As part of our long-term agreement with MicroBT, we have purchase options for an additional 75 EH/s of miners on terms substantially similar to our original order.

作為我們與比特微的長期協議的一部分，我們可以選擇額外購買 75 EH/s 的礦機，條款與我們原來的訂單基本相似。

This option provides for a fixed-price ceiling of $16.50 per TH on next-generation miners in order to support Riot further growing its fleet and improving overall efficiency.

該選項為下一代礦機提供每 TH 16.50 美元的固定價格上限，以支持 Riot 進一步擴大其礦機數量並提高整體效率。

Assuming full exercise of our purchase options and deployment of those miners, our fleet efficiency would improve even further to 19.7 J/TH

假設充分利用我們的購買選項並部署這些礦機，我們的機隊效率將進一步提高至 19.7 J/TH

Riot prioritizes maintaining a strong balance sheet, with significant cash and bitcoin holdings, in order to drive long-term value creation for our shareholders.

Riot 優先考慮維持強勁的資產負債表，持有大量現金和比特幣，以推動為股東創造長期價值。

As a result, we can act decisively and continuously scale our business to meet the growing opportunities in the bitcoin mining space.

因此，我們可以果斷採取行動，不斷擴展我們的業務，以滿足比特幣挖礦領域不斷增長的機會。

Our current growth plans to reach over 40 EH/s in 2025 call for $619 million in capital expenditures, which you can see broken down on this slide.

我們目前的成長計畫在 2025 年達到 40 EH/s 以上，需要 6.19 億美元的資本支出，您可以在這張投影片上看到具體情況。

We have sufficient financial resources to fund these growth plans entirely, and we expect to end 2025 with total liquidity exceeding that at the end of the first quarter of 2024.

我們有足夠的財務資源來為這些成長計畫提供全部資金，我們預計到 2025 年底，流動性總額將超過 2024 年第一季末。

Riot's vision is to be the world's leading bitcoin-driven infrastructure platform.

Riot 的願景是成為世界領先的比特幣驅動的基礎設施平台。

The strategy we have been executing on over the past several years has now begun bearing the results which position us to realize this vision.

我們過去幾年一直執行的策略現已開始產生成果，使我們能夠實現這一願景。

Through our vertically integrated strategy, we have created an unmatched infrastructure growth pipeline to increase our hashrate by 154% this year to 31 EH/s and to ultimately lead us to our goal of reaching 100 EH/s in total self-mining hashrate.

透過我們的垂直整​​合策略，我們創建了無與倫比的基礎設施成長管道，今年將算力提高了 154% 至 31 EH/s，並最終實現自挖礦總算力達到 100 EH/s 的目標。

Riot's balance sheet strength underpins our ability to achieve these targets and as a result, our 2024 and 2025 growth plans are fully funded.

Riot 的資產負債表實力支撐了我們實現這些目標的能力，因此，我們的 2024 年和 2025 年成長計畫得到了充足的資金。

We are incredibly excited about what Riot is accomplishing this year, and we look forward to executing on our stated goals on our path to achieving 100 EH/s.

我們對 Riot 今年所取得的成就感到非常興奮，我們期待在實現 100 EH/s 的道路上執行我們既定的目標。

Thank you all for listening to our presentation.

感謝大家聆聽我們的演講。

We would now like to open the call for questions.

我們現在要開始提問。

Operator?

操作員？

Thank you.

謝謝。

(Operator Instructions) One moment, please while we poll for questions, Phil, the floor is now yours for the Q&A session.

（操作員指示）菲爾，請稍等，我們現在開始問答環節。

Thank you.

謝謝。

We'll take our first call from Kevin Dede of H.C. Wainwright.

我們將接聽來自 H.C. 的 Kevin Dede 的第一通電話。溫賴特。

Kevin?

凱文？

It looks like he dropped off.

看起來他已經掉隊了。

We'll move to the next one.

我們將轉到下一個。

Our next question will come from Greg Lewis at BTIG.

我們的下一個問題將來自 BTIG 的 Greg Lewis。

Yes, hi.

是的，嗨。

Thank you and good morning, good afternoon.

謝謝你，早安，下午好。

Jason, just watching the strategy unfold in terms of the bitcoin inventory management, it seemed like we've kind of gone through ebbs and flows in terms of funding some operations with bitcoin, more recently, at least based on the monthly production guidance, it seems like we started holding back and really trying to build that bitcoin inventory in February and March.

傑森，只是看著比特幣庫存管理方面的策略展開，似乎我們在用比特幣為某些業務提供資金方面經歷了起起落落，最近，至少根據每月的生產指導，它似乎我們在二月和三月開始猶豫並真正嘗試建立比特幣庫存。

I don't think we saw -- I think maybe we saw a couple bitcoin.

我認為我們沒有看到——我想也許我們看到了幾個比特幣。

Post the halving now, as we look at the, I guess, May and beyond how are you thinking about managing the puts and takes in terms of using bitcoin, that you're generating to kind of offset some costs and then at the same time trying to build that inventory -- any kind of thoughts around that?

現在發布減半，我想，五月及以後，您如何考慮管理使用比特幣的看跌期權和索取期權，您正在生成比特幣以抵消一些成本，然後同時試圖建立這個庫存——對此有什麼想法嗎？

Sure.

當然。

Thanks, Greg.

謝謝，格雷格。

So our strategy is to always maintain a strong balance sheet.

因此，我們的策略是始終保持強勁的資產負債表。

I think by now we've all seen how this has played out as a key strength for Riot.

我想現在我們都已經看到了這是如何成為 Riot 的關鍵優勢的。

This includes both in cash and in bitcoin.

這包括現金和比特幣。

We are here because we're a bitcoin company.

我們在這裡是因為我們是一家比特幣公司。

We believe in the long term value of bitcoin, so we try to hold as much bitcoin as possible.

我們相信比特幣的長期價值，因此我們嘗試持有盡可能多的比特幣。

As you noted at the beginning of this year in January, we stopped selling bitcoin.

正如您在今年一月份年初指出的那樣，我們停止銷售比特幣。

In February and March through our monthly updates, we reported we have not sold any bitcoin.

在二月和三月的每月更新中，我們報告說我們沒有出售任何比特幣。

So currently we are not selling any bitcoin.

所以目前我們不賣任何比特幣。

However, we are continuing to always monitor our balance sheet in light of what we need for capital expenses and what we need for operational growth.

然而，我們將繼續根據我們的資本支出需求和營運成長需求來監控我們的資產負債表。

By maintaining such a strong balance sheet, with the cash position that we're reporting today, we have sufficient cash reserves and we further access to cash through our ATM program to continue to fund all of our growth plan and our operating expenditures.

透過維持如此強勁的資產負債表，以及我們今天報告的現金狀況，我們擁有足夠的現金儲備，並且我們可以透過 ATM 計劃進一步獲得現金，以繼續為我們所有的成長計劃和營運支出提供資金。

So it's a decision that we're making on a month-by-month basis, evaluating the market, evaluating the financing options, evaluating our cost of capital, with the parallel goal of trying to hold as much bitcoin as possible.

因此，這是我們逐月做出的決定，評估市場，評估融資方案，評估我們的資本成本，同時目標是嘗試持有盡可能多的比特幣。

Okay, great.

好的，太好了。

And then just my other question was on the Engineering business, realizing that it's not a major driver of the company; clearly that's the Bitcoin Mining.

然後我的另一個問題是關於工程業務，我意識到它不是公司的主要驅動力；顯然這就是比特幣挖礦。

But but there was kind of a -- I guess there's a two-part question here in terms of the Engineering, with the first being is there any seasonality that we should be thinking about as we look out over the next, I don't know, three, four quarters.?

但是，我想在工程方面有一個由兩部分組成的問題，第一個是我們在展望下一個問題時是否應該考慮季節性，我不認為知道嗎，三、四個季度。

And and then also, I was kind of curious, clearly, when you when you bought Metron, there was an opportunity to kind of get involved on the infrastructure equipment side, not realizing maybe that Riot's core function as a miner isn't going to be around AI data centers.

然後，我也有點好奇，顯然，當你購買 Metron 時，有機會涉足基礎設施設備方面，但沒有意識到 Riot 作為礦工的核心功能可能不會圍繞著人工智慧資料中心。

Is that business, Metron -- is that positioned at all to benefit from kind of this ongoing AI infrastructure wave that seems like we're in the midst of?

Metron，這項業務是否能夠從我們正處於的持續人工智慧基礎設施浪潮中受益？

Yes.

是的。

So let me tackle the -- starting with the last question, Greg.

因此，讓我從最後一個問題開始解決這個問題，格雷格。

So first, there is incredible demand for this type of electrical equipment right now.

首先，目前對此類電氣設備的需求令人難以置信。

While Riot owns ESS Metron, we are one of the smallest customers.

雖然 Riot 擁有 ESS Metron，但我們是最小的客戶之一。

Overall, they have a ton of business and a ton of demand from all these data centers, AI data centers that are rapidly trying to build out and meet demand for this type of service.

總的來說，他們有大量的業務和來自所有這些資料中心的大量需求，人工智慧資料中心正在快速嘗試建立並滿足此類服務的需求。

So they are really overloaded with business opportunity, and what has limited them has been manufacturing warehouse capacity and access to the input parts from the global supply chain.

因此，他們的商機確實超載，而限制他們的是製造倉庫容量和從全球供應鏈獲取輸入零件的能力。

So they are benefiting quite a bit from this, and we are looking to increase the capacity of this business so they can they can meet the demands of these data centers and AI data centers, et cetera.

所以他們從中受益匪淺，我們正在尋求增加這項業務的容量，以便他們能夠滿足這些資料中心和人工智慧資料中心等的需求。

But as you stated, our number-one reason for purchasing ESS Metron was strategic.

但正如您所說，我們購買 ESS Metron 的首要原因是策略性的。

One, we noted in our deck here, it has reduced our CapEx expense for purchasing this electrical equipment from them by about $10 million over the two years since we've acquired them.

其中之一，我們在此處的簡報中指出，自從我們購買這些電氣設備以來的兩年裡，它使我們從他們那裡購買這些電氣設備的資本支出減少了約 1000 萬美元。

But even more important than that, it has been a critical component of controlling our supply chain.

但更重要的是，它是控制我們供應鏈的關鍵組成部分。

While other competitors might have to rely on external parties to procure the electrical equipment and design, custom engineering design what they need, we're able to control this in-house.

雖然其他競爭對手可能必須依賴外部各方來採購他們需要的電氣設備和設計、客製化工程設計，但我們能夠在內部控制這一點。

We have visibility into the supply chain.

我們對供應鏈有可見性。

We can move around this.

我們可以繞過這個。

We can make changes.

我們可以做出改變。

It's been very advantageous to us as we've built out both Rockdale and Corsicana.

這對我們來說非常有利，因為我們已經建造了羅克代爾和科西卡納。

Then your first part of your question, though, was the seasonality of results.

不過，你問題的第一部分是結果的季節性。

I think you will see a good amount of seasonality this year.

我認為今年你會看到大量的季節性。

Like we noted, the first-quarter results were impacted by these global supply chain issues, which held back two big orders from moving forward.

正如我們所指出的，第一季的業績受到這些全球供應鏈問題的影響，這阻礙了兩筆大訂單的進展。

So not only did those orders not move forward and be recognized as revenue, they occupied space that stopped other jobs from being completed.

因此，這些訂單不僅沒有繼續推進並被確認為收入，而且還佔據了阻礙其他工作完成的空間。

So we expect these to be cleared up during the second half of 2024.

因此，我們預計這些問題將在 2024 年下半年解決。

We have additional warehouse space we procured.

我們購買了額外的倉庫空間。

They're on top of resolving the supply chain issues.

他們負責解決供應鏈問題。

So that will allow these two contracts to move forward.

這將使這兩份合約得以繼續推進。

We can recognize them as revenue and then we can keep the backlog flowing with the other demand, which is, as you asked about, quite full of data center and AI infrastructure.

我們可以將它們視為收入，然後我們可以將積壓的訂單與其他需求保持流動，正如您所問的那樣，這些需求充滿了資料中心和人工智慧基礎設施。

Perfect.

完美的。

Super helpful.

超有幫助。

Thank you very much.

非常感謝。

Thanks, Greg.

謝謝，格雷格。

Our next question is from Mike Colonnese from H.C. Wainwright.

我們的下一個問題來自 H.C. 的 Mike Colonnese。溫賴特。

Hi, good morning, guys, and thank you for taking my questions.

大家早安，謝謝你們回答我的問題。

First one is really more of a high-level question from me.

第一個其實是我提出的一個高階問題。

Just curious how you guys are thinking about the operating environment here with hash prices at all-time lows post halving, the implications for your growth trajectory at Riot and how you expect the M&A landscape to play out as less efficient miners are forced to power down here?

只是好奇你們如何看待減半後算力價格處於歷史低點的營運環境，對你們在 Riot 的成長軌跡的影響，以及隨著效率較低的礦工被迫關閉，你們預計併購前景將如何發展這裡？

Sure.

當然。

Thanks for the question, Mike.

謝謝你的提問，麥克。

Let me ask answer the first part of your question and then I'll turn it over to Jason Chung, our Head of Corporate Development, to talk about M&A here.

讓我回答你問題的第一部分，然後我將把它交給我們的企業發展主管 Jason Chung，在這裡談論併購。

I think the halving is always a tough time for miners.

我認為減半對礦工來說始終是一段艱難的時期。

Immediately after this one, it seemed not as bad because of the huge influx of transaction fees that we saw, right?

緊接著這一次，由於我們看到交易費用大量湧入，情況似乎並沒有那麼糟糕，對嗎？

There were blocks with 30 bitcoin in transaction fees and [scaled up] from there, but that really offset the decrease from the block reward halving.

有些區塊的交易費用為 30 比特幣，並從那裡開始[擴大]，但這確實抵消了區塊獎勵減半帶來的下降。

But that has subsided and recently the price has gone down.

但這種情況已經平息，最近價格也有所下降。

I think by focusing on being a low-cost producer, Riot is very well-positioned for these types of trough periods in bitcoin mining economics.

我認為，透過專注於成為低成本生產商，Riot 在比特幣挖礦經濟的此類低谷時期處於非常有利的位置。

Coming into the summer here, especially with our power strategy, we are able to be very responsive with the price of power, use that to lower our direct cost to mine, and that allows Riot to be a low-cost producer when others have to fall off the network here.

進入夏季，尤其是我們的電力策略，我們能夠對電力價格做出非常敏感的反應，利用它來降低我們的直接挖礦成本，這使得 Riot 能夠在其他人不得不這樣做時成為低成本生產商這裡掉網了。

When those higher-cost producers fall off, as you know, difficult to adjust that and then that widens the margin again, as we're mining more bitcoin.

如您所知，當那些成本較高的生產商下降時，很難調整這一點，然後隨著我們開採更多的比特幣，利潤率會再次擴大。

So we believe this is the type of environment where Riot's strategic pillars are on full display.

因此我們相信，在這種環境中，Riot 的戰略支柱能夠被充分展現。

Obviously, we're long-term bullish on bitcoin, just talked about we're holding bitcoin because we believe in the upside of this system long term, but to reach that long term, to be a leading bitcoin mining company, we have to focus on having this low cost of power and maintain a low cost of production through more difficult points in the market.

顯然，我們長期看好比特幣，剛才談到我們持有比特幣，因為我們相信這個系統的長期優勢，但為了實現長期目標，成為領先的比特幣挖礦公司，我們必須專注於保持較低的電力成本，並透過市場上的困難點保持較低的生產成本。

But on the M&A question, I'll go ahead and turn it over to Jason Chung.

但關於併購問題，我將把它交給Jason Chung。

Thank you, Jason.

謝謝你，傑森。

Hey, Mike, thanks for the question.

嘿，麥克，謝謝你的提問。

From our perspective, historically, I think yields have really been hindered in the sector by a number of factors.

從我們的角度來看，從歷史上看，我認為該行業的收益率確實受到了多種因素的阻礙。

We can look at volatility in the underlying public miner stock, volatility in the underlying bitcoin prices, differences in bitcoin price expectations across buyers and sellers, among other factors and all of these factors have really led to what we've seen as a pretty -- a fairly wide gap between buyer expectations on valuation and seller expectations on valuation historically.

我們可以觀察基礎公共礦工股票的波動性、基礎比特幣價格的波動性、買家和賣家對比特幣價格預期的差異以及其他因素，所有這些因素確實導致了我們所看到的漂亮的 - - 歷史上買家對估值的預期與賣家對估值的預期之間存在相當大的差距。

But I think our sense is that gap has started to narrow, particularly pre halving, and now that we're post halving, I think that trend will continue.

但我認為我們的感覺是差距已經開始縮小，特別是減半前，現在我們已經進入減半後，我認為這種趨勢將繼續下去。

At the same time, we've seen very healthy deal flow pre halving and we think that deal flow will further increase post halving.

同時，我們在減半前看到了非常健康的交易流，我們認為減半後交易流將進一步增加。

So when you take these two factors into consideration together, I think there's a really interesting window of opportunity approaching for deals to be done in the sector.

因此，當你綜合考慮這兩個因素時，我認為該行業即將迎來一個非常有趣的交易機會窗口。

And on our side, we spent a lot of time building out what we believe is the most sophisticated corporate development team in our space precisely to address this upcoming window.

而我們這邊，我們花了很多時間建立了我們認為是我們領域最成熟的企業開發團隊，正是為了因應即將到來的這個窗口。

That's great color.

那顏色真棒。

Appreciate that.

感謝。

And going back to the Engineering business for just a moment, how should we think about Engineering revenues once these supply chain issues are resolved later this year, especially given the growing backlog you guys are experiencing?

回到工程業務，一旦這些供應鏈問題在今年稍後得到解決，特別是考慮到你們正在經歷的積壓不斷增加，我們應該如何考慮工程收入？

Should we expect the run rate to go back in line with what we saw last year, or should we experience more of an elevated level, especially given the growing demand for that business?

我們是否應該期望運行率恢復到去年的水平，或者我們是否應該經歷更高的水平，特別是考慮到對該業務的需求不斷增長？

Mike, I would say you can think about it just following historical performance for now, I think the main thing that we need to work on to scale this business is increasing the capacity of that Engineering segment.

麥克，我想說你現在可以根據歷史表現來考慮，我認為我們需要努力擴大這項業務的主要工作是提高工程部門的能力。

That that will really be the driver of improved financial performance there.

這將真正成為改善那裡財務表現的驅動力。

The demand is enormous; that has not been an issue for us.

需求量龐大；這對我們來說不是問題。

It's really expanding our manufacturing warehouse capacity.

這確實擴大了我們的製造倉庫容量。

So we're working on that, but I wouldn't guide towards expecting a higher increase for that at that time.

所以我們正在努力解決這個問題，但我不會指望屆時會有更高的成長。

But it's something I think we could touch on at our next earnings call.

但我認為我們可以在下次財報電話會議上討論這個問題。

We'll take our next call from Darren Aftahi from ROTH MKM.

我們將接聽來自 ROTH MKM 的 Darren Aftahi 的下一個電話。

Yes, thanks.

對了謝謝。

Two questions, if I may.

如果可以的話，有兩個問題。

The machines you're going to replace in Rockdale, I think in the release you said those are going to start in the second quarter.

您將在羅克代爾更換的機器，我想您在新聞稿中說過這些機器將在第二季開始更換。

Could you just kind of speak to the cadence of how those are going to be added?

您能否談談如何添加這些內容的節奏？

Secondly, on the hosting capacity, any kind of sense on resolution there, at least what you can publicly say in terms of how you can kind of shift some of that to self-mining in the future?

其次，關於託管能力，對解決方案有何意義，至少您可以公開表示未來如何將其中一些轉移到自挖礦？

Thanks.

謝謝。

Yes, Darren.

是的，達倫。

So for the hashrate replacement and growth at Rockdale, so this is with the M60 series latest-generation MicroBT miners that we purchased.

對於 Rockdale 的算力替換和成長，我們購買的是 M60 系列最新一代 MicroBT 礦機。

We are receiving those this month.

我們本月收到了這些。

We've been preparing to deploy those miners.

我們一直在準備部署這些礦工。

I would say we can probably expect this to begin at the end of May, continue through June and July.

我想說，我們可能會預期這會在五月底開始，持續到六月和七月。

I think the bulk of the deployments will happen during June.

我認為大部分部署將在六月進行。

But over about the eight weeks or so starting later this month, is how we foresee those deployments going and the actual -- both replace these problematic machines, which will increase the operating performance in our existing facility, and then we are growing our hashrate as well.

但從本月稍後開始的大約八週左右的時間裡，我們預見到這些部署的進展和實際情況——都替換了這些有問題的機器，這將提高我們現有設施的運作性能，然後我們將增加我們的哈希率出色地。

So that will take Rockdale from the 12.4 EH/s it's at now to a little over 15 EH/s when all those miners are deployed.

因此，當部署所有這些礦工時，Rockdale 的速度將從目前的 12.4 EH/s 提高到略高於 15 EH/s。

We're really excited about this enhancement and growth.

我們對這種增強和成長感到非常興奮。

We've tested these M60S miners, M50 miners and other MicroBT miners considerably before making this decision.

在做出這個決定之前，我們對這些 M60S 礦機、M50 礦機和其他 MicroBT 礦機進行了大量測試。

We're really impressed with the performance that we saw, their resilience under tougher operating conditions.

我們所看到的性能以及它們在更惡劣的操作條件下的恢復能力給我們留下了深刻的印象。

So we're really excited about the results that we did see from those miners as we deploy them over the next couple of months here.

因此，當我們在接下來的幾個月內部署這些礦工時，我們對從這些礦工看到的結果感到非常興奮。

With respect to the hosting-related litigation, you know, litigation is always unpredictable.

關於託管相關的訴訟，您知道，訴訟總是難以預測的。

Can't really give guidance on that.

對此確實無法提供指導。

We are certainly putting a lot of effort and resources towards that litigation and I think we'll just have to see how it goes from there.

我們當然為訴訟投入了大量的精力和資源，我認為我們只需要看看接下來的進展如何。

Thank you.

謝謝。

Our next question comes from Martin Toner at ATB Capital.

我們的下一個問題來自 ATB Capital 的 Martin Toner。

Thanks very much and congrats on some great progress here, particularly with the Data Center Hosting.

非常感謝並祝賀這裡取得的一些巨大進展，特別是在資料中心託管方面。

Can you talk to the drivers of sequentially higher SG&A in the quarter and maybe what we should be thinking about for a run rate going forward?

您能否談談本季 SG&A 連續上升的驅動因素以及我們應該考慮未來運行率的因素？

Sure.

當然。

So two things here.

所以這裡有兩件事。

One I had just touched on.

我剛剛提到過一個。

We've had increased level of legal litigation expense as we go through the litigation process with these hosting customers.

當我們與這些託管客戶進行訴訟程序時，我們的法律訴訟費用水準有所增加。

This is not a type of expense that should continue long term, but it's one we're continuing right now.

這不是一種應該長期持續的支出，但我們現在正在繼續這樣做。

The other point that I would touch on is, as I mentioned in the presentation, we've eliminated the Data Center Hosting segment.

我要談的另一點是，正如我在演示中提到的，我們已經消除了資料中心託管部分。

As a result of eliminating that segment, some of the costs that were previously in cost of revenues for that segment have now gone into SG&A.

由於取消了該部門，因此先前計入該部門收入成本的部分成本現在已計入 SG&A。

The final point I'll leave you with, the commentary there is we're building a large business here.

我要留給你們的最後一點是，那裡的評論是我們正在這裡建立一個大型企業。

We have built this business into what we now are growing into.

我們已經將這項業務發展成為我們現在正在發展的業務。

So we have built the business for 30 EH/s and beyond and now with what we're accomplishing at Corsicana and the results we're starting to see there, we're growing into that newer size.

因此，我們已經建立了 30 EH/s 及以上的業務，現在憑藉我們在科西卡納所取得的成就以及我們開始在那裡看到的成果，我們正在成長為新的規模。

So as far as what SG&A can look like going forward, I think you can expect $22 million to $25 million a quarter in cash expenses.

因此，就 SG&A 未來的情況而言，我認為您可以預期每季的現金支出為 2,200 萬至 2,500 萬美元。

I think that's a good estimate that we can give right now, and legal and litigation expenses that are not ongoing and continuous falloff, hopefully we will be able to improve that number.

我認為這是我們現在可以給出的一個很好的估計，而且法律和訴訟費用不會持續不斷地下降，希望我們能夠改善這個數字。

Great.

偉大的。

Thank you very much.

非常感謝。

Can you talk a little bit about about the curtailment revenue in the quarter?

能談談本季的限電收入嗎？

Any puts and takes that are noteworthy And then have there been any changes to the power strategy since the Analyst Day a few -- less than a month ago?

任何值得注意的看漲期權 然後，自分析師日（不到一個月前）以來，電力策略是否有任何變化？

So most of the power strategy results are really Q3 weighted.

因此，大多數電源策略結果實際上都是以第三季加權的。

We see some every quarter, but most of them really come in the third quarter in the summer months.

我們每個季度都會看到一些，但大多數實際上是在夏季的第三季度出現的。

And of course, at the end of the second quarter, we get some of that in June.

當然，在第二季末，我們在六月得到了其中的一些。

So the approximately $5 million you see from the first quarter, that's us really taking advantage of just limited opportunities that have come up in that quarter, during that quarter, and the ancillary services revenue that we always participate in.

因此，您從第一季看到的約 500 萬美元，是我們真正利用了該季度出現的有限機會，以及我們始終參與的輔助服務收入。

So how it plays out in this summer and you know, mainly Q3 coming up here, it is hard to predict.

所以今年夏天的情況如何，你知道，主要是第三季度，很難預測。

It's going to be based on external factors like weather and generation performance that we cannot control.

它將基於我們無法控制的天氣和發電性能等外部因素。

However, because we have this 345 megawatts of fixed price power, because we have these blocks 24/7, and because of what we've learned and the power strategy that we've developed, we are in a really good position to act on the opportunities when they occur here.

然而，因為我們擁有 345 兆瓦的固定價格電力，因為我們擁有這些 24/7 的區塊，並且因為我們所學到的知識和我們制定的電力策略，我們處於一個非常有利的位置來採取行動當機會出現在這裡時。

So that 345 megawatts, that is at Rockdale.

345 兆瓦是在羅克代爾。

So we'll be executing our power strategy at Rockdale, selling power when it's when that spot price of power is exceeding bitcoin mining revenue, and then over at Corsicana, we are beginning unhedged and we'll just be responding to the spot prices of power as they occur there, which also gives us the benefit of capturing those very low price or negative priced hours when they occur as well.

因此，我們將在羅克代爾執行我們的電力策略，當電力現貨價格超過比特幣挖礦收入時出售電力，然後在科西卡納，我們開始不進行對沖，我們將只對現貨價格做出反應當它們發生時，這也為我們帶來了捕捉那些非常低的價格或負價格時間的好處。

That's great.

那太棒了。

Thank you so much, and that's all for me.

非常感謝你，這就是我的全部了。

All right.

好的。

Thank you.

謝謝。

Our next question comes from Reggie Smith at JPMorgan.

我們的下一個問題來自摩根大通的雷吉史密斯。

Reggie?

雷吉？

Good morning and thanks for taking the questions.

早上好，感謝您提出問題。

I appreciate the disclosure on Slide 9.

我很欣賞幻燈片 9 上的披露。

I'm still not all the way clear on, I guess, the drivers of the sequential increase in your cost to mine.

我想我仍然不太清楚你的成本連續增加的驅動因素。

I'm looking at the network difficulty component and it seems rather large in relation to the 4Q number.

我正在查看網路難度組成部分，它相對於 4Q 數字來說似乎相當大。

Maybe a little color on those two components, that and the other costs and how much of that you think is kind of recurring versus one-time-ish.

也許對這兩個組成部分、那個和其他成本以及你認為其中有多少是重複性的而不是一次性的顏色有一點。

Any color you could provide there to just kind of bridge that increase in cost to mine would be helpful.

你可以提供任何顏色來增加我的成本的橋樑都會有幫助。

And then I have one follow-up question.

然後我還有一個後續問題。

Thank you.

謝謝。

Sure.

當然。

Thanks, Reggie.

謝謝，雷吉。

So first, as you noted, there's about a 20% increase in network difficulty quarter over quarter.

首先，正如您所指出的，網路難度逐季度增加了約 20%。

So that accounted for about [$4,300, $4,400] on a cost per coin basis increase in our cost per coin.

因此，以每個幣的成本計算，這相當於我們每個幣的成本增加了約 [4,300 美元，4,400 美元]。

Other costs increased by about $5,000 per coin for the quarter.

該季度每枚代幣的其他成本增加了約 5,000 美元。

So what is driving that is going to be the elimination of the Data Center Hosting business and therefore the consolidation of some of those expenses that were previously in that segment, now in the Bitcoin Mining segment.

因此，推動這一趨勢的因素將是資料中心託管業務的取消，從而整合先前在該領域的一些費用，現在是在比特幣挖礦領域。

So some examples of these costs include things like miner repair.

這些成本的一些例子包括礦工維修等。

Miner repair is slightly elevated at this time.

此時礦工修復略有提升。

So we hope, especially when we are replacing all our (inaudible) miners, that this cost is going to go down and not continue, at least at this quantity.

因此，我們希望，特別是當我們更換所有（聽不清楚）礦工時，這一成本將會下降並且不會持續下去，至少在這個數量上。

What I would say is when you look at on slide 9, our cost per coin, including $6,300 per coin in other costs, I think the best we can do at this time is guide to about that approximately continuing.

我想說的是，當你看幻燈片 9 時，我們每個代幣的成本，包括每個代幣 6,300 美元的其他成本，我認為我們目前能做的最好的事情就是繼續指導下去。

Of course, the halving has an impact on that, but that notwithstanding other costs, which should probably continue at the same rate, but we are going to hope to decrease those by having a lot less miner repair going forward.

當然，減半對此有影響，但儘管有其他成本，但這些成本可能會以相同的速度繼續下去，但我們希望透過未來減少礦工維修來減少這些成本。

Got it.

知道了。

And you say miner repairs, you're not repairing the equipment from your hosting partners now, are you?

你說礦工維修，你現在不是在維修託管合作夥伴的設備，是嗎？

No, sorry, let me clarify.

不，抱歉，讓我澄清一下。

I guess the comments were blended there.

我想那裡的評論是混合在一起的。

I'm trying to figure out like how much of it was kind of the, I guess, the overhead drag from the hosting business versus some of the other things.

我想弄清楚其中有多少是託管業務與其他一些事情帶來的開銷拖累。

Yes, so let me clarify.

是的，所以讓我澄清一下。

Miner repair costs have always been in a cost of goods for self-mining, so that is not a new expense.

礦機維修費用一直屬於自挖礦的商品成本，因此這並不是新費用。

I would say that the miner repair costs have been elevated in both Q4 and then now in Q1 of 2024 -- sorry, Q4 2023 and Q1 of 2024.

我想說的是，礦機維修成本在第四季度和 2024 年第一季均有所上升——抱歉，是 2023 年第四季和 2024 年第一季。

And we expect that those are going to go down going forward.

我們預計這些數字未來將會下降。

And these are third-party repair costs.

這些都是第三方維修費用。

These are the costs that we are paying to third-party vendors for repairing our miners.

這些是我們支付給第三方供應商維修礦機的費用。

The other cost increase quarter over quarter by approximately $5,000 per coin, that's largely these other expenses that were previously included in Data Center Hosting cost of revenue that is now in Bitcoin Mining cost of revenue.

其他成本每季增加約 5,000 美元，這主要是先前包含在資料中心託管收入成本中的其他費用，現在包含在比特幣挖礦收入成本中。

So some examples of this would be some direct labor expenses, some land lease and property taxes, and the network costs and other utility expenses that we incurred

因此，這方面的一些例子包括一些直接勞動力費用、一些土地租賃和財產稅，以及我們產生的網路成本和其他公用事業費用

Okay, that makes sense and then I guess one big-picture question for you, I appreciate the disclosure on kind of the 100 EH/s.

好的，這是有道理的，然後我想向您提出一個宏觀問題，我很欣賞關於 100 EH/s 的披露。

As you think about growth beyond Corsicana, Does that look different in terms of the size of a facility, like is Corsicana like the last final big facility?

當您考慮科西卡納以外的成長時，從設施的規模來看，這看起來是否有所不同，就像科西卡納是最後一個大型設施一樣嗎？

Do you think there will be smaller ones going forward?

您認為未來還會有更小的公司嗎？

And I ask that just in light of all of the AI interest and power assets and things like that, I guess how are you thinking about like that next 40 EH/s of capacity kind of beyond Corsicana?

我問，鑑於所有人工智慧興趣和電力資產以及類似的事情，我想您如何考慮科西卡納之外的下一個 40 EH/s 的容量？

What would that look like?

那會是什麼樣子呢？

Yes.

是的。

I think that what we have at Corsicana is very valuable because it is probably the last 1 gigawatt site, probaly the only 1 gigawatt site that exists and probably the last one that will ever be approved.

我認為我們在科西卡納擁有的設施非常有價值，因為它可能是最後一個 1 吉瓦站點，可能是唯一存在的 1 吉瓦站點，也可能是最後一個獲得批准的站點。

Access to power is going to be a critical constraint for bitcoin miners and these other industries scaling up going forward.

獲得電力將成為比特幣礦工和其他產業未來擴大規模的關鍵限制。

So I think what you should expect to see from us is capturing smaller size opportunities.

因此，我認為您應該從我們這裡看到的是抓住較小規模的機會。

We're not opposed to doing smaller sites.

我們不反對建立較小的網站。

We've merely been acting on the most frictionless growth path that's been in front of us, which has been these two sites with a large capacity.

我們只是沿著擺在我們面前的最無摩擦的增長路徑行事，這就是這兩個容量很大的站點。

We're open to new sites and new opportunities of all size, and we're working on that quite a bit right now.

我們對各種規模的新地點和新機會持開放態度，我們現在正在這方面做很多工作。

So we look forward to sharing more results as those ideas become more actionable going forward

因此，隨著這些想法變得更加可行，我們期待分享更多成果

And I guess that could be outside of Texas and maybe even the United States, or are you still trying to think about staying in Texas?

我想那可能是在德克薩斯州之外，甚至可能是在美國，或者您是否仍在考慮留在德克薩斯州？

Now, we are open to operating, I would say, in the United States and North America.

現在，我想說，我們願意在美國和北美開展業務。

We operate in Texas because that has been the easiest pathway to growth, and we really like the power market here.

我們在德克薩斯州開展業務，因為這是最簡單的成長途徑，而且我們非常喜歡這裡的電力市場。

We're able to really achieve this industry-leading low cost of power here, which is just so critical in bitcoin mining.

我們能夠真正實現業界領先的低成本電力，這對比特幣挖礦至關重要。

That doesn't mean those opportunities don't exist elsewhere, though.

但這並不意味著其他地方不存在這些機會。

So we look at opportunities all over the country all the time.

因此，我們一直在全國各地尋找機會。

International opportunities, I think to be determined.

國際機會，我認為是有待確定的。

We're seeing some interesting things in South America and elsewhere.

我們在南美洲和其他地方看到了一些有趣的事情。

But there's other considerations always just besides power costs.

但除了電力成本之外，還有其他考慮因素。

So we look at a lot of things, but I think you can expect to see our growth in North America in the foreseeable future.

因此，我們會考慮很多事情，但我認為您可以期待在可預見的未來看到我們在北美的成長。

Perfect.

完美的。

Thanks, guys.

多謝你們。

It was nice talking to you.

很開心跟你聊天。

All right.

好的。

Thank you, Reggie.

謝謝你，雷吉。

Our next call comes from Lucas Pipes of B. Riley Securities.

我們的下一個電話來自 B. Riley Securities 的 Lucas Pipes。

Lucas?

盧卡斯？

Thanks very much, Phil.

非常感謝，菲爾。

Good morning, everyone.

大家，早安。

So my first question is back on the hosting side and if we were to be on site today, would there still be machines from your former host or customers or have they been removed?

所以我的第一個問題又回到了託管方面，如果我們今天在現場，是否還會有來自您以前的主機或客戶的機器，或者它們是否已被移除？

Thank you very much.

非常感謝。

Yes, Lucas.

是的，盧卡斯。

So while we terminated our last two remaining hosting agreements towards the end of 2023, one of those customers still remains operating on site.

因此，雖然我們在 2023 年底終止了最後兩項剩餘的託管協議，但其中一位客戶仍在現場運作。

So for the first quarter, that accounted for about $3.2 million in revenue that was included in our Bitcoin Mining revenue.

因此，第一季的收入約為 320 萬美元，包含在我們的比特幣挖礦收入中。

And then their power cost of about $4.5 million was included in our cost of revenues for Bitcoin Mining.

然後他們約 450 萬美元的電力成本包含在我們的比特幣挖礦收入成本中。

So you would see that one remaining customer there performing -- I'm sorry, operating while we continue through the legal process here and try to get to a resolution.

所以你會看到剩下的一位客戶正在執行——對不起，在我們繼續通過法律程序並試圖達成解決方案的同時，該客戶正在執行操作。

And the other one is fully out of your facilities at this point.

此時，另一台已完全超出您的設施範圍。

That's correct.

這是正確的。

That's correct.

這是正確的。

Thank you.

謝謝。

And kind of taking a step back, would you consider going back into the hosting business, or is the lesson learned here never again?

退後一步，您是否會考慮重新進入託管業務，或者是否再也不會吸取這裡的教訓？

Yes, I think that's the lesson learned here.

是的，我認為這就是我們學到的教訓。

Maybe put a little more strongly than I would say it.

也許說得比我說的更強烈一點。

And I think we have seen the best use of this infrastructure and building new infrastructure is for growing our self-mining operations.

我認為我們已經看到了這種基礎設施的最佳利用，而建造新的基礎設施是為了發展我們的自採礦業務。

We want to get maximum exposure to Bitcoin.

我們希望最大限度地接觸比特幣。

We want to leverage our efficient cost of production over the widest scale possible.

我們希望在盡可能廣泛的範圍內利用我們高效的生產成本。

And I think expanding the hosting business really just takes away that valuable infrastructure pipeline, which I think generates the results and better grows our business, is more what our shareholders are looking for.

我認為擴大託管業務實際上只會奪走寶貴的基礎設施管道，而我認為這會產生結果並更好地發展我們的業務，這就是我們的股東所尋求的。

So we are not looking to grow the hosting business any further.

因此，我們不打算進一步發展託管業務。

Very helpful.

很有幫助。

Thank you.

謝謝。

And then just to round this out, when you look at M&A, you mentioned earlier you are [acquisitive], you built out a sophisticated corporate development team.

最後，為了完善這一點，當您考慮併購時，您之前提到過您是[收購型]，您建立了一支成熟的企業發展團隊。

Would you rule out any targets that have posting agreements to date and more generally, what would the ideal target look like?

您是否會排除迄今為止已達成發布協議的任何目標？

Thank you.

謝謝。

Sure.

當然。

Let me turn that back to Jason Chung, our Head of Corporate Development.

讓我把話題轉回我們的企業發展主管傑森鐘 (Jason Chung) 身上。

Thank you, Jason, and thanks for the question, Lucas.

謝謝你，賈森，也謝謝你的提問，盧卡斯。

In the M&A world, we see a wide variety of opportunities, and it's rare to see a target that 100% encapsulates everything you're looking for.

在併購領域，我們看到了各種各樣的機會，但很少有一個目標能夠 100% 囊括您所尋找的一切。

So sometimes there are situations where there's an opportunity to make a deal, but it might come with some amount of hosting, for example, or other factors which may not completely tie to our overall strategy, and that's something that we have to take into account when we evaluate some of these opportunities in the market.

因此，有時在某些情況下，有機會達成交易，但可能會附帶一定數量的託管，或者可能與我們的整體戰略不完全相關的其他因素，這是我們必須考慮的因素當我們評估市場上的一些機會時。

So I'd say, you know, as long as an opportunity is able to check most of the financial and strategic and operational boxes, the criteria that we have, then we'll consider it.

所以我想說，你知道，只要有機會能夠檢查大多數財務、策略和營運方面的情況以及我們所擁有的標準，那麼我們就會考慮它。

That being said, at the same time, we are incredibly blessed at Riot to have an organic growth opportunity unlike any -- unlike others in the space.

話雖這麼說，但同時，我們非常幸運地在 Riot 擁有了不同於該領域其他公司的有機成長機會。

And so ultimately, we have to evaluate all these opportunities relative to our ability to control our own destiny at Corsicana and develop our pipeline with full control over what that looks like.

因此，最終，我們必須評估所有這些機會，以及我們在科西卡納控制自己命運的能力，並在完全控制情況下開發我們的管道。

Thank you.

謝謝。

And in terms of size, what do you think is the -- is there a sweet spot, either in terms of value dollars or kind of megawatts of capacity?

就規模而言，您認為是否存在最佳點，無論是價值還是兆瓦容量？

I wouldn't say there's a specific sweet spot in size.

我不會說尺寸上有一個特定的最佳位置。

We do look at opportunities across the spectrum.

我們確實在尋找各種機會。

Obviously, as a large-scale miner, we like looking at large-scale opportunities that can move the needle.

顯然，作為一家大型礦商，我們喜歡尋找能夠推動發展的大規模機會。

But I think there are some interesting businesses that aren't necessarily large scale that may be a little less appreciated by the market or kind of fly under the radar.

但我認為有一些有趣的業務不一定規模很大，可能不太受市場重視，或有點不為人所知。

And so there are some interesting deals that can be done there as well.

因此，那裡也可以達成一些有趣的交易。

Really appreciate all the color and comments.

真的很感謝所有的顏色和評論。

Continued best of luck.

繼續祝你好運。

Thank you, Lucas.

謝謝你，盧卡斯。

Okay, we've got time for one more question.

好的，我們還有時間再問一個問題。

Our last question is going to come from Owen Rickert at Northland Securities.

我們的最後一個問題將由北國證券公司的歐文·里克特提出。

Owen?

歐文？

Hey, guys.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

I'm on for Mike Grondahl today.

今天我的代表是麥克·格隆達爾。

So just quickly, I guess, what's your confidence level on getting to the 31 EH/s by the end of the year, and what are some of the challenges you might face or you're currently facing to get there?

那麼，我想，您對在今年年底前達到 31 EH/s 的信心程度如何，以及您可能面臨或目前面臨哪些挑戰？

Thanks for the question.

謝謝你的提問。

I think we feel pretty confident about our ability to execute on that growth target.

我認為我們對執行該成長目標的能力非常有信心。

We're taking things step by step here.

我們在這裡一步一步地做事情。

I would say a lesson that we learned from Rockdale was rushing too fast to get every miner online as quickly as possible, kind of can oftentimes miss some steps that you have to come back and address later.

我想說的是，我們從 Rockdale 學到的一個教訓是，倉促得太快，無法讓每個礦工盡快上線，這常常會錯過一些你必須稍後回來解決的步驟。

So we're very incrementally approaching the development here.

因此，我們正在逐步推進這裡的開發。

The big milestone was energizing that substation.

最大的里程碑是為該變電站供電。

That was huge.

那是巨大的。

We're very proud of that.

我們對此感到非常自豪。

And now it's a matter of just incrementally putting up these buildings, deploying the immersion equipment and putting the miners in and going from there.

現在的問題是逐步建造這些建築物，部署浸入式設備，並將礦工放入其中並從那裡出發。

So we're making these deployments step by step, and you can expect to see this continue over the rest of the year.

因此，我們正在逐步進行這些部署，您可以期望看到這種情況在今年剩餘時間內繼續進行。

The challenges are really just kind of the small things that will come up in any large development.

這些挑戰其實只是任何大型開發中都會出現的小事。

As you build and scale out more, you'll incur different problems like, hey, this electrical switch needs something, this networking thing needs resolution here, or this immersion system needs to be altered, part of it.

當你建造和擴展更多時，你會遇到不同的問題，例如，嘿，這個電氣開關需要一些東西，這個網路東西需要在這裡解決，或者這個沉浸式系統需要改變，其中一部分。

None of them are critical or big roadblocks.

它們都不是關鍵的或大的障礙。

They're just the kind of punches that you roll with in this business and through our experience in building this infrastructure at scale, we've become quite good at identifying small issues, resolving them and then just continuing to move forward.

它們只是您在這個行業中使用的那種拳頭，透過我們大規模建立基礎設施的經驗，我們已經非常擅長識別小問題，解決它們，然後繼續前進。

So to wrap that up, we're very confident about our 31 EH/s goal and we are just marching forward on that for the next seven months of the year.

總而言之，我們對 31 EH/s 的目標非常有信心，我們將在今年接下來的 7 個月內朝著這個目標前進。

Awesome.

驚人的。

Thanks a ton, guys.

非常感謝，夥計們。

Okay, that concludes our Q&A.

好的，我們的問答就結束了。

Thank you, everyone, for listening in to our presentation and for the questions from our analysts.

感謝大家聆聽我們的演講並回答我們分析師的問題。

Very excited about what we have executed on Corsicana.

對於我們在科西卡納島所做的事情感到非常興奮。

We'll be providing updates, as we always do, on a monthly basis going forward and look forward to speaking with everyone and sharing more results after the end of Q2 and Q2 results in August.

我們將像往常一樣，每月提供更新，並期待在第二季度結束和 8 月份第二季度結果後與大家交談並分享更多結果。

So with that, thank you, everyone.

就這樣，謝謝大家。

Have a good day.

祝你有美好的一天。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。