Riot Platforms Inc (RIOT) 2024 Q3 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to Riot Platforms third quarter, 2024 earnings conference call.

歡迎參加 Riot Platforms 2024 年第三季財報電話會議。

Please note that all participants have been placed in listen-only mode until the question and answer session begins following the company's presentation of its prepared remarks.

請注意，所有參與者均處於只聽模式，直到公司發表準備好的發言後問答環節開始。

Please also be advised that today's call is being recorded.

另請注意，今天的通話正在錄音。

I would now like to hand the conference call over to Phil McPherson, Vice President of Capital Markets and Investor Relations at Riot Platforms.

我現在想將電話會議交給 Riot Platforms 資本市場和投資者關係副總裁 Phil McPherson。

Please go ahead.

請繼續。

Thank you, Liz.

謝謝你，莉茲。

Good afternoon and welcome to Riot Platforms third quarter, 2024 earnings conference call.

下午好，歡迎參加 Riot Platforms 2024 年第三季財報電話會議。

My name is Phil McPherson, Vice President of Capital Markets and Investor Relations.

我是菲爾‧麥克弗森，資本市場與投資者關係副總裁。

And joining me on today's call from Riot are Jason Les, CEO; Colin Yee, CFO; and Jason Chung, Executive Vice President and Head of Corporate Development and Strategy.

參加今天 Riot 電話會議的還有執行長 Jason Les；葉科林，財務長； Jason Chung，執行副總裁兼企業發展與策略主管。

On the right investor relations website.

在正確的投資者關係網站上。

You can find our third quarter 2024 earnings press release and a company earnings presentation which are intended to supplement today's prepared remarks and which include a discussion of certain Non-GAAP items.

您可以找到我們的 2024 年第三季財報新聞稿和公司收益簡報，這些簡報旨在補充今天準備好的評論，其中包括對某些非 GAAP 專案的討論。

Non-GAAP Financial 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.

提供的非公認會計原則財務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衡量標準，並應作為額外的澄清項目包括在內以幫助投資者。

In further understanding the company's third quarter performance during today's call, we will be making forward-looking statements regarding potential future events.

為了在今天的電話會議上進一步了解公司第三季的業績，我們將就未來潛在事件做出前瞻性陳述。

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 and forms 10-Q including for the quarter ended September 30 2024 which will be filed later today as well as other filings with the securities and exchange commission.

由於今天的收益中討論的因素、今天電話會議期間評論和回復中的新聞稿以及我們表格10-K 和表格10-Q 的風險因素部分（包括截至2024 年9 月30 日的季度），實際結果可能會存在重大差異。

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

接下來，我會把電話轉給 Riot Platforms 執行長 Jason Les。

Thank you, Phil and good afternoon everyone.

謝謝你，菲爾，大家下午好。

Riet'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 of significant scale, being a low cost producer of Bitcoin and building a balance sheet of strength.

Riet 的主要策略重點是發展一家領先的垂直一體化比特幣礦業公司，該公司建立在開發和擁有大規模營運、成為比特幣低成本生產商以及建立實力資產負債表這三個關鍵支柱之上。

During the third quarter of 2024 we continue to demonstrate success at all three of these pillars.

2024 年第三季度，我們繼續在這三個支柱上取得成功。

Riot increased total deployed hash rate quarter over quarter by 27% from 22X hash to 28X hash meeting our quarter end target of 28 X hash and on track to reach 35 X hash by the end of the year.

Riot 將部署的總算力季度環比增加了 27%，從 22 倍算力增加到 28 倍算力，達到了我們季度末 28 倍算力的目標，並有望在年底前達到 35 倍算力。

The third quarter of 2024 was the first full operational quarter of Bitcoin production following the having event which occurred in late April and which led to a reduction in the Bitcoin block subsidy from 6.25 to 3.125. Bitcoin per block.

2024 年第三季度是繼 4 月底發生的比特幣區塊補貼事件之後第一個全面運營的比特幣生產季度，該事件導致比特幣區塊補貼從 6.25 減少至 3.125。每個區塊的比特幣。

Additionally, global hash rate grew by 40%.

此外，全球哈希率增長了 40%。

I'm sorry, 4% quarter over quarter.

抱歉，季度環比增長 4%。

Both of these events created bearish headwinds for Bitcoin miners in relation to the cost to mine.

這兩個事件都為比特幣礦工帶來了與挖礦成本相關的利空阻力。

Despite these events, riots cost to mind in the third quarter, aided by our unique power strategy among the lowest cost miners in our industry and was significantly below the average price per Bitcoin.

儘管發生了這些事件，但在我們行業中成本最低的礦商中，我們獨特的電力策略的幫助下，第三季度的騷亂成本仍令人擔憂，並且遠低於每個比特幣的平均價格。

During the quarter, we generated 12.4 million in power credits during the quarter.

本季度，我們產生了 1240 萬電力積分。

Lowering our all in cost of power to $0.031 per kilowatt hour during the third quarter while also supporting the Texas grid during times of disruption in supply and demand during the third quarter.

第三季將我們的總電力成本降低至每千瓦時 0.031 美元，同時在第三季供需中斷期間為德州電網提供支援。

Wright also continue to address challenges regarding our operational hash rate.

賴特也繼續解決我們營運哈希率的挑戰。

While we are always focused on continued growth, our primary focus at this time is on improving this metric and reaching a standard of operational excellence.

雖然我們始終專注於持續成長，但目前我們的主要重點是改善此指標並達到卓越營運的標準。

During the quarter.

本季期間。

We completed the redeployment of a large portion of the underperforming miners at our Rockdale facility with a nameplate capacity of 3.33 X hash and the subsequent installation of latest generation miners with a nameplate capacity of 3.66 X hash from May through September.

從5 月到9 月，我們在Rockdale 工廠完成了對大部分錶現不佳的礦機的重新部署，銘牌容量為3.33 X 哈希，並隨後安裝了最新一代礦機，銘牌容量為3.66 X 哈希。

This focus on improving operational efficiency is already beginning to show results and we are pleased to report that through October 29th, right Bitcoin production for the month with approximately 469 Bitcoin average operating hash rate through this period with approximately 23 X hash.

這種對提高營運效率的關注已經開始顯現成效，我們很高興地報告，截至10 月29 日，當月比特幣產量約為469 比特幣平均運行哈希率，在此期間比特幣平均運行哈希率約為23 倍哈希值。

And when excluding the first two days of the month, when our Corsicana facility was powered down for substation maintenance.

不包括該月的前兩天，我們的科西卡納設施因變電站維護而停電。

Average operating hash rate was approximately 24 X hash representing an over 85% 80% company wide average utilization rate.

平均運行哈希率約為哈希值的 24 倍，代表公司範圍內超過 85% 至 80% 的平均利用率。

These are just initial and preliminary results from our focus on achieving operational excellence.

這些只是我們專注於實現卓越營運的初步結果。

And we believe that with the initiatives underway across all of our sites, we are strongly positioned to continue building on this positive momentum.

我們相信，隨著我們所有網站上正在進行的舉措，我們有能力繼續鞏固這一積極勢頭。

We remain focused on the growth and enhancement of our Bitcoin mining.

我們仍然專注於比特幣挖礦的成長和增強。

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

Right 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。

I would now like to turn the call over to Colin Yee, CFO of riot platforms.

我現在想把電話轉給防暴平台財務長 Colin Yee。

Thank you, Jason.

謝謝你，傑森。

I'm excited to present Riet's financial results for the third quarter of 2024 for ease of reference and something you can always refer back to is slide 5.

我很高興介紹 Riet 2024 年第三季的財務業績，以方便參考，您可以隨時參考投影片 5。

This presents a snapshot of key financial and operating metrics for the third quarter of 2024.

本報告簡要介紹了 2024 年第三季的主要財務和營運指標。

However, let's jump into the details on the following Slides.

不過，讓我們深入了解以下幻燈片的詳細資訊。

Wright owns and operates the largest dedicated Bitcoin mining facility in the world.

賴特擁有並經營著全球最大的專用比特幣挖礦設施。

The Rockdale facility where we continue to deploy miners and expand our self mining capacity during the third quarter.

在第三季度，我們繼續在羅克代爾設施部署礦工並擴大我們的自挖礦能力。

In addition, Wright continues to add hash rate at our Cors Cana facility which when fully developed will supplant the Rockdale facility as the largest dedicated Bitcoin mining facility in the world as a result of the successful development of our Corsicana facility and ongoing development at our Rockdale facility.

此外，賴特繼續提高我們的科西卡納設施的哈希率，由於我們科西卡納設施的成功開發以及我們羅克代爾的持續開發，該設施完全開發後將取代羅克代爾設施，成為世界上最大的專用比特幣採礦設施設施。

Riot ended the third quarter with an installed hash rate of 28 X has a 159% increase relative to the third quarter of 2023 and meeting our guidance for the quarter.

Riot 截至第三季末的安裝算力為 28 倍，較 2023 年第三季成長了 159%，符合我們對本季的指導。

During this quarter, wry mined 1,104.

在本季度，wry 開採了 1,104 個。

Bitcoin in line with the 1,106 Bitcoin we mined during the third quarter, 2023.

比特幣與我們在 2023 年第三季開採的 1,106 個比特幣一致。

These results came about in spite of the Bitcoin block subsidy having event which occurred in April 2024 and the significant increase in the Bitcoin network difficulty which increased by 59% from the third quarter 2023.

儘管 2024 年 4 月發生了比特幣區塊補貼事件，且比特幣網路難度較 2023 年第三季增加了 59%，但仍取得了上述結果。

In spite of these events and driven by the significant growth in our hash rate capacity expected.

儘管發生了這些事件，並受到我們預期的哈希率容量顯著增長的推動。

Through the remainder of the year, we anticipate, we anticipate producing more Bitcoin per day by the end of 2024 than we did in the first quarter of 2024.

我們預計，在今年剩餘的時間裡，到 2024 年底，我們每天生產的比特幣將比 2024 年第一季更多。

Having notwithstanding Bryant ended the third quarter, 2024 with 10,427 Bitcoin and increased the 42% relative to the 7,327 Bitcoin that we held at the end of the third quarter, 2023.

儘管如此，科比在 2024 年第三季末持有 10,427 個比特幣，比我們在 2023 年第三季末持有的 7,327 個比特幣增加了 42%。

Why continue to retain 100% of all Bitcoin produced in the third quarter in the third quarter of 2024.

為什麼2024年第三季繼續保留第三季生產的所有比特幣100%。

Wright reported total revenue of $84.8 million as compared to $51.9 million for the third quarter of 2023, 65% increase year over year.

Wright 公佈的總收入為 8,480 萬美元，而 2023 年第三季的總收入為 5,190 萬美元，年增 65%。

This increase was primarily driven by higher Bitcoin prices.

這一增長主要是由比特幣價格上漲所推動的。

Gross profit for the quarter was 24.3 million.

該季度毛利為2430萬美元。

As compared to gross profit of $37.7 million in the third quarter of 2023.

相比之下，2023 年第三季的毛利為 3,770 萬美元。

Non-GAAP adjusted EBIDA for the quarter was a loss of $3.6 million as compared to non-GAAP adjusted EBIDA loss of $3.1 million in the third quarter of 2023.

本季非 GAAP 調整後 EBIDA 虧損 360 萬美元，而 2023 年第三季非 GAAP 調整後 EBIDA 虧損 310 萬美元。

Wright adopted Fasb's final standard on crypto assets issued in December 2023 under which right now recognizes its Bitcoin held at fair value and with it, changes in fair value are now recognized in income as a reference, the Bitcoin price at the end of the second quarter in 2024 was $62,678.

Wright 採用了Fasb 於2023 年12 月發布的加密資產最終標準，根據該標準，目前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為參考，即第二季度末的比特幣價格2024 年為 62,678 美元。

And the price at the end of the third quarter was $63,330.

第三季末的價格為 63,330 美元。

This resulted in a mark to market upward adjustment of $8.6 million in the third quarter.

這導致第三季以市值計算上調 860 萬美元。

Net loss for the quarter was 154.4 million or $0.54 per share.

該季度淨虧損為 1.544 億美元，即每股 0.54 美元。

Compared to net loss of $80 million or $0.44 per share for the same period in 2023 this quarter's net loss includes non cash stock based compensation expense of $30.6 million.

與 2023 年同期的淨虧損 8,000 萬美元或每股 0.44 美元相比，本季的淨虧損包括 3,060 萬美元的非現金股票補償費用。

Unrealized loss of market, marketable equity securities of $38.1 million and depreciation and amortization of $60 million.

未實現的市場損失、可流通股本證券為 3,810 萬美元，折舊和攤提為 6,000 萬美元。

As a reminder, 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 our own operational history for the third quarter of 2024.

提醒一下，從 2024 年第一季開始，我們根據 2024 年第三季自身營運歷史的評估，將挖礦硬體的折舊計畫從兩年調整為三年。

Bitcoin mining revenue totaled $67.5 million.

比特幣挖礦收入總計 6,750 萬美元。

A 116% increase relative to third quarter, 2023 Bitcoin mining revenue of $31.2 million.

與 2023 年第三季比特幣挖礦收入 3,120 萬美元相比成長 116%。

Bitcoin mining cost of revenue primarily consists of direct production costs of Bitcoin mining operations including electricity, labor and insurance, but excluding depreciation and amortization.

比特幣挖礦收入成本主要包括比特幣挖礦業務的直接生產成本，包括電力、勞動力和保險，但不包括折舊和攤提。

Bitcoin mining gross profit for the quarter was $28.4 million representing a margin of 42% as compared to $56.4 million or a margin of 181% in the third quarter of 2023.

該季度比特幣挖礦毛利潤為 2,840 萬美元，利潤率為 42%，而 2023 年第三季為 5,640 萬美元，利潤率為 181%。

In spite of the global network cash rate increasing from an average of 6,600 and four X hash in the second quarter, 2024 to 625 X hash in the third quarter, a 4% increase.

儘管全球網路現金費率從2024年第二季的平均6600和4個X算力增加到第三季的625個X算力，成長了4%。

And the Bitcoin having events in April 2024 right.

比特幣將於 2024 年 4 月發生事件。

Its cost to buy Bitcoin in the third quarter increased by only 40% on a per Bitcoin basis.

第三季購買比特幣的成本僅增加了 40%。

When compared to the previous quarter, cost of mine excluding depreciation.

與上一季相比，不計折舊的礦場成本。

This quarter totaled $35,376 per Bitcoin, of which power costs amounted to $26,673 per Bitcoin or 75% of the total cost per Bitcoin quarter.

本季每個比特幣的總成本為 35,376 美元，其中電力成本為每個比特幣 26,673 美元，佔每個比特幣季度總成本的 75%。

Over quarter, power costs increased from $0.027 a kilowatt hour to $0.031 a kilowatt hour as a greater portion of power was procured at the Cors of Canada facility at spot market rates with proportionally fewer offsetting power credits than the previous quarter.

本季度，電力成本從每千瓦時 0.027 美元增加到每千瓦時 0.031 美元，因為大部分電力是在加拿大 Cors 設施以現貨市場價格採購的，而抵消電力信用額度比上一季要少。

We remain pleased with achieving an all in cost of power of 3.1¢ a kilowatt hour which remains one of the lowest in the industry, direct non power costs which include direct labor, minor insurance, minor, minor related equipment repairs, land lease and related property taxes, network costs and other utility expenses totaled $8703 or 25% per Bitcoin mined down from the second quarter of 2024 when direct non power costs accounted for 41% of total costs.

我們仍然很高興實現每千瓦時 3.1 美分的總電力成本，這仍然是行業中最低的成本之一，直接非電力成本包括直接勞動力、小型保險、小型相關設備維修、土地租賃和相關的財產稅、網路成本和其他公用事業費用總計為8,703 美元，即每個比特幣開採的25%，較2024 年第二季下降，當時直接非電力成本佔總成本的41%。

This significant drop is a result of rye continuing to achieve economies of scale and our operating facilities as riot continues to grow hash rate.

這一顯著下降是由於 rye 繼續實現規模經濟以及我們的營運設施隨著 riot 哈希率持續增長而導致的。

We expect to see non power direct costs as a percentage of total cost per Bitcoin to trend lower.

我們預期非電力直接成本佔每個比特幣總成本的百分比將呈現下降趨勢。

Wright's engineering business carried out through Wright's wholly owned subsidiary.

賴特的工程業務透過賴特的全資子公司開展。

ES Metron reported revenue of $12.6 million in the third quarter of 2024 as compared to $15.5 million for the same three month period.

ES Metron 報告 2024 年第三季營收為 1,260 萬美元，而同期營收為 1,550 萬美元。

In 2023 a decrease of $2.9 million.

2023 年減少 290 萬美元。

This decrease was primarily attributable to one large government contract that had taken longer than anticipated to complete due to supply chain constraints.

這一下降主要歸因於一份大型政府合同，由於供應鏈限制，該合約的完成時間比預期要長。

This resulted in an engineering gross loss for the quarter of $0.9 million as compared to gross profit of $2.3 million for the third quarter 2023.

這導致該季度的工程毛損失為 90 萬美元，而 2023 年第三季的毛利為 230 萬美元。

Our custom electrical products such as switchgear and power distribution centers are important components in data center development and in power generation and distribution facilities.

我們的客製化電氣產品（例如開關設備和配電中心）是資料中心開發以及發電和配電設施的重要組成部分。

And there has been increased demand for these products due to the continued increase in data center construction by developers, as well as the continually increasing worldwide demand for power.

由於開發商資料中心建設的不斷增加，以及全球電力需求的不斷增加，對這些產品的需求也不斷增加。

At the end of the third quarter, this large government contract finally shipped, freeing up approximately third of our warehouse capacity and allowing this division to get back to work on higher margin contracts.

第三季末，這份大型政府合約終於出貨，釋放了我們約三分之一的倉庫容量，並允許該部門重新開始處理利潤率更高的合約。

Wright's cash SG and a expense for the third quarter was $36.4 million.

Wright 第三季的現金SG 和費用為3,640 萬美元。

This cash SG&A expense figure includes one time M&A and one time litigation related expenses of $4 million and $4.9 million respectively, which puts our run rate cash SGN A for the third quarter at 27.5 million in line with our previous guidance of $25 million to $27 million per quarter, particularly when factoring in additional costs from Kentucky which added a little over 700,000 in additional general business and compensation expenses in the third quarter.

這筆現金SG&A 費用數字包括一次性併購相關費用400 萬美元和一次性訴訟相關費用，分別為400 萬美元和490 萬美元，這使我們第三季度的現金SGN A 運行率為2750 萬美元，與我們先前2500 萬美元至2700 萬美元的指導一致尤其是考慮到肯塔基州的額外成本，該州第三季度的一般業務和補償費用增加了 70 萬多一點。

For the fourth quarter of 2024 we expect run rate, cash G&A to come out in the $27 million to $30 million range M&A and legal expenses are challenging to forecast.

對於 2024 年第四季度，我們預計營運率、現金管理費用將在 2,700 萬至 3,000 萬美元範圍內，併購和法律費用很難預測。

But based on current litigation activity levels, we anticipate litigation expenses in the fourth quarter will be significantly elevated relative to the third quarter, I will now turn the call back over to Jason West.

但根據目前的訴訟活動水平，我們預計第四季度的訴訟費用將較第三季大幅上升，我現在將電話轉回傑森韋斯特。

Thank you Colin with Riet's recent expansion into Kentucky, we now have a direct pathway to two gigawatts of total power capacity and are well on our way to securing enough capacity to achieve our growth target of 100X of self mining hash rate.

謝謝 Colin，Riet 最近擴展到肯塔基州，我們現在有一條直接途徑達到 2 吉瓦的總電力容量，並且正在順利確保足夠的容量，以實現我們自挖礦哈希率 100 倍的增長目標。

The pipeline that will ultimately enable this growth consists of 700 megawatts of capacity at our rockfield facility, one gigawatt of capacity at our Corsicana facility and more than 300 megawatts in Kentucky.

最終實現這一增長的管道包括我們羅克菲爾德工廠的 700 兆瓦產能、科西卡納工廠的 1 吉瓦產能以及肯塔基州的 300 多兆瓦產能。

Today, we are pleased to announce we have initiated the full second phase development of the course of Canada facility which will add 600 megawatts of capacity when complete and take the site to one gigawatt of capacity.

今天，我們很高興地宣布，我們已經啟動了加拿大工廠第二階段的全面開發，竣工後將增加 600 兆瓦的容量，並使該站點的容量達到 1 吉瓦。

We have placed orders for the long lead substation equipment and expect the development to be fully completed in 2026.

我們已經訂購了長引線變電站設備，預計開發將於 2026 年全面完成。

Riot has long strived to provide clear guidance on our growth plans.

Riot 長期以來一直致力於為我們的成長計劃提供明確的指導。

And just as importantly where we anticipate this growth will come from.

同樣重要的是，我們預計這種成長將來自何處。

We believe that providing visibility on not just overall growth plans but also on the specific path to achieve our growth plans is a vital element in demonstrating the credibility of any Bitcoin miners growth forecast through our vertically integrated strategy, we have developed multiple pipelines of organic growth opportunities available for us to pursue these expansion opportunities are at various stages of development and can be prioritized or pushed back based on our assessment of the optimal distribution of resources for our portfolio of infrastructure at any given time going forward.

我們相信，不僅提供整體成長計畫的可見性，而且還提供實現成長計畫的具體路徑的可見性，是透過我們的垂直整​​合策略證明任何比特幣礦商成長預測可信度的重要因素，我們已經開發了多種有機成長管道我們尋求這些擴張機會的機會處於不同的發展階段，可以根據我們對未來任何特定時間基礎設施投資組合資源最佳分配的評估來確定優先順序或推遲。

We intend to present our growth targets on a more conservative basis based on a higher degree of confidence and internal prioritization level.

我們打算基於更高的信心和內部優先級水平，在更保守的基礎上提出我們的成長目標。

Relative to our prior methodology, we believe that this approach will position us to more confidently meet and exceed expectations.

相對於我們先前的方法，我們相信這種方法將使我們更有信心地達到並超越預期。

Therefore, and with this revised approach in mind, we are revising our hash rate growth forecast for 2024 and 2025 for 2024.

因此，考慮到這項修改後的方法，我們正在修改 2024 年和 2025 年的算力成長預測。

We now estimate a year end installed hash rate of 35 X to hash down slightly from our prior guidance of 36 X to hash this adjustment is primarily driven by a 1.8 X hash decrease in expected hash rate growth in Kentucky which is being pushed back into 2025 offset by a 1.1 X hash increase in expected hash rate growth at our Rockdale facility resulting from initiatives underway to improve our operational efficiency.

我們現在估計年底安裝的算力為35 倍，比我們之前指導的36 倍算力略有下降，這一調整主要是由於肯塔基州預期算力增長的1.8 倍算力下降，該增長被推遲到2025年由於正在採取措施提高我們的營運效率，我們的 Rockdale 設施的預期哈希率增長 1.1 倍，從而抵消了這一增長。

More specifically, we have accelerated and converted our Micro BT purchase orders for 2025 into 2024 with the plain delivery of approximately eight X hash of M 60 minors in the fourth quarter of this year.

更具體地說，我們已經加速並將 2025 年的 Micro BT 採購訂單轉換為 2024 年，並在今年第四季度簡單交付了大約 8 個 X 哈希的 M 60 未成年人。

Since our large scale deployment of micro BT M 60 miners this summer at Rockdale, we have seen significant improvements in operating up time.

自從今年夏天我們在 Rockdale 大規模部署微型 BT M 60 礦機以來，我們發現運行時間有了顯著改善。

In fact, one of our buildings entirely utilizing only M 60 miners operated at over 95% of time even during the hottest periods of the summer, excluding only periods of power strategy related procurement, these new miners to be delivered will replace all of the older generation machines with two of our air cool buildings which will be redeployed across other locations.

事實上，我們的一棟大樓完全使用M 60 礦機，即使在夏季最熱的時期，其運行時間也超過95%（僅排除與電力戰略相關的採購期間），這些即將交付的新礦機將取代所有舊礦機發電機與我們的兩座空氣冷卻建築物將重新部署到其他地點。

Thus increasing the rockfield facilities total hash rate to 16 X hash and further improving our fleet wide efficiency to 21.4 jewels for Terahash by the year end closing out 2024 we remain on track to fully complete the 1st 400 megawatt case of our course of Canada facility.

因此，到2024 年年底，將Rockfield 設施的總哈希率提高到16 倍哈希率，並進一步將我們的整個艦隊效率提高到Terahash 的21.4 顆寶石，我們仍然有望完全完成加拿大設施過程中的第一個400 兆瓦案例。

By year end, all critical equipment has been deployed and we are in the process of commissioning the final systems of this development for 2025.

到年底，所有關鍵設備都已部署完畢，我們正在調試 2025 年該開發案的最終系統。

We are lowering our year end exit hash rate forecast from 56 X hash to 46.7 X hash.

我們將年底退出算力預測從 56 X 算力降至 46.7 X 算力。

We are taking a more cautious approach relative to prior guidance driven by longer lead times on substation equipment for Corsicana.

由於科西卡納變電站設備的交貨時間較長，我們相對於先前的指導採取了更謹慎的態度。

As a result of which we now expect two buildings to come online in 2025 versus our previous expectation of three buildings.

因此，我們現在預計 2025 年將有兩座大樓上線，而先前的預期是三棟大樓。

This change accounts for approximately four X to half of the lower guidance.

這項變更約佔指導值下限的四倍到一半。

Additionally, we're pushing out some of the expected Kentucky expansion for 2025 into 2026 and 2027.

此外，我們也將肯塔基州 2025 年的部分預期擴張推遲到 2026 年和 2027 年。

We now expect the initial phase of the Coleman Road facility to come online into 2026 with subsequent phases coming online in the following year, this change will result in approximately 8.8 X hash of 2025 growth.

我們現在預計 Coleman Road 設施的初始階段將在 2026 年上線，後續階段將在次年上線，這一變化將導致 2025 年哈希值增長約 8.8 倍。

Now being pushed out into 2026 and 2027 in 2023.

現在被推遲到 2023 年的 2026 年和 2027 年。

Riot made the strategic decision to enter a long term purchase agreement with Micro BT with an option to purchase an additional 75 extra hatch with a price ceiling of $16.40 per Kash.

Riot 做出策略決定，與 Micro BT 簽訂長期購買協議，並可選擇額外購買 75 個孵化器，每個 Kash 的價格上限為 16.40 美元。

During 2024 we have received and deployed a majority of the miners from our initial purchase orders and have been extremely pleased with the results of both the purpose built immersion models at Corsicana and air cooled models at Rockdale.

2024 年，我們收到並部署了最初採購訂單中的大部分礦機，並對科西卡納專用浸入式型號和羅克代爾風冷型號的結果感到非常滿意。

We have seen a significant improvement in operating up time with these machines and we are leveraging what we have learned to improve operations across all our facilities with the most recent appointments ride fleet efficiency now stands at 23 jewels per Terahash.

我們已經看到這些機器的運行時間有了顯著的改善，我們正在利用我們所學到的知識來改善我們所有設施的運營，最近的預約乘車車隊效率目前為每 Terahash 23 顆寶石。

To date our orders for new miners from Micro BT have been received at or ahead of schedule as we have now received approximately 90,000 miners with the vast majority already deployed as additional newest generation minors for Micro BT are received and deployed.

迄今為止，我們已按時或提前收到了Micro BT 的新礦機訂單，因為我們現已收到約90,000 台礦機，其中絕大多數已經部署，因為額外收到並部署了Micro BT 的最新一代礦機。

Right.

正確的。

Total fleet efficiency is expected to improve to 20.3 jewels per Terahash in 2025 rights balance sheet strength enables us to commit to growth investments that will allow us to achieve a hash rate growth target for 2025 of 46.7 extra hash.

到 2025 年，總艦隊效率預計將提高到每 Terahash 20.3 顆寶石，資產負債表的實力使我們能夠致力於成長投資，這將使我們能夠實現 2025 年 46.7 額外哈希的哈希率增長目標。

We now anticipate CapEx spending of approximately $663 million over the next five quarters to the end of 2025 reduced from our prior guidance of $713 million based on our latest growth forecasts.

我們現在預計截至 2025 年底的未來五個季度的資本支出約為 6.63 億美元，低於我們根據最新成長預測得出的先前指導的 7.13 億美元。

It is important to note that some of our CapEx spend in 2025 will also be setting the foundation for future growth in 2026 and beyond.

值得注意的是，我們 2025 年的部分資本支出也將為 2026 年及以後的未來成長奠定基礎。

As an example, approximately $50 million of additional Corsicana CapEx in 2025 is for our 600 megawatt substation which will ensure that we can provide sufficient power to future developments on site.

例如，到 2025 年，我們的 600 兆瓦變電站將增加約 5,000 萬美元的科西卡納資本支出，這將確保我們能夠為現場未來的開發提供足夠的電力。

Maintaining a strong liquidity position allows riot to continue to make long term decisions that will yield results well into the future.

維持強勁的流動性狀況使 riot 能夠繼續做出長期決策，從而在未來產生良好的結果。

Wright's vision is to be the world's leading Bitcoin driven infrastructure platform.

賴特的願景是成為世界領先的比特幣驅動的基礎設施平台。

In achieving this vision, we are in the process of completing a 181% increase in deployed hash rate in 2024 position.

為了實現這個願景，我們正在努力在 2024 年將部署的算力提高 181%。

Positioning us to mine more Bitcoin per day post having than we were prior.

使我們能夠比以前每天開採更多的比特幣。

We also continue to realize one of the industry's lowest cost to mine at $35,376 per Bitcoin during the quarter.

本季我們也持續實現業界最低的開採成本之一，每比特幣 35,376 美元。

In working towards our vision, our objective is to leverage our cost advantages and efficiencies over a growing scale into the coming years.

在實現我們的願景的過程中，我們的目標是在未來幾年不斷擴大規模，並利用我們的成本優勢和效率。

Over the past few quarters, the demand for power assets by both Bitcoin miners and now A IHC companies has grown significantly.

在過去的幾個季度中，比特幣礦商和現在的 IHC 公司對電力資產的需求都大幅增加。

There is a notable sense of urgency for power access in 2025 with A I HPC companies willing to pay a premium for timely access at attractive sites.

2025 年電力接入存在明顯的緊迫感，AI HPC 公司願意為在有吸引力的地點及時接入而支付溢價。

Longer term, we continue to see a robust pipeline of energy assets available to us and we remain highly active in continuing to evaluate opportunities to enhance our pipeline and power capacity well into the future.

從長遠來看，我們繼續看到強大的能源資產管道可供我們使用，並且我們仍然高度積極地繼續評估未來增強我們的管道和電力能力的機會。

Riot will continue to monitor industry trends and make decisions that provide the greatest benefit to our shareholders.

Riot將繼續監控行業趨勢並做出為股東帶來最大利益的決策。

While also staying focused on our long term goal of reaching 100 extra hash in total self mining hash rate.

同時也要專注於我們的長期目標，即自挖礦總哈希率達到 100 額外哈希值。

We are incredibly excited about what Ryan is accomplishing this year and we look forward to executing on our stated goals and reporting to you on our progress and success.

我們對 Ryan 今年所取得的成就感到非常興奮，我們期待著執行我們既定的目標，並向您報告我們的進展和成功。

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, operator.

接線員，我們現在要開始提問。

(Operator Instructions)

（操作員說明）

Mike Colonnese, HC Wainwright.

麥克‧科隆尼斯 (Mike Colonnese)，HC 溫賴特 (HC Wainwright)。

Hey, good afternoon guys and congratulations on all the hash rate expansion over the past couple quarters.

嘿，大家下午好，祝賀過去幾季的哈希率擴張。

Really good to see.

真的很高興看到。

First one for me, maybe Jason, you know, you, you, you're pointing this out a bit on the call here.

第一個對我來說，也許傑森，你知道，你，你，你在這裡的電話會議上指出了這一點。

But you know, just evaluating the numbers for September, obviously there, it has been a pretty big delta between rights deployed hash rate and average operating hash rate in recent months.

但你知道，只要評估 9 月的數字，顯然，最近幾個月權利部署的哈希率和平均運行哈希率之間存在相當大的差異。

And I can appreciate that you're rapidly energizing new miners and actively curtailing over the summer months.

我很欣賞你們正在迅速為新礦工注入活力，並在夏季積極削減產量。

But going forward, you know, how should investors really think about riots utilization rate.

但展望未來，你知道，投資人應該如何真正考慮騷亂利用率。

So as we talked about in the prepared remarks here, we are super focused on achieving operation operational excellence to us.

因此，正如我們在準備好的演講中所談到的，我們非常專注於實現卓越營運。

This means large scale operations running in a safe and compliant manner at a high up time.

這意味著大規模營運能夠以安全、合規的方式在高正常運作時間內運作。

Currently, we're aiming to achieve greater than 95% average utilization of deployed hash rate that is excluding periods of curtailment related power strategy.

目前，我們的目標是實現已部署算力的平均利用率超過 95%（不包括與電力策略相關的限電期）。

Of course, you know, as you touched on like this is not an overnight fix, but we have been very, very pleased with the rapid improvements that we've been seeing so previously, right was reporting hash rate utilization in the month in the 60% to 70% range.

當然，您知道，正如您所提到的那樣，這不是一朝一夕的解決方案，但我們對我們之前看到的快速改進感到非常非常滿意，正確的是報告本月的哈希率利用率60% 到70 % 範圍。

And now for the most recent month, we're over 80% we believe with the continued growth at Rockdale.

現在，最近一個月，我們相信羅克代爾的持續成長超過 80%。

I'm sorry, continued growth at Corsicana where we're very pleased with the new systems and how they're operating there.

抱歉，科西卡納持續成長，我們對新系統及其運作方式非常滿意。

Combined with the ongoing work at Rockdale that we touched on where we're installing new M 60 wins there that this utilization is going to continue to improve to the end of the year and we're going to enter 2025 very strong, so not an overnight fix.

結合 Rockdale 正在進行的工作，我們談到了在那裡安裝新的 M 60 的情況，這種利用率將繼續提高到今年年底，我們將非常強勁地進入 2025 年，所以不會連夜修復。

But our goal is to get to greater than 95% average utilization of time.

但我們的目標是平均時間利用率達到 95% 以上。

That that's great.

那太好了。

That's great.

那太棒了。

And next one for me, obviously, you guys have tremendous organic growth opportunities.

對我來說，下一個顯然是，你們擁有巨大的有機成長機會。

Through course, we can over the next couple of years here.

當然，我們可以在接下來的幾年裡在這裡。

But I'm just curious, your appetite for additional M&A here if you could just speak to what you're seeing in the market right now for deals on both the private and public.

但我只是好奇，如果您能談談您目前在市場上看到的私人和公共交易的情況，您對更多併購的興趣。

Side.

邊。

Sure.

當然。

Let me turn that question over to Jason Chung.

讓我把這個問題轉給傑森鐘。

Hey Mike, thanks for the question.

嘿，麥克，謝謝你的提問。

Just to address that point, I think we continue to see a very robust flow of deal opportunities both on the public and private side.

為了解決這一點，我認為我們繼續看到公共和私人方面的交易機會非常強勁。

But I would say in particular, on the private side as it comes to private miners, I believe the challenging hash price conditions both having alongside a lack of access to capital and a general need to upgrade aging fleet appears to be driving greater capitulation among some of the private miners in particular.

但我要特別指出的是，就私人礦商而言，我認為具有挑戰性的哈希價格條件，加上缺乏資金來源和升級老化礦機的普遍需要，似乎正在促使一些人更大程度地投降。

So we're very active in exploring all the opportunities given our position in the industry.

因此，鑑於我們在行業中的地位，我們非常積極地探索所有機會。

We're one of the natural bidders and usually one of the first calls to see opportunities, got a large corporate development team that's very active in exploring these.

我們是自然的競標者之一，通常是最先看到機會的人之一，擁有一支非常積極探索這些機會的大型企業開發團隊。

I think overall we continue to be very disciplined in how we think about when when is the right time to pursue additional deals beyond the one that we announced earlier this summer?

我認為總體而言，我們仍然非常自律地思考什麼時候是在我們今年夏天早些時候宣布的交易之外尋求更多交易的合適時機？

Great.

偉大的。

Thank you for taking my questions.

感謝您回答我的問題。

Darren Aftahi, Roth.

達倫·阿夫塔希，羅斯。

Hey guys, thanks for taking my questions.

嘿夥計們，謝謝你回答我的問題。

First one, I guess Jason your, your comments about improved utilization outside of just the, the m 60 new machines.

第一個，我猜 Jason 是您的，您對 m 60 新機器之外的利用率提高的評論。

Is there anything from a like logistical or best practice that you're doing?

您正在做類似的後勤或最佳實務嗎？

That's improving utilization or is it just the exclusive machine performance?

這是提高利用率還是只是機器的專有性能？

Yeah, Darren, there's a huge number of projects that we've got underway to improve this utilization.

是的，達倫，我們正在進行大量專案來提高利用率。

Of course, we're pleased with the results that we're seeing from these liners, but there's a whole host of things that we've been implementing and are continuing to implement.

當然，我們對從這些班輪中看到的結果感到滿意，但我們已經實施並繼續實施了很多事情。

We're improving our electrical infrastructure.

我們正在改善我們的電力基礎設施。

We're making tweaks to how our cooling works.

我們正在調整冷卻的工作方式。

We're improving our on the ground organization around minor repair and support.

我們正在圍繞小型維修和支援來改進我們的地面組織。

We have ramped up our analytics and software capability.

我們增強了分析和軟體能力。

We're monitoring our operations on a very detailed level now and it's allowing us to respond to things quicker and address things quicker.

我們現在正在非常詳細地監控我們的運營，這使我們能夠更快地回應問題並更快地解決問題。

We, we put a lot of expertise at play here in order to improve this metric.

為了改善這個指標，我們投入了大量的專業知識。

So the the new miners certainly help.

所以新礦工肯定會有所幫助。

That's a big part of it, but there are tens if not 100 projects that have been underway over the course of 2024 in order to really focus on getting riot to the state of operational excellence.

這是其中很重要的一部分，但在 2024 年期間，有數十個甚至 100 個項目正在進行，以便真正專注於實現卓越營運狀態。

Getting 2025 operating very strong.

2025 年營運非常強勁。

Got it.

知道了。

And then I, I guess I'd be remiss if not asking this question, assume somebody else will you know, as it pertains to Cors of Canada and the additional 600 megawatts, I mean, as it stands today, are you still exclusively thinking that's all going to be spoken for in terms of Bitcoin mining or do you have other aspirations to use that power?

然後我，我想如果不問這個問題我就是失職的，假設你知道其他人，因為它涉及加拿大的 Cors 和額外的 600 兆瓦，我的意思是，就目前情況而言，你是否仍然只考慮這一切都將在比特幣挖礦方面進行討論，或者您是否還有其他願望來使用這種能力？

Thanks.

謝謝。

Yeah.

是的。

So we're building 600 megawatts of additional capacity.

因此，我們正在建造 600 兆瓦的額外容量。

Of course, that starts with the substation.

當然，這要從變電所開始。

So that's pretty new energy that can be used for multiple uses.

所以這是一種非常新的能源，可以用於多種用途。

Right now, our plans are for that to use with Bitcoin for that to be used for Bitcoin mining.

目前，我們的計劃是與比特幣一起使用，用於比特幣挖礦。

We are open to opportunities to allocate that capacity in another way that's best for shareholders.

我們願意以另一種最有利於股東的方式分配產能。

That's just better economics so that we've alluded to earlier are a few several weeks ago that we've begun receiving some interest in capacity, particularly capacity that could be available in 2025.

這只是更好的經濟效益，因此我們幾週前就已經提到過，我們已經開始對產能產生一些興趣，特別是 2025 年可能提供的產能。

And these discussions are preliminary but they're ongoing.

這些討論是初步的，但仍在進行中。

So if there's a good opportunity to make a good deal for power, we we are going to pursue that.

因此，如果有一個很好的機會來達成一筆很好的電力交易，我們就會去追求。

But as of right now, the course is expanding Bitcoin mining hash rate.

但截至目前，該課程正在擴大比特幣挖礦哈希率。

Great.

偉大的。

Thanks for the insight.

感謝您的見解。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

And we'll move on to the next one operator and he can reach you in.

我們將轉到下一位接線員，他可以聯絡您。

Paul Golding, Macquarie.

保羅‧戈爾丁，麥格理。

Thanks so much.

非常感謝。

And congrats on the hash rate growth just wanted to ask a couple of questions here.

祝賀哈希率增長，只是想在這裡問幾個問題。

One housekeeping question on the substation maintenance that you called out at the beginning of the month.

您在本月初提出的一個有關變電站維護的內務問題。

Is that something that was driven by the, the utility and it's factored into your 12 million and demand response credits or is that something that didn't factor into financials?

這是由公用事業公司驅動的，並且已計入您的 1200 萬美元和需求響應信貸中，還是沒有計入財務數據？

And then,

進而，

I'm sorry to interrupt you, please.

很抱歉打擾您，請。

No worries.

不用擔心。

No.

不。

No, that was my follow up unrelated.

不，那是我的後續行動，無關。

So, go ahead.

那麼，繼續吧。

Okay.

好的。

It was purely engineering.

這純粹是工程。

It wasn't a demand response kind of action, it was planned, it was scheduled our internal teams that right have handled it.

這不是一種需求回應行動，而是有計劃、有安排的，我們的內部團隊已經正確處理了它。

Got it.

知道了。

Thanks Jason.

謝謝傑森。

And then I wanted to ask you, you talk specifically about Ess Metron and the capacity of that, that subsidiary being utilized on that government contract.

然後我想問你，你具體談論了 Ess Metron 及其能力，該子公司正在政府合約中使用。

How do you think more broadly about Ess Metron utilization on third party deals versus the vertically integrated infrastructure as you build out your capacity?

當您擴大產能時，您如何更廣泛地考慮第三方交易中的 Ess Metron 利用率與垂直整合基礎設施的利用率？

Is it, is there a marginal benefit to one or the other?

是嗎，對其中一方有邊際效益嗎？

How how are you thinking about that holistically?

您如何整體考慮這一點？

So right, is actually a fairly small customer out of Ess Metron, as you can imagine, there's so much interest for their equipment, right, right now, building out other types of data centers, generation applications, etcetera.

所以，實際上是 Ess Metron 的一個相當小的客戶，正如你可以想像的那樣，他們對他們的設備非常感興趣，現在正在建立其他類型的資料中心、發電應用程式等。

So it it is not too much of a give or take decision that they have to make.

因此，他們不必做出太多的讓步決定。

We don't impede their ability to pursue all the other jobs that they have queued up there.

我們不會妨礙他們追求他們在那裡排隊的所有其他工作的能力。

They're really valuable though, for us getting visibility into the supply chain, reducing our cost to build and when we do have to make quick modifications, technology is changing.

不過，它們確實很有價值，因為我們可以了解供應鏈，降低建造成本，而當我們確實必須進行快速修改時，技術正在改變。

We're pivoting how we're deploying something Ess metron can work with us very quickly, probably a lot more flexible than they would be with third party customers because it's all in the family together.

我們正在調整如何部署 Ess Metron 可以非常快速地與我們合作的東西，可能比與第三方客戶的合作靈活得多，因為它們都在一個家庭中。

So with that government contract now being shipped out at the end of the third quarter, this is freed up significant manufacturing capacity for this engineering division.

因此，隨著該政府合約現已在第三季末發貨，這為該工程部門釋放了大量的製造能力。

That's great because they can get back on track towards prior revenue and gross margin levels in this industry.

這很好，因為他們可以回到該行業之前的收入和毛利率水平。

The fourth quarter is typically slower for engineering division results.

第四季工程部門的業績通常較慢。

But with this new capacity that's now available, we are going to begin working on higher margin contracts that will start being booked and it worked on in the first quarter of 2025.

但憑藉現已投入使用的新產能，我們將開始簽訂利潤率更高的合同，這些合約將開始預訂，並於 2025 年第一季投入使用。

Got it.

知道了。

Thanks.

謝謝。

And if I could just sneak one quick one in here at the end, Anything specific to call out as a key driver of the Kentucky timeline adjustment for for the I believe it's, it's 1.8 X. Has you not?

如果我可以在最後偷偷地放一個快速的內容，有什麼具體的內容可以作為肯塔基州時間表調整的關鍵驅動因素，我相信它是 1.8 倍。

Thanks.

謝謝。

Yeah.

是的。

So all of the plant pipelines for growth in Kentucky remain intact.

因此，肯塔基州所有用於增長的工廠管道都保持完好。

So nothing's been canceled.

所以什麼都沒有被取消。

We're really just moving around.

我們真的只是四處走動。

I touched on right as a portfolio of assets and we're optimizing that portfolio based on what makes the most sense with the whole landscape in front of us.

我談到了作為資產組合的權利，我們正在根據對我們面前的整個景觀最有意義的方式來優化該投資組合。

The only reason that that growth in Kentucky has been pushed out was so we can spend some extra time in order to maximize the power capacity that we get, but also ensuring that we're getting the best possible economics.

肯塔基州的成長被推遲的唯一原因是我們可以花一些額外的時間來最大化我們獲得的電力容量，同時也確保我們獲得盡可能好的經濟效益。

So in, in this short, it's simply a matter of prioritizing quality.

簡而言之，這只是品質優先的問題。

Got it.

知道了。

Thanks so much.

非常感謝。

Thank you, Paul.

謝謝你，保羅。

Joe Flynn from Compass Point Research & Trading.

來自 Compass Point Research & Trading 的喬·弗林 (Joe Flynn)。

Hi guys.

嗨，大家好。

Thanks for the question.

謝謝你的提問。

Was hoping you could, you know, provide more details into the, you know, continued increases in SG&A which, you know, you attributed to one time items.

希望您能提供更多有關 SG&A 持續增長的詳細信息，您知道，您將其歸因於一次性項目。

But you know, it looks like that's spilling over into the fourth quarter.

但你知道，這種情況似乎會蔓延到第四季。

And I guess on the litigation front, like what is the status of, you know, litigation with the hosting counterparties is that, you know, continues to be a gross profit drag on the business.

我想在訴訟方面，就像與託管交易對手的訴訟的狀況一樣，你知道，這仍然是對業務毛利的拖累。

Thanks.

謝謝。

Yeah, thanks Joe. So I'll, I'll, I'll start backwards so I can't provide any updates on the litigation.

是的，謝謝喬。所以我會，我會，我會向後開始，所以我無法提供有關訴訟的任何最新資訊。

We can't really comment on it on, on litigation, but the these cases are still ongoing.

我們無法對訴訟進行真正的評論，但這些案件仍在進行中。

We have been speaking to the cash G&A.

我們一直在談論現金一般行政費用。

We have been extremely active in M&A during 2024.

2024 年，我們的併購活動非常活躍。

And so you see in our financials, the closing of the acquisition of block mining resulted in 3 million of expenses being expensed under that acquisition related costs and for M&A deals that have not closed such as activities related to our engagement with B Farms.

因此，您可以在我們的財務數據中看到，區塊挖礦收購的完成導致 300 萬美元的費用計入收購相關成本以及尚未完成的併購交易（例如與我們與 B Farms 合作相關的活動）。

We for the Bid Farms example.

我們以標農場為例。

And of course, we incurred approximately 4 million in one time cost and those are cost on our financials under G&A.

當然，我們一次性產生了大約 400 萬美元的成本，這些都是我們在 G&A 項下的財務成本。

As you, as you noted, we're also had expenses due to ongoing litigation.

正如您所指出的，我們也因正在進行的訴訟而產生費用。

This is with the legacy hosting customers that we inherited from the winds on acquisition in 2021.

這是我們在 2021 年收購 Wind 時繼承的傳統託管客戶。

Now, what we think is important here is that on a run rate basis when you remove one time M&A and litigation related expenses for the quarter, our cash G&A came in at 26.5 million, which is in line with our previous guidance and noting this includes 700,000 in cash G&A costs and business and compensation expenses as a result of the Kentucky acquisition and holding those operations in.

現在，我們認為重要的是，按運行率計算，當您剔除本季度一次性併購和訴訟相關費用時，我們的現金 G&A 為 2650 萬美元，這與我們之前的指導一致，並指出這包括由於收購肯塔基州並保留這些業務而產生的700,000 現金一般管理費用以及業務和補償費用。

So, yes, we, we do expect the litigation costs to be elevated in the fourth quarter, unfortunately, but these are temporary in nature.

因此，是的，不幸的是，我們確實預計第四季度的訴訟成本將會上升，但這些本質上是暫時的。

They're, they're not relative to the run rate of operating our business on an ongoing level.

它們與我們持續經營業務的運作率無關。

So the ones we unfortunately have to incur right now and we're looking forward to having behind us when concluded.

因此，不幸的是，我們現在必須承擔這些責任，我們期待在結束時將其拋在身後。

Thanks and to piggyback off the earlier question.

感謝並順應了先前的問題。

You know, it sounded like you, you know, we would be open to all options regarding the 600 megawatt substation.

你知道，聽起來你知道，我們會對所有 600 兆瓦變電站的選擇持開放態度。

Just curious if like you started, you know, conversations with and even if early with, you know, potential H BC counterparties and you know, or if going forward and building that would could 600 megawatt substation, could that lead to increased activity?

只是好奇，如果像您一樣開始與潛在的 H BC 交易對手進行對話，即使很早就與潛在的 H BC 交易對手進行對話，或者如果繼續建設 600 兆瓦的變電站，這是否會導致活動增加？

Thanks.

謝謝。

Our belief is more power capacity is more optionality and the explosion of demand with A I HPC only makes that optionality more valuable.

我們的信念是，更強的能力意味著更多的可選性，而 AI HPC 需求的爆炸性增長只會使這種可選性更有價值。

So, like I noted earlier, these discussions are still preliminary but they are ongoing.

因此，正如我之前指出的，這些討論仍處於初步階段，但仍在進行中。

We're trying to see if there's a good deal that can be struck here to monetize this capacity.

我們正在嘗試看看是否可以達成一項很好的協議來將這種能力貨幣化。

That's an improvement over Bitcoin mining.

這是對比特幣挖礦的改進。

If I if that reaches a conclusion, then we'll certainly update the market, but we are at least encouraged by the fact that we see interest from multiple parties.

如果得出結論，那麼我們肯定會更新市場，但至少我們看到多方都有興趣，這一事實讓我們感到鼓舞。

Alright, thanks.

好的，謝謝。

That's, that's all me.

就是這樣，這就是我的全部。

Bill Papanastasiou, Stifel.

比爾·帕帕納斯塔西烏，斯蒂菲爾。

Yeah, good.

是的，很好。

Good evening, gentlemen.

晚上好，先生們。

Thanks for taking my questions.

感謝您回答我的問題。

For the first one, I just want to touch on Ess Metron curious whether you're able to quantify this demanding growth.

對於第一個問題，我只想談談 Ess Metron，我想知道您是否能夠量化這種苛刻的成長。

In recent quarters from the A I HPC space, can you share some color on how scalable is as Metron is today?

最近幾季的 AI HPC 領域，您能否分享一些有關 Metron 目前的可擴展性的信息？

And it's it's ability to satisfy this growth and demand things.

它有能力滿足這種成長和需求。

I I would say for these type of services, there is a lot of demand.

我想說，對於這些類型的服務，有很多需求。

ESS is limited by the size of that facility and the workers and equipment, but mainly the size of the facility available for the manufacturing there and there, there, there are, there are interested jobs that they will accept delivery times way far out just to get on the line for equipment at this point.

ESS 受到該設施的規模以及工人和設備的限制，但主要是可用於製造的設施的規模，在那裡，那裡，有，有感興趣的工作，他們會接受遠遠超出的交貨時間，只是為了此時上線取得設備。

So while there's a lot of demand for immediate growth, there are many companies planning for growth many years into the future and they just want to get in line right now for when that capacity increases.

因此，雖然對立即成長的需求很大，但有許多公司計劃在未來許多年實現成長，他們只是想在產能增加時立即排隊。

I don't have a forecast for you of how we can increase that capacity right now.

我目前無法向您預測我們如何提高產能。

Obviously, that is something that we think about in order to fully capture this opportunity available.

顯然，這是我們為了充分抓住這個機會而考慮的事情。

And unfortunately, I cannot, I don't have a number for you to quantify what the demand is.

不幸的是，我不能，我沒有一個數字可以讓你量化需求是什麼。

But I can tell you it's a very robust demand and the limiting factor for us is really just the size of that facility and how much equipment we can fit on that factory floor basically.

但我可以告訴你，這是一個非常強勁的需求，對我們來說，限制因素實際上只是該設施的規模以及我們基本上可以在工廠車間安裝多少設備。

So we looking at opportunities to increase that capacity because that would enable us to increase the the revenue profile of that business.

因此，我們正在尋找提高產能的機會，因為這將使我們能夠提高該業務的收入狀況。

That's great.

那太棒了。

Thank you, helpful.

謝謝，有幫助。

And then for the second one, you know, following the settlement agreement with the farms, just curious how management is thinking today about its activist stake and and the playbook, my understanding is that this the settlement agreement did preclude you from, from making another attempt at at going at the farm.

然後，對於第二個，你知道，在與農場達成和解協議之後，只是好奇管理層今天如何考慮其積極分子的股份和劇本，我的理解是，和解協議確實阻止了你，從另一個嘗試去農場。

And the curious on your thoughts there.

對你的想法感到好奇。

Yeah, that's correct bill.

是的，這是正確的帳單。

So I mean, first and foremost, as a large shareholder in bid Farms, we clearly want them to succeed.

所以我的意思是，首先，作為 bid Farms 的大股東，我們顯然希望他們能取得成功。

We believe as a result of our engagement with bit Farms, a number of positive corporate governance changes have been made and today bit Farms is much different company than it was at the start of this year.

我們相信，由於我們與 bit Farms 的合作，公司治理髮生了一些積極的變化，今天的 bit Farms 與今年年初相比有很大不同。

And we think this is a change that benefits all shareholders and will help bid Farms to be successful when we now we've entered into the settlement agreement there.

我們認為這是一個有利於所有股東的變化，當我們現在已經在那裡達成和解協議時，將有助於投標農場取得成功。

No other attempts at corporate governance changes that could even possibly be made for some time.

在一段時間內甚至不可能做出其他改變公司治理的嘗試。

So with respect to our current position, we're going to continue to evaluate that and we're going to determine what we believe will be the best use of our capital.

因此，就我們目前的狀況而言，我們將繼續評估這一點，並確定我們認為最能充分利用我們資本的方式。

We haven't made any final decisions on what our longer term plans are here.

我們尚未就我們的長期計劃做出任何最終決定。

A lot of this is really going to be driven by a number of factors such as bitfarms own strategic development and execution, as well as riot strategic development execution, as well as all the sector and the market dynamics of play.

這在很大程度上實際上是由多種因素驅動的，例如比特農場本身的策略發展和執行，以及策略發展執行，以及所有產業和市場的動態。

Thanks Jason.

謝謝傑森。

Really appreciate the color there.

真的很欣賞那裡的顏色。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Hey, can you hear me?

嘿，你聽得到我說話嗎？

Hello.

你好。

Greg, I hear you.

格雷格，我聽到了。

Okay.

好的。

Well.

出色地。

Definitely technical difficulties out there.

肯定存在技術困難。

Hey guys, I, I was, I was hoping you could talk about you know, clearly you're, you're highlighting the, you know, the build out, of course, again, you know, just kind of curious like is there land and the possibility to kind of, you know, and I guess this goes for Rockdale as well.

嘿夥計們，我，我是，我希望你們能談談你們知道，顯然你們是，你們正在強調，你們知道，構建，當然，再次，你們知道，只是有點好奇，就像是你們知道，那裡有土地和可能性，我想這也適用於羅克代爾。

Is there any potential possibility over the next few years to expand those sites to make them bigger in terms of power capacity, if you were to go through the necessary, you know, filings with our CT?

如果您要向我們的 CT 提交必要的文件，那麼在未來幾年內是否有可能擴大這些站點以使其電力容量更大？

Thanks for the question, Greg with what we've built out in Texas.

感謝格雷格提出的問題，了解我們在德克薩斯州建立的項目。

I I don't only mean the operational base we built out, but the relationships, we built up what we've learned everything in place as a result of building these two huge sites, we feel we have a really good advantage in being able to pursue Greenfield opportunities and get additional capacity in Texas, whether it's near our current sites or elsewhere in Texas.

我不僅指我們建立的營運基地，還指我們建立的關係，我們透過建造這兩個巨大的網站所學到的一切，我們覺得我們有一個非常好的優勢，能夠在德克薩斯州尋求新建機會並獲得額外產能，無論是在我們目前的場地附近還是德克薩斯州的其他地方。

These are things we're working on on a regular basis.

這些是我們定期進行的工作。

One of the things that having this pipeline of immediate growth at a place like Corsican affords us is the ability to work and think longer term.

在科西嘉島這樣的地方擁有這種快速增長的管道為我們提供的好處之一是能夠長期工作和思考。

So we're able to have our operations team developing course Canada up to its full one gigawatt.

因此，我們的營運團隊能夠將加拿大的電力開發至完整的 1 吉瓦。

And meanwhile, we're working on all these other opportunities or projects in, in the background that could either come in the immediate future years, 2025 2026 or even beyond that.

同時，我們正在研究所有其他機會或項目，這些機會或項目可能會在不久的將來幾年、2025 年、2026 年甚至更久之後出現。

So I don't have any other detail that I can update for you with, right.

所以我沒有任何其他細節可以為您更新，對吧。

Now, we're always looking to create more optionality for us and increase our power capacity and we're doing that with both potential organic growth opportunities and M&A opportunities as well.

現在，我們一直在尋求為我們創造更多選擇並增加我們的電力容量，我們正在透過潛在的有機成長機會和併購機會來做到這一點。

Okay.

好的。

Super helpful and then on, on, on the delays, the course can it seems pretty straightforward, there's, you know, the transformer just going to show up later, any kind of color around, you know, Kentucky and, and you know, it sounds like we're going to be more conservative with the guidance going forward around that.

超級有幫助，然後，關於延遲，當然可以看起來非常簡單，有，你知道，變壓器稍後就會出現，周圍的任何顏色，你知道，肯塔基州和，你知道，聽起來我們在未來的指導方針上會更加保守。

But kind of any, any kind of any kind of contact you can give us around what maybe some of the the delays are that are that are kind of leak in Kentucky.

但是，您可以向我們提供任何形式的聯繫方式，以了解肯塔基州可能出現的一些延誤情況。

Yeah, so I'll, I'll, I'll give you two pieces of color on that, right.

是的，所以我會給你兩塊顏色，對吧。

The biggest reason is that well, first off all the the growth pipelines remain intact in Kentucky, the main reason that these growth timelines were pushed out is because there's an opportunity to spend some extra time in order to maximize the power capacity that we're getting out of these and also helping us get the best possible economics.

最大的原因是，首先肯塔基州的所有成長管道都保持完好，這些成長時間表被推遲的主要原因是因為有機會花一些額外的時間來最大化我們正在開發的電力容量。獲得盡可能好的經濟效益。

So we kind of made the decision of prioritizing, getting the most out of these as opposed to prioritizing, getting them as quickly as possible.

因此，我們決定優先考慮，充分利用這些，而不是優先考慮，盡快得到它們。

And there's also an element of that for us on the design opportunity.

對我們來說，還有一個設計機會。

And we found some ways that we felt we could build better operations for cheaper actually, but some equipment would take a little bit longer of a time.

我們發現了一些方法，我們認為我們實際上可以以更便宜的價格建立更好的運營，但有些設備需要更長的時間。

Ironically.

諷刺的是。

So with all the capacity growth, we have, we did a deal of urgency to try and cut off opportunities or options for us by trying to make Kentucky grow as quickly as possible.

因此，隨著產能的成長，我們非常緊迫地試圖透過努力讓肯塔基州盡快成長來切斷我們的機會或選擇。

We focus on the high value growth opportunities we have elsewhere and then we're flushing those out.

我們專注於其他地方的高價值成長機會，然後將其淘汰。

So those are very solid in the future years to come.

所以這些在未來幾年都是非常穩固的。

Okay, perfect.

好的，完美。

Super helpful.

超有幫助。

Thanks, Jason.

謝謝，傑森。

Thank you, Greg.

謝謝你，格雷格。

Brett Knoblauch with Cantor Fitzgerald.

布雷特·諾布勞赫和康托·菲茨杰拉德。

Hi guys.

嗨，大家好。

Thanks for taking my questions.

感謝您回答我的問題。

Maybe the first one, it seems like there's definitely quite a pick up add or expand your power.

也許是第一個，看起來肯定會增加或擴展你的力量。

Are you guys feeling that urgency for me to go out and buy additional sites, whether it's inside or outside in addition to the drop out hedges?

你們是否覺得我有必要出去購買額外的場地，無論是在內部還是外部，除了退出樹籬之外？

Sorry, it was very difficult to hear.

抱歉，很難聽清楚。

Are were you talking about power hedges?

你是在談論權力對沖嗎？

Did I hear you correctly?

我沒聽錯嗎？

No, just looking for additional sites outside of the ones that you guys have maybe outside of increase urgency on.

不，只是在你們可能沒有增加緊迫性的網站之外尋找其他網站。

I I wouldn't say there's necessarily an increased urgency.

我不會說緊迫性一定會增加。

It's kind of in our DNA to try and procure as many high value power assets as possible.

嘗試採購盡可能多的高價值電力資產是我們的基因。

And this is work that goes back as far as four years ago.

這項工作可以追溯到四年前。

At the end of 2020 20 the end of 2020 the Bitcoins 12, 14,000 and riot, we were felt extreme amount of urgency and being able to develop a vertically integrated platform to start layering in different power assets.

2020 年底 20 年底，比特幣 12、14,000 和騷亂，我們感到極度緊迫，並能夠開發一個垂直整合的平台來開始分層不同的電力資產。

So I wouldn't say there's an urgency because we are very disciplined in our process.

所以我不會說有緊迫性，因為我們的流程非常自律。

We're not looking to bring in power assets just for the sake of capacity.

我們並不是只為了容量而引進電力資產。

We go through an incredible amount of diligence to make sure the opportunities that come across our desk are ones that we actually want to pursue and have long good value.

我們經過大量的努力，以確保我們辦公桌上出現的機會是我們真正想要追求的並且具有長期價值的機會。

So, you know, it's short.

所以，你知道，它很短。

The pipeline of growth that we developed in Corsicana, Rockdale and Kentucky means we are not dependent on M&A to achieve significant hashrate growth.

我們在科西卡納州、羅克代爾和肯塔基州開發的成長管道意味著我們不依賴併購來實現顯著的算力成長。

We have a two gigawatt pipeline and we've only developed about half of that so far.

我們有一個 2 吉瓦的管道，但到目前為止我們只開發了其中的大約一半。

So we are patiently evaluating opportunities to continue and fall through that pipeline in the future years to come.

因此，我們正在耐心評估未來幾年繼續和通過這一渠道的機會。

Maybe just one more.

也許只剩下一個了。

I know it's kind of been asked a couple of ways on the A IHC option out Corsicana regarding the customer interest.

我知道有人就 Corsicana 的 IHC 選項詢問了一些關於客戶利益的問題。

Have you guys been going out and marketing that site for that optionality or have customers been coming to you expressing interest?

你們是否一直在為該網站進行行銷以尋求這種選擇，或者是否有客戶向您表達過興趣？

We have not had a marketing and sales process.

我們還沒有行銷和銷售流程。

We have been receiving inbounds o obviously something we've touched on before is in these type of deals.

我們一直在收到入站訊息，顯然我們之前接觸過的就是此類交易。

The counterparty quality is incredibly important.

交易對手的品質非常重要。

So we've been having discussions with those counterparties that we believe are, are blue chip and have the the capital and credibility to bolster a long term agreement.

因此，我們一直在與那些我們認為是藍籌股、有資本和信譽來支持長期協議的交易對手進行討論。

And I think Riet's reputation and our image of having so much of power capacity is what's resulted in investigating these unsolicited offers for really significant amounts of power capacity.

我認為 Riet 的聲譽和我們擁有如此多電力容量的形像是導致我們調查這些主動提供的真正大量電力容量的原因。

The interest that that we're seeing is for hundreds of megawatts, not necessarily smaller amount.

我們看到的興趣是數百兆瓦，而不一定是更小的數量。

Thanks very much, appreciate it that for you guys.

非常感謝，感謝你們。

Mike Grondahl with Northland capital markets.

邁克·格隆達爾 (Mike Grondahl) 負責北國資本市場。

Hey guys, this is Owen on for Mike.

大家好，我是麥克的歐文。

Just super quickly for me.

對我來說超級快。

Can you provide some more color on the power curtailment strategy?

您能否提供更多有關限電策略的資訊？

And is it safe to assume the reasoning for the decline in power curtailment revenue on a year-over-year basis is mostly due to lighter demand?

是否可以安全地假設限電收入年減的原因主要是由於需求減少？

Year basis is mostly due to lighter demand.

按年計算主要是由於需求較輕。

Good question.

好問題。

So our, so the power strategy has a few main components.

所以我們的權力策略有幾個主要組成部分。

One for our power that's unhedged, we simply want to curtail when powers on the spot market is above our break even levels.

其中之一是我們的電力沒有對沖，我們只是想在現貨市場上的電力高於我們的收支平衡水平時減少電力。

And what's great about Texas, the abundance of energy there, we are really able to achieve a very good cost of power only curtailing a few percentage of the year.

德州的優點在於，那裡能源豐富，我們確實能夠實現非常好的電力成本，僅在一年中減少幾個百分點。

In fact, we back tested the breakeven price for an M 66 minor and back tested over 2023 energy prices in Texas.

事實上，我們回測了 M 66 小調的損益平衡價格，並回測了德州 2023 年的能源價格。

And if we curtailed 3% 4% of the time, we're able to get a $31 per megawatt hour all in cost of power.

如果我們減少 3% 4% 的時間，我們就能獲得每兆瓦時 31 美元的電力成本。

Now, those 3$ to 4% hours is where we're able to earn credits.

現在，我們可以透過 3 美元到 4% 的小時來賺取學分。

With our hedge power in 2023 there was a lot of volatility in the summer months and we were able to earn quite a bit of power credits.

憑藉我們 2023 年的對沖能力，夏季月份波動很大，我們能夠獲得相當多的電力積分。

So even with the same volume of hedges in 2024 we do not see that same level of volatility.

因此，即使 2024 年的對沖交易量相同，我們也不會看到同樣程度的波動。

So we did not earn the same level of power credits.

所以我們沒有獲得同等程度的力量積分。

Now, that feeds into our strategy though, because the lack of volatility meant that there were lower prices that we were able to procure.

現在，這已經融入了我們的策略，因為缺乏波動性意味著我們能夠獲得更低的價格。

Of course, Canada.

當然是加拿大。

Now using more power than Rockdale at the spot level, we're always going to be involved in trying to demonstrate the value of Bitcoin mining.

現在在現貨層面使用比 Rockdale 更多的電力，我們將始終參與嘗試展示比特幣挖礦的價值。

That means helping provide grid stability, helping improve the financial profile of generator assets being a large flexible load that responds to events on the grid.

這意味著幫助提供電網穩定性，幫助改善發電機資產的財務狀況，發電機資產是響應電網事件的大型靈活負載。

And that either comes in the form of saving on power cost, not paying high prices and shutting off our low during those time periods, or being able to monetize the financial commitment that we made with the hedge during those periods as well.

這要么以節省電力成本的形式出現，不支付高價並在這些時期關閉我們的低價，要么能夠將我們在這些時期通過對沖做出的財務承諾貨幣化。

So we have a whole team dedicated to our power strategy that's always looking at opportunities.

因此，我們有一整個團隊致力於我們的電力策略，並且始終在尋找機會。

We believe the forward curve has been relatively elevated relative to the market prices of power that we're seeing.

我們認為，相對於我們所看到的電力市場價格，遠期曲線相對較高。

There was a lot of fear of volatility going into summer 2024 and that volatility is not materialized.

人們非常擔心 2024 年夏季會出現波動，但這種波動並未成為現實。

The abundance of solar was able to fill in the GAAP that caused volatile prices in the future.

豐富的太陽能能夠填補導致未來價格波動的公認會計準則。

So I know I covered a lot there.

所以我知道我在那裡涵蓋了很多內容。

The short of it is we are always trying to figure out ways that demonstrates the benefit of Bitcoin mining and also that improves our cost of power, improves our economics.

缺點是我們一直在試圖找出方法來證明比特幣挖礦的好處，同時也能降低我們的電力成本，改善我們的經濟。

Great that, that was really helpful.

太好了，這真的很有幫助。

Thank you.

謝謝。

Brian Perrault, Needham.

布萊恩·佩羅，李約瑟。

Great.

偉大的。

Thanks guys.

謝謝你們。

Just a couple of questions from our side.

我們這邊有幾個問題。

So just a follow up from the last couple.

所以只是最後一對的後續行動。

Just what would you guys need to see to get into HPC?

為了進入 HPC，你們需要了解什麼？

Is it, is it simply a kind of Bitcoin cycle dynamic or the right customer coming around?

是嗎，這只是一種比特幣週期動態還是合適的客戶出現？

If you could kind of pick between the two and then separately just on the the timeline, delays for the electrical equipment delays, what, what's the latest on timelines for for getting some of those long lead time items going?

如果你可以在兩者之間進行選擇，然後分別在時間線上，電氣設備延遲的延遲，什麼，讓一些長交貨時間項目運行的最新時間表是什麼？

So your first question, what we we need to see to get into a IH BC.

所以你的第一個問題是，我們需要看到什麼才能進入 IH BC。

One of the components you nailed is a strong blue chip counterparty.

您確定的組件之一是強大的藍籌對手。

This would be a significant amount of development repur of assets going down a direction.

這將是大量的資產開發回購，並且會朝著一個方向發展。

It's not very easy to u turn from.

你要轉身並不容易。

So we really want to be sure we're working with a very strong well capitalized counterparty.

因此，我們確實希望確保我們正在與一個非常強大、資本充足的交易對手合作。

We're not really trying to time, the, the the cyclicality of the Bitcoin mining market we're really looking at are these economics that are going to be better for us than Bitcoin mining and where that's particularly relevant is on the upfront CapEx side.

我們並不是真的在試圖計算比特幣挖礦市場的周期性，我們真正關注的是這些經濟因素，這些經濟因素將比比特幣挖礦對我們更好，而這特別相關的是前期資本支出方面。

Building A IH BC data centers is incredibly more expensive than building Bitcoin mining facilities.

建造 IH BC 資料中心比建造比特幣挖礦設施要貴得多。

So, we, I think we'd be looking to pursue one of these type of deals if it improving our capital efficiency, you know, not making it more challenging.

因此，我認為，如果能夠提高我們的資本效率，而不是使其更具挑戰性，我們就會尋求此類交易之一。

So I, I think that's the easy answer to your question depends on the kind of party and it depends on the type of deal that's put in front of us and remind me your second question.

所以我，我認為這是你問題的簡單答案，取決於政黨的類型，取決於擺在我們面前的交易類型，並提醒我你的第二個問題。

It just on the that.

就在那一點上。

That's how long the.

就這樣多久了。

Long the leads?

長線？

Yeah.

是的。

So, while we have just recently initiated this phase to development, we have ordered those long lead items in the past when you're talking about a 345 KB, 100 and 38 KD station.

因此，雖然我們最近才開始這一階段的開發，但當您談論 345 KB、100 和 38 KD 站時，我們過去已經訂購了那些長週期項目。

These things are 18 plus months in lead time.

這些東西的交貨時間有 18 個多月。

They can be even 24 months.

甚至可以是 24 個月。

So it is, it, it, it, it is quite a long lead line for these items.

所以，它，它，它，這些物品的引導線相當長。

So thankfully, we already have these orders in and that's why we expect to receive them in a little under a year as opposed to the 18 or 24 months that a new order might be looking at right now.

值得慶幸的是，我們已經收到了這些訂單，這就是為什麼我們預計在不到一年的時間內收到這些訂單，而不是現在新訂單可能需要 18 或 24 個月。

Great.

偉大的。

Thanks guys.

謝謝你們。

Lucas Pipes, B Riley.

盧卡斯·派普斯，B·萊利。

Thank you very much, operator.

非常感謝您，接線生。

Good afternoon everyone.

大家下午好。

Jason, you mentioned a few times that you've been active looking at M&A and I wonder where does this focus rank today?

傑森，您多次提到您一直在積極考慮併購，我想知道今天這個重點排在什麼位置？

And, kind of bigger picture.

而且，還有更大的圖景。

What sort of M&A opportunities are you looking at?

您正在尋找什麼樣的併購機會？

Are you elephant hunting?

你在狩獵大象嗎？

Are you looking at smaller bolt ons?

您正在尋找較小的螺栓嗎？

Would, would be, would be great to have a little bit better feel for that.

如果能對此有更好的感覺，那就太好了。

Thank you very much.

非常感謝。

Thanks Lucas.

謝謝盧卡斯。

So, I I would not say it is the choice of one or the other for us.

所以，我不會說這是我們的二選一。

We made the decision long ago in the company to invest in building out the corporate development team.

我們公司很早就做出了投資建設企業發展團隊的決定。

So while one part of the company is focused on building out of operations and the organic pipeline in front of us, we have a completely separate team of talented individuals that are looking at M&A.

因此，雖然公司的一部分專注於建立我們面前的營運和有機管道，但我們有一個完全獨立的團隊，由才華橫溢的個人組成，正在考慮併購。

So by building out this corporate infrastructure, we're able to do both of these things at once, which we think is, you know, very important because of the scale and the sense of urgency in this whole space.

因此，透過建構這個企業基礎設施，我們能夠同時完成這兩件事，我們認為這非常重要，因為整個領域的規模和緊迫感。

With respect to the types of M&A opportunities that we're looking at.

關於我們正在尋找的併購機會類型。

Let me turn that question over to Jason Chung, our EVP and head of corporate development and strategy.

讓我把這個問題轉交給我們的執行副總裁兼企業發展和策略主管 Jason Chung。

Thanks Jason.

謝謝傑森。

Hey, hey Lucas, a couple of couple of comments to that question.

嘿，嘿盧卡斯，對這個問題有幾點評論。

First, well, when it comes to the type of opportunity and, and whether we're will hunting or not.

首先，關於機會的類型以及我們是否會狩獵。

I would say we're, we're relatively open to all to too many different types of transactions.

我想說的是，我們對太多不同類型的交易相對持開放態度。

It does, there does need to be a certain level of scale for it to really move the needle for us.

確實如此，確實需要達到一定的規模才能真正為我們帶來推動。

And so we're open to larger deals, but sometimes we see interesting opportunities or interesting valuations on the smaller end of the scale which over time can eventually grow into something that's much more meaningful.

因此，我們對更大的交易持開放態度，但有時我們會在規模較小的一端看到有趣的機會或有趣的估值，隨著時間的推移，這些機會或估值最終會發展成更有意義的東西。

So, I I don't think we think of it as well hunting versus you know, and, and ignoring some of the smaller opportunities.

所以，我認為我們並沒有像你知道的那樣考慮狩獵，並且忽略一些較小的機會。

It's really that we find a combination of valuation, operational excellence and operating in a jurisdiction that we want to be in.

事實上，我們找到了估值、卓越營運以及在我們想要進入的司法管轄區運作的結合。

I think the last comment, I'll have to that question to your question, Lucas is, although we, we did recently complete a trans transaction this past summer, the only thing that precludes us from closing another deal is finding the right opportunity.

我想最後的評論，我必須對你的問題提出這個問題，盧卡斯是，儘管我們，我們最近在去年夏天完成了一筆跨交易，但唯一阻止我們完成另一筆交易的是找到合適的機會。

So we're very open to M&A we're actively exploring opportunities to help supplement our large organic growth pipeline.

因此，我們對併購非常開放，我們正在積極探索機會來幫助補充我們龐大的有機成長管道。

Thank you, Jason and Jason a quick follow up on this theme.

謝謝傑森和傑森對這個主題的快速跟進。

First, do you find yourself competing with hyper scalers A I HPC leaning organizations or, or not?

首先，您是否發現自己正在與超大規模 AI HPC 學習型組織競爭？

And secondly, when you screen for acquisition, does A I HPC factor in or are you really more focused on the BT C side.

其次，當你篩選收購時，A I HPC 因素會考慮在內還是你真的更關注 BT C 方面。

Thank you.

謝謝。

I I'll tell you like that Lucas.

我會這樣告訴你盧卡斯。

So there is a competition with A IH BC companies on some assets.

所以在某些資產上與A IH BC公司有競爭。

But our advantage is the universe of assets that work for Bitcoin mining is much larger than that of assets that work for A IH BC.

但我們的優勢是，適用於比特幣挖礦的資產範圍比適用於 A IH BC 的資產範圍要大得多。

So really talking about the location and quality of different sites, some areas may be very, very remote and very difficult to build.

因此，當真正談論不同地點的位置和品質時，有些地區可能非常非常偏遠並且非常難以建造。

Maybe it takes more time to build HPC.

也許建立 HPC 需要更多時間。

Bitcoin mining can work a lot quicker.

比特幣挖礦可以更快進行。

You know, there are cases where people are building a Bitcoin mining facilities in very remote locations and using just cell phone internet.

你知道，在某些情況下，人們在非常偏遠的地方建造比特幣採礦設施，並且僅使用手機網路。

In order to add internet to those, obviously, that's not going to work for an A IH BC data center.

顯然，為了在其中添加互聯網，這對於 A IH BC 資料中心來說是行不通的。

So the fact that this universe of assets that work for Bitco, I know the assets that work for A IH BC companies.

事實上，對於 Bitco 有用的資產領域，我知道對 IH BC 公司有用的資產。

We, we have an advantage over them in securing additional power capacity.

我們，我們在確保額外的電力容量方面比他們有優勢。

I I would not say we're necessarily looking at A I HPC companies specifically, but when we're looking at power assets, we are thinking about the optionality that gives us and if they are potentially assets that we could strike a good deal with, with an A I operator, the key point is we're, we're trying to get access to power.

我不會說我們一定要專門關注 A I HPC 公司，但當我們考慮電力資產時，我們會考慮為我們提供的選擇權，以及它們是否是我們可以達成良好交易的潛在資產，作為人工智慧操作員，關鍵點是我們正在努力獲得權力。

Jason.

傑森.

Jason, thanks again for the color and all the best of luck.

傑森，再次感謝你的顏色，祝你好運。

Thank you.

謝謝。

Reggie Smith, JP Morgan.

雷吉史密斯，摩根大通。

Hey guys, thanks for taking the question.

嘿夥計們，感謝您提出問題。

Most of mine have been hit.

我的大部分都被擊中了。

I was just curious, just one of your larger competitors recently, you know, made comments about kind of pausing Greenfield development and you know, using proceeds to buy Bitcoin directly and it kind of cited hash price and things like that.

我只是很好奇，你知道，最近你的一個較大的競爭對手發表了關於暫停綠地開發的評論，你知道，用收益直接購買比特幣，它引用了哈希價格之類的東西。

Obviously, that company has a different asset base and, and land base than you guys.

顯然，該公司擁有與你們不同的資產基礎和土地基礎。

But I was just curious how you think about the decision to buy Bitcoin to build sites and things like that within the context of hash price and whether that, you know, kind of weighs into your, your capital allocation decisions.

但我只是好奇你如何看待在哈希價格的背景下購買比特幣來建立網站和類似事情的決定，以及你知道這是否會影響你的資本分配決策。

Yeah, thanks Reggie.

是的，謝謝雷吉。

So, you know, first and foremost, as, as part of this vertically and great strategy, we prioritize building a portfolio in a pipeline of assets that we can act on and how and when we monetize those is really up to our discretion.

所以，你知道，首先也是最重要的是，作為這個垂直和偉大策略的一部分，我們優先考慮在我們可以採取行動的資產管道中建立一個投資組合，以及如何以及何時將這些資產貨幣化實際上取決於我們的自由裁量權。

Of course, of recent years, the the the priority and the opportunity has been to build out those assets for Bitcoin mining.

當然，近年來，優先事項和機會是為比特幣挖礦建立這些資產。

We think by what we've demonstrated as a low cost producer that with, with our, one of our in one of the industry's lowest cost of power $0.031 per kilowatt hour for the third quarter of 2024 here that our best method of accumulating Bitcoin is to leverage that power efficiency over a wide scale and effectively by being able to procure Bitcoin at a discount to the market price.

我們認為，根據我們作為低成本生產商所展示的情況，我們的電力成本是業內最低的之一，到 2024 年第三季度每千瓦時 0.031 美元，我們積累比特幣的最佳方法是通過能夠以低於市場價格的折扣購買比特幣，能夠大規模、有效地利用這種電力效率。

Our, our cost to mine for the quarter including our power and on the ground operation expenses was $35,376 per Bitcoin.

我們本季的挖礦成本（包括電力和地面營運費用）為每個比特幣 35,376 美元。

That's considerably less than what the market price of Bitcoin was during the period.

這遠低於該時期比特幣的市場價格。

So we think by being a low cost producer with this industry leading power strategy, that is the best way for us to get exposure to Bitcoin.

因此，我們認為，成為具有行業領先實力策略的低成本生產商，這是我們接觸比特幣的最佳方式。

Of course, we're a Bitcoin company.

當然，我們是一家比特幣公司。

So anyone buying Bitcoin, any institution is exciting to us.

因此，任何購買比特幣的人、任何機構都令我們感到興奮。

Everyone has a different take of how they prioritize their capital.

每個人對於如何優先考慮資本都有不同的看法。

We're using the low cost of power and putting that to work, showing the benefits of Bitcoin mining.

我們正在利用低成本的電力並將其投入使用，以展示比特幣挖礦的好處。

If I can ask a quick follow up on that, I totally appreciate the low cost of mining.

如果我能要求快速跟進，我完全欣賞採礦的低成本。

One of the things that we've been kind of talking about is not just the cost of mine, but the kind of time it takes to mine, the amount of coins.

我們一直在談論的事情之一不僅僅是我的成本，還有開採所需的時間，即硬幣的數量。

Can you talk a little bit about maybe how that or how you consider or think about the time because you know, you could buy a Bitcoin today or you could mine Bitcoin, there's some time differential there.

您能否談談您是如何考慮或考慮時間的，因為您知道，您今天可以購買比特幣，也可以開採比特幣，那裡存在一些時間差異。

How does, how does that play into your calculus if at all?

如果有的話，它如何影響你的微積分？

Well, I think what Bitcoin mining affords is really a mechanism for averaging in the Bitcoin over a period of time.

嗯，我認為比特幣挖礦提供的實際上是一種在一段時間內對比特幣進行平均的機制。

You know, the price of Bitcoin went down, presumably in most cases when it goes down for a prolonged period of time, network difficulty responds as the higher cost producers fall off.

你知道，比特幣的價格下跌了，想必在大多數情況下，當它下跌很長一段時間時，網路困難就會隨著成本較高的生產者的退出而出現。

And then you're, you're mining Bitcoin at a lower price.

然後你就以較低的價格開採比特幣。

This is a dynamically.

這是動態的。

So if you compare 2021 to go into the fair market 2022 and 2023 when cost of mine fluctuated around changes in difficulty.

因此，如果您將 2021 年與 2022 年和 2023 年進入公平市場進行比較，當時礦場成本隨著難度變化而波動。

So II, I think with Bitcoin mining, what you're doing is you're positioning yourself to average in over time instead of picking one price and saying, okay, I'm, I'm instead of the CapEx that I would load out into building out a facility or new operation, I'm going to load into Bitcoin at this price and you're instead kind of smoothing out and be risking what that exposure would be.

因此，我認為，對於比特幣挖礦，你所做的就是將自己定位為隨著時間的推移進行平均，而不是選擇一個價格並說，好吧，我是，我是，而不是我要加載的資本支出在建造設施或新業務時，我將以這個價格買入比特幣，而你則需要進行平滑處理並冒風險。

It also allows us to be there when the Bitcoin price appreciates when the economics and Bitcoin mining set up and unpredictably explode.

當比特幣價格上漲、經濟和比特幣挖礦建立並不可預測地爆發時，它也讓我們能夠及時介入。

And then we're there already in place operation.

然後我們就已經到位操作了。

No lag in deploying new hash rate in order to capture that opportunity.

為了抓住這個機會，部署新的哈希率不會有任何延遲。

So I think the short answer to your question, Reggie, is it kind of comes down to your time?

所以我認為對你的問題的簡短回答，雷吉，這是否取決於你的時間？

Do you want to average in over time or do you want to take a swing right now, we think with our cost efficiencies it makes the most sense and is, you know, perhaps less risky to average in over time.

你想隨著時間的推移進行平均，還是想立即採取行動，我們認為，從我們的成本效率來看，這是最有意義的，而且，你知道，隨著時間的推移，平均的風險可能更小。

No, that actually makes a lot of sense if I, if I could sneak one more in and I know you guys have talked about H BC, at Nauseam tonight.

不，這實際上很有意義，如果我，如果我能再偷偷地進來一次，而且我知道你們今晚在 Nauseam 談論過 H BC。

But I was curious, you know, I look at your, your two sites and then being located so close to Dallas and Austin, I, I was just curious whether or not that has come up as, as like a an asset or a key feature of your, your sites and discussing obviously the scale of as well.

但我很好奇，你知道，我查看了你們的兩個地點，然後距離達拉斯和奧斯汀如此之近，我，我只是好奇這是否已經像資產或鑰匙一樣出現你的網站的特色，並明顯討論其規模。

But like in discussing HPC with, with the potential partners are not just curious because it seems like you guys have really good location, but maybe I'm overestimating that.

但就像與潛在合作夥伴討論 HPC 一樣，他們不僅僅是好奇，因為你們似乎擁有非常好的位置，但也許我高估了這一點。

So I don't know if, if you've heard that echoed as well in your discussions.

所以我不知道你是否在你們的討論中也聽過這一點。

Thanks.

謝謝。

Yeah, that, that is a good good question, Reggie.

是的，這是一個很好的問題，雷吉。

Those locations near the metro Major Metropolitan is an advantage.

靠近大都會地鐵的位置是一個優勢。

First off getting people, it takes an army of people to operate these large sites, whether it's Bitcoin mining or if it's A I HPC data centers.

首先，需要大量人員來營運這些大型站點，無論是比特幣挖礦還是人工智慧 HPC 資料中心。

So you want high quality people there.

所以你需要那裡有高素質的人才。

And if you're near a bigger cities like Dallas or Austin, they're more nearby, you know, particularly you look at rock to a facility and there's a tremendous amount of development in that area, particularly with the Samsung Foundry that is being built there, there's a lot more talent that's coming in around there.

如果你靠近達拉斯或奧斯汀這樣的大城市，他們就更近了，你知道，特別是你看看岩石設施，該地區有巨大的開發，特別是正在建設中的三星代工廠。就會有更多的人才湧入。

Also, as a result of being near these large metropolitans, there's multiple fiber internet options.

此外，由於靠近這些大都市，因此有多種光纖網路選擇。

So that makes that's an attractive quality to potential A I HPC data centers as well.

因此，這對於潛在的 AI HPC 資料中心來說也是一個有吸引力的品質。

We've also near some of those locations that already exist large tech tech companies and that just is furthermore value to a potential counterparties that we want to build around there.

我們也靠近一些已經存在大型科技公司的地點，這對於我們希望在那裡建立的潛在交易對手來說具有更大的價值。

So major metropolitans have been seem to be an attractive quality.

所以大城市已經顯得具有吸引力了。

Got it figured figure as much.

明白了這麼多。

Okay, thank you.

好的，謝謝。

That concludes today's question and answer session.

今天的問答環節到此結束。

I'd like to turn the call back to Phil McPherson for closing remarks.

我想將電話轉回給菲爾·麥克弗森，讓其致閉幕詞。

Thank you operator.

謝謝運營商。

We'd like to thank everybody for joining the Riot platforms on their third quarter. 24 operate our earnings call.

我們要感謝大家在第三季加入 Riot 平台。 24 日召開我們的財報電話會議。

We look forward to updating you on future developments and we're always available for your questions.

我們期待向您通報未來的最新進展，並隨時解答您的問題。

We'll see you early next year for the year end.

我們將於明年初年底見。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。