Riot Platforms Inc (RIOT) 2025 Q2 法說會逐字稿

Good day. Thank you for standing by. Welcome to Riot Platforms' second-quarter 2025 earnings conference call.

再會。感謝您的支持。歡迎參加 Riot Platforms 2025 年第二季財報電話會議。

(Operator Instructions) Please also be advised that today's call is being recorded.

（操作員指示）也請注意，今天的通話正在被錄音。

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

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

Thank you, operator. Good afternoon. Welcome to Riot Platforms second-quarter earnings conference call.

謝謝您，接線生。午安.歡迎參加 Riot Platforms 第二季財報電話會議。

My name is Phil McPherson, Vice President, Capital Markets and Investor Relations. Joining me on today's call from Riot are Jason Les, CEO; Benjamin Yi, Executive Chairman; Colin Yee, CFO; and Jason Chung, Executive Vice President and Head of Corporate Development and Strategy.

我叫 Phil McPherson，是資本市場與投資人關係副總裁。今天參加 Riot 電話會議的還有執行長 Jason Les、執行董事長 Benjamin Yi、財務長 Colin Yee 和執行副總裁兼企業發展與策略主管 Jason Chung。

On the Riot Investor Relations website, you can find our second -quarter earnings press release and an accompanying 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，您可以找到我們的第二季財報新聞稿和隨附的收益報告，旨在補充今天的準備好的發言，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 second-quarter performance.

所提供的非 GAAP 財務指標不應被視為替代或優於按照 GAAP 編制的財務業績指標，而是作為額外的澄清項目，以幫助投資者進一步了解公司第二季度的業績。

During today's call, we will be making forward-looking statements regarding potential future events. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties.

在今天的電話會議中，我們將對未來可能發生的事件做出前瞻性陳述。這些聲明是基於管理層目前的預期和假設，並受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 three months ended June 30, 2025, which will be filed later today, as well as other filings with the Securities and Exchange Commission.

由於今天的收益新聞稿、今天的電話會議上發表的評論和回應以及我們的 10-K 表和 10-Q 表的風險因素部分（包括截至 2025 年 6 月 30 日的三個月的數據，將於今天晚些時候提交）以及向美國證券交易委員會提交的其他文件中討論的因素，實際結果可能會有重大差異。

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

說完這些，我會把電話轉給 Riot Platforms 執行長 Jason Les。

Thank you, Phil. Good afternoon, everyone. I'm excited to walk through the results of another strong quarter for Riot.

謝謝你，菲爾。大家下午好。我很高興地宣布 Riot 又一個強勁季度的業績。

But before we dive into second-quarter earnings, I'd like to share Riot's strategic roadmap and provide some additional context to the development of our data center business and how we view all of our operations working together in a complementary manner.

但在深入探討第二季度收益之前，我想分享 Riot 的戰略路線圖，並提供一些有關我們數據中心業務發展的額外背景信息，以及我們如何看待所有業務以互補的方式協同工作。

We are incredibly proud of the position that our company, Riot Platforms, is in today. Over the last seven years, we have scaled incredibly, both in terms of our size and our capabilities, representing the culmination of years of hard work, long-term planning, and coordination, all with a view to taking ownership of our future and placing our destiny in our own hands.

我們為 Riot Platforms 公司今天所處的地位感到無比自豪。在過去的七年裡，我們的規模和能力都得到了令人難以置信的擴大，這是我們多年努力工作、長期規劃和協調的結果，所有這些都是為了掌握我們的未來，把我們的命運掌握在自己手中。

We have grown and evolved as a company, driven by our ability to develop world-class capabilities, including land and power procurement; Bitcoin mining at a globally significant scale; power management and trading at scale; engineering, manufacturing, and servicing critical electrical infrastructure; and significant access to global capital markets.

我們作為一家公司不斷發展壯大，這得益於我們開發世界一流能力的能力，包括土地和電力採購；全球規模的比特幣挖礦；大規模電力管理和交易；關鍵電力基礎設施的設計、製造和服務；以及進入全球資本市場的重大管道。

Recently, we have added a new world-class capability. With the hiring of Jonathan Gibbs, Riot's Chief Data Center Officer, and other highly -capable professionals from the traditional data center industry, we find ourselves at the beginning of another exciting chapter in Riot's story.

最近，我們又增加了一項新的世界級能力。隨著 Riot 首席資料中心長 Jonathan Gibbs 以及其他來自傳統資料中心行業的高素質專業人士的聘用，我們發現自己正處於 Riot 故事的另一個激動人心的篇章的開始。

With this new capability, we are about to undergo the next step of our evolution as a company. With the ability to build and develop high-performance compute data centers, we will transform Riot by establishing a robust and scalable data center segment.

憑藉這項新能力，我們公司即將邁入發展的下一步。憑藉建構和開發高效能運算資料中心的能力，我們將透過建立強大且可擴展的資料中心部分來改造 Riot。

Successful execution in this regard is Riot's top priority. And we recognize the importance of clearly articulating our approach to investors and stakeholders.

成功執行這項任務是 Riot 的首要任務。我們認識到向投資者和利害關係人清楚地闡明我們的方法的重要性。

To be clear, we are not pursuing a so-called pivot into AI HPC initiatives with a view of doing a "deal". Rather, we have added a new data center development capability, which we will apply to as much of our power portfolio as possible and which will transform our company in the years to come. This mindset informs all of our decisions, enabling us to capitalize on this exciting opportunity with discipline and foresight.

需要明確的是，我們並不是為了達成「交易」而追求所謂的 AI HPC 計畫。相反，我們增加了新的資料中心開發能力，我們將把它應用到盡可能多的電力組合中，並將在未來幾年改變我們的公司。這種思維方式引導著我們的所有決定，使我們能夠以紀律和遠見利用這一激動人心的機會。

If I had to summarize our strategy into a simple elevator pitch, the pitch would be that Riot is in the business of monetizing megawatts, with a view to utilizing as much of our power portfolio as possible and maximizing the value of our megawatts over the long term.

如果我必須將我們的策略總結成一個簡單的電梯演講，那麼演講內容就是 Riot 從事的是將兆瓦貨幣化的業務，目的是盡可能多地利用我們的電力組合，並在長期內最大化我們的兆瓦的價值。

We will maximize the value of our operational assets, specifically optimizing our megawatts to use all available power. We have a great advantage with a portfolio of ready-for-service power, anchored by our operational flagship sites at Rockdale and Corsicana.

我們將最大限度地提高我們的營運資產的價值，特別是優化我們的兆瓦以利用所有可用的電力。我們擁有巨大的優勢，擁有一系列隨時可用的電力，並以位於羅克代爾和科西卡納的旗艦運營站點為支撐。

These assets are not conceptual. They are active today, thanks to prior investments in Bitcoin mining infrastructure. This enables more certain execution on our data center development initiatives compared to a standalone traditional developer.

這些資產不是概念性的。由於先前對比特幣挖礦基礎設施的投資，他們如今非常活躍。與獨立的傳統開發商相比，這使得我們的資料中心開發計劃能夠更確定地執行。

Our Bitcoin mining capabilities have proven integral to this strategy, as they underpin our ready-for-service power portfolio. By utilizing our mining capabilities, we have put ourselves in the fortunate position we find ourselves in today.

我們的比特幣挖礦能力已被證明是這項策略不可或缺的一部分，因為它們支撐著我們隨時可用的電力組合。透過利用我們的採礦能力，我們處於今天的幸運地位。

We can secure new power sites by playing to our strengths: profitably managing risk and simultaneously creating a sustainable cycle of growth.

我們可以發揮我們的優勢來確保新的發電場址：有利地管理風險並同時創造可持續的成長週期。

Given the attractive economics and higher valuation multiples associated with data center leases to high-quality tenants, converting as much of our power portfolio to data centers remains our preferred end use for those assets.

鑑於向優質租戶租賃資料中心具有誘人的經濟效益和更高的估值倍數，將盡可能多的電力組合轉換為資料中心仍然是我們對這些資產的首選最終用途。

The pace of transition from Bitcoin mining to data centers will be influenced by customer demand trends, the availability of financing, and the general data center market. Our current efforts are laying a strong foundation for a pipeline of future transactions.

從比特幣挖礦到資料中心的轉變速度將受到客戶需求趨勢、融資可用性和一般資料中心市場的影響。我們目前的努力正在為未來的交易奠定堅實的基礎。

We have many advantages that have put us in an incredible position because we offer a unique combination of significant scale of readily available power in high-demand jurisdictions; a strong balance sheet underpinned by holding more than 19,000 Bitcoin and $330 million in cash and with significant access to the capital markets; experienced hyperscale data center leadership and development capability; scaled efficient Bitcoin mining revenues, generating hundreds of millions of dollars in revenues and cash flows annually; and battle-hardened and experienced management and operations teams.

我們擁有許多優勢，這些優勢使我們處於令人難以置信的地位，因為我們提供了獨特的組合：在高需求管轄區擁有大量隨時可用的電力；強大的資產負債表，持有超過 19,000 個比特幣和 3.3 億美元現金，並具有進入資本市場的強大渠道；經驗豐富的超大規模數據中心領導和開發能力；

With this framework, our mission is clear: Riot will maximize value across our entire power portfolio with a view to ensuring no stranded capacity; aggressively shift power capacity towards data centers; strategically expand our power assets, utilizing Bitcoin mining where advantageous; and increase our shareholders' exposure to value-accreting assets.

在這個框架下，我們的使命很明確：Riot 將在我們的整個電力組合中實現價值最大化，以確保沒有閒置產能；積極將電力容量轉移到數據中心；戰略性地擴大我們的電力資產，在有利的情況下利用比特幣挖礦；並增加股東對增值資產的敞口。

We are strategically positioned at the convergence of surging compute demand and Bitcoin growth, offering compelling potential for shareholder value creation.

我們的策略定位是激增的運算需求和比特幣成長的融合，為股東價值創造提供了巨大的潛力。

Now, turning to the second quarter. We continue to aggressively pursue further development of our data center business build-out and achieved a key milestone in our development plan. More specifically, we announced the hiring of Jonathan Gibbs as our Chief Data Center Officer.

現在，轉向第二季。我們繼續積極推動資料中心業務的進一步發展，並在我們的發展計劃中取得了一個重要的里程碑。更具體地說，我們宣布聘請喬納森·吉布斯 (Jonathan Gibbs) 擔任我們的首席資料中心長。

As we search for the right person to take leadership of this primary initiative for Riot, Jonathan's name repeatedly came strongly recommended to us by a number of different industry parties. The market for data center talent is incredibly competitive and professionals with Jonathan's level of expertise are in very high demand.

當我們尋找合適的人選來領導 Riot 的這一主要計劃時，喬納森的名字多次被業內各方強烈推薦。資料中心人才市場競爭異常激烈，對擁有喬納森這種專業水準的專業人士的需求量很大。

Jonathan's decision to join Riot and lead our data center platform is a testament to the unique opportunity set available to Riot and our ability to succeed. We are incredibly excited to have someone of Jonathan's caliber on board to drive our efforts.

喬納森決定加入 Riot 並領導我們的資料中心平台，證明了 Riot 擁有獨特的機遇，也證明了我們成功的能力。我們非常高興能有喬納森這樣有能力的人來推動我們的努力。

During the second quarter, we also continued to acquire additional land around our Corsicana site and now have a total footprint of 858 acres. Adding additional land ensures that we can fully utilize the large-scale access to power that we have on site, without leaving any power stranded; and therefore, maximize the value for Riot, at which we believe is the premier data center development opportunity in the country.

在第二季度，我們也繼續在科西卡納工廠周圍收購更多土地，目前總佔地面積為 858 英畝。增加額外的土地可以確保我們能夠充分利用現場的大規模電力接入，而不會造成任何電力閒置；從而最大限度地提高 Riot 的價值，我們相信這是該國首屈一指的數據中心開發機會。

We continue to see strong demand in the market. And we remain engaged in ongoing discussions with interested parties. With that said, in the second quarter, we also continued to make strong progress in our Bitcoin mining business, where we have made significant operational efficiency improvements that now place us among the most efficient operators in the industry, while also focusing on lower cost and maintaining a disciplined approach to capital allocation.

我們繼續看到市場強勁的需求。我們仍在與相關方進行持續討論。話雖如此，在第二季度，我們的比特幣挖礦業務也繼續取得了強勁進展，我們的營運效率得到了顯著提高，現在我們已成為業內最高效的運營商之一，同時我們還專注於降低成本並保持嚴謹的資本配置方式。

Riot has also maintained our strong balance sheet, a longstanding key pillar of our business, ending the second quarter with over 19,000 Bitcoin and $330 million in cash on our balance sheet, representing $2.4 billion in liquidity today.

Riot 也保持了強勁的資產負債表，這是我們業務長期以來的關鍵支柱，截至第二季末，我們的資產負債表上有超過 19,000 個比特幣和 3.3 億美元現金，相當於今天的流動資金 24 億美元。

We continue to sell our monthly Bitcoin production in order to finance our ongoing operations, while raising additional funds via a $200 million Bitcoin-collateralized financing facility with Coinbase, allowing us to reduce issuance of stock through our ATM and fund our multiple growth opportunities, driving long-term shareholder value creation.

我們繼續出售每月生產的比特幣，為我們正在進行的營運提供資金，同時透過與 Coinbase 合作的 2 億美元比特幣抵押融資工具籌集額外資金，這使我們能夠減少透過 ATM 發行股票並為我們的多種增長機會提供資金，推動長期股東價值創造。

I am proud of what we have been able to achieve in the second quarter. These results and the financial and operational strength of the company will allow us to continue aggressively growing our data center business in a way that will maximize long-term value for our shareholders.

我為我們在第二季所取得的成就感到自豪。這些業績以及公司的財務和營運實力將使我們能夠繼續積極發展我們的資料中心業務，從而最大限度地為股東實現長期價值。

I look forward to continuing to report on our progress throughout the rest of the year and beyond.

我期待在今年剩餘時間及以後繼續報告我們的進展。

With that, I would now like to turn the call over to Colin Yee, CFO of Riot Platforms, to present our second quarter financial update.

現在，我想將電話轉給 Riot Platforms 的財務長 Colin Yee，來介紹我們的第二季財務更新。

Thank you, Jason.

謝謝你，傑森。

I am pleased to present Riot's financial results for the second quarter of 2025. For ease of reference, we have highlighted key metrics on slide 8, which presents a snapshot of key financial and operating metrics for the second quarter.

我很高興地宣布 Riot 2025 年第二季的財務表現。為了方便參考，我們在第 8 張投影片上重點介紹了關鍵指標，該投影片展示了第二季關鍵財務和營運指標的快照。

During the second quarter, Riot increased its self-mining hash rate from 33.7 EH/s to 35.4 EH/s, representing a 5% increase over the course of the quarter, while global hash rate rose by 9% in the same period.

第二季度，Riot 將自挖哈希率從 33.7 EH/s 提高到 35.4 EH/s，本季成長了 5%，而同期全球哈希率上漲了 9%。

Riot produced 1,426 Bitcoin in the second quarter, a slight decrease as compared to the 1,530 Bitcoin produced in the prior quarter, driven by the global network hash rate growing at a greater pace than Riot's deployed hash rate, given our shift in strategic focus to developing our data center business.

Riot 在第二季度生產了 1,426 個比特幣，與上一季生產的 1,530 個比特幣相比略有下降，這是由於全球網路哈希率的增長速度高於 Riot 部署的哈希率，因為我們將戰略重點轉向發展資料中心業務。

Year to date for 2025, we have increased Bitcoin holdings per million fully diluted shares from 44.3 to [45.9], representing a Bitcoin yield of 3.7% through the period ended June 30, 2025.

截至 2025 年，我們已將每百萬股完全稀釋股票的比特幣持有量從 44.3 增加到 [45.9]，這意味著截至 2025 年 6 月 30 日的比特幣收益率為 3.7%。

For the second quarter, Riot reported total revenue of $153 million as compared to $161.4 million for the previous quarter, a 5% decrease quarter over quarter, primarily driven by lower Bitcoin production due to global hash rate increasing at a faster rate than our self-mining hash rate.

Riot 報告第二季總營收為 1.53 億美元，而上一季為 1.614 億美元，季減 5%，主要原因是全球哈希率成長速度快於我們自挖哈希率，導致比特幣產量下降。

Gross profit for the second quarter was $70.3 million as compared to gross profit of $73.6 million for the prior quarter. Gross margin in the second quarter equaled 46%, flat with the prior quarter.

第二季毛利為 7,030 萬美元，而上一季毛利為 7,360 萬美元。第二季毛利率為46%，與上一季持平。

Net income for the second quarter was $219.5 million or $0.65 per share compared to a net loss of $296.4 million or $0.90 per share for the prior quarter. This net income was primarily driven by mark-to-market adjustments due to the quarter-end appreciation in Bitcoin price and marketable securities totaling $477 million.

第二季淨收入為 2.195 億美元，即每股 0.65 美元，而上一季淨虧損為 2.964 億美元，即每股 0.90 美元。這筆淨收入主要受到季度末比特幣價格和有價證券升值導致的按市價調整的推動，總額達到 4.77 億美元。

As a reference, the Bitcoin price at the end of the first quarter was $82,534, while the price at the end of the second quarter was $107,174, resulting in mark-to-market upward adjustment of $470.8 million for the quarter.

作為參考，第一季末的比特幣價格為 82,534 美元，而第二季末的價格為 107,174 美元，導致本季的市價上調了 4.708 億美元。

Net income for the quarter also included a $158.1 million loss on contract settlement as part of the Rhodium acquisition, depreciation and amortization expense of $83.2 million, non-cash stock-based compensation expense of $30.1 million. and was positively impacted by the release of $26 million in restricted cash associated with the post-closing dispute settlement with Northern Data.

本季淨收入還包括作為 Rhodium 收購一部分的 1.581 億美元合約結算損失、8,320 萬美元的折舊和攤銷費用、3,010 萬美元的非現金股票薪酬費用。同時，與 Northern Data 達成的糾紛解決後，釋放 2,600 萬美元限制性現金也對淨收入產生了正面影響。

Non-GAAP adjusted EBITDA for the second quarter was $495.3 million as compared to non-GAAP adjusted EBITDA loss of $176.3 million for the prior quarter, which included $470.8 million in unrealized gain on Bitcoin held.

第二季非公認會計準則調整後 EBITDA 為 4.953 億美元，而上一季非公認會計準則調整後 EBITDA 虧損為 1.763 億美元，其中包括持有比特幣的 4.708 億美元未實現收益。

Cash SG&A for the quarter was $45.8 million, including one-time litigation expenses of $14.3 million and advisory fees of $2 million. Excluding these one-time expenses, Riot's cash SG&A expenses equaled $29.5 million at the low end of our prior guidance of a run rate of $30 million to $33 million per quarter for 2025.

本季現金銷售、一般及行政費用為 4,580 萬美元，其中包括 1,430 萬美元的一次性訴訟費用和 200 萬美元的諮詢費。除去這些一次性費用，Riot 的現金銷售、一般及行政費用 (SG&A) 為 2,950 萬美元，處於我們先前預測的 2025 年每季 3,000 萬至 3,300 萬美元的低端。

For the second quarter, Bitcoin mining revenue totaled $140.9 million, in line with the prior quarter Bitcoin mining revenue of $142.9 million. Bitcoin mining gross margin for the quarter was 50%, an increase from 48% in the prior quarter. This margin expansion was driven by higher Bitcoin price.

第二季度，比特幣挖礦收入總計 1.409 億美元，與上一季的 1.429 億美元比特幣挖礦收入持平。本季比特幣挖礦毛利率為 50%，高於上一季的 48%。利潤率的擴大是由比特幣價格上漲所推動的。

Most notably, Riot's year-over-year hash rate utilization increased from 61% to 87%, demonstrating our strategic focus on improving operations across all of our sites, even as we significantly scaled our operations and now positioning us among the most efficient operators in the industry.

最值得注意的是，Riot 的哈希率利用率同比從 61% 增長至 87%，這表明我們的戰略重點是改善所有站點的運營，儘管我們大幅擴大了運營規模，現在已使我們成為業內最高效的運營商之一。

Direct cost to mine, excluding depreciation, in the second quarter totaled $48,992 per Bitcoin; of which, power costs amounted to $37,767 per Bitcoin or 77% of total direct cost per Bitcoin.

第二季度，挖礦直接成本（不包括折舊）為每比特幣 48,992 美元；其中，電力成本為每比特幣 37,767 美元，佔每比特幣直接成本的 77%。

Direct non-power costs, which include direct labor, miner insurance, miner and miner-related equipment repairs, land lease, property taxes, network costs, and other utility expenses totaled $11,225 or 23% per Bitcoin mined, increasing quarter over quarter when direct non-power costs accounted for 18% of total costs. This increase was almost entirely attributed to the one-year anniversary of the completion of Phase 1 construction at Corsicana and the resulting property tax bill assessment, which totaled $3.8 million for the quarter, adding an additional $2,650 per Bitcoin in direct non-power costs.

直接非電力成本包括直接人工、礦工保險、礦工和礦工相關設備維修、土地租賃、財產稅、網路成本和其他公用事業費用，總計每開採一個比特幣 11,225 美元或 23%，與上一季相比有所增長，而直接非電力成本佔總成本的 18%。這一增長幾乎完全歸因於科西卡納第一階段建設竣工一周年以及由此產生的財產稅賬單評估，本季度總額為 380 萬美元，每比特幣直接非電力成本額外增加了 2,650 美元。

We anticipate this cost will remain constant at $1.7 million per quarter going forward in our direct non-power costs. Despite this increase in our direct cost to mine, gross profit per Bitcoin mined for the quarter remained in line with the prior quarter, given the higher average price per Bitcoin seen in the second quarter.

我們預計，未來直接非電力成本將維持在每季 170 萬美元的水平。儘管我們的直接挖礦成本有所增加，但由於第二季比特幣的平均價格較高，本季每枚比特幣的毛利與上一季持平。

I would now like to turn the call over to Jason Chung, EVP of Corporate Development and Strategy.

現在我想將電話轉給企業發展和策略執行副總裁 Jason Chung。

Thank you, Colin.

謝謝你，科林。

As we continue to develop our data center business, we believe that providing greater clarity on our Bitcoin mining business on a standalone basis is important information for the market. On page 11 of our second-quarter earnings presentation, we have outlined the underlying run rate profitability of our Bitcoin mining business for the second quarter of 2025.

隨著我們繼續發展資料中心業務，我們相信，更清晰地說明我們的比特幣挖礦業務對於市場來說是重要的資訊。在我們第二季財報的第 11 頁，我們概述了 2025 年第二季比特幣挖礦業務的基本運作獲利能力。

The column outlined in the middle of the slide provides a step-by-step walk-through of key profitability drivers for our Bitcoin mining business, ultimately culminating in run rate EBITDA for the quarter. Top-line revenue drivers include the average global network hash rate, Riot's average operating hash rate, average network hash price, and our total Bitcoin production for the quarter, which, when taken together, result in a reported second-quarter Bitcoin mining revenue of $140.9 million.

幻燈片中間概述的欄位逐步介紹了我們比特幣挖礦業務的關鍵獲利驅動因素，最終得出了本季的運行率 EBITDA。主要收入驅動因素包括全球平均網路哈希率、Riot 的平均運行哈希率、平均網路哈希價格以及本季的比特幣總產量，這些因素加在一起，導致第二季度比特幣挖礦收入達到 1.409 億美元。

As highlighted on the prior slide, total direct cost per Bitcoin for the second quarter was $48,992. And when applied to the 1,426 Bitcoin we produced during the quarter, equates to our reported Bitcoin mining gross profit of $71 million or 50% on a gross profit margin basis.

正如上一張投影片所強調的，第二季每比特幣的直接總成本為 48,992 美元。而當我們將該季度生產的 1,426 比特幣應用於此時，相當於我們報告的比特幣挖礦毛利為 7,100 萬美元，或以毛利率計算為 50%。

In order to determine run rate cash SG&A for the quarter, we exclude, from total SG&A, the impact of non-cash charges, which are primarily comprised of stock-based compensation; cash SG&A related to our engineering business; and nonrecurring expenses, which are primarily litigation- and advisory-related.

為了確定本季的銷售、一般及行政費用現金運作率，我們從銷售、一般及行政費用總額中排除了非現金費用的影響，這些非現金費用主要包括股票薪酬；與我們的工程業務相關的現金銷售、一般及行政費用；以及主要與訴訟和諮詢相關的非經常性費用。

Run rate EBITDA for our Bitcoin mining business for the second quarter equaled $45.6 million, representing a 32% margin. These results are based on the average network hash price for the second quarter of $51 per petahash per day, while hash price today is currently closer to $60 per petahash per day. Our Bitcoin mining business demonstrates strong leverage to changes in hash price.

我們第二季比特幣挖礦業務的運作率 EBITDA 為 4,560 萬美元，利潤率為 32%。這些結果基於第二季平均網路哈希價格 51 美元/千兆赫/天，而今天的哈希價格目前接近 60 美元/千兆赫/天。我們的比特幣挖礦業務對哈希價格的變化表現出強大的槓桿作用。

And as an illustration, applying current hash price of approximately $60 per petahash per day to the second-quarter results would have resulted in a 70% increase in our run rate EBITDA for the quarter.

舉例來說，如果將當前哈希價格（每天每 Petahash 約 60 美元）應用到第二季度的業績中，我們本季的運行率 EBITDA 將增加 70%。

At the same time, we continue to focus on controlling and reducing costs. Non-cash charges, which are primarily comprised of stock-based compensation, are temporarily elevated at present but will be meaningfully and dramatically reduced from mid next year onwards. And we will provide more detailed guidance on the expected reduction in stock-based compensation in the next quarter.

同時，我們繼續注重控制和降低成本。非現金費用主要包括股票薪酬，目前暫時較高，但從明年年中開始將大幅減少。我們將在下一季就預期的股票薪酬減少情況提供更詳細的指導。

As Colin previously mentioned, litigation expenses represent the bulk of our non-recurring cash expenses for the quarter, constituting $14.3 million out of the total $16.3 million. While litigation expenses can be difficult to forecast, we continue to work to reduce these expenses as well. For instance, our recent acquisition of Rhodium's assets and settlement agreement during the quarter have eliminated litigation costs associated with this dispute.

正如科林之前提到的，訴訟費用占我們本季非經常性現金支出的大部分，在總計 1,630 萬美元中佔 1,430 萬美元。雖然訴訟費用很難預測，但我們仍在繼續努力降低這些費用。例如，我們最近收購了 Rhodium 的資產，並在本季度達成了和解協議，從而消除了與此次糾紛相關的訴訟成本。

It is important to keep in mind that these results are specific to our second quarter and that historically, the third quarter has been the period during which we have typically seen the greatest reduction in direct costs and therefore, the greatest increase in profitability, as that quarter is when we have typically been able to most fully employ our power strategy.

重要的是要記住，這些結果是針對我們第二季度的，從歷史上看，第三季度通常是我們直接成本最大程度減少的時期，因此盈利能力也最大程度地提高，因為該季度通常是我們能夠最充分地運用我們的電力戰略的時期。

will now turn the call back over to Colin Yee to continue with the second-quarter financial update.

現在將把電話轉回給 Colin Yee，繼續報告第二季的財務狀況。

Thanks, Jason.

謝謝，傑森。

Before diving into the financial results of our Engineering business for the quarter, it would be helpful to discuss the underlying significant strategic benefits that this business brings to Riot. Our Engineering business provides critical long lead time items directly applicable to developing large-scale data center infrastructure.

在深入了解本季工程業務的財務表現之前，討論一下該業務為 Riot 帶來的潛在重大戰略利益將會很有幫助。我們的工程業務提供可直接應用於開發大型資料中心基礎架構的關鍵長交貨期專案。

By directly controlling this business, we can ensure timely, cost-competitive availability of critical electrical components, representing a key competitive advantage in planning for ongoing development of both our Bitcoin mining and data center businesses at a time when other developers face supply constraints.

透過直接控制這項業務，我們可以確保及時、具有成本競爭力地提供關鍵電氣元件，這在其他開發人員面臨供應限制的時候，對於規劃我們的比特幣挖礦和資料中心業務的持續發展具有關鍵的競爭優勢。

Further, through our acquisition of E4A Solutions last year, the Engineering business also brings added in-house expertise in commissioning, operating, and maintaining electrical infrastructure, allowing us to better maintain existing equipment, which reduces downtime and extending the life cycle of our equipment, which reduces additional CapEx spend.

此外，透過去年收購 E4A Solutions，工程業務還帶來了調試、操作和維護電氣基礎設施的額外內部專業知識，使我們能夠更好地維護現有設備，從而減少停機時間並延長設備的生命週期，從而減少額外的資本支出。

Direct savings to Riot on CapEx spend associated with ESS Metron since its acquisition in December 2021 already totaled $18.5 million to date. And we anticipate additional ongoing cost savings well into the future.

自 2021 年 12 月收購 ESS Metron 以來，Riot 在與 ESS Metron 相關的資本支出上直接節省的金額迄今已達 1850 萬美元。我們預計未來還會持續節省更多成本。

Now, let's dive into the financials. During the quarter, the Engineering business achieved a record in order bookings, taking our backlog to $118.7 million and setting the stage for a strong second half of 2025.

現在，讓我們深入了解財務狀況。本季度，工程業務的訂單量創下了歷史新高，積壓訂單額達到 1.187 億美元，為 2025 年下半年的強勁表現奠定了基礎。

During the quarter, Engineering revenue totaled $10.6 million, a 14% decrease relative to the prior quarter revenue of $13.9 million. Total revenue excludes $5 million of intercompany purchases made in the second quarter by Riot for CapEx.

本季度，工程收入總計 1,060 萬美元，較上一季的 1,390 萬美元下降 14%。總收入不包括 Riot 在第二季為資本支出而進行的 500 萬美元公司間收購。

With that, I would now like to turn the call back over to Jason Les.

說完這些，我現在想把電話轉回給 Jason Les。

Thank you, Colin.

謝謝你，科林。

As I discussed in my opening remarks, Riot's strategy is to maximize the value of the megawatts that we currently have readily available. With the closing of the Rhodium asset acquisition during the second quarter, we now have access to an additional 125 megawatts of power capacity at our Rockdale facility.

正如我在開場白中所討論的，Riot 的策略是最大限度地發揮我們目前可用的兆瓦的價值。隨著第二季 Rhodium 資產收購的完成，我們現在可以在 Rockdale 工廠獲得額外的 125 兆瓦電力容量。

Following careful evaluation, we determined that the optimal use for this additional capacity in the immediate term is to upgrade it to support enhanced Bitcoin mining use. As such, we have recently entered into purchase orders with MicroBT for new miners to be deployed at both Rockdale and Kentucky.

經過仔細評估，我們確定短期內此額外容量的最佳用途是對其進行升級，以支援增強的比特幣挖礦使用。因此，我們最近與 MicroBT 簽訂了採購訂單，將在 Rockdale 和 Kentucky 部署新的礦工。

In total, this order consists of 10 exahash of MicroBT's most efficient miner, the M60S++, with an efficiency rating of 15.5 joules per terahash. At current hash prices, coupled with Riot's low cost of energy, we anticipate a relatively quick payoff period on this purchase.

總體而言，該訂單包括 10 exahash 的 MicroBT 最高效的礦機 M60S++，效率等級為每太赫茲 15.5 焦耳。以目前的哈希價格，再加上 Riot 的低能源成本，我們預計此次購買的回報期相對較短。

Given the attractive economics and higher valuation multiples associated with data center leases to high-quality tenants, our long-term goal for this additional capacity is to transition it to data center use when appropriate. These capital expenditures are fully funded through year-end 2025, with Riot's current cash on hand.

鑑於向優質租戶租賃資料中心具有誘人的經濟效益和更高的估值倍數，我們對這一額外容量的長期目標是在適當的時候將其轉換為資料中心使用。這些資本支出將在 2025 年底前透過 Riot 現有的現金獲得全額資助。

As a result of this increase in 2025 CapEx, we are raising Riot's fourth-quarter 2025 hash rate forecast from 38.4 exahash to 40 exahash, representing a year-over-year hash rate growth of 26%.

由於 2025 年資本支出的增加，我們將 Riot 2025 年第四季的哈希率預測從 38.4 exahash 上調至 40 exahash，這意味著哈希率同比增長 26%。

A portion of the new miner order previously highlighted will be deployed during the first quarter of 2026. And as such, we are also providing an initial first-quarter 2026 hash rate forecast of 45 exahash. This pace of hash rate growth is anticipated to allow Riot to maintain our approximate 4% share of the global Bitcoin network into the first quarter of 2026, while we continue to focus on the development of our data center business.

先前強調的部分新礦工訂單將在 2026 年第一季部署。因此，我們也提供了 2026 年第一季 45 exahash 的初始哈希率預測。預計這種哈希率成長速度將使 Riot 在 2026 年第一季保持全球比特幣網路約 4% 的份額，同時我們將繼續專注於資料中心業務的發展。

In January 2025, Riot formally announced our pivot to utilize the available 600 megawatts of power at Corsicana for data centers that serve high-performance computing. In just seven months, Riot has accomplished the following:

2025 年 1 月，Riot 正式宣布我們將利用科西卡納的 600 兆瓦電力來建立用於高效能運算的資料中心。在短短七個月內，Riot 取得了以下成就：

One, engaged Altman Solon to perform a comprehensive evaluation of the Corsicana site.

一是聘請奧特曼·索倫對科西卡納遺址進行全面評估。

Two, expanded our Board to include key data center and infrastructure development expertise.

二是擴大董事會，吸收關鍵資料中心和基礎設施開發專家。

Three, engaged financial advisers to insist in our go-to-market strategy, financing and strategic partnership exploration.

三是聘請財務顧問堅持我們的市場策略、融資和策略夥伴探索。

Four, continued development of the 600-megawatt substation at Corsicana with 400 megawatts on track for the first quarter of 2026 and the second 200 megawatts expected to come online in the second half of 2026.

四是繼續建造科西卡納 600 兆瓦變電站，其中 400 兆瓦預計於 2026 年第一季投入使用，第二個 200 兆瓦預計於 2026 年下半年投入使用。

Five, building internal expertise, recruited and hired Jonathan Gibbs as Chief Data Center Officer, along with other veteran data center talent.

第五，建立內部專業知識，招募並聘請喬納森·吉布斯 (Jonathan Gibbs) 擔任首席資料中心官，以及其他資深資料中心人才。

And six, progressing on the basis of design for our data centers.

第六，我們資料中心的設計正在不斷取得進展。

All of these steps are being taken in a methodical, step-by-step manner in order to put us in the best position possible to secure a lease with the tenant and build a sustainable data center business.

所有這些步驟都是以有條不紊、循序漸進的方式進行的，以便我們處於最佳位置，與租戶簽訂租約並建立可持續的資料中心業務。

Further, when combined with our Bitcoin mining operations and resulting ability to monetize power land as well as our strong balance sheet, we are well positioned to expand our power portfolio further as attractive opportunities arise.

此外，結合我們的比特幣挖礦業務以及由此產生的電力土地貨幣化能力以及我們強大的資產負債表，我們完全有能力在有吸引力的機會出現時進一步擴大我們的電力組合。

Building a world-class data center team starts with the right leadership. In June, Jonathan Gibbs joined Riot as our Chief Data Center Officer, bringing more than 15 years of global experience leading end-to-end data center development and operations.

打造世界級的資料中心團隊始於正確的領導。6 月，喬納森·吉布斯 (Jonathan Gibbs) 加入 Riot 擔任首席資料中心官，帶來 15 年以上領導端到端資料中心開發和營運的全球經驗。

Throughout his career, Jonathan has driven multiple aspects of leading-edge data center development, spanning capital planning, infrastructure delivery, operations, and customer engagement across North America, Europe and Asia.

在他的職業生涯中，喬納森推動了尖端資料中心發展的多個方面，涵蓋北美、歐洲和亞洲的資本規劃、基礎設施交付、營運和客戶參與。

Jonathan has led cross-functional teams responsible for design, construction, procurement, critical operations, ESG, EHS, and sales engineering and has successfully led development of over one gigawatt of capacity, representing more than $17 billion in global investment.

喬納森領導跨職能團隊負責設計、施工、採購、關鍵營運、ESG、EHS 和銷售工程，並成功領導了超過一千兆瓦容量的開發，代表著超過 170 億美元的全球投資。

Most recently, he served as Executive Vice President of Product Delivery at Prime Data Centers, overseeing the execution of hyperscale and enterprise data centers across the United States.

最近，他擔任 Prime Data Centers 的產品交付執行副總裁，負責監督美國各地超大規模和企業資料中心的執行。

Having the right expertise and experienced leadership in place is a critical step towards engaging potential data center tenants and negotiating leases from a position of credibility and strength. As highlighted on the prior side, building internal expertise represents a key milestone in the ongoing development of our data center business.

擁有正確的專業知識和經驗豐富的領導力是吸引潛在資料中心租戶並以信譽和實力進行租約談判的關鍵一步。如同前面所強調的，建立內部專業知識是我們資料中心業務持續發展的重要里程碑。

And with Jonathan now in position leading the team, we continue to aggressively push forward in completing our basis of design and ultimately securing the lease in a manner that maximizes value for Riot shareholders.

現在，在喬納森的領導下，我們將繼續積極推動設計基礎的完成，並最終以最大化 Riot 股東價值的方式獲得租約。

We are excited to have Jonathan at the helm of our data center platform and look forward to sharing more of his team's progress and vision in the quarters ahead.

我們很高興喬納森能夠掌管我們的資料中心平台，並期待在未來幾季分享更多他的團隊的進展和願景。

Altman Solon's feasibility study identified the footprint of our existing site as a potential complicating factor to fully utilizing the entire one gigawatt of power availability at Corsicana for data center use in a lowest development cost way due to the different density requirements in comparison to Bitcoin mining.

Altman Solon 的可行性研究發現，由於與比特幣挖礦相比，密度要求不同，我們現有站點的佔地面積可能會成為以最低開發成本的方式充分利用科西卡納整個 1 千兆瓦電力用於數據中心的潛在複雜因素。

We quickly moved to address this. And in May of this year, we announced that Riot acquired a 355-acre parcel, expanding our available footprint for additional development. In July, Riot acquired a second 238-acre parcel adjacent to the previously announced 355-acre parcel, creating a 593-acre contiguous collection of land in close proximity to our existing site. Collectively, Riot now controls 858 acres of potential development area in Corsicana.

我們迅速採取行動來解決這個問題。今年 5 月，我們宣布 Riot 收購了一塊 355 英畝的土地，擴大了我們可用於進一步開發的面積。7 月份，Riot 收購了與先前宣布的 355 英畝地塊相鄰的第二塊 238 英畝地塊，從而在現有場地附近形成了一塊 593 英畝的連續土地。Riot 目前總共控制著科西卡納 858 英畝的潛在開發區域。

Our goal is to assemble a portfolio that ensures we have maximum flexibility to accommodate any design specifications and requirements of potential tenants.

我們的目標是組成一個投資組合，確保我們擁有最大的靈活性來滿足潛在租戶的任何設計規格和要求。

We are frequently asked about our time-to-market strategy and the "window of opportunity" that we see. Our observation of market dynamics suggest that power availability will remain the key constraining factor to the explosive demand for data center development that we are witnessing and that these dynamics will remain in place for many years to come.

我們經常被問到我們的上市時間策略以及我們看到的「機會之窗」。我們對市場動態的觀察表明，電力供應仍將是我們正在見證的資料中心開發爆炸性需求的關鍵限制因素，而這種動態將在未來許多年內持續存在。

On page 20 of the earnings presentation, there are two charts. The chart on the left-hand side of this slide demonstrates from 2008 to 2023, US on-grid energy demand growth was nearly flat, resulting in minimal investments into the grid infrastructure upgrades.

收益報告的第 20 頁有兩張圖表。這張投影片左側的圖表顯示，從 2008 年到 2023 年，美國電網能源需求成長幾乎持平，導致對電網基礎設施升級的投資很少。

Contrast that with projections of 2.2% compounded annual growth in demand for the next five years, representing a greater than 10x increase in annual demand, relative to the prior 15-year period and demonstrating a significant and growing gap between this increased demand and more limited growth in supply.

與此形成對比的是，未來五年需求的年複合成長率預計為 2.2%，與前 15 年相比，年需求成長超過 10 倍，顯示這種成長的需求與較為有限的供應成長之間存在顯著且不斷擴大的差距。

Concurrent to this growing gap in demand for power and relative to supply, timelines to procure power in key markets across the United States are significant, with analysts pointing to lead times in the Dallas and Austin markets where our Corsicana and Rockdale sites are located of 36 and 42 months, respectively.

隨著電力需求與供應之間的差距不斷擴大，在美國主要市場採購電力的時間也越來越長，分析師指出，我們的科西卡納和羅克代爾工廠所在的達拉斯和奧斯汀市場的交貨時間分別為 36 個月和 42 個月。

Riot's fully permitted and readily available power located in important, in-demand markets positions us to be in the right place at the right time to capitalize on these market dynamics to the benefit of our shareholders.

Riot 位於重要且需求旺盛的市場，擁有完全許可且隨時可用的電力，這使我們能夠在正確的時間出現在正確的地點，利用這些市場動態為我們的股東帶來利益。

In closing, we have many advantages that have put us in an incredible position because we offer a unique combination of significant scale of readily available power capacity in key high-demand jurisdictions; experienced, credible hyperscale data center leadership and development capability; strong balance sheet, underpinned by more than 19,000 Bitcoin and $330 million in cash and significant access to capital markets; large-scale efficient Bitcoin mining operations, generating hundreds of millions of dollars in revenues; and cash flows; and battle-hardened and experienced management and operations teams.

最後，我們擁有許多優勢，這些優勢使我們處於令人難以置信的地位，因為我們提供了獨特的組合：在關鍵的高需求管轄區擁有大量現成的電力容量；經驗豐富、值得信賴的超大規模數據中心領導力和開發能力；強大的資產負債表，由超過 19,000 個比特幣和 3.3億美元現金以及重要的資本市場管道支撐；大規模高效的比特幣挖礦業務，產生數億美元的收入和現金流；以及久經沙場、經驗豐富的管理和營運團隊。

With this framework, our mission is clear: Riot will maximize value across our entire power portfolio with a view to ensuring full utilization of our available power capacity and pipeline; leaving no stranded capacity behind; progressively shift power capacity towards data centers; strategically expand our power assets utilizing Bitcoin mining where advantageous; and increase our shareholders' exposure to value-accreting assets.

在這個框架下，我們的使命很明確：Riot 將在我們的整個電力組合中實現價值最大化，以確保充分利用我們可用的電力容量和管道；不留下任何閒置容量；逐步將電力容量轉移到數據中心；在有利的情況下利用比特幣挖礦戰略性地擴展我們的電力資產；並增加股東對增值資產的敞口。

We are strategically positioned at the confluence of surging compute demand and Bitcoin growth, offering compelling potential for shareholder value creation.

我們的策略定位是激增的運算需求和比特幣成長的交會點，為股東價值創造提供了巨大的潛力。

We will now open the call up for questions. Operator?

我們現在開始回答問題。操作員？

(Operator Instructions)

（操作員指示）

Greg Lewis, BTIG.

格雷格·劉易斯（Greg Lewis），BTIG。

There's definitely a lot to chew through on the HPC opportunity ahead for Riot. But I did want to ask about the decision. It was clearly a good quarter for generating Bitcoin. But clearly, from the action, we took that Bitcoin generation to really -- we sold that to monetize. Could you talk a little bit about that decision to do that and how you're thinking about the HODL strategy in the back half of the year or even longer term?

Riot 未來在 HPC 領域肯定還有很多機會需要探索。但我確實想詢問一下這個決定。這顯然是比特幣生成的一個好季度。但顯然，從行動上看，我們真正地將比特幣世代——我們出售它來賺錢。您能否談談這個決定以及您對今年下半年甚至更長時間內的 HODL 策略有何看法？

Thanks for the question, Greg. This is Jason Chung. Maybe I'll take a stab at that one. So I think this quarter is an interesting representation of how we think about our financing strategy and the different levers available to us. And just looking at for the past quarter, the two levers that we exercised most heavily, one was the sales of our Bitcoin production.

謝謝你的提問，格雷格。我是 Jason Chung。也許我會嘗試一下。因此，我認為本季有趣地體現了我們如何看待我們的融資策略以及我們可用的不同槓桿。回顧過去一個季度，我們最重視的兩個槓桿，一個是比特幣產品的銷售。

And the second was leaning into our Bitcoin Stash to borrow and enter into the Coinbase facility for $200 million. The sale of Bitcoin production allows us to more than cover our operating costs and therefore, frees up the additional capacity or minimizes our requirement to issue into the ATM and really allows us to focus any financing raised through that very specifically towards growth opportunities, which we believe are going to be value accretive to our shareholders.

第二個是依靠我們的比特幣儲備來借 2 億美元並進入 Coinbase 設施。出售比特幣產品使我們能夠覆蓋營運成本，從而釋放額外的容量或最大限度地減少我們向 ATM 機發行比特幣的要求，並真正使我們能夠將透過這種方式籌集的任何資金專門用於增長機會，我們相信這將為我們的股東帶來價值增值。

And so I think that's how we think about -- thought about things for the quarter and probably a good reflection of how we currently think about things as well. As Bitcoin prices increase, that does give us additional room for comfort around our leverage levels and the ability to consider expanding the amount of financing we draw upon there as well.

所以我認為這就是我們對本季事情的看法，也可能很好地反映了我們目前對事情的看法。隨著比特幣價格的上漲，這確實讓我們在槓桿水平方面有了更多的安心空間，也讓我們有能力考慮擴大我們在那裡利用的融資金額。

So I think as we continue to see how Bitcoin prices evolve, you'll see us continue to take advantage of different market conditions as we think about what's optimal from a capital perspective for the quarter.

因此，我認為，隨著我們繼續觀察比特幣價格的演變，你會看到我們繼續利用不同的市場條件，從資本角度思考本季的最佳方案。

Okay. Super helpful. And then just realizing you're probably limited in what you can say, maybe we can talk a little bit about what we're seeing in the market in terms of the available power transactions or availability to electricity signing for -- with HPC. If you could talk to the pricing dynamics, how things have been trending? I feel like more recently, it was in the $120 a megawatt range is some of the things that we've been hearing. Curious if that's where you're hearing the market is.

好的。超有幫助。然後，我意識到你可能說的內容有限，也許我們可以談談我們在市場上看到的有關可用電力交易或電力簽約可用性（使用 HPC）的情況。如果您可以談談定價動態，那麼情況趨勢如何？我覺得最近我們聽到的一些消息是每兆瓦 120 美元左右。我很好奇您是否聽到了那裡的市場狀況。

And then, really the question I have is, as we think about sizing, is there a premium that you're seeing in terms of having larger amounts of power available, i.e., if we're looking at a couple of hundred megawatt power deal versus, say, 0.5 gig-plus, is there any premium for that larger power deal just in thinking about how potential transaction could shake out?

然後，我真正的問題是，當我們考慮規模時，您是否認為在擁有更大可用電力方面存在溢價，也就是說，如果我們考慮幾百兆瓦的電力交易與 0.5 千兆瓦以上的電力交易相比，僅從潛在交易的結果來看，更大的電力交易是否存在溢價？

Yes, Greg, this is Jason Les. I think at a high level, we're seeing very robust demand in the data center market. Our view continues to be that what exists out there in terms of power and infrastructure is really not close to sufficient to meet what's forecasted demand and hyperscalers continuing to announce higher levels of CapEx budgets, they have serious demands for more data center capacity that really cannot be satisfied by new power that's expected to be available.

是的，格雷格，這是傑森萊斯。我認為從高層次來看，我們看到資料中心市場的需求非常強勁。我們仍然認為，現有的電力和基礎設施遠遠不能滿足預測的需求，而超大規模企業繼續宣布更高的資本支出預算，他們對更多數據中心容量有著迫切的需求，而預計新增的電力根本無法滿足這一需求。

What we see is the implications of the AI arms race being very clear here. There's a trend for more compute demand. That's very clear. So we believe demand is going to continue to be robust, and we are building a business here, building a platform to be able to serve it. As far as monthly rates go, I think there's a lot of different components that go into what an ultimate lease might be.

我們看到的是人工智慧軍備競賽的影響在這裡非常明顯。計算需求呈現成長趨勢。這非常清楚。因此，我們相信需求將持續強勁，我們正在這裡建立業務，建立一個能夠滿足需求的平台。就月租金而言，我認為最終租賃合約可能包含許多不同的組成部分。

And it's important to look at a deal like this as a sum of all of its parts, maybe instead of just a single metric. You'll see a range of rental rates, and those will have somewhat of a correlation to the type of tenant that you're getting. There's a bit of credit risk often built into what those monthly rates are. And you'll see term and other components of these agreements.

重要的是將這樣的交易視為其所有部分的總和，而不僅僅是單一指標。您會看到一系列的租金，這些租金與您所租的租戶類型有一定關聯。這些月利率通常包含一些信用風險。您將看到這些協議的條款和其他組成部分。

So I think it's important to look at these in all of the parts that comprise them and not necessarily just what that monthly rate will be. It can be a range and other components could enhance that deal or make that deal worse off from the perspective of the lessor.

因此，我認為，重要的是從各個部分來考慮這些問題，而不一定只考慮每月費率是多少。它可以是一個範圍，其他組成部分可能會增強該交易，或者從出租人的角度來看使該交易變得更糟。

Now, I think the last part of your question was, is there a premium for large-scale power? I don't know if I can comment right now if there's a premium for that power. But what I can say is that there's a premium of interest for large scales of power.

現在，我認為你問題的最後一部分是，大規模電力是否有溢價？我不知道現在我是否可以評論這種權力是否有溢價。但我可以說的是，大規模電力會帶來更高的利益。

So for tenants, everyone is massively scaling. Hyperscalers are looking to take down gigawatts and beyond now. And as everyone else increases their demand for compute, we're now seeing neo-clouds taking down capacity at levels that hyperscalers once did and now enterprise tenants taking down capacity at those significant levels as well.

因此對於租戶來說，每個人都在大規模擴張。超大規模企業目前正在尋求降低千兆瓦甚至更高的發電量。隨著其他所有人都增加了對運算的需求，我們現在看到新雲端正在將容量降低到超大規模曾經達到的水平，而現在企業租戶也在將容量降低到如此顯著的水平。

So what any long-term growth-oriented tenant is going to be thinking about is their pipeline for expanding instead of having to solve a problem for capacity over and over and over again with different providers, what we see is customers who are interested in capacity available beyond just what their initial lease might be.

因此，任何以長期成長為導向的租戶都會考慮他們的擴張管道，而不是必須與不同的供應商一次又一次地解決容量問題，我們看到的是客戶對可用容量的興趣不僅僅在於他們最初的租賃容量。

So when you talk about a premium for capacity, that's how we think about it. There's a premium that is, in essence, garnering customer interest because that -- because they see an ability to expand beyond just what an additional phase of a development or lease might be. And that we have found is very helpful for having productive discussions.

因此，當您談論容量溢價時，我們就是這樣考慮的。從本質上來說，溢價是在吸引客戶的興趣，因為他們看到了超越開發或租賃附加階段的擴展能力。我們發現這對於開展有成效的討論非常有幫助。

Nick Giles, B. Riley Securities.

尼克吉爾斯 (Nick Giles)，B. Riley 證券。

I think it's become clear that Riot is not going to rush to get a deal done. So I want to commend you for your measured approach. But I think in recent months, forming a basis of design has been at the core of Riot's efforts towards the data center side. And so I was wondering if you could provide any detail on what aspects of that document are clearly defined versus ones you may still be working on? I think factors that come to mind are cooling resources, redundancy, security layout.

我認為，很明顯 Riot 不會急於達成協議。因此，我要讚揚你的審慎態度。但我認為，近幾個月來，形成設計基礎一直是 Riot 在資料中心方面努力的核心。因此，我想知道您是否可以提供任何詳細信息，說明該文件的哪些方面已明確定義，哪些方面您可能仍在處理中？我認為要考慮的因素是冷卻資源、冗餘、安全佈局。

Any color that you can add there would be great.

您可以添加任何顏色，效果會很好。

Yes. So first off, bringing an experienced data center executive like Jonathan Gibbs on board alongside other talent that's been recruited with significant experience in data center development has aided us considerably in building the basis of design. Of course, it is this team -- this data center team's project and objective to accomplish here. And this basis of design is very foundational to being able to go to market.

是的。首先，聘請像喬納森·吉布斯 (Jonathan Gibbs) 這樣經驗豐富的資料中心主管，以及其他在資料中心開發方面擁有豐富經驗的人才，對我們建立設計基礎提供了很大的幫助。當然，這是這個團隊——這個資料中心團隊的專案和目標要在這裡完成。這種設計基礎對於進入市場至關重要。

What we're putting together here is the technical strategy, design elements that we can then take and then have something concrete to be able to discuss with potential customers, with potential tenants to ultimately arrive at a more customized design and then a lease. So we see this as one of multiple milestones, but a very key milestone in progressing towards getting a lease here.

我們在這裡整合的是技術策略和設計元素，然後我們可以採取一些具體措施與潛在客戶、潛在租戶進行討論，最終達成更客製化的設計，然後簽訂租賃協議。因此，我們認為這是多個里程碑之一，也是獲得租約過程中的一個非常關鍵的里程碑。

We have been working on this quite a bit. Jonathan and his team has rather, and there's been significant progress made already. We expect that we will be able to complete this basis of design by the end of this quarter -- by the end of the third quarter, that is, and be moving on to next steps in our data center strategy.

我們已為此做了大量工作。喬納森和他的團隊已經取得了重大進展。我們預計我們將能夠在本季末（也就是第三季末）完成這項設計基礎，並繼續推進資料中心策略的下一步。

Jason, thanks for all that color and that reminds me I want to congratulate Jonathan on his appointment. My second question was, obviously, long lead times are a key determining factor in development time lines. So have you submitted any RFPs to contractors? , how much is the tariff landscape ultimately playing into the timing of that?

傑森，謝謝你的精彩表現，這讓我想起我想祝賀喬納森的任命。我的第二個問題是，顯然，較長的交貨時間是決定開發時間表的關鍵因素。那麼，您是否向承包商提交了任何 RFP？資費情勢最終對時間安排有多大影響？

So first, for some of the critical infrastructure that's needed to build this capacity, we have already secured. I'm referring to the 600-megawatt substation that's being built that's expanding the site to one gigawatt. We have already procured that equipment. That equipment is already arriving, and that is going to take our Corsicana site to one gigawatt in 2026.

首先，對於建立這種能力所需的一些關鍵基礎設施，我們已經做好了準備。我指的是正在建造的 600 兆瓦變電站，它將把發電能力擴大到 1 千兆瓦。我們已經採購了該設備。該設備已運抵，到 2026 年，科西卡納電廠的發電量將達到 1 千兆瓦。

So we are very well positioned on that critical equipment there. As far as other equipment goes, we are pretty confident in the steps that we're taking to prepare for that. We are looking at long lead times for other equipment, but the time lines for these are not surprising to us. That's expected.

因此，我們在那裡的關鍵設備上佔據了非常有利的位置。就其他設備而言，我們對為此採取的準備措施非常有信心。我們正在尋找其他設備的較長交貨時間，但這些設備的時間表對我們來說並不令人意外。這是意料之中的事。

And the process of procuring these long lead items is already underway. And with Jonathan and his team on board, we feel like we're approaching this in a very strategic way. And ultimately, we don't believe that the lead times for an equipment is going to impact our ability to secure a lease.

採購這些長週期物品的過程已在進行中。有了喬納森和他的團隊的加入，我們覺得我們正在以一種非常有策略的方式來處理這個問題。最後，我們不認為設備的交付週期會影響我們獲得租賃的能力。

Darren Aftahi, ROTH Capital.

羅仕資本（ROTH Capital）的達倫·阿夫塔希（Darren Aftahi）。

Just following up on the master site design time frame being completed by the end of this quarter. Can you speak to the potential tenants that you're engaged with? And , like how critical is that master site design in terms of their willingness to continue negotiating? Said another way, like is that something that will accelerate negotiations for you? Or are there folks that have already parallel diligence the things they need while waiting for that master site design?

只是跟進本季末完成的主站點設計時間框架。您能和您正在接觸的潛在租戶談談嗎？而且，就他們繼續談判的意願而言，主場地設計有多重要？換句話說，這是否會加速您的談判進程？或者是否有人在等待主站點設計時已經並行地完成了他們需要的東西？

And then my second question on Rockdale, I know you're upgrading some rigs there. But can you just give us some general long-term thoughts on what that campus potentially could be used for other than Bitcoin mining and where your head is at? Is it you have too much to (inaudible) with Corsicana and it's back burner or you could do these things simultaneously and potentially market all your power as one campus.

然後我的第二個問題是關於 Rockdale 的，我知道您正在升級那裡的一些鑽孔機。但是，您能否給我們一些關於除了比特幣挖礦之外該校園可能用於什麼的長期想法，以及您的想法是什麼？是不是您在科西卡納和它的次要事務上有太多事情要做，或者您可以同時做這些事情，並有可能將您的所有權力作為一個校園進行營銷。

Yes, Darren. So the first part of your question, so one thing I want to make clear is we are making a basis of design that we believe can serve a wide range of customers. It can serve hyperscale customers, it can serve enterprise customers or neo-cloud customers. What we want to do is maximize our flexibility.

是的，達倫。所以關於你問題的第一部分，我想澄清的一件事是，我們正在製定一個設計基礎，我們相信它可以服務廣泛的客戶。它可以服務超大規模客戶，也可以服務企業客戶或新雲端客戶。我們想要做的是最大限度地提高我們的靈活性。

I think that's a theme you've heard us talk about on our earnings calls a couple of times now, taking different actions, making moves in order to maximize the flexibility of our site, of our data center (technical difficulty) and secure the best possible deal here.

我想這是我們在收益電話會議上多次聽到的一個主題，採取不同的行動，採取行動以最大限度地提高我們站點、數據中心（技術難度）的靈活性，並確保在這裡達成最好的交易。

And if you're talking about engaging with serious counterparties, this is the type of information that they (technical difficulty) you to come to the table with in order to advance discussions substantially. And that's why we view the building out of this team here, especially led by Jonathan Gibbs and his onboarding is very critical and a very important step we've made to building up this platform.

如果你正在談論與認真的交易對手接觸，這就是他們（技術難題）需要你提供的那種信息，以便實質地推進討論。這就是為什麼我們認為建立這個團隊，特別是由喬納森吉布斯領導的團隊，他的加入非常關鍵，也是我們為建立這個平台邁出的非常重要的一步。

I can't comment on ongoing discussions. I would say that all types of customers are different and maybe approach conversations in different ways and (technical difficulty) milestone in order to have serious discussions here. So we look forward to sharing more about this with the market as it's completed and being transparent and sharing our milestones and our road map to building out our platform here and ultimately securing a lease.

我無法對正在進行的討論發表評論。我想說的是，所有類型的客戶都是不同的，也許會以不同的方式和（技術難度）里程碑來處理對話，以便在這裡進行嚴肅的討論。因此，我們期待在項目完成後與市場分享更多相關信息，並保持透明，分享我們的里程碑和路線圖，以在此構建我們的平台並最終獲得租約。

With respect to long term -- I'm sorry, with respect to Rockdale, our primary focus is scaling our data center business and maximizing the value of all of our power assets. Because of that, because of the economics that you can get with data center leases and how the market values that, data centers are the ultimate ideal use for us for all of our power capacity.

就長期而言——抱歉，就 Rockdale 而言，我們的主要重點是擴大我們的資料中心業務並最大化我們所有電力資產的價值。正因如此，由於資料中心租賃所帶來的經濟效益以及市場對其的評價，資料中心是我們所有電力容量的最終理想用途。

What's great about Riot is we have a lot of power capacity to work with. Megawatts alone, which is our available capacity at Corsicana, that represents a very substantial data center campus in its own. At the same time, we are open to doing -- finding deals at Rockdale as well. I think what we're just doing right now is prioritizing what we see as the (inaudible) with.

Riot 的優點在於我們擁有強大的電力供應能力。僅兆瓦數，也就是我們在科西卡納的可用容量，就代表著它本身是一個非常大的資料中心園區。同時，我們也願意在 Rockdale 尋找交易。我認為我們現在正在做的是優先考慮我們認為的（聽不清楚）。

And as we get our data center platform off the ground and we continue to make more progress, then that makes all of our power assets -- that positions all of our power assets in the pipeline for growth of the data center platform ultimately.

隨著我們的資料中心平台的啟動和不斷取得進展，我們的所有電力資產都將進入最終資料中心平台成長的軌道。

So you can think of our strategy as using Bitcoin mining at sites like Rockdale to monetize that power to ensure that no power stranded and wasted, turning that into meaningful cash flows for the company and then ultimately looking to transition that capacity to data center leases when the time is right.

因此，你可以將我們的策略想像成在 Rockdale 等站點使用比特幣挖礦來將電力貨幣化，以確保不會出現電力滯留和浪費，將其轉化為公司有意義的現金流，然後最終在適當的時候將這些容量轉換為數據中心租賃。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Maybe an update on your Bitcoin mining outlook. I know you guys raised guidance for the end of this year in the first quarter as well. Network hash has been stubbornly continuing to go up. Maybe high level, where do you see network hash going? Is there a level where you think maybe it plateaus a bit?

也許是有關您的比特幣挖礦前景的更新。我知道你們也在第一季提高了今年底的業績預期。網路哈希值一直頑固地持續上升。也許從高層次來看，您認為網路哈希會走向哪裡？您認為在某個水平上它可能會稍微穩定下來嗎？

And I know you talked about being 4% share. Is that like a goal that you guys want to maintain for the long term? Or how should we think about that?

我知道您談到了 4% 的份額。這是你們想要長期維持的目標嗎？或者我們該如何思考這個問題？

I think the 4% share is not a mandate that we have. That's something that we see ourselves being in just based on the growth that we've outlined and a near-term estimate of global network hash rate in the next 6 to 12 months. But by no means are we intending to always maintain a certain percentage.

我認為 4% 的份額不是我們的強制要求。根據我們概述的增長情況以及對未來 6 到 12 個月全球網路哈希率的近期估計，我們認為我們處於這樣的境地。但我們絕不是想一直保持一定的比例。

But going back to the first part of your question, I think Bitcoin miners will face the same types of scaling challenges that data centers are. There's very limited amounts of power. And from what I think we're seeing and we're excited about is data center customers are paying a lot more for that than Bitcoin miners ultimately would.

但回到你問題的第一部分，我認為比特幣礦工將面臨與資料中心相同類型的擴展挑戰。能量非常有限。我認為，我們看到並且感到興奮的是，資料中心客戶為此支付的費用比比特幣礦工最終支付的費用要高得多。

So while Bitcoin miners have other options for power that data centers don't, I think they will also be constrained in how they scale, which has the potential to have a positive impact on hash price in the future.

因此，雖然比特幣礦工擁有資料中心所沒有的其他電力選擇，但我認為他們的擴展方式也會受到限制，這可能會對未來的哈希價格產生積極影響。

At Riot, what we're focusing on is maximizing the value across our power portfolio, trying to maximize the value of all of our megawatts not straining any capacity. So what we shared with the growth that we have going on in Kentucky and the hash rate growth that we have at Rockdale, that -- those are moves in accordance with that strategy, and I think represent measured growth of our Bitcoin mining segment.

在 Riot，我們關注的是最大化我們的電力組合的價值，試圖在不過度消耗任何容量的情況下最大化所有兆瓦的價值。因此，我們分享了我們在肯塔基州的成長情況以及我們在 Rockdale 的哈希率成長情況，這些都是按照該策略採取的舉措，我認為代表了我們比特幣挖礦領域的衡量成長。

We're looking at approximately 26% year-over-year growth from '24 to '25 and then approximately 10% growth from 2025 to 2026.

我們預計 2024 年至 2025 年的年成長率約為 26%，2025 年至 2026 年的年成長率約為 10%。

Awesome. That's helpful. And then maybe just on the maybe Corsicana, I think a lot of the conversations we've had suggest that is maybe one of, if not the best potential AI HPC data center sites out there. Are you guys getting like similar feedback when you guys are looking at potential customers or what to do with maybe the remaining 600 or full gigawatt there?

驚人的。這很有幫助。然後也許只是在科西卡納，我認為我們進行的許多對話都表明，這可能是其中之一，如果不是最好的潛在 AI HPC 資料中心網站。當你們尋找潛在客戶或如何處理剩餘的 600 千兆瓦或全部千兆瓦時，你們是否得到了類似的回饋？

What we're focused on with launching this data center platform is building a strong foundation. We want to get off on the right foot here. And building that strong foundation means getting the right deal on which we can build the pipeline on top of from the start.

我們推出這個資料中心平台的重點是建立堅實的基礎。我們希望有一個好的開始。建立堅實的基礎意味著我們從一開始就能達成正確的交易，並在此基礎上建立管道。

Now that doesn't mean that we need all of that 600 megawatts or sign a lease for all of that 600 megawatts to build that first foundation -- that first step to build that strong foundation. We are looking at this capacity and building it out as a phased approach. We see building this out in different segments, and we'll be talking about that more in the future.

這並不意味著我們需要全部 600 兆瓦或簽署全部 600 兆瓦的租約來建立第一個基礎——建立堅實基礎的第一步。我們正在研究這種能力，並分階段進行建造。我們看到這一點在不同的領域得到發展，我們將來會更多地談論這一點。

And the fact that the site has so much capacity means that ultimately, there may be one tenant that wants all of that. I discussed an earlier question. The fact that there's so much growth in one site is, we believe, very interesting to lots of customers out there who have very robust demand forecast.

而且由於該場地擁有如此大的容量，最終可能會有一個租戶想要所有的容量。我之前討論過一個問題。我們相信，一個站點有如此大的成長，對於許多對需求預測非常強勁的客戶來說，是非常有趣的。

So it's to be determined how this is all segmented out, but we are approaching the market with a design that we believe can serve a wide range of the market, hyperscale customers, enterprise customers and neo-clouds. And what's important to us is getting this off on a solid foundation to start. And then ultimately, like I stated again, there's lots of room to grow here and the potential to do a larger deal from there.

因此，如何對這一切進行細分還有待確定，但我們正在以一種我們相信可以服務於廣泛市場、超大規模客戶、企業客戶和新雲端的設計來進入市場。對我們來說，重要的是打下堅實的基礎。最後，就像我再次強調的那樣，這裡還有很大的發展空間，並且有潛力達成更大的交易。

Paul Golding, Macquarie.

麥格理銀行的保羅‧戈爾丁。

I wanted to ask about Corsicana and drill down to some of the infrastructure components. I noticed in the slide on 2025 CapEx that there's a waterline project expected to be completed in Q2 '26. And just overall looking at the substation development line item for Corsicana, I was wondering if you could expand on any of the infrastructure components for Corsicana that are maybe factoring into the conversations still pending with potential tenant counterparties as opposed to these deals having been signed already.

我想詢問有關科西卡納的情況並深入了解一些基礎設施組件。我注意到 2025 年資本支出的幻燈片中有一個水管項目預計將於 2026 年第二季完工。總體來看科西卡納的變電站開發項目，我想知道您是否可以詳細說明科西卡納的任何基礎設施組件，這些組件可能正在考慮與潛在租戶交易對手仍在進行的對話，而不是已經簽署的這些協議。

And also just to help us understand the extent to which water access has already been secured given the water retention pond that you have and the importance of that for HPC and AI liquid cooling.

這也有助於我們了解，鑑於你們擁有的蓄水池，水源獲取的保障程度已經達到何種程度，以及蓄水池對於 HPC 和 AI 液體冷卻的重要性。

So starting on water, Paul, as you noted, we have a significant size retention pond that allows us to use a lot of the water that's just naturally generated on site. It's Texas, but still gets a lot of rain. We have secured the plans and the approvals to build out the water line, and that will ultimately -- that's a part of giving us maximum flexibility to serve customer demands.

保羅，就從水開始，正如你所說，我們有一個相當大的蓄水池，可以讓我們利用現場自然產生的大量水。這是德克薩斯州，但仍然有很多雨。我們已經獲得了建造供水管道的計劃和批准，這最終將使我們能夠最大限度地靈活地滿足客戶的需求。

What we're seeing on the data center technology side is cooling technologies becoming more and more water efficient as time goes on. In order to be flexible, we didn't want to bank on that. So we're securing enough water that we believe would be ample for a full one gigawatt development if someone needed that amount of water in order to achieve the cooling strategies that they have or that they require.

我們在資料中心技術方面看到的是，隨著時間的推移，冷卻技術變得越來越節水。為了保持靈活性，我們不想依賴這一點。因此，我們正在確保有足夠的水，我們相信如果有人需要那麼多的水來實現他們擁有的或他們需要的冷卻策略，那麼這些水就足夠用於完整的 1 千兆瓦開發。

As far as the infrastructure for Corsicana, I think we are in a great position and probably have a considerable leg up on what other data center developers might be at, at this stage. We've already made the decision years ago really to be procuring this equipment. So it's already coming in now.

就科西卡納的基礎設施而言，我認為我們處於有利地位，並且可能比其他資料中心開發商在現階段具有相當大的優勢。我們幾年前就已經決定要採購這種設備。所以它現在已經進來了。

That's significantly, I think, de-risk the amount -- I'm sorry, de-risk the time line to getting that power online, also combined with the fact that we have this approved already.

我認為這大大降低了金額風險——對不起，降低了將電力上線的時間風險，同時也結合了我們已經獲得批准的事實。

We have FEA for this already. It is all baked in and ready to go. So That, I believe, puts us in a great position when we have conversations with tenants because this power is not theoretical. This power isn't pending certain steps happening. This power is coming in the next six months and scaling up from there.

我們已經對此進行了 FEA。一切都已烤好並準備就緒。因此，我相信，當我們與租戶交談時，這會讓我們處於有利地位，因為這種權力不是理論上的。此權力尚未確定具體步驟的實施。這種力量將在未來六個月內形成，並且逐漸擴大。

Great. And maybe a follow-on to that. We've talked on the call around -- about price, potential pricing in the marketplace and premiums or premium for demand. You've spoken on the call about data center customer requirements, and that's factoring into this build concept.

偉大的。或許還會有後續行動。我們在電話中討論了價格、市場潛在定價以及溢價或需求溢價。您在電話中談到了資料中心客戶的需求，這也是建構概念的一個因素。

As you have these conversations, just wanted to verify, is the plan still or is what you're pursuing still the option to construct the facility and the power infrastructure for these tenants in a yield-on-cost or build-to-suit scenario?

在進行這些對話時，我只是想確認一下，該計劃是否仍然或您正在追求的仍然是在成本收益或按需建設的情況下為這些租戶建設設施和電力基礎設施的選擇？

Or are you getting inbounds? Or are you considering inbounds where someone else is building it and leasing the power and the infrastructure?

或您正在收到入站訊息？或者您正在考慮由其他人來建造並租賃電力和基礎設施？

So our philosophy at Riot has been to maximize the value of our assets. And we believe that build-to-suit model is going to be the best way to maximize the value of our portfolio of assets, especially at Corsicana. That being said, we do not intend on building out the site beyond an initial stage without a lease.

因此，Riot 的理念是最大化我們的資產價值。我們相信，客製化模式將是最大化我們資產組合價值的最佳方式，尤其是在科西卡納。話雖如此，我們並不打算在沒有租賃的情況下在初始階段之後繼續建造該場地。

We're not looking to build out a site on spec. We believe that by finalizing the design here, understanding what that is with customers and then being able to take initial steps to get things off the ground, which we already have done with building out the substation in the water, these would be foundational steps in any data center.

我們不想按照規格建造一個網站。我們相信，透過在這裡完成設計，了解客戶的需求，然後能夠採取初步措施讓一切順利進行，我們已經在水中建造了變電站，這些將成為任何資料中心的基礎步驟。

We are willing to invest in order to get things moving off the ground and getting to the point of getting the lease, but we are not looking to build a suit, a site on spec and take on all that risk without having a lease in hand.

我們願意投資以使事情順利進行並達到獲得租約的程度，但我們並不打算在沒有租約的情況下建造一套符合規格的場地並承擔所有風險。

Reggie Smith, J.P. Morgan.

摩根大通的雷吉史密斯。

Jason, congrats on the quarter. I'd like to follow up on the last question, and I appreciate you guys wanting to actually build to suit. But my question is if there's more demand today for people just looking to buy power outright. So like if that were your strategy, do you think this plot or your capacity would have been sold now if that makes sense?

傑森，恭喜本季取得佳績。我想繼續回答最後一個問題，我很感謝你們想要真正適應。但我的問題是，如今人們是否對直接購買電力有更大的需求。那麼，如果這是您的策略，您認為這塊土地或您的產能現在會被出售嗎？這是否合理？

I'm trying to figure out like is the hang up that -- or the delay in the deal being done, the fact that there may be some haggling over whether a miner just sells power outright versus a build-to-suit type of situation? And then I have one follow-up question.

我想弄清楚，是不是因為交易延遲，或者因為礦工是否直接出售電力還是採取按需建設的方式，可能會出現一些爭論？然後我有一個後續問題。

Yes, Reggie. So we're really -- we believe what we have is incredibly valuable. And I think all the data that we're seeing in the market on data center leasing validates that belief. So it's important to us to maximize the value of that. If you're talking about doing something like leasing-powered land, yes, there is a ton of demand for lease-powered land, but the value that you can expect to extract from that is going to be, I think, pretty significantly mismatched with what I think investors are expecting from this type of data center opportunity.

是的，雷吉。所以我們真的——我們相信我們所擁有的東西是極其寶貴的。我認為我們在資料中心租賃市場上看到的所有數據都證實了這一信念。因此，對我們來說，最大化其價值非常重要。如果你談論的是做一些像租賃土地這樣的事情，是的，對租賃土地的需求很大，但我認為，你期望從中提取的價值將與投資者對此類數據中心機會的期望有很大不匹配。

With the assets that we have, with the balance sheet that we have and now with the team that we have, we are in a great position to build a data center platform and be able to pursue the value maximizing approach that we see with this build-to-suit model. We are open to anything that will maximize the value. So we're not close up to any type of discussion, but this is the avenue that we see as the best pursuit going forward, and that's why we're approaching things in this manner.

憑藉我們擁有的資產、資產負債表以及現在的團隊，我們完全有能力建立資料中心平台，並能夠透過這種客製化模型追求價值最大化的方法。我們對任何能夠實現價值最大化的事物都持開放態度。因此，我們不會進行任何類型的討論，但這是我們認為向前發展的最佳途徑，這就是我們以這種方式處理事情的原因。

That makes sense. And if I could ask one more question. One of the points that we've talked about that we thought has distinguished you guys from other operators is that you're located so close to Dallas and Austin.

這很有道理。我可以再問一個問題。我們討論過的一點是，我們認為你們與其他業者的差別在於你們的位置離達拉斯和奧斯汀很近。

As you assess or appraise your assets, how important is that distance from one of those cities in determining the attractiveness of partnering with a Riot versus someone else? Is there still a premium for location, , is what I'm asking you.

當你評估或估價你的資產時，與這些城市的距離在決定與 Riot 合作還是與其他公司合作的吸引力方面有多重要？我想問的是，地理位置是否仍有溢價？

Yes, Reggie, the location is very important. Dallas is one of -- is a Tier-1 data center market. It is one of the most in-demand data center markets in the country. That's why I think Corsicana is so valuable. You have the great connections, low latency and ability to get people and talent to that site relatively easily as -- I'm sorry, as opposed to more remote locations.

是的，雷吉，位置非常重要。達拉斯是一級資料中心市場之一。它是該國最受歡迎的數據中心市場之一。這就是我認為科西卡納如此珍貴的原因。您擁有良好的連接、低延遲，並且能夠相對輕鬆地將人員和人才運送到該站點 - 對不起，與更偏遠的地方相比。

For that reason, we think Rockdale is also an attractive site. Now Austin, San Antonio, those aren't Tier 1 markets yet, but with the investments that we see in data center CapEx, with the revenue forecast for AI software and the margins that AI software service providers are forecasting and able to get, we think that will change over time.

因此，我們認為羅克代爾也是一個有吸引力的地方。現在奧斯汀、聖安東尼奧還不是一級市場，但隨著我們在資料中心資本支出方面的投資、人工智慧軟體的收入預測以及人工智慧軟體服務供應商預測和能夠獲得的利潤，我們認為這種情況會隨著時間的推移而改變。

So by having these two sites, both near one Corsicana near major market today and Rockdale near what I would say is an emerging up-and-coming market, I think, makes those sites very attractive and allows them -- because of those elements allows them to command perhaps better economics than other projects out there.

因此，透過擁有這兩個地點，它們都靠近目前的主要市場科西卡納，而羅克代爾靠近我認為是新興的市場，我認為，這使得這些地點非常有吸引力，並且允許它們 - 因為這些因素允許它們比其他項目獲得更好的經濟效益。

Mike Grondahl, Northland Capital Markets.

北國資本市場 (Northland Capital Markets) 的 Mike Grondahl。

Congratulations on hiring Jonathan Gibbs. What would you say his top two priorities are this summer and fall?

恭喜您聘用喬納森·吉布斯。您認為今年夏天和秋天他最優先考慮的兩件事是什麼？

So our number one priority is building this data center platform bar none. And I would break that down into two priorities on accomplishing that. One is building out the team. Jonathan is bringing the critical leadership to making that happen. We've added other individuals that are veterans of data center design and development.

因此我們的首要任務就是建構這個資料中心平台。為了實現這一目標，我將把這個目標分為兩個優先事項。一是建設團隊。喬納森正在發揮關鍵的領導作用，以實現這一目標。我們也增加了其他資料中心設計和開發方面的資深人員。

We are bringing more talent on as we speak.

我們正在招募更多的人才。

This is important because we want to build up our expertise. We want to build up our platform so it looks and feels and acts like a way that hyperscale and enterprise and neo-cloud customers expect. So that's the number one priority.

這很重要，因為我們想要累積專業知識。我們希望建立我們的平台，使其外觀、感覺和行為符合超大規模、企業和新雲端客戶所期望。所以這是首要任務。

Second priority, in parallel, I'm not ranking one over the other, is completing this basis of design at Corsicana. This will allow us to have more substantive discussions with potential tenants, allow us to advance the design further, work in different customers when necessary and really get the critical parts of negotiations happening.

同時，第二個優先事項（我不會對其中一個進行排序）是在科西卡納完成這個設計基礎。這將使我們能夠與潛在租戶進行更實質的討論，使我們能夠進一步推進設計，在必要時與不同的客戶合作，並真正實現談判的關鍵部分。

So two priorities. number one priority, building the data center platform, (technical difficulty) building the team and building the design.

所以有兩個優先事項。第一要務是建構資料中心平台，（技術難度）組成團隊和建置設計。

Stephen Glagola, Jones Trading.

史蒂芬‧格拉戈拉 (Stephen Glagola)，瓊斯貿易公司。

How will the new requirements in Texas Senate Bill 6, such as like grid upgrade, cost sharing, mandatory backup generation disclosure, curtailment obligations and so forth affect the cost structure and operations of your mining and your HPC activities at both Corsicana and Rockdale.

德州參議院第 6 號法案中的新要求（例如電網升級、成本分攤、強制備用發電揭露、限電義務等）將如何影響您在科西卡納和羅克代爾的採礦和 HPC 活動的成本結構和營運。

So first, important to note is that both of these sites, we have FEAs already in place. So we do not expect to need to renegotiate those FEAs in any way as a result of this change or as a result of this new legislation. This legislation launches a lot of exploratory work and information gathering. That's something that Riot, our very capable public policy team, our power team and our industry partners are all very involved in.

首先，要注意的是，這兩個站點我們都已經建立了 FEA。因此，我們預計不需要因為這項變更或這項新立法而以任何方式重新協商這些 FEA。這項立法啟動了大量探索性工作和資訊收集工作。Riot、我們非常有能力的公共政策團隊、我們的權力團隊和我們的產業夥伴都積極參與其中。

One of the parts of SB6 is looking at the 4CP program. That's something that Riot participates in order to reduce our transmission charges. That program may see changes as the working groups from this legislation progress.

SB6 的一部分是檢視 4CP 程式。Riot 參與這項活動是為了降低我們的傳輸費用。隨著該立法工作組的進展，該計劃可能會發生變化。

We don't -- we hope and we're working to ensure this doesn't have too much of an impact on our transmission charges ultimately. There's lots of different ideas of how changes to that program could take place.

我們不會——我們希望並且我們正在努力確保這最終不會對我們的傳輸費用產生太大影響。關於如何改變該計劃，有許多不同的想法。

So it's really too early, I think, to speculate on that. As far as the other requirements go, I think that is probably going to impact new FEAs and new interconnection agreements more than it is us. But it's something we're staying very close to and making sure that we're good stewards of the grid,

所以我認為現在推測這一點還為時過早。至於其他要求，我認為這對新的 FEA 和新的互連協議的影響可能比對我們的影響更大。但我們會密切關注此事，確保我們做好電網的管理，

We're good industry partners and we're doing what we can to support the grid and give them the data and the reliability that they need.

我們是良好的行業合作夥伴，我們正在盡我們所能支援電網並為他們提供所需的數據和可靠性。

I'm showing no further questions at this time.

我目前沒有其他問題。

I will now turn the call back over to Philip McPherson for any closing remarks.

現在我將把電話轉回給菲利普·麥克弗森，請他做最後發言。

Thank you, operator. Thank you, everyone, for joining us on our second-quarter call.

謝謝您，接線生。感謝大家參加我們的第二季電話會議。

We look forward to updating you on further progress on our business on the third-quarter call in October.

我們期待在十月的第三季電話會議上向您通報我們業務的進一步進展。

This concludes today's conference. Thank you for your participation, and you may now disconnect.

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。