Stronghold Digital Mining Inc (SDIG) 2023 Q4 法說會逐字稿

Good morning, and welcome to Stronghold digital mines conference call for the fourth quarter and full year ended December 31, 2023. My name is Towanda, and I will be your operator this morning before this call, Stronghold issued its results for the fourth quarter and full year of 2023. Any press release, which is available in the Investors section of the Company's website at w. w. w. dot Stronghold digital money.com. You can find an link in the Investors section at the top of the homepage joining us on today's call are strong host, Chairman and CEO, great beer and CFO, Matt Smith. Following their remarks, we will open the call for questions.

早安，歡迎參加截至 2023 年 12 月 31 日的第四季和全年的 Stronghold 數位礦場電話會議。我叫 Towanda，今天早上在這次電話會議之前，我將擔任你們的接線員，Stronghold 發布了 2023 年第四季和全年的業績。任何新聞稿，可在公司網站 w 的投資者部分取得。 w。 w。 .Stronghold 數位貨幣.com。您可以在主頁頂部的“投資者”部分找到一個鏈接，加入我們今天電話會議的是強大的主持人、董事長兼首席執行官、偉大的啤酒兼首席財務官馬特·史密斯。在他們發表講話後，我們將開始提問。

Before we begin, Alex Compton from Gateway group will make a brief introductory statement. Mr. Copeland, please proceed.

在我們開始之前，Gateway 集團的 Alex Compton 將做一個簡短的介紹性演講。科普蘭先生，請繼續。

Great.

偉大的。

Thank you, operator. Good morning, everyone, and welcome. Today's slide presentation along with our earnings release and financial disclosures were posted to our website earlier today and can be accessed on our website at w. w. w. dot Stronghold digital mining.com. Some statements we're making today may be considered forward-looking statements under securities law and involve a number of risks and uncertainties. As a result, we caution you that there are number of factors, many of which are beyond our control, which could cause actual results and events to differ materially from those described in forward-looking statements. For more detailed risks, uncertainties and assumptions relating to our forward-looking statements, please see the disclosures in our earnings release and public filings made with the Securities and Exchange Commission. We disclaim any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law, we will also discuss non-GAAP financial metrics and encourage you to read our disclosures and the reconciliation tables to applicable GAAP measures in our earnings release carefully. As you consider these metrics, we expect to file our annual report on Form 10-K on or around March eighth, 2024, with the Securities and Exchange Commission, which sets forth detailed disclosures and descriptions of our business as well as uncertainties and other variable circumstances, including but not limited to risks and uncertainties identified under the caption Risk Factors. You may access Stronghold Securities and Exchange Commission filings for free by visiting the SEC website at www.SEC.gov for Stronghold Investor Relations website.

謝謝你，接線生。大家早安，歡迎光臨。今天的幻燈片演示以及我們的收益發布和財務披露已於今天早些時候發佈到我們的網站上，可以在我們的網站 w 上訪問。 w。 w。 .Stronghold 數位採礦.com。根據證券法，我們今天所做的一些聲明可能被視為前瞻性聲明，並涉及許多風險和不確定性。因此，我們提醒您，有許多因素（其中許​​多因素超出了我們的控制範圍）可能導致實際結果和事件與前瞻性陳述中描述的結果和事件有重大差異。有關我們前瞻性陳述的更詳細的風險、不確定性和假設，請參閱我們向美國證券交易委員會提交的收益報告和公開文件中的揭露內容。我們不承擔更新前瞻性陳述以反映前瞻性陳述做出之日後發生的情況或事件的任何義務或承諾，除非法律要求，我們還將討論非公認會計準則財務指標並鼓勵您閱讀我們在收益發布中仔細揭露適用的公認會計原則措施的揭露和調節表。當您考慮這些指標時，我們預計於 2024 年 3 月 8 日左右向美國證券交易委員會提交 10-K 表格年度報告，其中詳細披露和描述了我們的業務以及不確定性和其他變量情況，包括但不限於風險因素標題下所確定的風險和不確定性。您可以造訪 SEC 網站 www.SEC.gov 的 Stronghold 投資者關係網站，免費取得 Stronghold 證券交易委員會備案文件。

At ir dot Stronghold digital mining.com.

在 ir dot Stronghold digital Mining.com。

I would like to remind everyone this call is being recorded and will be made available for replay via a link available in the Investor Relations section of strongholds website.

我想提醒大家，這次電話會議正在錄音，並將透過 Strongholds 網站投資者關係部分的連結進行重播。

Now I would like to turn the call over to Stronghold Chairman and CEO, Greg Peters.

現在我想將電話轉給 Stronghold 董事長兼執行長 Greg Peters。

Greg.

格雷格.

Good morning, everyone, and thank you for joining us on our fourth quarter and full year 2023 earnings call. We will be referencing an associated slide presentation throughout the call that is available through the webcast and on the Investor Relations section of our corporate website.

大家早安，感謝您參加我們的 2023 年第四季和全年財報電話會議。我們將在整個電話會議中引用相關的幻燈片演示文稿，該幻燈片可透過網路廣播和我們公司網站的投資者關係部分取得。

Let's start on Slide 3. I will say this on every earnings call until it's no longer true Stronghold is the only environmentally beneficial and vertically integrated public bitcoin miner can own and operate two mining waste to power facilities in Pennsylvania, scrap brass and Panther Creek, with aggregate capacity of 165 megawatts through our process scrubbed grass and Panther Creek and removed an estimated 30 million tons of toxic mining waste from the environment from nearly 100 different sites. Today, we operate over 40,000 bitcoin miners with 4.1 extra hash of hatchery capacity. While we are thrilled to surpass for excess cash, we believe that we have significant runway to continue cash rate growth within our existing infrastructure by high-grading our fleet as a vertically integrated bitcoin miner, we have a unique and substantial asset base with significant potential for complementary revenue streams in November we announced our carbon capture project, which is simply an extension of our reclamation process. We are excited about the progress we have made on this project over the last few months. We believe that we can capture up to 100,000 tons of CO2 annually at baseload capacity utilization of our plants as discussed in our December presentation.

讓我們從幻燈片 3 開始。我會在每次財報電話會議上這麼說，直到它不再真實為止Stronghold 是唯一一家對環境有益且垂直整合的公共比特幣礦商，可以擁有並運營賓夕法尼亞州的兩個採礦廢物發電設施：廢黃銅和Panther Creek，總容量為165 兆瓦通過我們的流程，清理了草地和 Panther Creek，並從近 100 個不同地點的環境中清除了約 3000 萬噸有毒採礦廢物。如今，我們經營超過 40,000 台比特幣礦機，擁有 4.1 額外哈希孵化能力。雖然我們很高興能夠超越多餘的現金，但我們相信，透過將我們的車隊升級為垂直整合的比特幣礦商，我們擁有在現有基礎設施內繼續現金利率增長的重要跑道，我們擁有獨特且巨大的資產基礎，具有巨大的潛力為了補充收入來源，我們在 11 月宣布了碳捕獲項目，這只是我們回收流程的延伸。我們對過去幾個月在該專案上取得的進展感到興奮。我們相信，按照我們 12 月演示中討論的工廠基本負載容量利用率，我們每年可以捕獲多達 100,000 噸二氧化碳。

Moving to slide 4, over the past year and a half Stronghold executed on its plan to grow hash rate to four extra hash with high capital efficiency. And we plan to continue adding hash rate in improving our fleet efficiency opportunistically, we have over 40,000 energized slots, and these slots could support more than seven extra ash of mining with a high-graded fleet of latest generation miners, we are exploring various avenues and structures to grow into this capacity.

轉到投影片 4，在過去的一年半中，Stronghold 執行了將算力提高到四個額外算力的計劃，並具有高資本效率。我們計劃繼續增加算力，以提高我們的機隊效率，我們擁有超過40,000 個通電插槽，這些插槽可以支援超過7 個額外的挖礦，由最新一代礦機組成的高等級機隊，我們正在探索各種途徑以及成長為這種能力的結構。

Looking at our fleet, the average efficiency for our 2,500 for these efficient miners exceeds 40 joules per Terra and our next 10,000 feet deficient miners are approximately 37 jewels per Terrace. That's low hanging fruit and just replacing those miners with latest generation miners could yield hash rate capacity of over 5.3 extra ash. So we think that the hydrogen opportunity is very attractive.

看看我們的機隊，我們 2,500 名高效礦工的平均效率超過每 Terrace 40 焦耳，而接下來 10,000 英尺的缺陷礦工的平均效率約為每 Terrace 37 顆寶石。這是唾手可得的成果，只需用最新一代礦機取代這些礦機就可以產生超過 5.3 額外灰分的算力容量。所以我們認為氫能機會非常有吸引力。

We also remain focused on improved uptime at our data centers have been working closely with the Frontier mining team since October two and a half enhance our data center operations going into having in April, this partnership has been a success as evidenced by our recent achievement of approximately 3.9 extra hash operating hash rate.

我們也仍然專注於提高資料中心的正常運行時間，自10 月2 日半以來一直與Frontier 挖礦團隊密切合作，增強了我們的資料中心運營，並於4 月進行了合作，這種合作關係取得了成功，我們最近的成就證明了這一點大約 3.9 額外的哈希運算哈希率。

Moving to Slide 5. As the having approaches, we continue to focus on liquidity and debt service obligations. As of February 29, we had over $10 million of liquidity. So current liquidity more than covers the $6.5 million in 2024 mandatory amortization associated with our white hot notes from the $1 million of remaining committed minor CapEx. And importantly, our operations are generating cash flow with over $5 million of adjusted EBITDA projected for the first quarter, further enhancing our resiliency.

轉到投影片 5。隨著收益的臨近，我們繼續關注流動性和償債義務。截至 2 月 29 日，我們的流動資金超過 1000 萬美元。因此，目前的流動性足以涵蓋 2024 年與我們白熱化票據相關的 650 萬美元強制攤銷，其中剩餘的 100 萬美元已承諾次要資本支出。重要的是，我們的營運正在產生現金流，預計第一季調整後 EBITDA 將超過 500 萬美元，這進一步增強了我們的彈性。

Moving on to Slide 6 to discuss bitcoin market dynamics. Following the approval of bitcoin ETFs from January, we have seen a significant rise in bitcoin price and half-price bitcoin has set a new all-time high in ash prices, around $0.12 per ash. There had been $8 billion of inflows into the ETFs, which averages nearly 6,000 bitcoin per day, 6.5 more and what is mined daily. So we view the recent run-up in bitcoin price as a result of the mismatch in supply with the price run-up continue. While we won't take a view on inflows representing potential demand, the halving will impact the supply side of the equation, which all else equal is quite constructive.

繼續看投影片 6，討論比特幣市場動態。自從1月比特幣ETF獲得批准以來，我們看到比特幣價格大幅上漲，半價比特幣創下了灰燼價格的歷史新高，約每灰0.12美元。已有 80 億美元流入 ETF，平均每天開採近 6,000 個比特幣，還有 6.5 個比特幣每天開採。因此，我們認為近期比特幣價格的上漲是由於供應與價格上漲的不匹配所造成的。雖然我們不會考慮代表潛在需求的資金流入，但減半將影響等式的供應方面，而在其他條件相同的情況下，這是相當有建設性的。

For future bitcoin price.

對於未來的比特幣價格。

Moving on to Slide 7. Owning our own power assets gives us a lot of optionality as electricity is the largest variable cost to mine because it enhances our ability to be responsive to changing market conditions. When power prices are high, we turn off our miners and sell to the grid when prices are lower than bitcoin mining economics were higher than variable fuel costs. We use the plants to power our miners and when power prices are lower than our variable plant costs, we turn off the plants and import electricity to power our miners power prices in our region are currently very low with the forward curve for the remainder of 2024, averaging around $30 per megawatt hour while low power pricing is a trend broadly forward. Curves in PJM are generally the lowest in the country right now. This is great for us because it gives us the flexibility to opportunistically import electricity from the grid to power our miners and unit, you can expect to see us do just that.

轉到投影片 7。擁有自己的電力資產給了我們很多選擇，因為電力是採礦業最大的可變成本，因為它增強了我們應對不斷變化的市場條件的能力。當電價很高時，我們會關閉礦機，並在電價低於比特幣挖礦經濟高於可變燃料成本時將礦機出售給電網。我們使用這些工廠為我們的礦工供電，當電價低於我們的可變工廠成本時，我們關閉工廠並進口電力為我們的礦工供電。我們地區的電價目前非常低，2024 年剩餘時間的遠期曲線，平均每兆瓦時約30 美元，而低電價是一種廣泛的趨勢。PJM 的曲線目前總體上是全國最低的。這對我們來說非常好，因為它使我們能夠靈活地從電網進口電力來為我們的礦工和設備供電，您可以期待看到我們這樣做。

Moving to slide 8, on the other side of the equation. The PJM grid is extremely vulnerable over the medium to long term. Renewable energy sources like solar and wind are great because they're clean. But the unfortunate reality is that they generate power intermittently, replacing stable baseload generation with intermittent generation, severely threatens the stability of the grid. This is becoming very clear in PJM by its own accounts, 40 gigawatts of baseload thermal generation is expected to be retired by 2030. This is over 20% of current PJM generating capacity. On top of this, nearly 95% of power generation projects in the PJM queue already renewable, and it takes multiple megawatts of renewables to replace each megawatt of baseload generation. As a result, at the current rate of development, PJM believes that the new projects will not be sufficient to keep up with demand growth and the expected plant retirements by 2030. The implied outcome here is extreme volatility and market tightness in the medium to long term, making existing baseload assets like scrap grass and Panther Creek highly valued.

轉到等式另一邊的幻燈片 8。從中長期來看，PJM 電網極為脆弱。太陽能和風能等再生能源非常有用，因為它們是乾淨的。但不幸的現實是，它們間歇性發電，以間歇性發電取代穩定的基本負載發電，嚴重威脅電網的穩定性。根據 PJM 自己的說法，這一點變得非常明顯，預計到 2030 年將退役 40 吉瓦的基本負載火力發電。這超過了目前 PJM 發電量的 20%。除此之外，PJM 隊列中近 95% 的發電項目已經是再生能源，並且需要數兆瓦的再生能源來取代每兆瓦的基本負載發電。因此，PJM 認為，按照目前的發展速度，新項目將不足以跟上需求成長和預計到 2030 年工廠退役的速度。這裡隱含的結果是中長期內的極端波動和市場緊張，使得廢草和 Panther Creek 等現有基荷資產價值極高。

Moving to Slide 9. Since announcing our carbon capture project in November, our team has made significant progress, improving our enhancing and validating our process. Recall that our initial third party testing indicated that our scrub grass ash could capture carbon at a capacity of up to 12% by starting weight of the ash. Our recent tests from our first couple that have demonstrated that up to 14% is achievable. We recently partnered with the Pittsburgh Mineral & Environmental Technology Lab was assisting with more enhanced lab analysis, further improving and reinforcing our process. In early February, we announced that we have begun constructing our second cover of this with our partners Cabometyx. This carbonless is now up and running and scrubbed press inclusive of design enhancements and we expect will increase airflow and carbonation and reduce cost and construction time his second cover that cost is about $33,000 in materials, representing significant savings from the first couple of years. And we expect to continue to reduce costs as we scale.

轉到投影片 9。自 11 月宣布我們的碳捕獲專案以來，我們的團隊取得了重大進展，改進了我們的流程並對其進行了驗證。回想一下，我們最初的第三方測試表明，我們的灌木草灰可以捕獲高達灰燼起始重量 12% 的碳。我們最近對第一對夫婦進行的測試表明，最高可達 14%。我們最近與匹茲堡礦物與環境技術實驗室合作，協助加強實驗室分析，進一步改善和加強我們的流程。2 月初，我們宣布已開始與合作夥伴 Cabometyx 一起製作第二個封面。這種無碳印刷機現已啟動並運行，並進行了擦洗，包括設計改進，我們預計將增加氣流和碳酸化，並減少成本和施工時間，他的第二次覆蓋材料成本約為33,000 美元，比前幾年節省了大量成本。我們預計隨著規模的擴大，將繼續降低成本。

As we mentioned on our last earnings call, our team has been working closely with carbon dynamics since September to list our project on the pure registry, the world's first registry for engineered carbon sequestration projects to monetize our carbon renewables in the private market. We are excited to announce that pure earth registry registered the scrub rest facility in late February and the Company will now undertake the REO process, which is the next step towards generating carbon capture related revenue. We are now embarking on the audit process in Piura and our goal is to have an accredited carbonated materials project as early as the end of the second quarter. We expect to have further updates on this project, including timeline for meaningful monetization and related milestones in the next few months.

正如我們在上次財報電話會議上提到的，自9 月以來，我們的團隊一直與碳動態密切合作，將我們的專案列入純粹登記處，這是世界上第一個工程碳封存專案登記處，旨在將我們的碳可再生能源在私人市場上貨幣化。我們很高興地宣布，pure Earth Registration 已於 2 月底註冊了擦洗休息設施，該公司現在將進行 REO 流程，這是產生碳捕獲相關收入的下一步。我們現在正在皮烏拉啟動審核流程，我們的目標是最早在第二季末獲得經過認證的碳酸材料專案。我們預計將獲得有關該項目的進一步更新，包括未來幾個月內有意義的貨幣化時間表和相關里程碑。

With that, I would like to pass it over to our CFO Matchmind.

說到這裡，我想把它交給我們的財務長 Matchmind。

Thank you, Greg. Moving to slide 10, we continue to believe that Stronghold is significantly undervalued on an absolute basis and acutely So relative to public bitcoin mining peers when looking at select valuation metrics, adjusted EBITDA, hash rate capacity and adjusted EV to annualize January pigment production, strong oil trades at an approximately 70% discount to peers. I have nothing else to add. Lastly, on Slide 11, revenue for the fourth quarter was $21.7 million with $20.5 million from cryptocurrency operations on 599 bitcoin mined at $1.2 million from energy operations. GAAP net loss was $21.2 million for the fourth quarter and adjusted EBITDA was $2.3 million. A reconciliation for those figures is included in the appendix.

謝謝你，格雷格。轉向幻燈片10，我們仍然認為Stronghold 在絕對基礎上被嚴重低估，並且在考慮選定的估值指標、調整後的EBITDA、哈希率能力和調整後的EV 以將1 月份顏料產量年化時，相較於公共比特幣礦業同業而言，Stronghold 的價值被嚴重低估，強勁石油交易價格比同業低約 70%。我沒有其他要補充的了。最後，在幻燈片 11 中，第四季度的收入為 2,170 萬美元，其中 2,050 萬美元來自加密貨幣運營，這些比特幣是從能源運營中以 120 萬美元的價格開採的 599 個比特幣。第四季 GAAP 淨虧損為 2,120 萬美元，調整後 EBITDA 為 230 萬美元。這些數字的調節表包含在附錄中。

I will now turn the call back over to Greg for closing remarks.

現在，我將把電話轉回給格雷格，讓他發表結束語。

Thanks, Matt. To summarize what we've discussed today, we are executing on the objectives we have communicated to the market. We remain confident in the strength of our business going into happening, and we believe that we have outstanding growth prospects through high-grading our fleet and developing carbon capture. With that, we'll open up the call for Q&A. Operator?

謝謝，馬特。總結我們今天討論的內容，我們正在執行向市場傳達的目標。我們對即將開展的業務實力仍然充滿信心，我們相信，透過升級我們的機隊和發展碳捕獲，我們將擁有出色的成長前景。至此，我們將開始問答環節。操作員？

Thank you. Ladies and gentlemen, as a reminder, to ask a question, please press star one one on your telephone and then wait to hear your name announced To withdraw your question, please press star one one. Again, Please standby while we compile the Q&A roster. Our first question comes from the line of Lucas Pipes with B. Riley. Your line is open.

謝謝。女士們先生們，提醒一下，要提問，請在電話上按星一一，然後等待聽到您的名字。要撤回您的問題，請按星一一。再次強調，我們正在整理問答名單，請大家稍候。我們的第一個問題來自 Lucas Pipes 和 B. Riley 的對話。您的線路已開通。

Thank you very much, operator. Good morning, everyone. I have really wanted to do two ask a few questions on Slide 4. We show that on column with additional opportunities a few a few questions there. First off, what type of machine should we be thinking about what would a reasonable cost or CapEx range be for that? Or is that included in the guidance, I don't think so. But I would appreciate your perspective. And then I have a few more follow-up question.

非常感謝您，接線生。大家，早安。我真的很想就幻燈片 4 提出兩個問題。我們在有額外機會的專欄中展示了一些問題。首先，我們應該考慮什麼類型的機器的合理成本或資本支出範圍是多少？或者說這是否包含在指南中，我不這麼認為。但我很欣賞你的觀點。然後我還有幾個後續問題。

Yes. So I think we're thinking about it in terms like the generic latest-generation minor that you can still buy. So we're not looking at the next generation to the current latest generation. So something like a bit main that's 21 in terms of the market for these machines changes really weekly. And in the past, we've been very opportunistic about how we've managed to fill slots, whether it be just buying machines out, right, JV-ing on machines just to just to improve the capital efficiency and to get a very high ROE. And so I think at the at current prices, market prices you'd say, hey, to fill up all the slots would be around $20 million at current rates. We think obviously the rates are going to be potentially materially different post having some And as always, we're trying to do better than than down the market in terms of what we spend and how we structure.

是的。所以我認為我們正在考慮像您仍然可以購買的通用最新一代未成年人這樣的術語。因此，我們關注的不是下一代到當前最新一代。因此，就這些機器的市場而言，類似於 21 的主要因素每週都會發生變化。在過去，我們對於如何設法填補空缺一直非常機會主義，無論是購買機器，對吧，還是在機器上合資，只是為了提高資本效率並獲得非常高的利潤。魚子。所以我認為以目前的價格，你會說，嘿，填補所有空缺的市場價格以目前的價格約為 2000 萬美元。我們認為顯然，在有一些利率之後，利率可能會出現重大不同。一如既往，我們試圖在支出和結構方面做得比市場低迷更好。

Thank you, Greg, what When would you make a decision on deploying additional capital there?

謝謝你，格雷格，你什麼時候決定在那裡部署額外的資本？

You know what I think we would once you give us say a quarter to present what we what I want to do in the pace of that on potential repowering of the data center or E, are we replacing all of these our miners with more and more miners. So I think we're not ready to be specific with dates and times yet on those not just really a function of them, making sure that we're opportunistic to achieve the best pricing and rates of return on that equipment.

你知道我的想法，一旦你給我們一個季度的時間來展示我們想要做的事情，以數據中心或E的潛在重新供電的速度，我們是否用越來越多的設備取代所有這些礦工礦工。因此，我認為我們還沒有準備好具體說明日期和時間，但這些不僅僅是它們的函數，確保我們有機會實現該設備的最佳定價和回報率。

Got it. Do you have a site in mind?

知道了。您心中有一個網站嗎？

Yes, I think we have we've only got two sites scrub resin, Panda Creek. So I think you can expect it at all plants.

是的，我想我們只有兩個磨砂樹脂地點：熊貓溪。所以我認為你可以在所有工廠期待它。

And just to be clear, at current current pricing, it's $20 million per accident hash machine, just in case that was missed.

需要明確的是，按照目前的定價，每台事故哈希機的賠償金額為 2000 萬美元，以防萬一被遺漏。

No to Thank you. Thank you for that.

不，謝謝。謝謝你。

So look, I think.

所以看吧，我想。

Yes, Lukas, I would just add, I think I think there is some as we've been carefully observing industry peers, announcing growth projects that are significant kind of greenfield builds for that require extraordinary time lines and future delivery schedules. What we're what we're trying to focus you on is the fact that we've looked at third sites and we've looked organically at our own existing 41,000 slots. And we have a number of at our Tier one Tier two Tier three miners in terms of stratifying by efficiency and if you were to take the least efficient miners and high-grade does into what's called an S. 21 type miner, which could utilize existing plugs that are energized, you can get to seven X ash plus. And so and identifying that that's an opportunity is not a commitment to I spend money to do that. But we've demonstrated various actually very creative ways filling slots in the past, and we think there are a lot of opportunities to build. But to do that without I'm stretching forward. So the fact we have seven exact capacity in the existing data centers is the message.

是的，盧卡斯，我想補充一點，我認為我們一直在仔細觀察行業同行，宣布了一些增長項目，這些項目是重要的綠地建設，需要非凡的時間線和未來的交付時間表。我們想讓您關注的是，我們已經研究了第三方網站，並且有機地研究了我們自己現有的 41,000 個老虎機。我們在一級、二級、三級礦機中按效率分層，如果您要將效率最低的礦機和高級礦機納入所謂的 S.21 型礦機，它可以利用現有的通電的插頭，您可以獲得7 個X 灰加。因此，確定這是一個機會並不意味著我要花錢來做這件事。但我們過去已經展示了各種實際上非常有創意的方式來填補空缺，我們認為有很多建設的機會。但要做到這一點，我不需要向前延伸。因此，我們現有的資料中心擁有七個確切的容量，這一事實就是我們要傳達的訊息。

Got it.

知道了。

I appreciate that in kind of switching topics. If obviously, power price environment has been very soft and you noted your flexibility to toggle between your own generation and purchasing power. Could you speak a little bit to what your costs are when you produce in house today at Pentair and scrub grass and And Tom, what kind of what the utilization rate of the plants is expected to be at this in this price environment?

我很欣賞這種轉換話題的方式。顯然，電價環境非常疲軟，並且您注意到您可以在自己的發電量和購買力之間靈活切換。您能否談談今天在 Pentair 內部生產灌木叢草時的成本是多少？湯姆，在這種價格環境下，工廠的利用率預計會是多少？

Yes.

是的。

So this is just a nice like reminder of the strength of the stronghold business model, which is, hey, if power prices are super high, we can quickly turn the data centers off and divert all of that power to the grid. And conversely, when power prices are low and by low, we have lowered our variable cost to make power we can and we wouldn't do it on a single day. But it's expected to be low four weeks or a month. We can turn the power plant off. So right now we're saying that we're expecting costs to average between $40 or $45 per megawatt hour to make the power. And you looked at the forward curve for power expected power pricing in PJM, it's one of the lowest power markets in the US. And so that's that decision to come to buy power instead of make it becomes when we see power in the 20s or below, which is where we're seeing it now seasonally. So I think, Tom, you can expect us to just make the economic decision to buy the power at a cheaper cost than we can make it, which is there's a if there is a spot in the middle where it makes sense to run the plants and supply all that power of the data centers. But now we're looking like if the curve ends up playing out as it as it's priced, will run at least scrub brass seasonally rather than off time and then buy power for a lower price. You can make it, which obviously will end improve our margins.

所以這只是一個很好的提醒，提醒我們要塞商業模式的力量，也就是說，嘿，如果電價超高，我們可以快速關閉資料中心並將所有電力轉移到電網。相反，當電價越來越低時，我們會降低變動成本來發電，但我們不會在一天內做到這一點。但預計四個星期或一個月內會處於低位。我們可以關閉發電廠。所以現在我們預計發電成本平均為每兆瓦時 40 至 45 美元。您查看了 PJM 電力預期電價的遠期曲線，它是美國最低的電力市場之一。因此，當我們看到 20 多歲或以下的電力時，我們就會做出購買電力而不是製造電力的決定，這就是我們現在季節性看到的電力。所以我認為，湯姆，你可以期望我們做出經濟決定，以比我們能夠製造的成本更便宜的成本購買電力，也就是說，如果中間有一個地方，運行工廠是有意義的並提供數據中心的所有電力。但現在我們認為，如果曲線最終按照定價的方式發揮作用，至少會季節性而不是非間歇性地清洗黃銅，然後以較低的價格購買電力。你可以做到，這顯然會提高我們的利潤。

Thank you very much, Greg. Really appreciate the color and best of luck. I'll turn it over for now.

非常感謝你，格雷格。真的很欣賞它的顏色，祝你好運。我暫時把它翻過來。

Yes.

是的。

Okay.

好的。

Thank you. Please standby for our next question.

謝謝。請等待我們的下一個問題。

Our next question comes from the line of Joe Flynn with Compass Point Research & Trading, your line is open.

我們的下一個問題來自 Compass Point Research & Trading 的 Joe Flynn，您的線路已開通。

I guess I wanted to dig a little bit more on on your strategy going into H2, I guess I'm $30 megawatt hour. It's produced strong prices from a marginal cost standpoint, machines on. But I guess in the event, we don't see correction of hedge prices and you kind of see it sub $0.05 level in the months, like how do you how you're going to manage the balance sheet and growth, your ambitions to ultimately place?

我想我想深入了解您進入 H2 的策略，我想我的收入為 30 兆瓦時。從邊際成本的角度來看，它在機器運轉的情況下產生了強勁的價格。但我想，最終我們不會看到對沖價格的修正，而且幾個月內你會看到它低於 0.05 美元的水平，例如你將如何管理資產負債表和增長，你最終的目標地方？

Yes.

是的。

Yes, yes.

是的是的。

Yes, I hey, I think we have the benefit of not having to be making debt amortization payments, and we have no or very, very small obligations on CapEx today. So we are in right now today, we're generating cash. And so and if you looked at our at the potential for the improvement in efficiency of our mining fleet. And you're going to have to we need to outlay the market, what the what a realistic time frame to do that, which we will do. But I think the best response they're having in our view is to drive power costs as low as you can. That's really the most important variable that we can control. And just happily, luckily, we have a power curve and it allows us to do that. So we're going to end up with with lower power costs and what we would have modeled a quarter ago, given where the curve it moved just related to natural gas pricing being so cheap. But I think if you if you were to study our balance sheet and our obligations there purposely low due to having to let us get to the point where we should be able to begin to spend to upgrade the fleet on time.

是的，我嘿，我認為我們的好處是不必支付債務攤銷費用，而且我們今天對資本支出沒有或非常非常小的義務。所以我們現在就在創造現金。因此，如果您看看我們提高採礦隊效率的潛力。我們需要在市場上投入資金，需要一個現實的時間框架來做到這一點，我們將會這樣做。但我認為，在我們看來，他們的最佳回應是盡可能降低電力成本。這確實是我們可以控制的最重要的變數。幸運的是，我們有一個功率曲線，它允許我們做到這一點。因此，考慮到曲線的移動位置與天然氣定價如此便宜有關，我們最終將得到更低的電力成本以及我們四分之一前的模型。但我認為，如果你要研究我們的資產負債表和我們的義務，我們的義務故意很低，因為我們必須達到我們應該能夠開始按時升級機隊的地步。

Which will give us a benefit on top of having a extremely low power price. I think also at some point, they were making a lot of progress on carbon capture and that project is really designed as well to give us an even lower power price sort of on a net basis for that. So that say, that's one of the reasons that we continue to focus on on carbon capture as a as a benefit to the Company.

除了極低的電價之外，這也將為我們帶來好處。我認為在某種程度上，他們在碳捕獲方面取得了很大進展，而該專案的設計目的也是為了給我們帶來更低的淨電價。也就是說，這就是我們繼續關注碳捕獲作為公司利益的原因之一。

Thanks that that's helpful. And I wanted to dig more into the Houston business. Have our demonstrated strong results. But I guess just what do you think the outlook is there? I was wondering if you could pursue additional opportunities on that front and on maybe the overall advantages to kind of your model versus your traditional hosting model?

謝謝，這很有幫助。我想深入了解休士頓的業務。我們展示了強勁的成果。但我想您認為前景如何？我想知道您是否可以在這方面尋求更多機會，以及您的模型相對於傳統託管模型的整體優勢？

Definitely struggled over the past two years. There's a lot of industry talk. I talk about the holiday mile going away I guess, how are you guys positioned in that?

過去兩年確實很掙扎。業界有很多討論。我想我談論的是假期里程的消失，你們對此有何看法？

Yes. So I think we're we think we have a good relationship with our partners, and I think you're really unlikely to see us enter into what I would just kind of like a regular way of hosting while we run somewhere else is minor and sell them power, we strongly prefer the model we share a significant amount of the the bitcoin mining revenue with our partners. So I think I think we'll expect them to continue in some way. And if we are, I think I would view that as one of the opportunistic ways to drive the efficiency to better play from the miners is through expanding our JVs with our existing and new partners, something it's a thing that we don't we don't we're not expecting any immediate changes to the the JV structures.

是的。所以我認為我們與我們的合作夥伴有著良好的關係，而且我認為你真的不太可能看到我們進入我所希望的常規託管方式，而我們在其他地方運行的規模較小，而且向他們出售電力，我們強烈喜歡與合作夥伴分享大量比特幣挖礦收入的模式。所以我想我們會期望他們以某種方式繼續下去。如果是的話，我想我會認為，提高礦商效率、更好地發揮作用的機會主義方法之一是透過與現有和新合作夥伴擴大我們的合資企業，這是我們不會做的事情我們預計合資企業結構不會立即發生任何變化。

Dave has often said that you.

戴夫經常說你。

Thank you.

謝謝。

Thank you. As a reminder, ladies and gentlemen, that's star one to ask the question. Please standby for our next question.

謝謝。提醒一下，女士們先生們，這是提出這個問題的首要任務。請等待我們的下一個問題。

Our next question comes from the line of Kevin Dede with H.C. Wainwright. Your line is open.

我們的下一個問題來自 Kevin Dede 和 H.C.溫賴特。您的線路已開通。

Thanks, hi, Greg, Matt, thanks for having me on. Greg, kind of a I guess, sort of a broad one. I was hoping you would take some time to walk walk me through anyone else. I was curious on on on the carbon capture and the balance of now that you're seeing 14% recovery, a lower cost to deploy the carbon list and the balance of running the plants to generate the ash and the expected revenue off? It's a big question. I know that you're expecting accreditation are on Piro next quarter, which means conceivably you could see revenue in the third quarter. At what point do you think you can just run both plants all out regardless of the PowerCurve?

謝謝，嗨，格雷格，馬特，謝謝你們邀請我參加。格雷格，我想，有點寬泛。我希望你能花一些時間來引導我了解其他人。我對碳捕獲和平衡感到好奇，現在您看到了 14% 的回收率、部署碳清單的成本較低以及運行工廠產生灰燼和預期收入的平衡？這是一個大問題。我知道您預計 Piro 將於下季度獲得認證，這意味著您可以在第三季看到收入。您認為什麼時候可以不顧功率曲線而全力運作這兩個工廠？

Yes, sort of I can't. That's that's what you're describing is absolutely the goal. And I would say the last three months has been a bit better than confirmatory because it's when you're driving the rate of carbon absorption up. And not only is the is the is the upper potential had moved up and the rate that the Ashes carbonated has moved up. So the not only is it going to require fewer cargo lifts to get the same job done on the cost of this cordless is coming down and labor is coming down. So we're really I think we were very conservative in the early days and I sort of late last year describing the potential of the project, but it's still in a while, and we've made a ton of progress. And every on every assumption has proven to be conservative on so far, but it's still too early. It's still too early to spike the football and say, hey, we're going to have extra more carbonless fully deployed and generating some X amount of revenue related to that sequestration. I think that should happen. I would expect that we'll be in a position to do that in the next quarter. But I think we've got it. We're still testing some just literally dozens of tests a week from now on. Now we're testing this newly redesigned the cover live, never to that as a increased airflow. So I think it's from our vantage point, I think when when we see a plateau in the testing results and we've sort of iterated to the best cargo lift design that maximizes airflow and carbonation. And that also minimizes the CapEx build-out cost. That's when they'll say, hey, now we're ready to do to go ahead and do the build-out. And at that point, we'll describe what the CapEx costs are and what we think we can can sequester. But you're right, the reason to be excited is that this is a revenue stream that when looked at on a on a an offset for power costs, it's going to meaningfully drive the the revenue up and the sort of the average cost per megawatt down, which is that that was the which we've always said that that's even more important than deficiency of the achieves a low power cost. So that's what we're driving toward. So I think it fits standby, give us some give us a, you know, a quarter to continue to refine our results and designs and with those results and designs, we can have accurate CapEx estimates, inaccurate timeframes on share. And I think on the we also disclosed, we are now listed on the bureau registry and I guess they've now begun their quote auditing process, but I think make no mistake about it. This will be a big year for carbon capture and at least at scrubbed graph this year. So that's that's the sum and hopefully will in the next quarter have specifics to share as well. So I'm sorry, we can't tell you exactly per unit and everything. But that's a I can say. We did all that math in December on a hypothetical basis, and it is materially better than what we had initially thought in terms of CapEx speed to carbonate and a new rate of absorption. So let us.

是的，我有點不能。這就是你所描述的絕對目標。我想說的是，過去三個月比確認期要好一些，因為這是在提高碳吸收率的時候。不只是上電勢提高了，而且灰燼碳酸化的速率也提高了。因此，完成同樣的工作不僅需要更少的貨梯，而且無線設備的成本和勞動力都在下降。所以我們真的，我認為我們在早期非常保守，去年年底我描述了該專案的潛力，但還需要一段時間，我們已經取得了巨大的進展。到目前為止，每一個假設都被證明是保守的，但現在還為時過早。現在就說「嘿，我們將全面部署更多的無碳能源並產生一些與封存相關的收入還為時過早」。我認為這應該會發生。我預計我們將能夠在下個季度做到這一點。但我想我們已經做到了。從現在開始，我們仍然每週進行數十次測試。現在我們正在現場測試這個新重新設計的蓋子，而不是增加氣流。所以我認為這是從我們的有利角度來看，當我們看到測試結果達到穩定狀態時，我們就迭代了最佳的貨梯設計，以最大限度地提高氣流和碳酸化作用。這也最大限度地降低了資本支出建設成本。那時他們會說，嘿，現在我們已經準備好繼續進行擴建了。到那時，我們將描述資本支出成本是多少，以及我們認為可以隔離的成本。但你是對的，令人興奮的原因是，這是一個收入來源，當考慮到電力成本的抵消時，它將有意義地推動收入的增長以及每兆瓦的平均成本下降，這就是我們一直說的，這比實現低電力成本的不足更重要。這就是我們的目標。所以我認為它適合備用，給我們一些，你知道，一個季度來繼續完善我們的結果和設計，透過這些結果和設計，我們可以有準確的資本支出估計，不準確的份額時間表。我認為我們還披露了，我們現在已在局登記冊上列出，我想他們現在已經開始了報價審核流程，但我認為毫無疑問。今年對於碳捕獲將是重要的一年，至少從今年的圖表來看是這樣。這就是總和，希望在下個季度也能分享具體細節。所以很抱歉，我們無法準確地告訴您每個單位和所有內容。但這是我可以說的。我們在 12 月在假設的基礎上進行了所有這些計算，就碳酸鹽的資本支出速度和新的吸收率而言，它比我們最初想像的要好得多。那麼就讓我們吧。

Okay.

好的。

And finally, you know, I appreciate the color. No need to apologize. Understand. It's a very dynamic situation appreciate all the effort there understand.

最後，你知道，我很欣賞這種顏色。不用道歉。理解。這是一個非常充滿活力的情況，感謝那裡的所有努力。

We didn't know that it would we just we just don't want to we don't want to go backward and say, hey, we promised X percent or whatever costs and have it be --

我們不知道會這樣，我們只是不想，我們不想倒退說，嘿，我們承諾 X% 或任何成本，然後讓它成為現實。--

No, I completely completely understand. There's been enough of that. Maybe maybe a little more insight on associated revenue timing if you are registered by the end of the second quarter as the press release intimated, would that is it fair to assume you could see revenue in the third quarter? Maybe give us a little more insight on that? How are you looking at it?

不，我完全完全理解。已經夠了。如果您按照新聞稿所暗示的那樣在第二季末註冊，也許對相關收入時間有更多的了解，那麼假設您可以在第三季看到收入是否公平？或許能讓我們對此有更多的了解？你怎麼看？

Yes, I would say if we get on the registry we could what we'd hope to do is so our carbon credits in the private market and on a forward looking basis. So I'd say once we have our science and we're confident we can share that with potential buyers of carbon credits and are on the exchange and audited. And I guess then transactable in this way, that then opens up the ability for us to sell if we could sell out then the a certain number of credits and deliver those as we build the project down. So I think it's absolutely right. I think I think if there is a benefit to being on a registry it's fit on and have the process fully vetted out and we can then sell credits before we generate them with an expected time line to deliver them well before we aggregate it in the forward market.

是的，我想說，如果我們進入登記處，我們希望做的就是我們的碳信用額在私人市場上並且具有前瞻性。因此，我想說，一旦我們掌握了科學知識，並且我們有信心可以與碳信用額的潛在買家分享，並進行交易和審計。我想這樣可以以這種方式進行交易，如果我們可以出售一定數量的積分並在我們建立專案時交付這些積分，那麼我們就可以進行銷售。所以我認為這是絕對正確的。我認為，如果加入註冊機構有好處，那麼它就適合併經過全面審查，然後我們可以在生成積分之前出售積分，並在預期的時間線內將其交付，然後再將其匯總到遠期中市場。

Okay.

好的。

Okay.

好的。

That sounds good. Another topic I think has to do with the mention of Champion. Could you just help me understand how champion interfaces between you and PGM. and how you see them helping to deliver those lower power power prices to you before carbon capture, as you know, fully up and running at both plants?

聽起來很好。我認為另一個話題與提到冠軍有關。你能幫我了解一下冠軍是如何在你和 PGM 之間建立連結的嗎？您如何看待它們在碳捕獲（如您所知）在兩家工廠全面啟動和運行之前幫助您提供較低的電力價格？

Hey, Kevin, it's Matt. So we I would refer you back to our just our December on the press release. And when we when we mentioned that we have been through we've been through deep discussions, constructive discussions with PJM around our data center load banks, co-located the plants. And we have been over the course of the last few months purchasing retail electricity. And when you are in that market from this is when the when the plant is not on which we're working on December, Panther Creek had an outage that we've since come out of and it's been running well. But during that period of time, we were purchasing retail electricity. And at times the the ad or the premium to wholesale can be onerous, which I think you can see in the fourth quarter and fuel and important, our cost Fast Forward, we wanted more visibility and more flexibility when you go into the shoulder here on what was a very warm February natural gas prices are at [$50, $75] versus a year ago when they were twice that. And it's the marginal fuel market. And so we expect single digit to $20 real-time prices in the shorter, potentially, notwithstanding any we have Ukraine, Russia type of real structural items, and you want to be able to purchase power at as low of a cost in real-time markets as you can during that period. And so we have been working on competitive supply agreements for a while to make sure we have ultimate flexibility. And we're very grateful with so to have Calpine Champion Energy Park, Alpine stepped into that role, and we're very excited about the reduced cost of power that will absolutely result from that during periods when we're importing. So that's it's a pretty big, but it will result in a pretty big savings for us.

嘿，凱文，我是馬特。因此，我想請您回顧我們 12 月的新聞稿。當我們提到我們已經經歷過的事情時，我們已經與 PJM 圍繞我們的資料中心負載組和工廠進行了深入的、建設性的討論。過去幾個月我們一直在購買零售電力。當你進入那個市場時，也就是 12 月我們工作的工廠不工作的時候，Panther Creek 發生了一次停電，我們已經擺脫了這種停電，並且一直運作良好。但在那段時間，我們購買零售電力。有時，廣告或批發溢價可能會很繁重，我想你可以在第四季度看到這一點，重要的是，我們的成本快進，當你進入這裡的肩膀時，我們希望有更多的可見性和更大的靈活性2 月非常溫暖的天然氣價格為 [50 美元，75 美元]，而一年前則為該價格的兩倍。這是邊際燃料市場。因此，儘管我們有烏克蘭、俄羅斯類型的實際結構性項目，但我們預計在更短的時間內，實時價格可能會達到個位數到 20 美元，並且您希望能夠以盡可能低的成本實時購買電力在此期間盡可能地進行市場活動。因此，我們一段時間以來一直致力於制定有競爭力的供應協議，以確保我們擁有最終的靈活性。我們非常感謝卡爾派恩冠軍能源公園（阿爾派）扮演了這個角色，我們對在我們進口期間絕對會帶來的電力成本降低感到非常興奮。所以這是一個相當大的項目，但它將為我們帶來相當大的節省。

Okay.

好的。

So So looking out, we should assume generally, right generally that you're running both plants sort of sort of peak times excess past winter, but maybe through the summer and then off on the shoulder months. Is that a fair assumption, at least for the next year or so?

因此，請注意，我們應該普遍假設，一般來說，您在過去冬季的高峰時段運行這兩種工廠，但也許整個夏季，然後在平季月份運行。至少在未來一年左右的時間裡，這是一個合理的假設嗎？

If so we are going to run scrubbers, I would say more or less the base cases as a peaker or more than that, depending on carbon mean as we start to monetize carbon potentially and perfect, our design carbon, could it be a step-change in the scrub rest cost of power. But right now, as we're looking at it, the peak price for power the rest of the years in July at 50 bucks ish. And so in that case, you can buy power well below your marginal fuel cost. You do it on this discovery has probably runs as a peaker and Fanta Creek is likely to run as a baseload continue to run as a baseload plant for throughout the year, aside from some potential plant outage time that we're not is not yet in the calendar.

如果是這樣，我們將運行洗滌器，我想說或多或少是作為峰值器的基本情況或更多，這取決於碳平均值，因為我們開始潛在地貨幣化碳並完善我們的設計碳，這可能是一個步驟-磨砂剩餘電力成本的變化。但現在，正如我們所看到的，其餘年份 7 月的電價高峰約為 50 美元。因此，在這種情況下，您可以購買遠低於邊際燃料成本的電力。您在這項發現上執行此操作可能會作為調峰器運行，而Fanta Creek 可能會作為基荷運行，繼續作為基荷發電廠全年運行，除了一些我們尚未確定的潛在發電廠停運時間之外日曆。

Okay.

好的。

Any immediate plans to drive the carbo lifts at Panther. Given that you'll have continuous supply of ash.

任何立即計劃在 Panther 駕駛碳升降機。鑑於您將獲得持續供應的灰燼。

You would say we're still switchgrass is nearest term on due to the really high limestone calcium element of the CFV. process there. Once we perfect scrubber asked where we started and we start, we're starting, it will move over to Panther. We don't really see any reasons why why Pandora can't scale as well. But we need to go over and further test the ash, the byproduct beneficial at SaaS. And then ultimately, we can potentially scale both plants so that I would just describe Ross's near term focus because it's it's already started and we have 600 plus acres and there are a lot of benefits, including a very calcium rich nature of the ash. And so we're going to scale as Congress first probably and then move over to standard.

您可能會說，由於 CFV 的石灰石鈣元素非常高，所以我們仍然將柳枝稷作為最接近的術語。那裡進行處理。一旦我們完美的洗滌器詢問我們從哪裡開始，我們開始，我們開始，它將轉移到 Panther。我們實在看不出潘朵拉無法擴展的任何原因。但我們需要仔細檢查並進一步測試灰燼，這是對 SaaS 有益的副產品。最終，我們可以擴大這兩個工廠的規模，這樣我就可以描述羅斯的近期重點，因為它已經開始了，我們有 600 多英畝的土地，有很多好處，包括灰燼中富含鈣的性質。因此，我們可能會先按照國會的規模進行擴展，然後再轉向標準。

Yes, I understand the agri and Grand demand on capital, that's the hinge. But have you considered other sites? Any change in your thinking on that? And if so, what type of time line might you consider?

是的，我理解農業和大資本的需求，這就是關鍵。但您有考慮過其他網站嗎？你對此的想法有什麼改變嗎？如果是這樣，您會考慮什麼類型的時間軸？

Yes.

是的。

I think we're on it. We're always looking at other sites and comparing what we have today, does it make sense to us to high-grade our fleet at our current sites? Or should we look at a at new sites, we're constantly sent opportunities review on new sites, but I think the cost of our power is lower than what most of us think that you'll be seeing could achieve. So I think there we have we have no pending or announceable new sites at this point. But we are we are constantly reviewing.

我想我們正在努力。我們總是關注其他站點並比較我們今天擁有的站點，對我們目前站點的機隊進行高等級升級是否有意義？或者我們應該看看新的網站，我們不斷地發送有關新網站的機會審查，但我認為我們的電力成本低於我們大多數人認為您將看到的可以實現的成本。因此，我認為目前我們沒有待定或可宣布的新網站。但我們正在不斷地審查。

Okay.

好的。

Fair enough.

很公平。

I'll hop back in the queue, Greg, Becca.

我會跳回到隊列中，格雷格，貝卡。

Thank you. As a reminder, ladies and gentlemen, that's star one. Wanted to ask a question. Please standby for our next question. We have a follow-up question from the line of Lucas Pipes with B. Riley. Your line is open.

謝謝。提醒一下，女士們先生們，這是第一顆星。想問個問題。請等待我們的下一個問題。我們有一個來自 Lucas Pipes 和 B. Riley 的後續問題。您的線路已開通。

Thank you very much, operator, and thanks for taking my follow-up question, Greg, there's a lot of talk about shortages of power and given demands not only from bitcoin mining but also AI applications. To what extent are you receiving inbound given your direct access to power and land package.

非常感謝你，操作員，也感謝你提出我的後續問題，格雷格，有很多關於電力短缺的討論，以及比特幣挖礦和人工智慧應用程式的需求。鑑於您直接獲得電力和土地套餐，您在多大程度上收到了入站資金。

Thank you very much.

非常感謝。

Yes, I would say we do have interest from inbound enough, but I would say the from the recent run-up in bitcoin price and hash price. It's an attractive business to run right now. We'll see what happens post others having dash price and Bitcoin price. But I think if Bitcoin or to be now outlawed from the earth there is there are multiple purposes for you have 40,000 fully built-out plugs that have a computing capacity available given what's happening in the world of AI as well so that we are we're confident that the all of the infrastructure that we were running that we built with access to the power and that, that redundancy is a valuable infrastructure assets.

是的，我想說我們確實對入站有足夠的興趣，但我想說的是最近比特幣價格和哈希價格的上漲。現在經營這是一項有吸引力的業務。我們將看看其他人獲得達世幣價格和比特幣價格後會發生什麼。但我認為，如果比特幣現在在地球上被取締，那麼擁有40,000 個完全內建的插頭有多種用途，這些插頭具有可用的運算能力，考慮到人工智慧世界中正在發生的事情，所以我們就是我們。我們相信，我們運作的所有基礎設施都是在通電的情況下建造的，而這種冗餘是寶貴的基礎設施資產。

Thank you, Matt. A quick quick question on the whiskey, the Tango slide. If you've been in public markets for a long time, how do you explain these discrepancies? What would be keen to get your take on.

謝謝你，馬特。一個關於威士忌的快速問題，探戈幻燈片。如果您在公開市場工作了很長時間，您如何解釋這些差異？什麼會熱衷於得到你的看法。

Thanks.

謝謝。

Yes. So I want to avoid speculating, but I think what is what's interesting is that it's a business where it's an industry and the stock market where people can buy ourselves every day and that that can happen in any sort of way. And when you think about the reasons and past potential execution issues or even in our leverage, which we're we've shipped some of that away at some and are optimistic about some really about escape velocity with cash flow related deleveraging against that debt that there are a lot of reasons to be optimistic and there's hard asset value here that is on is absolutely in our view, not recognized by the market in terms of our plants and the carbon opportunity. And so I can start to step through the different on attributes of Stronghold compared to other peers on there's some scale related things or some kind of take daily trading volume and size size related matters. But in the end, it's a commodity industry where there should not be large disparities other than adjusting for operating and financial leverage and some other nuances between businesses and so to trade at a 70% or 80% discount to peers who are in the same business, it doesn't make any sense on. And so what question is what's going to close that, and I'll just leave that to you all to ponder, but we're working on it. So I'll just leave it at that.

是的。所以我想避免投機，但我認為有趣的是，這是一個行業和股票市場，人們每天都可以購買自己的股票，而且這可以以任何方式發生。當你考慮原因和過去潛在的執行問題，甚至我們的槓桿率時，我們已經將其中的一些拋向了一些，並且對一些真正與現金流相關的去槓桿化債務的逃逸速度持樂觀態度有很多理由保持樂觀，我們認為，這裡的硬資產價值絕對是存在的，但就我們的工廠和碳機會而言，市場並未認可這一價值。因此，我可以開始逐步了解 Stronghold 與其他同行相比的不同屬性，其中包括一些與規模相關的問題或某種與每日交易量和規模相關的問題。但歸根結底，這是一個大宗商品行業，除了根據營運和財務槓桿以及企業之間的其他一些細微差別進行調整之外，不應該存在太大差異，因此與從事同一業務的同行相比，可以以70 % 或80% 的折扣進行交易，這沒有任何意義。那麼問題是什麼將結束這個問題，我將這個問題留給大家思考，但我們正在努力解決這個問題。所以我就這樣吧。

I appreciate it. But again, best of luck. Thank you.

我很感激。但再次祝你好運。謝謝。

Thank you.

謝謝。

Thank you. I'm showing no further questions in the queue. That concludes the question and answer session. I would now like to turn the call back over to Mr. Bennett for closing remarks.

謝謝。我在隊列中沒有顯示任何其他問題。問答環節到此結束。現在我想將電話轉回給貝內特先生做總結發言。

Okay.

好的。

A. stockholders, investors, strong employees. Thank you for all the effort. Thank you for the faith where we're doing our best and we are optimistic about our prospects given the business model and we will see you next quarter. Thank you.

A. 股東、投資者、強大的員工。感謝您所做的一切努力。感謝您對我們竭盡全力的信任，鑑於我們的業務模式，我們對我們的前景感到樂觀，我們下個季度再見。謝謝。

Thank you for joining us today for Stronghold earnings call.

感謝您今天參加我們的 Stronghold 財報電話會議。

You may now disconnect.

您現在可以斷開連線。