Hut 8 Mining Corp.(HUTMF) 首席执行官 Andrew Kiguel 在 2019年 第二季度业绩 - 收益电话会议记录

[机器翻译] 电话会议 · 2019年08月20日 · 50 次阅读

Hut 8 Mining Corp. (OTCQX:HUTMF) Q2 2019 Earnings Conference Call August 19, 2019 10:00 AM ET

Hut 8 Mining Corp.([OTCQX:HUTMF])2019年第二季度收益电话会议2019年8月19日美国东部时间上午10:00

公司参与者

Andrew Kiguel - Chief Executive Officer
Jim Vaiopoulos - Chief Financial Officer

  • Andrew Kiguel - 首席执行官
  • Jim Vaiopoulos - 首席财务官

电话会议参与者

Deepak Kaushal - GMP Securities
Dan Weiskopf - Private Investor

  • Deepak Kaushal - GMP证券
  • Dan Weiskopf - 私人投资者

会议主持员

Welcome to the Hut 8 Mining Second Quarter Filing Conference call. My name is John and I will be your operator for today’s call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions] Please note the conference is being recorded. And I will now turn the call over to Andrew Kiguel.

欢迎来到Hut 8矿业第二季度备案电话会议。 我的名字是John,我将成为今天电话的运营商。 此时,所有参与者都处于只听模式。 稍后我们将进行问答环节。 [操作员说明]请注意正在录制会议。 现在我将把这个电话转给Andrew Kiguel。

Andrew Kiguel

Thank you very much and welcome everybody to the Hut 8 Q2 conference call. As per previous quarters, the call is being recorded and will be posted on our website as well joining me here is Jim Vaiopoulos, our CFO who will review the financials and then we will open it up to questions.
For second quarter, just to get right into the highlights, we recorded record quarterly revenue of $28.3 million and adjusted EBITDA of $17.3 million. Remind that, the most Bitcon that we ever mined in the quarter at 2,816. Our net income for the quarter including the revaluation was $33.7 million which works out to $0.43 per share. That included a gain of $22.4 million under reassessment of our Bitcoin inventory as most people on the call would know part of our value proposition is to retain our Bitcoin inventory and for that quarter, we were able to benefit from the price of Bitcoin increasing throughout the quarter. We were also successful in decreasing our corporate overhead which reduced to $637,000 from $747,000 in Q1 to $994,000 in Q4 of 2018. As well, we are quite proud that we were able to reduce our various initiatives to reduce our cost per Bitcoin to $2,757 per Bitcoin as compared to $2,950 in Q1 and $395 in Q4 and Q2 and our working capital has also increased.
So, just maybe with that, I will turn it over to Jimmy and I will make some closing remarks.

非常感谢,欢迎大家参加Hut 8 Q2电话会议。按照前几个季度,电话会被记录下来,并将发布在我们的网站上,以及我在这里加入我的是我们的首席财务官Jim Vaiopoulos,他将审核财务报告,然后我们将提出问题。

第二季度,为了进入亮点,我们创纪录的季度收入为2830万美元,调整后的EBITDA为1730万美元。提醒一下,我们本季度开采的Bitcon最多,为2,816。我们本季度的净收入(包括重估)为3370万美元,每股收益为0.43美元。这包括在重新评估我们的比特币库存时获得2240万美元的收益,因为大多数人都知道我们的部分价值主张是保留我们的比特币库存,在那个季度,我们能够从比特币的价格中受益。 25美分硬币。我们也成功地降低了我们的公司管理费用,从第一季度的747,000美元减少到637,000美元,到2018年第四季度的994,000美元。同样,我们很自豪能够减少我们的各种举措,将每比特币的成本降低到每比特币2,757美元与第一季度的2,950美元和第四季度和第二季度的395美元相比,我们的营运资本也有所增加。

所以,也许就是这样,我会把它转交给吉米,我会发表一些结束语。

Jim Vaiopoulos

Thank you, Andrew. This is Jim Vaiopoulos speaking CFO of Hut 8. Before continuing, I would like to remind you that all amounts in the financial statements and discussed on this call are in Canadian dollars unless stated otherwise. This is a record quarter for Hut 8 we ever expect, including revenue, subsequent mines, lowering of operating expenses and overhead, cost per Bitcoin, adjusted EBITDA and net income. This quarter started strong as the Bitcoin price began to significant rally on April 2, 2019 when Bitcoin increased by 18% in 1 day. Over the quarter, the Bitcoin price increased 160%, while the net worth difficulty rate increased by only 24%, allowing for an increased overall mining profit margin of 63% for the quarter.
In the second quarter of 2019, Hut 8 mined 2,816 Bitcoin resulting in revenue of $28.3 million compared with the same period of the prior year of 786 Bitcoin mined with revenue of $7.8 million. The reason for the difference year-over-year was because Hut 8 increased the number of Block boxes under operation to 85 in Q2 2019 from 17 in Q2 2018. We continue to focus on the optimization of electricity allowing for the decrease in operating cost by 18% from $12.6 million in Q1 2019 to $10.4 million in Q2 2019. Hut 8’s cost per Bitcoin for Q2 2019 was $2,757, a 30% decrease from the prior quarter in Q1 2019 of $3,950. In a quarter where network difficulty increased by 24%, it was an achievement for Hut 8, but the cost per Bitcoin decreased by nearly $1,200.
During this time of improved Bitcoin mining economics and increased margins, we stayed focused on maintaining our lean cost structure as the overhead expenses continued to decrease quarter-over-quarter steadily. Expenses, excluding non-cash compensation for Q2 2019 were $637,000 compared with $747,000 in Q1 2019 and $994,000 in Q4 2018. Our strategy of mining and holding Bitcoin have paid off as there was a $22.4 million gain on the re-measurement of Bitcoin holdings in Q2 2019. The gain from re-measurement in this quarter was larger than the losses related to these re-measurements in all of 2018 combined and was a result of the consistent strategy to retain the most amount of Bitcoin’s operations adjusted EBITDA was $17.3 million for Q2 2019 which nearly equals the adjusted EBITDA for the full 2018 year of $19.3 million overall in the second quarter net income was $33.7 million and earnings per share which was around $0.43 per share. The increase in Bitcoin price in Q2 2019 also strengthened the balance sheet Hut 8 as adjusted working capital as of June 30 2019 was $38.2 million a large increase from the march 31 2019 adjusted working capital deficit of $497,000 I will now pass the call back over to Andrew.

谢谢你,安德鲁。这是Jim Vaiopoulos,他是Hut 8的首席财务官。在继续之前,我想提醒您,除非另有说明,否则财务报表中的所有金额以及此次电话会议中讨论的金额均为加元。这是我们预期的8小时创纪录的季度,包括收入,后续矿山,降低运营支出和间接费用,比特币成本,调整后的EBITDA和净收入。由于比特币价格在2019年4月2日开始大幅上涨,比特币在1天内上涨了18%,本季度开始走强。在本季度,比特币价格上涨了160%,而净值难度率仅增加了24%,使本季度整体采矿利润率增加了63%。

在2019年第二季度,Hut 8开采了2,816比特币,收入为2830万美元,与去年同期786比特币开采相比,收入为780万美元。与去年同期相比差异的原因是因为8号工厂将2018年第二季度的块箱数量从2018年第二季度的17个增加到85个。我们继续关注电力优化,从而降低运营成本从2019年第一季度的1260万美元增加到2019年第二季度的1,040万美元,增长18%。2019年第二季度每比特币的成本为2,757美元,比2019年第一季度的3,950美元减少30%。在网络难度增加24%的季度中,这是Hut 8的成就,但每比特币的成本下降了近1,200美元。

在改善比特币采矿经济和提高利润率的这段时间里,我们一直专注于维持我们的精益成本结构,因为管理费用继续稳步下降。 2019年第二季度不包括非现金补偿的费用为637,000美元,而2019年第一季度为747,000美元,2018年第四季度为994,000美元。我们采矿和持有比特币的策略得到了回报,因为重新计量比特币持有量增加了2240万美元。 2019年第二季度。本季度重新计量的收益大于2018年全年重新计量的相关损失,这是保持比特币运营最多的一致策略调整后的EBITDA为1730万美元的结果。 2019年第二季度,与第二季度净收入的2018年全年总计1,930万美元的调整后EBITDA相当,为3370万美元,每股收益约为每股0.43美元。 2019年第二季度比特币价格的上涨也加强了资产负债表Hut 8,截至2019年6月30日调整后的营运资金为3820万美元,比2019年3月31日调整后的营运资金赤字497,000美元大幅增加,现在我将把这一回调转回到安德鲁。

Andrew Kiguel

Yes, so just some closing remarks again the strategy paid off for us in Q2 we continue to see that the strategy we think will continue to payoff in Q3 where we value the Bitcoin at the end of Q2 is roughly where it's trading today. The only key difference is that through Q2 the average price of Bitcoin was around $7300 through the quarter and it has been fairly consistently in the five figures so far in Q3 so, while the quarter is just a little bit over halfway down we would anticipate that revenues for Q3 would be higher as a result of that. And again depending on should see how it goes We continue to focus on the same strategy, which is we're the only one to mine Bitcoin we want to be the lowest cost produced out there and continue to strive for that of fact had we as I said in my quote had we sold off a bunch of our Bitcoin at the end of Q1 as a lot of people were suggesting we would have missed it on that game we continue to monitor it We view ourselves partially as managing that inventory we continue to monitor it and be strategic as to when we sell we trying to make sure even the financing fiat cost that we try and time when we're selling. And so far this quarter we have been very successful in doing that so despite where you might see the price of Bitcoin at every given moment generally we have been selling at higher prices and taking advantage of the peaks that we have been seeing my last comment just respect to correlation between Hut 8 price and the price of Bitcoin correlation is historical looking figure so, one other things I have been question asked in the past we have had a correlation of around 90% of the price of Bitcoin it is always a backwards looking measure as to at that time to do the analysis in the correlation that’s what it has been one of the things that we have saw over the course of Q2 was unfortunately the correlation between the Hut 8 price and the price of Bitcoin so might have decoupled a little bit and a what have decoupled a little bit and while we saw the pretty good correlation to the price of Bitcoin at is dropped over the quarter close to the 69% from what used to be closer to 90% or even higher, so again we don’t control the share price when we do our best to perform be transparent to the market and stay within the mandate that we have and we hope that the market responds obviously we don’t have a higher correlation to the price of Bitcoin but, again we don’t control that the buying’s on on the market we just trying to be transparent and do a good job so, with that operator we will turn it over to Q&A

是的,所以只是一些结束语再次说明策略在第二季度为我们带来了回报我们继续看到我们认为在第三季度我们继续回报的策略,即我们在第二季度末对比特币进行估值大致是今天的交易。唯一的关键区别在于,截至第二季度,比特币的平均价格在本季度达到了7300美元左右,到目前为止在第三季度的五个数字中一直保持相当稳定,而本季度仅略微超过一半,我们预计到因此,第三季度的收入会更高。应该再看看它应该如何发展我们继续关注同样的战略,我们是唯一一个开采比特币的人,我们希望成为那里生产的最低成本,并继续努力,因为我们是我在报价中说过,我们在第一季度末卖掉了一大堆比特币,因为很多人都建议我们会错过它,我们继续监控它我们认为自己部分管理库存我们继续对我们的销售情况进行监控并具有战略性,我们试图确保即使是我们尝试的融资法定成本以及我们销售时的时间。到目前为止,本季度我们已经非常成功地做到了这一点,所以尽管你可能会在每个特定时刻看到比特币的价格,但我们一直在以更高的价格出售并利用我们最后评论的峰值。关于Hut 8价格和比特币相关价格之间的相关性是历史看的数字所以,我过去曾问过的其他一件事我们已经得到比特币价格的90%左右的相关性它总是向后看衡量当时在相关性中的分析,这是我们在第二季度看到的事情之一,遗憾的是,Hut 8价格与比特币价格之间的相关性可能已经解耦了我们看到与比特币价格相关的相当好的相关性在一个季度下降到接近69%,而过去接近90%或前夕更高,所以当我们尽最大努力对市场保持透明并保持在我们的授权范围内时,我们再次控制股价,我们希望市场反应明显我们没有更高的相关性比特币的价格但是,我们再次无法控制市场上的买入,我们只是想透明并做好工作,所以我们将把它转到Q&A

问答环节

Thank you we will now begin the question and answer session [Operator Instructions] and our first question is from Deepak Kaushal from GMP Securities

谢谢,我们现在开始问答回答[操作员说明],我们的第一个问题来自GMP证券公司的Deepak Kaushal

Deepak Kaushal

Hey guys good morning. Thanks for taking my questions pretty straight forward quarter following your pre release earlier in the summer. Andrew you mentioned that you are strategic on when you sell your Bitcoin so by our math I kind of noticed your fiat cash balance is going to be increased in the quarter does that imply that you guys sold more Bitcoin when you needed to recover your costs and if so, what kind of rational behind that.

嘿伙计们早上好。 感谢您在夏季早些时候的预发布之后非常直接地提出我的问题。 安德鲁你提到你在销售比特币的时候是战略性的,所以通过我们的数学我注意到你的法定现金余额将在本季度增加,这意味着当你需要收回成本时,你们卖掉了更多的比特币 如果是这样,那背后是什么样的理性。

Andrew Kiguel

So, its never selling more when we need to cover our costs but like there was a period of time where the Bitcoin was trading well over $13000 so we can make the choice to say okay, do we sell some additional Bitcoin here to cover two months of fiat expenses or three months of fiat expenses so we know that that’s locked in provide additional safety what we think is a pretty good price relative to what some other companies do which is we just mine it and just sell it as soon as the mine it so you are not able to capitalize on that so would not say that we are mine we are selling more than when you do but is strategic to say we know what our costs are going to be over the next like four weeks, eight weeks, twelve weeks and so we are capitalizing our most higher prices to make sure that we have that we have that fiat on call so if the price of Bitcoin was to drop to $9500 as it did early last week last week we are not forced to sell I mean unfavorable environment in order to finance our fiat costs.

因此,当我们需要支付我们的成本时它永远不会卖得更多,但是比如一段时间比特币的交易价格超过13000美元所以我们可以选择说好了,我们是否在这里卖了一些额外的比特币以涵盖两个月法定费用或三个月的法定费用,所以我们知道这是锁定在提供额外的安全性我们认为相对于其他公司做的相当好的价格,我们只是采矿它并且只是在矿山时立即出售它因此,你不能利用它,所以不会说我们是我的,我们卖的比你做的多,但是有策略地说我们知道我们的成本会在接下来的四周,八周,十二周几个星期左右,我们正在利用我们最高的价格,以确保我们有这个命令,所以如果比特币的价格下降到9500美元,就像上周早些时候我们没有被迫出售我的意思不利的环境,以资助我们的法定成本。

Deepak Kaushal

Got it okay. That makes sense. So on that vein by my math roughly you guys sold forward between may be that’s not the best term but between 600 700 Bitcoin is that $5 million is that math correct or within the range or?

好吧。 那讲得通。 所以按照我的数学粗略地说,你们之间的销售可能是不是最好的术语,但600 700比特币之间是500万美元是数学正确还是在范围内?

Andrew Kiguel

I mean it sounds like it’s in the right range and one of the things we have done again you have to wait to see but we have subsequent to Q2 it is significantly what I would say is improved the balance sheet and so again we were able to take advantage of some of those peaks in order to continue to make the company stronger and so one other things that I would hope seeing in the next quarter is an improved cash balance improved balance sheet file less payables and overall since getting in here we want to keep the balance sheet as and as stable as possible and so we will continue to strive towards that.

我的意思是它听起来像是在正确的范围内我们再次做的事情之一你必须等待才能看到,但我们在第二季度之后我会说的是改善资产负债表,所以我们再次能够 利用其中的一些高峰,以继续使公司更强大,所以我希望在下个季度看到的另一件事是改善现金余额改善资产负债表文件减少应付款和整体,因为进入这里我们想要 保持资产负债表尽可能稳定,因此我们将继续努力。

Deepak Kaushal

Okay speaking about the balance sheet in terms of debt I know that you have debt with Galaxy and Bitfury. And historically. it’s been tough to get financial services as a crypto currency company have you seen changed in that any options to find a lower debt cost at this stage?

好吧,谈到债务方面的资产负债表,我知道你有与Galaxy和Bitfury的债务。 而且在历史上。 如果你认为在现阶段寻找较低债务成本的任何选择,你看到加密货币公司很难获得金融服务吗?

Andrew Kiguel

Yes you know we are always talking to various providers in going out to seek if there is ways to refinance what we have better rates there is advantages and disadvantages to two pieces of debt that we have we are talking to people that we haven’t at this point seems something that is significantly more attractive so for example you can find better rates on the coupon but it comes with other strengths attached by a lot of third party vendor to hold all your Bitcoin and play around with it. We don’t deem that’s necessarily is being a good risk trade off because you are taking substantial counter party risk obviously we are always looking we are always in any stage of Hut 8 since inception we are always in discussions with various capital providers to see what is been done we haven’t issued any equity or done anything on that side since the company went public and that excuse me we haven’t seen anything attractive and so we will keep our cards in play.

60。...

Deepak Kaushal

Okay that makes sense and it is helpful so excess Bitcoin selling only to pay forward some OpEx only to pay for it some OpEx and trying to maintain a strategic balance sheet still considering on debt side how do you expand your capacity your mining capacity from here? Are you kind of in a pause mode until capital market is a bit better?

好吧,这是有道理的,所以多余的比特币销售只是为了支付一些运营支出而只支付一些运营支出并试图保持战略资产负债表仍在考虑债务方面如何从这里扩大你的采矿能力? 在资本市场好一点之前,您是否处于暂停模式?

Andrew Kiguel

We are definitely not in a pause mode we are always in conversations so there is a few things that obviously can’t disclose material on public here on the call but I think given our current Bitcoin balance or current cash balance we would be in positions potentially to do incremental steps to increase capacity that could be done without jeopardizing our significant amount of our Bitcoin balance or balance sheet position.

我们肯定不会处于暂停模式,我们总是在谈话中,所以有一些事情显然无法在电话会议上披露公开内容,但我认为鉴于我们目前的比特币余额或当前现金余额,我们可能处于潜在的位置 做一些渐进的步骤来增加可以在不损害我们的比特币余额或资产负债表位置的情况下完成的容量。

Deepak Kaushal

Okay great. I just have one last question great cost controls just from a forecasting perspective I guess the run rate of roughly 650 or quarter in cash OpEx is that something we can continue to expect going forward or is that there is some seasonality in there and then same on the non-cash side on the stock base cost side? What can we expect?

好,太棒了。 我只是从预测的角度来看最后一个问题是成本控制很大我认为现金OpEx的运行率约为650或四分之一是我们可以继续期待未来的事情,或者那里有一些季节性然后相同的 股票基础成本方面的非现金方面? 我们能期待什么?

Andrew Kiguel

Yes I mean we still like I am guy who likes looking for apart from the big picture but I also like looking for nickels and dimes in the corners something that’s not reflected as we went in to the city medicine hat and we are able to renegotiate our land lease cost and decrease it by about 89% that’s something that will be show up it’s somewhat significant it can get about a $160,000 a year we continue to negotiate you know all of our contracts received it what we can do better we have recently moved into a new office and while we had very cheap break before even the been able to even lower that further and so we are always looking for ways to decrease but I don’t see that a mess there is something out of the ordinary I don’t see that our overhead would be increasing with respect to the mining operations we continue to find ways to optimize in the net better the one imponderable there is just the difficulty. And this is on difficulty this is on the call as difficulty goes up inherently that means that we are mining less Bitcoin and as a result our price per Bitcoin goes on because our costs are somewhat fixed so, we continue again to look at every single aspect of the operations and see where can we reasonably reduce our costs and continue to deliver value to shareholders.

是的我的意思是我们仍然喜欢我喜欢寻找除大图之外的人但是我也喜欢在角落里寻找镍和角钱的东西,因为我们进入城市药帽并且我们能够重新协商我们土地租赁成本并减少约89%,这将显示它有点显着它可以每年约160,000美元,我们继续谈判你知道我们所有的合同收到它我们可以做得更好,我们最近进入一个新的办公室,虽然我们有非常便宜的休息之前,甚至能够进一步降低,所以我们一直在寻找减少的方法,但我不认为有一些不寻常的东西,我没有看到我们的开销会随着采矿作业的增加而增加,我们会继续寻找在网络中进行优化的方法,这是一个无法估量的难题。这是困难的,因为难以上升,这意味着我们正在开采更少的比特币,因此我们的比特币价格继续下去,因为我们的成本有些固定,所以,我们再次继续关注每一个方面我们可以合理地降低成本并继续为股东创造价值。

Deepak Kaushal

Okay great. Well thanks for taking my questions. I will pass the line.

好,太棒了。 谢谢你提出我的问题。 我会通过这条线。

会议主持员

Our next question is from Matt. Please go ahead. Matt your line is open for your question. Andrew our next question is from Dan Weiskopf.

我们的下一个问题来自马特。 请继续。 马特你的专栏是开放的问题。 安德鲁我们的下一个问题来自Dan Weiskopf。

Dan Weiskopf

Hi Andrew Dan Weiskopf here. Good quarter. Thank you. So last quarter I think we touched on electric cost volatility may be my term is not exactly correct have you seen a lot of spikes in that area again it is an art to manage it so you make any comments on how you are managing the volatility in your cost in that area?

嗨Andrew Dan Weiskopf在这里。 好季度。 谢谢。 因此,上个季度,我认为我们触及电力成本波动可能是我的术语不完全正确如果您再次看到该领域的大量峰值,那么管理它是一门艺术,因此您对如何管理波动性做出任何评论 你在那个地区的费用?

Andrew Kiguel

Sure so I would divide it into what I would say 3 different areas so about half of our electricity purchases are somewhat locked in and that’s due to 10 year agreement with the City of Medicine Hat and that's been very successful while it is not a 100% locked in at a price it is fairly predictable and our view very low cost on a not just on the Canadian basis but on a worldwide basis on the balance there is two areas so we would buy some additional electricity in the city of medicine hat we have been able to do some as I have mentioned before we always look at in terms of very large metrics the price of bitcoin versus the price of electricity and in some areas it makes sense for us to curtail our use of electricity and sell it back into the grid and so we finally can make money there in some situations where the price of bitcoin is been lower that the price of electricity spikes on the grid we are actually able to make more money in those instances than actually mining there is another piece of it which we call so this is very interesting again we continue to improve upon this and so far this year we have done a good job and we continue to improve but because what we are doing like Hut 8 is not running a hospital or a manufacturing intensive process we are able to shutdown our operations within two minutes and start them back up within two minutes. so we have found is without actually having to curtail so that without actually having to shut anything off the utility provider will actually pay us for the ability to potentially turn this off for a limited periods of time and so there is been periods throughout this summer where again we have not curtail it but they come to us and said we will compensate you or lower your price just for the potential ability to shut you down for a period of time completely at our choice but they will pay us for that and so the initiatives we done around managing our electricity prices have been very successful and continue to get better.

谢谢管理团队。 是的,我们看到收入结果非常好,高达36%,你能否给我们更多的海外出货颜色? 而且您如何看待来自北方国家的货物? 我们将来会排除更多国家吗? 谢谢。...

Dan Weiskopf

Alright thank you and one another question and may I probably see this in the filings but it looks like you personally brought stock was that exercise or options or did you buy it in the open markets or are you awarded shares I'm seeing it on Bloomberg. I don’t know?

好的,谢谢你和另一个问题,我可能会在文件中看到这个,但看起来你个人带来的股票是那个行使或期权,或者你是在公开市场上买的还是你获得的股票我在Bloomberg看到它。 我不知道?

Andrew Kiguel

That was part of my RCU package?

这是我的RCU包的一部分?

Dan Weiskopf

Okay thank you.

好的谢谢你。

会议主持员

[Operator Instructions] and we do have a question again from Matt. Please go ahead. Matt your line maybe on mute.

[操作员说明]我们马特再次提出问题。 请继续。 你的线路可能会静音。

身份不明的分析师

Hello.

你好。

Andrew Kiguel

Hi Matt just came through.

嗨,马特刚刚过来。

身份不明的分析师

Can you hear me?

你能听到我吗?

Andrew Kiguel

We can.

我们可以。

身份不明的分析师

Okay thank you so we just my question was around the Bitfury partnership where they have been able to give you some financing to do the expansion of the infrastructure do you have a flexibility and the right Bitcoin environment where you could pay off those types of loans n Bitcoin if you wanted to then expand down the road?

好的,谢谢,所以我们只是围绕Bitfury合作伙伴关系,他们已经能够为您提供一些融资来扩展基础设施吗?您有灵活性和正确的比特币环境,您可以在那里偿还这些类型的贷款n 比特币,如果你想继续扩展的道路?

Andrew Kiguel

Yes. The loan agreement we have with Bitfury has no prepayment penalties no security a lot of flexibility it is a very attractive loan from our standpoint because that loan is so attractive I think we deal less incline to repay it but we absolutely have the ability to pay off the loan in Bitcoin as well as our monthly expenses in Bitcoin to Bitfury.

是。 我们与Bitfury签订的贷款协议没有预付罚款没有担保很多灵活性从我们的角度来看这是一个非常有吸引力的贷款,因为这笔贷款非常有吸引力我认为我们减少了倾向偿还它但我们绝对有能力还清 比特币的贷款以及比特币到比特福的每月费用。

身份不明的分析师

Hi and then just a follow up to that Do you foresee and again we don’t know with Bitfury do you see a potential where they would have a a nanometer shrinkage with their ASIC chip where say hypothetically 12 nm 10 nm is that something you envision that due to the presence of the network hash very difficulty going up over time with Bitcoin you proceeded that’s potential I mean I have no issue with what you guys have done you have done an excellent job with the operations but let’s say 6 months to 12 months down the road do you think Bitfury may potentially release a new die shrink of their ASIC if you can speak to that enough?

嗨,然后只是一个跟进你是否预见到你再次我们不知道Bitfury你看到他们的ASIC芯片会有一个纳米收缩的潜力,假设12纳米10纳米是你想象的东西 由于网络哈希的存在,随着时间的推移,比特币很难上升,你继续发挥这种潜力我的意思是我对你们所做的事情没有任何问题你们已经做了很好的工作,但是让我们说6个月到12个月了 你认为Bitfury可能会释放他们的ASIC的新模具,如果你可以说那么多吗?

Andrew Kiguel

Yes so again we have various types of chips from Bitfury the purchase that we did was our most possible and our best performing piece of hardware I think if we were to do anything with them it would have to be at least at that level or better they are very large company they are continuingly looking for ways to make the chips more sophisticated and more efficient and absolutely if it’s a little bit of an interesting quandary which is we can invest money to upgrade the efficiency today by selling a whole bunch of Bitcoin potentially the appreciation on that but the existing equipment even our oldest equipment with our least efficient chips still showing very strong profit margins and so from our perspective I think if we were to look at doing something like this we would look to first to upgrade the oldest equipment although it is still profitable but we want to wait and see what happens with the haven coming up what happens with the price of Bitcoin but it would never be our intention to operate chipsets that are not efficient or not providing profit for shareholders.

是的,所以我们有各种类型的Bitfury筹码,我们做的是我们最有可能和我们最好的硬件,我认为如果我们要对它们做任何事情,它必须至少在那个级别或更好的他们是非常大的公司,他们正在不断寻找方法,使芯片更复杂,更有效,绝对是一个有趣的窘境,我们可以通过出售一大堆比特币投资资金来提高效率今天对此表示赞赏,但现有的设备,即使我们最老的设备,我们效率最低的芯片仍然显示出非常强劲的利润率,因此从我们的角度来看,我认为如果我们考虑做这样的事情,我们会首先考虑升级最老的设备它仍然有利可图但我们想等待,看看随着比特币的价格出现的避风港会发生什么,但它永远不会是我们的intentio n运营效率不高或不为股东提供利润的芯片组。

身份不明的分析师

So I think from my perspective because I looked at the sector from crypto start to lot of other ones in the space and you ever think that only real group that can pay some cost on Bitcoin and you are stacking set so I congratulate you guys on that I think more shareholders like myself are pretty happy with that and I guess my last, last question would be in Alberta do you guys still have allocation for power capacity that you could expand there with those partnerships and that will be it for me question thank you?

所以我从我的角度思考,因为我看了从加密开始到该领域其他很多领域的部门,你曾经认为只有真正的团队可以支付比特币的一些成本而且你正在堆叠,所以我祝贺你们 我认为像我这样的更多股东对此感到非常满意,我想我的最后一个问题将是在艾伯塔省你们是否还有电力容量的分配,你们可以通过这些合作伙伴关系进行扩展,这将是我的问题,谢谢你们?

Andrew Kiguel

Yes so we are looking at a bunch of different potential sites for expansion we haven’t locked anything down I think if a lot of it depends on to build out a new site so I think in medicine hat currently there isn’t much room for expansion there they are in the process of building another turbine there that would add potentially allow us to expand by 42 megawatt and that will be contagious to what we are set up now but that’s probably 24 months away from being built or longer we are in discussion with various other potential sites in Alberta Quebec the United States so the question there is there any availability of capital that should be been limited in the past and what can we do something that is accretive to shareholders we don’t want to be in a position that lot of other people are in are in where you're just issuing a bunch of cheap equity and then having to suffer for that later on it is important for the management team to keep that the balance sheet or the capital structure somewhat cleaning I think from a warrant perspective and an options perspective we are extremely clean compared to lot of other small caps and other guys who are in this space.

是的所以我们正在寻找一堆不同的潜在网站进行扩展我们没有锁定任何东西我认为如果很多它依赖于建立一个新的网站所以我认为在医学帽子目前没有太大的空间在那里扩建他们正在建造另一台涡轮机,这将增加可能使我们扩大42兆瓦,这将对我们现在建立的东西具有传染性,但这可能距离建造还有24个月或更长时间我们正在讨论与美国魁北克省艾伯塔省的其他各种潜在地点有关的问题是,过去应该限制任何资本的可用性,我们可以做些什么来增加我们不想担任股东的股东很多其他人都在你所在的地方,你只是发行了一堆廉价股权,然后不得不为之担忧,管理团队必须保持资产负债表或资本结构有点清洁我认为从权证的角度和选择的角度来看,与许多其他小型帽子和其他在这个领域的人相比,我们非常干净。

会议主持员

Our next question is from [indiscernible]. Please go ahead.

我们的下一个问题来自[音频不清晰]。 请继续。

身份不明的分析师

Good morning guys great quarter I had a I want to see if you could comment on the any changes on the comparative landscape because the Blockstream stuff recently announced that they have a 300 megawatt capacity in Quebec and maybe you can comment on some changes in the industry?

早上好,我有一个很好的季度我想看看你是否可以对比较景观的任何变化发表评论,因为Blockstream的东西最近宣布他们在魁北克有300兆瓦的容量,也许你可以对行业的一些变化发表评论?

Andrew Kiguel

Yes I saw the Blockstream stuff and they announced an affiliation with Fidelity. I I can’t seem to find any information as to whether or not they have raised any capital having access to I could put out a press release later this afternoon that says we have access to 300 megawatts we have sites and things already the issue is building out the sites requires a lot of capital we preferred to air on the side of being conservative and until we are able to actually finance and build the site announcing that we have availability of megawatts driven shouldn’t actually mean very much to people Blockstream seems like a credible company but again I haven’t other than they have access to this capacity in Quebec we speak to Quebec all the time and there is certainly potentially availability there comes down to what’s the price I think they announced that they have access to power at $0.06 I would say that’s about 30% 40% higher than what we are paying now and our electricity and until we sort of see announcement that they are able to raise capital order the equipment in the timeline is to when that is going to be build to me it’s just promotional rhetoric. But again, we keep an eye on them, we keep an eye on all the other publicly listed miners and some of the privately listed miners but there is good company’s so competition I do that as more as the difficulty because the competition is worldwide from a public market standpoint there is some good companies out there, there are some companies with challenges we are trying to focus on us making sure we run the operations as best as we can.

是的,我看到了Blockstream的东西,他们宣布了与Fidelity的关系。我似乎无法找到任何关于他们是否已经筹集任何资金的信息我可以在今天下午晚些时候发布一份新闻稿,说我们可以获得300兆瓦的电力,我们已经有问题正在建设这些网站需要大量的资金,我们更倾向于在保守的情况下播出,直到我们能够实际融资并建立网站,宣布我们拥有兆瓦的驱动力,这对人们来说实际上并不是非常意味着Blockstream似乎一个可信赖的公司,但我再也没有他们在魁北克可以获得这种能力,我们一直在与魁北克交谈,而且肯定有可能的可用性归结为我认为他们宣布他们有权获得权力的价格是多少$ 0.06我会说这比我们现在支付的电费和我们的电力高出约30%40%,直到我们看到他们能够筹集资金订购设备的公告在时间表上,当我要建立这个时,它只是促销性的修辞。但同样,我们密切关注他们,我们密切关注所有其他公开上市的矿工和一些私人上市的矿工,但是有良好的公司竞争如此竞争,因为竞争是全世界的公共市场的立场有一些优秀的公司,有些公司面临挑战我们正在努力关注我们,确保我们尽可能地运营业务。

身份不明的分析师

Doesn’t make sense for you guys to have your own maybe solar or wind hardware?

对于你们来说拥有自己的太阳能或风能硬件没有意义吗?

Andrew Kiguel

We have looked at it solar is not very efficient the problem with wind and solar is you are never going to get a 100% up time and so solar we have not seen prices actually more competitive we have seen it is more expensive we have looked at when we are looking at a bunch of wind sites the issue is that you can get some very low cost efficient powerful wind but if the wind isn’t blowing you can’t operate your equipment and so that’s a bit of risk so the things we are looking at is there a way to do combination of wind and when the wind is not blowing can you buy your balance of the grid we are looking at all strategic different alternatives but, like I said we wouldn’t be building our own wind we are focused we know what we can do wow and where we don’t have expertise so we wouldn’t be building our own solar assets we are working with several utilities clean energy utilities, to see if there's something that make sense so far we haven’t found anything that make sense again because solar seems to be more expensive and not reliable and wind is definitely attractive pricing but you have this the math needs to work and if you can only run your equipment 65 or 75% of the time your IRR in return on that project is not going to be very strong despite the price of electricity.

我们已经看过太阳能不太高效风能和太阳能的问题是你永远不会得到100%的正常运行时间太阳能我们没有看到价格实际上更具竞争力我们已经看到它更昂贵我们已经看过当我们看到一堆风场时,问题是你可以获得一些非常低成本效率的强风,但是如果风没吹,你就无法操作你的设备,所以这有点风险所以我们做的事情我们正在寻找一种方法来做风的组合,当风不吹的时候你可以买到你的平衡电网,我们正在寻找所有战略性的不同选择但是,就像我说我们不会建造自己的风我们专注于我们知道我们可以做什么哇和我们没​​有专业知识的地方所以我们不会建立我们自己的太阳能资产我们正在与几家公用事业清洁能源公用事业公司合作,看看到目前为止我们是否有一些有意义的东西我们避风港找不到任何有意义的东西因为太阳能似乎更昂贵而且不可靠,而且风绝对是有吸引力的价格,但你有这个数学需要工作,如果你只能运行你的设备65或75%的时间你的IRR作为回报该项目不会尽管电价很高,但要非常强大。

身份不明的分析师

Nice, thanks guys.

很好,谢谢你们。

会议主持员

Our next question is from Deepak Kaushal from GMP Securities.

我们的下一个问题来自GMP Securities的Deepak Kaushal。

Deepak Kaushal

Hi guys thanks for taking my follow up just a quick one Andrew last quarter you commented on the constraints you saw in the supply chain for new chips via TSMC and what’s kind of update on that and what’s your thinking today on hash rates which seem to be rising again that’s it for me?

嗨,大家好,感谢您在上个季度快速安排了一个安德鲁,您评论了您在供应链中通过台积电获得的新芯片的限制因素,以及您今天对哈希率的看法是什么? 再次上升,这对我来说?

Andrew Kiguel

Yes I think the commentary remains the same we are constantly evaluating different forms of equipment that that’s out there and when you go to that large Chinese manufacturers what’s mining Canaan and Bitmain, if you websites and we try look at the equipment it all says sold out that’s because they did not manufacture a lot of it and it says they will begin shipping in November and so we certainly seeing that the hash rates increasing I think that’s probably just a bunch of older equipment that’s being turned on I think there is been some influence of new equipment but the question remains for people that are if you are lucky they are able to get the manufacturing done on time you can get on the priority list but its been shipped out in November I think that tells we rather go to people on the priority list for them how fast can we get that up and running and so my view is that we could see the hash rate increasing here do you want to invest in whole bunch new expensive equipment that may not necessarily pay off certainly I think when we look at the Bitmain and the other stuff right there the price per tera-hash is highly efficient equipment to the extent you can get it, but the price for tera-hash is high so you got a way at this point I suspect people will still be waiting another 6 to 7 months between but when they receive it and then there is going to be time in putting it up this is a very fast moving industry like what happened between now and then I think one of the advantages we have is that Bitfury does have chips available they also have legacy sites available that can be upgraded so our ability should we choose to allocate our capital in that direction or able to raise new capital we could probably the up and running at near and around the same price some more efficiency but we wouldn’t have to wait until 2020 in order to get up and running you could probably be up and running within 2 weeks but incremental capacity.

是的我认为评论仍然是一样的我们不断评估那些不同形式的设备,当你去那些大型中国制造商挖掘Canaan和Bitmain的时候,如果你的网站和我们试着查看设备它们都说已售罄这是因为他们没有制造很多它并且它说他们将在11月开始出货,所以我们当然看到哈希率增加我认为可能只是一堆旧设备被打开我认为有一些影响新设备但问题仍然存在,如果你很幸运,他们能够按时完成制造工作,你可以获得优先清单,但它已于11月发货,我认为这告诉我们宁愿去找人优先级列表,他们我们能够多快地启动和运行,所以我的观点是,我们可以看到哈希率在这里增加你想投资一堆新的昂贵装备当然,我认为当我们看到Bitmain和其他东西时,每个tera-hash的价格是高效率的设备,你可以得到它,但tera-hash的价格很高你有办法在这一点上我怀疑人们还会等待另外6到7个月之间但是当他们收到它然后会有时间提出它这是一个非常快速发展的行业,就像现在和那么我认为我们的优势之一是Bitfury确实有可用的芯片,他们也有可以升级的遗留站点,所以我们的能力应该选择在这个方向上分配我们的资金,还是能够筹集新资本我们可能并且以相同的价格运行并提高效率,但我们不必等到2020年才能启动并运行,您可能会在2周内启动并运行,但增量容量。

身份不明的分析师

Okay that’s helpful. Thank you.

好的,这很有帮助。 谢谢。

会议主持员

[Operator Instructions] and I have no further questions at this time.

[操作员说明],我现在没有其他问题。

Andrew Kiguel

Okay great thank you very much everybody.

好的,非常感谢大家。

Jim Vaiopoulos

Thank you very much.

非常感谢你。

会议主持员

Thank you, ladies and gentlemen that concludes today’s call thank you for participating. You may now disconnect.

谢谢你,女士们,先生们,今天的电话结束,谢谢你的参与。 您现在可以断开连接。

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