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CEO Samir Tabar reiterated the strategy is to wind down the Bitcoin mining business, either by selling it or running the fleet until units become unprofitable. He noted that recently deployed S21 miners will temporarily boost the hash rate to the 1.6-1.8 EH/s range and improve overall fleet efficiency to below 22 J/TH as older models are retired. Tabar emphasized that capital is better allocated to the ETH treasury strategy rather than reinvesting in mining, even with positive margins.

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Executive William Schnier explained that cloud margins will improve by spreading fixed operating lease costs over a larger revenue base. Billy Krassakopoulos, head of data centers, added that colocation margins are predictable due to long-term contracts. On procurement, Mr. Krassakopoulos stated the strategy is to align GPU purchases with signed contracts to minimize speculative risk, while also procuring some advanced GPUs for R&D and leveraging OEM relationships for accelerated delivery.

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Executive William Schnier detailed three new HPC agreements totaling approximately $21-22 million in annualized recurring revenue and confirmed that various financing options are being considered. He noted near-term deployments would use existing capacity in Iceland. CEO Samir Tabar and other executives clarified that the Boosteroid contract uses lower-cost AMD gaming GPUs and will be a gradual build-out. For the mining fleet, they confirmed the strategy is to replace older S19s with efficient models, with Schnier estimating a cost closer to $10-$15 million.

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CEO Samir Tabar stated that the Bitcoin mining strategy is to remain opportunistic and that significant exahash growth is unlikely given current economics, with a potential modest investment of $5-10 million. Offline miners are warehoused or sold. Executive William Schnier confirmed that data centers for Boosteroid have been sourced near metropolitan areas, suitable for low-latency cloud gaming. The executives noted that while they can't detail pricing, the infrastructure requirements and costs for cloud gaming are directionally less expensive than for large-scale AI training. Tabar clarified the term sheet is legally binding, with the MSA containing more legal details, and expressed high confidence in the deal's consummation.

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CFO Jin James Chang confirmed they use Bitcoin as collateral for loans to fund operations, such as wafer orders and mining site expansion. CEO Nanjing Zhang added that the primary market for Avalon home miners is the U.S., with Q3 sales already significantly outpacing Q2. He acknowledged that the product requires further enhancement to appeal to the broader traditional consumer market.

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CEO Nangeng Zhang detailed customer service enhancements, including 26 global service stations and improved product stability, while emphasizing a commitment to low failure rates. He confirmed North America represented 40% of 2024 sales, driven by major clients like Cipher, Hive, and CleanSpark, and noted a substantial pipeline of new customers. Regarding the A16, Zhang clarified that sample machines would be sent to customers in Q3 2025, following risk runs and the first mass production batch.

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CEO Nangeng Zhang noted that the A15 series has superior performance and is seeing growing demand for its liquid-cooling models, driven by heat reuse applications and lower noise requirements. On AI, he reiterated that it would be unwise to invest heavily in AI ASICs now, as the market is still in a 'GPU stage' for inference. CFO James Cheng addressed the Bitcoin question, explaining that the company balances various fundraising options, including preferred shares and Bitcoin-backed loans, to generate liquidity while maximizing shareholder value.

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COO Matt Brown described the relationship with CoreWeave as tightly coupled, with any resulting IP being shared and viewed as a competitive advantage. CEO Adam Sullivan stated the M&A focus is on new-generation data center capacity to extend their lead in GPU deployments. However, they will also consider assets that provide workload diversity, aiming to build a true data center platform with a mix of GPU and traditional CPU capacity.

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CEO Adam Sullivan expressed high confidence in the 2025 delivery timeline, stating the supply chain is secured and they are exploring creative solutions like equipment rentals for any 2026 gaps. He clarified the new Block chips will use an air-cooled design, avoiding major facility retrofits. He also noted a robust acquisition pipeline of over 15 GW of evaluated sites and confirmed the H2 2025 Block chip deployment is on schedule.

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Chairman and CEO Fred Thiel explained that the Ohio acquisition significantly lowers operating costs and diversifies MARA's presence into the PJM ISO, providing power trading and hedging flexibility. He emphasized the company's focus on owning and operating its assets and developing proprietary technology like 2PIC immersion cooling, which is now in production and showing over 20% overclocking potential. Thiel reiterated MARA's strategy to avoid the AI hosting business, viewing it as a 'race to the bottom' for non-hyperscalers. He also expressed optimism about the pro-crypto shift in the U.S. legislature following the election. CFO Salman Khan highlighted key financial metrics, noting a 35% YoY revenue increase, a 9% rise in energized hash rate, and an 18% YoY reduction in cash cost of revenue per petahash to $37.1, attributing the improvements to accretive acquisitions and operational efficiency.

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