Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $115.4 million, a 47.9% increase from $78 million in Q1 2025 [5][21] - Adjusted EBITDA reached $60.7 million, with net income of $47.1 million, marking a strong rebound from Q1 [5][27] - First half 2025 financial performance included total revenue of $193.4 million and net income of $30.3 million [6] Business Line Data and Key Metrics Changes - Cloud mining revenue increased to $94.3 million, a 22.3% year-over-year increase and a 75.6% increase compared to Q1 [21] - Self-mining revenue was $14.8 million, representing 12.8% of total revenue, while mining equipment sales revenue was $5.2 million, accounting for 4.5% [22] - Total managed mining capacity reached 36.2 exahashes per second, a year-on-year increase of 46.6% [23] Market Data and Key Metrics Changes - The number of registered cloud mining users exceeded 629,000 as of July 31, 2025 [7] - Total Bitcoin output for Q2 was approximately 10.60 Bitcoins, with 143 Bitcoins from self-mining and 9.17 Bitcoins from client cloud mining activities [23] Company Strategy and Development Direction - The company aims to explore a self-generated mining model by sourcing natural gas and deploying generators [10][11] - Plans to master the entire supply chain from fuel to electricity to maintain industry-leading electricity costs [12] - The combination of cloud mining and real-world assets (RWA) is seen as a strategic direction to enhance liquidity and attract institutional capital [12][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Bitcoin's price performance, predicting it could reach approximately $200,000 by 2025 [18][19] - The company anticipates a good year with many growth opportunities over the next three years [20] Other Important Information - The average bare electricity price for mining farms fell to 3.6 to 4.2 cents, with prices as low as 3.14 cents at African mining farms [8] - The company held $211.4 million in cash, cash equivalents, and digital assets as of June 30, 2025, an increase from $168.1 million at the end of 2024 [27] Summary of Q&A Session - There was no Q&A session conducted during the call, and participants were advised to email questions to the investor relations team for responses [4]