Good day and thank you for standing by. Welcome to BitFuFu’s Full Year 2024 Earnings Conference Call. All participants are in a listen only mode. Please be advised today’s conference is being recorded. I’d now like to hand the conference over to your first speaker today, Charley Brady, Vice President of Investor Relations. Please go ahead.

Thank you, operator. Good morning, ladies and gentlemen, and welcome to BitFuFu’s full year 2024 earnings call. The company’s financial results were released earlier today and are available on the BitFuFu Investor Relations website at ir.bitfufu.com as well as on the globalnewswire.com website. Joining me today on the call are Leo Lu, Chairman and CEO and Calla Zhao, Chief Financial Officer. Before we begin, please note that the discussion today will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities and Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the company’s beliefs and expectations are forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from management’s current expectations. Potential risks and uncertainties include, but are not limited to, those outlined in the company’s public filings with the SEC. The company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. We will be discussing non-GAAP financial information on this call. The company is providing that information as a supplement to information prepared in accordance with accounting principles generally accepted in the United States or GAAP. You can find a reconciliation of these metrics to the company’s reported GAAP results in the reconciliation tables provided in today’s earnings release. One final note, although we will not be conducting a Q&A on this call, questions can be emailed to ir@bitfufu.com and we will respond as quickly as possible, generally within 24. I’ll now turn the call over to Leo Lu, the company’s Chairman and Chief Executive Officer.

Good morning and thank you for joining us. Today, I’m excited to share BitFuFu’s full year 2024 performance and provide updates on strategic growth initiatives. 2024 was a pivotal year for both BitFuFu and the Bitcoin mining sector. We successfully listed on NASDAQ in March, expanded our hosting and Bitcoin mining capacity and began transitioning to owning data center assets in Q4. In terms of mining services, our cloud mining platform saw tremendous growth in 2024. We have offered more mining services to our customers, including the development of our proprietary Mining Site Management System. The launch of the BitFuFuOS operating system providing overclocking and underclocking services and the introduction of BitFuFu Pool, a mining pool in collaboration with third-party institutions. Despite the Bitcoin halving event, which reduced the Bitcoin block subsidy from 6.25 to 3.125 Bitcoin, BitFuFu achieved strong year-over-year revenue growth across both cloud mining and self-mining operations. In 2024, we achieved $463.3 million total revenue, $54 million net income and our adjusted EBITDA in 2024 was $117.5 million. All three of these key metrics hit historical highs. The compound annual growth rate of revenue and adjusted EBITDA from 2021 to 2024 was 65% and 177% respectively. What I want to emphasize here is 2024 marks the fourth consecutive year since our founding in 2020 that BitFuFu has delivered both strong revenue growth and positive net income and adjusted EBITDA. In fact, we are one of the few publicly traded Bitcoin mining companies who generate positive EPS every year since 2021. This underscores the profitability and resilience of our business model irrespective of Bitcoin price cycles. As of December 31, 2024, our total mining capacity under management stood at 23.5 EH/s with hosting capacity at 551 MW up from 22.9 EH/s and 515 MW, respectively at the end…

Thank you, Leo. Good morning, everyone. I’m pleased to provide a deeper dive into our financial performance for the year of 2024. As mentioned by Leo, we continue to see strong growth across our key metrics, reflecting the successful execution of our strategy. Starting with our top line, total revenue of 2024 was $463.3 million representing a 63.1% increase from $284.1 million in 2023. This strong performance was driven by growth in both our cloud mining business and our self-mining operations, as well as revenue derived from the sale of mining machines, which we did not have in 2023. As a percentage of total revenue during 2024, cloud mining solutions accounted for approximately 59%, Bitcoin self-mining operations accounted for 34%, selling of mining machines and hosting services accounted for around 7%. I will now provide additional details on our business segments. Cloud mining revenue of $271 million in 2024 was up 52.2% year-over-year. This growth was primarily driven by the strong repeat business from existing customers. In fact, recurring revenue from existing customers who were active in 2023 accounted for $208.4 million or approximately 77% of our cloud mining revenue. The addition of new customers in 2024 contributed $62.6 million or 23% to our cloud mining revenue, underscoring the effectiveness of our marketing and customer acquisition efforts. Turning to our self-mining operations, revenue for the year was $51.1 million representing a 57.2% increase compared to 2023. This growth was largely driven by a 77.2% year-over-year increase in the average hashrate used for self-mining operations. In addition, there was a 128.4% year-over-year increase in the annual average price of Bitcoin, which was partially offset by decrease in Bitcoin production, which fell by approximately 29% to 2,537 Bitcoins. The decrease in production was primarily due to the increase in blockchain difficulty and…

Thank you [Operator Closing Remarks]