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- **Strategic Pivot to AI**: MARA integrates Bitcoin mining with AI inference, targeting 'profit per megawatt hour' as core metric. 
- **Major Deals**: $1.5B potential with MPLX for low-cost AI/HPC, and Exaion acquisition for enterprise-grade AI infrastructure. 
- **Financial Strength**: $252M Q3 revenue, 256% BTC holdings growth, $7B liquid assets for expansion. 
- **Cost Efficiency**: 15% YoY improvement in mining costs, $39,235/BTC mined. 
- **AI Focus**: Exiting 2-phase cooling to prioritize ASIC-based inference AI with open-source models.

**【CEO Summary Section】**
- MARA is transitioning from a Bitcoin miner to a vertically integrated digital infrastructure company, focusing on energy-to-value and AI inference. 
- Installed first AI inference racks at Granbury site, with potential to expand to 1.5 GW through the MPLX partnership. 
- Acquired Exaion for enterprise-grade AI infrastructure, targeting 50% international revenue by 2028. 
- Emphasized 'profit per megawatt hour' as the key metric, balancing Bitcoin mining with AI workloads. 
- Exited 2-phase immersion cooling to focus on immediate AI opportunities. 

**【CFO Financial Commentary】**
- Q3 2025 revenue: $252.4M (92% YoY growth), Bitcoin holdings: 52,850 BTC (256% YoY increase). 
- Cost efficiency: $39,235/BTC mined, 15% YoY improvement in cost per petahash. 
- Issued $1.025B zero-coupon convertible notes, providing liquidity for growth. 
- Liquid assets: $7B, supporting domestic expansion and international projects. 

**【Q&A Key Highlights】**
- **Strategy Shift**: CEO Fred Thiel highlighted energy control as competitive advantage, with modular AI/HPC facilities at low-cost power sites. 
- **Exaion Acquisition**: Exaion's expertise in secure, private cloud solutions complements MARA's energy infrastructure. 
- **MPLX Deal**: 400 MW initial capacity with option to scale to 1.5 GW, leveraging MPLX's low-cost natural gas. 
- **AI vs HPC**: Thiel emphasized inference AI's long-term value over HPC, driven by open-source models and ASICs. 
- **Milestones**: Look for inference AI revenue contribution, sovereign partnerships, and profit per MWh metrics. 
- **Bitcoin Mining**: Continued hashrate growth (64% YoY) balanced with AI opportunities, using Auradine miners for grid flexibility.

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