Cary Marshall: Sure, and glad to do that. I think as I mentioned in my prepared remarks, we are looking at the options to refinance those senior notes. We, you know, that is what we would like to do. There are some — the markets are open at this particular point in time. We do have a couple of different avenues that we could go down in terms of refinancing those senior notes. But I don’t want to get into too much specifics as it relates to it at this point in time. But there’s a couple of different avenues that we’re going down at this particular point in time. I — as we take a look at that, we are looking to get that done here over the next six months or so. So hopefully we’ll be in a position to get that all completely taken care of throughout the next six months or so.
David Marsh: Well, this Bitcoin mining information is pretty interesting. Maybe that helps to repay some of those myths. It sounds like you guys are not really planning to inventory that stuff. It sounds like you’re selling your kind of [Technical Difficulty] or inventory a little bit, I guess. There’s a little more insight there. That’s very interesting new information.
Cary Marshall: Yes, and to be clear on that in terms of what we’re doing right now, we’re mining the Bitcoin and we’re selling generally on a monthly basis to cover our operating costs. So we are actually accumulating Bitcoin over time. So we do hold 425 Bitcoin right now. And at quarter end, as I mentioned, that was valued at about $30 million. So we’ll continue to do that. Our costs are lower than where the Bitcoin pricing is today. So we would anticipate continuing to accumulate points on a monthly basis.
David Marsh: Could you talk about your production rates and your production costs relative to that operation?
Cary Marshall: Yes, we just underwent the halving event here over this past month, but if you kind of take a look at the first quarter, if you just kind of look at what our average operating expense was and just kind of look at it on a per coin basis. It was a little bit over 24,000 per coin in the first quarter was our average cost as we mined these coins. So when we looked at the first quarter overall, we mined 69 Bitcoin in the first quarter. We retained 51 of those Bitcoin in the first quarter, so we sold about 25%. Now we’ve got the halving event, so we’ll have to see how the halving event turns out as to you know the amount of Bitcoin that we mine here quarterly on a going forward basis. There’s a number of factors that go into that, but that, that kind of gives you a sense as to where we were at least in the first quarter in terms of what our costs were and how our mining was at that particular point in time.
David Marsh: Yes, absolutely. That’s extremely helpful. Thank you very much. Appreciate it.
Cary Marshall: Thank you.
Operator: [Operator Instructions] Our next question comes from line of Eve Segal with Segal Assets. Please receive with your question.
Eve Segal: Yes, thank you. Good morning. Hey, Cary, I’m sorry, I’m just not that up-to-date. What does having event mean?
Joe Craft: Well, you know, so when you get into the Bitcoin protocol, and essentially there’s a finite number of Bitcoin that is expected to exist over the period of time of Bitcoin from the beginning to the end, basically there’s an absolute amount. And so at various points along the way, effectively they have or essentially reduce the number of Bitcoin that can be produced to try to be able to meter in the Bitcoin as it goes forward to approach the ending number, the finite number that they’re actually trying to do. So as a result, you’re effectively, your cost almost double. And you’re producing about half the Bitcoin that was otherwise produced in the previous two or three year period that goes between each of these having events. That’s just part of the normal protocol of the way the Bitcoin universe is set up…
Eve Segal: Okay.
Joe Craft: …the people participate in.
Cary Marshall: Generally the having event occurs about once every four years.
Eve Segal: So I guess the other way to ask the question, how many Bitcoins do you think you’ll mine for the full-year?
Cary Marshall: I think, well of course, you know, the first quarter we had the benefit of the halving event. I think when we look at the full-year in total, our projections would show somewhere between 175 to 190 or so Bitcoin for the year. In total that we would mine. Now we would monetize some of that to cover our operating expenses. So our net would probably be, I don’t know, maybe around 60% of that number or so ultimately at the end of the day.
Eve Segal: Yes, so that becomes material…
Cary Marshall: [Multiple Speakers] kind of what it’s like right now.
Eve Segal: Yes. All righty. Well, moving to something else, I guess. Joe, has your strategy evolved with the changing environment? Just your remarks earlier just seems like a game changer in terms of the electricity consumption going forward. So — and not only that, it sounds like there’s growing recognition that renewables will continue to grow, but they just can’t solve the electricity needs. So has that informed you to maybe tweak the strategy at all?
