Chris Brendler: Okay. Great. That’s helpful. Separate are of questions. Obviously, a lot of stress in in the crypto mining sector and it seems getting worse rather than better. If you can give us an update on your customer base and how you feel outside of Marathon which we kind of have a lot more information to this public, but your private customer base, is there any situation that deserves we’re monitoring? Or is it still really good about the customers you’ve have?
Wes Cummins: We haven’t seen anything yet. So we’ve Disney we have GMR, we’ve got 2 pool we talked about in the previous call the other fairly large customers that our facilities and I think those remain, as far as those types of miners go kind of the best of the best financially. So we haven’t had any issues. Obviously you can see Marathon I think I talked about that last time where I think from a balance sheet and liquidity position their best-in-class. I think they’ve made their liquidity position even better in December. So I think we have as good of a customer base as we can possibly have, in the industry call it the best houses in a bad neighborhood. But I don’t, I don’t know that there’s any more color I can give you that. We’ve had no issue with payments or defaults or anything of that nature.
Chris Brendler: I guess, you benefit from being a relatively recent installation. So I imagine a lot of your customers have S-19s or better so they’re more profitable than some of the older operating machines out there.
Wes Cummins: It’s all S-19 pros or — and then I think a lot of the Marathon equipment will be XPs as well. So, at the end, it’s our customers have some of the most efficient miners in the marketplace. We run an efficient operation, and we charge a very reasonable price. So I think it makes our customers very competitive in the market.
Chris Brendler: Excellent. One last question is just the $100 million fund that you’re participating or helping setting up. Is that going to require any capital on your side or is that they’re independent from the way you’re contributing to that?
Wes Cummins: It’s independent from us. It’s just — we have the ability to host if people who are not professional miners want to participate in a distressed industry, distressed environment, this is a vehicle for them to do that. And so we’re, we’re participating in that, but not from a financial commitment.
Chris Brendler: Awesome. Thanks, Wes and congrats on the progress.
Wes Cummins: Thanks.
Operator: Our next question comes from the line of George Sutton with Craig-Hallum. Please proceed with your question.
George Sutton: Thank you, Wes. Just going further with your best house in a bad neighborhood. And congratulations for now being in that spot. The future expansion plan do you have and inorganic opportunities? Can you just address the opportunities that you’re seeing? And would should we be surprised to see you make a couple of larger inorganic bets as a result of this or not?
Wes Cummins: So George thanks for the question. I have spent a lot of time looking at those types of opportunities over the past five months now. And we just, we’ve seen some things that are interesting, we were in some processes where we made some bids. But I don’t feel like I feel like there’s distressed assets that are still not selling at distressed prices. So when I see assets moving at a price that is at or even higher than what it costs us to build, where I know, the site is good. I know the equipment is good. I’m just not going to buy anything like that. If I see something and we see something that is really attractive price, and we get really comfortable with I think you could see us pull the trigger on some opportunities that are out there.
But I — I’ve looked at a lot. I just haven’t seen anything that makes sense for our shareholders. And, and the further along we get and the type of conversations we’re having the customers that we’re talking to our potential customers we’re talking to on the HPC front, I just it’s getting harder and harder for me to justify more money going towards, towards Bitcoin mining versus, versus the opportunities that we’re seeing on HPC, specifically in machine learning and AI. We’re just, we’re having conversations with what most of the people on the phone here would have called well-recognized names, and, and there’s just a lot of interest. And so it’s another kind of a higher hurdle that we need to get over, if we’re going to do something like that.
But it’s not stopping us from looking look at it every single week.
George Sutton: So falling further into your 50-50 split 3 years out relative to mining versus HPC. Outside of the 500 megawatts, you’ve announced, are we assuming in that number that you are continuing to expand the mining piece of the business?
Wes Cummins: No? I don’t think you should. I think you should expect us to be really focused on HPC. Like I said, with the opportunities we’re seeing there, the potential customers, the conversations we’re having, I think you should expect us to focus more on that. There, what our soon to be the largest customer if they asked me to find another site and build it and we have a couple of really interesting locations. Would we do that? Absolutely. But we’re really focused on the HPC side. And so, just to put that in perspective to get that 50-50 split. We’re going to need to once we’re fully live on the 500 megawatts, we’re going to need to build out 50 to 70 megawatts of HPC to get to that 50-50 split.
George Sutton: Got you. And then finally, January 23, there’s an RCOP meeting that an LF — LT meeting that I was curious are you on that agenda? Is there anything that actually needs even a formal approval? Or is that not part of a process necessary for you?
Wes Cummins: We’re not on that agenda.
George Sutton: Okay, perfect. Thanks, guys.
