Geoff Morphy: We are very advanced, Dillon. The first 50 megawatt site was completed in October. It’s ready for miners. All the equipment, all the IT connections, they’re all in place. It’s just that we had the setback from the government. Government approval changes, so as soon as we can get the miners in there and the power turned on, we’re golden. And it seems that both of those approvals are imminent. So, as soon as miners arrive at site, they can be plugged into them and we’ll increase our hash just like that rate up to 50 megawatt. So, really, after that, it’s considering, like as you recall, we have a 210 megawatt contract there. We had initially planned on building all that out, but then when conditions in the market deteriorated, we really focused on two warehouses rather than four warehouses.
So, we’re really looking at 100 megawatts. So, what’s happened in the industry over the last few weeks and even the last couple of months is very encouraging. If that hash price can continue to improve and the economics look good and the paybacks periods look good, we will view the timing for it to having in mind it’s probably about April 30 of ’24, see if we can build that facility and have it contribute to accretive growth for our operations and our shareholders. Those are some of the factors that we’re looking into, but we’re not going to jump into it quickly. We’re going to evaluate all the variables and make a smart and prudent decision when the time comes. But the gating items are getting the power turned on at the power plant with the government approval and the ability to bring miners into the country.
If we can get both of those things achieved in the next number of weeks, then we will have the good fortune of being able to make those decisions.
Dillon Heslin: Thanks, yes. I understand with what existing, I guess what I’m referring to was more so what you haven’t built yet, sort of if you get what you’re talking about online and the machines in like do you see any more potential hiccups that could exist with the government if you did decide to go through or you think once you get the first building online, then it’s sort of a bit more smooth sailing from there?
Geoff Morphy: It should be smooth sailing. See, the power permit will allow for not just the power of the first facility, but should be the Lion’s share of the second facility as well. So, that should be covered all with the power permit approval. In terms of bringing miners into the country, we think that’s imminent. The government’s made their changes. It’s good for the government that our applications should be clear. We’re able to then layer on additional applications very quickly for additional amounts to come into the country. I think over the last two years, we’ve learned a lot and we’ve learned that this is a country that’s not quite as nimble as what we’re used to in North America. But we have now approximately 40 people on the ground there between technicians and our regional office.
And we know the system a lot better. We know the people a lot better. We were probably a bit naive to start with, but we’ve overcome those things. We’re on the ground. The government is well aware of us and is supportive of us. So, I think we paid our dues, and now we’re going to get the benefits of it.
Dillon Heslin: Thanks. And then, as a follow-up, you talk a bit about potentially looking at strategic acquisitions. Do you think that’s in markets where you already operate, i.e. countries, or is it something where you’re looking at net new countries, just sort of what are your thoughts in terms of something that might already be built out or something that you’re just buying access to land and power?
