Joseph Vafi: Hi, guys. Good morning and nice update. Nice progress. I thought we’d — I know you mentioned the Bear and Chief locations and expanding there and I know it’s front of the meter. How do you think about, kind of, price volatility of power in those sites and how that is incorporated, I guess, into your thoughts on expansion there? And then I have a quick follow-up.
Tyler Page: Sure. Thanks, Joe. So Bear and Chief are located in very favorable front-of-the-meter locations. So if you look at the prices in that geographical location of the ERCOT grid, you can find a very low front-of-the-meter prices because there’s an abundance of supply. Historically, although it does bounce around of course with the weather and other conditions. The other thing is they’re favorably located to minimize the various associated transmission and distribution charges. So, what I’d say is, you saw the prices we’ve paid with the floating prices which are in the deck. And so that gives an indication of how favorable those locations are. What I would also say is, we always evaluate what we could find as a hedge.
So, it is possible to get a financial hedge that we would put in place, but both Bear and Chief are in load zone west and that has a particularly low transmission and distribution tariff. So we always look for a hedge and think about locking a price, but the floating price is pretty favorable right now. So it could go either way. It’s sort of market dependent.
Joseph Vafi: Sure. Fair enough. And then, as you expand out Odessa and it sounds like, you’re using your funds from operations really to expand that, could you just get a — give us a feel for kind of the rate at which you can expand versus your intention to perhaps keep some Bitcoin as hovel while you’re expanding just kind of I guess the mix of operational funds that goes back to the balance sheet as hovel and then what’s being deployed to continue to grow exahash? Thanks a lot guys.
Tyler Page: Sure. So that’s — it’s also a tough one to answer, because it’s a little bit of a dynamic — there’s a dynamic element to managing it. So, what I mean by that is, March will be a decent chunk of CapEx we will spend to complete the infrastructure at Odessa and then that will tail off into April and there may be some cleanup final payments subsequent to that, but it’s tailing off. And then at the same time, we will be thinking about opportunistically buying machines, right? So, if we were to purely fund the machines out of operations, very rough back of the envelope, we will have — when we stop using funds to pay for CapEx expansion, we would have a couple of million dollars a month that we could think about spending on machines.
Now, when you think about the overall Bitcoin inventory that we want to build over time, I think of that on more of a long-term time frame. So, if we saw again an amazing opportunity to do something accretive, we could theoretically go sell the Bitcoin inventory, because it would be in the pursuit of rapidly increasing our rate of Bitcoin production. So, there’s no hard and fast rules other than the philosophy around the Bitcoin inventory is to build it slow and steady over long time frame and think about tapping it. Obviously, we use it to spend — we liquidate our Bitcoin to pay for OpEx as we go. And then, what gets held and what goes to CapEx and investment is somewhat dynamic and market dependent.
Joseph Vafi: Sure. Fair enough. Yes, lots of options always watching the opportunistic opportunities. I get it. Thanks a lot guys.
Tyler Page: Thanks, Joe.
Operator: Our next question comes from Bill Papanastasiou from Stifel. Please go ahead. Your line is open.
