Bill Papanastasiou: Hi, good morning, everyone. Thank you for taking my questions. Just looking at the big point right here, it looks like mining economics are improving, so that’s a great start to the day as well. My first question is in regards to fleet efficiency. We continue to see a premium for the latest generation of mining equipment, which seems to be largely as a result of mining operators that have exposure to higher electricity prices than companies like Cipher, looking for equipment that provide the highest implied breakeven cost of electricity. Given that Cipher is operating at 31 joules per terahash, curious to hear whether your team has any targeted fleet efficiency profiles, as we look at the having coming up later this year or later in 2024 rather and how that might look as you guys potentially pursue growth to 8.2 exahash? Thank you.
Tyler Page: That’s a great question. We usually wouldn’t look at that in a vacuum like having a goal specifically for fleet efficiency. It’s really part of a mosaic when we look at the return on investment for a site meaning and you highlighted this, more efficient machines are going to be really a requirement for miners that have higher electricity costs. We are spoiled for choice. And so what we end up doing is, when we look at the potential to buy rigs, we will look at whether the premium you have to pay for the latest and greatest and most efficient machines is sort of worth it from an overall ROI perspective. I think a lot of miners are handcuffed and certainly will be more so when the having comes with having no choice that basically they will have to pay the premium, because they have to pay their higher cost of operations.
For us, it is a little bit opportunistic and dynamic. I could see a situation where perhaps, the let’s call it, the S-19 generation prices or the M30S++ generations drop enough that we make a better overall forecasted return than paying the premium that has generally been a little bit too high for us in the past. That’s why we have not purchased the kind of XP generation of machines. But I do think that’s something that is going to squeeze the higher-cost producers. And it sort of highlights — while I don’t — we don’t have a target, certainly we recognize that over time your fleet efficiency needs to keep up. We are set up to have a lot of optionality with our power costs.
: Great. I really appreciate that color. Yes, I mean we all know that bitcoin mining is a relative game, so we have to see kind of how the other players continue to expand or contract our operations. So at least, Cipher has the flexibility there to potentially look at cheaper models that provide a better ROI profile. My next question is in regards to the US Treasury Department’s proposal recently for a 30% excise tax on the total cost of electricity used for digital mining. Wondering what the company’s thoughts are there? And it seems a little bit ridiculous in some sense that there would be the — also the inclusion to apply the excise tax to firms that are producing the acquired power off grid. What are your thoughts to that?
