Zachary Bradford: Yes, I’m going to give you some broad strokes on this. So we have taken units in. We have tested those. The good news is the S21 is very flexible is what we’re finding so far. And you were right, the XP is one of the less efficient miners. It’s because it was already released at the lower end of its physical, I’ll call it physical levels of efficiency. So pushing that to get it more efficient creates some challenges in the XP. The S21, on the other hand, has some flexibility built in that we’ve been able to extract using some of our tech stack and our firmware. And so we’ve been able to get the S21 to perform at a level of 15.8 joules per terahash. And we’ve also been able to push it, even in an air cooled environment, to as high as 220 terahash, so we’re happy.
It’s still early days. We need to see how it behaves on a fleet wide basis but we’re very happy with what we’re seeing. The ability to push efficiency out of it and also the ability to actually push it a little bit higher. To get to 220 it cost us lot too, but it’s very, very little. So we’re really happy with that. From a temperature point of view, we’re seeing it to be fairly resilient. So it is 5 degrees Celsius higher rated than the XP also. We, of course, haven’t gone through a summer yet with the S21, but all the testing we’re doing where we are introducing heat into that as part of our R&D process, we’re really happy with the results we’re seeing. So we expect, I guess, in summary, to have the S21 represent the flexibility and benefits similar to a jPro [ph], except for already, almost, nearly double the efficiency.
Unidentified Analyst: Got it. That’s great to hear. Thanks for taking the question.
Zachary Bradford: Absolutely. Thanks for joining the call.
Operator: All right, thank you, Reggie. [Operator Instructions] Our final question will come from Brian Dobson at Chardan Capital Markets. Excuse me, Brian, please go ahead.
Brian Dobson: Hey, guys, thanks for taking the question and congratulations on the very efficient monthly metrics you guys posted during the quarter. So I suppose let’s talk about your new mining facilities. In the past, you’ve mentioned that Georgia offers a variety of natural climate advantages for bitcoin mining. Do you believe your new facilities share these same advantages?
Zachary Bradford: Yes, we do. So actually, if you compare it to, middle of the road kind of temperatures in Georgia, in Mississippi, we’re actually getting, on average, a few degrees cooler weather where these are. So we’re, we are looking forward to what they’re, we’re also as part of these facilities. What we didn’t get a lot into is really what the physical infrastructure looks like. So these are buildings, these are not pods. These are buildings that have very robust exhaust fan systems built in that help with. Additionally, with what the miners are already pushing out and handling, they’re still very low PUE [ph] buildings and we’re really happy with how we expect them to perform. But we did make sure, of course, in addition to the weather advantages that we expect to also carry through, we made sure that the infrastructure was ready and set up for it.
These facilities, as we mentioned, are turnkey in the sense that we’re bringing our miners into a facility that will empty out. But there is over a year of runtime data that we were able to look at to watch how these facilities run and function over an entire year of data. So all-in-all, really happy and looking forward to the results we expect them to generate.
Brian Dobson: Yes. Good to hear. During your prepared remarks, you also mentioned just briefly that the having may lead to a stronger price performance for bitcoin. Now, I agree with that because at the very least, your daily selling pressure from the mining industry is going to be reduced by half for those not huddling. But do you think you could kind of elaborate on what you see as potential positive catalysts for the coin post having.
Zachary Bradford: Yes, I think that the selling pressure, of course, is one of those. The ETFs, I think are helping with the buying. So you think about how many coins are going to be taken off the shelf, essentially on a permanent or semi-permanent basis, to me is a big part of that, so I think it’s going to happen the day after halving occurs? No. Just like all supply and demand shocks work when you look at anything in a commodities market or any general economic market, basically, the longer that the supply is less than it was before, the more likely you’re going to see a price impact. So it could take 30 days or it could take nine months before we see those catalysts fully kick in. But there’s a lot of things that we can point to.
But I’m a big fan of thinking simple and supply and demand curves on an economic basis, pointing to being the largest driver. You pair that with what I also think is going to be higher adoption, both in a traditional sense of users of bitcoin, of corporations that are going to now be willing to put it on their balance sheet due to the new accounting rules to layer twos and whether it’s ordinals or anything else, which is good for us by creating more fees. But in addition to the fees, it’s people using the blockchain for more things. So I think you first look to the supply and demand economics, and you second look to the use cases being a catalyst for additional demand, not just reductions in supply.
