Brian Dobson: Hi. Thanks so much for taking my question. You’ve given us some really good color on your hash outlook, but could you maybe clue us in a little bit about how you’re thinking about global hash and how that might evolve over the next 12 months if Bitcoin pricing was to remain near current levels?
Zach Bradford: Yes. I think if Bitcoin mining was to remain near current levels, we’d see a fairly muted growth in global hash rate. The fact that we saw global hash rate climb last month and then start to taper back off with the decrease in difficulty, but also how quickly we saw, it — looking to move back up a little bit, and right now just with Bitcoin moving, another $1,000 dollars what it was averaging a few weeks ago, as it moves into the 18th. So, I think it’s going to be fairly muted at these levels because I think we’ve found a point where either less efficient or the higher cost miners are really having a lot of pain and having to unplug. And even a few thousand more dollars in, in Bitcoin price goes a long way for them to bring them back online.
So overall, if it was to stay where it is, I think we kind of see it trend slightly up, but mostly flat. Now, we are of course, believers that Bitcoin is going to go up, so I do think that we’ll see a healthy amount of hash rate come online. But, we feel confident also to keep up in both scenarios.
Brian Dobson: Yes, thanks. And you’ve also given us some great color on your appetite for acquisitions and the hurdle rates that you consider. As you step back and view the entire industry, I suppose, do you think that your competitors are as disciplined as you are, and what type of consolidation would you expect?
Zach Bradford: Yes. I’ll speak to the consolidation on that. I think we have set a good example of how consolidation can be done responsibly. I still think that there is more consolidation to come. Some of that’s going to come from pain of other players, but also there is other private miners out there that are creating some interesting opportunities. There is also infrastructure players that build infrastructure that needs to be finished off that will create great opportunities for new sites. So, I do think that companies like ours — we are going to continue to have great opportunities to consolidate in public, private and also just infrastructure that’s underutilized, in the very near-term. And, yes, we are really happy with the direction that we see it going.
Operator: Your next question comes from the line of Greg Lewis with BTIG. Your line is open.
Greg Lewis: Thank you and good afternoon, everybody, Zach, Gary. Gary, I was wondering if you could talk a little bit about the rig finance market. Clearly there has been a lot of stress in that market. And really just kind of curious as you think about acquiring more rigs over the next few quarters, is there any kind of market currently for rig financings?
Gary Vecchiarelli: Yes. Great question. So, primarily the rig financing market has been the secondary market. And that’s typically — it has — before the recent interest rate hikes, they were like low to mid-teens. And with the recent hikes, it’s really gone to the high teens and it’s just dried up, right? The economics just don’t work for financing rigs at 18%, 20%, 24%. As good as anyone else, I mean, there is money out there to be loaned at 20%, 25%, 30% because there is that risk reward. So, if we wanted that cost of capital, we could go get it, but that’s not — doesn’t fit into our ROI calculation. And so, we are just being much more-choosy when it comes to debt.
