Murray Stahl: Okay, so MIAX did that one first. I think I addressed it. So I like exchanges in general. I like MIAX in particular. I think the future is bright. I think if you just look at the volume every day and it’s all publicly available, that’s your best indicator. You’ll know more or less what’s happening by looking at the volume and it’s growing and there lots of things are possible. So very bright future. Winland is evolving into a mining company. It was not prudent in the last 12 months to buy any more mining equipment. So it’s probably going to soon be prudent to buy some mining equipment and you’re going to see more investment along those lines. What exactly we’re going to do and how we’re exactly going to do it? I can’t say, I don’t actually know at the moment how we’re going to go about it, but I think we’re coming to a much better period for cryptocurrency, so look for more investment there.
Winland anyway, Winland has prospered. One of the things that Winland is getting or is in the process of getting right now, Winland invested some number of years ago in, you might recall Mt. Gox, which went bankrupt. They were bankruptcy claims, trade claims for the crypto there. And the bankruptcy is now concluding and we are going to monetize the trade claims. So we’ll put that cash to good use, I hope. And that’s one of the things that’s happening in Winland, continues to mine and continues to build cryptocurrency. One thing I should say about Winland is, if you think about in a way it’s almost like a quasi-Bitcoin ETF. So when you buy a Bitcoin ETF, if there were a Bitcoin ETF, just remember, unlike a mutual fund or an ETF, Bitcoin has no dividends.
So you can paint a piece for. So what would happen is, if there were a Bitcoin ETF, the operator, whoever it is, would have to every, each and every quarter or probably every month, would have to sell some Bitcoin to pay the fees. So let’s just take the abstraction. No one puts money in, no one puts, takes money out to the ETF. There’s a certain amount of coin there and every year the amount of coin is going to diminish. In Winland as you can see and why we read these statements every quarter, the amount of coin there increases because we mine it. So which would you rather have? Would you rather have a cryptocurrency investment where the coin diminishes, or would you rather have investment where the coins increase? I believe one day the day will come when there are Bitcoin ETFs and there are people going to understand the distinction between the two classes.
And there are people who will go long the mining companies like Winland and go short the cryptocurrency ETFs and lock themselves in a certain return based on how fast we can grow to Bitcoin with mining. So that’s Winland. HashMaster is actually doing very well. So the HashMaster is organized in such a way that the different businesses offset one another. So for example, hosting for a lot of businesses became problematic. So we ourselves had equipment and hosting companies that were having difficulties. So we actually had the ability to send our equipment to HashMaster and we have a greater liberty of action, how we go about mining, how we go about buying electric power. So if we another mining company, we have to buy electric power on their terms effectively through them because Winland, we control, we can buy electric power on our terms.
