So we are well down the track of having the infrastructure in place and the infrastructure is funded. So I think that’s the important piece. So then really what it leaves us with is picking the mix between do we self-mine or do we host, and I think, that was part of the question you asked, and really that’s about us trying to optimize both profitability and risk as a company. And so we are looking for strong counterparties in hosting that we feel comfortable with that continue to obviously pay bills on time, fund their relative proportion of any CapEx or provide a security around that and be good profitable counterparties or failing that we are looking at what’s the mix of self-mining and we would like to do a bit of both, ultimately. And really, it’s just it’s about balancing — do we have a really strong hosting partner.
We are more like a just the data center business, but we also like the profitability of Bitcoin mining. So we are just trying to find that balance there. And really, that’s a delicate balance that we manage based on decisions around when the facility is going to be ready, what our CapEx is and what the cost of that had additional infrastructure might be or mining rigs are and what the market is and what the return of payback profile is ultimately around that stuff. So you will see in our release that we have got the equipment we have just moved over from Australia. We have got some equipment we have moved up from George. So we have geared to turn on fundamentally and with that turn on gear we get closer to the 2 exahash mark. So we have got geared to bring on in our existing facilities as we bring out here on, then we will look forward to what’s the additional gear and what’s that mix moving forward.
Kevin Dede: Very helpful, James. Thank you. Would you mind going through, I guess, sort of two different calculations. One is the choice to sell out of Texas versus buying two facilities in Ohio and the other is balancing energy sales versus consumption for mining and hosting?
James Manning: Yeah. I am really happy to go through both of those. So, maybe last year, as a group, we did a — we sat down, we had a real soul searching and strategy session. And as a company and as a Board, we established a clear strategy about where we want it to be located, what we wanted to be focused on and how we wanted to operate the business. And the big outcome of that was we really wanted to be focused in a region. We wanted to be — we do on our execs traveling all over the U.S. and managing multiple sites, which are multiple days of trips between each one. So we decided we really like Pennsylvania. We like the PJM energy market, we found the pricing there to be competitive with the Texas market and has huge climate benefits.
So the idea was, although we would originally committed to going to Texas, we decided we want to lead the Texas market. We realized that we could sell those Texas assets in the market and refocus our energy really up in the Ohio, Pennsylvania region, where that our power is competitive and the climate is a little bit more forgiving. So that was the real focus of why we wanted to move ultimately up into that region. So does that answer that portion of your question, Kevin?
Kevin Dede: Yeah. That helps a lot James. Yeah. Thank you.
James Manning: And what was the other component, sorry?
Kevin Dede: Yeah. Just as you look at Pennsylvania and developing the sites in Ohio, how do you — how would you recommend we look at your prospects and deciding how you will allocate. I would — you will have what 240 in PA and what about 50 in Ohio? How will you balance use of that power between your energy market strategy versus your host and self-mining strategy?
