So when you consider, overall, we just don’t see given the region and climate we are operating in that it makes a huge amount of economic sense.
Kevin Dede: Perfect. Yeah. Thanks for that color. Appreciate it, James.
James Manning: Not a problem.
Operator: Thank you. Don’t have further
James Manning: So we don’t have any calls left — questions on calls. Sorry, I have got a couple more came in and then I have got some email questions as well. So we have got one here from Bert , who’s a
Operator: Okay.
James Manning: great supporting shareholder, are you?
Unidentified Analyst: Hello. You guys hear me okay.
James Manning: Great to hear from you.
Unidentified Analyst: Yeah. So, first, congrats on closing out the year very strongly with, obviously, a lot of moving pieces. I just want to clarify a few things. You talked about the Texas agreement, $8.5 million. Did you talk about the closing expectation and time of that? Is that within a few months or a few weeks? How should we think about that?
James Manning: Yeah. I think we would expect that to close in April at this point in time.
Unidentified Analyst: Okay. Okay. So that $8.5 million of cash that it’s obviously not reflected in Q4 yet, but it will be on most like a second quarter sounds like. And just clarification on the CleanSpark earn-out shares other than what you show on Q4 2022 there were other considerations received in Q1 2023 in the form of stock. So either you sold them and they became cash or they sit as the stock on your balance sheet as of now, is that a fair assumption?
James Manning: Correct. I am happy to confirm that we have sold the vast majority of all those CleanSpark shares.
Unidentified Analyst: Okay. So basically there is a pretty substantial strength in form of cash on the balance sheet that it’s not even showing in Q4 yet, so…
James Manning: Yeah. The position strengthened between, I guess, 31 December and today, we are in a much stronger position overall.
Unidentified Analyst: That’s great to hear. Then my question is on your targets. You are basically targeting 200 megawatts for average capacity going from 24 on self-mining and 0.8 to 0.7 and from a revenue perspective, $43 million to $200 million or $199 million to be more specific in this year alone. Could you walk me through — I mean, those are obviously pretty substantial increases, could you walk me through how you are going to get there? I mean I could see what’s going to happen with Midland very in the short order, as you talked about in the call, and obviously, you already have the hosting demand from your existing partner. And I imagine while you guys were taking calls, Bitcoin pricing going up 60% to 70% since the beginning of the year and your focus on infrastructure only gives you a stronger and to be able to negotiate those contracts.
So I could see what’s going to happen in Midland and share them, but maybe talk me through about how you get to a 200-megawatt average for the year, which would assume that, obviously, your exit rate for the end of the year is higher than that number for that to be an average. So could you maybe give more granular information on that, how are we going to execute on that?
James Manning: Sure. I will let Liam take this one.
Liam Wilson: Sure. Thanks, Bert, for the question. I think the first thing to consider is that Maw — the Midland facility is about to turn on another 70 megawatts. So when we look at Mawson at the moment, we are looking at 50 megs to Kevin’s question earlier on. The reality is that in a couple of weeks, realistically, we are going to be at 120 megawatts and then 132 megawatts straight away after that. So the ramp-up is rapid over the next period. Post that we have the sites that we have mentioned in the deck and then we have a number of other sites which we have various levels of commitment on. All the sites that Mawson looks at, and Kevin, this is probably an answer to you too, but all the sites at Mawson looks at do not require substation work.
