James Manning: Yeah. Thanks, Kevin. I think, look, we are doing a little bit of both and what we recognize is we are very good very good builders ultimately. We understand how to build the infrastructure. We understand how to build it at scale, build it efficiently, have good cost per megawatt. And in many sense, we think there’s an opportunity as part of our hosting business to expand that business, as well as where we see strategic opportunities to either partner with hosting customers or sell and manage those sites for a profit. So, importantly for us, we recognize where we are in our capital stack and where we are in the market. So we can only do so much. But I think we are very well regarded within the industry and a lot of counterparties would like to deal with us.
So we see good deal flow and good sight flow and the ability to take some of those on potentially build — identify contract, develop them and then move them on is an attractive option to us as well, where we can do that for a customer or do it on our own balance sheet and recycle some of those transactions. So we are very much looking at all angles ultimately, Kevin. But the focus is on building a larger sustainable business with recurring revenues and you don’t get recurring revenues ultimately just selling fights. So it’s about doing a combination of the hosting, the mining and the energy program. And then optimizing the portfolio as we go. So as we acquire some of these sites, maybe we identify some sites in the portfolio once built, would be better operated by a third-party and we can focus on the next slide that we identify.
So we are very realistic about what we can build and run given our capital structure. And I think they pulled it out. We are probably the largest or one of the largest high concentration of management team that owns, managing them with a high concentrated ship of ownership in the business. And because of that, we are really focused on that return on capital and return on equity. So we very much don’t want to see — keep a delusion for capital growth sake. So we are very focused on making sure we have got the right return profile.
Kevin Dede: Great answer, James. Thank you.
James Manning: But that is
Kevin Dede: Thanks for taking the time. Yeah. Yeah. Yeah. It was a great answer with the focus on return on capital. I appreciate hearing that.
James Manning: Perfect. I have just got a couple of written queries questions. I am just going to take a couple of those before we wrap up. I know we are getting a bit longer than too from a time perspective. So I have got the first one here, I have got from Dave. You have a large amount of infrastructure capacity in Pennsylvania. What’s the total amount of exahash you could have across these sites, assuming you use the latest generation assets. My math has it at over 8 exahash based on the latest generation in NXP. I might let Liam run that, and thanks, Dave, for your message.
Liam Wilson: Thanks, James. Thanks, Dave, for the question. So for 132 megawatts, we could expect to get roughly just under 39,000 units online. I am just working out the math now. But if you are looking — if you are using an XP then that would be 5.4 exahash on the 132 megawatts. If we look at the two public sites, which are shown in Midland at 240 megawatts, which is their nameplate capacity, then you are just under 71,000 units and you are actually at 9.9 exahash if you run the XPs. If you run just a standard S19, you are at 7.8 exahash or 9.9 if you run the XP. So that’s what those numbers are looking like, 71,000 units is approximately what we consider in our sites at the moment.
