We are in the business of mining Bitcoin. We make money. Our shareholders make money, when we mine at the lowest cost, highest efficiency at scale. That is our mission. We have the people to do it. We have the assets and infrastructure to do it and since I and I think every member of that management team is right there alongside our investors and shareholders, we are exclusively incentivized to do it. HODLing is, it’s an investment strategy, but as a CEO with fiduciary duties to shareholders, I’m obliged to listen to my CFO, Patrick, I take guidance from the board, our advisors, and I always will try and evaluate what are the best alternatives for our Bitcoin. At this time, I’m confident our shareholders are best served by using our Bitcoin to facilitate growth and expansion, pay down debt and after that, I probably want to look at declaring a dividend or a distribution.
I think all of those at this time are more compelling arguments than HODLing and I hope that’s a complete response to your question.
UnidentifiedAnalyst: No, that was a great response. I especially like the dividend part at the end there. So I hope you guys get there soon. And I appreciate the efforts and efficiency you’re putting into this business. So thank you.
Operator: [Operator instructions] Our next question comes from the line of Lucas Pipes with P. Riley Securities. Please go ahead.
Lucas Pipes: Thank you very much, operator. Good morning, everyone. Congratulations on all the progress. Sorry, I had to toggle some calls earlier, but I caught most of the call. Really appreciate all the color you’ve provided already. A quick follow up question for Patrick, just in terms of your targeted capital structure over time, like where do you ultimately would like to be when it comes to that equity mix? Thank you very much.
Patrick Fleury: Yeah, sure, Lucas. So I think definitely, as you’re hearing us say, the number one focus right now is profitability and then I think we’re going to reduce that debt down as much as we can pre having. So I think the target is to get that certainly well below $100 million and then I think beyond that, look, I think the reality is there were a lot of debt providers to this space that we’re doing secured financing against machines. They’re all gone and I think, the reality is there’s just not much debt available out there for the space. That being said, we have pretty good, pretty attractive financing terms. With the high yield market at 8.5% or 300 basis points behind that at 11.5%, which is pretty good for something deemed crypto.
So, I think from a rate perspective and then, having some level of debt on the company kind of in the future. Yeah, I think that makes sense, but I think the goal right now is, again, to sort of position us to be playing offense and in a very strong position post halving to take advantage of either additional expansion at our sites or what I think will be more likely is, M&A and particularly of distressed competitors or just specific sites that we find attractive. And so I think you will see a focus over the next few quarters and pre halving and we’ll update you obviously every quarter, but a very important focus on just reducing that debt down to well below $100 million.
Lucas Pipes: Thank you very much, Patrick. You and the team keep up all this good work. Thank you.
Operator: Thank you. As there are no further questions, I will now hand the conference over to Paul Prager for closing comments.
