Welcome to the Q2 earnings release conference call. My name is John. I'll be your operator for today's call. At this time, all participants are in listen-only mode. Later, we will conduct a question and answer session. During the question and answer session, if you do have a question, press star then one on your touchtone phone. Please note the conference is being recorded. Now, I'll turn the call over to Shane Downey. Thanks, John. Good morning, everyone. Yes, good morning to the 2021 Second Quarter Earnings Call for Hut 8 Mining Corp. I'm joined this morning by Jaime Leverton, the CEO of Hut 8. We achieved and refined many reporting initiatives during my first full quarter as CFO. As the digital asset industry is still very much in its infancy, IFRS Accounting Standards do not directly address digital asset reporting. As part of ongoing management review and analysis, and in consultation with our auditors, we made an accounting estimate change as well as a balance sheet classification change in Q2, both of which I will address below. Along with Jaime and Sue and the rest of our management team, I look forward to additional engagement with our active shareholder base. With that said, I'll start out with some short disclaimer language and then jump into a summary of our Q2 results. I'll then turn things over to Jaime, and then we'll open up the floor for some Q&A. In addition to the press release issued earlier today, you can find our financial statements and MD&A on both SEDAR and shortly on our website at hut8mining.com. Unless noted otherwise, all amounts referred to are denominated in Canadian dollars. I'd like to remind you that comments made during this call may include forward-looking statements within the meaning of applicable securities legislation regarding the future performance of Hut 8 Mining Corp. and its subsidiaries. These statements are current expectations, and as such, are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include, but are not limited to, the factors described in the company's annual information form for the year ended December 31st, 2020. At this time, I will walk through our financial highlights for Q2 2021. Start with revenue. Another record-setting quarter with respect to revenue driven by strong mining activity. Total revenue for Q2 2021 was CAD 33.5 million, compared with CAD 9.2 million in the prior-year quarter. We earned CAD 31.4 million from mining activities as we mined 553 new Bitcoin at an average of approximately CAD 56,700 per Bitcoin. This result is up significantly versus Q2 2020 due to a combination of, first, increased average hash rate, which is up by 65% year-over-year for Hut 8 from 0.68 EH in Q2 2020 to approximately 1.12 EH in the second quarter of 2021, as well as, of course, Bitcoin price appreciation year-over-year. Our hosting line of business continues to grow as well, adding over CAD 2 million of revenue as we added a second customer in late May. Moving to operating costs. Cost of revenue for Q2 2021 was CAD 16.8 million compared to CAD 15.5 million in the prior year quarter. Modest increase is the net results of an increase in site operating costs, mostly electricity, with a decrease in depreciation expense. The decreased depreciation expense was largely a result of a revised estimated useful life of the company's infrastructure assets from 4- 10 years. Site operating costs increased due to Hut 8's continued expansion, specifically the addition of miners to our fleet. The cost of mining each Bitcoin for Q2 2021, excluding depreciation expense, was approximately CAD 24,900, compared with approximately CAD 27,000 in Q1 of this year. I want to bring emphasis to the fact that our cost to mine figures are fully loaded costs, inclusive of electricity, associated T&D, and fees, as well as personnel, network monitoring, equipment repair, and maintenance costs. Moving to general administrative costs. Excluding non-cash share-based compensation expense of CAD 1.8 million, G&A costs were CAD 6.9 million compared with CAD 1.3 million in the prior year period. While a portion of the increase stems from the strategic investment into building out a larger and deeper pool of executives and managers, much of the year-over-year increase is a result of various capital markets initiatives and the new management team's commitments to best corporate practices. Both of these streams resulted in considerable involvement of external legal counsel. As our shareholders are aware, Hut 8 was the first Canadian digital asset miner to successfully uplist to the Nasdaq, which also resulted in considerable listing fees, regulatory costs, and legal fees. The fact that we were ultimately successful not only uplisting to the Nasdaq but to the Nasdaq top tier, the Nasdaq Global Select Market, speaks to the company's commitment to excellence. We expect our G&A cost to normalize over the balance of 2021, but continued short-term volatility is expected as the company continues to experience significant growth. To comment quickly on finance income, the income earned from our Bitcoin lending arrangements are reported in finance income. We signed a new lending arrangement with Galaxy Digital LLC during the quarter and now have two active lending agreements. These lending agreements allow the company to continue to leverage our Bitcoin holdings and generate additional fiat cash flow while supporting our HODL strategy. We earned CAD 0.8 million of finance income during the quarter and have earned CAD 1.3 million year to date from these lending arrangements. We recorded a net loss of CAD 20.4 million for Q2 2021 compared to net income of CAD 2.8 million in Q2 2020. This result was driven by a combination of CAD 22.9 million unrealized revaluation loss related to classification change of digital asset lending arrangements, as well as a CAD 6 million deferred tax expense. Just to be clear, both of these amounts are non-cash items, and neither are of particular concern or interest to us as the management team, neither being reflective of core operating results. The core reason for the mark-to-market losses in Q2 is simply the downward price action of Bitcoin from March 31 to June 30th, which was a considerable move from approximately $59,000 at March 31 down to approximately $35,000 at June 30th. The CAD 22.9 million unrealized revaluation loss in Q2 serves to effectively unwind the unrealized gain recorded in Q1 2020, specifically related to digital assets subject to lending arrangement. This was driven by an ongoing assessment by management and consultation with our auditors, whereby it was determined that classification of the lending arrangements consistent with our other digital assets, those held in custody, is most appropriate, which results in any unrealized gain or loss being recorded through other comprehensive income, part of the equity box on a net of tax basis, as opposed to through the P&L. Given the movement of the price in Bitcoin for year to date Q2, this is a modest CAD 3.3 million unrealized gain, of which CAD 2.5 million went through OCI, net of CAD 800,000 of deferred tax recovery. I would bring emphasis really to the fact that on a year to date basis, we have positive net income of CAD 15.1 million. The CAD 6 million deferred tax expense referred to above serves to effectively reverse the Q1 recovery of CAD 6.8 million, net of that CAD 0.8 million deferred tax recovery I mentioned a moment ago. Turning to adjusted EBITDA, Hut 8 achieved adjusted EBITDA of CAD 14.4 million for Q2 2021 compared to just CAD 65,000 in Q2 2020, driven fundamentally by Bitcoin mining profitability in the period, as well as our increased average hash rate as discussed previously. Turning to the balance sheet. Fundamentally, our balance sheet remains healthy. We raised CAD 115 million of capital in June 2021, supplementing the CAD 77.5 million raised in January. The proceeds from this latest raise will continue to be invested in the growth of the company through the acquisition of new mining equipment, including the previously announced NVIDIA and MicroBT orders, as well as the build-out of our third mining location in Alberta. Our Bitcoin holdings are marked at fair value and total CAD 166.1 million, reflecting 3,824 Bitcoin as at June 30th. This balance consists of 1,824 Bitcoin held in custody and 2,000 Bitcoin subject to lending arrangements with Genesis and Galaxy. We continue to emphasize our long-term HODL strategy and did not sell any Bitcoin during the quarter. With that, I will turn things over to you, Jaime. Thank you, Shane. Right off the top, I want to say I'm very excited about the progress we've been making at Hut 8. We were obviously incredibly busy in Q2 executing on our diversified revenue strategy, finalizing cutting-edge power agreements, leveraging key relationships to procure new hardware, expanding our market reach, and continuing to be the leader in self-mined Bitcoin held on the balance sheet. Our diversified revenue strategy matters. It helps us capture more upside in bull markets while offering some downside protection during bear markets. Hut 8 continues to strategically emphasize its HODL strategy, taking active steps to generate Canadian and US dollars to help fund operating expenses and limit the selling of Bitcoin. As Shane mentioned, during the second quarter, 100% of our self-mined Bitcoin was deposited into custody. I also wanted to mention, based on current network dynamics, we anticipate daily settlement once all contracted equipment and hashing will equate to 20-25 Bitcoin per day. Of course, one of the main highlights for us this quarter was successfully becoming the first Canadian digital asset miner to list its common shares on the Nasdaq, a project the team has been head down on since very early in my tenure. This achievement gives the company access to a substantially increased pool of investors, both for purposes of future capital raises and providing improved liquidity to current and future shareholders. Concurrent with this listing, Hut 8 closed a public offering on June 15th, as Shane mentioned, raising those proceeds of CAD 115 million to provide flexibility in the face of market uncertainty for the company to continue making strategic investments and executing on meaningful and cutting-edge equipment opportunities. We were able to seize on an opportunity to pick up 1.08 EH of equipment at an incredibly competitive price of approximately CAD 44 a terahash, delivering in Q4 of this fiscal year. We finalized our investment in 10,000 high-performance NVIDIA GPUs, which will initially be deployed, as we've discussed, to mine at the Ethereum network, while settling in Bitcoin. These are cutting-edge cards that were not available on the open market and will consume only 3.5 MW- 4 MW of power while operating at approximately 1,600 GH. We anticipate settlement in Bitcoin will result in two to three Bitcoin per day using this method. We also ordered new Dell server hardware to use in conjunction with the cards, all of which is enterprise grade. We look forward to beginning installation of this new equipment later this month. The deal is significant for Hut 8 as it unlocks enterprise-quality hardware, technical support, and a plethora of monitoring and control tools for the company while we pursue additional excellence in the technology capabilities of our on-site staff and crew. We also invested in a power purchase agreement, as previously discussed, building out a third facility in Alberta with incredibly compelling power rates. Finally, we launched several ESG-related initiatives, including establishing a robust recycling program to limit waste volume sent to landfill, the installation of low-emission LED lighting throughout all of our facilities, and the electrification of our fleet of on-site vehicles. Our focus for the second half is all about execution. Executing on the purchases that we've made, on the expansion of our facilities, continuing to bring down our average cost to mine Bitcoin, and increasing our operational efficiency across the fleet. Our new power deal will be instrumental in reducing the cost associated with our primary operating cost, of course, that being power, and continuing to expand and upgrade our fleet with new ASICs and GPUs once fully installed will also provide additional efficiency and further cost per coin reduction. As always, we thank you so much for your support, and we'll now turn it over to John to manage Q&A. Thank you so much. Thank you. We now begin the question and answer session. Our first question is from George Sutton. Thank you. Congratulations on your up list. Curious why 2,000 Bitcoin are loaned out, given the much larger size that you self-mine. Is there a limiting factor to how much you can actually put into the market? Great question, George, and good morning. We only started embarking on this yield strategy earlier this year. It started in January with the opening of our initial yield account with Genesis. We put 1,000 Bitcoin into that account at that time. Based on the success and our comfort with the execution of that program, we went on and entered into another arrangement in May with Galaxy, with another 1,000 Bitcoin. As we've talked about, the remainder of our Bitcoin remains in custody. This really serves two purposes. Obviously, earning cash income for a portion of the Bitcoin we hold on our balance sheet while we continue to believe we'll take advantage of appreciation of the price of Bitcoin over time. It also diversifies the risk of where that Bitcoin is being held. Historically, it was only held with our custodian. We think this strategy is the right one for incremental revenue stream as well as risk diversification of our holdings. We will continue to explore other avenues for potentially incremental yield opportunities, but at this point, we're still early days in this program, and very much interested to see where it may evolve over time. Hopefully that answers your question, George. That does. Thank you. It's nice to see your cost per coin coming down quarter-over-quarter. Can you just give us a sense of directionally, where do you see that ultimate cost per coin with the new power arrangements, with the new miners, with the new difficulty adjustments? Where do we ultimately get to from a cost per coin? George, I have not been able to build a spreadsheet big enough to solve for all of the variables that go into answering that question. If you want to build one for me, we can come back to it. There's just so much at play, of course. It's really difficult to predict that. Shane did go into some detail about what goes into our cost per coin, which it is a fully loaded cost per coin. I think that's important for people to recognize all of the inputs that go into that number for us based on IFRS accounting. Shane, I don't know if you want to add anything. I don't think much to add in terms of how we build up the calculation itself, which is to be extremely simple, frankly, and in line with IFRS, as Jaime just commented. I would echo the sentiment that the modeling and building out of specific assumptions as to where we expect price per Bitcoin to land in the future is challenging. It's difficult to put a specific number on it. As Jaime has commented earlier, the combination of getting stood up at a second location in Alberta. Third. Excuse me. Yeah. A third location in Alberta will be compelling from a power price perspective at that location for sure, relative to our other locations. The NVIDIA chips, I guess, just generally the more efficient miners coming on board, which has been happening and will continue to accelerate throughout the year. Really specifically, the 3.5 MW- 4 MW of consumption that we expect from the NVIDIA chips is extremely efficient from a power perspective relative to certainly any of our ASIC miners today. Got you. Certainly appreciate the difficulty. Well, The other thing I'll add or just remind you of, George, is because we are one of the oldest publicly traded miners in the space, we've been around since early 2018, actively participating in mining in this market. We do have a diversified fleet, which means a significant portion of our fleet is of the previous generation, and therefore it's less efficient, but it is fully depreciated. From a margin perspective, that's something to be aware of and to note the difference. We have fully depreciated equipment that's very profitably mining today, it does play into the cost per Bitcoin because depreciation obviously isn't factored into that equation. Got you. One last question, if I could. With the Chinese miners leaving the market, the difficulty adjustments didn't get adjusted right away. How much did that impact you negatively, and how much does that benefit you now? Is there a way to quantify that? Well, the majority of the difficulty adjustments resulting from that exodus didn't happen until the beginning of July, so there really isn't much benefit, if any, shown in our results for Q2. The majority of Q2 was at that much higher global hash rate level. The benefit of that difficulty adjustment and obviously the increased production that we saw as a result of it will be seen in our Q3 results, which will be in October. Understand. Thanks, guys. Our pleasure. Thanks, George. Our next question is from Kevin Dede. Please go ahead. Good morning, Kevin. Morning, Kevin. Hi, Jaime. Thank you. Hi, Shane. Shane, thanks very much for your prepared remarks. Insight on the accounting and the fluidity in this environment is graciously appreciated. Maybe you could just talk a little bit about the negotiations that you had with your attorneys and accountants in sort of rearranging the P&L and balance sheet. Yeah, I mean, happy to discuss that comment a bit further. Happily, I can say none of that whatsoever had anything to do with discussions with attorneys or lawyers. Again, in terms of rearranging balance sheets, fundamentally, the change that we've made is to classify Bitcoin subject to lending arrangements. That's the, as at June 30th, the 2,000 Bitcoin that Jaime commented on earlier, that's being classified now rather than the gains and losses associated with it flowing through the P&L, which is what happened in Q1. Any gains or losses associated with Bitcoin lending arrangements will flow through OCI, through, excuse me, through the equity box in the balance sheet on a net of tax basis, which is the exact same treatment that gets applied to all other digital assets that are held in custody. Well, I won't get too far into underneath that is an IFRS sort of analysis, sort of the IFRS 9 world applies to financial assets and liabilities, which in fiat world would very much be where any kind of loan would get classified. Accordingly, we're sort of staying conceptually within IAS 38 intangible asset accounting. That explains it. It's really truly an accounting classification change only. No impact on operations, no impact on cash. When you look at the year to date P&L and balance sheet, that sort of noise that's there from a Q1 perspective and then a Q2 perspective goes away. Did I understand you correctly, Shane, in thinking that your full Bitcoin holdings are treated that way, not just the 2,000 lent? Correct. That's exactly right. Okay. Jaime, congrats on the Validus deal. I was wondering if you could add a little more color. You know me, I'm okay with tech things, not so good with energy things. Could you help me understand how your third location will accumulate gas? My understanding, it's flare. Ensure that it's consistent in its quality, ensure that it'll be consistent in its delivery, give us some sort of idea on the number of wells that you needed to source. Congratulations on the pricing there. Any more color that you can add, clearly, Drumheller and Medicine Hat are fine, right? Because we've seen them operate for years. It's just not so clear what might happen with the new location. Any comfort you can give us on that, I think would be gratefully appreciated. I'm trying to think through the best way to answer your question, Kevin. The site is a new site that is built behind the fence, just meaning it's not a grid-connected site. It will be a site stood up primarily using natural gas as the energy source and will be directly connected to the turbines that ultimately produce the power. The power is being produced specifically for our use and our use alone. The arrangement has an uptime commitment from Validus of 95% uptime. Again, because we're directly connected and the rates are well understood because they're part of the contract, and they're fixed at CAD 0.000274, ±10% based on an annual adjustment mechanism. We know the costs and, again, the site is purpose-built specifically for our use. We'll start with phase I being 30 MW-35 MW, which we expect to be stood up and operational by the end of Q4 of this year. Yeah, the reliability and performance of the site is what Validus is contractually obligated to perform, and they have a long history of working in these environments. With respect to the amount of flare gas included in the natural gas being used, that detail has not yet been disclosed as we're working through it. It will predominantly be towards the natural gas play because it is behind the fence, generated power using natural gas as the source. Okay. I hope that answers your question. Oh, yeah. That helps tremendously. We're trying to clear up a black box, right? Any light on it is great. The 30 MW-35 MW you'll have by the year-end will get you how much of that additional 1.3 exahash that you plan on adding to your network? How much more power will you need to get this to the full 2.7? We've ordered a 1.08 incremental exahash, as you mentioned, from MicroBT. The 80 petahash is already on site now, and then the exahash we'll deliver between October and December. That's the expected delivery of that exahash. That exahash will use the full 30 MW-35 MW. It's about 35 MW for an exahash of compute from MicroBT using the equipment that we've ordered. With what we have actively in production today, and then coming online with that 1 EH ordered from MicroBT, as well as the NVIDIA cards that are coming online, just that contracted equipment alone gets us to the 2.7 EH. Okay. I guess just to sort of sum up in my little brain, with that new 35 MW, you'll be able to support your full 2.7 GW target. That's right. Okay. It seems that you'll have the 35 MW up by the end of the year, and then would it be fair to assume the full 2.7 GW could be fully deployed by the end of the March quarter? Is that a fair assumption? That is a fair assumption. Certainly, by the grace of God and supply chain willing, that is our target. I think more by the grace of an Alberta winter, Jaime. We love Alberta winters, Kevin. That's how we take advantage of our free air cooling. The miners absolutely rip during Alberta winters. We love Alberta winters. Okay. For full deployment at that site, you'll need to supply the infrastructure, down transformer, or is all that Validus or is that on you? We are working with Validus as a partner in building out the site, and all of that infrastructure has already been ordered. All the long lead items are already ordered, and we've got a full work back schedule in progress. Okay. Sounds great. Thank you for indulging me. I will jump back in the queue. Anytime, Kevin. Our next question is from [Ali Al-Kubai]. Hi. Good to hear your voices, Jaime, Shane, and so on the other team members. I was just concentrating on the question of the previous colleague around Validus and wanted to question. Now, the site setup cost is CAD 25 million. If I may ask, the cost per watt or per kilowatt would be in addition to the overall setup of CAD 25 million. For how long this site is going to be operating under Hut 8? Is there a lease agreement, or would the site be owned by Hut 8 eventually? The CAD 25 million that you are referring to, I believe, is the amount related to the rate buy now. That is how we have the rate that we do, which then is an ongoing operating cost. The agreement is an initial five year term. It has two to five year renewal options after that. We do not own the land that the site will be on, nor do we own the land that any of our sites are on. The land is leased, but the infrastructure, being as we just discussed with Kevin, the downstream transformers, the data center containers, that infrastructure is all owned by Hut 8. Great. If we are to renew for another five years term, would that mean another CAD 25 million? No. Is this something that can be disclosed, will be disclosed? Again, I do see the agreement on the cost basis need to be a little bit clarified around what does it include, what it does not include. Again, there seems to be a set of costs that need to be put. You just clarified to the previous caller that it is part of the overall setup that Validus is going to provide eventually. On the previous call, we discussed would there be a need for another set of black boxes that will be procured. I assume that as part of the setup of the site is going to be covered by the CAD 25 million, it will be covered. If we want to continue on this site, given the fact that economically given the numbers that are published thus far, Drumheller is becoming our most expensive operating site, if we assume Validus is on power. What would be the cost of continuing Validus later on and maybe looking at more economic efficient mining sites between Drumheller, Medicine Hat, and the Validus one, all in Alberta, given the discussion. Well, I think that the best way to answer that is we're always having conversations about potential opportunities for future growth. Got it. That's a very diplomatic answer. The next question is with regards to Very true. The next question is with regards to NVIDIA. If you recall in our previous call when this was announced, I think the initial timeline was for July, then it was expanded to August. Now on the news today, it's being split into two tranche, August subset and September another subset. On the initial justification or value of the deal, it was said that there was a commitment from NVIDIA for timelines of delivery. Is the delay because of logistic reasons on our side or on NVIDIA side? If this can be explained. It's actually the supply chain related to the infrastructure, the power infrastructure required to support the equipment. We did use a strategic partner, Amulet Hotkey, working with Dell to have everything assembled at an off-site location so that when they arrive to our site, they're fully assembled and the team just needs to plug them into the appropriate data center container with the appropriate power source. The cards arrived essentially on time, on schedule, and they spent the last six weeks going through the assembly process. Then, as I mentioned, will be delivered or in the process of being delivered over the next few weeks, obviously in phases. They get delivered to site, and then because they're fully assembled in the chassis, they go right into production. The delays have been on some of the downstream kind of infrastructure items related to the power that will support the equipment as we plug it in on-site. That's clear. The next question is around the hosting business. First of all, thank you for the great performance on this year on the hosting side. Quarter one, then quarter two are amazing. Securing a new client is really amazing. Would we have a target for this kind of business line to offset the overall fiat cost associated with running the business? Again, I could see that we are investing so far around 13 MW, 13 MW+ on this. Yeah. If I do a simple mental calculation, if we invested more, then what would be the percentage that we are targeting? On one interview or media interlock, I think the number 30% of the overall power available was put as a challenge, but again, it was not put in any solid material that we can forecast on our model, on the modeling for the company. Would there a targeted number for the hosting business? There is not a targeted number. It is a conversation that is fluid, and it's really fluid based on the market conditions and market dynamics. Right now, we're comfortable with the mix we're at right now, based on the split between self-mining and hosting, and of course, we're at absolutely maximum available power capacity, hence our excitement to get a new site stood up, and ultimately, we'll continue to look for future expansion because it is power that's the limiting factor. Without kind of unlimited built-out power, it's really hard to put a number on what the right mix will look like. Suffice it to say, our diversified strategy that has fiat-based revenue streams to help support our self-mining activities and allow us to HODL more Bitcoin is critical and one that will continue to be important to us. Great. With regard to the target capacity for H1 2022, and the current cash position, available warrants, and available loans, given the yield accounts, because I think it came with another CAD 20 million potential loan almost, in 16% interest. Do you see a need for more cash on the business for the remainder of the year? Well, look, it's an interesting balance, right? We haven't sold Bitcoin since early January based on market conditions and kind of our belief of where Bitcoin is in its cycle. We have an incredibly healthy balance sheet between Bitcoin and cash. Before January, and certainly during the bear market, we were selling the majority of Bitcoin we were mining, we were selling to fund operations and growth. I think just the cyclicality and volatility associated with this market has put us in a position where we're always thinking balance sheet first, and we'll continue to do so. That's super. One final question, and again, I've thrown this before in a previous call. The remaining 2,000+ Bitcoin on the balance, when are they going to work for us? I know that sitting on the balance. You know what? I know. I love this because when we first kind of even as a leadership team started talking about opening the initial yield account back in January, we really struggled with how the market would react to it and would it be seen favorably. Obviously, we thought it was the right thing to do for the business, and we made that move. Now you kind of fast-forward eight months later, and people are just looking for more and more. It's been quite an evolution in sentiment around that strategy, and it's one we'll continue to aggressively pursue with Shane now in his chair and comfortably with a full quarter under his belt. We'll spend more time looking at that side of the business. I absolutely find it fascinating that there's so much positive commentary coming about that yield program and both you and Kevin, the previous question asker, looking for more from us on yield. That's great feedback, and I really appreciate it. Again, thank you, Jaime, personally, you, and Shane for being there for us, for clarifying a lot of things, for being interactive. Again, I would thank the IR team for being responsive to investors' inquiries during the period. It was a tough Bitcoin volatility period, and I think the performance of the company. It is evident that we're on safe hands under your leadership. Thanks all. Thank you so much. We really appreciate it. It was certainly a nail-biter of a quarter with that volatility for sure. Our next question is from [Brad Brechtel]. Hello. Thank you guys for your time today. I really appreciate the work that you guys have done this last quarter and of course, for all of the business that you're doing. It's kind of funny, the last caller had one of my questions about your revenue sources, you're having this new customer that came on in May. Is that Celsius Network, or if you can't say, are you looking to get more customers like that for you? Sorry, expanding into potentially new relationships around you? When you say a customer, are you looking for customers that are providing hosting, or is a customer someone you're doing yield farming with? Yeah, from a true customer sense of the word, we only have two customers. We have two hosting clients. The yield relationships that we have are with strategic partners. I think technically we're the customer in those relationships. Okay. I got you. The other part of my question really is a different subject where you're getting these machines to do ETH farming to pay fiat expenses around the company. Have you considered at all maybe taking it to the next level where you actually pay some of these expenses with your relationships or to your employees in ETH or some other crypto? Actually, our initial intention in mining the Ethereum network is to settle in Bitcoin versus fiat. That's one kind of clarify there. As for paying employees in crypto, unfortunately, there isn't a mechanism to do that within current Canadian income guidelines and income tax guidelines. I would love to be paid in Bitcoin. Yeah. One day, I hope that's something that could become possible, but at this point, there isn't a rational way to make that happen. I guess the last thing is, have you talked to Alex Mashinsky or Celsius Network at all about either hosting, which they are doing now for mining Bitcoin, or for yield farming? Because they do both. No. We haven't had any conversations. Okay. Yeah. Okay, those are the end of my questions. Thank you very much. Any time. Thanks so much. We have another question from Kevin. Please go ahead. Sorry, Jaime, I'm back. Hi, Kevin. Did you miss us? You missed me. Of course, I missed you. I especially missed you in Miami, for the record. I know. That's very true. I owe you a special trip. We'll catch up. Okay, apologies again for haranguing you on Spot X, the third location. Maybe we should call it Trey. It does not have a location name as of yet. Spot X or Trey. We will give you. Can you take that agreement beyond 35 MW, and then sort of in the same vein. Sorry, the initial agreement is up to 100 MW, and we do have the ability to go beyond that, yes. Okay. Sort of same question on Medicine Hat and Drumheller, I know the agreements are different there, but is there a chance you work with your power suppliers, I know they're both different, to increase capacity there? It's all about power now, Jaime. Yeah, no, I know. You can know all about equipment, now it's all about power. We are at maximum currently available capacity at both Medicine Hat and Drumheller. Okay. As I say, one of the things about Alberta, of course, it's incredibly energy rich. I think there's a lot of really exciting innovation happening in the power market and really just in particular with respect to reducing the carbon footprint associated with natural gas significantly. I know we're having a lot of exploratory conversations about what the future of hydrogen could look like, of what the future of nuclear could look like. There's an absolute ton of really exciting innovation happening in this space. Alberta is incredibly focused on greening up their grid, as we've talked about before. The Alberta grid is about 20% renewables right now, and they've got a very aggressive target to continue to increase that between now and 2030. They've made significant investments in wind farms and solar farms around the province. We're really happy that we're in that community, and we're partnered on how we can drive innovation, with us being a significant stable offtaker, both for grid-connected locations and for off-grid or behind-the-fence locations like the new one that we're building with[Kubai]. We really think there's a ton of opportunity for really exciting strategic conversations and growth in this space over the next one, two, five, 10 years. I think the power space is definitely one to watch where new innovation is concerned. Bitcoin mining is a critical part of that, right, Kevin? We're the most stable off-taker that is completely able to put power back to the grid when it's needed for peak. It's such a natural, symbiotic relationship between power producers and Bitcoin miners. The more we can start working together and really thinking outside the box, that's where one plus one equals five. Well, that was the comment I was going to add. I suppose the extension of that is your relationships with the assortment of power suppliers through the province and whether or not you can serve a function in load balancing. It just seems to me that there's plenty of power capacity vis-a-vis demand. I suppose that changes as you and competitors ramp up mining activities. The next question. I think it evolves. The next question, and I promise this will be my last, official last one. I too echo sentiments. Any way that you can maximize use of assets, shareholders love it. I was hoping you might take us through the mechanics of mining Ethereum and the conversion to Bitcoin. What are the ratios you use? Is there any set contract there? How should we think about that function as Ethereum prices change, mining difficulty changes there vis-a-vis Bitcoin prices? We actually have the detail of how those calculations are made so that anybody can look at how we're making them in our FAQ on our website. We publish the frequently asked questions associated with this NVIDIA project, and the details are all there. If you haven't seen that's where I'll point you for that detail. Thank you. I apologize for the oversight, Jaime. It's okay. Thank you for the guidance and the color on power in Alberta. Appreciate that too. No problem. Anytime. Thanks, Kevin. I have no further questions at this time. Okay. Well, once again, we want to thank everyone so much for their time, attention, and support. It's always a pleasure to be able to connect directly with our shareholders. Again, thank you so much, and we look forward to talking again soon. Thank you, ladies and gentlemen, that concludes today's call. Thank you for participating, and you may now disconnect.