Gus Gala: Got you. That’s super helpful. And I mean, just as we look into next year, on balance, how are we feeling if we were going to invest in either the HPC business or the self mining, right now, where do you think the best returns are?
Jaime Leverton: That’s an incredibly difficult question. Again, it’s really €“ it’s opportunity specific. So I don’t think €“ I think it’s fair to say there’s more distress in the mining space right now. But I’ll continue to look at opportunities in both areas, again, looking for the best strategic alternatives.
Gus Gala: Thank you. Appreciate the call, Jaime.
Jaime Leverton: My pleasure. Thanks.
Operator: Your next question comes from Bill Papanastasiou from Stifel. Bill, please go ahead.
Jaime Leverton: Good morning, Bill.
Bill Papanastasiou: Hey, good morning. Thanks for taking my questions and nice print today. We’ve seen a lot of crazy events happen in the space this week, especially when it comes from the two exchanges FTX and Binance. We also have a lot of miners distress in this space. Just wondering what your €“ what you think the implications to what’s going on, what happened this week will be on the Bitcoin mining space, especially when it comes to the distress miners. We’ve heard news from Core Scientific and Argo, and probably we’ll continue to hear more news on that end. Just wonder what your perspective is. Thanks.
Jaime Leverton: Yes. I think one of the struggles for the industry right now on the back of what we’re seeing happen with FTX in particular in Alameda, is we really understand what the contagion is going to be as a result of that. We don’t know where all of the exposed counterparties are. And so for the industry, it’s really going to depend where new holes show up. As I mentioned in my opening comments, we’ve made the determination to continue to keep our stack in cold storage again, until we really under €“ have a good understanding of where the potential contagion goes and where the counterparty risks are. Our view is that we just €“ we need to continue to be conservative and let it shake out.
Bill Papanastasiou: Great. Thank you. And then, congrats on wrapping up the hashrate capacity to nearly 3.1 exahash a hash. Just wondering given the news with North Bay and what’s going on there. Has guidance changed at all? Does it still remain at 3.6 exahash by the end of the year?
Jaime Leverton: Well, obviously that becomes a bit fluid given the North Bay situation, so we’re really going to have to wait and see how North Bay plays out.
Bill Papanastasiou: Okay, great. That’s all the questions I have. Thanks guys.
Jaime Leverton: No, problem. Thanks, Bill.
Operator: Your next question comes from Chris Brendler from D.A. Davidson. Chris, please go ahead.
Jaime Leverton: Good morning, Chris.
Chris Brendler: Hi. Thanks. I’d like to €“ I think I heard that the cost per coin went down 30% sequentially, and I just wanted to know if you could sort of give us a little more detail on what drove that. Obviously costs are a huge focus today. Was it sort of moving to North Bay, which sounds like that may not be the case anymore? Or is it just lower cost €“ seasonal costs for power? Just help me think about the improvement in cost per coin?
Jaime Leverton: Yes. I’ll let Shane take that one.
Shane Downey: Perfect. Yes, good question, Chris. And it’s sort of a combination of the above. So getting operations spun-up at North Bay was a modest net contributor there. And the real point though is that as everyone’s really aware is, almost globally almost that in the Q2 period, there was really a real spike in power costs. Natural gas impacting us in a lot of ways as a result of the global macro situation, war in Ukraine and Russia and so forth. And yes, seeing that as we were sort of hoping and expecting, seeing that normalize somewhat in over the course of Q3 was a big sort of quarterly sequential drivers that would be the biggest piece.
