Fred Thiel

unenergized, if you would, that is expansion capacity for that.

And we have another couple of gigawatts of power in the pipeline behind that.

A lot of our growth for Bitcoin mining is actually targeted internationally.

And the reason why is a in the US to get 100 megawatts of power, I have to find a hyperscaler or somebody who's trying to get it to a hyperscaler.

But internationally, there is much less demand for AI and hyperscaler capacity.

You can go in lots of countries in the Middle East, you can go in countries in Europe, and a big site for them for AI is 40 megawatts.

And so you have power dislocation economics happening around the world, where you have places like Saudi Arabia, where they have built huge amounts of power infrastructure specifically to generate hydrogen.

And the hydrogen market isn't developing.

And so you have all this renewable energy that's available, but isn't connected to a grid to be sold.

And there isn't a city anywhere nearby that is available that they now want to monetize.

You have countries like France, where 66% of the energy is nuclear.

The rest is mostly renewable.

And the capacity of the nuclear power plants is running below 70%.

And so they have way excess energy.

But there it's a permanent issue.

But so I think you look at the business that we or our peers are in, and I think you're going to see most of the U.S.

miners will do some portion, if not all, conversion towards AIHPC.

domestically, and those of us who operate internationally will continue to grow Bitcoin mining internationally, where it's much more economically viable today than in the US.

No, I think, listen, the Bitcoin blockchain is over secured.

I mean, we have way too many people mining Bitcoin.