Batch Zero Breakthrough: Latest IREN, SLNH, RIOT, HIVE & KEEL News!

0:00Hey guys, welcome or welcome back to the channel, McNally Money, the official home of Power Analysis, a short trading week, and markets are definitely making up for it today, off to a great start really on the backs of easing concerns around batch zero in the Texas or cop market. We're going to be talking about this in addition to top headlines from all your favorite companies before we get into it. Take a second, smash a like button, guys. Big help to myself in the channel. Anthony absolutely loves it. If you're not already subscribed, McNally Money, feel free to join and let us know in the comments section below how you're feeling about the portfolio and your current top pick or position. With that being said, let's get into today's episode. All right, Anthony, away we go Tuesday afternoon. As I said in the intro, a short trading week, but markets making up for it in a big way today. We're absolutely off to the races. We're going to be covering this updates on batch zero

1:01and some top headlines. I don't think you're going to want to miss before we get into it. Though Bitcoin, we've got the five day chart up here. See a nice little pop earlier in the week, but nothing to write home about today. No, Bitcoin is just managing to stay in that sort of 78, 80 range there. We did see it get to over 80,000 a few days ago, but if it stays this range here, I'm seeing a few of the technical analysts suggesting we're not going to go down much further as potentially of going maybe 80 to into sort of like 90s. So we're not technical on this channel. We look at fundamentals, but I'll be happy with any of those figures going forward. Yeah, I know one thing, Anthony, to go up or to go down and either way, we're not selling our Satoshi. That's a long term hold for us. Another guy who's in it for the long run here, Michael, sailor, he's been active over the weekend. I'll let you give an update there. And then we've got strife as well. Yeah, he's going to purchase more of his stretch

2:04preferred shares, 176 million of them and increase the size of that digital credit securities repurchase program. So the ability to buy these preferred shares, it's now increased from 1 billion to 2 billion. Looks like they can use this strategy at the same time whilst the price is lower than $100. Now, as of today, the company hold 845,000 Bitcoin and about $6.5 billion of USD assets. That's really important because they're paying effectively a dividend on the stretch share preferred share there. So they've got quite a few years now of cover in terms of interest payments. They've built that USD fund up over last couple of months there to make sure that it's not going to affect some of anything in the short term. And when you start looking at the price at the moment, it's getting closer and closer now to the $100 where,

3:06when it reaches the $100, it gives the company the opportunities and to issue more of the preferred shares and buy Bitcoin with the proceeds of that there. It's just a fraction of the $98. I mean, going back a couple of months ago, right, it was about, I think, $70, very low, $70 or $71. And that was probably a 30, 35% potential increase just to get back to the parity number of $100. Yeah, if you believe in the strategy, quote unquote, it was a pretty easy trade. And the reason you and I talk about these preferred so much is we really feel they're a great alternative to sitting in cash in your account. Now, we move in to strive asset management. Their version is SATA, SATA. This one actually pays a daily dividend, a 13% annualized yield. So again, instead of cash, maybe a nice alternative, they actually took a different approach this week, purchasing more Bitcoin. Yeah, they haven't. And a lot of people, you know, were usually saying we're a strive and send it

4:07to follow that strategy, that Michael Saler and his team have put in place there. But a lot of people now are looking at striving, saying they've got the strategies that seems to be working. They've been buying Bitcoin literally every week for the last few weeks. And their price, you know, at the moment, is a fraction under $100. When you reach $100, they can buy more. But in this last week, they've purchased 1,375 Bitcoin. Now, remember, there's 450 Bitcoin produced every day. So that's at least three days of total production that this company is acquired just in the last week. That takes the holdings of strive up to 24,531 Bitcoin. And interestingly enough, they are now a top five company with Bitcoin in the treasury. Now, that Bitcoin at the moment is valued at a fraction under $2 billion, $1.95 billion there. And if the Bitcoin price continues to do what it's doing over the next week or so, we'll see that two billion targets possibly

5:07by the next time, next week, this time, next week, when we get the next update from strive, telling us they've bought even more Bitcoin. So it looks to be going all well there for Matt and the team and Long-Mate Carry on. Yeah, and they're already active this week, 36.6 Bitcoin in the coffers today alone. And I saw an interview with Matt Cole over the weekend saying, don't be surprised if we're in second place by year end in terms of corporate hodl. So congrats to both of the premier dats. We'll call them moving over to the AI infrastructure players, Anthony, we're going to talk about some of the press releases and news here, but you and I were saying before the podcast, it feels like this sector has really been pushed down, almost like a bouncy ball under some water held down by these fears of nimbyism about all the pushback, about Irkaut and Batch Zero, what does this mean? And now we're starting to get some life back in the sector. That beach ball is popping back through the water, Anthony, and we're seeing it in a big way to kick off the week.

6:10Yeah, we certainly are. There's been a sort of a suppressed period now on these shares. And I talked about that sort of like 22nd of June, where we saw a lot of these stocks at their sort of towards their 52 week height, that period there. And I remember sort of like making a few sales. I mean, we're making so much profit in that run-up to the 22nd of June. I had sold, I think, keel shares that day, a few keel shares at $7 a share. And you know, you look at the room they've had over the last few days, keel. You know, it's had a nice run-up this, you know. And it's up the best performing stock today. It's up at 11, and it's only at $3.87. I mean, that's literally like half the price I was selling. So you've still got a way to go to catch up to the 22nd of June for nobody's stocks. But I do like what I see in terms of the 52 week range. Now we're starting to see a few stocks moving closer to midpoint. We're seeing this sort of like in Irkaut, I say, a mini rally getting back in there. I mean, I look at the 22nd of June,

7:12where probably my portfolio was at 52 week height itself. But looking where it is today, it's recovered a significant amount over the last few weeks, where it really did start to look uneasy in terms of, you know, the drops of these stocks. I'm still down over that period, over that period, over that last three month period. But I'm getting, you know, a little bit closer to where I was then. I believe you're quite right. I think a lot of these stocks now with the news that will come out today, later in the podcast, we'll see it, you know, potentially a lot more to go there. But I and having a great day, Saluna Holdings, again, having a great day. We'll talk a bit more about Saluna, Wolf Wi-Fi calls, all the companies that I've got, the big HPC contracts really leading the space, but Keel, although it hasn't got a contract, I did try and find out if there's anything else that was giving us an indication there, whether it was, you know, Ben had secretly announced, you know, that they signed something there. But I think it's just that the expectation with Keel,

8:14I think there's an expectation you listen to Ben, he talks a lot of sense, he's widely regarded in the sector, but by, you know, by a lot of people, even if they like the stocks like that, he's got a sort of a standing in the space there. And, you know, when he comes on the podcast, people tend to listen and he's quite confident. That these deals will get signed. If all three gets signed by the end of the year, that's tick the box, but if they all get signed within a week of the new year, then, you know, these contracts are 15, 20, 20 years long. I don't think we're going to worry about a week if we're getting three deals signed in the effects of the timeframe he said there. Let's not be too hard on there, but he's doing everything he can, and he's been very transparent with all the requirements that you need to do to get to that line with the client there. More so than pretty much every other company. In fact, other companies now are starting to use that route, that bends off of there by showing a bit more transparency with regards to the permitting.

9:15And so, you know, let's hope that we get some positive news. Looks like Washington's going to be the first of the three deals to be signed because that pretty much site there has got all the approvals in place. And it looks like they flatten the buildings there where the mining rigs were prior. And it's all right now for a new tier three or tier four facilities are going place there and deliver that first contract for the company. Yeah, and you asked an interesting question there. I don't think the question today is why is keel up? I think the question is why was keel down over the last few weeks? And I don't think the answer there is very convincing. So as we say, miners bouncing back here. Now, I'm going to let people in on a little secret Anthony. You and I are our grand plan here for power analysis to purchase the power analysis yacht one day. And as we move over to the heat map, I think we could probably start to afford maybe the steering wheel, the anchor. It's looking pretty good out there. It's a nice green chart actually.

10:16We're just saying before the podcast, when we saw this, we're seeing, you know, probably one of the best heat maps for a while. Not in terms of the average four years, the day in the year change. I mean, we saw the one year change for some of those companies at the top of the list there was like in the four, five hundred percent range. But when you've got effectively every cell bar about eight or nine in green, that's not about move actually there. So great to see the green today. It's really helped the five day changes like is very positive. And you know, an average of 22% up on that five day. This is that mini sort of rally I was talking about. You know, you go then sort of like the month change. And that's only 20%. So you can effectively say the five day changes as basically now put the one month in positive territory as well. So, you know, it's it's a pretty much a green chart today and look forward to continuing this and getting maybe some of those

11:16red turned into greens as a couple I can see there. Only a couple of percent away from turning green. So they'll get that down to seven maybe, maybe even down to five or four, but as I say, we'll monitor it over the next few days to see if this rally is sustainable. You mentioned the word move there. That's the new company we're covering Corvex M O V E. They're up 32% since we started covering them a month ago. We had said anyone holding Corvex. I know a few of you picked up shares immediately. So congratulations to anyone on that trade. Now moving into the AI company specific news here. One catalyst we're watching next week, the all in conference. This takes place in LA September 13th to 15th. You can see some of the headline speakers, including the CEO of Nvidia, Jake Paul, obviously a fan favorite there, Spencer Pratt, local LA mayor, candidate, but what we're concerned with Anthony is some of the key sponsors. So we've got two of the companies that we feature regularly in the

12:18podcast, two of the probably I was going to say the favorite companies at the moment. Keeler going to be one of the proud sponsors there over the period. And Iron are going to be the actual presenting sponsor of the all in summit as well. So really getting that name out there. And actually if you think about the location Los Angeles, they just basically signed a sponsorship deal with the with the warriors over there, the basketball team. And so probably trying to reiterate the name of Iron in California there and and and make sure it's like people have that awareness. That brand awareness that I ring carries and they've come a long race in the last sort of nearly five years since the IPO. And they were a very small minor with what half an X-axis. I think when he started now that a big beast out there. And if you look at the market caps today, a fraction under 20 billion dollars, Brian's. My golden state warrior Jersey actually just came in. So who knows maybe they'll be sponsoring the Lakers next. Now speaking of good news upcoming catalyst.

13:19These were just a couple of tweets that caught our attention over the weekend. The first has to do with infrastructure and investment in the data center space. We've got one from polymarket talking about their 2030 projection. And then we've got an interesting graph that shows the historical increase in data center spend as well. Yeah, we've mentioned the channel, you know, many times over last six months to growth in data centers now starting to see some numbers being put to that. So sets triple by 2030. As these tech companies prepare for a projected $7 trillion spending boom. And just phenomenal. And you can see the amount of deals that are being released now. It's literally on a weekly basis. We see another big company. Make an announcement. Go back a couple of years ago. It's literally just over two years ago since call scientific sign that say that first 200 megawatts we call with. And we were waiting about sort of seven or eight months for the second company to come in.

14:23And I think that was terrible if they came in with that deal with core 42. Part of the G 42 in the Middle East there. And so but since then it's been literally a sort of crescendo of deals coming out. And 2026 is like going off the charts at the moment. And there's an expectation that between now and the end of the year, we're going to see a significant amount more deals coming through. Because you know, think about it. You know, it's not about the power in 2026. We're looking at the power in 2027. And now 2028. And so, you know, is that need that power in 2028? They need to start thinking about the deals need to be structured now and sign now in readiness for that. Because you're going to have to allow time for some of these sites to be prepared for. At the time of infrastructure supporting these data center requirements. Yeah, you're not kidding. There Anthony, we've heard the CEOs talking about essentially the next few years of runway. Now looking backwards, we've also seen some incredible spending up 700 plus percent since 2021.

15:29So this is what you call exponential growth. You guys, this is why we love this sector. Yeah, this is this is not going to stop either. This is a 717 cent increase between 2021, 2026. You know, a sevenfold there. And that's likely to get even higher over these next four years as we get to 2030 with that projected spend there. One of the things that's driving this spend really is the fact that we're seeing more and more advancements in the technology. And Jensons announced today that the GPT 6 Astra. You know, there's a hundred thousand and video grace black wells going to be put together in a location there. And that AGI has now arrived. And congratulations to the Open IIT for delivering that there. The next set of really is they're looking for 400,000 GPUs come online next year. And if you look at the 100,000 there, remember, children's 76,000 will go into horizon 1234.

16:34So this is a bigger cluster than the natural GPUs and than what children go at the moment. Or will have by the end of the year. Probably like a third more in terms of GPUs there. So possibly, you know, heading towards 300 megawatts of compute power to deliver those 100,000 machines there. But this is just and again, it's just supporting the growth and the size of AI going forward. And Bryce, I wasn't sure about the AGI, but you sort of put me clear just behind to the podcast of what that really means. Yeah, it's almost getting a little bit scary. You start thinking about terminators. So right now people use AI as a tool. AGI are artificial general intelligence. That's essentially when AI takes over for itself. So it can do any task. It can learn on its own. It can seek websites, search things. Really starts to get a lot more interactive. And that's where the demand really starts to accelerate. So we're still in the early years of AI here, you guys.

17:36Chat G-P-T, just a couple of years old. And this is really when that lift off or take off trajectory starts. The other interesting tweet from Jensen. And we've talked about this a few times. Not only are brand new chips pushing the limits. But the older ones are as to the H-100s. These are three years old. He's talking about increasing rates even on that lift, even on that model of chip. Yeah, and if you go back to go back a couple of years ago to when Iron had their first contract with Poolside. They used to put their rates up there. I think it was like about two dollars. And now a per machine there. And they were H-100s. We're now seeing the rental price up towards three dollars 28 for those same machines that are like with three-year-old training chips. And so what this means is that companies who planned to have these depreciation over a number of years are really seeing the benefits in terms of the revenue increases coming through

18:39there. They're making sort of like an extra super profits. In fact, because they weren't planning on these prices getting to these sort of levels not after three years, you'd expect maybe that the prices sort of tend to slowly drop as the machines get older and get towards the end of their life. But we've seen the exact opposite. We've seen some of these machines go past a five-year period, which I think most companies are going to start depreciating over a five-year period. We're seeing contracts go longer than five years, which is interesting because a company that would sign a contract for say six years or longer would want to just effectively use the capital for those machines over that period of the contract. So there's plenty of positivity in the expectation that these machines are going to last longer than they initially thought. What we just don't know at the moment because we haven't had enough data in terms of historic data to see how actually long they will last. I can tell you now that out in the wild world out there, the A100s are still being used

19:44fairly frequently. And the H100s are probably still making up maybe the biggest percentage of GPUs out there. We're seeing all these latest versions coming out. But go back three years ago, it was the H100s that people were striving for. And they were still out there earning good revenues. It's only now that people start thinking when they're going to use new capital, are they going to be buying the latest Blackwell machines or equivalent machines out on the market. This is where we'll see there, but this is great. This is great for those companies that invested in the H100s. They're still seeing a fantastic return on their investment. And this should keep shareholders very happy. It's a really interesting dynamic. It's an increasing return over time. And like you say, essentially just pure profit or gravy. And for any of the gamers out there, we're seeing this even in the PlayStation Network. I went and got one for the Grand Theft Auto launch Anthony. They're actually up $300 from when they first came out because of the memory chips,

20:46even in a PlayStation. So we're starting to see a very interesting dynamic here as chips and memory are really at a shortage. Now yesterday we talked about the global hash rate. The fact that both difficulty and overall hash rate has come down. That's obviously very beneficial for miners. Yesterday we talked about BitDear. Obviously, ABTC has a lot to gain here. Frank Holmes put out an interesting tweet as well. Stating Hive has now hit 2% of the global network. So this is a company. We'll talk about their AI component in a second, but extremely well positioned as we see Bitcoin economics improving. Yeah. And if you go back through history, maybe maybe made a lot of money in the Ethereum mining days, they were one of the largest Ethereum hash rates out there. The timing was perfect. The revenues went through the roof. They were earning profits that none of the miners could compete with.

21:46I remember covering Hive in terms of the revenues they were achieving and the margins. It was like, and we were chatting with Jason Leges today. And those days were really profitable for Hive. Obviously, when the fork happened, they had a significant amount of GPUs. Fortunately, those GPUs were able to be converted and used for. And now I'm being now used for AI. Since that fork, Hive then shifted gears and started to bring Azix online and start to my Bitcoin. And this last 12 months has been phenomenal. And they grew from just over six Xerhash, all the way up to 25 Xerhash. Thanks to purchasing those sites in Paraguay from Keel infrastructure. And really sort of like setting the Bitcoin mining ablaze down there. In that corner of the world, they've got a great local community relationships with everybody down there.

22:50They're providing obviously the jobs down there. They're providing power for schools down there. They're really embraced into the community. And at the same time, they've got nearly 25 Xerhash of mining capacity, which puts them like Frank says there, 2% of the global production, achieving $900,000 a day in revenue. And that's not including the AI business, which is growing from strength to strength. And so for those people that can mine with efficient miners and get a low cost of power, there is a beneficial to doing this. Once the power cost goes higher than the revenue, I'm afraid, as an accountant, I'd be saying you need to shut down the machines. But in Hive's case here, they've got the best of both of us. They've got good power costs in Paraguay. They've got most efficient mining machines on the market, the F-21s. And so, vexively, as the Bitcoin price is as rally up to 80,000,

23:51it's given the hash price a bit more of a better feel for some of these companies where they can start making a bit of a margin. Yes, we know HPC is going to be effectively a game-changing strategy for everyone. And again, if you haven't listened to Jason's podcast, he talks about that as one of the biggest mining companies out there, why are they deciding to put all their power towards that in the future? And Hive are still looking at having a dual strategy going forward in the same way we talked about with BitNAS. Yeah, we sure did. And in terms of the regulation, we'll come on to badge zero in a second here, but we're seeing now something very similar in Canada. So Hive put out a second tweet here talking about Canada's responsible data center development principles. And as we look through the list, we're able to actually pull the requirements very, very similar to what we heard in the states. Yeah, there's some big, big headlines here. Data centers must create lasting local benefits. You've got to get the binolocal community.

24:52That's what we're seeing a lot of the companies that we talk about in daily basis. We just talked about what I've do when they go into regions there. They support local communities in a number of ways. I've seen that first time. I've been to Sweden with the team that I've met some of the beneficiaries of what Hive had done there. And they are putting their stamp in every location. They'll come to you to do that again in Canada. Now, data centers must also not shift the electricity cost to Canadians. That's another key point. That's exactly what was said by a number of governors in the US in certain states there, making sure that when you're putting your power conduits in there, it doesn't affect the local community in terms of there. And actually, what we have seen is we've seen the reverse. But in some cases, it's actually brought down the cost of electricity in some areas. And that was happening with the Bitcoin mining. And I'm sure where there's an opportunity to save costs for the local communities. A lot of these companies will be jumping all over that opportunity to keep that everyone on side there to deliver and have the same sort of like

25:55alignment of goals towards what these companies are trying to deliver. For not just for Shells, but also for the communities. Now, water is obviously a contentious subject there. And data centers must try and minimise the use of that water and the environmental impacts. I think there's a lot of foot out there, regardless of the water there. We'll talk a little bit more of that in a second. But believe you me, we've had all this before with Bitcoin mining. We had it all with the internet. So now we're seeing it with data centers for AI, HPC. You'll be surprised how much water is actually used. And I think we'll come on second and second there. Again, with transparency data centers, must be transparent about local impacts as well there. And that again, we've seen that sort of translated across into some of the US sites as well. And finally, they must bring a strategic value to Canada. So it's not just the case of Plonkina data center there. It's got to sort of like have some sort of value there. And again, these are all very good points that come to you to follow.

26:59And it's great that high of already picked up and got this, you know, approval to meet this charter. And so, yeah, very, very positive. One, why this is so relevant for high, if you can see their Buzz AI factory and giga factory located in Ontario directly between the University of Toronto and University of Waterloo, they both have a big background in AI and Ethereum was actually created at Waterloo as well. So a strategic location, obviously they want to make sure these sites are permitted and on site. And just that GTA giga factory, 320 megawatts, that could support over 100,000 GPUs, which we just heard actually led to AGI from Jensen. So these are significant developments based in Canada and to your point Anthony, want to make sure they've got the local buy-in. Absolutely. And looking at that, that map there of the sites there, University of Waterloo, that rings the bell. I've been to Waterloo in France.

28:01That's where Wellington defeated Napoleon in the Basel of Waterloo. Back in, I think it was 1815. And so, interestingly enough, in Canada, we've got the University of Waterloo now. Canada obviously has connections with both France and with Great Britain as well. So, interestingly not, they've named University of Waterloo in the, in there, but obviously a historic, historic name and, you know, a very, you know, a very large piece of history between the two countries. There you go. You learned about our yacht dream and you learned some history on today's episode. Now moving into the main event, batch zero, we popped on yesterday. We had a double header actually. Jason Less interview, we'll talk about in a second. We did a regular podcast to talk about batch zero and the significance of this to the companies we cover. We covered Hade yesterday came out saying, hey guys, good news. Our site, Beacon Point is in batch zero.

29:01Again, that doesn't necessarily mean it's fully approved. It just means it's in line and needs to get all everything submitted. But we also said we expect to see more of these type of announcements. And sure enough, we woke up to a number of them today. We did and we'll cover iron first. So, iron, sweet water, whelbers now effectively got the Irkott nod. That means two gigawatts of sweet water, has been included as base load in the Irkott's batch zero process. Sweet water, one is 1.4 gigawatts, sweet water, two 600 megawatts. Now, conditionally classified as base load. And as we already aware, the high voltage substation at sweet water, as already online this year with 300 megawatts of gross power under construction there, the data center capacity delivery is targeted for Q4 of 2027. And if you think about the portfolio that iron got, it's a five gigawatts portfolio, additional pipeline projects,

30:03also included in batch zero, pending grid connection agreements. Yeah, and Matt Siegel actually picked up on those additional sites, indicating there may be more batch zero rather than just sweet water. So, extremely bullish for iron. We're seeing that in the share price. The other one, Saluna, came out confirming their batch zero status and now announcing that Cadi-1 is completely full. Absolutely, that's the, that's really positive news today. The final 14 megawatts has been energized on time, closing out Cadi-1. That's a total of 83 megawatts completed there. Now, Cadi-2 has also received that conditional base load. So, a total of 166 megawatts has been approved and the original two phases there. Phase one was the H3 megawatts for hosted mining and the phase two was for HPCAI. Now, obviously, the plan for Saluna is to grow phase two

31:06to over 300 megawatts. They do have an L.O.I in place at the moment for, I think, 100 megawatts there. Now, they've got 83 megawatts approval already. So, I'll get it mentioned. That will give them grounds to certainly maybe get closer to sign the contract because, you know, even doing the simple must in my head there, you know, to, to, if you have 50 megawatts of compute power, you're going to need a reason of about $600 million to do that. And if you look at Saluna's market capitalization as the days price, that's probably getting on towards, you know, at least twice the value of the company maybe heading towards two and a half times by the company. So, don't be disheartened if it's 83 megawatts of growth power been approved at the moment. That's still going to be able to deliver between 50 and 60 megawatts of compute power. That's going to generate, you know, a significant amount there, probably in the region of maybe a hundred to a hundred

32:06and 40 million dollars a year in revenue alone. If you look at the rates that companies are receiving at the moment between two, maybe 2.4 million a megawatt there. There's no reason why Saluna can't start achieving some of the rates that we've seen there. We've seen the demand for it. We've seen the rates out there already. And I think a lot of the companies like BitDeer and Riot have been announcing some phenomenal rates there. BitDeer announced a well over 2.4 million dollars per megawatt. And maybe Saluna get closer to that figure there. You're going to get a significant amount coming through there. And that will help them start to, you know, to help pay to grow in the future for growing more. But as I say, the 14 megawatt speed energizer, they take their total company-wide power now energizer 206 megawatts. When we started growing this company, it was a fraction of that amount. So they've really grown. They're dealing with more than one project at a time

33:06at the moment there. And so, you know, effectively doing a phenomenal role. Now, 90% of the queue, which is over 438,000 megawatts of large, low-request wide, were all from data centers. And Katty still lands, you know, the base load there. The pipeline that Saluna have at the moment is about 6.3 gigawatts of pipelines. That's one of the largest pipelines we've seen there. There's not many above that. I think Aaron's is lower than 6.3 gigawatts. And at the moment there. So Saluna really sort of like high life. In the fact that they can go out and have these conversations with, you know, the companies that have power and maybe tap into that, you know, in the future. But, you know, as you can see, of that 6.3 gigawatts of pipelines, 650 plus megawatts of AIHPC capacity and development across Katty 2, whether expected to in excess of 300 megawatts, and project Dorotty 3,

34:08the two big flagship sites will be over 300 megawatts when they're completed. Yeah, they certainly will be. And Saluna's in a great spot for the hosting situation as well. As we see companies like Galaxy, BitDear, Pivoting to AI, they obviously need to put these rigs somewhere. And Saluna really emerging as one of the top players in that space. So congratulations to them on both fronts. The other company we talked with about Badger Zero was Jason Lass and Ryan yesterday. Now, we knew that there are two sites, obviously already energized, not part of Badger Zero, but it never hurts to hear it directly from the CEO himself. We put him on the spot. Here is his response. Yeah, so Texas implemented this batch process for approving new loads. Ryan's sites with Rockdale and Corsicana are already energized based loads, so they are not a part of this badger process. There's something that we always need to close up for investors. Our power is already approved.

35:09It's already interconnected. This batch process affects future sites. If it's not impact, our existing sites here. Yeah, we've been to the site twice there. When we first went, they had close to the first 200 megawatts. They then had joined there with buildings A1, A2. When we went the second time, there was over 400 megawatts. And they were sort of like already starting to build the next 400 megawatts of power with some of the major lead items already arriving on site. And from what Jason said during the podcast, that part of the process is nearly completed now. So it effectively got 800 megawatts on site there. The remaining 200 megawatts will also be applied. That gives it that one gigawatts total there. And this is going to be one of the biggest and from what we're hearing, not just from right, but from pretty much everybody else. One of the best sites in North America. We did ask having got one of the best sites in North America would disattract some of the best revenues. And he said, obviously they'll look to get the best deal on the table.

36:15And they appreciate that. The rates are out there at the moment. And we'll hopefully see that that LRI convertible. He wouldn't give a time frame on that. He was pressed about that by you, Bryce. But he didn't give a time frame on it there. I expect maybe between now and the end of the year, they can get that deal cemented. You think about some of the big hyperscalers. And to be honest with you, there's probably only two or three companies that could take Corsi Kahn at as a whole site. You're looking 756 megawatts. If you also start filling that with GPUs at say, $30 million per megawatts, you're looking at $20 billion, $25 billion to fill that site there. There's not many companies that can deliver that type of capital investment. It's going to cost effectively a significant amount as well. If you look at the fact that it's going to cost $12 million a megawatt there, and they're going to have 756 megawatts of compute power there,

37:18that's around about $9 billion. And again, market capitalization today, very close to $9 billion. So they've got to grow the size of the company, just to get the funding in and deliver that type of stuff. We're talking massive numbers here, Brian. This is not Bitcoin mining. You're buying a few A's, it's important to me for a container. This is a whole different board game. And the rates are rising. We talked about a year ago, the rates then were in the $8 to $10 million per megawatt. Now we're seeing $12 million plus Corsi scientific highlight at first. And so their budgets have been totally increased there. Because of the fact that your, so many day-sensors have been built at the moment, that the supply of labour in certain areas can be affected. And Corsi scientific went once they further and started building accommodation for their teams so that they could work at the sites there.

38:18And not have to travel from distance to get to the sites there. We raised that question with Jason, but he believes that both locations, Rockdale and Corsi carna, that there is sufficient workforce in a drivable range of both of those sites to meet their requirements. That was good to hear as well. But all lines will firmly be focused on that company, getting that deal there. And when it happens, Bryce, I think we'll be off to the races. Well, and you talk about 20, 25 billion if Nthropic hits a 2 trillion IPO. Who knows? Well, it'll take that site. Now, final piece of news here, guys. Any golfers? Please cover your ears. Any golfers? Data center water usage now less than a standard 18-hole golf course or car wash. So for anyone out there, not in my backyard, some food for thought here. Again, those closed-loop water cycles, you guys really have benefit to communities. We talk about this a lot, but nice to put it in context or,

39:18I guess, a relative of you here. Thanks so much for the time, you guys. Hopefully the portfolios are looking good today. Make sure you check out the Riot interview. Thanks so much for joining us. We'll see you back here tomorrow.