 I have a couple questions about centralization of mining, so we know that about 80% of soil hashing power is on channel, and so how do you see this centralization problem can get solved? Okay, let me try taking those two. The first one, mining centralization. I think I've talked about this many times before, and in my mind, I think mining centralization is the result of this very, very rapid acceleration in the hashing power and going from CPU-based mining to ASIC mining and straight up to cap chop with Moore's Law, the front end of Moore's Law. And I think we're going to see the equation change a lot now that we've reached the front end of Moore's Law, and now that the increases you can get are maybe 2X, not 10,000X in a year. That may change things. But one of the reasons this is happening in China, I think we need to be aware of this is not some kind of communist conspiracy to take over Bitcoin by the government of China. It's important to realize that one of the things that's driving mining centralization in China is that it's better for mining to be in China, and the reason it's better for mining is because China has experienced this enormous growth in its electricity generation over the past 20 years. At some point, I remember the statistic vaguely in 2012, they were turning on a new coal-fired plant every 16 hours. Every 16 hours they were turning on a new electricity factory, a big one. And it was projected that that would not keep up with the demand for electricity because it was growing even faster than that. That's really quite astonishing. So what happens when you build a lot of generation capacity but no distribution network? You end up with a situation that is very unlike what we have in the United States. In the United States, there are basically two two distribution networks. There's a grid that connects the vast majority of the continental U.S. together, whereby electricity can be sent from Connecticut to Pennsylvania if there's excess capacity on place and excess demand at the moment. Then there's a second distribution network that serves Texas because Texas, they're like, you have a distribution network? Oh, fuck y'all, we're going to make our own. And so they have to. And so that was a terrible text match. Half British, half Greek, recently Americanized, that was terrible. Anyway, it was a bit Indian, maybe? Anyway. So what happens in the U.S. is if you have excess capacity from a factory and you have demand somewhere else, you just ship it across the distribution network. And in China, you don't. You just waste it. You don't have anything to do with that electricity if it's generated and it's not used on the spot by the local area where you can distribute it. It's wasted. So there's this very big difference between what's being generated and what's being used. And what can you do with the excess capacity? What do you do with the electricity that would otherwise get wasted, that would otherwise simply get wasted? Well, one thing you can do is you can turn off the power and turn off the plant. The problem is that some of these plants, it takes six hours to turn it off and eight hours to turn it back on. So if you're going to have a low demand for four hours, there's not enough time to turn it off and on again. So you just leave it on, wasted energy. Other plants, you can't turn them off at all. I was reading about this mining farm that has located itself in this tiny village in China where there's nothing, except for a hydroelectric plant that was built as part of these development projects. And they have hydroelectric plants that generate way too much electricity that they're not actually using and they was getting wasted. So some enterprising person went there and said, hey, Bitcoin mining. I'm like, what? What's that? Free money from electricity? Like, oh, we'll take some of that. So now they're doing 50 or 60 megawatts of Bitcoin mining out of these completely ramshackle, warehousing buildings that we'll put up overnight. And you can think that's wasteful or it's concentration of mining in China. What they're doing is they're solving a problem. They have electricity that's being produced. They can turn it off. They don't want to disinvest in electricity because eventually they're going to catch up with that level of capacity. And they found a creative way to turn that into money. Bitcoin is a battery. It's a battery that stores energy in the form of Bitcoin that they can then use to buy electricity in the future or to buy oil or to buy other forms of energy. It's an energy storage mechanism. And I think that's brilliant. I'm not worried about centralization of mining in China because the incentives are so high to keep it going. And the only way to keep it going is by playing by the rules of consensus. So the problem is that if a highfalutin official went in there and said, we're going to ban Bitcoin, everybody in that village would be questioned here. All of our income comes from that building. What are you going to give us if you turn it off? What are they going to do? We're going to send a warrant to shut you down. Great. Good luck finding a police officer who's going to do that. They're all getting paid by the mining equipment. And see the problem is that there is a big disparity between political power and electrical power. So I'm not worried about centralization of mining in China because centralization in mining in China is representing the best of entrepreneurial capitalism in a very destructive way in a country that desperately needs the best of entrepreneurial capitalism. We should be applauding it. And honestly, we wouldn't be having this discussion if it was mining centralization in Sweden. Everybody would be going, yeah, another terrible accident. So I'm not worried about that. I think it's going to change. And I think it's not a problem while it doesn't change.