100MW at Kearney is mining Bitcoin today and needs a lease and routine permits to convert. I estimate a deal on that first 100MW is worth about $1/share, even with Starwood taking 50%. The additional 268MW depends on Nebraska Public Power District approving the new load. MARA has filed the application and posted the deposit, but I haven’t seen NPPD commit. If it does, the full 368MW is worth roughly $3.50/share (again assuming Starwood gets 50% of the economics). Until then I’d haircut that piece heavily. Assumes $2M/MW rent on IT load and about $13M/MW to build. Note: these are my numbers, not MARA’s. Reply to @matthew_sigel: $MARA on demand dynamics for the 100MW Kearney, NE site --> "Since the election, we've seen a kind of a surge, if you would, of demand where tenants that would normally not have looked at some of our peripheral sites are now saying, listen, if you have power availability, just let me come in."