The Three Layers of Bitcoin Mining

There's three layers of this argument in a way or three layers to understand here. One layer is just you're a Bitcoin miner and you have a certain price point below which you are no longer profitable. And if electricity price rises above that, well, then you switch off. Then second layer, as you mentioned, it's beneficial for Bitcoin miners and electricity companies to engage in long-term contracts where they come up with a deal. So I guess that's kind of the second layer. And then as you said, the third layer is ERCOT. It stands for Electric Reliability Council of Texas.