no difference in the in the calculus so i think you know we're very very pleased with how things are going with starwood and the team has been great to work with uh so we're very pleased with that and you know i i think they are quite pleased with kind of how things are shaping them that's great to hear looking forward to that first transaction thanks so much fred the next question comes from michael donovan with compass point please proceed hi thanks for taking my question also The hybrid energy storage prototype system with TAE power solution.

What performance and economic thresholds does it need to meet before we are considering broader development? So we're in the process.

So we're currently running Vertebrae, which is where that partnership fits within our solution set. But we're running vertebrae and we developed originally vertebrae to operate at our wind farm because we needed to be able to do load following or rather follow the amount of energy being generated by the wind farm and operate our compute to maximize every electron the wind farm was generating as opposed to having a substantially lower threshold and just running it at that level. We then adapted the technology so it can now do the same thing regarding load following. So if you have a system that has a varying demand, we can take the other side of the power equation and then load the batteries and at the same time create a load that uses that excess energy. And the last area where Vertebrae is actually very exciting in the data center world is when you fire up a new data center, you have to use load banks to simulate load. And Vertebrae as a solution together with mining is a perfect load bank for startup data centers. And so we expect to see some great utilization there. So that's where the TAE relationship works. It's their technology that we've worked with them on to integrate into vertebrae that allows us to do what we do so effectively there.

Appreciate that, Fred. And then just to switch over to more of a blockchain side. This past week, there's been a lot of discussion with Slipstream and ColdCard wallets.

So looking at Slipstream, how do you guys think about monetizing that further you know slipstream was a platform we developed originally um back in the time when ordinals and these non-standard kind of payloads were very attractive and there were great transaction fees and over time demand for ordinals has declined when the cold card incident happened um we made a decision that we were basically going to allow people to use Slipstream as a way to move their coins in a way that the hackers wouldn't be able to take advantage of it. And so longer term, I think Slipstream is a tool that our foundation, the Mara Foundation, really controls. The Mara Foundation's efforts are really around supporting Bitcoin and ensuring Bitcoin's continued development and safety. We're very active in the quantum resilience piece of what's going on in the Bitcoin market there. And Slipstream is really viewed as kind of a utility that we're providing to the market So I wouldn't allocate significant revenues to it at all. It's more sort of a tool that we believe is really better for the community to utilize. Over time, if Bitcoin begins to see increases in the need for payloads that are not just traditional transactions, then Slipstream could very well be a great product and service in that area to generate revenue. But currently, we don't see a lot of demand in that area, but you never know.

Thanks, Brad. And one more, if I may. Obviously, adding Metagorna would increase your portfolio quite a bit, but looking at the non-hosted capacity, I believe you mentioned before you're considering about 90% of, or evaluating 90% of that for AI.

How should we think about that percentage now after, as you guys are looking at this more deeply? so if you think about our overall power portfolio or our bitcoin mining portfolio about 30 a little less than 30 percent is hosted today um the rest is owned and operated and so the 90 percent relates to that 90 percent up to 70 percent so as uh the 30 percent uh approximately uh comes off of contract um we could run that um at metagorda while sites are being developed for ai so you have to realize that as power comes on in metagorda um it may take you know 18 24 months whatever the build time is for tenants in the meanwhile we can monetize all that power um using bitcoin mining uh if we want and again the power doesn't come in come on all at once it comes in gradually over the period over the about two years time um but what that gives us is the ability to not lose that hash rate when the hosting contracts come off but rather just um reallocate a portion of managorda to that um for a period of time uh serves two purposes one is it lowers our cost of mine um quite significantly compared to what we were paying in the hosted environment um and it allows us to use power and have an offtake for that power that we can monetize the power while the data centers are being built. So it's a very symbiotic kind of shift.

Appreciate that, Fred. I'll hop back in the queue.

Thank you. At this time, I would like to turn the call back over to Mr. Robert Samuels for closing comments.

Thanks, operator, and thank you everyone for joining us today. If you do have any questions that were not answered during today's call, please feel free to contact our investor relations team at ir.mara.com. Thanks very much and enjoy the rest of your day.

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