Asher Genoot
@ashergenoot
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CEO of Hut 8 Corp. (NASDAQ, TSX: HUT) 2024 North America Forbes 30 Under 30: Energy Building a next generation energy infrastructure platform
Miami, FL
Joined December 2010
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Solar farms on the left, bitcoin mining in the middle, wind turbines on the right
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We're just getting started!
Hut 8 has executed definitive agreements for a 205 MW greenfield site in West Texas, expanding our energy infrastructure platform to approximately 1.3 gigawatts.
This transaction marks several firsts, including:
- The first transaction to convert from our previously announced
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Cedarvale coming together nicely. Will share some more photos of the build in the thread, especially on buildings 3 and 4.
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1/6: Breaking down our partnership with
@coatuemgmt
:
Yesterday, we announced a partnership with Coatue, one of the best-performing technology investment firms of the last decade. Coatue’s $150 million investment in
@Hut8Corp
will accelerate the expansion of our data center
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I know the market has been waiting for us to show a path towards growth on the bitcoin mining side of our business. This deal not only gives us a path towards 20 EH/s of selfing mining by Q2 but does so in a thoughtful and capital light fashion.
Additionally we believe that
Today, Hut 8 is launching a next-generation ASIC miner developed in partnership with
@BITMAINtech
. The U3S21EXPH will be the first ASIC miner mass-commercialized by BITMAIN to feature direct liquid-to-chip (DLC) cooling within a U form factor.
Hut 8 plans to deploy the model in
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Today marks the beginning of a new chapter... we’re thrilled to announce the completion of our merger of equals with
@Hut8Mining
! By joining forces, we aim to leverage the best of both worlds, fostering innovation, and enhancing our ability to deliver exceptional value.
With a
After much anticipation… we’re thrilled to announce the completion of our merger of equals with USBTC! We are now officially operating as a U.S.-domiciled entity, Hut 8 Corp. with 825 MW of energy under management across 11 sites with self-mining, hosting, managed services, and
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1/7: A closer look at our partnership with
@BITMAINtech
:
Last week we announced a partnership with BITMAIN, the world’s largest producer of Bitcoin mining servers, to launch and commercialize the U3S21EXPH, a next-generation ASIC miner. We are targeting a hosting deployment of
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Very proud of our team at
@Hut8Corp
and our partnership with
@IonicDigital
@IonicDigital
just powered up our first miners at Cedarvale. Hundreds online, thousands to go.
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A look behind the scenes of
@Hut8Corp
's Q2 2024 earnings call. Three down, many more to go.
It takes a village. Big thank you to our team for all the hard work, and to our shareholders for your continued support!
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In Vegas attending the
@BITMAINtech
conference. Very cool to learn in real time about the S21 XP Hydro...12 J/TH is officially here!
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I am a strong believer that building the right leadership team is critical to our success. Sean has advised on more than $80B in deal volume in the power space, and his deep expertise and relationships will be invaluable as we scale our power footprint. Excited to introduce you
Today we announced that Sean Glennan will become CFO on August 21, 2024 as we continue executing on our power-first thesis.
“Sean brings a wealth of strategic, financial, and capital markets knowledge that, together with his rolodex of relationships in the space, will be a
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We look forward to building this new company alongside our team members
@arrington
@stevekokinos
@njess
Ravi
@FahrenheitHldg
and maximizing value for all!
🍎
@FahrenheitHldg
won,
#BRIC
is backup. It's official. Term sheet included. I’ll cover more on my Space tonight
#Celsius
Creditors 🙏 to all who participated.
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👀
⚡️⚡️Tues night H.C Wainwright Bitcoin miner dinner. What are
@saylor
@ashergenoot
cooking up? Wrong answers only 👇
#Bitcoin
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Thanks for having
@bigsuey
and me back for another deep dive! Highlights below.
- Improving mining unit economics despite the halving (3:01)
- Why it’s time to upgrade our ASIC fleet (6:58 & 16:27)
- BTC mining & AI as complementary growth pillars for Hut 8 (22:14)
- Our Managed
On todays
#PowerMiningAnalysis
podcast we welcomed
@ashergenoot
CEO and
@bigsuey
Head of IR for
@Hut8Corp
to provide the highlights from their recent earnings and provide an update on their ‘power’ strategy in terms of utilization!
👉
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This site is going to be epic.
We are calling this the Vega facility.
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Let’s hop on and all jam together!!
Join Asher & I at 5pm ET today to debrief earnings & ask questions 👇
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Whoops, almost forgot the O&M building
- Black Area - Operations & Maintenance building. This is where the technicians and engineers on site monitor the facility and fix the ASICs in the repair shop. That building is about 10,000 sq ft compared to the storage building in the
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Building 2 almost ready to come online as well. Just a few more days to put the final touches on
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Let’s hop on and answer questions that anyone may have
Main point: we moved all of our machines from our hosted facilities at Charlie (Kearney) and Delta (Granbury) to our self mining facilities at Alpha and Salt Creek (to be energized in April).
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Structures & externals for building 3 & 4 (total 100MW) finished, now turning this into a powered shell then a fully functioning building.
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Here is a guide to how to understand the site:
- Blue Area - 9 VEUs at 2.5MWs each. Can house a total of 22.5MWs of mining equipment. Build complete.
- Red Area - 7 VEUs at 2.5MWs each. Can house a total of 17.5MWs of mining equipment. Build complete.
- Orange Area - 4
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Time to get started!
Reminder:
@ashergenoot
will be hosting a Reddit Ask me Anything (AMA) today April 3 at 4 pm ET! Keep an eye on our socials for the live link to join later.
#BitcoinMining
#AMA
#AskMeAnything
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Another shot of Building 2. Aiming to have it online and humming next week as well
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These are folks working on the exhaust in the center of the building where the machines push waste heat in the hot aisles to cool down the ASICs and that gets pushed out through these openings
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6/6: With that said, we view our partnership with
@coatuemgmt
as a true win-win. We believe the market has not yet recognized the full value of what we have begun to build, and that there is a significant long-term value creation opportunity for both
@Hut8Corp
and Coatue. We
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Thank you
@paulbarrontv
for having me to share insights on Hut 8’s goals and vision. Our three main areas of focus are:
✅Maintaining a strong balance sheet going into the halving
✅Seeking opportunities to invest in growth
✅Driving efficiency and growth across the business
🔥Hut 8 ceo
@ashergenoot
Reveals Roadmap for the Future of Bitcoin Mining⛏️
WATCH👉
@Hut8Corp
@bigsuey
#Bitcoin
#bitcoinhalving
$BTC $HUT
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2/6: We are humbled to join the
@coatuemgmt
portfolio, which includes many pioneers of the AI revolution—
@OpenAI
,
@CoreWeave
, and
@Scale_AI
among more than 50 others. This is a huge milestone not only for Hut 8 but also for the broader Bitcoin mining industry, which has
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5/6:
@coatuemgmt
brings world-class capital, expertise, resources, and connectivity to
@Hut8Corp
, enabling more efficient, high-velocity growth. We are incredibly excited to tap into Coatue's long history of long-term, equity-minded investments in market-leading companies across
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Moving miners to Salt Creek is expected to have a big impact (~30%) on lowering our cost to mine a bitcoin. And important to do right before the halving to be well prepared.
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4/6: It became clear early in our discussions with
@coatuemgmt
that our teams were incredibly aligned on what it will take to win in this market and build a generational business. Coatue understood the value of our energy-centric strategy, not only in the context of near-term
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@blockchainherd
@cryptoyolo7
@JSLVENTURES
@Sharon21M
Thanks for having me! Hope it was helpful to all
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Excited for today and being able to share more with everyone 🚀
1/7 Today marks a major milestone on the path forward for Celsius creditors & the broader crypto community. Through today's Disclosure Statement, we are excited to share our vision for a new future with the goal of maximizing value for Celsius creditors.
#CelsiusNetwork
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3/6: It is no secret that we continue to take a non-consensus approach to growth. Since day one, we have built
@Hut8Corp
on the thesis that access to high-quality energy assets will only become more valuable over time. We believe our partnership with
@coatuemgmt
validates the bet
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🎉
We are pleased to announce that Hut 8 shareholders have voted overwhelmingly in favour of the proposed Merger of Equals with USBTC.
Full details of the voting results are here:
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7/7: In closing, we believe our partnership with
@BITMAINtech
will enable us to unlock significant synergies and flexibility going forward as we continue to scale our compute layer across energy-intensive technologies such as Bitcoin mining and AI compute. We look forward to
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@elveton101
I’ll send you come progress pictures as we go. $1M penalty we pay Ionic every month otherwise.
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5/7: We worked with
@BITMAINtech
to implement a creative structure that addresses these challenges. The fixed-price hosting component protects our downside and enables us to begin generating revenue from the machines before we commit to a purchase. The fixed-price purchase option
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6/7: Rest assured we are also well-aware of the age of our existing fleet and continue to advance upgrade discussions. As we do so, we will uphold the principles that underpinned this deal. And, more broadly, as we continue to grow and scale both sides of the business—Bitcoin
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@CelsiusFacts
@elveton101
@IonicDigital
I think I’m going to hold one this week. Then we can always host another one down the road
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View from my drive in this morning. Will send some more content I take from my phone
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4/7: Innovation is key to our ethos. Bitcoin mining demands high capital investment and moves at a rapid pace. Beyond our desire to push the boundaries of ASIC technology, we also asked ourselves how we could innovate commercially. Historical models of machine acquisition tend to
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@CelsiusFacts
@BITMAINtech
@Hut8Corp
@IonicDigital
We have offered to support Ionic in any of their growth initiatives and are on standby to provide these strategies if asked by their management team and board
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@elveton101
@booklilifee
@ChazzonKe
@nelson_dubbeats
@Hut8Corp
@IonicDigital
They were empty shells. Now they are operating facilities
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$16.395/share is a 51% premium to our stock price on a 20-Day VWAP 🚀
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@cesarcosta86
@iTzAnthonyNap
We’ll be working hard to get all the miners energized as quickly as possible. Working closely with the company and the UCC committee. This is where the real work begins
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@CelsiusFacts
@BITMAINtech
@Hut8Corp
@IonicDigital
Our team has been working hard in operating and energizing Cedarvale. We have already brought online 3 phases of energization totaling 90MWs which alone has doubled the scale of what was there before. We are planning on finishing the last 3 buildings in the coming months adding
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@booklilifee
@IonicDigital
@Core_Scientific
We don’t make any money for building out the sites. They are direct pass through costs. Core’s $200k/MW was to finish the sites that were already partially built since they had to stop during the bankruptcy, not the fully baked build costs of the sites from start to finish.
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2/7: First, a bit of backstory. Two challenges catalyzed our partnership with
@BITMAINtech
. First was the recognition that we were on the cusp of a step change in ASIC chip efficiency. The second was the question of why Bitcoin mining facilities still used shoebox ASIC miners
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@presel_
@CelsiusFacts
@BITMAINtech
@Hut8Corp
@IonicDigital
We’ve been building facilities for Ionic. This one is 50MWs
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@nelson_dubbeats
@booklilifee
@Hut8Corp
@IonicDigital
These buildings don’t get built by being on “stand by”
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3/7: The U3S21EXPH is the culmination of our partnership with
@BITMAINtech
. It is capable of achieving 860 TH at 13 J/TH (by comparison, the S21 XP Hydro does 473 TH at 12 J/TH). Equally important is that it is the first ASIC miner mass-commercialized by BITMAIN that integrates
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@WebbCate
@robertbaillie16
@CelsiusFacts
@BITMAINtech
@Hut8Corp
@IonicDigital
We have a deal - I will unblock him once we do the spaces and he can share all of his analysis and we can go through it all
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“Hut 8 stands out for its conviction to innovation — it’s a key reason that we originally backed them with a loan, and it’s the same reason we’ve now converted that debt to equity,” said Nathan McCauley, Co-Founder and CEO of Anchorage Digital. “In an evolving market, Hut 8 has
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@Kenmasters12345
@robertbaillie16
@WebbCate
@CelsiusFacts
@BITMAINtech
@Hut8Corp
@IonicDigital
Working on it now
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@FreeDoomCapital
@paulbarrontv
Less than four weeks into the job. Growth is all about investing capital thoughtfully. Growth at all costs isn’t sustainable. Want to have last growth and shareholder return. So want to make sure when we deploy capital it is really strategic.
We’ve seen growth at all costs in
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Building this team with
@arrington
would not have been possible without the community-building of
@francissuarez
and
@saif305
in
#miami
#crypto
. Excited to show the world what we can achieve together
1/ PROJECT FAHRENHEIT: Just announced - we have become a qualified bidder in the Celsius bankruptcy process. We are using the working name of Project Fahrenheit (
@FahrenheitHldg
). A short thread on what we are trying to accomplish.
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@WebbCate
@robertbaillie16
@CelsiusFacts
@BITMAINtech
@Hut8Corp
@IonicDigital
I haven’t blocked Tony. Only Keith and that’s because his statements are mostly misleading and not accurate. Happy to hash them out live with him if he’s so confident in them otherwise don’t need inaccurate information all over my feed.
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@xJordantop
@Andrew128128128
@purugyl1
@meowmeowdj
@Hut8Corp
@bigsuey
Today is one step on the right direction with transparency. Now we continue to execute
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@_XXC2_
@JMellerud
@HashlabsMining
@Hut8Corp
@bigsuey
Looking to share more metrics soon and continue to increase transparency across the board. Starts with earnings coming out. Stay tuned …
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@TRON54005
@Hut8Corp
A chart that shows the profitability of all mining machines at all levels of hashprices
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Looking forward to chatting with folks in 2 answers and answering any questions
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@booklilifee
@CelsiusFacts
@FahrenheitHldg
@Hut8Corp
We’ve put in the first tranche of investment and are obligated to put in the second tranche of investment when the company goes public with our agreement
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Great fireside chat with Jensen Huang (
@nvidia
CEO) and
@AntonioNeri_HPE
(
@HPE
CEO) 🔥
“The solution is to bring AI compute to where energy is abundant rather than where data centers are traditionally located near population hubs.”
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@shrikumar99
We have:
- $65M with Coinbase which is encumbered against 1,955btc and doesn’t have recourse to Hut 8, the parent company
- $77M with NextEra which is a cash flow sweep on our dividends in the King Mountain JV and also doesn’t have recourse to Hut 8, the parent company
-
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Great chatting with
@wsfoxley
and
@JaimeLeverton
The Hut 8 & USBTC Merger
@JaimeLeverton
@ashergenoot
- Bear market asset acquisitions
- Hut 8 BTC treasury & Canada
- Hashrate predictions
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@wsfoxley
@AsILayHodling
That would be cool. DM me. Gotta run by Ionic though.
These were my shots driving in this morning to meet with the team
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So you’ll see decreased EH numbers and uptime for the month but will see it come back on after the move is completed.
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@Analyzekck
@IonicDigital
You’ll have to ask Ionic to comment on their financials as obviously I’m not in a position to publicly comment on financial results of their company.
But happy to just give you a gut check on your math:
Can you run me through your energy numbers?
If you are assuming 7.5 EH
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Bitcoin mined per operational EH/s still at 42.7 BTC/EH. Compared to last month which was only 40.6 BTC/EH. Difficulty was also up for the month.
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@CyprusHodl
@booklilifee
@Hut8Corp
@IonicDigital
Happy to do so. Most miners build sites for about $500,000/MW. We told Ionic that we can do it cheaper than the peers. We said we would put our money where our mouth was and be penalized for any fees over $395,000/MW and that’s where that number came from that people are taking
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@mrhike03
@booklilifee
@purplemuskie
@Holmes_Crypto_
@elveton101
@ChazzonKe
@nelson_dubbeats
@Hut8Corp
@IonicDigital
Having been trying to share photos in some questions we are getting. Please see attached for Building 2 which is getting energized shortly.
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@robertbaillie16
@WebbCate
@CelsiusFacts
@BITMAINtech
@Hut8Corp
@IonicDigital
OK looking forward to the spaces with him
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@Analyzekck
@nelson_dubbeats
@booklilifee
@Hut8Corp
@IonicDigital
Our teams have been living out there since the start of the project to get this built out. Agreed that they all deserve the credit.
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@ChazzonKe
@shinnosuke1959
@terradyn
Appreciate it Keith. Hope to earn the trust with you over time.
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Anchorage Digital converted entire ~$38 million loan balance to common shares of Hut 8 at a price of $16.395 per share.
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Ready to go! Come and join us
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@shrikumar99
As of Q2 we had about $200M in cash in addition to over 9,100BTC ($580M). So total $780M
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Here is our plan on how - couldn't be more grateful to work with such a strong team of proven operators
1/ PROJECT FAHRENHEIT: Just announced - we have become a qualified bidder in the Celsius bankruptcy process. We are using the working name of Project Fahrenheit (
@FahrenheitHldg
). A short thread on what we are trying to accomplish.
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@Analyzekck
@JohnMichealChr1
@elveton101
@booklilifee
@CyprusHodl
@Hut8Corp
@IonicDigital
Will share will you the logic in it and can go into detail in explaining the value of optionality with down side protection
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Here is some more info on
@USBitcoinCorp
for all those that are curious
Hut 8 and US Bitcoin recently announced they will merge, creating a North American
#bitcoin
mining giant.
Let's analyze this deal🧵
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