diff --git a/LATEX/Chapter_III/Chapter_III.tex b/LATEX/Chapter_III/Chapter_III.tex
index bd3e7a3..f602c4e 100644
--- a/LATEX/Chapter_III/Chapter_III.tex
+++ b/LATEX/Chapter_III/Chapter_III.tex
@@ -193,10 +193,120 @@
 \end{equation*}
 
 
+}
+\end{frame}
+%%%%%%%%%%%%%%%%%%START HERE
+
+\begin{frame}{Bitcoin mining model}
+	\only<1>{
+		\Large How sensitive are payments to oil companies depending on the price of bitcoin?
+	}
+	\only<2->{
+	\centering
+\begin{figure}
+	\centering
+	\resizebox{\textwidth}{!}{
+	\begin{tikzpicture}[domain=0:45]
+		\def\qone{4}
+	
+		\draw[very thin,color=gray] (-0.1,-0.1) grid (11.9,6.7);
+		\draw[- >,thick] (-0.2,0) -- (12,0) node[right] {$Hash$};
+		\draw[- >,blue,thick] (5.2,0.6) parabola (9,5.5) node[left] {Supply} ;
+		\draw[blue,thick] (0,0.3)  -- (5.2,0.6) ;
+		\fill[black] (5.2,0.6) circle (2pt);
+		\draw (5.2,1) node[above] {Functional shift};
+		\draw[red] (6,3.5) node[left] {Total Revenue (\$)};
+		\draw[red] (5.5,3) node[left] {\(y=m\cdot x \)};
+		\draw[cyan] (8,1) node[above] {MR=m};
+		\draw[cyan] (10.5,2) node[above] {\(MR=m\cdot\)(1+x-k)};
+		\draw[- >,dashed,thick] (9.4,0) -- (9.4,5.8) node[above] {Capital Constraint (k)};
+		\draw[- >,thick] (0,-0.2) -- (0,6.9) node[above] {$\frac{\$}{BTC}$};
+		\draw[- >,thick, color=red] (0,0)--(11.5,5.5) ;
+		\draw[thick, color=cyan] (0,1)--(9.4,1) ;
+		\draw[- >,thick, color=cyan] (9.4,1)--(11,2.0909) ;
+
+	\end{tikzpicture}
+}
+	\caption{Short-run simplified hash supply}\label{SRS}
+\end{figure}
+
+	
+}
+\end{frame}
+%%%%%%%%%%%%%%%%%
+\begin{frame}{Bitcoin NARDL model}
+\only<1>{The proposed model uses the estimations of \citep{shin2014} and can be written in a simple form as:
+\begin{equation*}
+h_{t}=\sum_{j=1}^{p}\phi_{j}h_{t-j}+\sum_{j=0}^{q}\left(\theta_{t-j}^{+} x_{t-j}^{+}+\theta_{t-j}^{-} x_{t-j}^{-}\right)+\epsilon_{t}
+\end{equation*}
+With \(h_{t}\) being the hash rate of all miners on day \(t\) and \(x_{t}\) as the total miner reward. A (\(+/-\)) indicating a positive or negative change in reward. \emph{P} is the autoregressive lags on hash, and \emph{q} is the lags on miner reward. The coefficients of the regression are \(\phi\) for lags on hash and \(\theta\) for lags on reward.}
+\only<2>{
+\begin{table}[!htbp] \centering 
+  \label{REG}
+  \resizebox{0.4\textwidth}{!}
+{\begin{tabular}{@{\extracolsep{0pt}}lcc} 
+\\[-1.8ex]\hline 
+\hline \\[-1.8ex] 
+% & \multicolumn{2}{c}{\textit{Dependent variable:}} \\ 
+%\cline{2-3} 
+\\[-1.8ex] & \multicolumn{2}{c}{hash} \\ 
+\\[-1.8ex] & Short Run & Long Run\\ 
+\hline \\[-1.8ex] 
+ \(hash_{t-1}\) &-0.015$^{**}$ &  \\ 
+  & (0.01) &  \\ 
+  & & \\ 
+ \(Rev^{+}\) & 0.286$^{***}$ & 18.89$^{**}$ \\ 
+  & (0.006) & (8.42) \\ 
+  & & \\ 
+ \(Rev_{t-1}^{+}\) & $-$0.348$^{***}$ & $-$22.95$^{**}$ \\ 
+  & (0.058) & (10.48) \\ 
+  & & \\ 
+ \(Rev_{t-1}^{+}\) & 0.0847$^{**}$ & 5.59$^{**}$ \\ 
+  & (0.038) & (3.27) \\ 
+  & & \\ 
+ \(Rev^{-}\) & 0.331$^{***}$ & 21.88$^{*}$\\ 
+  & (0.038) & (9.62) \\ 
+  & & \\ 
+ \(Rev_{t-1}^{-}\) & $-$0.321$^{***}$ & $-$21.21$^{**}$ \\ 
+  & (0.037) & (9.30) \\ 
+  & & \\ 
+ \(trend\) & $-$0.001 & $-$0.040$^{**}$ \\ 
+  & (0.001) & (0.04) \\ 
+  & & \\ 
+ \(Const\) & 0.454$^{**}$ &  \\ 
+  & (0.185) &  \\ 
+  & & \\ 
+\hline 
+  & \bf{Asymmetry} & \\ 
+\hline \\[-1.8ex] 
+ W-stat & 0.5021178 & 2187.54 $^{***}$ \\ 
+\hline \\[-1.8ex] 
+\hline \\[-1.8ex] 
+Observations & \multicolumn{2}{c}{323}\\
+R$^{2}$ & \multicolumn{2}{c}{0.4104}\\ 
+Adjusted R$^{2}$ &  \multicolumn{2}{c}{0.3977}\\ 
+Residual Std. Error (df = 323) &  \multicolumn{2}{c}{0.0504} \\ 
+F Statistic (df = 7; 323) & \multicolumn{2}{c}{32.18$^{***}$} \\ 
+\hline \\[-1.8ex] 
+\multicolumn{2}{l}{\textit{Note:} $^{*}$p$ < $0.1; $^{**}$p$ < $0.05; $^{***}$p$ < $0.01} \\ 
+\end{tabular} }
+\end{table} 
+}
+
+\only<3>{
+	A shock of less than 18\% is approximately the same whether the price increase is negative or positive
 }
 
 \end{frame}
+\begin{frame}{Results}
+	\begin{itemize}
+		\item{Average U.S. oil output increase of \(\frac{\$0.0605\cdot P_{gas}}{BBL}\)}
+		\item{Response is \emph{not sensitive} to bitcoin price}
+		\item{Response is sensitive to natural gas price}
+	\end{itemize}
+\end{frame}
 
+%%%%%%%%%%%%%%%%%
 \begin{frame}[plain]
 	\huge 
 	Conclusion
diff --git a/LATEX/Defense.tex b/LATEX/Defense.tex
index e1bfed9..1bf33f1 100644
--- a/LATEX/Defense.tex
+++ b/LATEX/Defense.tex
@@ -1,6 +1,7 @@
 \documentclass{beamer}
 \usepackage[style=apa,natbib=true]{biblatex}
 \usepackage{appendixnumberbeamer}
+\usepackage{tikz}
 \usepackage{subfig}
 \usepackage{cleveref}
 \usepackage{setspace}
@@ -50,7 +51,7 @@
 \bibliography{./Supporting/FinalThesis}
 \setbeamercovered{transparent=25}
 %Information to be included in the title page:
-\title[Resource Management: Thesis Defense]{Natural Resource Managment with Intitutional Shifts}
+\title[Resource Management: Thesis Defense]{Natural Resource Management with Institutional Shifts}
 \subtitle{Case Studies from Agriculture and Bitcoin}
 \author{Alexander Gebben}
 \titlegraphic{\includegraphics[width=0.5\textwidth]{Supporting/Mines-Logo-side-stack-CO-school-of-blue.png}}
@@ -87,14 +88,14 @@
 	\printbibliography
 \end{frame}
 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%APPENDIX
-\appendix
-\section{A1: COLLECTIVE ACTION TO MANAGE AGRICULTURAL GROUNDWATER: DRIVERS AND OUTCOMES}
-\label{Appendix: Chapter I}
-\begin{frame}
-	\centering
-	\hyperlink{appendix-label}{\beamerbutton{Button}}
-	Test
-\end{frame}
+%\appendix
+%\section{A1: COLLECTIVE ACTION TO MANAGE AGRICULTURAL GROUNDWATER: DRIVERS AND OUTCOMES}
+%\label{Appendix: Chapter I}
+%\begin{frame}
+%	\centering
+%	\hyperlink{appendix-label}{\beamerbutton{Button}}
+%	Test
+%\end{frame}
 %%%%%%%%%%%%%%%%%%%%
 \end{document}