BITCOIN (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

The following table presents information about the Company’s bitcoin holdings for the nine months ended September 30, 2024 and September 30, 2023, respectively (in thousands, except for quantity of bitcoin):


	Quantity	Amount
Balance as of December 31, 2023	43	$	1,801
Cumulative effect of change in accounting principle	—	37
Balance as of January 1, 2024	43	1,838
Revenue recognized from digital currency mined and hosting services	1,757	104,461
Bitcoin received as distributions from investee	390	22,482
Gains from remeasurement, net	—	1,580
Dispositions	(2,174)	(129,470)
Digital currency paid as consideration for services	(4)	(278)
Bitcoin issued for purchases of and deposits on plant and equipment	(7)	(316)
Balance as of September 30, 2024	5	$	297

Cost basis of bitcoin as of September 30, 2024(1)		$	309


	Quantity	Amount
Balance as of January 1, 2023	11	$	183
Bitcoin received from mining pool and hosting services	1,559	41,936
Bitcoin received as distributions from investee	422	11,682
Impairment	—	(2,231)
Dispositions	(1,960)	(50,687)
Bitcoin issued for purchases of and deposits on plant and equipment	(9)	(269)
Balance as of September 30, 2023	23	$	614

(1) Prior to the adoption of ASU 2023-08 on January 1, 2024, the carrying value of bitcoin represents the post-impairment value of all bitcoin held. After the adoption of ASU 2023-08 the cost basis of bitcoin represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Realized gains on sales of digital currency, net(2)	$	989	$	697	$	1,548	$	1,883

(2) Bitcoin is sold on a first in, first out (FIFO) basis. During the three and nine months ended September 30, 2024, realized net gains are included in gain on fair value of digital currency, net in the condensed consolidated statements of operations.