PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, net consisted of the following (in thousands):

	March 31, 2025		December 31, 2024
Miners	$	250,924	$	192,655
Construction in process	183,353		107,624
Leasehold improvements	119,570		91,614
Equipment	37,566		32,031
Vehicles	121		104
Deposits on miners	—		53,913
	591,534		477,941
Less: accumulated depreciation	(81,646)		(66,072)
	$	509,888	$	411,869

Depreciation expense was $15.6 million and $15.1 million during the three months ended March 31, 2025 and 2024, respectively. During the three months ended March 31, 2024, the Company recorded accelerated depreciation expense of $3.8 million, respectively, related to certain miners of which the Company shortened their estimated useful lives based on replacement by April 2024. The Company recorded no impairment during the three months ended March 31, 2025 and March 31, 2024.