PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2022

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

NOTE 6 — PROPERTY, PLANT AND EQUIPMENT

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

	March 31, 2022		December 31, 2021
Construction in process	$	38,240	$	20,867
Leasehold improvements		450		—
Equipment		499		19
Deposits on miners		82,688		70,560
		121,877		91,446
Less: accumulated depreciation		(4)		—
	$	121,873	$	91,446

The Company capitalizes a portion of the interest on funds borrowed to finance its capital expenditures. Capitalized interest is recorded as part of an asset’s cost and will be depreciated over the asset’s useful life. Capitalized interest costs were $760,000 and $0 for the three months ended March 31, 2022 and the period February 8, 2021 (date of inception) to March 31, 2021, respectively.

Depreciation expense was $4,000 and $0 for the three months ended March 31, 2022 and the period February 8, 2021 (date of inception) to March 31, 2021, respectively.