Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Operating activities
Net income (loss)	$ 219,454	$ (84,449)	$ (76,913)	$ 127,328
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation			59,696	64,135
Depreciation and amortization	83,197	37,326	161,123	69,669
Amortization of license fee revenue			(24)	(48)
Noncash lease expense			2,651	1,676
Amortization of debt issuance costs			1,876
Change in fair value of bitcoin	(470,812)	76,403	(262,772)	(157,677)
Change in fair value of derivative asset			853	(47,716)
Change in fair value of contingent consideration			(17,642)
Loss on contract settlement			35,518
Gain on acquisition post-close dispute settlement	(26,007)		(26,007)
(Gain) loss on equity method investment - marketable securities			57,095	(24,462)
Loss (gain) on sale/exchange of equipment	350	68	479	68
Revenue recognized from bitcoin mined			(283,748)	(127,160)
Proceeds from sale of bitcoin				9,518
Changes in assets and liabilities:
(Increase)/decrease in operating assets			(11,401)	10,544
Increase/(decrease) in operating liabilities			5,831	(26,240)
Net cash provided by (used in) operating activities			(353,385)	(100,365)
Investing activities
Acquisition of assets from Rhodium			(7,250)
Deposits on equipment			(86,403)	(278,987)
Proceeds from sale of bitcoin			131,802
Security deposits			286	(181)
Proceeds from the sale of equity method investment - marketable securities			14,662	(133,160)
Purchases of property and equipment, including construction in progress			(93,235)	(110,848)
Casualty-related recoveries			119	2,487
Net cash provided by (used in) investing activities			(40,019)	(520,689)
Financing activities
Proceeds from the issuance of common stock / At-the-market offering			123,903	527,010
Offering costs for the issuance of common stock / At-the-market offering			(2,841)	(11,044)
Repayments of revolving credit facilities			(6,728)	(144)
Debt issuance costs			(2,396)
Repurchase of common shares to pay employee withholding taxes			(587)	(10,769)
Net cash provided by (used in) financing activities			372,351	505,053
Net increase (decrease) in cash and cash equivalents and restricted cash			(21,053)	(116,001)
Cash and cash equivalents and restricted cash at beginning of period			351,301	597,169
Cash and cash equivalents and restricted cash at end of period	330,248	481,168	330,248	481,168
Supplemental information:
Cash paid for interest			1,918	24
Cash paid for taxes			871
Non-cash transactions
Reclassification of deposits to property and equipment			27,573	292,423
Construction in progress included in accrued expenses			415	25,473
Bitcoin exchanged for employee compensation	3,334	1,692	3,334	1,692
Right-of-use assets exchanged for new operating lease liabilities	5,962	2,118	5,962	2,118
The following reconciles cash, cash equivalents, and restricted cash to the amounts presented above:
Cash and cash equivalents			277,860	597,169
Restricted cash			73,441
Cash and cash equivalents and restricted cash at beginning of period			351,301	597,169
Cash and cash equivalents	255,371	481,168	255,371	481,168
Restricted cash	74,877		74,877
Cash and cash equivalents and restricted cash at end of period	$ 330,248	$ 481,168	330,248	$ 481,168
Revolving credit facility
Financing activities
Proceeds from credit facility			61,000
$200 Million Credit Facility
Financing activities
Proceeds from credit facility			$ 200,000