Bitcoin

12 Months Ended

Dec. 31, 2022

Bitcoin [Abstract]

Bitcoin

NOTE 4. BITCOIN

The following table presents information about the Company’s bitcoin (in thousands):

Balance as of January 1, 2022	$	-
Bitcoin received from equity investees		4,828
Revenue recognized from bitcoin mined, net of receivable		2,939
Proceeds from sale of bitcoin, net of realized gain		(17	)
Impairment of bitcoin		(1,467	)
Balance as of December 31, 2022	$	6,283

The fair market value of the Company’s bitcoin as of December 31, 2022 was approximately $6.6 million and was estimated using the closing price of bitcoin, which is a Level 1 input (i.e., an observable input such as a quoted price in an active market for an identical asset). The Company had no bitcoin activity during the eleven months ended December 31, 2021.

During the year ended December 31, 2022, the Company recorded impairment charges on its bitcoin holdings of $1.5 million.