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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (6,601) $ (17,499)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 11,655 7
Amortization of operating right-of-use asset 222 140
Share-based compensation 8,810 9,514
Equity in losses of equity investees 750 153
Impairment of bitcoin 1,805 4
Non-cash lease expense 401  
Deferred income taxes 53  
Bitcoin received as payment for services (21,717)  
Change in fair value of derivative asset (5,328)  
Change in fair value of warrant liability 37 (48)
Realized gain on sale of bitcoin (4,021)  
Changes in assets and liabilities:    
Proceeds from sale of bitcoin 20,958  
Accounts receivable (183)  
Receivables, related party (189)  
Prepaid expenses and other current assets 2,975 2,288
Security deposits (12) (1,010)
Accounts payable 2,913 120
Accounts payable, related party (1,529)  
Accrued expenses and other current liaiblities 65 2,904
Lease liabilities (248) 106
Net cash used in operating activities 10,816 (3,321)
Cash flows from investing activities    
Deposits on equipment (1,106) (96,914)
Purchases of property and equipment (17,947) (7,059)
Capital distributions from equity investees 3,807  
Investment in equity investees (3,094)  
Net cash used in investing activities (18,340) (103,973)
Cash flows from financing activities    
Repurchase of common shares to pay employee withholding taxes (481) (3,052)
Net cash used in financing activities (481) (3,052)
Net decrease in cash and cash equivalents (8,005) (110,346)
Cash and cash equivalents, beginning of the period 11,927 209,841
Cash and cash equivalents, end of the period 3,922 99,495
Supplemental disclosure of noncash investing and financing activities    
Reclassification of deposits on equipment to property and equipment 71,533  
Property and equipment purchases in accounts payable, accounts payable, related party and accrued expenses 5,940 3,003
Equity method investment acquired for non-cash consideration 1,925 7,118
Finance lease costs in accrued expenses 1,017  
Deposits on equipment in accounts payable and accounts payable, related party 691 2,511
Bitcoin received from equity investees $ 317 195
Right-of-use asset obtained in exchange for operating lease liability   5,859
Investment in equity investees in accrued expenses   428
Reclassification of deferred investment costs to investment in equity investees   $ 174