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Bitcoin

6 Months Ended

Jun. 30, 2023

NOTE 3. BITCOIN

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


Balance as of January 1, 2023	$	6,283
Bitcoin received from equity investees		317
Revenue recognized from bitcoin mined, net of receivable		52,836
Proceeds from sale of bitcoin, net of realized gain		(44,267	)
Impairment of bitcoin		(4,633	)
Balance as of June 30, 2023	$	10,536

The fair value of the Company’s bitcoin as of June 30, 2023 was approximately $12.3 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).

During the three and six months ended June 30, 2023, the Company recorded impairment charges on its bitcoin holdings of approximately $2.8 million and $4.6 million, respectively. Impairment charges were approximately $0.5 million for both the three and six months ended June 30, 2022.