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Consolidated Statements of Operations - USD ($)
shares in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue:      
Digital asset mining revenue $ 390,333,000 $ 397,796,000 $ 216,925,000
Total revenue 502,400,000 640,313,000 544,483,000
Total cost of revenue 378,941,000 631,913,000 305,621,000
Gross profit 123,459,000 8,400,000 238,862,000
Loss on legal settlement 0 0 (2,636,000)
Gain from sales of digital assets 3,893,000 44,298,000 4,814,000
Impairment of digital assets (4,406,000) (231,315,000) (37,206,000)
Change in fair value of derivative instruments (3,918,000) 0 0
Impairment of goodwill and other intangibles 0 (1,059,265,000) 0
Impairment of property, plant and equipment 0 (590,673,000) 0
Losses on exchange or disposal of property, plant and equipment (1,956,000) (28,025,000) (118,000)
Operating expenses:      
Research and development 7,184,000 26,962,000 7,674,000
Sales and marketing 7,019,000 12,731,000 4,062,000
General and administrative 93,908,000 213,280,000 60,486,000
Total operating expenses 108,111,000 252,973,000 72,222,000
Operating income (loss) 8,961,000 (2,109,553,000) 131,494,000
Non-operating expenses, net:      
(Gain) loss on debt extinguishment (20,065,000) 287,000 8,016,000
Interest expense, net 86,238,000 96,826,000 44,354,000
Fair value adjustment on convertible notes 0 186,853,000 16,047,000
Fair value adjustment on derivative warrant liabilities 0 (37,937,000) 0
Reorganization items, net 191,122,000 (197,405,000) 0
Other non-operating (income) expenses, net (2,530,000) 5,232,000 2,000
Total non-operating expense, net 254,765,000 53,856,000 68,419,000
(Loss) income before income taxes (245,804,000) (2,163,409,000) 63,075,000
Income tax expense (benefit) 683,000 (17,091,000) 15,763,000
Net (loss) income $ (246,487,000) $ (2,146,318,000) $ 47,312,000
Net (loss) income per share (Note 14):      
Basic (in dollars per share) $ (0.65) $ (6.30) $ 0.23
Diluted (in dollars per share) $ (0.65) $ (6.30) $ 0.20
Weighted average shares outstanding:      
Basic (in shares) 379,863 340,647 207,263
Diluted (in shares) 379,863 340,647 233,305
Hosting revenue      
Revenue:      
Total cost of revenue $ 87,245,000 $ 169,717,000 $ 77,678,000
Hosting revenue | Nonrelated Party      
Revenue:      
Revenue from customers and related parties 102,005,000 130,234,000 62,350,000
Hosting revenue | Related Party      
Revenue:      
Revenue from customers and related parties 10,062,000 29,454,000 16,973,000
Equipment sales      
Revenue:      
Total cost of revenue 0 67,114,000 177,785,000
Equipment sales | Nonrelated Party      
Revenue:      
Revenue from customers and related parties 0 11,391,000 138,376,000
Equipment sales | Related Party      
Revenue:      
Revenue from customers and related parties 0 71,438,000 109,859,000
Digital asset mining revenue      
Revenue:      
Digital asset mining revenue 390,333,000 397,796,000 216,925,000
Total cost of revenue $ 291,696,000 $ 395,082,000 $ 50,158,000