PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

4. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net as of September 30, 2024 and December 31, 2023 consist of the following (in thousands):

	September 30, 2024		December 31, 2023		Estimated Useful Lives
Land and improvements1	$	20,008	$	21,852	20 years
Building and improvements2	231,502		191,615		12 to 39 years
Mining and network equipment3	428,875		414,284		3 to 5 years
Electrical equipment4	78,016		64,810		5 to 15 years
Other property, plant and equipment5	2,683		2,935		5 to 7 years
Total	761,084		695,496
Less: accumulated depreciation and amortization6	364,510		293,974
Total	396,574		401,522
Add: Construction in progress	153,858		183,909
Property, plant and equipment, net	$	550,432	$	585,431

1 Estimated useful life of improvements. Land is not depreciated.

2 Includes finance lease assets of $1.0 million and $6.6 million at September 30, 2024 and December 31, 2023, respectively.

3 Includes finance lease assets of nil and $40.0 million at September 30, 2024 and December 31, 2023, respectively.

4 Includes finance lease assets of $8.7 million and $12.7 million at September 30, 2024 and December 31, 2023, respectively.

5 Includes finance lease assets of $0.4 million and $0.4 million at September 30, 2024 and December 31, 2023, respectively.

6 Includes accumulated amortization for assets under finance leases of $3.8 million and $43.4 million at September 30, 2024 and December 31, 2023, respectively.

Depreciation expense, including amortization of finance lease assets, for the three months ended September 30, 2024 and 2023, was $28.5 million, and $24.0 million, respectively, and for the nine months ended September 30, 2024 and 2023, was $86.6 million and $64.7 million, respectively.