PROPERTY, PLANT, AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT

4. PROPERTY, PLANT, AND EQUIPMENT

Property, plant and equipment, net as of March 31, 2025 and December 31, 2024 consist of the following (in thousands):

	March 31, 2025 (As Restated)		December 31, 2024		Estimated Useful Lives
Land and improvements1	$	18,699	$	17,215	20 years
Building and improvements	186,504		186,267		10 to 39 years
Mining and network equipment	413,142		413,296		3 to 5 years
Electrical equipment2	73,719		74,077		5 to 15 years
Other property, plant and equipment3	2,838		2,764		5 to 7 years
Total	694,902		693,619
Less: accumulated depreciation and amortization4	393,373		372,112
Total	301,529		321,507
Add: Construction in progress	221,451		111,966
Property, plant and equipment, net	$	522,980	$	433,473

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

2 Includes finance lease assets of $8.5 million and $8.5 million at March 31, 2025 and December 31, 2024, respectively.

3 Includes finance lease assets of $0.4 million and $0.4 million at March 31, 2025 and December 31, 2024, respectively.

4 Includes accumulated amortization for assets under finance leases of $3.2 million and $3.0 million at March 31, 2025 and December 31, 2024, respectively.

Depreciation expense, including amortization of finance lease assets, for the three months ended March 31, 2025 and 2024, was $19.5 million and $28.8 million, respectively.