PROPERTY, PLANT, AND EQUIPMENT

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT

4. PROPERTY, PLANT, AND EQUIPMENT

Property, plant and equipment, net as of June 30, 2025 and December 31, 2024 consist of the following (in thousands):

	June 30, 2025 (As Restated)		December 31, 2024		Estimated Useful Lives
Land and improvements1	$	21,728	$	17,215	20 years
Building and improvements	177,446		186,267		10 to 39 years
Mining and network equipment	395,440		413,296		3 to 5 years
Electrical equipment2	70,778		74,077		15 years
Other property, plant and equipment	2,965		2,764		5 to 7 years
Total	668,357		693,619
Less: accumulated depreciation and amortization3	389,239		372,112
Total	279,118		321,507
Add: Construction in progress	422,174		111,966
Property, plant and equipment, net	$	701,292	$	433,473

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

2 Includes finance lease assets of $7.9 million and $8.5 million at June 30, 2025 and December 31, 2024, respectively.

3 Includes accumulated amortization for assets under finance leases of $2.9 million and $3.0 million at June 30, 2025 and December 31, 2024, respectively.

Depreciation expense, including amortization of finance lease assets, for the three months ended June 30, 2025 and 2024, was $18.6 million and $29.3 million, respectively, and for the six months ended June 30, 2025 and 2024, was $38.1 million and $58.1 million, respectively.