PROPERTY, PLANT, AND EQUIPMENT

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT, AND EQUIPMENT

4. PROPERTY, PLANT, AND EQUIPMENT

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

	September 30, 2025 (As Restated)		December 31, 2024		Estimated Useful Lives
Land and improvements1	$	21,769	$	17,215	20 years
Building and improvements	209,710		186,267		10 to 39 years
Mining and network equipment	389,971		413,296		3 to 5 years
Electrical equipment	73,949		74,077		15 years
Other property, plant and equipment	2,967		2,764		5 to 7 years
Total	698,366		693,619
Less: accumulated depreciation and amortization	401,237		372,112
Total	297,129		321,507
Add: Construction in progress	656,996		111,966
Property, plant and equipment, net	$	954,125	$	433,473

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

Depreciation expense for the three months ended September 30, 2025 and 2024, was $16.1 million and $28.5 million, respectively, and for the nine months ended September 30, 2025 and 2024, was $54.3 million and $86.6 million, respectively.

During the three months ended September 30, 2025 and 2024, $35.4 million and $0.4 million, respectively, of construction in progress was placed into service. During the nine months ended September 30, 2025 and 2024, $47.5 million and $140.3 million, respectively, of construction in progress was placed into service.