PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following at March 31, 2024 and December 31, 2023:

$ in thousands	Estimated Useful Lives	March 31, 2024		December 31, 2023
Plant infrastructure	10 years	$	1,367	$	1,367
Miners	3 years	$	32,026	$	32,195
Miner facility infrastructure	10 years	8,154		8,154
Land	N/A	7,679		7,679
Equipment	5 years	45		45
Construction in process	N/A	6,592		6,229
		55,863		55,669
Less: Accumulated depreciation		(13,808)		(10,574)
		$	42,055	$	45,095

Total depreciation expense was $3.2 million and $3.8 million for the three months ended March 31, 2024 and 2023, respectively.

On January 30, 2023, Greenidge entered into an agreement regarding its 2021 and 2022 Master Equipment Finance Agreements with NYDIG. During the three months ended March 31, 2023, the Company transferred ownership of bitcoin mining equipment with net book value of $50.0 million and miner deposits of $7.4 million that remained accrued to Greenidge for previous purchases of mining equipment with a bitcoin miner manufacturer and the related debt was canceled pursuant to a debt settlement agreement entered into with NYDIG. The Company recognized a gain on the sale of assets of $1.2 million, which relates to the sale of bitcoin miner manufacturer coupons that were transferred as part of the debt restructuring agreement with NYDIG.