PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following at March 31, 2025 and December 31, 2024:


$ in thousands	Estimated Useful Lives	March 31, 2025		December 31, 2024
Plant infrastructure	10 years	$	1,522	$	1,522
Miners	3 years	37,605		36,182
Miner facility infrastructure	10 years	13,295		13,227
Land	N/A	1,952		1,952
Equipment	5 years	45		45


Construction in process	N/A	328		1,834

		54,747		54,762
Less: Accumulated depreciation		(27,594)		(24,463)
		$	27,153	$	30,299

Total depreciation expense was $3.1 million and $3.2 million for the three months ended March 31, 2025 and 2024, respectively.

Mississippi Expansion

On April 10, 2024, the Company closed on the purchase of a parcel of land containing approximately 12 acres located in Columbus, Mississippi, including over 73,000 square feet of industrial warehouse space, from a subsidiary of Motus Pivot Inc., a portfolio company of Atlas. The purchase price was $1.45 million, which the Company financed with cash on hand.

Sale of Equipment

During the three months ended March 31, 2025, Greenidge sold construction in process assets with a carrying value of $0.8 million for proceeds of $0.7 million resulting in a loss on the sale of assets of $0.1 million.

Impairment

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. To determine recoverability of a long-lived asset, management evaluates whether the estimated future undiscounted net cash flows, based on prevailing market conditions, from the asset are less than its carrying amount. If impairment is indicated, the long-lived asset is written down to fair value. There were no triggering events identified as of March 31, 2025.

During the three months ended March 31, 2024, the Company recognized an impairment charge of $0.2 million of property and equipment, net. The impairment was related to miners no longer viable for operation.