PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2025

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following at June 30, 2025 and December 31, 2024:


$ in thousands	Estimated Useful Lives	June 30, 2025		December 31, 2024
Plant infrastructure	10 years	$	1,522	$	1,522
Miners	3 years	36,178		36,182
Miner facility infrastructure	10 years	13,296		13,227
Land	N/A	2,190		1,952
Equipment	5 years	45		45


Construction in process	N/A	328		1,834

		53,559		54,762
Less: Accumulated depreciation		(28,272)		(24,463)
		$	25,287	$	30,299

Total depreciation expense was $3.2 million and $3.3 million for the three months ended June 30, 2025 and 2024, respectively and $6.3 million and $6.5 million for the six months ended June 30, 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. On August 1, 2025, the Company entered into the APA to sell the Mississippi Facility for $3.9 million, excluding any bitcoin miners and the tract of land containing the industrial warehouse space, with a planned closing date of on or before September 16, 2025 (See Note 17, “Subsequent Events”).

On May 28, 2025, the Company closed on the purchase of a parcel of land containing approximately 34 acres located in Columbus, Mississippi for a purchase price of $0.2 million.

Sale of Equipment

During the six months ended June 30, 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. No construction in process assets were sold in the three months ended June 30, 2025.

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 June 30, 2025.

There were no impairment charges during the three months ended June 30, 2024. The Company recognized an impairment charge of $0.2 million of property and equipment, net during the six months ended June 30, 2024. The impairment was related to miners no longer viable for operation.