PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

Property and equipment consist of the following as of September 30, 2021 and December 31, 2020:

	Useful Lives (Years)	September 30, 2021		Dec 31, 2020
		(unaudited)
Electric Plant	60	$	30,288,979	$	30,288,979
Power Transformers	30	2,162,386		—
Machinery and equipment	5 - 20	5,436,333		2,862,736
Cryptocurrency Machines & Powering Supplies	2 - 3	6,387,432		—
Computer hardware and software	3 - 5	4,236		5,062
Vehicles & Trailers	5 - 7	81,733		81,733
Construction in progress	Not Depreciable	25,157,279		1,544,536
Asset retirement obligation	5	79,848		79,848
		69,598,226		34,862,894
Accumulated depreciation and amortization		(29,483,439)		(27,048,695)
TOTALS		$	40,114,787	$	7,814,199

Construction in Progress

Construction in progress consists of various projects to build out the cryptocurrency machine power infrastructure and is not depreciable until the asset is considered in service and successfully powers and runs the attached cryptocurrency machines. Completion of these projects will have various rollouts of energized transformed containers and are designed to calibrate power from the plant to the container that houses multiple cryptocurrency machines. Currently, the balance of $25,157,279, as of September 30, 2021, represents open contracts with a vendor that have future completion dates scheduled for the remainder of the year.

Depreciation and Amortization

Depreciation and amortization charged to operations was $2,463,549 and $422,603 for the nine months ended September 30, 2021 and September 30, 2020 respectively.