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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (101,825,493) $ (195,171,967)
Adjustments to reconcile net loss to cash flows from operating activities:    
Depreciation and amortization 35,415,286 47,235,344
Accretion of asset retirement obligation 52,204 49,576
Gain on extinguishment of PPP loan 0 (841,670)
Loss on disposal of fixed assets 3,818,307 2,511,262
Realized (gain) loss on sale of miner assets (52,000) 8,012,248
Change in value of accounts receivable 1,867,506 0
Amortization of debt issuance costs 212,566 2,935,795
Stock-based compensation 9,238,826 13,890,350
Loss on debt extinguishment 28,960,947 40,517,707
Impairments on equipment deposits 5,422,338 17,348,742
Impairments on miner assets 0 40,683,112
Changes in fair value of warrant liabilities 646,722 (4,226,171)
Changes in fair value of forward sale derivative 0 (3,435,639)
Realized gain on sale of derivative contract 0 (90,953)
Forward sale contract prepayment 0 970,000
Changes in fair value of convertible note 0 2,167,500
Other 470,905 2,217,458
(Increase) decrease in digital currencies:    
Mining revenue (62,236,771) (58,763,565)
Net proceeds from sales of digital currencies 58,260,974 56,172,048
Impairments on digital currencies 910,029 8,339,660
(Increase) decrease in assets:    
Accounts receivable 8,108,710 (8,725,271)
Prepaid insurance 6,728,976 6,908,215
Due from related parties (91,617) (5,671)
Inventory 274,845 (1,099,402)
Other assets (234,858) (603,963)
Increase (decrease) in liabilities:    
Accounts payable (4,250,888) (3,093,265)
Due to related parties 28,241 (55,611)
Accrued liabilities 1,704,321 (180,943)
Other liabilities, including contract liabilities (577,189) (819,461)
NET CASH FLOWS USED IN OPERATING ACTIVITIES (7,147,113) (27,154,535)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, plant and equipment (15,915,398) (70,935,935)
Proceeds from sale of equipment deposits 0 13,013,974
Equipment purchase deposits – net of future commitments (8,000,643) (13,656,428)
Purchase of reclamation bond (87,780) 0
NET CASH FLOWS USED IN INVESTING ACTIVITIES (24,003,821) (71,578,389)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayments of debt (7,147,771) (76,119,454)
Repayments of financed insurance premiums (7,047,122) (4,598,592)
Proceeds from debt, net of issuance costs paid in cash (170,135) 152,358,118
Proceeds from private placements, net of issuance costs paid in cash 25,257,567 8,599,440
Proceeds from ATM, net of issuance costs paid in cash 11,175,989 0
Proceeds from exercise of warrants 316 0
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 22,068,844 80,239,512
NET DECREASE IN CASH AND CASH EQUIVALENTS (9,082,090) (18,493,412)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD 13,296,703 31,790,115
CASH AND CASH EQUIVALENTS – END OF PERIOD $ 4,214,613 $ 13,296,703