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DIGITAL CURRENCIES
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
DIGITAL CURRENCIES
NOTE 2 – DIGITAL CURRENCIES
As of September 30, 2024, the Company held an aggregate amount of $613,949 in digital currencies comprised of unrestricted Bitcoin. Changes in digital currencies consisted of the following for the three and nine months ended September 30, 2024, and 2023:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Digital currencies at beginning of period$253,710 $1,429,653 $3,175,595 $109,827 
Additions of digital currencies (1)
9,535,291 15,069,008 51,963,137 43,778,958 
Realized gain on sale of digital currencies719,795 131,706 1,100,214 725,139 
Unrealized (loss) gain on digital currencies(33,783)— 113,438 — 
Impairment losses— (357,411)— (683,241)
Proceeds from sale of digital currencies(9,861,064)(15,630,957)(55,837,727)(43,288,684)
Impact of ASU 2023-08 as of January 1, 2024 (2)
— — 99,292 — 
Digital currencies at end of period$613,949 $641,999 $613,949 $641,999 
(1) Additions of digital currencies were related to mining activities.
(2) See Note 1 – Basis of Presentation for more details regarding the Company's adoption of ASU 2023-08 as of January 1, 2024.

As previously disclosed, the Company adopted ASU 2023-08 effective January 1, 2024, using a modified retrospective transition method, with a cumulative-effect adjustment of $99,292 recorded to the opening balance of retained earnings. Following the adoption of ASU 2023-08, realized gains (net of realized losses) on the sale of digital currencies were $719,795 and $1,100,214 and unrealized (losses)/gains (net of unrealized gains/losses) on digital currencies were $(33,783) and $113,438 for the three and nine months ended September 30, 2024.
Furthermore, with the adoption of ASU 2023-08, the Company no longer accounts for digital currencies as indefinite-live intangible assets, and therefore, no impairment losses have been recognized in the current year period. The Company used a first-in, first-out methodology to determine its cost basis for computing realized gains and losses on the sale of digital currencies. The Company’s Bitcoin mining activities are conducted in the ordinary course of business, and the digital currency assets awarded to the Company by mining pool operators are converted nearly immediately into cash. As such, the Company has classified such cash flows derived from its Bitcoin mining within operating activities in the condensed consolidated statements of cash flows.
As of September 30, 2024, the Company's crypto asset holdings consisted of approximately 9.7 Bitcoin with a fair value and carrying value of $613,949. None of these digital currency assets are subject to contractual sale restrictions as of September 30, 2024. The cumulative realized gains and losses from dispositions that occurred during the nine months ended September 30, 2024, totaled $1,637,590 and $537,376, respectively. As of December 31, 2023, the Company's
crypto asset holdings consisted of approximately 76.7 Bitcoin with a carrying value was $3,175,595 and fair value of $3,274,887.