PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2025

Property, Plant and Equipment [Line Items]

The following table represents property and equipment balances and accumulated depreciation as of December 31, 2024 and 2023:


(in thousands)	December 31, 2024		December 31, 2023
Corporate assets (1)	$	11,093	$	9,625
Mining equipment	172,572		78,737
Mining infrastructure	113,710		86,156
Land	12,809		10,490
WIP / Construction in progress (2)	35,777		105,036
Property and equipment, gross	345,961		290,044
Less: Accumulated depreciation	(57,934)		(25,808)
Less: Impairment / Loss on disposal (3)	(50,989)		(50,888)
Property and equipment, net	$	237,038	$	213,348

__________________

(1)Corporate assets balances primarily relate to computer equipment, leasehold improvements, and furniture and fixtures.

(2)As of December 31, 2024, WIP/Construction in Progress related to mining infrastructure under construction. As of December 31, 2023, WIP/Construction in Progress related to mining equipment of $85.0 million and mining infrastructure under construction of $20.0 million.

(3)Recognized in General and administrative expenses in the Company’s consolidated statements of operations.

Depreciation expense of $31.2 million, $15.3 million and $9.2 million related to property and equipment for the years ended December 31, 2024, 2023 and 2022, respectively, is included in General and administrative expenses in the Company’s consolidated statements of operations.

Impairment of mining equipment

The Company assesses mining equipment for impairment when market prices of similar equipment are below the Company's carrying value. During the years ended December 31, 2024, 2023 and 2022, the Company recognized an impairment of $0.1 million, $0.5 million and $50.3 million, respectively, in relation to its mining equipment, including assets in WIP/Construction in progress, which was applicable to the Treasury and Corporate segment. The

impairment recognized during the year ended December 31, 2022 was triggered by a prolonged reduction in the value of bitcoin, which affected the expected cash flows to be generated from the equipment. Impairment testing of assets held for use requires determination of recoverability based on estimated future cash flows and involves significant judgement. The Company estimated the future cash flows related to mining equipment using the bitcoin price and network difficulty, as well as expected power cost as key inputs.