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Property and Equipment
 6 Months Ended
Jun. 30, 2025
Property and Equipment  
Property and Equipment

Note 7. Property and Equipment

The following table presents the Company’s property and equipment:

​

​

​

​

​

​

​

​

​

    

June 30, 

​

December 31, 

​

    

2025

    

2024

Buildings and building improvements

​

$

768,609

​

$

715,862

Land rights and land improvements

​

 

17,779

​

 

10,904

Miners and mining equipment

​

 

914,120

​

 

927,866

Machinery and facility equipment

​

​

48,137

​

​

44,377

Office and computer equipment

​

 

3,428

​

 

3,081

Construction in progress

​

 

115,666

​

 

82,965

Total cost of property and equipment

​

 

1,867,739

​

 

1,785,055

Less accumulated depreciation

​

 

(566,007)

​

 

(446,268)

Property and equipment, net

​

$

1,301,732

​

$

1,338,787

​

The Company did not incur any impairment charges for its property and equipment during the three and six months ended June 30, 2025 and 2024.

For the three months ended June 30, 2025 and 2024, depreciation expense related to property and equipment totaled $82.2 million and $35.9 million, respectively, and $159.1 million and $66.8 million, respectively, for the six months ended June 30, 2025 and 2024.

Miners and mining equipment

As of June 30, 2025, the Company had deployed miners in its Bitcoin Mining operations at each of the Facilities.

During the year ended December 31, 2023, the Company entered into a long-term master purchase and sales agreement, dated as of June 23, 2023, as amended (the “Master Agreement”), to acquire miners from MicroBT Electronics Technology Co., Ltd., through its manufacturing affiliate, SuperAcme Technology (Hong Kong) Limited (collectively “MicroBT”). In 2023, 2024, and 2025, the Company executed purchase orders with MicroBT to acquire U.S.-manufactured miners with a total hash rate of 44.7 exahash per second (“EH/s”), for a total purchase price of approximately $709.0 million, subject to downward adjustment, as provided under the Master Agreement. Delivery of these miners began in 2023, and all miners under these purchase orders are expected to be received by the end of 2025, with deployment following on an ongoing basis.