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PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

The components of property and equipment as of March 31, 2023 and December 31, 2022 are:

 

(in thousands, except useful life)  Useful life (Years)   March 31, 2023   December 31, 2022 
Mining rigs   3   $326,951   $116,634 
Containers   10    3,112    1,614 
Website and leasehold improvements   7    206    206 
Construction in progress   N/A    419,003    171,194 
Gross property, equipment        749,272    289,648 
Less: Accumulated depreciation        (34,356)   (16,622)
Property and equipment, net       $714,916   $273,026 

 

The Company’s depreciation expense related to property and equipment for the three months ended March 31, 2023 and 2022 was $17,733 thousand and $13,877 thousand, respectively.