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PROPERTY AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY AND EQUIPMENT | PROPERTY AND EQUIPMENT The components of property and equipment as of December 31, 2024 and 2023 are:
(in thousands, except useful life) |  | Useful life (Years) |  | December 31, 2024 |  | December 31, 2023
Land (1) |  | — |  | $ | 3,510 |  |  | $ | — |
Land improvements |  | 9 |  | 26,530 |  |  | — |
Building and improvements |  | 25 |  | 86,877 |  |  | — |
Mining rigs |  | 3 |  | 1,705,648 |  |  | 862,055 |
Containers |  | 10 - 15 |  | 106,784 |  |  | 5,676 |
Equipment |  | 4 - 15 |  | 124,900 |  |  | — |
Software and hardware |  | 2 |  | 3,316 |  |  | — |
Asset retirement obligation |  | 8 |  | 7,879 |  |  | — |
Construction in progress |  | — |  | 71,396 |  | — |
Other |  | 7 |  | 6,335 |  | 242
Total gross property, equipment |  |  |  | 2,143,175 |  | 867,973
Less: Accumulated depreciation and amortization |  |  |  | (593,684) |  | (196,201)
Property and equipment, net |  |  |  | $ | 1,549,491 |  |  | $ | 671,772 |
(1) Refer to Note 18 - Leases, for further information regarding the Company’s finance land lease. The Company recorded an asset retirement obligation of $7.9 million for the Granbury data center land lease. The asset retirement obligation represents the estimated cost to return the site to its original state. The asset retirement obligation is being depreciated over the term of the lease which is approximately 8 years. The Company’s accretion expense related to the asset retirement obligation for the year ended December 31, 2024 was $0.9 million, respectively. The Company’s depreciation expense related to property and equipment for the year ended December 31, 2024 and 2023 was $403.7 million and $179.5 million, respectively.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477798/958-360-50-7 + Details
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