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PROPERTY AND EQUIPMENT
 12 Months Ended
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, 2024December 31, 2023
Land (1)
—$3,510 $— 
Land improvements926,530 — 
Building and improvements2586,877 — 
Mining rigs31,705,648 862,055 
Containers
10 - 15
106,784 5,676 
Equipment
4 - 15
124,900 — 
Software and hardware23,316 — 
Asset retirement obligation87,879 — 
Construction in progress—71,396— 
Other76,335242
Total gross property, equipment2,143,175867,973
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.