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PROPERTY, PLANT, AND EQUIPMENT | 9 Months Ended
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Sep. 30, 2025
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT, AND EQUIPMENT | 4. PROPERTY, PLANT, AND EQUIPMENT Property, plant and equipment, net as of September 30, 2025 and December 31, 2024 consist of the following (in thousands):
| September 30, 2025 (As Restated) |  | December 31, 2024 |  | Estimated Useful Lives
Land and improvements 1 | $ | 21,769 |  |  | $ | 17,215 |  |  | 20 years
Building and improvements | 209,710 |  |  | 186,267 |  |  | 10 to 39 years
Mining and network equipment | 389,971 |  |  | 413,296 |  |  | 3 to 5 years
Electrical equipment | 73,949 |  |  | 74,077 |  |  | 15 years
Other property, plant and equipment | 2,967 |  |  | 2,764 |  |  | 5 to 7 years
Total | 698,366 |  |  | 693,619 |  |  |
Less: accumulated depreciation and amortization | 401,237 |  |  | 372,112 |  |  |
Total | 297,129 |  |  | 321,507 |  |  |
Add: Construction in progress | 656,996 |  |  | 111,966 |  |  |
Property, plant and equipment, net | $ | 954,125 |  |  | $ | 433,473 |  |  |
1 Estimated useful life of improvements. Land is not depreciated. Depreciation expense for the three months ended September 30, 2025 and 2024, was $16.1 million and $28.5 million, respectively, and for the nine months ended September 30, 2025 and 2024, was $54.3 million and $86.6 million, respectively. During the three months ended September 30, 2025 and 2024, $35.4 million and $0.4 million, respectively, of construction in progress was placed into service. During the nine months ended September 30, 2025 and 2024, $47.5 million and $140.3 million, respectively, of construction in progress was placed into service.

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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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