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Cryptocurrencies

9 Months Ended

Sep. 30, 2022

NOTE 5. CRYPTOCURRENCIES

The following table presents information about the Company’s cryptocurrencies (Bitcoin) (amounts in thousands):


Balance, December 31, 2021	$	-
Cryptocurrencies received from equity investees		3,139
Proceeds from sale of cryptocurrencies		(23	)
Realized gain on sale of cryptocurrencies		6
Impairment of cryptocurrencies		(859	)
Balance, September 30, 2022	$	2,263

The Company’s cryptocurrency activity for the nine months ended September 30, 2022 was entirely from Bitcoin. The fair market value of the Company’s Bitcoin as of September 30, 2022 was approximately $2.4 million and was estimated using the closing price of Bitcoin, which is a Level 1 input (i.e., an observable input such as a quoted price in an active market for an identical asset). The Company had no cryptocurrency activity during the eight months ended September 30, 2021.

During the three and nine months ended September 30, 2022, the Company recorded impairment charges on its cryptocurrency holdings of $0.3 million and $0.9 million, respectively.