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Property and Equipment | 3 Months Ended
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Mar. 31, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment | NOTE 5. PROPERTY AND EQUIPMENT Property and equipment, net consisted of the following (in thousands):
|  | March 31, 2024 |  |  | December 31, 2023 |
Miners and mining equipment |  | $ | 168,684 |  |  | $ | 163,523 |
Leasehold improvements |  |  | 137,496 |  |  |  | 138,883 |
Office and computer equipment |  |  | 279 |  |  |  | 279 |
Autos |  |  | 73 |  |  |  | 73 |
Furniture and fixtures |  |  | 88 |  |  |  | 88 |
Construction-in-progress |  |  | 7,784 |  |  |  | 49 |
Total cost of property and equipment |  |  | 314,404 |  |  |  | 302,895 |
Less: accumulated depreciation |  |  | (75,863 | ) |  |  | (59,080 | )
Property and equipment, net |  | $ | 238,541 |  |  | $ | 243,815 |
During the three months ended March 31, 2024, the Company added approximately $7.7 million of construction-in-progress related to the Black Pearl Facility. Depreciation expense was approximately $17.1 million and $11.7 million, respectively, for the three months ended March 31, 2024 and 2023, and included approximately $0.8 million, and $0.4 million respectively, of accretion expense related to the Company’s asset retirement obligation.

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