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Deposits on Equipment | 3 Months Ended
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Mar. 31, 2024
Disclosure Deposits On Equipment [Abstract] |
Deposits on Equipment | NOTE 6. DEPOSITS ON EQUIPMENT On October 4, 2023, the Company entered into an agreement with Bitmain to purchase 1.2 EH/s worth of miners for a total purchase price of $24.0 million to be paid in cash and coupons, or $16.8 million in cash after applying coupons. Related to this agreement, the Company has made installment payments of $13.0 million, $5.2 million of which has been placed into service and reclassified into Property and equipment as of March 31, 2024. The remaining batches of miners are expected to be delivered by June 2024. On December 18, 2023, the Company entered into a second agreement with Bitmain to purchase 7.1 EH/s of the latest generation miners to be delivered in the first half of 2025. The Company paid a deposit of $9.9 million upon execution of the agreement. The agreement has an option to purchase an additional 8.7 EH/s in 2024. The Company paid $12.2 million as a deposit, which can be used towards purchases under this option. As of March 31, 2024, the option has no t been exercised.

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