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Property and Equipment
 3 Months Ended
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.