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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 25,342 $ 86,105
Prepaid expenses and other current assets 3,488 3,670
Bitcoin 95,459 32,978
Derivative asset 27,185 31,878
Total current assets 151,759 155,498
Restricted cash 14,392 0
Property and equipment, net 310,699 243,815
Deposits on equipment 144,573 30,812
Intangible assets, net 25,742 8,109
Investment in equity investees 54,973 35,258
Derivative asset 47,225 61,713
Operating lease right-of-use asset 10,564 7,077
Security deposits 15,301 23,855
Other noncurrent assets 210 0
Total assets 775,438 566,137
Current liabilities    
Accrued expenses and other current liabilities 40,764 22,439
Finance lease liability, current portion 3,695 3,404
Operating lease liability, current portion 1,479 1,166
Warrant liability 0 250
Total current liabilities 59,092 33,793
Asset retirement obligation 19,810 18,394
Finance lease liability 8,319 11,128
Operating lease liability 9,662 6,280
Deferred tax liability 6,564 5,206
Total liabilities 103,447 74,801
Commitments and contingencies (Note 13)
Stockholders’ equity    
Preferred stock, $0.001 par value; 10,000,000 shares authorized, none issued and outstanding as of September 30, 2024, and December 31, 2023 0 0
Common stock, $0.001 par value, 500,000,000 shares authorized, 355,771,238 and 296,276,536 shares issued as of September 30, 2024 and December 31, 2023, respectively, and 347,800,186 and 290,957,862 shares outstanding as of September 30, 2024, and December 31, 2023, respectively 356 296
Additional paid-in capital 870,565 627,822
Accumulated deficit (198,922) (136,777)
Treasury stock, at par, 7,971,052 and 5,318,674 shares at September 30, 2024 and December 31, 2023, respectively (8) (5)
Total stockholders’ equity 671,991 491,336
Total liabilities and stockholders’ equity 775,438 566,137
Nonrelated Party    
Current assets    
Accounts receivable 226 622
Current liabilities    
Accounts payable 13,154 4,980
Related Party    
Current assets    
Accounts receivable 59 245
Current liabilities    
Accounts payable $ 0 $ 1,554