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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net loss $ (62,145) $ (36,372)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 65,661 42,284
Amortization of intangible assets 470 0
Amortization of operating right-of-use asset 888 688
Share-based compensation 31,865 28,687
Equity in (income) losses of equity investees (1,008) 4,179
Non-cash lease expense 429 1,477
Other (1,235) 0
Deferred income taxes 1,358 (555)
Bitcoin received as payment for services (109,443) (83,161)
Change in fair value of derivative asset 19,181 (13,294)
Change in fair value of warrant liability (250) 49
Gains on fair value of bitcoin (22,336) (3,276)
Changes in assets and liabilities:    
Accounts receivable 396 (262)
Receivables, related party 186 (958)
Prepaid expenses and other current assets 182 3,238
Security deposits 16,851 144
Other non-current assets (210) 0
Accounts payable 565 2,366
Accounts payable, related party 0 (1,529)
Accrued expenses and other current liabilities 62 10,732
Lease liabilities 0 (762)
Net cash used in operating activities (58,533) (46,325)
Cash flows from investing activities    
Proceeds from sale of bitcoin 79,786 78,729
Deposits on equipment (135,263) (4,533)
Purchases of property and equipment (92,373) (32,980)
Purchases and development of software (1,059) 0
Purchase of strategic contracts (17,044) 0
Capital distributions from equity investees 0 3,807
Investment in equity investees (29,194) (3,545)
Prepayments on financing lease 0 (3,676)
Net cash (used in) provided by investing activities (195,147) 37,802
Cash flows from financing activities    
Proceeds from the issuance of common stock 225,181 11,644
Offering costs paid for the issuance of common stock (3,487) (298)
Repurchase of common shares to pay employee withholding taxes (10,760) (3,224)
Principal payments on financing lease (3,625) (8,184)
Net cash provided by (used in) financing activities 207,309 (62)
Net decrease in cash, cash equivalents, and restricted cash (46,371) (8,585)
Cash, cash equivalents, and restricted cash, beginning of the period 86,105 11,927
Cash and cash equivalents, and restricted cash, end of the period 39,734 3,342
Supplemental disclosure of noncash investing and financing activities    
Reclassification of deposits on equipment to property and equipment 21,502 74,186
Property and equipment purchases in accounts payable and accrued expenses 17,422 0
Bitcoin received from equity investees 10,487 317
Settlement of related party payable related to master services and supply agreement 1,554 0
Right-of-use asset obtained in exchange for finance lease liability 4,375 14,212
Sales tax accrual on machine purchases 1,388 1,837
Equity method investment acquired for non-cash consideration 0 1,926
Finance lease cost in accrued expenses $ 0 $ 2,060