6. PROPERTY AND EQUIPMENT

3 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and equipment consist of the following:


	December 31, 2021			September 30, 2021
Mining equipment		187,132,309			123,147,843
Land and building		11,048,299			11,048,299
Machinery and equipment		399,530			376,163
Leasehold improvements		119,796			72,577
Furniture and fixtures		157,629			107,660
Infrastructure		2,919,278			81,868
Construction in progress		10,710,205			10,498,311
Total		212,487,046			145,332,721
Less: accumulated depreciation		(13,996,691	)		(7,657,982	)
Property and equipment, net	$	198,490,355		$	137,674,739

Depreciation expense for three months ended December 31, 2021 and 2020 was $6,472,023 and $301,128, respectively. For the three months ended December 31, 2021, $411,484 of property and equipment was written-off resulting in a loss of $278,170. There were no disposals during the three months ended December 31, 2020.

The Company placed-in service mining equipment for approximately $64,741,433 during the three months ended December 31, 2021. This primarily consisted of miners of $62,634,807, with the remaining consisting of ancillary mining equipment.

Construction in progress: The Company is expanding its facility in Atlanta, a build out adjacent to the ATL data center mentioned above.

As of December 31, 2021, the Company has outstanding deposits worth $125,700,523 to premier suppliers and manufacturers for securing our purchases of mining equipment.