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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:            
Net income (loss)     $ 18,231 $ (22,045) $ (18,657) $ (61,606)
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation and amortization     2,043 3,111 5,540 7,128
Gain on disposal of property and equipment   $ (281) 0 (1,480) (1,059) 16
Realized (gain) loss on sale of cryptocurrencies $ 50 (110) (12) (229) (351) (3,998)
Gain on fair value of bitcoin, net     (46) 0    
Gain on extinguishment of leases 0 0 0 (375) (375) 0
Change in fair value of warrant liability and embedded derivative liability     (3,384) 3,624 (59,662) (22,948)
Impairment of cryptocurrencies 0 97 0 144 285 6,026
Non-cash interest expense     13,203 13,009 33,144 10,691
Unit-based compensation     206 46 97 132
Cryptocurrency mined, net     (5,918) (4,173) (9,969) (13,900)
Gain on extinguishment of debt (45,053) 0 (45,053) 0 25,081 51,079
Gain on termination of warrant         0 (139)
Impairment of property and mining equipment         0 95
Changes in operating assets and liabilities:            
Other receivables     (998) (822) 255 81
Prepaid expenses and other current assets     (900) (48) (123) 1,465
Long term deposits     (176) (252) (460) 530
Operating lease right-of-use asset     122 120 182 209
Accounts payable     (1,372) (1,370) (2,271) 4,888
Accrued expenses and other current liabilities     12,572 541 3,113 1,214
Deferred tax liability     (2,036) (229) 4,075 (426)
Operating lease liability     (111) (110) (165) (19)
Finance lease liability     (5) (8) 0 (13)
Net cash used in operating activities     (13,634) (10,546) (21,320) (19,495)
Cash flows from investing activities:            
Proceeds from the sale of cryptocurrencies     6,025 4,049 9,943 26,871
Purchases of property and equipment     (771) (79) (248) (14,112)
Proceeds from disposal of property and equipment 0 513 0 2,091 2,132 589
Deposits on purchases of property and equipment     0 0 0 (7,374)
Net cash provided by investing activities     5,254 6,061 11,827 5,974
Cash flows from financing activities:            
Repayment of US dollar notes payable     (15,150) (1,007) (450) 0
Proceeds from issuance of US dollar notes payable and shareholder loans     15,000 5,475 15,315 13,881
Issuance of equity shares     5,953 0    
Issuance costs related to merger         (3,167)  
Net cash provided by financing activities     5,803 4,468 11,698 13,881
Net decrease in cash     (2,577) (17) 2,205 360
Cash at beginning of period     3,174 969 969 609
Cash at end of period 597 952 597 952 3,174 969
Reconciliation of cash and restricted cash to the Consolidated Balance Sheet            
Cash 274 629 274 629 2,851 646
Restricted Cash 323 323 323 323 323 323
Total cash and restricted cash 597 952 597 952 3,174 969
Supplemental cash flow disclosures:            
Cash paid for interest     0 856 857 3,287
Fair value of payment made in cryptocurrency for revenue share consideration         0 461
Supplemental non-cash disclosures:            
Property and equipment purchases with equity shares     1,330 0    
Amounts to be paid per the development and operation agreement     35 0 35 35
Non-cash deposits used in purchase of capital assets     1,009      
Right-of-use asset and lease liability associated with operating lease 0 0 0 55 55 1,375
Equity issuance costs not paid in accounts and notes payable         15,283 0
Right-of-use asset and lease liability associated with financing lease $ 0 $ 0 $ 0 $ 0 0 47
Issuance of warrants         15,315 56,994
Fair value of warrant liability issued in connection with notes payable amendment         25,080 49,421
Non-Cash Deposits used in Purchase of Miner Chips         $ 0 $ 5,715