Property and equipment consist of the following:


	As of
($ in thousands)	December 31, 2025			September 30, 2025
Land	$	98,764		$	39,299
Land improvements		10,317			9,937
Building and improvements		96,872			96,400
Leasehold improvements		2,941			2,941
Miners		1,390,534			1,422,011
Mining equipment		24,843			24,807
Infrastructure		318,910			295,837
Machinery and equipment		19,707			16,978
Furniture and fixtures		3,021			2,626
Construction in progress		32,008			12,788
Property and equipment, gross	$	1,997,917		$	1,923,624
Less: Accumulated depreciation		(639,440	)		(559,943	)
Property and equipment, net	$	1,358,477		$	1,363,681

Depreciation expense for the three months ended December 31, 2025 and 2024 was $105,368 and $65,125, respectively. Depreciation expense attributable to miners for the three months ended December 31, 2025 and 2024 was 95,060 and 58,053, respectively.

The Company had additions to property and equipment of $42,626 during the three months ended December 31, 2025, which included $579 in miners acquired. Assets acquired through acquisition transactions (see Note 3 - Acquisitions) resulted in an additional $59,465 in total assets placed in service.

During the three months ended December 31, 2025, the Company had disposals of property with a net book value of $2,914 for approximately $3,137, recognizing a gain on disposal of assets of $223.

Construction in progress: The Company continues to expand its data center operations through investments in infrastructure, building, and land improvements.

Deposits on miners and mining equipment: As of December 31, 2025 and September 30, 2025, the Company has outstanding deposits for miners and mining equipment totaling $130,159 and $112,037, respectively. Such deposits are recorded as long-term assets on the Condensed Consolidated Balance Sheets.