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PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended
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Mar. 31, 2024
Property, Plant and Equipment [Abstract] |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment, net consisted of the following (in thousands):
| March 31, 2024 |  | December 31, 2023
Miners | $ | 160,014 |  |  | $ | 100,531 |
Construction in process | 11,848 |  |  | 24,578 |
Leasehold improvements | 77,689 |  |  | 62,850 |
Equipment | 22,007 |  |  | 15,736 |
Vehicles | 104 |  |  | 104 |
Deposits on miners | 16,298 |  |  | 36,469 |
| 287,960 |  |  | 240,268 |
Less: accumulated depreciation | (50,071) |  |  | (34,984) |
| $ | 237,889 |  |  | $ | 205,284 |
Prior to the three months ended March 31, 2024, the Company capitalized a portion of the interest on funds borrowed to finance its capital expenditures. Capitalized interest is recorded as part of an asset’s cost and is depreciated over the same period as the related asset. Capitalized interest costs were $0 and $1.0 million for the three months ended March 31, 2024 and 2023, respectively. Depreciation expense was $15.1 million and $5.4 million for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024, the Company recorded accelerated depreciation expense of $3.8 million related to certain miners of which the Company shortened their estimated useful lives based on expected replacement by April 30, 2024.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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