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LEASES (Q2) | 6 Months Ended | 12 Months Ended
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Jun. 30, 2023 | Dec. 31, 2022
LEASES |  |
LEASES |
15. | LEASES
The Group occupies most of its office premises and certain mining datacenters under lease arrangements, which generally have an initial lease term between one and a half years to thirty years. Lease contracts are typically made for fixed periods but may have extension options. The Group accounts for lease and non-lease component separately, where the non-lease component is charged to expense as they incur. Any extension options in these leases have not been included in the lease liabilities unless the Group is reasonably certain to exercise the extension option. In addition, periods after termination options are only included in the lease term if the lease is reasonably certain not to be terminated. The Group does not have an option to purchase these leased assets at the expiration of the lease periods. The unaudited condensed consolidated statements of financial position show the following amounts relating to the right-of-use assets and lease liabilities:
In thousands of USD | ​ | ​ | At December 31, 2022 | ​ | ​ | At June 30, 2023
Right-of-use assets | ​ | ​ |  | ​ | ​ |
- Land and buildings | ​ | ​ | 60,082 | ​ | ​ | 59,754
Investment properties | ​ | ​ |  | ​ | ​ |
- Leasehold land | ​ | ​ | 5,547 | ​ | ​ | 5,372
Addition to the right-of-use assets and investment properties of leasehold land for the six months ended June 30, 2022 and 2023 was approximately US$863,000 and US$3,058,000, respectively. The balance of the leasehold land was included in investment properties. See Note 14. The Group has an obligation to complete the site restoration of its leased land held by AFH in Singapore in relation to the Group’s acquisition of AFH in July 2022. The provision for the site restoration is updated annually. There is no material change for the provision for the site restoration for the six months ended June 30, 2023.
In thousands of USD | ​ | ​ | At December 31, 2022 | ​ | ​ | At June 30, 2023
Lease liabilities mature within 12 months | ​ | ​ | 4,973 | ​ | ​ | 5,211
Lease liabilities mature over 12 months | ​ | ​ | 65,452 | ​ | ​ | 65,454
Total lease liabilities* | ​ | ​ | 70,425 | ​ | ​ | 70,665
* | Lease liabilities in amount of approximately US$4.7 million and US$4.6 million was related to the leasehold land included in the investment properties as of December 31, 2022 and June 30, 2023. See Note 14.
Amounts recognized in profit or loss:
| ​ | ​ | Periods ended June 30,
In thousands of USD | ​ | ​ | 2022 | ​ | ​ | 2023
Depreciation expense of right-of-use assets | ​ | ​ | 2,411 | ​ | ​ | 3,205
Interest expense | ​ | ​ | 1,132 | ​ | ​ | 1,299
Expense relating to variable payment leases | ​ | ​ | 284 | ​ | ​ | 193
Expense relating to short-term leases | ​ | ​ | 316 | ​ | ​ | 159
Total | ​ | ​ | 4,143 | ​ | ​ | 4,856
The total cash outflow for leases, including the capital element of lease rentals paid and interests paid on leases for the six months ended June 30, 2022 and 2023 was approximately US$2.8 million and US$3.9 million, respectively. |
13. | LEASES
The Group occupies most of its office premises and certain mining datacenter under lease arrangements, which generally have an initial lease term between one and a half years to 30 years. Lease contracts are typically made for fixed periods but may have extension options. The Group accounts for lease and non-lease components separately, where the non-lease component is charged to expenses as they incur. Any extension options in these leases have not been included in the lease liabilities unless the Group is reasonably certain to exercise the extension option. In addition, periods after termination options are only included in the lease term if the lease is reasonably certain not to be terminated. The Group does not have an option to purchase these leased assets at the expiration of the lease periods. The consolidated statements of financial position show the following amounts relating to the right-of-use assets:
| ​ | ​ | At December 31,
In thousands of USD | ​ | ​ | 2021 | ​ | ​ | 2022
Right-of-use assets | ​ | ​ |  | ​ | ​ |
- Land and buildings | ​ | ​ | 58,941 | ​ | ​ | 60,082
Investment properties | ​ | ​ |  | ​ | ​ |
- Leasehold land | ​ | ​ | — | ​ | ​ | 5,547
Addition to the right-of-use assets for the years ended December 31, 2020, 2021 and 2022 was approximately US$1.2 million, US$47.2 million and US$7.3 million, respectively. In addition, approximately US$4.8 million right-of-use asset for the years ended December 31, 2022 was acquired as a result of the acquisition of AFH (See Note 5), the balance of the underlying right-of-use asset was included in investment properties. See Note 12. The Group has an obligation to complete the site restoration of its leased land held by AFH in Singapore in relation to the Group’s acquisition of AFH in July 2022 (See Note 5). The provision for the site restoration is updated annually. The following table represents the movement of the restoration provision:
In thousands of USD | ​ | ​ |
Restoration provision at December 31, 2021 | ​ | ​ | —
Recognition through asset acquisition | ​ | ​ | 1,343
Change in provision | ​ | ​ | —
Restoration provision at December 31, 2022 | ​ | ​ | 1,343
The consolidated statements of financial position show the following amounts relating to the lease liabilities:
| ​ | ​ | At December 31,
In thousands of USD | ​ | ​ | 2021 | ​ | ​ | 2022
Lease liabilities mature within 12 months | ​ | ​ | 3,287 | ​ | ​ | 4,973
Lease liabilities mature over 12 months | ​ | ​ | 59,681 | ​ | ​ | 65,452
Total lease liabilities* | ​ | ​ | 62,968 | ​ | ​ | 70,425
* | Lease liabilities in amount of approximately US$4.7 million was related to the leasehold land included in the investment properties. See Note 12.
Amounts recognized in profit or loss:
| ​ | ​ | Years ended December 31,
In thousands of USD | ​ | ​ | 2020 | ​ | ​ | 2021 | ​ | ​ | 2022
Depreciation expense of right-of-use assets* | ​ | ​ | 3,983 | ​ | ​ | 4,636 | ​ | ​ | 5,371
Gain on lease modification | ​ | ​ | (6) | ​ | ​ | (205) | ​ | ​ | —
Interest expense* | ​ | ​ | 817 | ​ | ​ | 1,217 | ​ | ​ | 2,425
Expenses relating to variable payment leases | ​ | ​ | — | ​ | ​ | 610 | ​ | ​ | 639
Expenses relating to short-term leases | ​ | ​ | 372 | ​ | ​ | 351 | ​ | ​ | 527
Total | ​ | ​ | 5,166 | ​ | ​ | 6,609 | ​ | ​ | 8,962
* | Depreciation expense of right-of-use asset of approximately $0.2 million and interest expense of approximately $0.1 million was related to the leasehold land included in the investment properties. See Note 12.
The total cash outflow for leases, including the capital element of lease rentals paid and interests paid on leases for the years ended December 31, 2020, 2021 and 2022 was approximately US$5.4 million, US$5.4 million and US$6.3 million, respectively.

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