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Property and Equipment
 9 Months Ended
Sep. 30, 2023
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

Property and equipment, net, consisted of the following:

 

    September 30,
2023		     December 31,
2022		  
             
Plant and equipment   $ 4,712,229     $ 4,263,662  
Computer equipment     161,027       163,060  
Furniture and fixtures     27,887       29,492  
Processing machines (Miners)     101,269,956       103,337,719  
Modular data center     25,222,949       19,713,534  
Motor vehicles     357,704       326,704  
Transformers     9,892,254       4,596,892  
Low-cost assets     1,151,741       995,292  
Assets under construction     5,081,023       11,592,582  
Leasehold improvements     487,528       487,527  
Total     148,364,298       145,506,464  
Less: Accumulated depreciation     (82,052,063 )     (54,489,966 )
Property and equipment, net   $ 66,312,235     $ 91,016,498  

 

The Company incurred depreciation and amortization expenses in the amounts of $11.88 million and $16.25 million for the three-month period ended September 30, 2023, and 2022, respectively. The Company incurred depreciation and amortization expenses in the amounts of $28.63 million and $46.06 million for the nine-month periods ended September 30, 2023, and 2022, respectively. There were no impairment charges recognized for property and equipment for either the nine-month periods ended September 30, 2023, and 2022.