Property and equipment consist of the following:


($ in thousands)	March 31, 2025			September 30, 2024
Land	$	39,034		$	32,190
Land improvements		6,121			5,449
Building and improvements		79,764			76,719
Leasehold improvements		2,471			1,995
Miners		1,187,439			1,035,128
Mining equipment		23,282			23,066
Infrastructure		248,308			155,191
Machinery and equipment		16,324			15,061
Furniture and fixtures		2,159			1,706
Construction in progress		37,616			19,455
Total	$	1,642,518		$	1,365,960
Less: accumulated depreciation		(371,017	)		(496,267	)
Property and equipment, net	$	1,271,501		$	869,693

Total depreciation expense for the six months ended March 31, 2025 and 2024 was $143,058 and $60,999, respectively.

The Company had additions to property and equipment of $510,685 during the six months ended March 31, 2025, which included $428,056 in miners acquired, which is the primary cause of the increase of fixed assets. Assets acquired through acquisition transactions (see Note 3 - Acquisitions) resulted in an additional $37,512 in total assets placed in service.

During the six months ended March 31, 2025, the Company had disposals of miners with a net book value of $38,492 for approximately $41,513, recognizing a gain on sale of fixed assets of $3,021 attributable to miner sales.

Construction in progress: The Company is expanding its mining facilities, including infrastructure, building, and land improvements to grow its mining operations.

As of March 31, 2025 and September 30, 2024, the Company had outstanding deposits for miners and mining equipment totaling $124,032 and $359,862, respectively. Such deposits are recorded as long-term assets on the condensed consolidated balance sheets.