
	June 30, 2025		December 31, 2024
Miners and mining equipment	$	341,475	$	342,111
Leasehold improvements	149,867		137,582
Land	58,330		49,021
Buildings	53,104		—
Infrastructure	101,904		28,166
Other	846		606


Construction-in-progress	11,929		82,017
Total cost of property and equipment	717,455		639,503
Less: accumulated depreciation	(243,568)		(158,638)
Property and equipment, net	$	473,887	$	480,865

As of June 30, 2025, the Company had approximately $11.9 million of construction-in-progress primarily related to the additional construction at the Black Pearl Facility. For the six months ended June 30, 2025, $126.3 million of Construction-

in-progress related to the build out of the Black Pearl Facility was reclassified primarily into Buildings of $53.2 million with a useful life of 20 years, and Infrastructure of $71.6 million with a useful live of 10-20 years.

In June 2025, as part of placing the assets related to the Black Pearl Facility into service, the Company recorded an asset retirement obligation for the Black Pearl Facility to restore the land to its original condition at the end of the lease for $10.7 million, to be depreciated straight-line over the estimated remaining useful lives of the assets related to the facility.

Depreciation expense was approximately $43.9 million and $20.3 million respectively, for the three months ended June 30, 2025, and 2024, respectively, and included approximately $0.6 million and $0.6 million of accretion expense related to the Company’s asset retirement obligations, and $87.2 million and $37.2 million, respectively, for the six months ended June 30, 2025 and 2024, respectively, and included approximately $1.1 million and $0.9 million for the six months ended June 30, 2025 and 2024, of accretion expense related to the Company’s asset retirement obligations.