v3.25.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company has one operating segment, Bitcoin Mining, which through operations produce bitcoin to generate revenue. The Chief Operating Decision Maker (“CODM”) for the Company consists of the CEO and CFO. The CODM reviews the performance of its segment primarily based on operating income when deciding on allocating resources between reinvesting in Bitcoin Mining or exploring alternative deployment of resources. Asset information is not regularly provided to the CODM for resource allocation as a large portion of assets are property and equipment that cannot be repurposed for other revenue streams.
The Company’s revenues, significant expenses, operating income, and net income by segment for the six months ended June 30, 2025 and 2024 is summarized in the following table (in thousands):
Three Months Ended June 30, 2025
Bitcoin MiningConsolidated
Revenue - bitcoin mining$43,565 $43,565 
Costs and operating (expenses) income
Cost of revenue(15,330)
Depreciation and amortization(44,086)
Change in fair value of derivative asset(15,480)
Unrealized gains on fair value of bitcoin17,143 
Realized gains on sale of bitcoin(3,639)
Equity in losses of equity method investees(1,701)
Other segment items(1)
(978)
Segment operating loss
(20,506)(20,506)
Adjustments(2)
(24,737)
Operating loss(45,243)
Interest income296 
Interest expense(1,137)
Other non-operating items(3)
1,220 
Loss before taxes$(44,864)
Three Months Ended June 30, 2024Bitcoin MiningConsolidated
Revenue - bitcoin mining$36,808 $36,808 
Costs and operating (expenses) income
Cost of revenue(14,281)
Depreciation and amortization(20,251)
Change in fair value of derivative asset21,980 
Unrealized gains on fair value of bitcoin(21,178)
Realized gains on sale of bitcoin4,869 
Equity in losses of equity method investees(577)
Other segment items(1)
1,109 
Segment operating income8,479 8,479 
Adjustments(2)
(24,650)
Operating loss(16,171)
Interest income1,053 
Interest expense(372)
Other non-operating items(3)
727 
Loss before taxes$(14,763)
(1) Other segment items included in Bitcoin Mining include Power sales, and Other gains.
(2) Other operating items included in adjustments include Compensation and benefits, and General and administrative.
(3) Other non-operating items include Change in fair value of warrant liability, and Other expense.
The Company’s revenues, significant expenses, operating income, and net income by segment for the six months ended June 30, 2025 and 2024 is summarized in the following table (in thousands):
Six Months Ended June 30, 2025
Bitcoin MiningConsolidated
Revenue - bitcoin mining$92,524 $92,524 
Costs and operating (expenses) income
Cost of revenue(30,224)
Depreciation and amortization(87,553)
Change in fair value of derivative asset(8,150)
Unrealized gains on fair value of bitcoin(3,035)
Realized gains on sale of bitcoin8,557 
Equity in losses of equity method investees(6,993)
Other segment items(1)
(466)
Segment operating income(35,340)(35,340)
Adjustments(2)
(47,991)
Operating loss(83,331)
Interest income486 
Interest expense(1,914)
Other non-operating items(3)
1,064 
Loss before taxes$(83,695)
Six Months Ended June 30, 2024
Bitcoin MiningConsolidated
Revenue - bitcoin mining$84,945 $84,945 
Costs and operating (expenses) income
Cost of revenue(29,101)
Depreciation and amortization(37,495)
Change in fair value of derivative asset29,339 
Unrealized gains on fair value of bitcoin19,378 
Realized gains on sale of bitcoin4,869 
Equity in losses of equity method investees161 
Other segment items(1)
2,282 
Segment operating income74,378 74,378 
Adjustments(2)
(43,763)
Operating loss30,615 
Interest income1,839 
Interest expense(772)
Other non-operating items(3)
(981)
Income before taxes$30,701 
(1) Other segment items included in Bitcoin Mining include Power sales, and Other gains.
(2) Other operating items included in adjustments include Compensation and benefits, and General and administrative.
(3) Other non-operating items include Change in fair value of warrant liability, and Other expense.