Property, plant and equipment, net as of March 31, 2026 and December 31, 2025 consist of the following (in thousands):


	March 31, 2026	December 31, 2025	Estimated Useful Lives
Land and improvements1	$74,906	$21,769	20 years
Building and improvements	295,367	275,186	10 to 39 years
Mining equipment	314,357	393,623	3 years
Electrical and mechanical equipment	91,015	80,384	15 years
Other property, plant and equipment	16,178	18,164	5 to 7 years
Total	791,823	789,126
Less: accumulated depreciation and amortization	372,193	406,893
Total	419,630	382,233
Add: Construction in progress	925,294	911,066
	$1,344,924	$1,293,299

Depreciation expense for the three months ended March 31, 2026 and 2025 was $16.4 million and $19.5 million, respectively.

During the three months ended March 31, 2026 and 2025, $140.5 million and $1.6 million, respectively, of construction in

As of March 31, 2026 and December 31, 2025, property, plant and equipment, net being leased to customers consisted of the


	March 31, 2026	December 31, 2025
Land and improvements	$63,809	$5,546
Building and improvements	261,208	146,082
Electrical and mechanical equipment	41,735	19,146
Other property, plant and equipment	224	226
Total	366,976	171,000
Less: accumulated depreciation and amortization	11,502	9,856
Property, plant and equipment, net leased to customers	$355,475	$161,144

Depreciation expense for assets leased to customers for the three months ended March 31, 2026, was $2.6 million. There were

During the three months ended March 31, 2026, the Company identified indicators of impairment of its mining equipment and

mining infrastructure asset groups, including sustained declines in bitcoin prices, declines in bitcoin hashprice, and significant

decreases in secondary market values for digital asset mining equipment. As a result, the Company performed a recoverability

assessment of its mining-related asset groups in accordance with ASC Topic 360-10. The undiscounted future cash flows for each

The Company measured the fair value of its mining equipment using a market approach based on observable secondary market

pricing data for similar assets. The Company measured the fair value of its mining infrastructure assets using an income approach

based on a discounted cash flow analysis reflecting the estimated future cash flows a market participant would expect from operating

During the three months ended March 31, 2026, the Company recognized impairment charges of $266.5 million, consisting of

$151.6 million related to mining equipment and $114.9 million related to mining infrastructure, which are included in Impairment of

property, plant and equipment in the condensed consolidated statements of operations. No impairment charges were recognized during