v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company currently has one operating segment, Bitcoin Mining, which through operations produces bitcoin to generate revenue. The CODM for the Company consists of the CEO and CFO. The CODM reviews the performance of the Company’s operating 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 allocations. In future periods, the Company expects to have an additional segment related to construction of data centers for HPC tenants when leases for those data centers commence operations.
The Company’s revenues, significant expenses, operating income, and net income by segment for the three months ended June 30, 2026, and 2025 are summarized in the following table (in thousands):
Three Months Ended June 30, 2026
Bitcoin MiningConsolidated
Revenue - bitcoin mining$24,837 $24,837 
Costs and operating (expenses) income
Cost of revenue(15,046)
Depreciation and amortization(19,365)
Change in fair value of power purchase agreement(5,900)
Unrealized gain on fair value of bitcoin16,901 
Realized loss on sale of bitcoin(23,509)
Other segment items(1)
2,384 
Segment operating loss
(19,698)(19,698)
Adjustments(2)
(58,838)
Operating loss(78,536)
Interest income35,861 
Interest expense(66,736)
Other non-operating items(3)
(157,751)
Loss before taxes$(267,162)
Three Months Ended June 30, 2025Bitcoin MiningConsolidated
Revenue - bitcoin mining$43,565 $43,565 
Costs and operating (expenses) income
Cost of revenue(15,330)
Depreciation and amortization(44,086)
Change in fair value of power purchase agreement(15,480)
Unrealized gain on fair value of bitcoin
17,143 
Realized loss on sale of bitcoin(3,639)
Equity in losses of equity method investees(1,701)
Other segment items(1)
(978)
Segment operating loss(20,506)(20,506)
Adjustments(2)
(24,737)
Operating loss(45,243)
Interest income296 
Interest expense(1,137)
Other non-operating items(3)
1,220 
Loss before taxes$(44,864)
(1) Other segment items included in Bitcoin Mining include Power sales, and Other losses.
(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, 2026, and 2025 are summarized in the following table (in thousands):
Six Months Ended June 30, 2026
Bitcoin MiningConsolidated
Revenue - bitcoin mining$59,675 $59,675 
Costs and operating (expenses) income
Cost of revenue(32,751)
Depreciation and amortization(38,379)
Change in fair value of power purchase agreement(34,130)
Unrealized gain on fair value of bitcoin20,661 
Realized loss on sale of bitcoin
(47,732)
Equity in losses of equity method investees(1,601)
Other segment items(1)
(13,266)
Segment operating loss
(87,523)(87,523)
Adjustments(2)
(105,582)
Operating loss(193,105)
Interest income67,451 
Interest expense(125,894)
Other non-operating items(3)
(129,523)
Loss before taxes$(381,071)
Six Months Ended June 30, 2025
Bitcoin MiningConsolidated
Revenue - bitcoin mining$92,524 $92,524 
Costs and operating (expenses) income
Cost of revenue(30,224)
Depreciation and amortization(87,553)
Change in fair value of power purchase agreement(8,150)
Unrealized loss on fair value of bitcoin(3,035)
Realized gains on sale of bitcoin8,557 
Equity in losses of equity method investees(6,993)
Other segment items(1)
(466)
Segment operating loss(35,340)(35,340)
Adjustments(2)
(47,991)
Operating loss(83,331)
Interest income486 
Interest expense(1,914)
Other non-operating items(3)
1,064 
Loss before taxes$(83,695)
(1) Other segment items included in Bitcoin Mining include Power sales, and Other losses.
(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.