Property and equipment consist of the following:


	As of
($ in thousands)	June 30, 2026			September 30, 2025
Land	$	152,199		$	39,299
Land improvements		12,158			9,937
Building and improvements		101,737			96,400
Leasehold improvements		3,523			2,941
Miners		1,408,836			1,422,011
Mining equipment		24,885			24,807
Infrastructure		364,187			295,837
Machinery and equipment		23,864			16,978
Furniture and fixtures		3,457			2,626
Construction in progress		81,772			12,788
Property and equipment, gross	$	2,176,618		$	1,923,624
Less: Accumulated depreciation		(841,516	)		(559,943	)
Property and equipment, net	$	1,335,102		$	1,363,681

Depreciation expense for the nine months ended June 30, 2026 and 2025 was $331,055 and $236,916, respectively. Depreciation expense attributable to miners for the three months ended June 30, 2026 and 2025 was $99,851 and $83,682, respectively. For the nine months ended June 30, 2026 and 2025, depreciation expense attributable to miners was $299,303 and $209,660, respectively.

During the nine months ended June 30, 2026, the Company had additions to property and equipment of $319,013, which included $51,245 of miners and $116,611 of assets acquired through acquisition transactions (see Note 3 - Acquisitions).

During the nine months ended June 30, 2026, the Company had disposals of property with a net book value of $10,436 for which the Company received proceeds of $3,744, recognizing a loss on disposal of assets of $6,695.

Construction in progress: The Company continues to expand its data center operations through investments in infrastructure, building, and land improvements.

Deposits on miners and mining equipment: As of June 30, 2026 and September 30, 2025, the Company has outstanding deposits for miners and mining equipment totaling $86,264 and $112,037, respectively. Such deposits are recorded in Other long-term assets on the Condensed Consolidated Balance Sheets.

In March 2026, the Company concluded that a $4,008 deposit towards the purchase of transformers was no longer expected to be utilized and recorded an impairment charge for the full carrying amount. In December 2025, the Company began disposing of certain aged mining equipment for less than its carrying value and recorded a related impairment on idle equipment totaling $1,398. The deposit and equipment impairment charges were recorded in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income under the caption Impairment expense.