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REVENUES
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). The Company’s ongoing major or central operation is to provide bitcoin transaction verification services to the transaction requester, in addition to the Bitcoin network through a Company-operated mining pool as the Operator, and to provide a service of performing hash calculations to third-party pool operators alongside collectives of third-party Bitcoin miners (such collectives, “mining pools”) as a Participant.

The following table presents the Company’s revenues disaggregated for those arrangements in which the Company is the Operator and Participant:

Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)2026202520262025
Revenues from contracts with customers
Mining operator - transaction fees$1,044 $3,044 $2,052 $5,825 
Mining participant12,767 11,024 28,087 21,813 
Hosting services
— 1,164 1,085 2,315 
Total revenues from contracts with customers13,811 15,232 31,224 29,953 
Mining operator - block rewards156,492 218,309 312,742 414,668 
Other revenue (1)
4,578 4,944 5,529 7,748 
Total revenues$174,881 $238,485 $349,495 $452,369 

(1) Other revenue primarily consists of amounts generated from third-party software arrangements supporting the Company’s Bitcoin mining operations, as well as revenues from the Exaion acquisition. Refer to Note 3 – Acquisitions and Strategic Partnerships, for further information.

Mining Operator

As Operator, the Company provides transaction verification services to the transaction requester, in addition to the Bitcoin network. Transaction verification services are an output of the Company’s ordinary activities; therefore, the Company views the transaction requester as a customer and recognizes the transaction fees as revenue from contracts with customers under ASC 606. The Bitcoin network is not an entity such that it does not meet the definition of a customer; however, the Company has concluded that it is appropriate to apply ASC 606 by analogy to block rewards earned from the Bitcoin network.

For each contract, inception and completion occur simultaneously upon block validation. Each contract contains a single performance obligation to perform a transaction validation service, which is satisfied at the point-in-time when a block is successfully validated. At contract inception, the parties’ rights, transaction price, and payment terms are fixed and each party retains a unilateral enforceable right to terminate their respective contracts at any time without penalty.

In accordance with ASC 606-10-32-21, non-cash consideration (block reward and transaction fees), which is fixed as of the inception of each individual contract, is measured at the quoted spot rate for bitcoin determined using the Company’s primary trading platform for bitcoin at the time the Company successfully validates a block. The Company is currently entitled to the block reward of 3.125 bitcoin, subsequent to the halving that occurred on April 19, 2024, as well as the transaction fees paid by the transaction requester, each payable in bitcoin.
Mining Participant

As a Participant, the Company provides a service to perform hash calculations to the third-party pool operators, which it considers its customers under ASC 606. The duration of a contract is less than a day and may be continuously renewed multiple times throughout the day. During the three and six months ended June 30, 2026 and 2025, the Company participated in Full-Pay-Per-Share (“FPPS”) mining pools, under which compensation consists of block rewards and transactions fees, less pool operator fess, determined daily over a 24-hour UTC period. Non-cash consideration is estimated at contract inception with reasonable certainty and recognized on the same day control transfers to the pool operator, measured using the simple average daily spot rate of bitcoin determined using the Company’s primary trading platform.

Hosting Services

The Company operates multiple Bitcoin mining sites that previously provided colocation and managed services to institutional-scale crypto mining companies. As of June 30, 2026, the Company had no remaining customers associated with hosting services. Accordingly, no hosting services revenue was recognized for the three months ended June 30, 2026.