v3.26.1
PROPERTY AND EQUIPMENT
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The components of property and equipment as of June 30, 2026 and December 31, 2025 are as follows:

(in thousands, except useful life)Useful life (Years)June 30, 2026December 31, 2025
Land (1)
—$3,685 $3,510 
Land improvements953,515 34,409 
Building and improvements2591,826 91,486 
Mining rigs31,985,153 2,057,933 
Containers
10 - 15
134,909 120,000 
Mining and transportation equipment
4 - 15
328,477 295,332 
Construction in progress—16,280 75,653 
Other713,455 7,327 
Total gross property, equipment2,627,300 2,685,650 
Less: Accumulated depreciation and amortization(1,411,724)(1,195,015)
Property and equipment, net$1,215,576 $1,490,635 
 
(1) Refer to Note 14 – Leases, for further information regarding the Company’s finance land lease.
The Company’s depreciation expense related to property and equipment for the three months ended June 30, 2026 and 2025 was $169.0 million and $158.9 million, respectively, and $355.6 million and $313.7 million for the six months ended June 30, 2026 and 2025, respectively.

During the three and six months ended June 30, 2026, the Company reassessed the expected future use of certain mining rigs, resulting in accelerated depreciation of $28.1 million and $48.2 million, respectively, included in “Depreciation and amortization” on the Condensed Consolidated Statements of Operations.

Additionally, during the six months ended June 30, 2026, the Company recognized an impairment charge of $42.0 million related to the elimination of certain business activities involving mining rigs and equipment as part of the 2026 Restructuring Plan. This charge is included in “Restructuring costs” on the Condensed Consolidated Statements of Operations. The Company did not incur any impairment charges related to its property and equipment in the prior year period.
Asset Retirement Obligation

The Company’s asset retirement obligations represent the estimated present value of future costs to return a data mining site back to its original state. The Company’s accretion expense related to the asset retirement obligation for the three months ended June 30, 2026 and 2025 was $0.2 million and $0.3 million, respectively, and $0.4 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively. Asset retirement obligations are accreted over the term of the leases.