Note 6. Property and Equipment

The following table presents the Company’s property and equipment:

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The Company incurred impairment charges of $28.0 million for its property and equipment during the three and six months ended June 30, 2026, due to certain long-lead items, previously included in Construction in progress related to the planned expansion of the Rockdale Facility for bitcoin mining purposes, being deemed to be impaired as a result of the Company’s decision to expand the Rockdale Facility for data center application purposes. The Company did not incur any impairment charges for its property and equipment during the three and six months ended June 30, 2025.

For the three months ended June 30, 2026 and 2025, depreciation expense related to property and equipment totaled $96.6 million and $82.2 million, respectively, and $193.3 million and $159.1 million, respectively, for the six months ended June 30, 2026 and 2025.

Miners and mining equipment

As of June 30, 2026, the Company had deployed miners in its Bitcoin Mining operations at each of the Facilities.

During the year ended December 31, 2023, the Company entered into a long-term master purchase and sales agreement, dated as of June 23, 2023, as amended (the “Master Agreement”), to acquire miners from MicroBT Electronics Technology Co., Ltd., through its manufacturing affiliate, SuperAcme Technology (Hong Kong) Limited (collectively, “MicroBT”). Between 2023 and 2026, the Company executed purchase orders with MicroBT to acquire U.S.-manufactured miners with a total hash rate of 50.9 exahash per second (“EH/s”), for a total purchase price of approximately $795.2 million, subject to downward adjustment, as provided under the Master Agreement. Delivery of these miners began in 2023, and all miners under these purchase orders are expected to be received through the fourth quarter of 2026, with deployment continuing on an ongoing basis.