v3.26.3
Property, Plant And Equipment, Net
 6 Months Ended
Jun. 30, 2026
Property, Plant and Equipment, Net [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET
10. PROPERTY, PLANT AND EQUIPMENT, NET

 

The details of property, plant and equipment, net are as follows:

 

    At
June 30,		     At
December 31,		  
In thousands of USD   2026     2025  
Construction in progress     729,429       134,172  
Buildings     110,859       99,716  
Land     12,469       6,620  
Machinery     126,230       123,725  
Electronic equipment     43,564       31,207  
Leasehold improvements and property improvements     234,398       202,552  
Containerized solution     37,676       46,174  
GPU equipment     49,549       13,656  
Mining rigs     1,270,521       827,491  
Others     5,891       5,553  
Total     2,620,586       1,490,866  
Less: accumulated depreciation     (510,809 )     (391,131 )
Less: accumulated impairment (1)     (11,481 )     (13,460 )
Net carrying amount     2,098,296       1,086,275  

 

(1) No impairment loss on property, plant and equipment was recognized for the six months ended June 30, 2026 and 2025.

 

Construction in progress primarily represents the construction of AI and mining datacenters and includes mining rigs and related equipment transferred from inventories, following a change of use from sale to own mining, that have not yet been placed into service. Refer to Note 7 for details of the inventories reclassified to property, plant and equipment.

 

Depreciation expenses were US$190.6 million and US$33.4 million for the six months ended June 30, 2026 and 2025, respectively.

 

For the six months ended June 30, 2026 and 2025, additions to construction in progress included capitalized interest of US$2.7 million and US$3.8 million, respectively, arising from borrowings comprising convertible senior notes and borrowings from a related party.

 

As of June 30, 2026, the Group has provided certain mining rigs as collateral in connection with certain loan arrangements with BIT Group. The carrying amount of the mining rigs provided as collateral amounted to approximately US$834.6 million. Refer to Note 20 for details of the loan arrangements.