Intangible Assets |
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| Intangible Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INTANGIBLE ASSETS |
Adoption of ASU 2023-08
Effective January 1, 2025, the Company adopted ASU 2023-08, which requires digital assets to be measured at fair value, with changes in fair value recognized in earnings.
Upon adoption, the Company recorded a cumulative effect adjustment of approximately $55.9 million to retained earnings, representing the difference between the carrying value under the previous cost-less-impairment model and fair value at the adoption date.
Bitcoin Production
The following table presents our Bitcoin mining activities for the six months ended June 30, 2026.
The following table presents our Ethereum mining activities for the six months ended June 30, 2026.
Fair Value Measurement
Digital assets are measured at fair value using quoted prices in active markets for identical assets.
The Company uses observable market prices from major cryptocurrency exchanges (e.g.Blockchain.com, Investing.com Binance.com etc historical cryptocurrency data.) as of June 30, 2026, based on a consistent pricing methodology.
Digital assets are classified as Level 1 within the fair value hierarchy under ASC 820.
There were no transfers between levels during the six months ended June 30, 2026.
Impact on Earnings
For the period ended June 30, 2026, the Company recognized a fair value loss on digital assets of approximately $27.4 million related to changes in the fair value of digital assets.
Digital Asset Activity
The Company did not run the mining rigs during the period ended June 30, 2026, and no digital assets were generated during the year.
Significant Judgment
The determination of fair value requires judgment in selecting:
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