Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment (Tables)

v3.22.2.2
Property and Equipment (Tables)
 6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
    Life (Years)     June 30, 2022     December 31, 2021  
Buildings and building improvements     10-25     $ 154,960     $ 78,548  
Land rights and land improvements     n/a       10,089      
—  
  
Miners and mining equipment     2       193,486       87,921  
Machinery and facility equipment     5-7       16,848       12,373  
Office and computer equipment     3       1,088       1,007  
Construction in progress             93,375       113,598  
Total cost of property and equipment             469,846       293,447  
Less accumulated depreciation             (58,602 )     (30,467 )
Property and equipment, net           $ 411,244     $ 262,980  

Schedule of purchase agreement commitments, deposits paid and expected delivery timing
Agreement Date (1)   Original Purchase Commitment     Open Purchase Commitment     Deposit Balance     Expected Shipping
April 5, 2021   $ 138,506     $ 17,068     $ 85,095     Third Quarter 2022 – Fourth Quarter 2022
October 29, 2021   $ 56,250     $ 10,800     $ 41,864     Third Quarter 2022 – Fourth Quarter 2022
November 22, 2021   $ 32,550     $ 8,085     $ 21,402     Third Quarter 2022 – Fourth Quarter 2022
December 10, 2021   $ 97,650     $ 24,255     $ 68,124     Third Quarter 2022 – Fourth Quarter 2022
December 24, 2021   $ 202,860     $ 50,400     $ 140,868     Third Quarter 2022 – Fourth Quarter 2022
Total   $ 527,816     $ 110,608     $ 357,353      

(1) Pursuant to the Company’s agreements with Bitmain, among other provisions, the Company is responsible for all shipping charges incurred in connection with the delivery of the miners.