Annual report pursuant to Section 13 and 15(d)

Bitcoin

v3.22.4
Bitcoin
12 Months Ended
Dec. 31, 2022
Cryptocurrencies  
Bitcoin

Note 7. Bitcoin

The following table presents information about the Company’s Bitcoin:

    

December 31, 

    

December 31, 

2022

2021

(as restated)

Beginning balance

$

150,593

$

10,186

Revenue recognized from Bitcoin mined

 

156,870

 

184,422

Proceeds from sale of Bitcoin

 

(79,529)

 

Exchange of Bitcoin for employee compensation

(1,495)

(295)

Realized gain on sale/exchange of Bitcoin

 

30,346

 

253

Impairment of Bitcoin

 

(147,365)

 

(43,973)

Ending balance

$

109,420

$

150,593

During the years ended December 31, 2022, 2021, and 2020, the Company recorded impairment charges on its Bitcoin holdings of $147.4 million, $44.0 million, and $3.6 million, respectively.