| Schedule of Reportable Segments and Operating Income |
The following table presents revenue and cost of revenues for the Company’s reportable segments, reconciled to the Consolidated Statements of Operations:
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Years Ended December 31, |
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2022 |
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2021 |
|
2020 |
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(as restated) |
|
(as restated) |
Reportable segment revenue: |
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Bitcoin Mining |
|
$ |
156,870 |
|
$ |
184,422 |
|
$ |
11,984 |
Data Center Hosting |
|
|
101,718 |
|
|
24,546 |
|
|
— |
Engineering |
|
|
85,358 |
|
|
5,265 |
|
|
— |
Other revenue |
|
|
97 |
|
|
97 |
|
|
97 |
Eliminations |
|
|
(84,872) |
|
|
(1,087) |
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|
— |
Total segment and consolidated revenue |
|
$ |
259,171 |
|
$ |
213,243 |
|
$ |
12,081 |
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|
|
|
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|
|
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|
Reportable segment cost of revenues: |
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|
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Bitcoin Mining |
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84,897 |
|
|
45,513 |
|
|
6,251 |
Data Center Hosting |
|
|
116,200 |
|
|
32,998 |
|
|
— |
Engineering |
|
|
70,283 |
|
|
4,351 |
|
|
— |
Eliminations |
|
|
(77,684) |
|
|
(769) |
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|
— |
Total segment and consolidated cost of revenues |
|
$ |
193,696 |
|
$ |
82,093 |
|
$ |
6,251 |
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|
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Reconciling Items: |
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Acquisition-related costs |
|
|
(78) |
|
|
(21,198) |
|
|
— |
Selling, general, and administrative |
|
|
(67,452) |
|
|
(87,429) |
|
|
(10,251) |
Depreciation and amortization |
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|
(107,950) |
|
|
(26,324) |
|
|
(4,494) |
Change in fair value of derivative asset |
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|
71,418 |
|
|
12,112 |
|
|
— |
Power curtailment credits |
|
|
27,345 |
|
|
6,514 |
|
|
— |
Change in fair value of contingent consideration |
|
|
159 |
|
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(975) |
|
|
— |
Realized gain on sale/exchange of Bitcoin |
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|
30,346 |
|
|
253 |
|
|
6,350 |
Gain on exchange of equipment |
|
|
16,281 |
|
|
— |
|
|
29 |
Casualty-related charges (recoveries), net |
|
|
(9,688) |
|
|
— |
|
|
— |
Impairment of Bitcoin |
|
|
(147,365) |
|
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(43,973) |
|
|
(3,595) |
Impairment of goodwill |
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(335,648) |
|
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— |
|
|
— |
Impairment of miners |
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(55,544) |
|
|
— |
|
|
— |
Impairment of long-term investment |
|
|
— |
|
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— |
|
|
(9,413) |
Reversal of registration rights penalty |
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|
— |
|
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— |
|
|
1,358 |
Interest income (expense) |
|
|
454 |
|
|
(296) |
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|
85 |
Realized loss on sale of marketable equity securities |
|
|
(8,996) |
|
|
— |
|
|
— |
Realized gain on sale/exchange of long-term investment |
|
|
— |
|
|
26,260 |
|
|
— |
Unrealized loss on marketable equity securities |
|
|
— |
|
|
(13,655) |
|
|
— |
Other income (expense) |
|
|
(59) |
|
|
2,378 |
|
|
(6) |
Current income tax benefit (expense) |
|
|
(789) |
|
|
(254) |
|
|
— |
Deferred income tax benefit (expense) |
|
|
12,538 |
|
|
— |
|
|
— |
Net income (loss) |
|
$ |
(509,553) |
|
$ |
(15,437) |
|
$ |
(14,107) |
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