Note 5. Bitcoin

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

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During the three months ended March 31, 2022, the Company recorded impairment charges on its Bitcoin holdings of $25.9 million.

Applying the market price of one Bitcoin on March 31, 2023 of approximately $28,478 to the Company’s 7,094 Bitcoin held, results in an estimated fair value of the Company’s Bitcoin of $202.0 million. Applying the market price of one Bitcoin on December 31, 2022 of approximately $16,548 to the Company’s 6,974 Bitcoin held, results in an estimated fair value of the Company’s Bitcoin of $115.4 million. The valuation of Bitcoin held is classified under Level 1 of the fair value hierarchy as it is based on quoted prices in active markets for identical assets.