Note 5. Bitcoin

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

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During the three and six months ended June 30, 2023, the Company recorded impairment charges on its Bitcoin holdings of $5.6 million and $10.1 million, respectively.

During the three and six months ended June 30, 2022, the Company recorded impairment charges on its Bitcoin holdings of $101.4 million and $127.3 million, respectively.

Applying the market price of one Bitcoin on June 30, 2023 of approximately $30,477 to the Company’s 7,265 Bitcoin held at that date resulted in an estimated fair value of the Company’s Bitcoin of $221.4 million. Applying the market price of one Bitcoin on December 31, 2022 of approximately $16,548 to the Company’s 6,974 Bitcoin held at that date resulted 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.