Long-Term Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Long-Term Assets

Note 9. Long-Term Assets

Deposits:

Deposits consisted of the following as of September 30, 2021:

Deposits on equipment
Balance at January 1, 2021	$	33,093
Additions		103,158
Reclassification to property and equipment		(46,711	)
Balance at September 30, 2021		89,540
Security deposits		4,876
Deposits at September 30, 2021	$	94,416

During the nine months ended September 30, 2021, the Company paid approximately $103.2 million as deposits, primarily for miners, and, as of September 30, 2021, had reclassified $46.7 million to property and equipment in connection with the receipt of 18,603 miners at the Coinmint Facility and the Whinstone Facility. See Note 5, “Revenue from Contracts with Customers”.

Security Deposits:

During the nine months ended September 30, 2021, the Company paid approximately $3.1 million in connection with an amended and restated Transmission/Substation Facility Extension Agreement for the construction of the Oncor-owned Delivery System facilities to serve the expansion of the Whinstone Facility. The deposit can be returned in two tranches: 1) upon verification by Oncor that the load demand meets or exceeds 394 MW, approximately $1.3 million can be returned, and 2) upon verification by Oncor that the load demand meets or exceeds 725 MW, the remaining $1.8 million can be returned. As of September 30, 2021, the Company has security deposits totaling $4.9 million, including its ground lease of $1.8 million.

Right of Use Assets:

See Note 11, “Leases”.