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Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue:        
Total revenue $ 84,786 $ 51,891 $ 234,100 $ 201,866
Costs and expenses:        
Acquisition-related costs 3,079   3,079  
Selling, general, and administrative 66,936 29,067 185,777 61,578
Depreciation and amortization 60,000 64,569 129,669 190,071
Change in fair value of Bitcoin (8,554) 25,261 (166,231) (72,733)
Change in fair value of derivative asset 24,318 (3,943) (23,398) (11,274)
Power curtailment credits (12,417) (49,601) (31,445) (66,146)
Loss (gain) on sale/exchange of equipment   5,306 68 5,336
Casualty-related charges (recoveries), net 0 0 (2,487) 1,526
Total costs and expenses 206,299 134,437 268,712 299,221
Operating income (loss) (121,513) (82,546) (34,612) (97,355)
Other income (expense):        
Interest income (expense) 5,175 2,318 21,132 3,331
Unrealized gain (loss) on marketable equity securities (38,082)   (13,620)  
Other income (expense) 90 31 131 96
Total other income (expense) (32,817) 2,349 7,643 3,427
Net income (loss) before taxes (154,330) (80,197) (26,969) (93,928)
Current income tax benefit (expense) (32) 157 (65) (31)
Deferred income tax benefit (expense)       5,045
Total income tax benefit (expense) (32) 157 (65) 5,014
Net income (loss) $ (154,362) $ (80,040) $ (27,034) $ (88,914)
Basic net income (loss) per share (in Dollars per share) $ (0.54) $ (0.44) $ (0.10) $ (0.53)
Diluted net income (loss) per share (in Dollars per share) $ (0.54) $ (0.44) $ (0.10) $ (0.53)
Basic weighted average number of shares outstanding (in Shares) 286,243,674 180,952,689 261,977,695 168,758,240
Diluted weighted average number of shares outstanding (in Shares) 286,243,674 180,952,689 261,977,695 168,758,240
Bitcoin Mining        
Revenue:        
Total revenue $ 67,491 $ 31,222 $ 194,651 $ 128,987
Costs and expenses:        
Cost of revenues 51,472 24,449 123,296 69,995
Engineering        
Revenue:        
Total revenue 12,638 15,536 26,940 50,995
Costs and expenses:        
Cost of revenues 13,517 13,194 27,796 46,939
Other        
Revenue:        
Total revenue 4,657 5,133 12,509 21,884
Costs and expenses:        
Cost of revenues $ 7,948 $ 26,135 $ 22,588 $ 73,929