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Deposits On Mining Equipment and Hosting Services
9 Months Ended
Sep. 30, 2022
Deposits on Mining Equipment and Hosting Services [Abstract]  
Deposits on Mining Equipment and Hosting Services

Note 8. Deposits on Mining Equipment and Hosting Services

As further described in Note 1, the Company has entered into a series of mining machine purchase agreements, hosting and colocation service agreements in association with our cryptocurrency mining operations which required deposits to be paid in advance of the respective asset or service being received.

The Company classifies deposit payments within Deposits on mining equipment and hosting services in the consolidated balance sheet. As mining machines are received, the respective cost of the mining machines plus the related shipping and customs fees are reclassified from Deposits on mining equipment and hosting services to Fixed assets, net in the consolidated balance sheet. Refer to Note 9. As of September 30, 2022 and December 31, 2021, the Company has a total of approximately $10.5 and $16.8 million, respectively, classified as Deposits on mining equipment and hosting services and approximately $22.0 million and $0, respectively, of mining machines classified as Fixed assets, net in the consolidated balance sheet under these payment arrangements.