v3.24.3
BITCOIN
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
BITCOIN BITCOIN
The following table presents information about the Company’s bitcoin holdings for the nine months ended September 30, 2024 and September 30, 2023, respectively (in thousands, except for quantity of bitcoin):
Quantity
Amount
Balance as of December 31, 202343 $1,801 
Cumulative effect of change in accounting principle— 37 
Balance as of January 1, 202443 1,838 
Revenue recognized from digital currency mined and hosting services1,757 104,461 
Bitcoin received as distributions from investee390 22,482 
Gains from remeasurement, net— 1,580 
Dispositions(2,174)(129,470)
Digital currency paid as consideration for services(4)(278)
Bitcoin issued for purchases of and deposits on plant and equipment(7)(316)
Balance as of September 30, 2024
5 $297 
Cost basis of bitcoin as of September 30, 2024(1)
$309 
Quantity
Amount
Balance as of January 1, 202311 $183 
Bitcoin received from mining pool and hosting services1,559 41,936 
Bitcoin received as distributions from investee422 11,682 
Impairment— (2,231)
Dispositions(1,960)(50,687)
Bitcoin issued for purchases of and deposits on plant and equipment
(9)(269)
Balance as of September 30, 2023
23 $614 
(1) Prior to the adoption of ASU 2023-08 on January 1, 2024, the carrying value of bitcoin represents the post-impairment value of all bitcoin held. After the adoption of ASU 2023-08 the cost basis of bitcoin represents the valuation of bitcoin at the time the Company earns the bitcoin through mining activities.

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Realized gains on sales of digital currency, net(2)
$989 $697 $1,548 $1,883 
(2) Bitcoin is sold on a first in, first out (FIFO) basis. During the three and nine months ended September 30, 2024, realized net gains are included in gain on fair value of digital currency, net in the condensed consolidated statements of operations.

The Company’s bitcoin holdings are not subject to contractual sale restrictions. As of September 30, 2024, the Company held no other digital currency.