v3.24.3
PROPERTY AND EQUIPMENT
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT PROPERTY AND EQUIPMENT
The components of property and equipment as of September 30, 2024 and December 31, 2023 are:

(in thousands, except useful life)Useful life (Years)September 30, 2024December 31, 2023
Land (1)
—$4,649 $— 
Land improvements925,246 — 
Building and improvements2550,866 — 
Mining rigs31,191,928 862,055 
Containers
10 - 15
56,977 5,676 
Equipment
4 - 15
65,622 — 
Software and hardware23,307 — 
Asset retirement obligation87,879 — 
Construction in progress—145,311— 
Other7839242
Total gross property, equipment1,552,624867,973
Less: Accumulated depreciation and amortization(460,484)(196,201)
Property and equipment, net$1,092,140 $671,772 
 
(1) Refer to Note 15 - Leases, for further information regarding the Company’s finance land lease.

The Company recorded an asset retirement obligation of $7.9 million for the Granbury data center land lease. The asset retirement obligation represents the estimated cost to return the site to its original state. The asset retirement obligation is being depreciated over the term of the lease which is approximately 8 years.
The Company’s accretion expense related to the asset retirement obligation for the three and nine months ended September 30, 2024 was $0.2 million and $0.7 million, respectively.

The Company’s depreciation expense related to property and equipment for the three months ended September 30, 2024 and 2023 was $101.1 million and $53.5 million, respectively. The Company’s depreciation expense related to property and equipment for the nine months ended September 30, 2024 and 2023 was $266.9 million and $108.6 million, respectively.