v3.25.3
PROPERTY, PLANT, AND EQUIPMENT
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, AND EQUIPMENT
3. PROPERTY, PLANT, AND EQUIPMENT
Property, plant and equipment, net as of September 30, 2025 and December 31, 2024 consist of the following (in thousands):
September 30, 2025December 31, 2024Estimated Useful Lives
Land and improvements1
$49,221 $23,667 
20 years
Building and improvements
279,530 256,086 
10 to 39 years
Mining and network equipment
390,848 414,173 
3 to 5 years
Electrical equipment
82,470 82,598 
15 years
Other property, plant and equipment
3,087 2,884 
5 to 7 years
Total
805,156 779,408 
Less: accumulated depreciation and amortization
415,047 385,922 
Total
390,109 393,486 
Add: Construction in progress
688,694 162,856 
Property, plant and equipment, net
$1,078,803 $556,342 
1 Estimated useful life of improvements. Land is not depreciated.
Depreciation expense for the three months ended September 30, 2025 and 2024, was $16.1 million and $28.5 million, respectively, and for the nine months ended September 30, 2025 and 2024, was $54.3 million and $86.6 million, respectively.
During the three months ended September 30, 2025 and 2024, $35.4 million and $0.4 million, respectively, of construction in progress was placed into service. During the nine months ended September 30, 2025 and 2024, $47.5 million and $140.3 million, respectively, of construction in progress was placed into service.