
	September 30, 2025		December 31, 2024
Miners and mining equipment	$	556,888	$	342,111
Leasehold improvements	151,109		137,582
Land	58,330		49,021
Buildings	65,736		—
Infrastructure	106,688		28,166
Other	882		606


Construction-in-progress	12,101		82,017
Total cost of property and equipment	951,734		639,503
Less: accumulated depreciation	(301,857)		(158,638)
Property and equipment, net	$	649,877	$	480,865

As of September 30, 2025, the Company had approximately $12.1 million of construction-in-progress related to construction at various sites. For the nine months ended September 30, 2025, $144.8 million of Construction-in-progress related to the build out of the Black Pearl Facility was reclassified primarily into Buildings of $65.7 million with a useful life of 20 years, and Infrastructure of $76.2 million with useful lives ranging from 10-20 years.

In June 2025, as part of placing the assets related to the Black Pearl Facility into service, the Company recorded an asset retirement obligation for the Black Pearl Facility to restore the land to its original condition at the end of the lease for $10.7 million, to be depreciated straight-line over the estimated remaining useful lives of the assets related to the facility.

Depreciation expense was approximately $59.3 million and $28.5 million for the three months ended September 30, 2025, and 2024, respectively, and included approximately $0.8 million and $0.5 million of accretion expense related to the Company’s asset retirement obligations, and $146.5 million and $65.7 million for the nine months ended September 30, 2025 and 2024, respectively, and included approximately $1.9 million and $1.4 million for the nine months ended September 30, 2025 and 2024, of accretion expense related to the Company’s asset retirement obligations.