Note 6. Property and Equipment

The following table presents the Company’s property and equipment:

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The Company did not incur any impairment charges for its property and equipment during the three months ended March 31, 2026 and 2025.

For the three months ended March 31, 2026 and 2025, depreciation expense related to property and equipment totaled $96.7 million and $76.9 million, respectively.

Miners and mining equipment

As of March 31, 2026, the Company had deployed miners in its Bitcoin Mining operations at each of the Facilities.

During the year ended December 31, 2023, the Company entered into a long-term master purchase and sales agreement, dated as of June 23, 2023, as amended (the “Master Agreement”), to acquire miners from MicroBT Electronics Technology Co., Ltd., through its manufacturing affiliate, SuperAcme Technology (Hong Kong) Limited (collectively, “MicroBT”). In 2023, 2024, and 2025, the Company executed purchase orders with MicroBT to acquire U.S.-manufactured miners with a total hash rate of 49.2 exahash per second (“EH/s”), for a total purchase price of approximately $779.5 million, subject to downward adjustment, as provided under the Master Agreement. Delivery of these miners began in 2023, and all miners under these purchase orders are expected to be received by the second quarter of 2026, with deployment continuing on an ongoing basis.