v3.26.1
PROPERTY, PLANT AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET PROPERTY, PLANT AND EQUIPMENT, NET
As of June 30, 2026 and December 31, 2025, property, plant and equipment ("PPE") consisted of the following:
As of June 30,
As of December 31,
2026
2025
BVVE
193,762 
344,075 
Energy infrastructure
102,925 
102,133 
Leasehold improvements
14,381 
14,538 
Buildings
11,432 
13,536 
Machinery and equipment
12,682 
11,989 
Vehicles
1,485 
1,544 
Land
51,758 
48,119 
Construction in progress
64,781 
12,169 
453,206 
548,103 
Accumulated depreciation
(166,151)
(189,770)
Carrying amount
287,055 
358,333 

Assets not subject to depreciation
As of June 30, 2026, property, plant and equipment that are not yet placed into service amounted to $64,781 (December 31, 2025: $12,169) and land was $51,758 (December 31, 2025: $48,119). These assets are not depreciated. Depreciation begins when assets are ready and available for their intended use; land is not depreciated.

Changes in the useful life, residual value
During the three and six months ended June 30, 2026, the Company continued its strategic transition from Bitcoin Mining operations to HPC and AI workloads infrastructure and ceased Bitcoin Mining operations at its Washington State, Panther Creek, Scrubgrass and Sharon sites, as described in Note 1. This change in operations caused management to evaluate the estimated useful lives and residual values of certain long-lived assets with an aggregate carrying value of $82,880 immediately before the revision. This constitutes a change in accounting estimate under ASC 250-10-45-17.

Management revised the useful lives and residual values of the affected assets to align with the decommissioning dates, which resulted in accelerated depreciation to ensure the carrying value is reduced to residual value by the end of each asset's service period. This change in estimate was applied prospectively effective June 29, 2026. As a result, the Company recognized additional depreciation expense of approximately $62,993 and $67,662 for the three and six months ended June 30, 2026, respectively. The impact on basic and diluted loss per share was $(0.10) and $(0.11) for the three and six months ended June 30, 2026, respectively.