v3.26.1
ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS
Disaggregated revenues
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Bitcoin Mining
25,859 
55,418 
55,752 
101,312 
Energy sales
2,386 
2,949 
8,257 
3,269 
Electrical services
2,006 
1,006 
2,543 
2,100 
Cryptocurrency Hosting
179 
1,535 
870 
1,878 
30,430 
60,908 
67,422 
108,559 

Cost of revenues
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Energy expenses
(19,197)
(21,411)
(40,311)
(37,411)
Depreciation and amortization
(84,149)
(26,439)
(111,843)
(44,887)
Infrastructure expenses
(12,530)
(16,114)
(26,472)
(20,429)
Electrical components and salaries
(1,307)
(830)
(1,854)
(1,707)
Hosting expenses
— 
— 
— 
(7,735)
(117,183)
(64,794)
(180,480)
(112,169)
Accelerated depreciation
Depreciation and amortization for the three and six months ended June 30, 2026 included $62,993 and $67,662, respectively, of accelerated depreciation resulting from the change in estimated useful lives and residual values related to the Company's cessation of Bitcoin Mining operations at its Washington State, Panther Creek, Scrubgrass and Sharon sites.

Inventories
During the three and six months ended June 30, 2026, the cost of electrical component inventory and waste, limestone and fuel oil recognized as an expense and included in cost of revenues was $5,768 and $21,056, respectively (three and six months ended June 30, 2025: $15,150 and $15,828, respectively).

Energy costs are net of RECs and WTCs
During the three and six months ended June 30, 2026, RECs amounted to $3,124 and $4,201, respectively, and the WTCs amounted to $1,114 and $1,918, respectively (three and six months ended June 30, 2025: RECs amounted to $6,540, and WTCs amounted to nil for both periods), all of which offset energy expenses in the cost of revenues.
NOTE 19:     ADDITIONAL DETAILS TO THE STATEMENTS OF OPERATIONS (Continued)

General and administrative expenses
Three months ended June 30,
Six months ended June 30,

2026
2025
2026
2025
Salaries and wages
(10,347)
(7,241)
(19,040)
(12,638)
Stock-based compensation
(9,848)
(3,426)
(12,554)
(7,552)
Professional services
(6,603)
(3,973)
(18,699)
(9,312)
Insurance, duties and other
(3,046)
(2,898)
(5,072)
(5,033)
Travel, motor vehicle and meals
(888)
(621)
(1,414)
(953)
Advertising and promotion
(415)
(1,090)
(1,101)
(1,205)
Telecom hosting and telecommunications
(164)
(135)
(268)
(309)
(31,311)
(19,384)
(58,148)
(37,002)

Other expenses
Three months ended June 30,
Six months ended June 30,
2026
2025
2026
2025
Credit loss expense on derivatives receivable
— 
— 
(4,218)
— 
Amortization of transaction costs and debt discount
(916)
(491)
(2,538)
(491)
Gain (loss) on exchange rates
160 
(180)
10 
(248)
Other financial (expenses) income
(215)
396 
(377)
251 
(971)
(275)
(7,123)
(488)