Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment (Tables)

v3.22.1
Property and Equipment (Tables)
3 Months Ended
Mar. 31, 2022
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment
    Life (Years)     March 31, 2022     December 31, 2021  
Buildings and improvements     10-25     $ 144,230     $ 78,548  
Miners and mining equipment     2       130,475       87,921  
Machinery and facility equipment     5-7       15,358       12,373  
Office and computer equipment     3       1,061       1,007  
Construction in progress             78,374       113,598  
Total cost of property and equipment             369,498       293,447  
Less accumulated depreciation             (44,366 )     (30,467 )
Property and equipment, net           $ 325,132     $ 262,980  
Schedule of purchase agreement commitments, deposits paid and expected delivery timing
Agreement Date *   Original Purchase Commitment     Additional Purchases     Open Purchase Commitment     Deposit Balance     Expected Shipping
April 5, 2021   $ 138,506     $ 11,950     $ 35,488     $ 114,968    

Second Quarter 2022 -

Fourth Quarter 2022

October 29, 2021     56,250      
—  
      22,500       33,750    

Second Quarter 2022 -

Third Quarter 2022

November 22, 2021     32,550      
—  
      15,278       17,272    

Third Quarter 2022 -

Fourth Quarter 2022

December 10, 2021     97,650      
—  
      45,833       51,817    

Third Quarter 2022 -

Fourth Quarter 2022

December 24, 2021     202,860      
—  
      95,256       107,604    

Third Quarter 2022 -

Fourth Quarter 2022

Total   $ 527,816     $ 11,950     $ 214,355     $ 325,411      

* Pursuant to the Company’s agreements with Bitmain, the Company is responsible for all shipping charges incurred in connection with the delivery of the miners.