Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
9 Months Ended
Sep. 30, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

The components of property and equipment as of September 30, 2022 and December 31, 2021 are:

 

    Useful life (Years)   September 30, 2022     December 31, 2021  
Website   7     273,122       121,787  
Mining equipment   5     169,237,948       163,866,560  
Construction in Progress   N/A     260,821,127       133,565,908  
Gross property and equipment, net         430,332,197       297,554,255  
Less: Accumulated depreciation and amortization         (26,809,659 )     (21,311,461 )
Property, equipment and intangible assets, net       $ 403,522,538     $ 276,242,794  

 

The Company’s depreciation expense related to property and equipment for the three months ended September 30, 2022 and September 30, 2021 was $26.3 million and $4.3 million, respectively. The Company’s depreciation expense related to property and equipment for the nine months ended September 30, 2022 and September 30, 2021 was $64.9 million and $8.0 million, respectively.

 

Amortization expense for the three months ended September 30, 2022 and September 30, 2021 was $11 thousand and $18 thousand, respectively. Amortization expense for the nine months ended September 30, 2022 and September 30, 2021 was $32 thousand and $54 thousand, respectively.