Riot Blockchain (RIOT) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 08, 2023
Document And Entity Information Abstract
Entity Registrant Name	RIOT PLATFORMS, INC.
Trading Symbol	RIOT
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		175,078,000
Amendment Flag	false
Entity Central Index Key	0001167419
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-33675
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	84-1553387
Entity Address, Address Line One	3855 Ambrosia Street
Entity Address, Address Line Two	Suite 301
Entity Address, City or Town	Castle Rock
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80109
City Area Code	(303)
Local Phone Number	794-2000
Title of 12(b) Security	Common Stock, no par value per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 158,272	$ 230,328
Restricted cash	29,498
Accounts receivable, net	19,837	26,932
Contract assets, including retainage of $3,970	13,718	19,743
Prepaid expenses and other current assets	22,233	32,661
Bitcoin	121,850	109,420
Future power credits, current portion	271	24,297
Total current assets	365,679	443,381
Property and equipment, net	717,310	692,555
Deposits	32,205	42,433
Finite-lived intangible assets, net	20,072	21,477
Derivative asset	91,719	97,497
Operating lease right-of-use assets	21,769	21,673
Future power credits, less current portion	638	638
Other long-term assets	923	310
Total assets	1,250,315	1,319,964
Current liabilities
Accounts payable	19,685	18,445
Contract liabilities, net of retainage of $3,970	5,345	8,446
Accrued expenses	82,666	65,464
Deferred revenue, current portion	2,776	2,882
Contingent consideration liability - future power credits, current portion	271	24,297
Operating lease liability, current portion	1,323	2,009
Total current liabilities	112,066	121,543
Deferred revenue, less current portion	17,365	17,869
Operating lease liability, less current portion	20,997	20,242
Contingent consideration liability - future power credits, less current portion	638	638
Other long-term liabilities	7,104	8,230
Total liabilities	158,170	168,522
Commitments and contingencies - Note 16
Stockholders' equity
Preferred stock, no par value, 15,000,000 shares authorized:
Common stock, no par value; 340,000,000 shares authorized; 166,966,766 and 167,751,112 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	1,904,175	1,907,784
Accumulated deficit	(812,030)	(756,342)
Total stockholders' equity	1,092,145	1,151,442
Total liabilities and stockholders' equity	$ 1,250,315	$ 1,319,964

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands	Mar. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Contract assets, retainage | $	$ 3,970	$ 3,970
Contract liabilities, retainage | $	$ 3,970	$ 3,970
Preferred stock, par value (in Dollars per share) | $ / shares
Preferred stock, shares authorized	15,000,000	15,000,000
Common stock, par value (in Dollars per share) | $ / shares
Common stock, shares authorized	340,000,000	340,000,000
Common stock, shares issued	166,966,766	167,751,112
Common stock, shares outstanding	166,966,766	167,751,112
2% Series A Convertible Stock
Preferred stock convertible conversion ratio	2	2
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
0% Series B Convertible Stock
Preferred stock convertible conversion ratio	0	0
Preferred stock, shares authorized	1,750,001	1,750,001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue, net:
Total revenue	$ 73,236	$ 79,787
Costs and expenses:
Selling, general and administrative	12,675	10,910
Depreciation and amortization	59,340	14,245
Change in fair value of derivative asset	5,778	(43,683)
Power curtailment credits	(3,075)	(2,552)
Change in fair value of contingent consideration		176
Realized gain on sale of Bitcoin	(13,775)	(9,665)
Casualty-related charges	1,526
Impairment of Bitcoin	4,472	25,870
Total costs and expenses	130,063	40,929
Operating income (loss)	(56,827)	38,858
Other income (expense):
Interest income (expense)	(3,830)	(357)
Unrealized loss on marketable equity securities		(1,611)
Total other income (expense)	(3,830)	(1,968)
Net income (loss) before taxes	(60,657)	36,890
Current income tax benefit (expense)	(76)	(312)
Deferred income tax benefit (expense)	5,045
Total income tax benefit (expense)	4,969	(312)
Net income (loss)	$ (55,688)	$ 36,578
Basic net income (loss) per share (in Dollars per share)	$ (0.33)	$ 0.31
Diluted net income (loss) per share (in Dollars per share)	$ (0.33)	$ 0.31
Basic weighted average number of shares outstanding (in Shares)	167,342,500	117,042,347
Diluted weighted average number of shares outstanding (in Shares)	167,342,500	117,042,347
Mining
Revenue, net:
Total revenue	$ 48,023	$ 57,945
Costs and expenses:
Cost of revenues	21,899	19,094
Data Center Hosting
Revenue, net:
Total revenue	9,042	9,694
Costs and expenses:
Cost of revenues	25,660	14,985
Engineering
Revenue, net:
Total revenue	16,147	12,124
Costs and expenses:
Cost of revenues	15,563	11,549
Other revenue
Revenue, net:
Total revenue	$ 24	$ 24

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders Equity - USD ($) $ in Thousands	Preferred Stock	Common Stock	Accumulated deficit	Total
Balance at Dec. 31, 2021	$ 11	$ 1,595,147	$ (246,789)	$ 1,348,369
Balance (in Shares) at Dec. 31, 2021	2,199	116,748,472
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding		$ (8,307)		(8,307)
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding (in shares)		553,633
Conversion of preferred stock to common stock	$ (11)	$ 11
Conversion of preferred stock to common stock (in Shares)	(2,199)	2,199
Stock-based compensation		$ 3,042		3,042
Net income (loss)			36,578	36,578
Balance at Mar. 31, 2022		$ 1,589,893	(210,211)	1,379,682
Balance (in Shares) at Mar. 31, 2022		117,304,304
Balance at Dec. 31, 2022		$ 1,907,784	(756,342)	1,151,442
Balance (in Shares) at Dec. 31, 2022		167,751,112
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding		$ (1,313)		(1,313)
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding (in shares)		(784,346)
Stock-based compensation		$ (2,296)		(2,296)
Net income (loss)			(55,688)	(55,688)
Balance at Mar. 31, 2023		$ 1,904,175	$ (812,030)	$ 1,092,145
Balance (in Shares) at Mar. 31, 2023		166,966,766

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income (loss)	$ (55,688)	$ 36,578
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation	(2,296)	3,042
Depreciation and amortization	59,340	14,245
Amortization of license fee revenue	(24)	(24)
Amortization of right of use assets	586	357
Deferred income tax expense (benefit)	(5,045)
Impairment of Bitcoin	4,472	25,870
Change in fair value of derivative asset	5,778	(43,683)
Change in fair value of contingent consideration		176
Realized gain on sale of Bitcoin	(13,775)	(9,665)
Unrealized loss on marketable equity securities		1,611
Casualty-related charges	1,526
Bitcoin Mining revenue	(48,023)	(57,945)
Changes in assets and liabilities:
(Increase)/decrease in operating assets	91,398	(1,549)
Increase/(decrease) in operating liabilities	(5,886)	(14,331)
Net cash provided by (used in) operating activities	32,363	(45,318)
Investing activities
Deposits on equipment		(103,161)
Security deposits	(23,000)
Purchases of property and equipment, including construction in progress	(50,955)	(37,079)
Patent costs incurred	(33)	(26)
Net cash provided by (used in) investing activities	(73,988)	(140,266)
Financing activities
Payments on contingent consideration liability - future power credits		(4,843)
Proceeds from Credit and Security Facility	880
Repayments of Credit and Security Facility	(500)
Repurchase of common shares to pay employee withholding taxes	(1,313)	(8,307)
Net cash provided by (used in) financing activities	(933)	(13,150)
Net increase (decrease) in cash, cash equivalents, and restricted cash	(42,558)	(198,734)
Cash, cash equivalents, and restricted cash, beginning of the period	230,328	312,315
Cash, cash equivalents, and restricted cash at end of period	187,770	113,581
Supplemental disclosure of noncash investing and financing activities:
Reclassification of deposits to property and equipment	33,273	38,965
Construction in progress included in accrued expenses	11,850	946
Bitcoin exchanged for employee compensation	459	1,283
Conversion of preferred stock to common stock		$ 11
Right of use assets exchanged for new operating lease liabilities	$ 682

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Condensed Consolidated Statements of Cash Flows
Cash and cash equivalents	$ 230,328	$ 113,581	$ 312,315
Cash, cash equivalents, and restricted cash, beginning of the period	230,328	113,581	312,315
Cash and cash equivalents	158,272	230,328	113,581
Restricted cash	29,498
Cash, cash equivalents, and restricted cash at end of period	$ 187,770	$ 230,328	$ 113,581

Organization and Operation of O

Organization and Operation of Our Business	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Organization and Operation of Our Business	Note 1. Organization and Operation of Our Business Nature of Operations Riot is a vertically integrated Bitcoin mining company principally engaged in enhancing our capabilities to mine Bitcoin in support of the Bitcoin blockchain. The Company also provides comprehensive and critical infrastructure for institutional-scale hosted clients to mine Bitcoin at its Bitcoin mining facility in Rockdale, Texas (the “Rockdale Facility”). The Rockdale Facility currently has 700 megawatts (“MW”) in total developed capacity for Bitcoin mining and data center hosting services for institutional-scale hosted clients. The Rockdale Facility is believed to be the largest Bitcoin mining facility in North America, as measured by developed capacity, and the Company is currently evaluating further growing its capacity. The Company is also developing a second large-scale Bitcoin mining and data center facility located outside of Corsicana, Texas (the “Corsicana Facility”), which, upon completion, is expected to have approximately one gigawatt of capacity available for Bitcoin mining and data center hosting services for institutional-scale hosted clients. ​ As described in Note 19. Segment Information

Liquidity and Financial Conditi

Liquidity and Financial Condition	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Financial Condition	Note 2. Liquidity and Financial Condition At March 31, 2023, the Company had approximate balances of cash and cash equivalents of $158.3 million, working capital of $253.6 million, total stockholders’ equity of $1.1 billion and an accumulated deficit of $812.0 million. To date, the Company has, in large part, relied on equity financings to fund its operations. During the three months ended March 31, 2023, the Company sold 1,975 Bitcoin for proceeds of approximately $44.4 million. The Company monitors its balance sheet on an ongoing basis and continuously evaluates the level of Bitcoin retained from monthly production in consideration of the cash requirements and its ongoing operations and expansion. Bitcoin is classified on the balance sheet as a current asset due to the ability for it to be sold in a highly liquid marketplace and the Company’s intent to liquidate its Bitcoin to support operations when needed. Subsequent to March 31, 2023, through the date of this Report, the Company issued 7,871,700 shares of common stock for net proceeds of approximately $95.7 million, at a weighted average price of $12.41 per share (see Note 13. Stockholders’ Equity COVID-19 The COVID-19 pandemic was unprecedented and unpredictable, and its impact may continue to result in national and global economic disruption, which may adversely affect our business. Presently, the Company has not experienced and does not expect any material impact on its long-term strategic plans, its operations, or its liquidity due to the long-term impacts of COVID-19. We will monitor any future COVID-19 related developments and the possible effects on the Company’s financial condition, liquidity, operations, suppliers, and the industry. Inflation We have experienced, and are experiencing, the impact of domestic and global inflationary pressures largely outside of our control. This inflationary pressure impacts our cost structure by increasing the cost of materials, parts and labor, making both our operations and development more expensive for us, despite a continued focus on controlling our costs where possible. In addition, sustained inflationary pressures have led to central banks raising interest rates, raising the cost of debt financing, which may precipitate a broad-based macroeconomic slowdown, including a possible recession in the United States and in other key financial markets. Management is unable to accurately predict when, or if, these inflationary pressures will subside, or whether and to what extent a significant recession will arise following central banks’ efforts to constrain such inflationary pressures. As a result, management is unable to predict the impact of these inflationary pressures, or the possible follow-on conditions, on our business and results of operations, as well as our access to debt financing. See the discussion under the heading “Risk Factors” under Part I, Item 1A of our 2022 Annual Report for additional discussion regarding potential impacts sustained elevated inflationary pressures may have on our operations and plans for expansion.

Basis of Presentation, Summary

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements	Note 3. Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results. Amounts are in thousands except for share, per share and miner amounts. The results in the unaudited condensed consolidated statements of operations are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2023 or for any future interim period. The unaudited condensed consolidated financial statements do not include all the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2022, and notes thereto, included in the 2022 Annual Report. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ significantly from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include estimates associated with valuing contingent consideration for a business combination and periodic reassessment of its fair value, allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business acquisitions, revenue recognition, valuing the derivative asset classified under Level 3 fair value hierarchy, determining the useful lives and recoverability of long-lived assets, impairment analysis of goodwill, fixed assets, and finite-lived intangibles, stock-based compensation, and the valuation allowance associated with the Company’s deferred tax assets. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation in the unaudited condensed consolidated financial statements and accompanying notes. The reclassifications did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. The impact on any prior period disclosures was immaterial. Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see the Company’s December 31, 2022 consolidated financial statements included in its 2022 Annual Report. Recently Issued and Adopted Accounting Pronouncements The Company assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its condensed consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s unaudited condensed consolidated financial statements properly reflect the change.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Note 4. Revenue from Contracts with Customers Disaggregated revenue Revenue disaggregated by reportable segment is presented in Note 19. Segments Information Contract balances Contract assets relate to uncompleted Engineering contracts. As of March 31, 2023 and December 31, 2022, contract assets were $13.7 million and $19.7 million, respectively. Contract liabilities primarily relate to upfront payments and consideration received from customers for data center hosting and uncompleted Engineering contracts. The following table presents changes in contract liabilities: ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2023 Beginning balance ​ $ 29,197 Revenue recognized ​ ​ (610) Other changes in contract liabilities ​ ​ (3,101) Ending balance ​ $ 25,486 ​ Remaining performance obligation Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. Amounts related to Bitcoin mining are not included because the Company elected the practical expedient to not disclose amounts related to contracts with a duration of one year or less. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 Thereafter Total Data Center Hosting $ 2,089 $ 2,362 $ 2,362 $ 2,362 $ 10,408 $ 19,583 Engineering ​ 5,345 ​ — ​ — ​ — ​ — ​ 5,345 Other ​ ​ 73 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ 194 ​ ​ 558 Total contract liabilities ​ $ 7,507 ​ $ 2,459 ​ $ 2,459 ​ $ 2,459 ​ $ 10,602 ​ $ 25,486 ​

Bitcoin

Bitcoin	3 Months Ended
	Mar. 31, 2023
Cryptocurrencies Abstract
Bitcoin	Note 5. Bitcoin The following table presents information about the Company’s Bitcoin: ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2023 Beginning balance $ 109,420 Revenue recognized from Bitcoin mined ​ 48,023 Proceeds from sale of Bitcoin ​ (44,437) Exchange of Bitcoin for employee compensation ​ (459) Realized gain on sale of Bitcoin ​ 13,775 Impairment of Bitcoin ​ (4,472) Ending balance ​ $ 121,850 ​ During the three months ended March 31, 2022, the Company recorded impairment charges on its Bitcoin holdings of $25.9 million. Applying the market price of one Bitcoin on March 31, 2023 of approximately $28,478 to the Company’s 7,094 Bitcoin held, results in an estimated fair value of the Company’s Bitcoin of $202.0 million. Applying the market price of one Bitcoin on December 31, 2022 of approximately $16,548 to the Company’s 6,974 Bitcoin held, results in an estimated fair value of the Company’s Bitcoin of $115.4 million. The valuation of Bitcoin held is classified under Level 1 of the fair value hierarchy as it is based on quoted prices in active markets for identical assets.

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 6. Property and Equipment Property and equipment consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 Buildings and building improvements ​ $ 273,641 ​ $ 229,685 Land rights and land improvements ​ 10,164 ​ 10,164 Miners and mining equipment ​ 485,706 ​ 441,324 Machinery and facility equipment ​ ​ 37,241 ​ ​ 35,125 Office and computer equipment ​ 1,453 ​ 1,206 Construction in progress ​ 89,069 ​ 97,231 Total cost of property and equipment ​ 897,274 ​ 814,735 Less accumulated depreciation ​ (179,964) ​ (122,180) Property and equipment, net ​ $ 717,310 ​ $ 692,555 ​ The Company did not incur any impairment charges for its property and equipment for the three months ended March 31, 2023 and 2022. During the three months ended March 31, 2023 and 2022, depreciation expense related to property and equipment totaled $57.9 million and $13.9 million, respectively. Miners and mining equipment As of March 31, 2023, the Company had a total of 94,176 miners deployed in its Bitcoin mining operation, all at the Rockdale Facility, excluding 17,040 miners currently offline as a result of damage sustained during severe winter storms affecting Texas in December 2022. As of December 31, 2022, the Company had outstanding executed purchase agreements for the purchase of miners from Bitmain Technologies Limited (“Bitmain”) for a total of 5,130 S19 series miners, which were received in January 2023. As of March 31, 2023, the Company did not have any outstanding executed purchase agreements for the purchase of miners. Casualty-related charges (recoveries), net In December 2022, the Rockdale Facility was damaged during severe winter storms in Texas, impacting approximately 2.5 exahash per second (“EH/s”) of our hash rate capacity. Repairs have been ongoing and the Company continues to bring its hash rate capacity back online. The Company has estimated that total damages of $11.2 million were incurred. No insurance recoveries have been received. Recoveries will be recognized when they are probable of being received. Construction in progress In 2021, the Company commenced expansion of our Rockdale Facility to 700 MW from its initial 300 MW of developed capacity. As of December 31, 2022, the 400 MW expansion at the Rockdale Facility had achieved multiple progress milestones while navigating challenges with the current state of the global supply chain. We also completed construction of three new buildings in 2022, and a fourth is nearing completion in the second quarter of 2023, which, when completed, will finalize our Rockdale Facility expansion. In 2022, the Company initiated a large-scale development to expand its Bitcoin mining and data center hosting capabilities on a 265-acre site in Navarro County, Texas, strategically located next to the Navarro switch (the “Corsicana Facility”). Once complete, the Company expects the Corsicana Facility to have one-gigawatt of developed capacity for its Bitcoin mining and data center operations. The initial phase of the development of the Corsicana Facility involves the construction of 400 MW of immersion-cooled Bitcoin mining and data center hosting infrastructure spread across multiple buildings, as well as a high-voltage power substation and transmission facilities to supply power and water to the facility. Construction of the substation and the data centers is expected to be carried out through 2023, with Bitcoin Mining and Data Center Hosting operations expected to commence following the commissioning of the substation. This first phase of the development of the Corsicana Facility includes land acquisition, site preparation, substation development, and transmission construction, along with construction buildings utilizing the Company’s immersion-cooling infrastructure and technology, and ancillary buildings. Through March 31, 2023, the Company had incurred costs of approximately $70.0 million related to the development of the Corsicana Facility, including $10.1 million for land, $55.2 million of initial developments costs and equipment, and a $4.7 million deposit for future power usage.

Finite-Lived Intangible Assets

Finite-Lived Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets	Note 7. Finite-Lived Intangible Assets The following table presents the Company’s finite-lived intangible assets as of March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross ​ Accumulated ​ Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (827) ​ $ 5,473 10 Trademark ​ 5,000 ​ (667) ​ 4,333 10 UL Listings ​ 2,700 ​ (300) ​ 2,400 12 Patents ​ 10,060 ​ (2,194) ​ 7,866 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (3,988) ​ $ 20,072 ​ ​ ​ The following table presents the Company’s finite-lived intangible assets as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross Accumulated Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (671) ​ $ 5,629 10 Trademark ​ 5,000 ​ (542) ​ 4,458 10 UL Listings ​ 2,700 ​ (244) ​ 2,456 12 Patents ​ 10,060 ​ (1,126) ​ 8,934 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (2,583) ​ $ 21,477 ​ ​ ​ During the three months ended March 31, 2023 and 2022, amortization expense related to finite-lived intangible assets totaled $1.4 million and $0.4 million, respectively. The following table presents the estimated future amortization of the Company’s finite-lived intangible assets as of March 31, 2023: ​ ​ ​ ​ Remainder of 2023 ​ $ 4,705 2024 ​ 5,815 2025 ​ 1,355 2026 ​ 1,355 2027 ​ 1,355 Thereafter ​ 5,487 Total ​ $ 20,072 ​ The Company did not identify any impairment of its finite-lived intangible assets during the three months ended March 31, 2023 and 2022.

Power Supply Contract

Power Supply Contract	3 Months Ended
	Mar. 31, 2023
Power Supply Contract
Power Supply Contract	Note 8. Power Supply Contract Power Supply Contract and Demand Response Services Programs In May 2020, the Company entered into a Power Supply Agreement with TXU Energy Retail Company LLC (“TXU”) (the “Power Supply Agreement”) to provide the delivery of 130 MW of electricity by TXU to the Rockdale Facility, via the facility owned by Oncor Electric Delivery Company, LLC (“Oncor”), at fixed prices through April 30, 2030. In March and November 2022, the Company and TXU agreed to increase the amount of electricity to be provided under the Power Supply Agreement by 65 MW and 150 MW, respectively, of electricity at fixed prices through April 30, 2030 and October 31, 2027, respectively, for a total of 345 MW under contract at fixed prices. If electricity used exceeds the amount contracted, the cost of the excess electricity is incurred at the current spot rate. Concurrently with the Power Supply Agreement, the Company entered into an agreement with Oncor for the extension of delivery system transmission/substation facilities to facilitate delivery of the electricity to the Rockdale Facility (the “Facilities Agreement”). Power costs incurred under the Facilities Agreement are determined every 15 minutes using settlement information provided by the Electric Reliability Council of Texas (“ERCOT”) and are recorded in Cost of revenue: Data Center Hosting In collaboration with market participants such as the Company, ERCOT has a Demand Response Services Program for customers that have the ability to reduce or modify electricity use in response to instructions or signals. The Demand Response Services Program provides the ERCOT market with valuable reliability and economic services by helping to preserve system reliability, enhancing competition, mitigating price spikes, and encouraging the demand side of the market to respond better to wholesale price signals. Market participants with electrical loads like the Company may participate in the Demand Response Service Program directly by offering their electrical loads into the ERCOT markets, or indirectly by voluntarily reducing their energy usage in response to increasing wholesale prices. Under the Demand Response Services Program, the Company can participate in a variety of programs by electing to designate a portion of its available electrical load for participation in such programs on an hourly basis. The Company receives a cash payment from ERCOT based on hourly rates for electricity and the amount of electrical load it bids into each respective Demand Response Services Program. Under the Company’s Power Supply Agreement with TXU, we may offer electricity back to TXU for sale on the ERCOT marketplace, in exchange for credits against future power costs, rather than using the power for the Company’s operations, when there is a benefit to our Company, depending on the spot market price of electricity. Our power strategy combines our participation in Demand Response Services Programs and sales of power during times of peak demand, to most efficiently manage our operating costs. During the three months ended March 31, 2023 and 2022, we sold approximately $3.1 million and $2.6 million, respectively, in electricity back to ERCOT in exchange for credits against future power costs. These sales back to ERCOT are recorded in Power curtailment credits The Company determined the Power Supply Agreement meets the definition of a derivative because it allows for net settlement. However, because we have the ability to offer the power back to the grid rather than take physical delivery, physical delivery is not probable through the entirety of the contract and therefore, we do not believe the normal purchases and normal sales scope exception applies to the Power Supply Agreement. Accordingly, the Power Supply Agreement (a non-hedging derivative contract) is accounted for as a derivative and recorded at its estimated fair value each reporting period in Derivative asset Change in fair value of derivative asset The estimated fair value of the Company’s derivate asset is classified under Level 3 of the fair value hierarchy due to the significant unobservable inputs utilized in the valuation. Specifically, our discounted cash flow estimation models contain quoted commodity exchange spot and forward prices and are adjusted for basis spreads for load zone-to-hub differentials through the term of the Power Supply Agreement, which ends in December 2030. The significant assumptions used to estimate fair value of the derivative contract include a discount rate of 21.7%, which reflected the nature of the contract as it relates to the risk and uncertainty of the estimated future mark-to-market adjustments, forward price curves of the power supply, broker/dealer quotes and other similar data obtained from quoted market prices or independent pricing vendors. The discount rate utilized of approximately 21.7% includes observable market inputs, but also includes unobservable inputs based on qualitative judgment related to company-specific risk factors. The terms of the Power Supply Agreement require margin-based collateral, calculated as exposure resulting from fluctuations in the market cost rate of electricity versus the fixed price stated in the contract. As of March 31, 2023, the margin-based collateral requirement of the Company was zero. While the Company manages operating costs at the Rockdale Facility in part by periodically selling unused or uneconomical power back to TXU for sale on the ERCOT marketplace, the Company does not consider such actions to be trading activities and does not engage in speculation in the power market as part of its ordinary activities. The following table presents changes in the estimated fair value of the Derivative asset ​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ $ 97,497 Change in fair value of derivative asset ​ (5,778) Balance as of March 31, 2023 ​ $ 91,719 ​

Long-Term Assets

Long-Term Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Long-Term Assets	Note 9. Long-Term Assets Deposits Deposits consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Deposits on equipment ​ $ — ​ 33,273 Security deposits ​ 32,205 ​ 9,160 Total deposits ​ $ 32,205 ​ $ 42,433 ​ Deposits on Equipment As of December 31, 2022, the Company had outstanding executed purchase agreements for the purchase of miners from Bitmain for a total of 5,130 S19 series miners, which were received in January 2023. During the three months ended March 31, 2023, the Company reclassified the outstanding deposit of $33.3 million to property and equipment in connection with the receipt of the miners at the Rockdale Facility. See Note 6, Property and Equipment. Security Deposits During the three months ended March 31, 2023, the Company paid $23.0 million in connection with its 215 MW increase to the Power Supply Agreement with TXU, resulting in a total of 345 MW under contract at fixed prices. During the year ended December 31, 2022, the Company paid approximately $4.7 million as a security deposit for the development of the Corsicana Facility. As of December 31, 2022, $1.8 million of the $3.1 million paid to Oncor in 2021 in connection with an amended and restated Transmission/Substation Facility Extension Agreement for the construction of the Oncor-owned Delivery System facilities to serve the expansion of the Rockdale Facility, remains held as a deposit and the Company has other security deposits totaling approximately $2.7 million, including its ground lease of $1.8 million.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2023
Schedule of Accrued Expenses [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	Note 10. Accrued Expenses Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 ​ 2022 Construction in progress ​ $ 11,850 ​ $ 16,621 Power related costs and remittances ​ 58,952 ​ 32,632 Accrued compensation ​ ​ 4,629 ​ ​ 8,582 Insurance ​ 2,304 ​ 3,660 Other ​ 4,931 ​ 3,969 Total accrued expenses ​ $ 82,666 ​ $ 65,464 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt
Debt	Note 11. Debt ​ Credit and Security Facility ​ ESS Metron, a wholly-owned subsidiary of the Company, has a $10.0 million Credit and Security Facility, which consists of a $6.0 million Revolving Line of Credit and a $4.0 Equipment Guidance Line. ​ The $6.0 million Revolving Line of Credit has a term of one year with interest due monthly and principal due at maturity. All amounts borrowed under the Revolving Line of Credit carry a variable interest of not less than 4.0% and are secured by the assets of ESS Metron. As of March 31, 2023, the interest rate was 7.5%. ​ The $4.0 million Equipment Guidance Line has a term of one year and permits the Company to finance up to 80.0% of certain equipment purchases. All amounts borrowed under the Equipment Guidance Line carry a variable interest of not less than 4.0% and are secured by the assets of ESS Metron. As of March 31, 2023, the interest rate was 7.5%. ​ Total borrowings under the Credit and Security Facility during the three months ended March 31, 2023, were approximately $0.9 million and payments were $0.5 million. As of March 31, 2023 and December 31, 2022, the outstanding balance was approximately $0.3 million and less than $0.1 million, respectively, and was recognized within Other long-term liabilities ​ All borrowings and accrued interest under the Equipment Guidance Line convert to fixed rate term loans every six months, which have either five-year terms for borrowings used to acquire vehicles and manufacturing equipment (“Manufacturing Term Loans”) or three-year terms for borrowings of equipment other than vehicles and manufacturing equipment (“Equipment Term Loans”). The Manufacturing Term Loans carry interest at a fixed rate equal to the five-year treasury rate plus 2.5% as of conversion and the Equipment Term Loans carry interest at a fixed rate equal to the three-year treasury rate plus 2.5% as of conversion. As of March 31, 2023, no amounts were due under Manufacturing Term Loans or Equipment Term Loans. ​ As of March 31, 2023, the Company was in compliance with all covenants of the Credit and Security Facility.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	Note 12. Leases As of March 31, 2023 and December 31, 2022, operating lease right of use assets were $21.8 million and $21.7 million, respectively, and operating lease liabilities were $22.3 million and $22.3 million, respectively. The following table presents the components of the Company’s lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ ​ 2023 2022 Operating lease cost ​ $ 903 ​ $ 622 Variable lease cost ​ 55 ​ 45 Operating lease expense ​ $ 958 ​ $ 667 ​ The following table presents supplemental lease information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 Operating cash outflows for operating leases ​ $ 874 ​ ​ $ — ​ Right of use assets exchanged for new operating lease liabilities ​ $ 682 ​ ​ $ 8,784 ​ Weighted-average remaining lease term – operating leases ​ 8.2 ​ ​ 6.9 ​ Weighted-average discount rate – operating leases ​ 6.6 % ​ 6.5 % ​ The following table represents our future minimum operating lease payments as of March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground lease Office and other leases Total Remainder of 2023 ​ $ 1,455 ​ $ 1,622 ​ $ 3,077 2024 ​ 1,998 ​ 1,661 ​ 3,659 2025 ​ ​ 2,058 ​ ​ 1,347 ​ ​ 3,405 2026 ​ 2,119 ​ 1,273 ​ 3,392 2027 ​ 2,183 ​ 1,148 ​ 3,331 Thereafter ​ 9,618 ​ 3,227 ​ 12,845 Total undiscounted lease payments ​ 19,431 ​ 10,278 ​ 29,709 Less present value discount ​ (5,720) ​ (1,669) ​ (7,389) Present value of lease liabilities ​ $ 13,711 ​ $ 8,609 ​ $ 22,320 ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 13. Stockholders’ Equity During the three months ended March 31, 2023, 757,258 shares of common stock were issued to the Company’s board of directors, officers, employees, and advisors of the Company in settlement of an equal number of fully vested restricted stock awards awarded to such individuals by the Company under the Company’s 2019 Equity Incentive Plan, as amended. The Company withheld 263,533 of these shares, at a fair value of approximately $1.3 million, to cover the withholding taxes related to the settlement of these vested restricted stock awards, as permitted by the 2019 Equity Incentive Plan. At-the-Market (“ATM”) Equity Offerings 2022 ATM Offering In March 2022, the Company entered into an ATM sales agreement under which it could offer and sell up to $500.0 million in shares of the Company’s common stock. During the three months ended March 31, 2023, no shares were sold by the Company under its 2022 ATM sales agreement. Subsequent to March 31, 2023, through the date of this Report, the Company received net proceeds of approximately $95.7 million ($97.7 million of gross proceeds, net of $2.0 million in commissions and expenses) from the sale of 7,871,700 shares of its common stock at a weighted average fair value of $12.41 per share under its 2022 ATM sales agreement.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 14. Stock-Based Compensation The 2019 Equity Incentive Plan authorizes the granting of stock-based compensation awards to directors, employees, and consultants in the form of restricted stock awards or stock options that settle in shares of the Company’s common stock upon vesting. The following table presents stock-based compensation expense by category: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Performance-based stock awards ​ $ (10,890) ​ $ 1,760 Service-based stock awards ​ ​ 8,594 ​ ​ 1,282 Total stock-based compensation ​ $ (2,296) ​ $ 3,042 ​ Stock-based compensation expense is recognized in Selling, general and administrative Restricted Common Stock Awards Performance-based awards Performance-based awards vest over a three-year performance period upon the successful completion of specified milestones related to added infrastructure capacity and Adjusted EBITDA through December 31, 2023. The following table presents a summary of the Company’s performance-based awards activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Balance as of January 1, 2023 ​ 3,918,935 ​ $ 25.92 Granted ​ 111,700 ​ $ 4.22 Vested ​ (373,520) ​ $ 25.78 Forfeited ​ (224,900) ​ $ 35.83 Balance as of March 31, 2023 ​ 3,432,215 ​ $ 24.58 ​ As of March 31, 2023, there was approximately $3.6 million of unrecognized compensation cost related to the performance-based awards, which is expected to be recognized over a remaining weighted-average vesting period of approximately eight months. Service-based awards Service-based awards generally vest over a one ​ The following table presents a summary of the Company’s service-based awards activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Balance as of January 1, 2023 ​ 8,855,744 ​ $ 6.84 Granted ​ 356,484 ​ $ 4.51 Vested ​ (381,864) ​ $ 7.10 Forfeited ​ (764,097) ​ $ 6.79 Balance as of March 31, 2023 8,066,267 ​ $ 6.77 ​ As of March 31, 2023, there was approximately $38.5 million of unrecognized compensation cost related to the service-based awards, which is expected to be recognized over a remaining weighted-average vesting period of approximately 14 months.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 15. Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis: The Company’s assets and liabilities measured at fair value on a recurring basis consisted of the following as of March 31, 2023, and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Derivative asset (a) ​ $ 91,719 ​ $ — ​ $ — ​ $ 91,719 Contingent consideration liability (b) ​ $ 909 ​ $ — ​ $ — ​ $ 909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Derivative asset (a) ​ $ 97,497 ​ $ — ​ $ — ​ $ 97,497 Contingent consideration liability (b) ​ $ 24,935 ​ $ — ​ $ — ​ $ 24,935 ​ (a) See Note 8. Power Supply Contract . (b) See Note 16. Commitments and Contingencies . ​ Assets and Liabilities Not Measured at Fair Value on a Recurring Basis: As of March 31, 2023 and December 31, 2022, the fair values of cash and cash equivalents, restricted cash, accounts receivable, contract assets, prepaid expenses and other current assets, accounts payable, contract liabilities, and accrued expenses approximated their carrying values because of the short-term nature of these instruments.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 16. Commitments and Contingencies Commitments Operating Leases The Company leases its primary office locations and data center hosting facilities, as well as a ground lease, under noncancelable lease agreements that expire on varying dates through 2032. See Note 12. Leases Water Reservation Agreement The Company has a water reservation agreement with the lessor of its ground lease to obtain a certain quantity of non-potable water from a nearby lake to be used by the Company for evaporative cooling purposes at our Rockdale Facility. The Company concluded that the water reservation agreement was not a lease or a derivative instrument. Because the Company obtained an additional right of use for the reserved water amount, and the charges were increased by a standalone price commensurate with the additional water use rights and at market rates, the water reservation agreement was determined to be a lease modification accounted for as a separate contract. As such, the fees of the water reservation agreement were excluded from the lease payments of the ground lease and the water reservation agreement was accounted for as a separate executory contract. Contingent Consideration Liability Upon the acquisition of Whinstone in May 2021, the Company was obligated to pay up to $86.0 million, net of income taxes, (undiscounted) of consideration if certain power credits were received or realized by the Company arising from a severe weather event in Texas in February 2021. Through March 31, 2023, portions of the power credits were received, and a portion of the obligation was settled. The following table presents the changes in the estimated fair value of our contingent consideration liability: ​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ $ 24,935 Change in contingent consideration ​ (24,026) Change in fair value of contingent consideration ​ ​ — Balance as of March 31, 2023 ​ $ 909 ​ The estimated fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement. The Company estimated the fair value of the contingent consideration using a discounted cash flow analysis, which includes estimates of both the timing and amounts of potential future power credits. These estimates were determined using the Company’s historical consumption quantities and patterns combined with management’s expectations of its future consumption requirements, which require significant judgment and depend on various factors outside the Company’s control, such as construction delays. The discount rate of approximately 2.5% includes observable market inputs, such as TXU’s parent company’s Standard & Poor’s credit rating of BB, but also includes unobservable inputs such as interest rate spreads, which were estimated based on qualitative judgment related to company-specific risk factors. Specifically, due to the power credits being subordinated obligations for TXU’s parent, we used one credit rating lower than BB in our yield curve to estimate a reasonable interest rate spread to determine the cost of debt input. Although these estimates are based on management’s best knowledge of current events, the estimates could change significantly from period to period. ​ Contingencies Legal Proceedings The Company, and its subsidiaries, are subject at times to various claims, lawsuits and governmental proceedings relating to the Company’s business and transactions arising in the ordinary course of business. The Company cannot predict the final outcome of any such proceedings; however, it assesses the probability of an unfavorable outcome of any material litigation, claims or proceedings to determine whether a liability had been incurred. Where appropriate, the Company vigorously defends such claims, lawsuits and proceedings. Some of these claims, lawsuits and proceedings seek damages, including, consequential, exemplary or punitive damages, in amounts that could, if awarded, be significant. Certain of the claims, lawsuits and proceedings arising in ordinary course of business are covered by the Company’s insurance program. The Company maintains property and various types of liability insurance to protect the Company from such claims. In terms of any matters where no insurance coverage is available to the Company, or where coverage is available and the Company maintains a retention or deductible associated with such insurance, the Company may establish an accrual for such loss, retention or deductible based on current available information. In accordance with accounting guidance, if it is probable that an asset has been impaired or a liability has been incurred as of the date of the financial statements, and the amount of loss is reasonably estimable, then an accrual for the cost to resolve or settle these claims is recorded by the Company in the accompanying condensed consolidated balance sheets. If it is reasonably possible that an asset may be impaired as of the date of the financial statement, then the Company discloses the range of possible loss. Expenses related to the defense of such claims are recorded by the Company as incurred and included in the accompanying consolidated statements of operations. Management, with the assistance of outside counsel, may from time to time adjust such accruals according to new developments in the matter, court rulings, or changes in the strategy affecting the Company’s defense of such matters. Based on current information, the Company does not believe there is a reasonable possibility that, other than with regard to the Class Actions and Related Claims described below, a material loss, if any, will result from claims, lawsuits or proceedings to which the Company is subject to either individually, or in the aggregate. Northern Data Working Capital Dispute Riot Blockchain, Inc. v. Northern Data AG On September 26, 2022, Northern Data filed its Answer, Affirmative Defenses, and Verified Counterclaims and Third-Party Claims, alleging that Riot and Whinstone breached the SPA by withholding certain energy credit payments. Northern Data further alleged that Riot is improperly seeking to introduce indemnification claims into the contractual process to resolve the parties’ dispute over purchase price. Northern Data sought damages in an unspecified amount, a declaration that Riot may not withhold payments for energy credits pending the resolution of the purchase price dispute, and specific performance that Riot may not introduce indemnification claims into the purchase price dispute. On November 10, 2022, the Company timely filed its answer and affirmative defenses denying Northern Data’s counterclaims. Northern Data filed a motion for partial summary judgment on its claims for specific performance of the SPA’s provision for payment of certain energy credits by the Company. The Company filed its answering brief in opposition to the motion on February 3, 2023. On March 31, 2023, the Parties filed a stipulation and proposed order stating that they had entered into a settlement agreement, and that the Parties agreed to dismiss all claims and counterclaims in the Delaware litigation without prejudice in order to submit the disputed accounting matters to the independent accountant pursuant to the terms of the Agreement. As of March 31, 2023, the Company held $29.5 million in escrow related to this dispute, which will be held in escrow until final settlement and composes the entire balance of Restricted Cash On April 5, 2023, the Parties submitted their initial written statements of their positions to the independent accountant. According to the Parties’ agreed schedule, briefing to the independent accountant should be completed by May 24, 2023. The independent accountant should render a written final determination of the disputed matters by June 9, 2023. Legacy Hosting Customer Disputes ​ Rhodium ​ On May 2, 2023, Whinstone file a petition against Rhodium 30MW, LLC, Rhodium JV, LLC, Air HPC LLC, and Jordan HPC, LLC (collectively, “Rhodium”) in Cause No. CV41873 in the 20th District Court of Milam County, Texas. Whinstone filed an amended petition on May 3, 2023. In the amended petition, Whinstone asserts breach of contract claims for Rhodium’s failure to pay certain hosting and service fees under certain hosting agreements and seeks a declaration that certain hosting agreements with Rhodium are terminated and that no power credits are owed to Rhodium under any agreement. Riot seeks recovery of more than $26 million, plus reasonable attorneys’ fees and costs, expenses, and pre- and post-judgment interest. Rhodium was served with the lawsuit on May 8, 2023, and the current deadline to answer is May 30, 2023. Because this litigation is still at this early stage, we cannot reasonably estimate the likelihood of an unfavorable outcome or the magnitude of such an outcome, if any. ​ SBI Crypto Co. ​ On April 5, 2023, SBI Crypto Co., Ltd. (“SBI”) filed a complaint against Whinstone US, Inc. (“Whinstone”) in Civil Action No. 6:23-cv-252, in the United States District Court for the Western District of Texas—Waco Division. SBI asserts breach of contract, fraud/fraudulent inducement, fraud by nondisclosure, and negligent bailment claims. SBI seeks recovery of at least $15 million in lost profits, at least $16 million for equipment damage, recovery of its reasonable attorneys’ fees and costs, expenses, costs, and pre- and post-judgment interest. The deadline for Whinstone to answer or otherwise respond to the complaint is May 25, 2023. Whinstone plans to vigorously contest these claims. Because this litigation is still at this early stage, we cannot reasonably estimate the likelihood of an unfavorable outcome or the magnitude of such an outcome, if any. ​ GMO On June 13, 2022, GMO Gamecenter USA, Inc., a California corporation, and GMO Internet, Inc., a corporation organized and existing under the laws of Tokyo, Japan (collectively “GMO”), filed a complaint against Whinstone US, Inc. in the Supreme Court of the State of New York, County of New York: Commercial Division, Index No.: 656762/2022, subsequently removed to the United States District Court, S.D.N.Y., Case No. 1:22-cv-05974-JPC (the “Complaint”). In the Complaint, GMO alleges Whinstone breached the W Colocation Services Agreement (Texas), entered into by GMO and Whinstone on October 16, 2019 (the “Colocation Services Agreement”), by failing to indemnify GMO for certain contractual loss of profit and causing additional damages including loss of revenue, lost profits and loss of savings. GMO is seeking – without substantiation – compensatory damages in excess of $50 million, and pre- and post-judgment interest. ​ Whinstone’s Answer and Counterclaims were filed on August 22, 2022. In the Answer and Counterclaims, Whinstone denies the substantive allegations of the Complaint and has asserted counterclaims seeking a declaratory judgment due to GMO’s failure to negotiate in good faith in accordance with the terms of the Colocation Services Agreement, as well as compensatory damages in excess of $25 million, including damages from loss of revenue, breach of contract, pre- and post-judgment interest, and attorneys’ fees and costs in connection with GMO’s breach of the Colocation Services Agreement. On September 12, 2022, GMO filed its answer and affirmative defenses to Whinstone’s counterclaims, as well as an amended complaint (subsequently further amended to correct the caption) that included additional claims against Whinstone, as permitted under the applicable local rules. On November 1, 2022, Whinstone filed an answer and counterclaims to GMO’s amended complaint. ​ The Company intends to vigorously defend Whinstone against GMO’s claims, and to vigorously enforce Whinstone’s claims against GMO. Because this litigation is still at this early stage, we cannot reasonably estimate the likelihood of an unfavorable outcome or the magnitude of such an outcome, if any ​ Class Actions and Related Claims On February 17, 2018, Creighton Takata filed an action asserting putative class action claims on behalf of the Company’s stockholders in the United District Court for the District of New Jersey, Takata v. Riot Blockchain Inc., et al. statements in press releases and public filings regarding its business plan in connection with its cryptocurrency business. The complaint requests damages in unspecified amounts, costs and fees of bringing the action, and other unspecified relief. On April 18, 2018, Joseph J. Klapper, Jr., filed a complaint against Riot Blockchain, Inc., and certain of its officers and directors in the United District Court for the District of New Jersey ( Klapper v. Riot Blockchain Inc., et al. On November 6, 2018, the court in the Takata Takata Klapper Lead Plaintiff filed a consolidated complaint on January 15, 2019. Defendants filed motions to dismiss on March 18, 2019. In lieu of opposing defendants’ motions to dismiss, Lead Plaintiff filed another amended complaint on May 9, 2019. Defendants filed multiple motions to dismiss the amended complaint starting on September 3, 2019. On April 30, 2020, the court granted the motions to dismiss, which resulted in the dismissal of all claims without prejudice. On December 24, 2020, Lead Plaintiff filed another amended complaint. Defendants filed multiple motions to dismiss the amended complaint starting on February 8, 2021, which were fully briefed. On February 28, 2022, the court issued an order instructing the parties to submit supplemental briefing by March 14, 2022 on particular issues raised in the motions to dismiss. On May 27, 2022, Lead Plaintiff filed the third amended consolidated complaint. Defendants submitted motions to dismiss on July 18, 2022. Briefing on the motions to dismiss was completed in October 2022. Shareholder Derivative Actions On April 5, 2018, Michael Jackson filed a shareholder derivative complaint on behalf of the Company in the Supreme Court of the State of New York, County of Nassau, against certain of the Company’s officers and directors, as well as against an investor ( Jackson v. Riot Blockchain, Inc., et al. On May 22, 2018, two additional shareholder derivative complaints were filed on behalf of the Company in the Eighth Judicial District Court of the State of Nevada in and for the County of Clark ( Kish v. O’Rourke, et al. Gaft v. O’Rourke, et al. On September 24, 2018, the court entered an order consolidating the Gaft Kish In re Riot Blockchain, Inc. Shareholder Derivative Litigation On October 9, 2018, another shareholder derivative complaint was filed on behalf of the Company in the United District Court for the Eastern District of New York ( Rotkowitz v. O’Rourke, et al. On October 22, 2018, another shareholder derivative complaint was filed on behalf of the Company in the United District Court for the Southern District of New York ( Finitz v. O’Rourke, et al. On December 13, 2018, another shareholder derivative complaint was filed on behalf of the Company in the United District Court for the Northern District of New York ( Monts v. O’Rourke, et al. Defendants intend to vigorously contest plaintiffs’ allegations in the shareholder derivative actions and plaintiffs’ right to bring the action in the name of Riot Blockchain. But because this litigation is still at this early stage, we cannot reasonably estimate the likelihood of an unfavorable outcome or the magnitude of such an outcome, if any.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 17. Income Taxes During the three months ended March 31, 2023 and 2022, the deferred income tax benefit of $5.0 million and less than $0.1 million, respectively, related primarily to the contingent consideration liability and future power credits. ​

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 18. Earnings Per Share The following table presents potentially dilutive securities that were not included in the computation of diluted net income (loss) per share as their inclusion would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 March 31, 2022 Warrants to purchase common stock 63,000 63,000 Unvested restricted stock units — 3,476,852 Total 63,000 3,539,852 ​

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Note 19. Segment Information The Company has three reportable segments: Bitcoin Mining, Data Center Hosting, and Engineering. The reportable segments are identified based on the types of service performed. The chief operating decision maker (“CODM”) analyzes the performance of the segments based on reportable segment revenue and reportable segment cost of revenue. No operating segments have been aggregated to form the reportable segments. The Company does not allocate all assets to the reporting segments as these are managed on an entity-wide basis. Therefore, the Company does not separately disclose the total assets of its reportable operating segments. The Bitcoin Mining segment generates revenue from the Bitcoin the Company earns through its Bitcoin mining activities. The Data Center Hosting segment generates revenue from long-term customer contracts for the provision of data center hosting/colocation services, including from the consumption of electricity, construction of infrastructure, operation of data centers, and maintenance/management of computing capacity from the Company’s high performance data center facility in Rockdale, Texas. The Engineering segment generates revenue through customer contracts for custom engineered electrical products. The Data Center Hosting segment purchases custom engineered electrical products from the Engineering segment in the ordinary course of business. All revenue and cost of revenues from intersegment transactions have been eliminated in the consolidated statements of operations. All Other revenue During the three months ended March 31, 2023 and 2022, no single customer or related group of customers contributed 10% or more of the Company’s total consolidated revenue. The following table presents revenue and cost of revenues for the Company’s reportable segments, reconciled to the Condensed Consolidated Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Reportable segment revenue: ​ ​ ​ ​ Bitcoin Mining ​ $ 48,023 ​ $ 57,945 Data Center Hosting ​ 36,996 ​ 21,039 Engineering ​ 21,356 ​ 15,238 Other revenue ​ 24 ​ 24 Eliminations ​ (33,163) ​ (14,459) Total segment and consolidated revenue ​ $ 73,236 ​ $ 79,787 ​ ​ ​ ​ ​ ​ ​ Reportable segment cost of revenues: ​ ​ Bitcoin Mining ​ 28,691 ​ 23,931 Data Center Hosting ​ 46,821 ​ 21,492 Engineering ​ 18,886 ​ 13,552 Eliminations ​ (31,276) ​ (13,347) Total segment and consolidated cost of revenues ​ $ 63,122 ​ $ 45,628 ​ ​ ​ ​ ​ ​ ​ Reconciling Items: ​ ​ Selling, general, and administrative ​ (12,675) ​ (10,910) Depreciation and amortization ​ (59,340) ​ (14,245) Change in fair value of derivative asset ​ (5,778) ​ 43,683 Power curtailment credits ​ ​ 3,075 ​ ​ 2,552 Change in fair value of contingent consideration ​ — ​ (176) Realized gain on sale of Bitcoin ​ 13,775 ​ 9,665 Casualty-related charges (recoveries), net ​ (1,526) ​ — Impairment of Bitcoin ​ ​ (4,472) ​ ​ (25,870) Interest income (expense) ​ (3,830) ​ (357) Unrealized loss on marketable equity securities ​ — ​ (1,611) Current income tax benefit (expense) ​ ​ (76) ​ ​ (312) Deferred income tax benefit (expense) ​ 5,045 ​ — Net income (loss) ​ $ (55,688) ​ $ 36,578 ​

Basis of Presentation, Summar_2

Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results. Amounts are in thousands except for share, per share and miner amounts. The results in the unaudited condensed consolidated statements of operations are not necessarily indicative of results to be expected for the fiscal year ending December 31, 2023 or for any future interim period. The unaudited condensed consolidated financial statements do not include all the information and notes required by GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the fiscal year ended December 31, 2022, and notes thereto, included in the 2022 Annual Report.
Use of Estimates	Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ significantly from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include estimates associated with valuing contingent consideration for a business combination and periodic reassessment of its fair value, allocating the fair value of purchase consideration to assets acquired and liabilities assumed in business acquisitions, revenue recognition, valuing the derivative asset classified under Level 3 fair value hierarchy, determining the useful lives and recoverability of long-lived assets, impairment analysis of goodwill, fixed assets, and finite-lived intangibles, stock-based compensation, and the valuation allowance associated with the Company’s deferred tax assets.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation in the unaudited condensed consolidated financial statements and accompanying notes. The reclassifications did not have a material impact on the Company’s unaudited condensed consolidated financial statements and related disclosures. The impact on any prior period disclosures was immaterial.
Significant Accounting Policies	Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies, see the Company’s December 31, 2022 consolidated financial statements included in its 2022 Annual Report.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements The Company assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change to its condensed consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s unaudited condensed consolidated financial statements properly reflect the change.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of disaggregated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 2025 2026 Thereafter Total Data Center Hosting $ 2,089 $ 2,362 $ 2,362 $ 2,362 $ 10,408 $ 19,583 Engineering ​ 5,345 ​ — ​ — ​ — ​ — ​ 5,345 Other ​ ​ 73 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ 194 ​ ​ 558 Total contract liabilities ​ $ 7,507 ​ $ 2,459 ​ $ 2,459 ​ $ 2,459 ​ $ 10,602 ​ $ 25,486
Schedule of changes in the total deferred revenue liability	​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2023 Beginning balance ​ $ 29,197 Revenue recognized ​ ​ (610) Other changes in contract liabilities ​ ​ (3,101) Ending balance ​ $ 25,486 ​

Bitcoin (Tables)

Bitcoin (Tables)	3 Months Ended
	Mar. 31, 2023
Cryptocurrencies Abstract
Schedule of additional information	​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2023 Beginning balance $ 109,420 Revenue recognized from Bitcoin mined ​ 48,023 Proceeds from sale of Bitcoin ​ (44,437) Exchange of Bitcoin for employee compensation ​ (459) Realized gain on sale of Bitcoin ​ 13,775 Impairment of Bitcoin ​ (4,472) Ending balance ​ $ 121,850 ​

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2023 2022 Buildings and building improvements ​ $ 273,641 ​ $ 229,685 Land rights and land improvements ​ 10,164 ​ 10,164 Miners and mining equipment ​ 485,706 ​ 441,324 Machinery and facility equipment ​ ​ 37,241 ​ ​ 35,125 Office and computer equipment ​ 1,453 ​ 1,206 Construction in progress ​ 89,069 ​ 97,231 Total cost of property and equipment ​ 897,274 ​ 814,735 Less accumulated depreciation ​ (179,964) ​ (122,180) Property and equipment, net ​ $ 717,310 ​ $ 692,555 ​

Finite-Lived Intangible Assets

Finite-Lived Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	The following table presents the Company’s finite-lived intangible assets as of March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross ​ Accumulated ​ Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (827) ​ $ 5,473 10 Trademark ​ 5,000 ​ (667) ​ 4,333 10 UL Listings ​ 2,700 ​ (300) ​ 2,400 12 Patents ​ 10,060 ​ (2,194) ​ 7,866 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (3,988) ​ $ 20,072 ​ ​ ​ The following table presents the Company’s finite-lived intangible assets as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross Accumulated Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (671) ​ $ 5,629 10 Trademark ​ 5,000 ​ (542) ​ 4,458 10 UL Listings ​ 2,700 ​ (244) ​ 2,456 12 Patents ​ 10,060 ​ (1,126) ​ 8,934 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (2,583) ​ $ 21,477 ​ ​ ​
Schedule of the estimated future amortization expense of finite-lived intangible assets	The following table presents the estimated future amortization of the Company’s finite-lived intangible assets as of March 31, 2023: ​ ​ ​ ​ Remainder of 2023 ​ $ 4,705 2024 ​ 5,815 2025 ​ 1,355 2026 ​ 1,355 2027 ​ 1,355 Thereafter ​ 5,487 Total ​ $ 20,072 ​

Power Supply Contract (Tables)

Power Supply Contract (Tables)	3 Months Ended
	Mar. 31, 2023
Power Supply Contract
Schedule of changes in estimated fair value of derivative asset	​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ $ 97,497 Change in fair value of derivative asset ​ (5,778) Balance as of March 31, 2023 ​ $ 91,719

Long-Term Assets (Tables)

Long-Term Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of deposits on equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, December 31, ​ ​ 2023 ​ 2022 Deposits on equipment ​ $ — ​ 33,273 Security deposits ​ 32,205 ​ 9,160 Total deposits ​ $ 32,205 ​ $ 42,433 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Schedule of Accrued Expenses [Abstract]
Schedule of Accrued Liabilities [Table Text Block]	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 ​ 2022 Construction in progress ​ $ 11,850 ​ $ 16,621 Power related costs and remittances ​ 58,952 ​ 32,632 Accrued compensation ​ ​ 4,629 ​ ​ 8,582 Insurance ​ 2,304 ​ 3,660 Other ​ 4,931 ​ 3,969 Total accrued expenses ​ $ 82,666 ​ $ 65,464

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ ​ 2023 2022 Operating lease cost ​ $ 903 ​ $ 622 Variable lease cost ​ 55 ​ 45 Operating lease expense ​ $ 958 ​ $ 667 ​
Schedule of other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 Operating cash outflows for operating leases ​ $ 874 ​ ​ $ — ​ Right of use assets exchanged for new operating lease liabilities ​ $ 682 ​ ​ $ 8,784 ​ Weighted-average remaining lease term – operating leases ​ 8.2 ​ ​ 6.9 ​ Weighted-average discount rate – operating leases ​ 6.6 % ​ 6.5 % ​
Schedule of future minimum operating lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground lease Office and other leases Total Remainder of 2023 ​ $ 1,455 ​ $ 1,622 ​ $ 3,077 2024 ​ 1,998 ​ 1,661 ​ 3,659 2025 ​ ​ 2,058 ​ ​ 1,347 ​ ​ 3,405 2026 ​ 2,119 ​ 1,273 ​ 3,392 2027 ​ 2,183 ​ 1,148 ​ 3,331 Thereafter ​ 9,618 ​ 3,227 ​ 12,845 Total undiscounted lease payments ​ 19,431 ​ 10,278 ​ 29,709 Less present value discount ​ (5,720) ​ (1,669) ​ (7,389) Present value of lease liabilities ​ $ 13,711 ​ $ 8,609 ​ $ 22,320

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2023 2022 Performance-based stock awards ​ $ (10,890) ​ $ 1,760 Service-based stock awards ​ ​ 8,594 ​ ​ 1,282 Total stock-based compensation ​ $ (2,296) ​ $ 3,042 ​
Schedule of performance-based awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Balance as of January 1, 2023 ​ 3,918,935 ​ $ 25.92 Granted ​ 111,700 ​ $ 4.22 Vested ​ (373,520) ​ $ 25.78 Forfeited ​ (224,900) ​ $ 35.83 Balance as of March 31, 2023 ​ 3,432,215 ​ $ 24.58 ​
Schedule of service-based awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ Number of Shares Fair Value Balance as of January 1, 2023 ​ 8,855,744 ​ $ 6.84 Granted ​ 356,484 ​ $ 4.51 Vested ​ (381,864) ​ $ 7.10 Forfeited ​ (764,097) ​ $ 6.79 Balance as of March 31, 2023 8,066,267 ​ $ 6.77 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Derivative asset (a) ​ $ 91,719 ​ $ — ​ $ — ​ $ 91,719 Contingent consideration liability (b) ​ $ 909 ​ $ — ​ $ — ​ $ 909 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Derivative asset (a) ​ $ 97,497 ​ $ — ​ $ — ​ $ 97,497 Contingent consideration liability (b) ​ $ 24,935 ​ $ — ​ $ — ​ $ 24,935 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of changes in estimated fair value of liability	​ ​ ​ ​ ​ Balance as of December 31, 2022 ​ $ 24,935 Change in contingent consideration ​ (24,026) Change in fair value of contingent consideration ​ ​ — Balance as of March 31, 2023 ​ $ 909 ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of antidilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 March 31, 2022 Warrants to purchase common stock 63,000 63,000 Unvested restricted stock units — 3,476,852 Total 63,000 3,539,852

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of reportable segments and operating income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2023 2022 Reportable segment revenue: ​ ​ ​ ​ Bitcoin Mining ​ $ 48,023 ​ $ 57,945 Data Center Hosting ​ 36,996 ​ 21,039 Engineering ​ 21,356 ​ 15,238 Other revenue ​ 24 ​ 24 Eliminations ​ (33,163) ​ (14,459) Total segment and consolidated revenue ​ $ 73,236 ​ $ 79,787 ​ ​ ​ ​ ​ ​ ​ Reportable segment cost of revenues: ​ ​ Bitcoin Mining ​ 28,691 ​ 23,931 Data Center Hosting ​ 46,821 ​ 21,492 Engineering ​ 18,886 ​ 13,552 Eliminations ​ (31,276) ​ (13,347) Total segment and consolidated cost of revenues ​ $ 63,122 ​ $ 45,628 ​ ​ ​ ​ ​ ​ ​ Reconciling Items: ​ ​ Selling, general, and administrative ​ (12,675) ​ (10,910) Depreciation and amortization ​ (59,340) ​ (14,245) Change in fair value of derivative asset ​ (5,778) ​ 43,683 Power curtailment credits ​ ​ 3,075 ​ ​ 2,552 Change in fair value of contingent consideration ​ — ​ (176) Realized gain on sale of Bitcoin ​ 13,775 ​ 9,665 Casualty-related charges (recoveries), net ​ (1,526) ​ — Impairment of Bitcoin ​ ​ (4,472) ​ ​ (25,870) Interest income (expense) ​ (3,830) ​ (357) Unrealized loss on marketable equity securities ​ — ​ (1,611) Current income tax benefit (expense) ​ ​ (76) ​ ​ (312) Deferred income tax benefit (expense) ​ 5,045 ​ — Net income (loss) ​ $ (55,688) ​ $ 36,578

Organization and Operation of_2

Organization and Operation of Our Business (Details)	Mar. 31, 2023 MWh
Accounting Policies [Abstract]
Mining capacity (MW)	700

Liquidity and Financial Condi_2

Liquidity and Financial Condition (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Liquidity and Financial Condition (Details) [Line Items]
Cash and cash equivalents		$ 158,272	$ 230,328	$ 113,581	$ 312,315
Working capital		253,600
Stockholders' equity		1,100,000
Accumulated deficit		$ 812,000
Sold bitcoin (in Shares)		1,975
Bitcoin proceeds amount		$ 44,400
Sales Agents [Member] | Subsequent Event [Member] | 2022 ATM Offering [Member] | Common Stock [Member]
Liquidity and Financial Condition (Details) [Line Items]
Proceeds from the sale of stock (in Dollars)	$ 95,700
Weighted average price (in Dollars per share)	$ 12.41
Stock issued during period, shares	7,871,700

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract balances	$ 13.7	$ 19.7

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of changes in the total deferred revenue liability (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Schedule Of Changes In The Total Deferred Revenue Liability Abstract
Beginning balance	$ 29,197
Revenue recognized	(610)
Other changes in contract liabilities	(3,101)
Ending balance	$ 25,486

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of disaggregated revenue (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Disaggregation of Revenue [Line Items]
2023	$ 7,507
2024	2,459
2025	2,459
2026	2,459
Thereafter	10,602
Total	25,486
Data Center Hosting [Member]
Disaggregation of Revenue [Line Items]
2023	2,089
2024	2,362
2025	2,362
2026	2,362
Thereafter	10,408
Total	19,583
Engineering
Disaggregation of Revenue [Line Items]
2023	5,345
Total	5,345
Other [Member]
Disaggregation of Revenue [Line Items]
2023	73
2024	97
2025	97
2026	97
Thereafter	194
Total	$ 558

Bitcoin - Schedule of additiona

Bitcoin - Schedule of additional information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) item
Schedule Of Additional Information Abstract
Beginning balance	$ 109,420
Revenue recognized from Bitcoin mined	48,023
Proceeds from sale of Bitcoin	(44,437)
Exchange of Bitcoin for employee compensation	(459)
Realized gain on sale/exchange of Bitcoin	13,775
Impairment of Bitcoin	(4,472)
Ending balance	121,850
Impairment of Bitcoin	4,472	$ 25,870
Market price of one Bitcoin	$ 28,478		$ 16,548
Number of Bitcoins held | item	7,094		6,974
Estimated fair value of Bitcoin	$ 202,000		$ 115,400

Property and Equipment (Details

Property and Equipment (Details)	1 Months Ended	3 Months Ended		15 Months Ended
	Dec. 31, 2022 USD ($) a GWh MWh building item	Mar. 31, 2023 USD ($) MWh item	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($) MWh item	Dec. 31, 2021 MWh
Property and Equipment (Details) [Line Items]
Number of miners currently offline | item		17,040		17,040
Number of miners to be purchased from Bitmain as per purchase agreement | item	5,130
Impairment charges on property and equipment		$ 0	$ 0
Mining capacity (MW) | MWh		700		700
Number of building constructed | building	3
Depreciation expense related to property and equipment		$ 57,900,000	$ 13,900,000
Rockdale Facility Bitcoin Mining Facility Texas Member
Property and Equipment (Details) [Line Items]
Number of miners deployed at mining facility | item		94,176		94,176
Mining capacity (MW) | MWh	700				300
Additional increased mining capacity | MWh	400
Rockdale Facility Bitcoin Mining Facility Texas Member | Miners and mining equipment [Member]
Property and Equipment (Details) [Line Items]
Loss Contingency Loss In Period	$ 11,200,000
Insurance recoveries	$ 0
Corsicana Facility Land Site [Member]
Property and Equipment (Details) [Line Items]
Area of land (in Acres) acquired | a	265
Consideration				$ 10,100,000
Anticipated gigawatt under development at site | GWh	1
Number of megawatts construction under initial phase of development of facility | MWh	400
Costs incurred for land				70,000,000
Initial development costs and equipment				55,200,000
Deposit for future power usage		$ 4,700,000		$ 4,700,000

Property and Equipment - Schedu

Property and Equipment - Schedule of property and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 897,274	$ 814,735
Less accumulated depreciation	(179,964)	(122,180)
Property and equipment, net	717,310	692,555
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	273,641	229,685
Land rights and land improvements [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	10,164	10,164
Miners and mining equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	485,706	441,324
Machinery and facility equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	37,241	35,125
Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	1,453	1,206
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 89,069	$ 97,231

Finite-Lived Intangible Asset_2

Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 1.4	$ 0.4

Finite-Lived Intangible Asset_3

Finite-Lived Intangible Assets - Schedule of finite-lived intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 24,060	$ 24,060
Accumulated amortization	(3,988)	(2,583)
Net book value	20,072	21,477
Customer Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Gross book value	6,300	6,300
Accumulated amortization	(827)	(671)
Net book value	$ 5,473	$ 5,629
Weighted-average life (years)	10 years	10 years
Trademark [Member]
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 5,000	$ 5,000
Accumulated amortization	(667)	(542)
Net book value	$ 4,333	$ 4,458
Weighted-average life (years)	10 years	10 years
UL Listings [Member]
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 2,700	$ 2,700
Accumulated amortization	(300)	(244)
Net book value	$ 2,400	$ 2,456
Weighted-average life (years)	12 years	12 years
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 10,060	$ 10,060
Accumulated amortization	(2,194)	(1,126)
Net book value	$ 7,866	$ 8,934

Finite-Lived Intangible Asset_4

Finite-Lived Intangible Assets - Schedule of estimated future amortization of finite-lived intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule Of Intangible Assets [Abstract]
Remainder of 2023	$ 4,705
2024	5,815
2025	1,355
2026	1,355
2027	1,355
Thereafter	5,487
Total	$ 20,072	$ 21,477

Power Supply Contract (Details)

Power Supply Contract (Details) $ in Thousands	1 Months Ended			3 Months Ended
	Nov. 30, 2022 MWh	Mar. 31, 2022 MWh	May 31, 2020 MWh	Mar. 31, 2023 USD ($) MWh	Mar. 31, 2022 USD ($)
Power Supply Contract [Line Items]
Power curtailment credits | $				$ (3,075)	$ (2,552)
Discount Rate [Member]
Power Supply Contract [Line Items]
Derivative Asset, Measurement Input				21.7
Power Supply Agreement | TXU Energy Retail Company LLC [Member] | Rockdale Facility Bitcoin Mining Facility Texas Member
Power Supply Contract [Line Items]
Capacity of electricity agreed to provide or deliver (MW)			130	345
Capacity of electricity delivery, increased portion	150	65

Power Supply Contract - Schedul

Power Supply Contract - Schedule of Changes in Estimated Fair Value of Derivative Asset (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Changes In Estimated Fair Value Of Derivative Asset Abstract
Beginning Balance	$ 97,497
Change in fair value of derivative asset	(5,778)	$ 43,683
Ending Balance	$ 91,719

Long-Term Assets (Details)

Long-Term Assets (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2023 item	Mar. 31, 2023 USD ($) MWh item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Long-Term Assets (Details) [Line Items]
Security Deposit			$ 2.7	$ 3.1
Ground Leases			1.8
Oncor
Long-Term Assets (Details) [Line Items]
Security Deposit				$ 1.8
Corsicana Facility Land Site [Member]
Long-Term Assets (Details) [Line Items]
Security Deposit			$ 4.7
Power Supply Agreement with TXU
Long-Term Assets (Details) [Line Items]
Security Deposit		$ 23
Additional increased mining capacity | MWh		215
Number of Megawatts capacity | item		345
Rockdale Facility Bitcoin Mining Facility Texas Member
Long-Term Assets (Details) [Line Items]
Reclassification to property and equipment		$ 33.3
Number Of Miners Acquired And Received | item	5,130

Long-Term Assets - Schedule of

Long-Term Assets - Schedule of deposits on equipment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule Of Deposits On Equipment Abstract
Deposits on equipment		$ 103,161	$ 33,273
Security and other deposits	32,205		9,160
Total deposits	$ 32,205		$ 42,433

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of accrued expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Accrued Expenses [Abstract]
Construction in progress	$ 11,850	$ 16,621
Power related costs and remittances	58,952	32,632
Accrued compensation	4,629	8,582
Insurance	2,304	3,660
Other	4,931	3,969
Total accrued expenses	$ 82,666	$ 65,464

Debt (Details)

Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt
Amount borrowed	$ 10
Borrowing	0.9
Outstanding balance	0.3
Payments of credit and security facility	0.5
Maximum
Debt
Outstanding balance		$ 0.1
Revolving credit facility
Debt
Amount borrowed	$ 6
Term of debt	1 year
Interest rate of debt during the period	4%
Interest rate at end of period	7.50%
Manufacturing term loans
Debt
Term of debt	5 years
Interest rate of debt during the period	2.50%
Outstanding balance	$ 0
Equipment term loans
Debt
Amount borrowed	$ 4
Term of debt	1 year
Interest rate of debt during the period	2.50%
Interest rate at end of period	7.50%
Percentage of finance approved for purchases	80%
Equipment term loans | Maximum
Debt
Term of debt	3 years
Interest rate of debt during the period	4%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 21,769	$ 21,673
Operating lease liabilities	$ 22,320	$ 22,300

Leases - Schedule of lease expe

Leases - Schedule of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule Of Lease Expense Abstract
Operating lease cost	$ 903	$ 622
Variable lease cost	55	45
Operating lease expense	$ 958	$ 667

Leases - Schedule of other info

Leases - Schedule of other information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Other Information [Abstract]
Operating cash outflows for operating leases	$ 874
Right of use assets exchanged for new operating lease liabilities	$ 682	$ 8,784
Weighted-average remaining lease term - operating leases	8 years 2 months 12 days	6 years 10 months 24 days
Weighted-average discount rate - operating leases	6.60%	6.50%

Leases - Schedule of future min

Leases - Schedule of future minimum operating lease payments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of future minimum operating lease payments [Line Items]
Remainder of 2023	$ 3,077
2024	3,659
2025	3,405
2026	3,392
2027	3,331
Thereafter	12,845
Total undiscounted lease payments	29,709
Less present value discount	(7,389)
Present value of lease liabilities	22,320	$ 22,300
Ground lease [Member]
Schedule of future minimum operating lease payments [Line Items]
Remainder of 2023	1,455
2024	1,998
2025	2,058
2026	2,119
2027	2,183
Thereafter	9,618
Total undiscounted lease payments	19,431
Less present value discount	(5,720)
Present value of lease liabilities	13,711
Office and other leases [Member]
Schedule of future minimum operating lease payments [Line Items]
Remainder of 2023	1,622
2024	1,661
2025	1,347
2026	1,273
2027	1,148
Thereafter	3,227
Total undiscounted lease payments	10,278
Less present value discount	(1,669)
Present value of lease liabilities	$ 8,609

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Mar. 31, 2022
Sales Agents [Member] | Common Stock [Member] | 2022 ATM Offering [Member]
Stockholders' Equity [Line Items]
Maximum amount of sales shares (in Dollars)		$ 0	$ 500
Sales Agents [Member] | Common Stock [Member] | 2022 ATM Offering [Member] | Subsequent Event [Member]
Stockholders' Equity [Line Items]
Maximum amount of sales shares (in Dollars)	$ 97.7
Proceeds from the sale of stock net (in Dollars)	95.7
Issuance expense (in Dollars)	$ 2
Stock issued during period, shares	7,871,700
Weighted average price (in Dollars per share)	$ 12.41
Board of directors, officers, employees, and advisors [Member] | Restricted Stock [Member]
Stockholders' Equity [Line Items]
Stock issued during period, shares		757,258
Number of shares held to cover withholding taxes related to the settlement of restricted stock units		263,533
Proceeds from the sale of stock (in Dollars)		$ 1.3

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Performance-based stock awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost (in Dollars)	$ 3.6
Unrecognized compensation cost, period for recognition	8 months
Expiration period	3 years
Service-based awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost (in Dollars)	$ 38.5
Unrecognized compensation cost, period for recognition	14 months
Service-based awards [Member] | Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period	1 year
Service-based awards [Member] | Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period	2 years

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Recognized Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ (2,296)	$ 3,042
Performance-based awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	(10,890)	1,760
Service-based awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 8,594	$ 1,282

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Performance-based awards (Details) - Performance-based stock awards [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	3,918,935
Weighted Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 25.92
Number of Shares, Granted | shares	111,700
Weighted Average Grant-Date Fair Value, Granted | $ / shares	$ 4.22
Number of Shares, Vested | shares	(373,520)
Weighted Average Grant-Date Fair Value, Vested | $ / shares	$ 25.78
Number of Shares, Forfeited | shares	(224,900)
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares	$ 35.83
Number of Shares, Ending Balance | shares	3,432,215
Weighted Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 24.58

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Service-based awards (Details) - Service-based awards [Member]	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Shares, Beginning Balance | shares	8,855,744
Weighted Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 6.84
Number of Shares, Granted | shares	356,484
Weighted Average Grant-Date Fair Value, Granted | $ / shares	$ 4.51
Number of Shares, Vested | shares	(381,864)
Weighted Average Grant-Date Fair Value, Vested | $ / shares	$ 7.10
Number of Shares, Forfeited | shares	(764,097)
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares	$ 6.79
Number of Shares, Ending Balance | shares	8,066,267
Weighted Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 6.77

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of assets and liabilities measured at fair value on recurring basis [Line Items]
Derivative asset	$ 91,719	$ 97,497
Contingent consideration liability	909	24,935
Quoted prices in active markets (Level 1) [Member]
Schedule of assets and liabilities measured at fair value on recurring basis [Line Items]
Derivative asset
Contingent consideration liability
Significant other observable inputs (Level 2) [Member]
Schedule of assets and liabilities measured at fair value on recurring basis [Line Items]
Derivative asset
Contingent consideration liability
Significant unobservable inputs (Level 3) [Member]
Schedule of assets and liabilities measured at fair value on recurring basis [Line Items]
Derivative asset	91,719	97,497
Contingent consideration liability	$ 909	$ 24,935

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($) $ in Millions			1 Months Ended	3 Months Ended
	Nov. 01, 2022	Jun. 13, 2022	May 31, 2021	Mar. 31, 2023	May 02, 2023	Apr. 05, 2023
Commitments and Contingencies (Details) [Line Items]
Escrow Deposit				$ 29.5
GMO is seeking compensatory damages in excess		$ 50
Compensatory damages	$ 25
SBI Crypto Co Litigation [Member] | Profit Loss [Member]
Commitments and Contingencies (Details) [Line Items]
Loss Contingency, Estimate of Possible Loss						$ 15
SBI Crypto Co Litigation [Member] | Equipment Damage [Member]
Commitments and Contingencies (Details) [Line Items]
Loss Contingency, Estimate of Possible Loss						$ 16
Rhodium Litigation [Member]
Commitments and Contingencies (Details) [Line Items]
Loss Contingency, Estimate of Possible Loss					$ 26
Acquisition Of Whinstone Member
Commitments and Contingencies (Details) [Line Items]
Additional consideration paid			$ 86
Whinstone Us Llc Member | Discount Rate [Member]
Commitments and Contingencies (Details) [Line Items]
Discount rate				2.50%

Commitments and Contingencies -

Commitments and Contingencies - Estimated Fair Value Contingent Consideration Liability (Details) - Fair Value, Inputs, Level 3 [Member] $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Commitments and Contingencies (Details) [Line Items]
Balance as of December 31, 2022	$ 24,935
Change in contingent consideration	(24,026)
Balance as of March 31, 2023	$ 909

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Income Taxes [Line Items]
Deferred income tax expense (benefit)	$ (5,045)
Maximum
Schedule of Income Taxes [Line Items]
Deferred income tax expense (benefit)		$ (100)

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares not included in the computation of EPS	63,000	3,539,852
Warrants to purchase common stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares not included in the computation of EPS	63,000	63,000
Unvested restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares not included in the computation of EPS		3,476,852

Segment Information (Details)

Segment Information (Details)	3 Months Ended
	Mar. 31, 2023 segment customer	Mar. 31, 2022 customer
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Number of customers over 10% of total revenues | customer	0	0

Segment Information - Schedule

Segment Information - Schedule of reportable segments and operating income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reportable segment revenue:
Total segment and consolidated revenue	$ 73,236	$ 79,787
Total segment and consolidated cost of revenues	63,122	45,628
Reconciling Items:
Selling, general, and administrative	(12,675)	(10,910)
Depreciation and amortization	(59,340)	(14,245)
Change in fair value of derivative asset	(5,778)	43,683
Power curtailment credits	3,075	2,552
Change in fair value of contingent consideration		(176)
Realized gain on sale of Bitcoin	13,775	9,665
Casualty-related charges (recoveries), net	(1,526)
Impairment of Bitcoin	(4,472)	(25,870)
Interest income (expense)	(3,830)	(357)
Unrealized loss on marketable equity securities		(1,611)
Current income tax benefit (expense)	(76)	(312)
Deferred income tax benefit (expense)	5,045
Net income (loss)	(55,688)	36,578
Bitcoin Mining [Member]
Reportable segment revenue:
Total segment and consolidated revenue	48,023	57,945
Total segment and consolidated cost of revenues	28,691	23,931
Data Center Hosting [Member]
Reportable segment revenue:
Total segment and consolidated revenue	36,996	21,039
Total segment and consolidated cost of revenues	46,821	21,492
Engineering [Member]
Reportable segment revenue:
Total segment and consolidated revenue	21,356	15,238
Total segment and consolidated cost of revenues	18,886	13,552
Other revenue [Member]
Reportable segment revenue:
Total segment and consolidated revenue	24	24
Eliminations [Member]
Reportable segment revenue:
Total segment and consolidated revenue	(33,163)	(14,459)
Total segment and consolidated cost of revenues	$ (31,276)	$ (13,347)