Riot Blockchain (RIOT) 10-Q 1 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	Apr. 29, 2024
Document And Entity Information Abstract
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-33675
Entity Registrant Name	RIOT PLATFORMS, INC.
Entity Tax Identification Number	84-1553387
Entity Incorporation, State or Country Code	NV
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
Trading Symbol	RIOT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		288,784,946
Entity Central Index Key	0001167419
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 688,497	$ 597,169
Accounts receivable, net	14,185	24,706
Contract assets, including retainage of $2,517 and $3,166, respectively	13,217	15,359
Prepaid expenses and other current assets	33,589	29,107
Bitcoin		311,178
Derivative asset, current portion	35,609	30,781
Future power credits, current portion		271
Total current assets	785,097	1,008,571
Property and equipment, net	821,685	704,194
Bitcoin	605,595
Deposits	261,519	215,009
Finite-lived intangible assets, net	14,214	15,697
Derivative asset, less current portion	88,841	73,437
Operating lease right-of-use assets	21,723	20,413
Future power credits, less current portion	589	638
Other long-term assets	11,980	13,121
Total assets	2,611,243	2,051,080
Current liabilities
Accounts payable	13,504	23,157
Contract liabilities	3,732	4,073
Accrued expenses	44,067	62,628
Deferred gain on acquisition post-close dispute settlement	26,007	26,007
Deferred revenue, current portion	2,458	2,458
Contingent consideration liability - future power credits, current portion		271
Operating lease liability, current portion	2,879	2,421
Total current liabilities	92,647	121,015
Deferred revenue, less current portion	15,262	15,801
Operating lease liability, less current portion	20,767	18,924
Contingent consideration liability - future power credits, less current portion	589	638
Other long-term liabilities	6,574	6,680
Total liabilities	135,839	163,058
Commitments and contingencies - Note 16
Stockholders' equity
Preferred stock, no par value, 15,000,000 shares authorized:
2% Series A Convertible Preferred stock, 2,000,000 shares authorized; no shares issued and outstanding as of March 31, 2024 and December 31, 2023
0% Series B Convertible Preferred stock, 1,750,001 shares authorized; no shares issued and outstanding as of March 31, 2024 and December 31, 2023
Common stock, no par value; 340,000,000 shares authorized; 267,991,956 and 230,836,624 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively	3,063,438	2,687,692
Accumulated deficit	(588,043)	(799,820)
Accumulated other comprehensive income (loss), net	9	150
Total stockholders' equity	2,475,404	1,888,022
Total liabilities and stockholders' equity	$ 2,611,243	$ 2,051,080

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands	Mar. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Contract assets, retainage | $	$ 2,517	$ 3,166
Preferred stock, par value (in Dollars per share) | $ / shares	$ 0	$ 0
Preferred stock, shares authorized	15,000,000	15,000,000
Common stock, par value (in Dollars per share) | $ / shares	$ 0	$ 0
Common stock, shares authorized	340,000,000	340,000,000
Common stock, shares issued	267,991,956	230,836,624
Common stock, shares outstanding	267,991,956	230,836,624
Convertible Preferred Stock Series AMember
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
Convertible Preferred Stock Series BMember
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, 2024	Mar. 31, 2023
Revenue:
Total revenue	$ 79,296	$ 73,236
Costs and expenses:
Selling, general, and administrative	57,652	12,675
Depreciation and amortization	32,343	59,340
Change in fair value of Bitcoin	(234,080)	(83,504)
Change in fair value of derivative asset	(20,232)	5,778
Power curtailment credits	(5,131)	(3,075)
Casualty-related charges (recoveries), net	(2,300)	1,526
Total costs and expenses	(124,646)	55,862
Operating income (loss)	203,942	17,374
Other income (expense):
Interest income (expense)	7,805	(3,830)
Other income (expense)	8
Total other income (expense)	7,813	(3,830)
Net income (loss) before taxes	211,755	13,544
Current income tax benefit (expense)	22	(76)
Deferred income tax benefit (expense)		5,045
Total income tax benefit (expense)	22	4,969
Net income (loss)	$ 211,777	$ 18,513
Basic net income (loss) per share (in Dollars per share)	$ 0.82	$ 0.11
Diluted net income (loss) per share (in Dollars per share)	$ 0.81	$ 0.11
Basic weighted average number of shares outstanding (in Shares)	259,506,242	167,342,500
Diluted weighted average number of shares outstanding (in Shares)	262,358,332	172,114,333
Bitcoin Mining
Revenue:
Total revenue	$ 74,597	$ 48,023
Costs and expenses:
Cost of revenues	41,084	21,899
Data Center Hosting
Revenue:
Total revenue		9,042
Costs and expenses:
Cost of revenues		25,660
Engineering
Revenue:
Total revenue	4,675	16,147
Costs and expenses:
Cost of revenues	6,018	15,563
Other revenue
Revenue:
Total revenue	$ 24	$ 24

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Condensed Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 211,777	$ 18,513
Other comprehensive income (loss):
Unrealized holding gains (losses) on convertible note	(141)
Comprehensive income (loss)	$ 211,636	$ 18,513

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Accumulated deficit	AOCI Attributable to Parent	Total
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)		18,513		18,513
Balance at Mar. 31, 2023	$ 1,904,175	(737,829)		1,166,346
Balance (in Shares) at Mar. 31, 2023	166,966,766
Balance at Dec. 31, 2023	$ 2,687,692	(799,820)	$ 150	1,888,022
Balance (in Shares) at Dec. 31, 2023	230,836,624
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding	$ (1,998)			(1,998)
Issuance of restricted stock, net of forfeitures and delivery of common stock underlying stock awards, net of tax withholding (in shares)	10,986,032
Issuance of common stock/At-the-market offering, net of offering costs	$ 345,744			345,744
Issuance of common stock/At-the-market offering, net of offering costs (in Shares)	26,169,300
Stock-based compensation	$ 32,000			32,000
Net Income (Loss)		211,777		211,777
Other comprehensive income (loss)			(141)	(141)
Balance at Mar. 31, 2024	$ 3,063,438	$ (588,043)	$ 9	$ 2,475,404
Balance (in Shares) at Mar. 31, 2024	267,991,956

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Operating activities
Net Income (Loss)	$ 211,777	$ 18,513
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Stock-based compensation	32,000	(2,296)
Depreciation and amortization	32,343	59,340
Amortization of license fee revenue	(24)	(24)
Noncash lease expense	808	586
Deferred income tax expense (benefit)		(5,045)
Change in fair value of Bitcoin	(234,080)	(83,504)
Change in fair value of derivative asset	(20,232)	5,778
Casualty-related charges		1,526
Revenue recognized from Bitcoin mined	(71,396)	(48,023)
Proceeds from sale of Bitcoin	9,518	44,437
Changes in assets and liabilities:
(Increase)/decrease in operating assets	1,743	46,961
Increase/(decrease) in operating liabilities	(20,310)	(5,886)
Net cash provided by (used in) operating activities	(57,853)	32,363
Investing activities
Deposits on equipment	(139,329)
Security deposits	(155)	(23,000)
Purchases of property and equipment, including construction in progress	(57,309)	(50,955)
Casualty-related recoveries	2,300
Patent costs incurred		(33)
Net cash provided by (used in) investing activities	(194,493)	(73,988)
Financing activities
Proceeds from the issuance of common stock / At-the-market offering	353,224
Offering costs for the issuance of common stock / At-the-market offering	(7,480)
Proceeds from Credit and Security Facility		880
Repayments of Credit and Security Facility	(72)	(500)
Repurchase of common shares to pay employee withholding taxes	(1,998)	(1,313)
Net cash provided by (used in) financing activities	343,674	(933)
Net increase (decrease) in cash and cash equivalents	91,328	(42,558)
Cash and cash equivalents at beginning of period	597,169	230,328	$ 230,328
Cash and cash equivalents at end of period	688,497	187,770	597,169
Supplemental information:
Cash paid for interest	13
Non-cash transactions
Reclassification of deposits to property and equipment	100,812	33,273
Construction in progress included in accrued expenses	15,981	11,850
Bitcoin exchanged for employee compensation	1,461	459
Right of use assets exchanged for new operating lease liabilities	2,118	682
Cash and cash equivalents	597,169	230,328	230,328
Cash and cash equivalents at beginning of period	597,169	230,328	230,328
Cash and cash equivalents	688,497	158,272	597,169
Restricted cash		29,498
Cash and cash equivalents at end of period	$ 688,497	$ 187,770	$ 597,169

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization and Basis of Presentation
Organization and Basis of Presentation	Note 1. Organization and Basis of Presentation Organization Riot Platforms is a vertically integrated Bitcoin mining company principally engaged in enhancing our capabilities to mine Bitcoin in support of the Bitcoin blockchain. The Company’s large-scale Bitcoin mining facility in Rockdale, Texas (the “Rockdale Facility”) currently provides up to 700 megawatts (“MW”) in total developed capacity for Bitcoin mining. The Company is also developing a second large-scale Bitcoin mining facility located in Corsicana, Texas (the “Corsicana Facility”), which, upon completion, is expected to have approximately 1.0 GW of capacity available for Bitcoin mining, with 200 MW of additional electrical capacity available for development, at the Company’s discretion. ​ Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements (“Condensed Consolidated Financial Statements”) and these notes (these “Notes”) have been prepared in accordance with the accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, the Condensed Consolidated Financial Statements reflect all adjustments, consisting of normal and recurring adjustments, considered necessary for a fair presentation of such interim results. Unless otherwise indicated, amounts are stated in thousands of U.S. Dollars except for share, per share, and miner amounts, and Bitcoin quantities, prices, and hash rate. The results in the Condensed Consolidated Financial Statements and these Notes include required estimates and assumptions of management, and they are not necessarily indicative of results to be expected for the year ending December 31, 2024, or for any future interim period. Further, the Condensed Consolidated Financial Statements and these Notes do not include all the information and notes required by GAAP for a complete presentation of annual financial statements. As such, the Condensed Consolidated Financial Statements and these Notes should be read in conjunction with the consolidated financial statements for the year ended December 31, 2023, and notes thereto, included in the 2023 Annual Report. As described in Note 18. Segment Information

Significant Accounting Policies

Significant Accounting Policies and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Significant Accounting Policies and Recent Accounting Pronouncements
Significant Accounting Policies and Recent Accounting Pronouncements	Note 2. Significant Accounting Policies and Recent Accounting Pronouncements 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 may differ materially from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include: revenue recognition; valuing the derivative asset classified under Level 3 on the fair value hierarchy; determining the useful lives and recoverability of long-lived assets; impairment analysis of 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 Condensed Consolidated Financial Statements and these Notes. The reclassifications did not have a material impact on the Condensed Consolidated Financial Statements and related disclosures. The impact on any prior period disclosures was immaterial. Significant Accounting Policies During 2024, Riot made the strategic decision to temporarily cease the sale of all its Bitcoin production and instead, increase its Bitcoin holdings. As a result of its intent to hold its Bitcoin, the Company began classifying its Bitcoin held as a non-current asset on its Condensed Consolidated Balance Sheet as of March 31, 2024. For the three months ended March 31, 2024, all sales of Bitcoin occurred before the strategic decision and, as the Bitcoin was sold nearly immediately after receipt by the Company, the proceeds were recognized within Operating activities Effective January 1, 2024, the Company changed the estimated useful life of its miners and mining equipment from 2 years to 3 years. See Note 6. Property and Equipment Change in Reportable Segments Previously, the Company operated in three reportable business segments: Bitcoin Mining, Data Center Hosting, and Engineering. Commencing for the three months ended March 31, 2024, the Company’s reportable segments have changed to reflect the termination of its legacy Data Center Hosting business, with Bitcoin Mining and Engineering as the Company’s two remaining reportable business segments. See Note 18. Segment Information Except for the changes noted above, see the Company’s 2023 Annual Report for a detailed discussion of the Company’s significant accounting policies. Recently Issued Accounting Pronouncements The Company continually assesses 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 such change to its Condensed Consolidated Financial Statements and assures that there are proper controls in place to ascertain that the Company’s Condensed Consolidated Financial Statements properly reflect the change. In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets , Accumulated deficit In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Note 3. Revenue from Contracts with Customers Disaggregated revenue Revenue disaggregated by reportable segment is presented in Note 18. Segment Information Contract balances Contract assets relate to uncompleted Engineering contracts. As of March 31, 2024, and December 31, 2023, contract assets were $13.2 million and $15.4 million, respectively. Contract liabilities primarily relate to upfront payments and consideration received from a legacy data center hosting customer and uncompleted Engineering contracts. The following table presents changes in contract liabilities and deferred revenue: ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2024 Beginning balance ​ $ 22,332 Revenue recognized ​ (1,593) Other changes in contract liabilities ​ ​ 713 Ending balance ​ $ 21,452 ​ Remaining performance obligation The following table presents the estimated future recognition of the Company’s remaining performance obligations, which represent the transaction price of current contracts for work to be performed. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remainder of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 2026 2027 ​ 2028 Thereafter Total Legacy data center hosting contract $ 1,771 $ 2,362 $ 2,362 $ 2,362 ​ $ 2,362 $ 6,040 $ 17,259 Engineering ​ 3,732 ​ — ​ — ​ — ​ ​ — ​ — ​ 3,732 Other ​ ​ 73 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ — ​ ​ 461 Total contract liabilities ​ $ 5,576 ​ $ 2,459 ​ $ 2,459 ​ $ 2,459 ​ $ 2,459 ​ $ 6,040 ​ $ 21,452 ​

Bitcoin

Bitcoin	3 Months Ended
	Mar. 31, 2024
Cryptocurrencies Abstract
Bitcoin	Note 4. Bitcoin The following table presents information about the Company’s Bitcoin holdings: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantity Amounts Balance as of January 1, 2024 ​ ​ 7,362 ​ $ 311,178 Revenue recognized from Bitcoin mined ​ ​ 1,364 ​ ​ 71,396 Change in Bitcoin receivable ​ ​ 7 ​ ​ (80) Proceeds from sale of Bitcoin ​ ​ (212) ​ ​ (9,518) Exchange of Bitcoin for employee compensation ​ ​ (31) ​ ​ (1,461) Change in fair value of Bitcoin ​ ​ — ​ ​ 234,080 Balance as of March 31, 2024 ​ ​ 8,490 ​ $ 605,595 ​ ​ ​ ​ ​ ​ ​ Carrying value of Bitcoin as of March 31, 2024 (a) ​ ​ ​ ​ $ 267,448 Realized gains on the sale of Bitcoin for the three months ended March 31, 2024 (b) ​ ​ ​ ​ $ 7,182 ​ ​ ​ ​ ​ ​ ​ Balance as of January 1, 2023 ​ ​ 6,974 ​ $ 115,415 Revenue recognized from Bitcoin mined ​ ​ 2,115 ​ ​ 48,023 Proceeds from sale of Bitcoin ​ ​ (1,975) ​ ​ (44,437) Exchange of Bitcoin for employee compensation ​ ​ (20) ​ ​ (459) Change in fair value of Bitcoin ​ ​ — ​ ​ 83,504 Balance as of March 31, 2023 ​ ​ 7,094 ​ $ 202,046 ​ ​ ​ ​ ​ ​ ​ Carrying value of Bitcoin as of March 31, 2023 (a) ​ ​ ​ ​ $ 125,699 Realized gains on the sale of Bitcoin for the three months ended March 31, 2023 (b) ​ ​ ​ ​ $ 13,893 ​ (a) The carrying value of Bitcoin is equal to the post-impairment value of all Bitcoin held as of the adoption of ASU 2023-08 on January 1, 2023, and, for Bitcoin produced subsequent to the adoption of ASU 2023-08, the initial value of the Bitcoin as determined for revenue recognition purposes. (b) Bitcoin is sold on a first in, first out (FIFO) basis. During the three months ended March 31, 2024 and 2023, gains were recognized on all sales of Bitcoin and are included in Change in fair value of Bitcoin on the Condensed Consolidated Statements of Operations. ​ All additions of Bitcoin were the result of Bitcoin generated by the Company’s Bitcoin Mining operations (see Note 3. Revenue from Contracts with Customers

Investments

Investments	3 Months Ended
	Mar. 31, 2024
Investments.
Investments	Note 5. Investment Convertible note During the year ended December 31, 2023, the Company invested in a $4.5 million convertible note at face value. The convertible note has a three-year term and earns interest at a rate of 12% per annum, which may be paid in cash or in-kind, and converts into equity of the issuer of the convertible note at the end of the three-year term. The fair value measurement of the convertible note is based on significant inputs not observable in the market and thus represents a Level 3 measurement on the fair value hierarchy. The significant assumptions used to estimate fair value of the convertible note as of March 31, 2024 included a discount rate of 14.1% , which reflected the issuance date spread premium over the selected yield for the remaining time to maturity. ​ The following table presents information about the convertible note: ​ ​ ​ ​ ​ Fair value as of December 31, 2023 $ 4,709 Accrued interest 135 Amortized costs basis 4,844 Unrealized holding gains (losses) in accumulated other comprehensive income ​ ​ (141) Fair value as of March 31, 2024 $ 4,703 ​ ​

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 6. Property and Equipment The following table presents the Company’s property and equipment: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Buildings and building improvements ​ $ 358,201 ​ $ 348,865 Land rights and land improvements ​ 10,320 ​ 10,320 Miners and mining equipment ​ 597,542 ​ 496,230 Machinery and facility equipment ​ ​ 39,992 ​ ​ 39,144 Office and computer equipment ​ 2,431 ​ 2,108 Construction in progress ​ 203,503 ​ 166,970 Total cost of property and equipment ​ 1,211,989 ​ 1,063,637 Less accumulated depreciation ​ (390,304) ​ (359,443) Property and equipment, net ​ $ 821,685 ​ $ 704,194 ​ The Company did not incur any impairment charges for its property and equipment during the three months ended March 31, 2024 and 2023. During the three months ended March 31, 2024 and 2023, depreciation expense related to property and equipment totaled $30.9 million and $57.9 million, respectively. Miners and mining equipment As of March 31, 2024, the Company had a total deployed hash rate capacity of 12.4 EH/s, all in its Bitcoin Mining operation at the Rockdale Facility. During 2023, the Company entered into a long-term master purchase and sales agreement, dated as of June 23, 2023, as amended, (the “Master Agreement”) to acquire miners from MicroBT Electronics Technology Co., LTD, through its manufacturing affiliate, SuperAcme Technology (Hong Kong) Limited (collectively “MicroBT”). In 2023 ​ During the three months ended March 31, 2024, the Company entered into an additional purchase order with MicroBT under the Master Agreement to acquire 31,500 air-cooled miners with a total hash rate of 5.9 EH/s for a total purchase price of approximately $96.7 million. This purchase order is in addition to existing purchase options under the Master Agreement. Delivery of these miners is expected to occur in the second quarter of 2024, for deployment at the Rockdale Facility. Approximately 17,000 of these miners are expected to replace underperforming miners currently installed at the Rockdale Facility, with the remaining 14,500 miners expected to be deployed in available capacity at the facility. Effective January 1, 2024, as a result of new information about the actual lives of Bitcoin miners, the Company determined the estimated useful life of its Bitcoin miners will be increased from two years to three years. In making this determination, the Company took into consideration its first-hand experience of miners remaining in service beyond a two-year period, as well as its increased use of immersion-based mining, which the Company anticipates will extend the useful life of miners, due to improved heat removal and reduced exposure to particulates, as compared to traditional air-cooled mining. For the three months ended March 31, 2024, the effect of this change in estimate was a reduction in depreciation expense and an increase in net income of approximately $27.1 million, and an increase in basic and diluted earnings per share of $0.10. ​ Casualty-related charges (recoveries), net In December 2022, the Rockdale Facility was damaged during severe winter storms in Texas. As of March 31, 2024, the Company estimated that total damages of $10.3 million had been incurred. During the three months ended March 31, 2024, the Company received net insurance recoveries of $2.3 million, in addition to the $7.5 million recovered during the year ended December 31, 2023. Recoveries are recognized when they are probable of being received. Construction in progress In 2022, the Company initiated development of the Corsicana Facility to expand its Bitcoin Mining capabilities, on a 265-acre site in Navarro County, Texas, located near the Navarro Switch. Once complete, the Company expects the Corsicana Facility to have 1.0 GW of developed capacity for its Bitcoin Mining operations, with 200 MW of additional capacity available for development, at the Company’s discretion. The initial phase of development of the Corsicana Facility involves the construction of 400 MW of immersion-cooled Bitcoin Mining infrastructure, including a high-voltage power substation and electrical and water transmission facilities to supply power and water to the facility. Operations of this initial phase of the development commenced in April 2024, following energization of the substation. During the year ended December 31, 2023, the Company entered into a purchase agreement to acquire immersion cooling systems for use in the first 200 MW Bitcoin mining data center facilities developed at the Corsicana Facility. Delivery and installation of these immersion cooling systems commenced in the first quarter of 2024, and is anticipated to be completed in the second quarter of 2024. The purchase agreement also provides the Company an option to purchase up to an additional 400 MW of immersion cooling systems from the same manufacturer, on the same terms as the initial order, through December 31, 2025. ​ During the three months ended March 31, 2024, the Company entered into a purchase agreement to acquire immersion cooling systems for use in the second 200 MW Bitcoin mining data center facilities developed at the Corsicana Facility. Delivery of these immersion cooling systems is expected to be completed in the second quarter of 2024. Through March 31, 2024, the Company had incurred total costs of approximately $270.8 million related to the development of the Corsicana Facility, including $10.1 million paid to acquire the land on which the facility is being developed, $256.0 million of initial developments costs and equipment (exclusive of miners), and a $4.7 million deposit for future power usage.

Finite-Lived Intangible Assets

Finite-Lived Intangible Assets	3 Months Ended
	Mar. 31, 2024
Finite-Lived Intangible Assets
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, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross ​ Accumulated ​ Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (1,447) ​ $ 4,853 10 Trademark ​ 5,000 ​ (1,167) ​ 3,833 10 UL Listings ​ 2,700 ​ (525) ​ 2,175 12 Patents ​ 10,060 ​ (6,707) ​ 3,353 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (9,846) ​ $ 14,214 ​ ​ ​ The following table presents the Company’s finite-lived intangible assets as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross Accumulated Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (1,292) ​ $ 5,008 10 Trademark ​ 5,000 ​ (1,042) ​ 3,958 10 UL Listings ​ 2,700 ​ (469) ​ 2,231 12 Patents ​ 10,060 ​ (5,560) ​ 4,500 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (8,363) ​ $ 15,697 ​ ​ ​ During the three months ended March 31, 2024 and 2023, amortization expense related to finite-lived intangible assets was $1.5 million and $1.4 million, respectively. The following table presents the estimated future amortization of the Company’s finite-lived intangible assets as of March 31, 2024: ​ ​ ​ ​ Remainder of 2024 ​ $ 4,340 2025 ​ 1,355 2026 ​ 1,355 2027 ​ 1,355 2028 ​ 1,355 Thereafter ​ 4,455 Total ​ $ 14,214 ​ The Company did not identify any impairment of its finite-lived intangible assets during the three months ended March 31, 2024 and 2023.

Power Purchase Agreement

Power Purchase Agreement	3 Months Ended
	Mar. 31, 2024
Power Purchase Agreement
Power Purchase Agreement	Note 8. Power Purchase Agreement Power Supply Contract and Demand Response Services Programs In May 2020, the Company’s subsidiary, Whinstone US, Inc. (“Whinstone”), entered into a long-term power purchase agreement (the “PPA”) to provide power at fixed prices to the Rockdale Facility, via the nearby Sandow Switch. Pursuant to the PPA, the Company has agreed to acquire a total of 345 MW of long-term, fixed-price power, in multiple blocks, as follows: 130 MW contracted in May 2020, through April 30, 2030; 65 MW contracted in March 2022, through April 30, 2030; and 150 MW contracted in November 2022, through October 31, 2027. Additionally, the PPA also allows the purchase of additional power, at market prices, as needed. Concurrently with the PPA, Whinstone entered into an interconnection agreement for the extension of delivery system transmission/substation facilities to facilitate delivery of 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 ERCOT has implemented Demand Response Services Programs for customers like the Company that have the ability to reduce or modify electricity use in response to ERCOT instructions or signals. These Demand Response Services Programs provide the ERCOT market with valuable grid reliability and economic services by helping to preserve system reliability, enhancing competition and load predictability, mitigating price spikes, and stabilizing the grid by encouraging the demand side of the market to give more visibility and control of their power consumption to grid operators. Market participants with flexible electrical loads, like the Company, may participate in these Demand Response Service Programs directly by offering their electrical loads into the ERCOT markets, or indirectly by voluntarily reducing their energy usage in response to increasing power demand in the ERCOT marketplace. ​ Under these Demand Response Services Programs, the Company can participate in a variety of programs known as “ancillary services” by electing to designate a portion of its available electrical load for participation in such programs on a forward basis. For each respective Demand Response Services Program, the Company receives compensation based on hourly rates for power and the amount of electrical load which it has bid into the program. Through ancillary services, the Company competitively bids amongst other market participants to sell ERCOT the ability to control the Company’s electrical load on demand, which requires the Company to remain powered on during the times in which its power is bid into ancillary services, and giving ERCOT the ability to direct the Company to power down the amount of power bid into the program. The Company receives compensation for its participation in ancillary services whether or not the Company is actually called to power down. The Company also participates in ERCOT’s Four Coincident Peak (“4CP”) program, which refers to the highest-load settlement intervals in each of the four summer months (June, July, August, and September), during which time, demand for power is typically at its highest across the ERCOT grid. 4CP participants may voluntarily power down operations during these times and in doing so, reduce the electrical load demand on the ERCOT grid. Participants that reduce their load in these peak periods receive credits to transmission costs on future power bills during the subsequent year, reducing overall power costs for the year. As a result of participation in 4CP in 2023, the Company’s transmission charges in its ongoing 2024 monthly power bills are substantially reduced. Under the PPA, the Company may also elect not to utilize its long-term, fixed-price power for its operations, and instead elect to sell that power in exchange for credits against future power costs when there is a benefit to the Company, depending on the spot market price of electricity. The Company’s power strategy combines participation in Demand Response Services Programs, participation in 4CP, and sales of power, to attempt to manage operating costs most efficiently. During the three months ended March 31, 2024 and 2023, the Company earned credits against future power costs in exchange for power resold of approximately $5.1 million and $3.1 million, respectively. These amounts are recorded in Power curtailment credits The Company determined the PPA meets the definition of a derivative because it allows for net settlement. However, because the Company has the ability to offer the power back for sale, rather than taking physical delivery, the Company determined that physical delivery is not probable through the entirety of the contract and therefore, the Company does not believe the normal purchases and normal sales scope exception applies to the PPA. Accordingly, the PPA (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, the Company’s 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 PPA, which is scheduled to end as of April 30, 2030. The significant assumptions used to estimate fair value of the derivative contract include a discount rate of 22.9%, 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 includes observable market inputs, but also includes unobservable inputs based on qualitative judgment related to company-specific risk factors. The terms of the PPA 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, 2024, 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 back unused or uneconomical power, the Company does not consider such actions to be trading activities. The following table presents changes in the estimated fair value of the Derivative asset ​ ​ ​ ​ ​ Balance as of December 31, 2023 ​ $ 104,218 Change in fair value of derivative asset ​ 20,232 Balance as of March 31, 2024 ​ $ 124,450 ​

Deposits

Deposits	3 Months Ended
	Mar. 31, 2024
Deposits
Deposits	Note 9. Deposits The following table presents the activity of the Company’s deposits paid: ​ ​ ​ ​ ​ Deposits on equipment: ​ Balance as of December 31, 2023 ​ $ 185,294 Additions ​ 147,167 Reclassifications to property and equipment ​ (100,812) Balance as of March 31, 2024 ​ ​ 231,649 Security deposits ​ 29,870 Total long-term deposits ​ $ 261,519 ​ Deposits on Equipment During the three months ended March 31, 2024, the Company made deposits and advance payments of $114.8 million to MicroBT for the purchase of miners and made deposits of $32.4 million for the purchases of other property and equipment, primarily consisting of electrical components and immersion tanks used in the development of the Corsicana Facility. During the three months ended March 31, 2024, the Company reclassified $95.9 million of deposits made to MicroBT and $4.9 million of other deposits to property and equipment in connection with the receipt of the equipment. See Note 6. Property and Equipment. Security Deposits During the year ended December 31, 2023, the Company paid $23.0 million, all of which remains held as a deposit as of March 31, 2024, as a security deposit in connection with its 215 MW increase to the long-term, fixed-price power secured under the PPA, resulting in a total of 345 MW under contract at fixed prices. See Note 8. Power Purchase Agreement 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, all of which remains held as a deposit as of March 31, 2024. The Company has other security deposits totaling approximately $2.2 million for its offices and facilities, including $1.8 million associated with its ground lease.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2024
Accrued Expenses
Accrued Expenses	Note 10. Accrued Expenses Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 ​ 2023 Construction in progress ​ $ 15,981 ​ $ 23,451 Power related costs and remittances ​ 10,765 ​ 11,114 Compensation ​ ​ 6,627 ​ ​ 14,888 Insurance ​ 4,342 ​ 7,490 Other ​ 6,352 ​ 5,685 Total accrued expenses ​ $ 44,067 ​ $ 62,628 ​

Debt

Debt	3 Months Ended
	Mar. 31, 2024
Debt
Debt	Note 11. Debt ​ Credit and Security Facility ​ The Company’s subsidiary, ESS Metron, LLC (“ESS Metron”), ​ The Revolving Line of Credit matures on December 31, 2024, 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, 2024, the interest rate was 8.5%. During the three months ended March 31, 2024, there were no borrowings or payments ​ The Equipment Guidance Line matures on December 31, 2024, 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, 2024, the interest rate was 8.5%. During the three months ended March 31, 2024, there were no borrowings under the Equipment Guidance Line and s of March 31, 2024 and December 31, 2023, the outstanding balance on the Equipment Guidance Line was $0 and $0.5 million, relatively. ​ 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 made upon the first conversion of guidance line 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 made upon the first conversion of guidance line loans carry interest at a fixed rate equal to the three-year treasury rate plus 2.5% as of conversion. All subsequent conversions to Manufacturing Term Loans and Equipment Term Loans carry interest at a fluctuating rate equal to the lender’s prime rate. ​ During the three months ended March 31, 2024, approximately $0.5 million outstanding under the Equipment Guidance Line was converted into a three-year Equipment Term Loan with a fixed interest rate of 6.6% . As of March 31, 2024 and December 31, 2023, the outstanding balance of the Equipment Term Loans was approximately $0.8 million and $0.3 million, respectively. ​ As of March 31, 2024, the outstanding balance on the Equipment Guidance Line and Equipment Term Loans was recognized net of deferred financing costs of approximately $0.1 million. The net current outstanding debt balance of $0.3 million was recognized within Accrued Expenses Other long-term liabilities ​ As of March 31, 2024, ESS Metron was not in compliance with its EBITDA covenant of the Credit and Security Facility Agreement. However, a waiver of non-compliance was received from the lender.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	Note 12. Leases As of March 31, 2024 and December 31, 2023, operating lease right of use assets were $21.7 million and $20.4 million, respectively, and operating lease liabilities were $23.6 million and $21.3 million, respectively. The following table presents the components of the Company’s lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ ​ 2024 2023 Operating lease cost ​ $ 1,089 ​ $ 903 Variable lease cost ​ 110 ​ 55 Operating lease expense ​ $ 1,199 ​ $ 958 ​ The following table presents supplemental lease information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ 2024 ​ 2023 Operating leases net operating cash outflows $ 208 ​ ​ $ 874 ​ Right of use assets exchanged for new operating lease liabilities $ 2,118 ​ ​ $ 682 ​ Weighted-average remaining lease term – operating leases 7.0 ​ ​ 8.2 ​ Weighted-average discount rate – operating leases 6.8 % ​ 6.6 % ​ The following table represents the Company’s future minimum operating lease payments as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground lease Office and other leases Total Remainder of 2024 ​ $ 1,498 ​ $ 1,772 ​ $ 3,270 2025 ​ 2,058 ​ 2,371 ​ 4,429 2026 ​ ​ 2,119 ​ ​ 2,073 ​ ​ 4,192 2027 ​ 2,183 ​ 1,778 ​ 3,961 2028 ​ 2,249 ​ 1,333 ​ 3,582 Thereafter ​ 7,369 ​ 3,294 ​ 10,663 Total undiscounted lease payments ​ 17,476 ​ 12,621 ​ 30,097 Less present value discount ​ (4,437) ​ (2,014) ​ (6,451) Present value of lease liabilities ​ $ 13,039 ​ $ 10,607 ​ $ 23,646 ​ ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Note 13. Stockholders’ Equity During the three months ended March 31, 2024, approximately 0.5 million shares of common stock vested or were issued to the Company’s board of directors, officers, employees, and advisors 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 “2019 Equity Incentive Plan”). The Company withheld approximately 0.1 million of these shares, with a fair value of approximately $2.0 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 2023 ATM Offering ​ In August 2023, the Company entered into the 2023 ATM Offering, under which it could offer and sell up to $750.0 million in shares of the Company’s common stock. During the three months ended March 31, 2024, the Company received net proceeds of approximately $114.9 million ($117.3 million of gross proceeds, net of $2.4 million in commissions and expenses) from the sale of 8,644,100 shares of its common stock at a weighted average fair value of $13.57 per share under its 2023 ATM Offering. With the sale and issuance of these shares, no additional shares of Common Stock will be offered or sold under the 2023 ATM Offering. 2024 ATM Offering ​ In February 2024, the Company entered into the 2024 ATM Offering, under which it could offer and sell up to $750.0 million in shares of the Company’s common stock. ​ During the three months ended March 31, 2024, the Company received net proceeds of approximately $231.2 million ($235.9 million of gross proceeds, net of $4.7 million in commissions and expenses) from the sale of 17,525,200 shares of its common stock at a weighted average fair value of $13.46 per share under its 2024 ATM Offering. ​ Subsequent to March 31, 2024, and through April 30, 2024, the Company received net proceeds of approximately $154.1 million from the sale of 14,789,000 shares of its common stock at a weighted average fair value of $10.63 per share under its 2024 ATM Offering. ​

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Stock-Based Compensation
Stock-Based Compensation	Note 14. Stock-Based Compensation The 2019 Equity Incentive Plan authorizes the granting of stock-based compensation awards to directors, officers, employees, and advisors of the Company in the form of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), or stock options, all of which settle in shares of the Company’s common stock upon vesting. The following table presents the Company’s stock-based compensation expense by category: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Performance-based stock awards and units ​ $ 22,290 ​ $ (10,890) Service-based stock awards and units ​ ​ 9,710 ​ ​ 8,594 Total stock-based compensation ​ $ 32,000 ​ $ (2,296) ​ Stock-based compensation expense is recognized in Selling, general and administrative Performance-Based Awards and Units Performance-based awards and units are eligible to vest over a three-year performance period based on the Company’s total shareholder return (“TSR”) as compared to the Index TSR through December 31, 2025. The following table presents a summary of the activity of the performance-based RSAs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Shares Fair Value Balance as of January 1, 2024 ​ 4,928,526 ​ $ 21.71 Granted ​ 14,071,926 ​ $ 14.18 Vested ​ (252,380) ​ $ 23.30 Forfeited ​ (3,005,813) ​ $ 22.75 Balance as of March 31, 2024 ​ 15,742,259 ​ $ 14.75 ​ As of March 31, 2024, there was approximately $205.9 million of unrecognized compensation cost related to the performance-based RSAs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 2.3 years. The following table presents a summary of the activity of the performance-based RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Units Fair Value Balance as of January 1, 2024 ​ 246,426 ​ $ 19.59 Granted ​ 1,000,000 ​ $ 14.18 Vested ​ — ​ $ — Forfeited ​ — ​ $ — Balance as of March 31, 2024 ​ 1,246,426 ​ $ 15.25 ​ As of March 31, 2024, there was approximately $16.5 million of unrecognized compensation cost related to the performance-based RSUs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 2.3 years. Service-Based Awards and Units Service-based awards vest over one two ​ The following table presents a summary of the activity of the service-based RSAs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Shares Fair Value Balance as of January 1, 2024 ​ 4,897,894 ​ $ 9.14 Granted ​ 47,884 ​ $ 15.12 Vested ​ (218,611) ​ $ 6.46 Forfeited ​ (886) ​ $ 17.21 Balance as of March 31, 2024 4,726,281 ​ $ 9.33 ​ As of March 31, 2024, there was approximately $19.8 million of unrecognized compensation cost related to the service-based RSAs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 0.6 years. The following table presents a summary of the activity of the service-based RSUs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Units Fair Value Balance as of January 1, 2024 ​ 155,213 ​ $ 19.30 Granted ​ — ​ $ — Vested ​ (8,000) ​ $ 15.47 Forfeited ​ — ​ $ — Balance as of March 31, 2024 147,213 ​ $ 19.50 ​ As of March 31, 2024, there was approximately $2.3 million of unrecognized compensation cost related to the service-based RSUs, which is expected to be recognized over a remaining weighted-average vesting period of approximately 2.0 years.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements
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, 2024, and December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Bitcoin (a) ​ $ 605,595 ​ $ 605,595 ​ $ — ​ $ — Convertible note (b) ​ $ 4,703 ​ $ — ​ $ — ​ $ 4,703 Derivative asset (c) ​ $ 124,450 ​ $ — ​ $ — ​ $ 124,450 Contingent consideration liability (d) ​ $ 589 ​ $ — ​ $ — ​ $ 589 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Bitcoin (a) ​ $ 311,178 ​ $ 311,178 ​ $ — ​ $ — Convertible note (b) ​ $ 4,709 ​ $ — ​ $ — ​ $ 4,709 Derivative asset (c) ​ $ 104,218 ​ $ — ​ $ — ​ $ 104,218 Contingent consideration liability (d) ​ $ 909 ​ $ — ​ $ — ​ $ 909 ​ (a) See Note 4. Bitcoin. (b) See Note 5. Investments . (c) See Note 8. Power Purchase Agreement . (d) See Note 16. Commitments and Contingencies . ​ Assets and Liabilities Not Measured at Fair Value on a Recurring Basis: As of March 31, 2024 and December 31, 2023, the fair values of cash and cash equivalents, 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, 2024
Commitments and Contingencies.,
Commitments and Contingencies	Note 16. Commitments and Contingencies Commitments Miners and mining equipment Through March 31, 2024, the Company paid approximately $305.9 million in total deposits and payments to MicroBT for the purchase of miners pursuant to the Master Agreement described in Note 6, Property and Equipment Through March 31, 2024, the Company paid $45.3 million in total deposits and payments for the purchase of immersion cooling systems described for the Corsicana Facility, as described in Note 6, Property and Equipment. During the three months ended March 31, 2024, the Company paid $10.8 million in deposits for the purchase of immersion cooling systems for the Corsicana Facility, as described in Note 6, Property and Equipment ​ Contingencies Legal Proceedings The Company, and our subsidiaries, are subject at times to various claims, lawsuits and governmental proceedings relating to our business and transactions arising in the ordinary course of business. We cannot predict the final outcome of such proceedings. Where appropriate, we vigorously defend such claims, lawsuits and proceedings. Some of these claims, lawsuits and proceedings seek damages, including, direct, consequential, exemplary, and/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 our insurance program. We maintain property, and various types of liability insurance in an effort to protect ourselves from such claims. In terms of any matters where there is no insurance coverage available to us, or where coverage is available and we maintain a retention or deductible associated with such insurance, we 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 us on the Condensed Consolidated Balance Sheets. If it is reasonably possible that an asset may be impaired as of the date of the financial statement, then we disclose the range of possible loss. Paid expenses related to the defense of such claims are recorded by us as incurred and paid. 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 our defense of such matters. On the basis of current information, we do not believe there is a reasonable possibility that any material loss, if any, will result from any claims, lawsuits and proceedings to which we are subject to either individually, or in the aggregate. Green Revolution Cooling Patent Dispute On March 22, 2024, Green Revolution Cooling, Inc. (“GRC”) sued the Company in Case No. 6:24-CV-152 in the Western District of Texas for patent infringement. More specifically, GRC has alleged that the immersion cooling systems provided to the Company by Midas Immersion Cooling, LLC (“Midas”) infringe GRC’s U.S. Patent No. 9,992,914 (“the ’914 Patent”). In the complaint, GRC seeks unspecified damages and an injunction against all products that allegedly infringe the ’914 Patent (or in lieu of an injunction, an award of a compulsory forward royalty). The Company has engaged counsel and is working with Midas to evaluate and defend the Company from this infringement claim. While a preliminary investigation of GRC’s claims is underway, the Company cannot reasonably predict the outcome of such ongoing litigation, or the magnitude of such outcome, at this time. Northern Data Working Capital Disputes ​ On September 7, 2022, the Company filed a complaint against Northern Data AG (“Northern Data”) in the Delaware Court of Chancery (Case No. C.A. No. 2022-0792-LWW) disputing the purchase price of Whinstone and seeking declaratory relief and specific performance of the stock purchase agreement. On March 31, 2023, the parties filed a stipulation agreeing to dismiss all claims without prejudice and to submit the dispute for final determination to an independent accountant. The Company placed approximately $29.5 million in escrow pending the final determination of the independent accountant, and, on June 9, 2023, the independent accountant rendered a written final determination finding in favor of the Company on disputed issues totaling approximately $27.1 million. Accordingly, approximately $27.1 million of the escrowed amount was released from escrow and distributed to the Company on June 13, 2023, with the remaining approximately $2.4 million held in escrow allocated to Northern Data. As a result, the Company recognized a Deferred gain on acquisition post-close dispute settlement of $26.0 million on the Condensed Consolidated Balance Sheets. Following the final determination, Northern Data filed a complaint against the Company in the Delaware Court of Chancery (the “Chancery Court”) on June 23, 2023 (Case No. C.A. No. 2023-0650-LWW) challenging the independent accountant’s written final determination and seeking to re-litigate the purchase price adjustment process. The Company contests the legal and factual basis of Northern Data’s claims and filed a motion to dismiss the complaint on July 17, 2023, which the Chancery Court heard on February 13, 2024. The Chancery Court took the matter under advisement, and it is now pending a ruling. While the Company intends to vigorously oppose such complaint, the Company cannot accurately predict the outcome of such ongoing litigation, or estimate the magnitude of such outcome, due to its early stage. Legacy Hosting Customer Disputes Rhodium On May 2, 2023, Whinstone US, Inc. (“Whinstone”) filed a petition against Rhodium 30MW, LLC (“Rhodium 30MW”), Rhodium JV, LLC (“Rhodium JV”), Air HPC LLC (“Air HPC”), and Jordan HPC, LLC (“Jordan HPC” and, together with Rhodium 30MW, Rhodium JV, and Air HPC, collectively, the “Defendants”) in Case No. CV41873 in the 20th District Court (the “District Court”) of Milam County, Texas. In its amended petition filed May 3, 2023, Whinstone asserted breach of contract claims for Rhodium JV and Air HPC’s failure to pay certain hosting and service fees under the now-terminated Whinstone-Rhodium hosting agreements and sought a declaration regarding the rights and obligations under certain hosting agreements with the Defendants and that no power credits are owed to any Rhodium entity under any agreement. Whinstone sought recovery of more than $26 million, plus reasonable attorneys’ fees and costs, expenses, and pre- and post-judgment interest. On June 12, 2023, Defendants answered and, along with non-parties Rhodium Encore LLC, Rhodium 2.0 LLC, and Rhodium 10mw LLC (collectively, the “Rhodium Non-Parties” and, together with Defendants, collectively, “Rhodium”), filed contingent counterclaims for breach of contract and moved to compel arbitration for alleged unpaid energy sale credits and lost profits. On August 14, 2023, Whinstone filed a second amended petition to include a declaration regarding the rights and obligation under the now-terminated water agreement between Whinstone and various Rhodium entities. On September 13, 2023, the District Court compelled Whinstone’s claims against Defendants to arbitration over Whinstone’s objection and stayed the lawsuit pending such arbitration. On December 11, 2023, Rhodium submitted an arbitration demand to the American Arbitration Association (“AAA”), seeking approximately $55 million in damages and specific performance of unspecified contracts. Whinstone does not believe Rhodium’s claims have any merit, and will vigorously contest such claims, as appropriate. Whinstone also objects to the AAA’s jurisdiction and authority to entertain the claims and decide any issues of arbitrability. Subject to those objections, Whinstone submitted counterclaims to the AAA on December 29, 2023 against Rhodium JV and Air HPC for breach of contract, seeking recovery of at least $20 million in past-due revenue share payments, plus reasonable attorneys’ fees and costs, expenses, and pre- and post-judgment interest. A permanent arbitrator has been appointed, and a preliminary hearing was conducted on April 30, 2024. Because this litigation is still at this early stage, the Company cannot reasonably predict the outcome of such ongoing proceedings, or the magnitude of such an outcome, at this time. ​ SBI Crypto Co. On April 5, 2023, SBI Crypto Co., Ltd. (“SBI”) filed a complaint in the United States District Court for the Western District of Texas (Case No. 6:23-cv-252), which it later amended, against Whinstone alleging breach of contract, fraud, and negligent bailment claims related to a colocation services agreement between Whinstone and SBI that was terminated in 2021. On July 21, 2023, Whinstone filed a motion to dismiss the amended complaint on summary judgement, which was denied on October 25, 2023. SBI seeks recovery of at least $15.0 million in lost profits and at least $16.0 million for equipment damage, plus reasonable attorneys’ fees and costs, expenses, costs, and pre- and post-judgment interest. Whinstone believes many of the claims are barred or waived, and that all of SBI’s claims substantively lack merit, and Whinstone plans to vigorously contest the same, as appropriate. While a preliminary investigation of the merits of SBI’s claims has commenced, because this litigation is still at this early stage, the Company cannot reasonably estimate the outcome of such ongoing litigation, or the magnitude of such an outcome, at this time. GMO ​ On June 13, 2022, GMO Gamecenter USA, Inc. and its parent, GMO Internet, Inc., (collectively “GMO”) filed a complaint against Whinstone alleging breach of contract under a terminated colocation services agreement between GMO and Whinstone, seeking damages in excess of $150.0 million for lost profit and profit sharing payments GMO alleges it was owed from Whinstone. The case is pending in the United States District Court for the Southern District of New York (Case No. 1:22-cv-05974-JPC). Whinstone has responded to GMO’s claims and raised counterclaims of its own, alleging GMO itself breached the terminated colocation services agreement, seeking a declaratory judgment and damages in excess of $25.0 million. On October 19, 2023, GMO filed its fourth amended complaint claiming an additional $496.0 million in damages, for loss of future profits and future profit sharing payments GMO alleges would have been received through the term of the agreement, based on Whinstone’s allegedly wrongful termination of the colocation services agreement as of June 29, 2023. While the Company believes that GMO’s claims lack merit, because this litigation is still at this early stage, the Company cannot reasonably estimate the outcome of such ongoing litigation, or the magnitude of such an outcome, at this time.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Note 17. Earnings Per Share For the three months ended March 31, 2024, the following table presents potentially dilutive securities that were included in the computation of diluted net income (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2024 ​ 2023 Basic weighted average number of shares outstanding ​ 259,506,242 ​ 167,342,500 Dilutive potential common shares: ​ ​ ​ ​ Unvested service-based restricted stock awards ​ 2,852,090 ​ — Unvested restricted stock awards ​ — ​ 4,771,833 Diluted weighted average number of shares outstanding ​ 262,358,332 ​ 172,114,333 ​ 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, 2024 March 31, 2023 Warrants to purchase common stock 63,000 63,000 Unvested performance-based restricted stock awards ​ 15,742,259 ​ — Unvested restricted stock units 1,393,639 — Total 17,198,898 63,000 ​

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Note 18. Segment Information The Company has two reportable segments: Bitcoin Mining and Engineering. The reportable segments are identified based on the types of service performed. The 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. Prior to 2024, the Company had a Data Center Hosting reportable segment, and, as of March 31, 2024, the Company had terminated all contracts with its Data Center Hosting customers. For the three months ended March 31, 2024, the Data Center Hosting agreements, by themselves, were no longer material (based on revenue or profit) and therefore, commencing with the three months ended March 31, 2024, the Company will no longer report Data Center Hosting as a separate reportable business segment. The Company has no plans to offer data center hosting services to new customers. Prior periods are not being recast for the change in reportable segments because such change resulted from Data Center Hosting business operations becoming immaterial and its costs being absorbed by the Bitcoin Mining reportable segment, not due to a change in the internal structure of the Company. The Company does not allocate assets to the reporting segments because its assets are managed on an entity-wide basis and, therefore, 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 Engineering segment generates revenue through customer contracts for custom engineered electrical products. All Other revenue All revenue and cost of revenue from intersegment transactions have been eliminated in the Condensed Consolidated Statements of Operations. During the three months ended March 31, 2024, and 2023, aside from the Bitcoin Mining revenue generated as a result of the Company’s participation in mining pools, no single customer or related group of customers contributed 10% or more of the Company’s total condensed consolidated revenue. The following table presents revenue and cost of revenue for the Company’s reportable segments, reconciled to the Condensed Consolidated Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Reportable segment revenue: ​ ​ ​ ​ Bitcoin Mining ​ $ 74,597 ​ $ 48,023 Data Center Hosting ​ — ​ 36,996 Engineering ​ 5,360 ​ 21,356 Other revenue ​ 24 ​ 24 Eliminations ​ (685) ​ (33,163) Total segment and consolidated revenue ​ $ 79,296 ​ $ 73,236 ​ ​ ​ ​ ​ ​ ​ Reportable segment cost of revenue: ​ ​ Bitcoin Mining ​ 41,084 ​ 28,691 Data Center Hosting ​ — ​ 46,821 Engineering ​ 6,559 ​ 18,886 Eliminations ​ (541) ​ (31,276) Total segment and consolidated cost of revenue ​ $ 47,102 ​ $ 63,122 ​ ​ ​ ​ ​ ​ ​ Reconciling Items: ​ ​ Selling, general, and administrative ​ (57,652) ​ (12,675) Depreciation and amortization ​ (32,343) ​ (59,340) Change in fair value of Bitcoin ​ ​ 234,080 ​ ​ 83,504 Change in fair value of derivative asset ​ 20,232 ​ (5,778) Power curtailment credits ​ ​ 5,131 ​ ​ 3,075 Casualty-related (charges) recoveries, net ​ 2,300 ​ (1,526) Interest income (expense) ​ 7,805 ​ (3,830) Other income (expense) ​ 8 ​ — Current income tax benefit (expense) ​ ​ 22 ​ ​ (76) Deferred income tax benefit (expense) ​ — ​ 5,045 Net income (loss) ​ $ 211,777 ​ $ 18,513 ​

Significant Accounting Polici_2

Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2024
Significant Accounting Policies and Recent Accounting Pronouncements
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 may differ materially from those estimates. The most significant accounting estimates inherent in the preparation of the Company’s financial statements include: revenue recognition; valuing the derivative asset classified under Level 3 on the fair value hierarchy; determining the useful lives and recoverability of long-lived assets; impairment analysis of 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 Condensed Consolidated Financial Statements and these Notes. The reclassifications did not have a material impact on the Condensed Consolidated Financial Statements and related disclosures. The impact on any prior period disclosures was immaterial.
Significant Accounting Policies	Significant Accounting Policies During 2024, Riot made the strategic decision to temporarily cease the sale of all its Bitcoin production and instead, increase its Bitcoin holdings. As a result of its intent to hold its Bitcoin, the Company began classifying its Bitcoin held as a non-current asset on its Condensed Consolidated Balance Sheet as of March 31, 2024. For the three months ended March 31, 2024, all sales of Bitcoin occurred before the strategic decision and, as the Bitcoin was sold nearly immediately after receipt by the Company, the proceeds were recognized within Operating activities Effective January 1, 2024, the Company changed the estimated useful life of its miners and mining equipment from 2 years to 3 years. See Note 6. Property and Equipment
Change in Reportable Segments	Change in Reportable Segments Previously, the Company operated in three reportable business segments: Bitcoin Mining, Data Center Hosting, and Engineering. Commencing for the three months ended March 31, 2024, the Company’s reportable segments have changed to reflect the termination of its legacy Data Center Hosting business, with Bitcoin Mining and Engineering as the Company’s two remaining reportable business segments. See Note 18. Segment Information Except for the changes noted above, see the Company’s 2023 Annual Report for a detailed discussion of the Company’s significant accounting policies.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company continually assesses 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 such change to its Condensed Consolidated Financial Statements and assures that there are proper controls in place to ascertain that the Company’s Condensed Consolidated Financial Statements properly reflect the change. In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-08, Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets , Accumulated deficit In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of changes in the contract liabilities and deferred revenue	​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2024 Beginning balance ​ $ 22,332 Revenue recognized ​ (1,593) Other changes in contract liabilities ​ ​ 713 Ending balance ​ $ 21,452
Schedule of disaggregated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remainder of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 2025 2026 2027 ​ 2028 Thereafter Total Legacy data center hosting contract $ 1,771 $ 2,362 $ 2,362 $ 2,362 ​ $ 2,362 $ 6,040 $ 17,259 Engineering ​ 3,732 ​ — ​ — ​ — ​ ​ — ​ — ​ 3,732 Other ​ ​ 73 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ 97 ​ ​ — ​ ​ 461 Total contract liabilities ​ $ 5,576 ​ $ 2,459 ​ $ 2,459 ​ $ 2,459 ​ $ 2,459 ​ $ 6,040 ​ $ 21,452 ​

Bitcoin (Tables)

Bitcoin (Tables)	3 Months Ended
	Mar. 31, 2024
Cryptocurrencies Abstract
Schedule of additional information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Quantity Amounts Balance as of January 1, 2024 ​ ​ 7,362 ​ $ 311,178 Revenue recognized from Bitcoin mined ​ ​ 1,364 ​ ​ 71,396 Change in Bitcoin receivable ​ ​ 7 ​ ​ (80) Proceeds from sale of Bitcoin ​ ​ (212) ​ ​ (9,518) Exchange of Bitcoin for employee compensation ​ ​ (31) ​ ​ (1,461) Change in fair value of Bitcoin ​ ​ — ​ ​ 234,080 Balance as of March 31, 2024 ​ ​ 8,490 ​ $ 605,595 ​ ​ ​ ​ ​ ​ ​ Carrying value of Bitcoin as of March 31, 2024 (a) ​ ​ ​ ​ $ 267,448 Realized gains on the sale of Bitcoin for the three months ended March 31, 2024 (b) ​ ​ ​ ​ $ 7,182 ​ ​ ​ ​ ​ ​ ​ Balance as of January 1, 2023 ​ ​ 6,974 ​ $ 115,415 Revenue recognized from Bitcoin mined ​ ​ 2,115 ​ ​ 48,023 Proceeds from sale of Bitcoin ​ ​ (1,975) ​ ​ (44,437) Exchange of Bitcoin for employee compensation ​ ​ (20) ​ ​ (459) Change in fair value of Bitcoin ​ ​ — ​ ​ 83,504 Balance as of March 31, 2023 ​ ​ 7,094 ​ $ 202,046 ​ ​ ​ ​ ​ ​ ​ Carrying value of Bitcoin as of March 31, 2023 (a) ​ ​ ​ ​ $ 125,699 Realized gains on the sale of Bitcoin for the three months ended March 31, 2023 (b) ​ ​ ​ ​ $ 13,893 ​ (a) The carrying value of Bitcoin is equal to the post-impairment value of all Bitcoin held as of the adoption of ASU 2023-08 on January 1, 2023, and, for Bitcoin produced subsequent to the adoption of ASU 2023-08, the initial value of the Bitcoin as determined for revenue recognition purposes. (b) Bitcoin is sold on a first in, first out (FIFO) basis. During the three months ended March 31, 2024 and 2023, gains were recognized on all sales of Bitcoin and are included in Change in fair value of Bitcoin on the Condensed Consolidated Statements of Operations.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Investments,
Schedule of convertible note	The following table presents information about the convertible note: ​ ​ ​ ​ ​ Fair value as of December 31, 2023 $ 4,709 Accrued interest 135 Amortized costs basis 4,844 Unrealized holding gains (losses) in accumulated other comprehensive income ​ ​ (141) Fair value as of March 31, 2024 $ 4,703

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2024 2023 Buildings and building improvements ​ $ 358,201 ​ $ 348,865 Land rights and land improvements ​ 10,320 ​ 10,320 Miners and mining equipment ​ 597,542 ​ 496,230 Machinery and facility equipment ​ ​ 39,992 ​ ​ 39,144 Office and computer equipment ​ 2,431 ​ 2,108 Construction in progress ​ 203,503 ​ 166,970 Total cost of property and equipment ​ 1,211,989 ​ 1,063,637 Less accumulated depreciation ​ (390,304) ​ (359,443) Property and equipment, net ​ $ 821,685 ​ $ 704,194

Finite-Lived Intangible Assets

Finite-Lived Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Finite-Lived Intangible Assets
Schedule of finite-lived intangible assets	The following table presents the Company’s finite-lived intangible assets as of March 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross ​ Accumulated ​ Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (1,447) ​ $ 4,853 10 Trademark ​ 5,000 ​ (1,167) ​ 3,833 10 UL Listings ​ 2,700 ​ (525) ​ 2,175 12 Patents ​ 10,060 ​ (6,707) ​ 3,353 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (9,846) ​ $ 14,214 ​ ​ ​ The following table presents the Company’s finite-lived intangible assets as of December 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Gross Accumulated Net book ​ average life ​ book value amortization value (years) Customer contracts ​ $ 6,300 ​ $ (1,292) ​ $ 5,008 10 Trademark ​ 5,000 ​ (1,042) ​ 3,958 10 UL Listings ​ 2,700 ​ (469) ​ 2,231 12 Patents ​ 10,060 ​ (5,560) ​ 4,500 Various Finite-lived intangible assets ​ $ 24,060 ​ $ (8,363) ​ $ 15,697 ​ ​
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, 2024: ​ ​ ​ ​ Remainder of 2024 ​ $ 4,340 2025 ​ 1,355 2026 ​ 1,355 2027 ​ 1,355 2028 ​ 1,355 Thereafter ​ 4,455 Total ​ $ 14,214

Power Purchase Agreement (Table

Power Purchase Agreement (Tables)	3 Months Ended
	Mar. 31, 2024
Power Purchase Agreement
Schedule of changes in estimated fair value of derivative asset	​ ​ ​ ​ ​ Balance as of December 31, 2023 ​ $ 104,218 Change in fair value of derivative asset ​ 20,232 Balance as of March 31, 2024 ​ $ 124,450 ​

Deposits (Tables)

Deposits (Tables)	3 Months Ended
	Mar. 31, 2024
Deposits
Schedule of deposits on equipment	​ ​ ​ ​ ​ Deposits on equipment: ​ Balance as of December 31, 2023 ​ $ 185,294 Additions ​ 147,167 Reclassifications to property and equipment ​ (100,812) Balance as of March 31, 2024 ​ ​ 231,649 Security deposits ​ 29,870 Total long-term deposits ​ $ 261,519

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2024
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2024 ​ 2023 Construction in progress ​ $ 15,981 ​ $ 23,451 Power related costs and remittances ​ 10,765 ​ 11,114 Compensation ​ ​ 6,627 ​ ​ 14,888 Insurance ​ 4,342 ​ 7,490 Other ​ 6,352 ​ 5,685 Total accrued expenses ​ $ 44,067 ​ $ 62,628 ​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of lease expense	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ ​ 2024 2023 Operating lease cost ​ $ 1,089 ​ $ 903 Variable lease cost ​ 110 ​ 55 Operating lease expense ​ $ 1,199 ​ $ 958
Schedule of other information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, ​ 2024 ​ 2023 Operating leases net operating cash outflows $ 208 ​ ​ $ 874 ​ Right of use assets exchanged for new operating lease liabilities $ 2,118 ​ ​ $ 682 ​ Weighted-average remaining lease term – operating leases 7.0 ​ ​ 8.2 ​ Weighted-average discount rate – operating leases 6.8 % ​ 6.6 %
Schedule of future minimum operating lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground lease Office and other leases Total Remainder of 2024 ​ $ 1,498 ​ $ 1,772 ​ $ 3,270 2025 ​ 2,058 ​ 2,371 ​ 4,429 2026 ​ ​ 2,119 ​ ​ 2,073 ​ ​ 4,192 2027 ​ 2,183 ​ 1,778 ​ 3,961 2028 ​ 2,249 ​ 1,333 ​ 3,582 Thereafter ​ 7,369 ​ 3,294 ​ 10,663 Total undiscounted lease payments ​ 17,476 ​ 12,621 ​ 30,097 Less present value discount ​ (4,437) ​ (2,014) ​ (6,451) Present value of lease liabilities ​ $ 13,039 ​ $ 10,607 ​ $ 23,646

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of stock-based compensation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ 2024 2023 Performance-based stock awards and units ​ $ 22,290 ​ $ (10,890) Service-based stock awards and units ​ ​ 9,710 ​ ​ 8,594 Total stock-based compensation ​ $ 32,000 ​ $ (2,296)
Performance-based RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of performance-based awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Shares Fair Value Balance as of January 1, 2024 ​ 4,928,526 ​ $ 21.71 Granted ​ 14,071,926 ​ $ 14.18 Vested ​ (252,380) ​ $ 23.30 Forfeited ​ (3,005,813) ​ $ 22.75 Balance as of March 31, 2024 ​ 15,742,259 ​ $ 14.75
Performance-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of performance-based awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Units Fair Value Balance as of January 1, 2024 ​ 246,426 ​ $ 19.59 Granted ​ 1,000,000 ​ $ 14.18 Vested ​ — ​ $ — Forfeited ​ — ​ $ — Balance as of March 31, 2024 ​ 1,246,426 ​ $ 15.25
Service-based RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of service-based awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Shares Fair Value Balance as of January 1, 2024 ​ 4,897,894 ​ $ 9.14 Granted ​ 47,884 ​ $ 15.12 Vested ​ (218,611) ​ $ 6.46 Forfeited ​ (886) ​ $ 17.21 Balance as of March 31, 2024 4,726,281 ​ $ 9.33
Service-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of service-based awards	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant-Date ​ ​ ​ ​ Per Share ​ Number of Units Fair Value Balance as of January 1, 2024 ​ 155,213 ​ $ 19.30 Granted ​ — ​ $ — Vested ​ (8,000) ​ $ 15.47 Forfeited ​ — ​ $ — Balance as of March 31, 2024 147,213 ​ $ 19.50

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of March 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Bitcoin (a) ​ $ 605,595 ​ $ 605,595 ​ $ — ​ $ — Convertible note (b) ​ $ 4,703 ​ $ — ​ $ — ​ $ 4,703 Derivative asset (c) ​ $ 124,450 ​ $ — ​ $ — ​ $ 124,450 Contingent consideration liability (d) ​ $ 589 ​ $ — ​ $ — ​ $ 589 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value measured as of December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted prices in ​ Significant other ​ unobservable ​ ​ Total carrying ​ active markets ​ observable inputs ​ inputs ​ Value (Level 1) (Level 2) (Level 3) Bitcoin (a) ​ $ 311,178 ​ $ 311,178 ​ $ — ​ $ — Convertible note (b) ​ $ 4,709 ​ $ — ​ $ — ​ $ 4,709 Derivative asset (c) ​ $ 104,218 ​ $ — ​ $ — ​ $ 104,218 Contingent consideration liability (d) ​ $ 909 ​ $ — ​ $ — ​ $ 909 ​ (a) See Note 4. Bitcoin. (b) See Note 5. Investments . (c) See Note 8. Power Purchase Agreement . (d) See Note 16. Commitments and Contingencies . ​

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of antidilutive securities	​ ​ ​ ​ ​ ​ ​ March 31, 2024 March 31, 2023 Warrants to purchase common stock 63,000 63,000 Unvested performance-based restricted stock awards ​ 15,742,259 ​ — Unvested restricted stock units 1,393,639 — Total 17,198,898 63,000 ​
Dilutive securities that were included in the computation of diluted net income (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2024 ​ 2023 Basic weighted average number of shares outstanding ​ 259,506,242 ​ 167,342,500 Dilutive potential common shares: ​ ​ ​ ​ Unvested service-based restricted stock awards ​ 2,852,090 ​ — Unvested restricted stock awards ​ — ​ 4,771,833 Diluted weighted average number of shares outstanding ​ 262,358,332 ​ 172,114,333

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of reportable segments and operating income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2024 2023 Reportable segment revenue: ​ ​ ​ ​ Bitcoin Mining ​ $ 74,597 ​ $ 48,023 Data Center Hosting ​ — ​ 36,996 Engineering ​ 5,360 ​ 21,356 Other revenue ​ 24 ​ 24 Eliminations ​ (685) ​ (33,163) Total segment and consolidated revenue ​ $ 79,296 ​ $ 73,236 ​ ​ ​ ​ ​ ​ ​ Reportable segment cost of revenue: ​ ​ Bitcoin Mining ​ 41,084 ​ 28,691 Data Center Hosting ​ — ​ 46,821 Engineering ​ 6,559 ​ 18,886 Eliminations ​ (541) ​ (31,276) Total segment and consolidated cost of revenue ​ $ 47,102 ​ $ 63,122 ​ ​ ​ ​ ​ ​ ​ Reconciling Items: ​ ​ Selling, general, and administrative ​ (57,652) ​ (12,675) Depreciation and amortization ​ (32,343) ​ (59,340) Change in fair value of Bitcoin ​ ​ 234,080 ​ ​ 83,504 Change in fair value of derivative asset ​ 20,232 ​ (5,778) Power curtailment credits ​ ​ 5,131 ​ ​ 3,075 Casualty-related (charges) recoveries, net ​ 2,300 ​ (1,526) Interest income (expense) ​ 7,805 ​ (3,830) Other income (expense) ​ 8 ​ — Current income tax benefit (expense) ​ ​ 22 ​ ​ (76) Deferred income tax benefit (expense) ​ — ​ 5,045 Net income (loss) ​ $ 211,777 ​ $ 18,513 ​

Organization and Basis of Pre_2

Organization and Basis of Presentation (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 MWh segment	Dec. 31, 2023 segment
Power Purchase Agreement [Line Items]
Number of reportable segments | segment	2	3
Rockdale Facility Bitcoin Mining Facility Texas
Power Purchase Agreement [Line Items]
Mining capacity (MW)	700
Corsicana Facility Land Site
Power Purchase Agreement [Line Items]
Mining capacity (MW)	1,000

Significant Accounting Polici_3

Significant Accounting Policies and Recent Accounting Pronouncements (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) segment	Dec. 31, 2023 USD ($) segment	Jan. 01, 2023 USD ($)
Number of reportable segments | segment	2	3
Accumulated deficit	$ (588,043)	$ (799,820)
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2023-08
Accumulated deficit			$ 6,000

Significant Accounting Polici_4

Significant Accounting Policies and Recent Accounting Pronouncements - Estimated useful lives of property and equipment (Details) - Miners And Mining Equipment	Mar. 31, 2024	Jan. 01, 2024
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) [Line Items]
Estimated useful lives property and equipment	2 years
Minimum
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) [Line Items]
Estimated useful lives property and equipment		2 years
Maximum
Basis of Presentation, Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) [Line Items]
Estimated useful lives property and equipment		3 years

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract balances	$ 13.2	$ 15.4

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Schedule of changes in the contract liabilities and deferred revenue (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Schedule Of Changes In The Total Deferred Revenue Liability Abstract
Beginning balance	$ 22,332
Revenue recognized	(1,593)
Other changes in contract liabilities	713
Ending balance	$ 21,452

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Schedule of disaggregated revenue (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Remainder of 2024	$ 5,576
2025	2,459
2026	2,459
2027	2,459
2028	2,459
Thereafter	6,040
Total contract liabilities	21,452
Bitcoin Mining
Disaggregation of Revenue [Line Items]
Remainder of 2024	1,771
2025	2,362
2026	2,362
2027	2,362
2028	2,362
Thereafter	6,040
Total contract liabilities	17,259
Engineering
Disaggregation of Revenue [Line Items]
Remainder of 2024	3,732
Total contract liabilities	3,732
Other
Disaggregation of Revenue [Line Items]
Remainder of 2024	73
2025	97
2026	97
2027	97
2028	97
Total contract liabilities	$ 461

Bitcoin - Schedule of additiona

Bitcoin - Schedule of additional information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) item	Mar. 31, 2023 USD ($) item
Beginning balance	$ 311,178	$ 115,415
Beginning balance quantity | item		6,974
Revenue recognized from Bitcoin mined		$ 48,023
Revenue recognized from Bitcoin mined quantity | item		2,115
Proceeds from sale of Bitcoin		$ 44,437
Proceeds from sale of Bitcoin quantity | item		(1,975)
Exchange of Bitcoin for employee compensation		$ (459)
Exchange of Bitcoin for employee compensation quantity | item		(20)
Change in fair value of Bitcoin		$ 83,504
Bitcoin	605,595
Ending balance		$ 202,046
Ending balance quantity | item		7,094
Carrying value of Bitcoin	267,448	$ 125,699
Realized gain on sale of Bitcoin	7,182	$ 13,893
Reclassification, Other [Member]
Beginning balance	$ 311,178
Beginning balance quantity | item	7,362
Revenue recognized from Bitcoin mined	$ 71,396
Revenue recognized from Bitcoin mined quantity | item	1,364
Change in Bitcoin receivable	$ (80)
Change in Bitcoin receivable quanity | item	7
Proceeds from sale of Bitcoin	$ (9,518)
Proceeds from sale of Bitcoin quantity | item	(212)
Exchange of Bitcoin for employee compensation	$ (1,461)
Exchange of Bitcoin for employee compensation quantity | item	(31)
Change in fair value of Bitcoin	$ 234,080
Bitcoin	$ 605,595
Ending balance quantity | item	8,490

Investments (Details)

Investments (Details) - Convertible Note $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Mar. 31, 2024
Investments in Marketable Equity Securities and Long-term Investments (Details) [Line Items]
Investment Interest rate	12%
Investment	$ 4.5
Term of convertible note	3 years
Level 3 | Discount Rate
Investments in Marketable Equity Securities and Long-term Investments (Details) [Line Items]
Discount rate		14.1

Investments - Convertible Note

Investments - Convertible Note (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Fair value, beginning balance	$ 4,709
Accrued interest	135
Amortized costs basis	4,844
Unrealized holding gains (losses) on convertible note	(141)
Fair value, ending balance	$ 4,703	$ 4,709
Convertible Note
Debt Securities, Available-for-Sale [Line Items]
Investment		$ 4,500

Property and Equipment (Details

Property and Equipment (Details)		3 Months Ended		12 Months Ended
	Jun. 23, 2023 USD ($) item	Mar. 31, 2024 USD ($) item MWh $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2023 USD ($) MWh	Dec. 31, 2022 a MWh GWh
Property and Equipment (Details) [Line Items]
Purchase price		$ 147,167,000
Impairment charges on property and equipment		0	$ 0
Depreciation expense related to property and equipment		30,900,000	57,900,000
Crypto mining, additional hash rate capacity (EH/s) | item	75
Net Income (Loss)		$ 211,777,000	$ 18,513,000
Basic net income (loss) per share (in Dollars per share) | $ / shares		$ 0.82	$ 0.11
Diluted net income (loss) per share (in Dollars per share) | $ / shares		$ 0.81	$ 0.11
MicroBT Electronics Technology Co., LTD
Property and Equipment (Details) [Line Items]
Number of miners to be purchased from Bitmain as per purchase agreement | item		31,500
Purchase price	$ 453,400,000	$ 96,700,000
Crypto mining, hash rate capacity (EH/s)	25.6	5.9
Additional commitment amount		$ 252,800,000
Midas Green Technologies, LLC [Member]
Property and Equipment (Details) [Line Items]
Purchase of additional immersion cooling systems | MWh		400
Miners And Mining Equipment
Property and Equipment (Details) [Line Items]
Estimated useful lives property and equipment		2 years
Miners And Mining Equipment | Effect of increase in estimated useful life
Property and Equipment (Details) [Line Items]
Estimated useful lives property and equipment		3 years
Net Income (Loss)		$ 27,100,000
Basic net income (loss) per share (in Dollars per share) | $ / shares		$ 0.1
Diluted net income (loss) per share (in Dollars per share) | $ / shares		$ 0.1
Rockdale Facility Bitcoin Mining Facility Texas
Property and Equipment (Details) [Line Items]
Crypto mining, hash rate capacity (EH/s) | item		12.4
Rockdale Facility Bitcoin Mining Facility Texas | MicroBT Electronics Technology Co., LTD
Property and Equipment (Details) [Line Items]
Number Of Miners To Replace Underperforming Miners | item		17,000
Number of Miners to be deployed | item		14,500
Rockdale Facility Bitcoin Mining Facility Texas | Miners And Mining Equipment
Property and Equipment (Details) [Line Items]
Loss Contingency Loss In Period		$ 10,300,000
Insurance recoveries		$ 2,300,000		$ 7,500,000
Corsicana Facility Land Site
Property and Equipment (Details) [Line Items]
Purchase of immersion cooling systems | MWh		200		200
Purchase of additional immersion cooling systems | MWh					200
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		270,800,000
Initial development costs and equipment		256,000,000
Deposit for future power usage		$ 4,700,000

Property and Equipment - Schedu

Property and Equipment - Schedule of property and equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 1,211,989	$ 1,063,637
Less accumulated depreciation	(390,304)	(359,443)
Property and equipment, net	821,685	704,194
Buildings and building improvements [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	358,201	348,865
Land rights and land improvements [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	10,320	10,320
Miners And Mining Equipment
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	597,542	496,230
Machinery and facility equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	39,992	39,144
Office and computer equipment [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	2,431	2,108
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Total cost of property and equipment	$ 203,503	$ 166,970

Finite-Lived Intangible Asset_2

Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets
Amortization expense	$ 1.5	$ 1.4

Finite-Lived Intangible Asset_3

Finite-Lived Intangible Assets - Schedule of finite-lived intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 24,060	$ 24,060
Accumulated amortization	(9,846)	(8,363)
Net book value	14,214	15,697
Customer contracts
Finite-Lived Intangible Assets [Line Items]
Gross book value	6,300	6,300
Accumulated amortization	(1,447)	(1,292)
Net book value	$ 4,853	$ 5,008
Weighted-average life (years)	10 years	10 years
Trademark
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 5,000	$ 5,000
Accumulated amortization	(1,167)	(1,042)
Net book value	$ 3,833	$ 3,958
Weighted-average life (years)	10 years	10 years
UL Listings
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 2,700	$ 2,700
Accumulated amortization	(525)	(469)
Net book value	$ 2,175	$ 2,231
Weighted-average life (years)	12 years	12 years
Patents
Finite-Lived Intangible Assets [Line Items]
Gross book value	$ 10,060	$ 10,060
Accumulated amortization	(6,707)	(5,560)
Net book value	$ 3,353	$ 4,500

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, 2024	Dec. 31, 2023
Schedule of Finite-Lived Intangible Assets
Remainder of 2024	$ 4,340
2025	1,355
2026	1,355
2027	1,355
2028	1,355
Thereafter	4,455
Total	$ 14,214	$ 15,697

Power Purchase Agreement (Detai

Power Purchase Agreement (Details) $ in Thousands	1 Months Ended			3 Months Ended
	Nov. 30, 2022 MWh	Mar. 31, 2022 MWh	May 31, 2020 MWh	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)
Power Purchase Agreement [Line Items]
Power curtailment credits | $				$ (5,131)	$ (3,075)
Collateral requirement of the company | $				$ 0
Discount Rate
Power Purchase Agreement [Line Items]
Estimate fair value of derivative				0.229
Power Purchase Agreement | TXU Energy Retail Company LLC | Rockdale Facility Bitcoin Mining Facility Texas
Power Purchase Agreement [Line Items]
Aggregate MW of long-term, fixed-price power, agreed to acquire			345
MW contracted, at fixed prices through April 30, 2030		65	130
MW contracted, at fixed prices through October 31, 2027	150

Power Purchase Agreement - Sche

Power Purchase Agreement - Schedule of Changes in Estimated Fair Value of Derivative Asset (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Power Purchase Agreement [Line Items]
Balance as of December 31, 2023	$ 104,218
Change in fair value of derivative asset	20,232	$ (5,778)
Balance as of December 31, 2024	124,450
Level 3
Power Purchase Agreement [Line Items]
Balance as of December 31, 2023	104,218
Balance as of December 31, 2024	$ 124,450

Deposits (Details)

Deposits (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) MWh item	Dec. 31, 2022 USD ($)
Deposits [Line Items]
Reclassification to property and equipment	$ (100,812)
Security Deposit	2,200
Ground Leases	1,800
Deposits on equipment	139,329
MicroBT Electronics Technology Co., LTD
Deposits [Line Items]
Reclassification to property and equipment	95,900
Deposits on equipment	114,800
Other Miners
Deposits [Line Items]
Reclassification to property and equipment	4,900
Deposits on equipment	$ 32,400
Corsicana Facility Land Site [Member]
Deposits [Line Items]
Security Deposit			$ 4,700
Power Supply Agreement with TXU
Deposits [Line Items]
Security Deposit		$ 23,000
Additional increased mining capacity | MWh		215
Number of Megawatts capacity | item		345

Deposits - Schedule of deposits

Deposits - Schedule of deposits on equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Deposits on equipment:
Beginning balance	$ 185,294
Additions	147,167
Reclassification to property and equipment	(100,812)
Ending balance	231,649
Security deposits	29,870
Total long-term deposits	$ 261,519	$ 215,009

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of accrued expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Expenses
Construction in progress	$ 15,981	$ 23,451
Power related costs and remittances	10,765	11,114
Compensation	6,627	14,888
Insurance	4,342	7,490
Other	6,352	5,685
Total accrued expenses	$ 44,067	$ 62,628

Debt (Details)

Debt (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt
Outstanding balance	$ 0		$ 0
Repayments of Credit and Security Facility	72,000	$ 500,000
Total borrowings		$ 880,000
ESS Metron
Debt
Amount borrowed	$ 10,000,000
Revolving credit facility
Debt
Interest rate of debt during the period	4%
Interest rate at end of period	8.50%
Repayments of Credit and Security Facility	$ 0
Total borrowings	0
Revolving credit facility | ESS Metron
Debt
Amount borrowed	$ 6,000,000
Manufacturing term loans
Debt
Term of debt	5 years
Manufacturing term loans | Treasury rate
Debt
Debt Instrument, Basis Spread on Variable Rate	2.50%
Equipment term loans
Debt
Term of debt	3 years
Percentage of finance approved for purchases	80%
Outstanding balance	$ 0		500,000
Revolving line of credit	$ 500,000
Equipment term loan fixed interest rate	6.60%
Equipment term loan outstanding	$ 800,000		$ 300,000
Deferred financing costs	100,000
Total borrowings	0
Equipment term loans | ESS Metron
Debt
Amount borrowed	4,000,000
Equipment term loans | Accrued liabilities [Member]
Debt
Equipment term loan, current	300,000
Equipment term loans | Other noncurrent liabilities [Member]
Debt
Other long term debt, net	$ 400,000
Equipment term loans | Maximum
Debt
Term of debt	3 years
Interest rate of debt during the period	4%
Equipment term loans | Treasury rate
Debt
Debt Instrument, Basis Spread on Variable Rate	2.50%

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 21,723	$ 20,413
Operating lease liabilities	$ 23,646	$ 21,300

Leases - Schedule of lease expe

Leases - Schedule of lease expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Lease Expense Abstract
Operating lease cost	$ 1,089	$ 903
Variable lease cost	110	55
Operating lease expense	$ 1,199	$ 958

Leases - Schedule of other info

Leases - Schedule of other information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Other Information [Abstract]
Operating leases net operating cash outflows	$ 208	$ 874
Right of use assets exchanged for new operating lease liabilities	$ 2,118	$ 682
Weighted-average remaining lease term - operating leases	7 years	8 years 2 months 12 days
Weighted-average discount rate - operating leases	6.80%	6.60%

Leases - Schedule of future min

Leases - Schedule of future minimum operating lease payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of future minimum operating lease payments [Line Items]
Remainder of 2024	$ 3,270
2025	4,429
2026	4,192
2027	3,961
2028	3,582
Thereafter	10,663
Total undiscounted lease payments	30,097
Less present value discount	(6,451)
Present value of lease liabilities	23,646	$ 21,300
Ground lease [Member]
Schedule of future minimum operating lease payments [Line Items]
Remainder of 2024	1,498
2025	2,058
2026	2,119
2027	2,183
2028	2,249
Thereafter	7,369
Total undiscounted lease payments	17,476
Less present value discount	(4,437)
Present value of lease liabilities	13,039
Office and other leases [Member]
Schedule of future minimum operating lease payments [Line Items]
Remainder of 2024	1,772
2025	2,371
2026	2,073
2027	1,778
2028	1,333
Thereafter	3,294
Total undiscounted lease payments	12,621
Less present value discount	(2,014)
Present value of lease liabilities	$ 10,607

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Apr. 30, 2024	Feb. 29, 2024	Aug. 31, 2023	Mar. 31, 2024
Stockholders' Equity [Line Items]
Shares issued, value				$ 345,744
Issuance expense (in Dollars)				7,480
Proceeds from the sale of stock (in Dollars)				353,224
Common Stock [Member]
Stockholders' Equity [Line Items]
Shares issued, value				$ 345,744
Stock Issued During Period, Shares, New Issues				26,169,300
Common Stock [Member] | 2024 ATM Offering
Stockholders' Equity [Line Items]
Maximum amount of sales shares (in Dollars)		$ 750,000		$ 235,900
Proceeds from the sale of stock net (in Dollars)				231,200
Issuance expense (in Dollars)				$ 4,700
Stock Issued During Period, Shares, New Issues				17,525,200
Weighted average price (in Dollars per share)				$ 13.46
Subsequent Event | Common Stock [Member] | 2024 ATM Offering
Stockholders' Equity [Line Items]
Proceeds from the sale of stock net (in Dollars)	$ 154,100
Weighted average price (in Dollars per share)	$ 10.63
Sales Agents | Common Stock [Member] | 2024 ATM Offering
Stockholders' Equity [Line Items]
Stock Issued During Period, Shares, New Issues	14,789,000
Sales Agents | Common Stock [Member] | 2023 ATM Offering
Stockholders' Equity [Line Items]
Maximum amount of sales shares (in Dollars)			$ 750,000	$ 117,300
Proceeds from the sale of stock net (in Dollars)				114,900
Issuance expense (in Dollars)				$ 2,400
Stock Issued During Period, Shares, New Issues				8,644,100
Weighted average price (in Dollars per share)				$ 13.57
Member Of Our Companys Officers And Employees Member | Unvested restricted stock awards [Member]
Stockholders' Equity [Line Items]
Stock Issued During Period, Shares, New Issues				500,000
Proceeds from the sale of stock (in Dollars)				$ 2,000
Number of shares held to cover withholding taxes related to the settlement of restricted stock units				100,000

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Recognized Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 32,000	$ (2,296)
Performance-based awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	22,290	(10,890)
Service-based awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 9,710	$ 8,594

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Unvested Performance-based Restricted Common Stock Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Performance based RSAs [Member]
Restricted Common Stock, Stock Options, Restricted Stock Units ("RSUs") and Warrants (Details) - Schedule of Unvested Performance-based Restricted Common Stock Activity [Line Items]
Number of Shares, Beginning Balance | shares	4,928,526
Weighted Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 21.71
Number of Shares, Granted | shares	14,071,926
Weighted Average Grant-Date Fair Value, Granted | $ / shares	$ 14.18
Number of Shares, Vested | shares	(252,380)
Weighted Average Grant-Date Fair Value, Vested | $ / shares	$ 23.30
Number of Shares, Forfeited | shares	(3,005,813)
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares	$ 22.75
Number of Shares, Ending Balance | shares	15,742,259
Weighted Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 14.75
Performance based R S Us
Restricted Common Stock, Stock Options, Restricted Stock Units ("RSUs") and Warrants (Details) - Schedule of Unvested Performance-based Restricted Common Stock Activity [Line Items]
Number of Shares, Beginning Balance | shares	246,426
Weighted Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 19.59
Number of Shares, Granted | shares	1,000,000
Weighted Average Grant-Date Fair Value, Granted | $ / shares	$ 14.18
Number of Shares, Ending Balance | shares	1,246,426
Weighted Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 15.25

Stock-Based Compensation - Sc_3

Stock-Based Compensation - Schedule of Unvested Time-based Restricted Common Stock Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Service Based R S A s [Member]
Restricted Common Stock, Stock Options, Restricted Stock Units ("RSUs") and Warrants (Details) - Schedule of Unvested Time-based Restricted Common Stock Activity [Line Items]
Number of Shares, Beginning Balance | shares	4,897,894
Weighted Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 9.14
Number of Shares, Vested | shares	(218,611)
Weighted Average Grant-Date Fair Value, Vested | $ / shares	$ 6.46
Number of Shares, Granted | shares	47,884
Weighted Average Grant-Date Fair Value, Granted | $ / shares	$ 15.12
Number of Shares, Forfeited | shares	(886)
Weighted Average Grant-Date Fair Value, Forfeited | $ / shares	$ 17.21
Number of Shares, Ending Balance | shares	4,726,281
Weighted Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 9.33
Service based R S Us [Member]
Restricted Common Stock, Stock Options, Restricted Stock Units ("RSUs") and Warrants (Details) - Schedule of Unvested Time-based Restricted Common Stock Activity [Line Items]
Number of Shares, Beginning Balance | shares	155,213
Weighted Average Grant-Date Fair Value, Beginning Balance | $ / shares	$ 19.30
Number of Shares, Vested | shares	(8,000)
Weighted Average Grant-Date Fair Value, Vested | $ / shares	$ 15.47
Number of Shares, Ending Balance | shares	147,213
Weighted Average Grant-Date Fair Value, Ending Balance | $ / shares	$ 19.50

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Service-based awards [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expiration period	2 years
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	3 years
Performance-based RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost (in Dollars)	$ 205.9
Unrecognized compensation cost, period for recognition	2 years 3 months 18 days
Performance-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost (in Dollars)	$ 16.5
Unrecognized compensation cost, period for recognition	2 years 3 months 18 days
Service-based RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost (in Dollars)	$ 19.8
Unrecognized compensation cost, period for recognition	7 months 6 days
Service-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost (in Dollars)	$ 2.3
Unrecognized compensation cost, period for recognition	2 years

Stock-Based Compensation - Sc_4

Stock-Based Compensation - Schedule of Recognized Stock-based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restricted Common Stock, Stock Options, Restricted Stock Units ("RSUs") and Warrants (Details) - Schedule of Recognized Stock-based Compensation [Line Items]
Total stock-based compensation	$ 32,000	$ (2,296)
Performance-based awards [Member]
Restricted Common Stock, Stock Options, Restricted Stock Units ("RSUs") and Warrants (Details) - Schedule of Recognized Stock-based Compensation [Line Items]
Total stock-based compensation	$ 22,290	$ (10,890)

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, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of assets and liabilities measured at fair value on recurring basis [Line Items]
Bitcoin	$ 605,595
Bitcoin		$ 311,178	$ 202,046	$ 115,415
Convertible note	4,703	4,709
Derivative asset	124,450	104,218
Contingent consideration liability	589	909
Quoted prices in active markets (Level 1) [Member]
Schedule of assets and liabilities measured at fair value on recurring basis [Line Items]
Bitcoin	605,595
Bitcoin		311,178
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]
Convertible note	4,703	4,709
Derivative asset	124,450	104,218
Contingent consideration liability	$ 589	$ 909

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands						3 Months Ended
	Dec. 29, 2023	Dec. 11, 2023	Oct. 19, 2023	Jun. 13, 2023	Jun. 09, 2023	Mar. 31, 2024	Mar. 31, 2023	May 02, 2023	Apr. 05, 2023
Commitments and Contingencies (Details) [Line Items]
Revenues earned						$ 79,296	$ 73,236
Corsicana Facility Land Site
Commitments and Contingencies (Details) [Line Items]
Purchase of miners						10,800
Purchase Obligation, Remaining Commitment Due in the second quarter of 2024						16,200
SBI Crypto Co Litigation [Member] | Profit Loss [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency estimate of possible loss									$ 15,000
SBI Crypto Co Litigation [Member] | Equipment Damage [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency estimate of possible loss									$ 16,000
Rhodium Litigation [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency estimate of possible loss								$ 26,000
Rhodium Litigation [Member] | Breach Of Contract and Other Damages [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency damages		$ 55,000
Northern data working capital disputes [Member]
Commitments and Contingencies (Details) [Line Items]
Escrow Deposit						29,500
Final determination					$ 27,100
Amount released from escrow					27,100
Remaining amount in escrow allocated to the defendant				$ 2,400
Gain on acquisition post-close dispute settlement					$ 26,000
G M O [Member]
Commitments and Contingencies (Details) [Line Items]
Loss contingency estimate of possible loss				150,000
Loss contingency damages			$ 496,000	$ 25,000
Minimum | Rhodium Litigation [Member] | Breach Of Contract and Other Damages [Member]
Commitments and Contingencies (Details) [Line Items]
Loss Contingency, Estimated recovery from third party	$20
MicroBT Electronics Technology Co., LTD
Commitments and Contingencies (Details) [Line Items]
Purchase of miners						305,900
Additional commitment amount						252,800
2024						202,300
2025						50,500
Midas Green Technologies, LLC [Member]
Commitments and Contingencies (Details) [Line Items]
Purchase of miners						45,300
Purchase Obligation, Remaining Commitment Due in the second quarter of 2024						$ 6,700

Earnings Per Share -included in

Earnings Per Share -included in the computation of diluted net income (loss) per share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted average number of shares outstanding	259,506,242	167,342,500
Diluted weighted average number of shares outstanding	262,358,332	172,114,333
Performance-based stock awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested restricted stock awards	2,852,090
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unvested restricted stock awards		4,771,833

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares not included in the computation of EPS	17,198,898	63,000
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 awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares not included in the computation of EPS	15,742,259
Unvested restricted stock units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares not included in the computation of EPS	1,393,639

Segment Information (Details)

Segment Information (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 customer segment	Mar. 31, 2023 customer	Dec. 31, 2023 segment
Segment Information (Details) [Line Items]
Number of reportable segments | segment	2		3
Bitcoin Mining [Member]
Segment Information (Details) [Line Items]
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, 2024	Mar. 31, 2023
Reportable segment revenue:
Total segment and consolidated revenue	$ 79,296	$ 73,236
Total segment and consolidated cost of revenues	47,102	63,122
Reconciling Items:
Selling, general, and administrative	(57,652)	(12,675)
Depreciation and amortization	(32,343)	(59,340)
Change in fair value of Bitcoin	234,080	83,504
Change in fair value of derivative asset	20,232	(5,778)
Power curtailment credits	5,131	3,075
Casualty-related (charges) recoveries, net	2,300	(1,526)
Interest income (expense)	7,805	(3,830)
Other income (expense)	8
Current income tax benefit (expense)	22	(76)
Deferred income tax benefit (expense)		5,045
Net income (loss)	211,777	18,513
Bitcoin Mining [Member]
Reportable segment revenue:
Total segment and consolidated revenue	74,597	48,023
Total segment and consolidated cost of revenues	41,084	28,691
Data Center Hosting [Member]
Reportable segment revenue:
Total segment and consolidated revenue		36,996
Total segment and consolidated cost of revenues		46,821
Engineering [Member]
Reportable segment revenue:
Total segment and consolidated revenue	5,360	21,356
Total segment and consolidated cost of revenues	6,559	18,886
Other revenue [Member]
Reportable segment revenue:
Total segment and consolidated revenue	24	24
Eliminations [Member]
Reportable segment revenue:
Total segment and consolidated revenue	(685)	(33,163)
Total segment and consolidated cost of revenues	$ (541)	$ (31,276)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 211,777	$ 18,513

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non Rule 10b5-1 Arrangement Modified	false