Property, plant and equipment, net as of December 31, 2025 and 2024 consist of the following (in thousands):
December 31,
2025
December 31,
2024
Estimated Useful
Lives
Land and improvements1
$21,769
$17,215
20 years
Building and improvements
278,222
186,267
10 to 39 years
Mining and network equipment
408,777
413,296
3 to 10 years
Electrical equipment
77,348
74,077
15 years
Other property, plant and equipment
3,010
2,764
5 to 7 years
Total
789,126
693,619
Less: accumulated depreciation and amortization
406,893
372,112
Total
382,233
321,507
Add: Construction in progress
911,066
111,966
Property, plant and equipment, net
$1,293,299
$433,473
Estimated useful life of improvements. Land is not depreciated.
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Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Feb 27, 2025
2023Mar 13, 2024
2022Apr 4, 2023

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.