Property and Equipment
|6 Months Ended|
Jun. 30, 2020
|Property, Plant and Equipment [Abstract]|
|Property and Equipment||
Note 6. Property and Equipment
Property and equipment consisted of the following as of June 30, 2020 and December 31, 2019 (in thousands):
During the three months ended June 30, 2020, the Company pre-paid for the purchase of 1,040 S19 Miners and 2,000 S19 Pro Miners from Bitmain for an aggregate purchase price of approximately $7.0 million. The $7.0 million prepayment is recorded as a deposit on the accompanying condensed consolidated balance sheet.
During July 2020, the Company received 1,432 of these 3,040 new next generation S19 and S19 Pro Miners from Bitmain at the Coinmint Facility, with the balance to be delivered in the latter part of the third quarter.
Depreciation and amortization expense totaled approximately $0.8 million (including $0.03 million of patent amortization) for the three months ended June 30, 2020. Depreciation and amortization expense was nominal for the three months ended June 30, 2019. Depreciation and amortization expense totaled approximately $1.5 million (including $0.1 million of patent amortization) for the six months ended June 30, 2020. Depreciation and amortization expense was nominal for the six months ended June 30, 2019. Depreciation is computed on the straight-line basis for the periods the assets are in service.
The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef