PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

The components of property and equipment as of September 30, 2025 and December 31, 2024 are:


(in thousands, except useful life)	Useful life (Years)	September 30, 2025		December 31, 2024
Land (1)	—	$	3,510	$	3,510
Land improvements	9	26,530		26,530
Building and improvements	25	90,530		86,877
Mining rigs	3	1,924,966		1,705,648
Containers	10 - 15	114,702		106,784
Mining and transportation equipment	4 - 15	260,462		124,900

Asset retirement obligation	8 - 15	11,129		7,879
Construction in progress	—	123,286		71,396
Other	7	7,229		9,651
Total gross property, equipment		2,562,344		2,143,175
Less: Accumulated depreciation and amortization		(1,007,678)		(593,684)
Property and equipment, net		$	1,554,666	$	1,549,491

(1) Refer to Note 15 – Leases, for further information regarding the Company’s finance land lease.

The Company’s asset retirement obligations represent the estimated costs to return a site to its original state. As of September 30, 2025, the Company recognized an additional asset retirement obligation of $3.3 million related to the Wind Farm land lease. Asset retirement obligations are accreted over the term of the leases.

The Company’s accretion expense related to the asset retirement obligation for the three months ended September 30, 2025 and 2024 was $0.3 million and $0.2 million, respectively, and $0.9 million and $0.7 million for the nine months ended September 30, 2025 and 2024, respectively.

The Company’s depreciation expense related to property and equipment for the three months ended September 30, 2025 and 2024 was $163.6 million and $101.1 million, respectively, and $477.3 million and $266.9 million for the nine months ended September 30, 2025 and 2024, respectively.

Storm Damage

During the second quarter of 2025, severe storms damaged certain mining equipment at the Company’s Garden City Bitcoin mining site. As of September 30, 2025, the Company recognized an impairment of $26.0 million related to storm damage included in “Impairment of assets” on the Condensed Consolidated Statements of Operations.

MARA Holdings, Inc. 10-Q