−Removed: QUANTITATIVE AND QUALITATIVE
−Removed: DISCLOSURES ABOUT MARKET RISK.
−Removed: The following discussion about our market risk
−Removed: exposures involves forward-looking statements.
−Removed: Actual results could differ materially from those projected in the forward-looking statements.
−Removed: For more information regarding the forward-looking statements used in this section and elsewhere in this Annual Report, see the Cautionary
−Removed: Note Regarding Forward-Looking Statements at the forepart of this Annual Report.
+Added: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
+Added: The following discussion about our market risk exposures involves forward-looking statements.
+Added: Actual results could differ materially from those projected in our forward-looking statements.
+Added: For more information regarding the forward-looking statements used in this section and elsewhere in this Annual Report, see the Cautionary Note Regarding Forward-Looking Statements at the forepart of this Annual Report.
Risk Regarding the Price of Bitcoin.
−Removed: Our business and development strategy is focused
−Removed: on maintaining and expanding our Mining operations to maximize the amount of new Bitcoin rewards we earn.
−Removed: At December 31, 2021, we held
−Removed: 4,884 Bitcoin, with a carrying value of $159.5 million, all of which were produced from our Bitcoin mining operations.
−Removed: The carrying value
−Removed: of our Bitcoin assets at December 31, 2021 reflects the $36.5 million of cumulative impairment charges we recorded against the value of
−Removed: our Bitcoin assets during the fiscal year ended December 31, 2021 due to decreases in the fair value of our Bitcoin assets after receipt.
−Removed: As discussed in Note 3.
−Removed: “Basis of Presentation,
−Removed: Summary of Significant Accounting Policies and Recent Accounting Pronouncements” of the Notes to Consolidated Financial Statements
−Removed: disclosed under Part II, Item 8.
−Removed: “Financial Statements and Supplementary Data” of this Annual Report, under the heading “Cryptocurrencies”
−Removed: on page F-16 below, we account for our Bitcoin assets as indefinite-lived intangible assets, which are recorded at fair value as of the
−Removed: receipt, subject to impairment testing following their receipt.
−Removed: If the fair value of a Bitcoin asset has declined and we determine that
−Removed: impairment of that Bitcoin asset is appropriate, we record an impairment charge and the carrying value of the Bitcoin asset is reduced.
−Removed: Once an impairment charge has been assessed against the fair value of a Bitcoin asset, its carrying value cannot be recovered to reflect
−Removed: subsequent increases in fair value.
−Removed: We cannot accurately predict the future market
−Removed: price of Bitcoin and, as such, we cannot accurately predict whether we will record impairment of the value of our Bitcoin assets.
−Removed: future value of Bitcoin will affect the revenue from our operations, and any future impairment of the value of the Bitcoin we mine and
−Removed: hold for our account would be reported in our financial statements and results of operations as charges against net income, which could
−Removed: have a material adverse effect on the market price for our securities.
+Added: Our business and development strategy is focused on maintaining and expanding our Bitcoin Mining operations to maximize the amount of new Bitcoin rewards we earn.
+Added: As of December 31, 2022, we held 6,974 Bitcoin, with a carrying value of $109.4 million, all of which were produced from our Bitcoin mining operations.
+Added: The carrying value of our Bitcoin assets as of December 31, 2022 reflects the $147.4 million of cumulative impairment charges we recorded against the value of our Bitcoin assets during the fiscal year ended December 31, 2022 due to decreases in the fair value of our Bitcoin assets after receipt.
+Added: Bitcoin held are accounted for as indefinite-lived intangible assets.
+Added: Bitcoin is measured on a FIFO basis and measured for impairment daily based on the quoted price of Bitcoin.
+Added: To the extent an impairment loss is recognized, the loss establishes the new cost basis of the Bitcoin.
+Added: Subsequent reversal of impairment losses is not permitted.
+Added: We cannot accurately predict the future market price of Bitcoin and, as such, we cannot accurately predict whether we will record impairment of the value of our Bitcoin assets.
+Added: The future value of Bitcoin will affect revenue from our operations, and any future impairment of the value of the Bitcoin we mine and hold for our account would be reported in our financial statements and results of operations as charges against net income, which could have a material adverse effect on the market price for our securities.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.