CandleFocus Bitcoin Miners Raised Over $5 Billion in 2024 With $3.6 Billion Spent on Machines and Infrastructure
2024-11-30
Author: Content Editor
Bitcoin mining companies have raised over $5 billion in fund raises, with a significant portion of the funds being used for machine and infrastructure upgrades. The expenditure on property, plant, and equipment (PP&E) reached a high in Q3 2024, with over $3.6 billion spent on mining upgrades. The majority of the spending was focused on modifications to mining hardware and the acquisition of new mining sites and technology. This investment aligns with the increasing hashrate of the Bitcoin network, which recently reached an all-time high. However, stock fundraising for mining businesses slowed down in Q3, while debt finance saw a return with $500 million raised. A notable trend in 2024 is the emphasis on sustainable mining practices, as miners are striving to balance profitability with environmental responsibility.
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