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Data: 16 listed cryptocurrency mining companies have spent 3.6 billion dollars on facility, property, and equipment upgrades so far this year

ChainCatcher news, according to Cointelegraph, based on year-to-date data, 16 publicly listed crypto mining companies have spent a total of $3.6 billion on property, plant, and equipment (PP&E) upgrades, including new mining hardware. So far in 2024, these 16 mining companies have raised over $5 billion, with the third quarter being the highest period for PP&E spending since the first quarter of 2022. Spending on mining hardware accounts for the majority of PP&E expenditures. Since 2023, publicly listed mining companies have spent a total of $2 billion on hardware upgrades. The report explains that the lifespan of crypto mining hardware typically averages 3-5 years and must be upgraded regularly to maintain profitability. Additionally, crypto companies are shifting from equity financing to debt financing.Regarding the PP&E expenditures of mining companies in November 2024, Bitfarms signed a miner hosting agreement with Stronghold on November 1, which includes terms for hosting an additional 10,000 Bitcoin mining devices at its facility in Pennsylvania. Around the same time, CleanSpark, a company focused on renewable Bitcoin mining, announced plans to build 400 megawatts of mining infrastructure after acquiring mining company GRIID in October 2024. On November 11, Hive Digital purchased 6,500 application-specific integrated circuits (ASICs) for the company's upcoming facility in Paraguay.
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