Bitcoin miners spend $3.6B on hardware and upgrades in 2024

Public Bitcoin (CRYPTO:BTC) mining companies have demonstrated significant investment and adaptability in 2024, raising $5 billion through equity and debt financing, according to The Miner Mag.

Despite market challenges, these firms spent $3.6 billion on property, plant, and equipment (PP&E), emphasising their commitment to scaling operations and modernising infrastructure.

The third quarter of 2024 marked the highest PP&E expenditure since early 2022, coinciding with a rise in Bitcoin’s network hashrate to a record 790 exahashes per second (EH/s).

This increase highlighted the competitiveness of the mining sector and its focus on scaling activities ahead of Bitcoin’s upcoming halving event.

Approximately $2 billion was allocated for hardware acquisitions in the year, with leading ASIC producer Bitmain remaining the primary supplier.

However, logistical challenges emerged in Q3, including claims of delayed shipments of Bitmain’s Antminer machines to U.S. ports.

Concerns about potential geopolitical implications, such as links to Huawei and Sophgo, further fueled industry speculation.

While equity financing for mining firms declined in Q3 to $813 million from $1.6 billion in Q2, debt financing surged, reaching $500 million—the highest single-quarter debt issuance since Q1 2022.

This shift reflects a strategic pivot as companies explored alternative funding sources for expansion.

Marathon Digital (MARA) emerged as a leader among public mining companies, holding 27,526 BTC through its HODL15Capital subsidiary.

The firm also diversified into artificial intelligence and computing to navigate rising Bitcoin mining difficulty and sustain growth.

At the time of reporting, the Bitcoin price was $95,622.68.