As Bitcoin prices soar, miners' profits rise accordingly, and the capital expenditures required for the expansion and upgrading of mining farms also increase. Since the beginning of 2024, publicly listed Bitcoin mining companies have invested over $3.6 billion in asset equipment, including mining machine upgrades, data center improvements, and infrastructure expansion.
According to a report by TheMinerMag on November 28, spending reached $1.226 billion in the third quarter of 2024, just $20 million less than the $1.246 billion recorded in the first quarter of 2022. If CleanSpark's financial report is included, the total investment for the first nine months of 2024 has already reached $3.49 billion, far exceeding the $900 million spent in the entire year of 2022.
Expenses surged alongside Bitcoin network hash rate reaching new highs, and on November 5, mining difficulty exceeded 101.6 T. Companies primarily allocated funds for hardware upgrades and expansions to maintain competitiveness. Pre-order data indicates that mining farms have invested over $2 billion in ordering the latest mining equipment, mostly from Chinese mining machine manufacturer Bitmain. Perhaps in the future, this will resonate with Trump's Bitcoin 'Made in America' slogan, as American mining chip designers may seize more market share.
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"MICA Daily | New High! Bitcoin miners' capital investment reaches $3.6 billion this year" was first published on (Block客).
