PANews reported on August 16 that according to Cointelegraph, after the Bitcoin halving, listed mining companies are turning to debt financing to increase cash flow. According to data from BlocksBridge Consulting based on earnings reports, in the second quarter of 2024, 9 of the 13 US listed companies raised a total of US$1.25 billion through stock issuance. These include Bitdeer, Bitfarms, Cipher, CleanSpark, Core, HIVE, Marathon, Riot, and Terawulf. In addition, Iris Energy raised US$458 million in the previous quarter, bringing the total funds raised by mining companies to more than US$1.7 billion. Another US$530 million has been raised so far in the third quarter, bringing the total amount to more than US$2.2 billion.
As rewards decrease, miners have less room for profit, and the price of Bitcoin has been trending downward. The price of the cryptocurrency has plummeted from around $64,300 on April 20 to $56,866 at the time of writing (currently above $58,000), down 11.5% since the halving. Mining companies are looking to diversify their revenue streams to stay competitive. For example, Core Scientific has signed a 12-year agreement with artificial intelligence cloud provider CoreWaeve to host its Nvidia graphics processing units (GPUs). The deal is expected to bring Core $6.7 billion in total revenue.