Bitcoin miners inject $3.6 billion into infrastructure, equipment in 2024
In 2024, Bitcoin mining companies invested a total of $3.6 billion in upgrading infrastructure and equipment (PP&E). This investment primarily focused on the procurement of new mining hardware. According to a report from TheMinerMag, Q3 2024 marked the highest PP&E spending phase since Q1 2022, with 16 mining companies collectively raising over $5 billion this year.
A shift in financial strategy has also been noted, as mining companies gradually transition from equity financing to debt financing. A typical example is Marathon Digital, which issued 0% convertible bonds to purchase 6,474 Bitcoin for its reserves. Companies like Bitfarms, CleanSpark, and Hive Digital have also made notable moves such as signing agreements for hosting mining machines and procuring application-specific integrated circuits (ASIC).