According to Foresight News, 16 publicly traded crypto mining companies have spent a combined $3.6 billion on plant, property, and equipment (PP&E) upgrades this year. So far in 2024, these companies have raised more than $5 billion in funding.
The third quarter was the highest period for PP&E spending since the first quarter of 2022, with mining hardware spending accounting for the majority of that. Since 2023, public mining companies have spent a total of $2 billion on hardware upgrades.
Regarding expenditures in November 2024, Bitfarms signed an agreement with Stronghold to host 10,000 Bitcoin mining rigs in Pennsylvania. CleanSpark plans to build 400 MW of infrastructure after acquiring GRIID. Hive Digital purchased 6,500 ASICs for its Paraguayan facility.
