[16 listed crypto mining companies have spent $3.6 billion on plant, property and equipment upgrades so far this year] Golden Finance reported that based on year-to-date data, 16 listed crypto mining companies have spent a total of $3.6 billion on plant, property and equipment (PP&E) upgrades (including new mining hardware). So far in 2024, 16 mining companies have raised more than $5 billion in funding, with the third quarter being the highest PP&E spending period since the first quarter of 2022. Mining hardware spending accounts for the majority of PP&E spending. Since 2023, listed mining companies have spent a total of $2 billion on hardware upgrades. The report explained that the service life of crypto mining hardware is usually an average of 3-5 years, and must be upgraded regularly to maintain profitability. In addition, crypto companies are shifting from equity financing to debt financing.
