Major Bitcoin miners spent $3.6 billion on infrastructure

The major player in Bitcoin miners announced its third quarter financial report, resulting in billions of dollars in funding and spending.

According to TheMinerMag, on November 28, major players in the cryptocurrency and Bitcoin mining industry released their financial reports. Since the beginning of this year, most public companies have raised $5 billion through equity and debt financing.

Debt financing accounts for only 12.5% ​​of financing, or about $625 million this year. Equity financing accounts for a significant share of $4.4 billion, with $813 million in funding this quarter alone.

These companies also reported a cumulative budget spent on property, plant and equipment (PP&E) of $3.6 billion. This spending on infrastructure for Bitcoin mining has increased following the increase in global computing power dedicated to Bitcoin mining, also referred to as hashrate.

“Despite the halving, Bitcoin recently reached an all-time high around 790 exahash per second or 790 EH/s (7-day moving average),” TheMinerMag said.

Miners have also committed to purchasing up to $2 billion in hardware between July 2023 and September 2024. ASIC mining tools are still dominated by Bitmain, which maintains a significant portion of the purchases.

Bitcoin miners faced difficulties

Bitcoin miners have played an important role in the crypto industry, especially Bitcoin, due to their contribution to minting and selling cryptocurrency into the market. But miners also faced another level of challenges regarding operations and regulations in many countries.

Recently, U.S. Customs and Border Protection detained imported Bitcoin mining equipment, including the Bitmain Antiminer ASIC miner, at ports at the request of the Federal Communications Commission.

The Russian government also aimed to ban Bitcoin miners after the energy deficit occurred in the country. They also aim to tax profitable mining operators with a 15% personal income tax rate.