16 listed cryptocurrency mining companies have spent $3.6 billion so far this year on upgrading their factories, assets, and equipment

Based on year to date data, the total expenditure of 16 listed crypto mining companies on plant, property, and equipment (PP&E) upgrades (including new mining hardware) reached $3.6 billion. Since 2024, 16 mining companies have raised over $5 billion in funding, with the third quarter being the period with the highest PP&E expenditures since the first quarter of 2022. Mining hardware expenditure accounts for the majority of PP&E expenditure. Since 2023, the total expenditure of listed mining companies on hardware upgrades has reached $2 billion. The report explains that the lifespan of cryptocurrency mining hardware typically averages 3-5 years and must be regularly upgraded to maintain profitability. In addition, cryptocurrency companies are shifting from equity financing to debt financing.