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Home»TRADING NEWS»Major Bitcoin miners spent $3.6 billion on infrastructure.
TRADING NEWS

Major Bitcoin miners spent $3.6 billion on infrastructure.

By Crypto FlexsNovember 29, 20242 Mins Read
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Major Bitcoin miners spent .6 billion on infrastructure.
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The leading Bitcoin miner released its third quarter financial report, reporting billions of dollars in funding and spending.

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

Debt financing represents only 12.5% ​​of this year’s financing, or about $625 million. Equity financing accounts for a significant portion of the $4.4 billion, with $813 million raised this quarter alone.

These companies also reported a cumulative budget of $3.6 billion spent on property, plant, and equipment (PP&E). This spending on infrastructure for Bitcoin mining has increased since the global computing power dedicated to Bitcoin mining, also called hash rate, has skyrocketed.

“Despite the recent Bitcoin halving, it remains at an all-time high of close to 790 exahashes per second, or 790 EH/s (7-day moving average),” TheMinerMag said.

Miners have also committed to purchase hardware for up to $2 billion from July 2023 to September 2024. ASIC mining tools are still dominated by Bitmain, which accounts for a significant portion of purchases.

Bitcoin miners face challenges

Bitcoin miners have played an important role in the cryptocurrency industry, especially Bitcoin, thanks to their contribution in issuing cryptocurrencies and selling them on the market. But miners face another level of challenge in terms of operations and regulation in several countries.

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

The Russian government has also set a goal of banning Bitcoin mining after energy shortages occurred in the country. They also aim to tax profitable mine operators at a 15% personal income tax rate.

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