Major Bitcoin miners have released their third quarter financial reports, resulting in billions of dollars in funding and spending.
According to TheMinerMag, on November 28, major companies in the cryptocurrency and Bitcoin mining industry released their financial reports. Since the beginning of this year, most publicly traded companies have raised $5 billion through equity and debt financing.
Debt financing will amount to only 12.5% of this year's funding, or about $625 million. Equity financing made up the majority of the $4.4 billion, with $813 million raised in this quarter alone.
These companies also reported that their cumulative budget spent on property, plant and equipment (PP&E) amounted to $3.6 billion. This spending on Bitcoin mining infrastructure has increased following a surge in global computing capacity dedicated to Bitcoin mining, also known as hashrate.
TheMinerMag said, “Despite Bitcoin's recent halving, it hit an all-time high of nearly 790 exahashes per second or 790EH/s (7-day moving average).”
The miner also committed to purchase hardware for up to $2 billion between July 2023 and September 2024. ASIC mining tools are still dominated by Bitmain, which accounts for a significant portion of purchases.
Bitcoin miners faced challenges
Bitcoin miners have played an important role in the cryptocurrency industry, especially Bitcoin, as they help mint cryptocurrencies and sell them on the market. However, in some countries, miners also faced another level of operational and regulatory challenges.
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 placed a ban on Bitcoin miners following energy shortages in the country. They also aim to tax profitable mining operators at a personal income tax rate of 15%.
