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    Home » Crypto miners pour $3.6B into new tech advancements
    Dagestan-crypto miner-09-25
    Dagestan-crypto miner-09-25
    Fintech

    Crypto miners pour $3.6B into new tech advancements

    By May ZhangNovember 29, 2024No Comments2 Mins Read
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    • Publicly traded crypto miners spent $3.6 billion on PP&E in 2024.
    • Rising hardware demands and geopolitical tensions are impacting supply chains.

    ___________

    What happened

    Publicly traded crypto mining companies have spent $3.6 billion on plant, property, and equipment (PP&E) so far in 2024, with most funds allocated to hardware upgrades. The report by TheMinerMag highlights that the third quarter marked the highest PP&E spending since early 2022. This trend is fueled by the need to maintain profitability, as mining hardware typically has a lifespan of 3-5 years. Key activities include CleanSpark’s plans to build 400 megawatts of infrastructure, Hive Digital’s purchase of 6,500 ASICs for a new Paraguay facility, and Bitfarms hosting 10,000 mining units in Pennsylvania. Meanwhile, geopolitical tensions have disrupted supply chains, with US officials scrutinizing chip designs linked to Bitmain over allegations of ties to Huawei. A shipment of Bitmain ASIC miners is currently detained at US ports, with customs demanding a $200,000 fee, potentially exacerbating an already constrained hardware market.

    Also read: Dagestan seeks stricter measures against crypto miners
    Also read: SEC’s Gensler steps down, crypto awaits revolution

    Why it’s important

    This surge in PP&E investment reflects the competitive nature of the crypto mining industry as firms vie to optimize efficiency and scale operations amid rising network difficulty and evolving technology. However, concerns over supply chain stability loom large. For example, Bitmain’s customs troubles could cause hardware shortages, creating challenges for both public and private miners reliant on timely equipment upgrades.

    Smaller firms and independent miners may be disproportionately affected, as delays in acquiring advanced hardware could further concentrate mining power in larger, well-funded companies. CleanSpark’s focus on renewable mining highlights a positive shift toward sustainability, but geopolitical tensions surrounding Chinese chipmakers could disrupt global progress. In the long term, the interplay between technological advancements, regulatory scrutiny, and market consolidation will likely shape the future of Bitcoin mining and its economic landscape.

    ASIC Bitfarms CleanSpark Crypto PP&E US
    May Zhang

    May Zhang is an intern reporter at BTW Media, having studied Finance at University of Manchester. She specialises in fintech and business. Contact her at m.zhang@btw.media.

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