Bitcoin Miners to Pump $3.6 Billion into Infrastructure, Equipment by 2024

Bitcoin miners spent $3.6 billion on hardware, data centers and infrastructure in 2024, close to the quarterly record investment last seen in Q1 2022.

Since the beginning of 2024, public Bitcoin mining companies have spent more than $3.6 billion on hardware, data centers, and infrastructure to maintain and expand operations.

Spending
According to TheMinerMag , Q3 2024 saw Bitcoin miners spend $1.226 billion on PP&E, close to the record $1.246 billion from Q1 2022.

Total PP&E spending in 2024 has reached $3.49 billion, $900 million more than in all of 2022, and could increase further when CleanSpark releases its financial report.

Hardware purchases account for the majority of spending
After a dismal 2023, Bitcoin miners invested about $1.3 billion in PP&E, coinciding with hash rate growth to nearly 790 EH/s and difficulty hitting a record 101.6 T in November. Companies spent more than $2 billion between July 2023 and March 2024 on new mining machines scheduled for delivery in September 2024, mostly from Bitmain .

However, the delay in the delivery of Antminer ASIC devices in the US raises geopolitical concerns, related to the investigation into Sophgo's sanctions violations, which could have a major impact on the BTC mining industry.