BTC Mining Investment Hit $1.2 bn YTD
Bitcoin mining industry investment commitments have surpassed $1.2 billion year-to-date, according to a report from BlocksBridge Consulting. Twelve public mining companies have placed orders for spot and future stocks of Bitcoin miners, with a total capacity of over 70 EH/s. The recent rally in the Bitcoin and crypto sector, along with the anticipated halving next year, is driving some companies to invest more in Bitcoin. Of the 1.2 billion in YTD investments, about $750 million was signed in the last two months. Public mining companies spent $747 million on equipment, plants, and property from Q1 to Q3 this year, with the rest being paid in monthly installments throughout 2024 and beyond.
Most Bitcoin miner action is from Chinese manufacturers, MicroBT and Bitmain, with 56% and 42%, respectively.
A report reveals four large recorded purchases of WhatsMiners from Riot Platforms, Bitfarms, and Northern Data, with a combined hashrate of 40 EH/s. Additionally, UAE-based crypto mining hardware retailer Phoenix Group has signed a $136 million contract to buy WhatsMiners, but did not provide specifics on models or hashrate.
(With inputs from Shikha Singh)
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