Publicly traded mining companies have collectively spent $3.6 billion on plant, property, and equipment (PP&E) upgrades in 2024, primarily on mining hardware. This spending marks the highest amount since the first quarter of 2022, with a notable shift from equity to debt financing among the companies. Notably, companies like Marathon Digital Holdings (MARA) have adopted debt financing strategies, allowing them to acquire substantial Bitcoin holdings. Additionally, significant hardware investments continued in November 2024, with companies like Bitfarms and CleanSpark advancing their operations and acquiring new technology. However, the mining industry faces challenges due to geopolitical tensions, as customs issues have arisen regarding shipments of hardware from manufacturers like Bitmain, raising concerns about potential supply shortages in the market.

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