$5B Raised, $3.6B Spent on Upgrades in 2024

Bitcoin miners raised over $5 billion in 2024, allocating $3.6 billion to upgrading hardware and infrastructure, including new mining sites and technology. This investment aligns with the Bitcoin network’s hashrate surge, reaching a record 790 EH/s despite the halving event earlier this year. Public mining firms shifted from equity to debt financing, with $500 million in debt issued in Q3, the highest since early 2022. Notably, MARA Holdings issued $1 billion in 0% convertible notes to acquire 5,771 BTC. Plus, sustainable mining practices gained traction, balancing profitability and environmental concerns.