Golden Finance reported that based on year-to-date data, 16 listed crypto mining companies have spent a total of $3.6 billion on plant, property and equipment (PP&E) upgrades, including new mining hardware. So far in 2024, 16 mining companies have raised more than $5 billion in total, with the third quarter marking the highest PP&E spending since the first quarter of 2022. Mining hardware spending accounts for the majority of PP&E spending. Since 2023, total spending by listed mining companies on hardware upgrades has reached $2 billion. The report explained that the service life of crypto mining hardware usually averages 3-5 years and must be regularly upgraded to maintain profitability. Additionally, crypto companies are switching from equity to debt financing.