Crypto mining hardware typically has a lifespan between 3-5 years on average and must be periodically upgraded to maintain profitability.
Publicly traded mining companies spent a combined$3.6 billion on plant, property, and equipment (PP&E) upgrades — including new mining hardware — measured on a year-to-date basis.
According to TheMinerMag, 16 mining companies collectively raised over $5 billion so far in 2024, with Q3 representing the period with the highest amount of PP&E spending since Q1 2022.
Spending on mining hardware made up the bulk of PP&E spending. Since 2023, public mining companies spent a combined $2 billion on hardware upgrades.
