Top Miners Spend $1.2 Billion In Pre-Halving Machine Shopping Spree + More News
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The upcoming Bitcoin (BTC) halving and the recent market rebound from the 2022 bottom seem to have bolstered mining companies’ capital expenditure, according to the latest Miner Weekly report by BlocksBridge Consulting.
The report, citing TheMinerMag data, found that a dozen public mining companies have made purchase orders for spot and future stocks of bitcoin mining machines totaling over 70 EH/s this year so far.
These machine purchase commitments total more than $1.2 billion year-to-date. About $750 million was signed over the past two months.
Some of those purchases have already been paid for. Others will be due in monthly batches over the next year and longer.
In total, public mining companies have spent $747 million in the first three quarters this year on property, plants, and equipment.
“Chinese miner manufacturers are set to be the biggest winners from these purchase deals,” the report said. MicroBT and Bitmain account for 56% and 42% of the $1.2 billion investment identified by TheMinerMag, respectively. Canaan accounts for the rest of it.
Even though the United Kingdom is far behind the United States in terms of revenue and the number of users, the UK crypto industry maintains a strong pace of growth. It is growing much faster than the world’s largest crypto market, according to data presented by AltIndex.com.
The UK crypto industry grossed $1.9 billion this year, or 137% more than the $800 million reported last year. The US crypto market generates most of the global crypto revenues, but it has seen smaller growth, with its revenue rising by 107% YoY
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