Based on year-to-date data, the 16 listed crypto mining companies have reached $3.60 billion in total spending on plant, property and equipment (PP & E) upgrades, including new mining hardware. The 16 mining companies have raised a total of more than $5 billion from 2024 to date, with the third quarter being the highest period of PP & E spending since Quarter 1 in 2022. Mining hardware spending accounts for the majority of PP & E spending. Since 2023, the total spending of listed mining companies on hardware upgrades has reached $2 billion. The report explains that crypto mining hardware typically has an average lifespan of 3-5 years and must be regularly upgraded to remain profitable. Additionally, crypto companies are moving from equity financing to debt financing.