Bitcoin miners’ major player has announced their third-quarter financial report, resulting in billions of dollars in funding and spending.

According to TheMinerMag, on Nov. 28, key players in the cryptocurrency and Bitcoin mining industry published their financial reports. Since the beginning of this year, most of the publicly traded companies have raised $5 billion in funding through equity and debt financing.

The debt financing only accounts for 12.5% of the funding, around $625 million this year. Equity financing has a significant portion of $4.4 billion, with $813 million in funding in this quarter alone.

Those companies also reported the cumulative budget that has been spent on property, plant, and equipment (PP&E), which amounts to $3.6 billion. This spending on infrastructure for Bitcoin mining rose after global computing power dedicated to Bitcoin mining, also called hashrate, surged.

“Recently hit an all-time high near 790 exahashes per second or 790 EH/s (7-day moving average) despite the Bitcoin halving,” TheMinerMag mentioned.

Miners also committed to purchasing hardware for up to $2 billion between July 2023 and September 2024. The ASIC mining tools are still dominated by Bitmain, which captures a significant portion of purchases.

Bitcoin miners faced challenges

Bitcoin miners have played a significant role in the crypto industry, specifically for Bitcoin, due to their contributions to minting the crypto and selling it to the market. However, miners also faced another level of challenge in operations and regulations in several countries.

Recently, the U.S. Customs and Border Protections detained imported Bitcoin mining equipment, including Bitmain Antiminer ASIC miner, at the ports due to a request from the Federal Communications Commission.

The Russian government also targeted Bitcoin miners to be banned after an energy deficit occurred in the country. They also aim to tax profitable mining operators with a 15% personal income tax rate.

Swiss policymaker Samuel Kullmann secured a sweeping majority vote for a Bitcoin mining study aimed at optimizing local power infrastructure.

According to Bitcoin (BTC) advocate Dennis Porter, Kullmann’s proposal passed on Nov. 28 and could steer Switzerland toward BTC adoption.

The Bitcoin policy will now explore how the world’s largest decentralized proof-of-work blockchain can stabilize the Swiss energy grid and “use otherwise wasted energy.” Kullmann’s proposal passed following an 85:46 vote in Switzerland’s Parliament.

The founder of the Cardano (ADA) blockchain Charles Hoskinson is leaning bullish on Bitcoin (BTC).

Hoskinson says Bitcoin could skyrocket by up to 436% from the current level within two years. According to the Cardano founder, Bitcoin’s surge will be fueled by growing demand.

“It is my belief that Bitcoin is going to go to $250,000 to $500,000 within the next 12 to 24 months because of the investment inflows and the great interest that has been achieved. This will translate to an ecosystem whose value is starting to approach that of gold, an asset humans have used as a store of value for over 5,000 years.

Simply put, Bitcoin is the store of value for the internet and it will remain in that role for the foreseeable future.”

The Cardano founder says that governments and decentralized finance (DeFi) on Bitcoin could further serve as catalysts of demand for Bitcoin.

“It basically means that you can create a DeFi layer for Bitcoin and pay transaction fees in Bitcoin… [with the taproot upgrade] Bitcoin went from a sleeping-giant-never-to-awaken in innovation coma to an awakened giant that is four times the size of Solana and Ethereum combined.

Reality is that should these floodgates open, it is my belief that DeFi in the Bitcoin ecosystem will eclipse DeFi in all ecosystems in the cryptocurrency industry within 24 months to 36 months. And that’s just because of scale and liquidity.

As good as Ethereum can be, and Solana can be, and Cardano can be… let’s be intellectually honest about this, governments are talking about a strategic reserve of Bitcoin and Bitcoin alone. It’s their entry point.”

Bitcoin’s taproot upgrade, which was designed to enhance the crypto asset’s smart contract capabilities and efficiency, was activated in November of 2021.

Bitcoin is trading for $93,220 at time of writing.

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