Based on year to date data, the total expenditure of 16 listed crypto mining companies on plant, property, and equipment (PP&E) upgrades (including new mining hardware) reached $3.6 billion. Since 2024, 16 mining companies have raised over $5 billion in funding, with the third quarter being the period with the highest PP&E expenditures since the first quarter of 2022. Mining hardware expenditure accounts for the majority of PP&E expenditure. Since 2023, the total expenditure of listed mining companies on hardware upgrades has reached $2 billion. The report explains that the lifespan of cryptocurrency mining hardware typically averages 3-5 years and must be regularly upgraded to maintain profitability. In addition, cryptocurrency companies are shifting from equity financing to debt financing.