Miners Spend $3.6 Billion on Upgrades in 2024

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Table of Content

In today edition we talk about

• Crypto Miners Spend $3.6 Billion on Upgrades in 2024, Amid Geopolitical and Supply Chain Tensions

• Hong Kong Proposes Tax Breaks to Attract Crypto Investors and Hedge Funds

• XT.com Suspends Withdrawals After Suspected $1.7M Crypto Hack

• Russia Approves New Crypto Tax Rules as Bitcoin Hits Record Highs Against the Ruble

Crypto Miners Spend $3.6 Billion on Upgrades in 2024, Amid Geopolitical and Supply Chain Tensions

Publicly traded crypto mining companies have invested $3.6 billion in plant, property, and equipment (PP&E) upgrades this year, primarily focusing on new mining hardware, according to TheMinerMag. This marks the highest quarterly spending on PP&E since early 2022, with total hardware upgrades since 2023 reaching $2 billion.

TheMinerMag highlighted a shift from equity to debt financing among miners, with Marathon Digital (MARA) using a 0% convertible note offering to purchase 6,474 Bitcoin for its treasury. Recent investments include Bitfarms’ agreement to host 10,000 new mining units in Pennsylvania, CleanSpark’s plans for a 400-megawatt renewable mining facility, and Hive Digital’s acquisition of 6,500 ASIC units for a new site in Paraguay.

Meanwhile, mining hardware giant Bitmain faces scrutiny as its chip supplier, Xiamen Sophgo, is investigated by U.S. officials for links to Huawei’s sanctioned AI processors. Although both companies deny violations, a shipment of Bitmain Antminers remains blocked at U.S. ports, with Customs demanding $200,000 in fees. The situation has raised concerns about supply chain disruptions and potential hardware shortages, adding uncertainty to the mining sector's future.

Hong Kong Proposes Tax Breaks to Attract Crypto Investors and Hedge Funds

Hong Kong has proposed a tax exemption for cryptocurrency gains targeting hedge funds, private equity, and family investment vehicles. This initiative aims to enhance its competitiveness as a global crypto financial hub, rivaling Singapore and Switzerland.

The six-week consultation also includes tax breaks for private credit, overseas property, and carbon credits. If implemented, the policy could attract global liquidity and strengthen Hong Kong's position in the digital economy.

Hong Kong's Open-Ended Fund Company (OFC) structure, introduced in 2023, has launched over 450 funds, competing with Singapore's Variable Capital Company (VCC) framework, which has over 1,000 funds.

The proposal comes as ZA Bank, Hong Kong’s largest virtual bank, launches a crypto service for retail users, enabling direct Bitcoin and Ether trading via its app. Partnering with HashKey, the bank integrates crypto with traditional banking to meet regulatory standards.

Analysts predict the tax incentives could position Hong Kong as a key player in the Asian crypto market, boosting investment inflows and driving growth in the sector.

XT.com Suspends Withdrawals After Suspected $1.7M Crypto Hack

Cryptocurrency exchange XT.com, handling daily trading volumes of $3.4 billion, has halted withdrawals following a suspected $1.7 million hack. Initially citing "wallet upgrade and maintenance," the exchange later acknowledged an "abnormal transfer of platform wallet assets" but assured users their funds are unaffected, as reserves exceed user assets by 1.5 times.

Blockchain security firm PeckShield identified the hacker, who swapped stolen funds for 461.58 Ether, now traced to an Ethereum address.

XT.com, based in Seychelles and operating since 2018, facilitates trading of over 1,000 cryptocurrencies. In response, the exchange announced plans to enhance transparency with a Merkle tree proof of reserves by mid-December.

Further details about the breach remain unclear, with XT.com yet to confirm the hack formally.

Russia Approves New Crypto Tax Rules as Bitcoin Hits Record Highs Against the Ruble

The Russian Federation Council has approved a new cryptocurrency taxation framework, imposing a 13%-15% personal income tax on crypto sales and exempting miners from VAT on mined coins. Digital currencies are now classified as property under the law, which requires crypto miners to report activities or face fines of 40,000 rubles ($360).

The legislation, passed after three readings in the State Duma, awaits President Vladimir Putin's signature to take effect.

This move coincides with Bitcoin reaching an all-time high of 11 million rubles, fueled by the cryptocurrency's global surge and the ruble's depreciation against the dollar, currently trading at 111 rubles per dollar—a 25% drop in value over the past year.

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