In the wake of Bitcoin’s halving, US-based mining companies have raised significant funds to maintain operations and remain competitive.
Key Financing Data
According to TheMinerMag, US-listed mining companies raised $2.1 billion in Q2 2023. Nine major players, including Bitdeer, Marathon, and Riot, collectively raised $1.25 billion through stock offerings, with total equity financing exceeding $1.6 billion.
Funding Methods
Iris Energy raised $458 million through an at-the-market offering, highlighting the continued demand for capital. Marathon and Core Scientific issued convertible notes totaling $700 million, illustrating a strategic shift to manage liabilities and secure expansion funds.
Analysis and Conclusions
Hut 8 secured $150 million through Coatue notes without additional stock offerings, showcasing diverse funding approaches. The Miner Weekly emphasizes the increasing financial pressure on Bitcoin miners, balancing operational costs with the need to remain competitive.
The reduction in Bitcoin mining rewards has driven a significant increase in capital needs among mining companies. The variety of financial instruments used indicates a complex financial situation and the necessity to adapt to new market conditions.
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