2024

Bitcoin

In an unprecedented fundraising spree, North America's leading public Bitcoin mining firms have amassed a staggering $1.6 billion in the first quarter of 2024 alone, eclipsing their collective fundraising efforts in the latter half of 2023. This financial maneuvering by <a href="https://ultramining.com/news/en/cleanspark-doubles-down-on-bitcoin-mining-with-55m-expansion/" rel="noopener noreferrer nofollow">CleanSpark</a>, <a href="https://ultramining.com/news/en/iris-energy-diversifies-into-ai-with-10-million-nvidia-gpu-purchase-amid-bitcoin-focus/" rel="noopener noreferrer nofollow">Iris Energy</a>, <a href="https://ultramining.com/news/en/marathon-digital-to-boost-energy-efficiency-with-s19-xp-miners/" rel="noopener noreferrer nofollow">Marathon</a>, and <a href="https://ultramining.com/news/en/riot-platforms-to-boost-efficiency-with-midas-immersion-coolings/" rel="noopener noreferrer nofollow">Riot</a> signals a robust preparatory move ahead of the much-anticipated Bitcoin halving event. Despite their aggressive fundraising and growth strategies, these mining giants have seen their stock performances lag behind <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">Bitcoin's price</a> rally this year, a phenomenon attributed to share dilution effects and recent insider transactions, according to <a href="https://theminermag.com/news/2024-04-05/public-bitcoin-miner-billion-halving/" rel="noopener noreferrer nofollow">TheMinerMag</a>.
Iris Energy's latest financial ventures highlight the industry's bullish outlook, with the company securing $72 million through ATM offerings in late March, building on the $213 million raised earlier in the quarter. This strategic capital influx is part of Iris's broader effort to bolster its mining operations, with sights set on maximizing the $500 million ATM offering initiated earlier.
Riot Blockchain's fundraising efforts have not lagged, with the firm announcing a significant increase in its outstanding shares to 268 million, indicative of a substantial $190 million raised since late February.&nbsp;
CleanSpark's ambitious financial strategy has led it to fully leverage a $500 million ATM offering by late March, immediately followed by the initiation of another substantial $800 million offering. This aggressive capital raising strategy is reflective of CleanSpark's vision for expansion and its confidence in the sector's growth prospects.
Similarly, Marathon has swiftly acted on its growth strategy, securing $500 million by mid-February and launching a new ATM offering aimed at raising up to $1.5 billion.
As these mining behemoths set their sights on a significant <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/" rel="noopener noreferrer nofollow">hashrate</a> scale-up by year-end, their collective actions paint a picture of an industry at a pivotal juncture. With sufficient capital to cover the hefty expenditures on <a href="https://ultramining.com/news/en/immersion-cooling-transforms-chinas-crypto-mining-landscape/" rel="noopener noreferrer nofollow">mining equipment</a>, the focus now shifts to how these firms will execute their ambitious infrastructure expansion plans to accommodate the expected hashrate growth.&nbsp;

Public Miners Gear Up for Halving with $1.6B Raised in Q1

Ultramining_Eng

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