Bitcoin Miners Secure $2 Billion Financing Ahead of Halving: Funding Activity Slows in Q2

Public Bitcoin mining companies, anticipating decreased profitability following the April halving event, raised approximately $2 billion in equity financing in the first quarter of 2024. This figure represents a significant increase from the $1.25 billion raised in the previous quarter, with Marathon Digital, CleanSpark, and Riot Platforms leading the fundraising efforts. Despite the influx of capital, funding activity is expected to slow in the second quarter, with less than $500 million invested as of mid-May. The financing aims to bolster infrastructure, technological upgrades, and operational costs in preparation for the halving event, which occurs roughly every four years and reduces mining rewards by half.