Publicly listed cryptocurrency mining companies have seen a significant surge in investment and market capitalization in 2024. These companies have collectively invested $3.6 billion in fixed assets such as plants and equipment, with a notable increase in spending during the third quarter, reaching levels not seen since early 2022. This investment has been primarily directed towards upgrading hardware, with companies like Marathon Digital ($9.03B), Core Scientific ($5.26B), Riot Platforms ($4.53B), Cleanspark ($4.14B), and Terawulf ($3.16B) leading the charge. The market cap of these mining firms has now surpassed $40 billion, doubling in just seven months. However, despite the growth in market cap, operational challenges persist, with top companies reporting a combined loss of over $150 million in Q3 2024 due to rising power costs and increased network difficulty. Sixteen mining firms have raised over $5 billion and invested $2 billion in hardware upgrades just in the last year.