The equity lifeline used by many Bitcoin miners to help weather the most recent crypto winter is beginning to irk some shareholders.

The 12 major publicly-traded miners, including Marathon Digital Holdings Inc. and Riot Platforms Inc., raised about $440 million through stock sales in the second quarter, a jump of almost 60% from the previous three months, according to data complied by TheMinerMag. The companies have raised over $4.9 billion since the start of 2021. The cash pile has helped participants in the capital-intensive industry stay afloat after Bitcoin’s 2022 rout resulted in a loss of access for many …