Proceeds from the FCC’s second high-band 5G spectrum auction neared $1.6 billion at the close of day 10.

With 29 rounds completed, bids in the 24 GHz auction’s clock phase totaled $1,592,755,155.

There are 2,909 licenses up for grabs in the unencumbered 24 GHz band, with 38 qualified bidders participating in the first phase. Following the clock phase, during which Partial Economic Area (PEA) blocks are up for bid, the assignment phase will begin and winners can bid on specific frequency licenses.

Much of the action has centered on major U.S. markets including New York, Los Angeles, Chicago, and San Francisco.

The millimeter wave spectrum auction kicked off March 14, with the nation’s four top carriers participating alongside others including U.S. Cellular, Dish Network, Starry, and Windstream.

The FCC is also gearing up for a third mmWave auction later this year to open up spectrum in the upper 37 GHz, 39 GHz, and 47 GHz bands.

That auction, together with the 24 GHz and the already completed 28 GHz auctions, the FCC is making available almost 5 gigahertz of spectrum for commercial use.

Completed earlier this year, the 28 GHz auction raised $702.52 million. Those winners will be publicly disclosed once the current auction (also known as Auction 102) wraps up.