Report: In 2024, many listed Bitcoin mining companies will increase their holdings of BTC and develop AI business to achieve business diversification

Publicly traded Bitcoin miners have followed MicroStrategy’s lead and increased their Bitcoin treasury holdings, according to a Jan. 7 report from NiceHash and Digital Mining Solutions. “Bitcoin mining saw a notable shift in 2024, with several companies choosing to retain more of their output or not sell at all,” the report states. Miners may not sell Bitcoin for a number of reasons, including in anticipation of further BTC price appreciation or to strengthen their balance sheets, and as a hedge against currency depreciation. The report mentioned that MARA Holdings, Riot Platforms, and Hut 8 used borrowed funds to increase their Bitcoin holdings, further expanding their treasury strategies. Four of the 16 largest Bitcoin holders are miners. In addition to their core mining operations, by 2024, some mining companies will "further diversify into high-performance computing and artificial intelligence, generating predictable revenue streams to cushion mining fluctuations," the report said. This trend is particularly obvious in the United States, where “the tough mining economy and lucrative AI/HPC business have tempted them to diversify into other computing fields.” In addition to increasing their holdings of BTC, mining companies such as CleanSpark have also chosen to retain recent Most of the BTC produced monthly. Several Bitcoin miners with market caps of at least $100 million generate significant revenue from AI and HPC initiatives. For example, through the first three quarters of 2024, HPC/AI revenue accounted for nearly 8% of Hut 8 revenue and nearly 7% of Hive Digital revenue.