According to a report released by NiceHash and Digital Mining Solutions on January 7, listed Bitcoin mining companies are following in the footsteps of MicroStrategy by increasing their Bitcoin treasury holdings.
The report states: 'In 2024, Bitcoin mining companies have seen a significant shift, with many choosing to retain more of their mined Bitcoin or not sell at all.'
Mining companies may not sell Bitcoin for various reasons, including the expectation of further appreciation in BTC prices or strengthening their balance sheets, as well as hedging against currency devaluation.
The report mentions that MARA Holdings, Riot Platforms, and Hut 8 have increased their Bitcoin holdings using borrowed funds, further expanding their treasury strategies. Four of the 16 largest Bitcoin-holding companies are mining firms.
The report states that, 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 buffer against mining volatility.'

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