Report: In 2024, multiple listed Bitcoin mining companies increase their BTC holdings and expand into AI business, achieving business diversification.

Odaily Planet Daily reported that according to a report released on January 7 by NiceHash and Digital Mining Solutions, publicly listed Bitcoin mining companies have followed in MicroStrategy's footsteps by increasing their Bitcoin treasury holdings. The report notes, "In 2024, there has been a significant shift among Bitcoin miners, with several companies choosing to retain more of their mined bitcoins or not selling them at all." Miners may refrain from selling Bitcoin for various reasons, including expectations of further appreciation in $BTC prices, strengthening their balance sheets, and hedging against currency depreciation. The report mentions that MARA Holdings, Riot Platforms, and Hut 8 have used borrowed funds to increase their Bitcoin holdings, further expanding their treasury strategies. Of the 16 largest Bitcoin-holding companies, four are miners. The report states that, in addition to their core mining operations, by 2024, some miners are "diversifying further into high-performance computing and artificial intelligence fields to generate predictable revenue streams to cushion against mining volatility." This trend is particularly evident in the United States, where "the severe mining economics and lucrative AI/HPC businesses have prompted them to diversify into other computing sectors." In addition to increasing their $BTC holdings, miners like CleanSpark have also chosen to retain most of the $BTC produced in recent months. Several Bitcoin miners with a market capitalization of at least $100 million have generated substantial revenue from AI and HPC plans. For instance, in the first three quarters of 2024, HPC/AI revenue accounted for nearly 8% of Hut 8's revenue and nearly 7% of Hive Digital's revenue.