BTC miners adopted ‘treasury strategy,’ diversified business in 2024: Report
2024 marked a record year for Bitcoin mining, with increased competition prompting companies to adopt new strategies. Public miners increased their Bitcoin treasury holdings, following MicroStrategy's example, retaining more mined Bitcoin in anticipation of price appreciation and to strengthen balance sheets. Companies like MARA Holdings, Riot Platforms, and Hut 8 purchased additional Bitcoin using borrowed funds. Four of the 16 largest Bitcoin holders are mining companies. Additionally, miners diversified into high-performance computing (HPC) and artificial intelligence (AI) sectors to generate stable revenue streams. Hive Digital repurposed Nvidia GPUs for AI, generating over $2 per hour compared to $0.12 for crypto mining, with HPC/AI revenue constituting nearly 8% of Hut 8's and almost 7% of Hive Digital's revenues in early 2024.
