Golden Finance reported that according to a report released by NiceHash and Digital Mining Solutions on January 7, listed Bitcoin mining companies have followed MicroStrategy’s footsteps and increased their Bitcoin treasury holdings. "Bitcoin miners saw a notable shift in 2024, with several companies choosing to retain more of their output or not sell it at all," the report states. Miners may not sell Bitcoin for a variety 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 holdings of Bitcoin, further expanding their treasury strategies. Four of the 16 largest Bitcoin holders are mining companies. In addition to core mining operations, by 2024, some mining companies will "further diversify into high-performance computing and artificial intelligence to generate predictable revenue streams to buffer mining fluctuations," the report said.