Listed bitcoin miners have followed in MicroStrategy's footsteps and increased their holdings of bitcoin coffers, according to a report published on January 7 by Nice Hash and Digital Mining Solutions. "In 2024, bitcoin miners saw a significant shift, with several companies choosing to keep more of their output or not sell at all," the report noted. Miners may not sell bitcoin for a number of reasons, including in anticipation of further appreciation in the price of BTC or to strengthen their balance sheets, and as a hedge against currency depreciation. MARA Holdings, Riot Platforms and Hut 8 have used borrowed funds to increase their bitcoin holdings, further expanding their treasury strategies. Four of the 16 largest bitcoin holdings are mining companies. In addition to their core mining operations, some "further diversify into high-performance computing and artificial intelligence by 2024, generating predictable revenue streams to cushion mining volatility", the report said.