According to a report released by NiceHash and Digital Mining Solutions on January 7, listed bitcoin miners have followed in the footsteps of MicroStrategy and increased their holdings of bitcoin coffers. "In 2024, there has been a significant shift in bitcoin mining, with several companies choosing to keep more of their output or not sell it at all," the report notes. Miners may not sell bitcoin for a variety of reasons, including in anticipation of further appreciation in the price of BTC or to strengthen their balance sheets, as well as to hedge against currency depreciation. The report mentions that MARA Holdings, Riot Platforms and Hut 8 have used borrowed funds to increase their holdings of bitcoin, further expanding their treasury strategies. Four of the 16 largest bitcoin holdings are mining companies. In addition to their core mining operations, some miners will "further diversify into high-performance computing and artificial intelligence, generating predictable revenue streams to cushion mining volatility" by 2024, the report said.