In accordance with CoinTelegraph, the market capitalization of public Bitcoin mining companies reached $50 billion in 2024, marking a record-breaking year for the industry. A report by NiceHash and Digital Mining Solutions highlighted a strategic shift among miners, who increased their Bitcoin treasury holdings, following MicroStrategy's approach. Companies like MARA Holdings, Riot Platforms, and Hut 8 expanded their BTC reserves using borrowed funds. Additionally, miners diversified into high-performance computing (HPC) and AI sectors to mitigate mining volatility, with Hive Digital repurposing Nvidia GPUs for AI tasks. This diversification trend was notable in the U.S., where harsh mining conditions prompted miners to explore alternative revenue streams. The report noted that AI and HPC initiatives contributed significantly to miners' revenues, with Hut 8 and Hive Digital seeing substantial income from these sectors.
Bitcoin Miners' Market Cap Hits $50B in 2024 Amid Treasury Strategy Shift
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