Public Bitcoin Miners Follow MicroStrategy’s Lead, Adopt Treasury Strategy In 2024

In 2024, Bitcoin miners adapted to rising competition and market volatility by embracing new strategies, including a notable focus on building their Bitcoin treasuries.

According to a 7 January 2025 report by NiceHash and Digital Mining Solutions, several public mining companies mirrored MicroStrategy’s approach by increasing their BTC holdings rather than selling their mined coins.

The report, authored by Nico Smid and Cindy Geng, highlighted a shift among miners toward retaining more Bitcoin, driven by expectations of price appreciation and efforts to strengthen financial stability.

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Major Miners Even Purchase Bitcoin

Companies like MARA Holdings, Riot Platforms, and Hut 8 even purchased additional Bitcoin using borrowed funds, signaling a strong commitment to this treasury strategy.

Some miners, including CleanSpark, opted to hold onto the majority of their mined Bitcoin, further reflecting the trend. As a result, four of the 16 largest Bitcoin holders now include mining firms, underscoring their growing role in the cryptocurrency ecosystem.

Beyond treasury strategies, diversification into high-performance computing (HPC) and artificial intelligence (AI) sectors emerged as a key trend among miners in 2024.

The report noted that U.S.-based miners, in particular, turned to these sectors to offset the unpredictability of mining revenues. For instance, Hive Digital repurposed its Nvidia GPUs for AI tasks, generating over $2 per hour compared to just $0.12 per hour from crypto mining.

This shift significantly boosted the company’s earnings, with its AI and HPC platform generating over $2 million in the second quarter alone.

Other major players also saw notable contributions from their diversification efforts. HPC and AI revenues accounted for nearly 8% of Hut 8’s total income and 7% of Hive Digital’s earnings in the first three quarters of 2024.

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Czech Explores Bitcoin As Potential Reserve Asset

Notably, there has been a growing momentum in Bitcoin adoption, as smaller nations like El Salvador and Bhutan continue to use Bitcoin reserves as part of their economic strategies.

Recently, the governor of the Czech National Bank (CNB), Aleš Michl, expressed interest in Bitcoin as a potential diversification option for the country’s foreign exchange reserves.

In a recent interview, Michl mentioned the possibility of acquiring a small amount of Bitcoin, although he emphasized that such a move would not represent a significant investment for the bank.

BREAKING: Czech National Bank considers buying Bitcoin as a reserve asset. pic.twitter.com/LGjea9qkBR

— Bitcoin Archive (@BTC_Archive) January 7, 2025

Adding to this trend, Wu Jiexhuang, a member of Hong Kong’s Legislative Council, proposed incorporating Bitcoin into Hong Kong’s national reserves for financial stability.

In Europe, Germany’s Free Democratic Party (FDP) has also expressed openness to adopting Bitcoin as a reserve asset. The FDP’s platform for the 2025 elections advocates for distributed ledger technology and calls on institutions like the European Central Bank and the German Bundesbank to consider Bitcoin to enhance the resilience of Europe’s monetary system.

Furthermore, several US states are considering adding Bitcoin to their treasury reserves. Recently, Ohio became the latest state to do so.

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