In 2024, the market capitalization of public Bitcoin mining companies hit $50 billion, marking a significant milestone. Increased competition and volatility led many miners to adopt new strategies, with a notable shift towards retaining larger portions of mined Bitcoin. This change mirrors MicroStrategy's treasury strategy, aiming to hedge against currency devaluation while anticipating price appreciation for BTC. Companies like Riot Platforms and Hut 8 amplified their treasury strategies by purchasing additional Bitcoin using borrowed funds. Moreover, alongside their core mining activities, several miners diversified into artificial intelligence and high-performance computing (HPC). For instance, Hive's use of Nvidia GPUs for AI generated significantly higher revenue compared to traditional crypto mining. Notably, AI and HPC revenues contributed to nearly 8% of Hut 8's income in early 2024, indicating a trend among Bitcoin miners to adopt dual revenue streams to enhance financial stability and growth.

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