By the end of December 2024, publicly listed crypto mining companies in the United States have made substantial gains in their Bitcoin reserves, more than doubling their holdings since the start of the year.
Current data from TheMiningMag reveals that these firms possess a combined total of 92,473 BTC, equating to around $8.6 billion in market value.
Leading Companies in Bitcoin Holdings
Leading the pack is Marathon Digital Holdings (MARA), which has amassed 44,893 BTC—nearly half of the Bitcoin held collectively by public companies.
Only MicroStrategy (MSTR) surpasses this figure, boasting a remarkable 450,000 BTC in its portfolio.
The HODL mentality—a long-term investment strategy—has gained traction among these miners over the past year.
In addition to MARA’s impressive cache, other firms are also stacking up significant amounts of Bitcoin.
Riot Platforms (RIOT) has taken a notable position with 17,722 BTC, while both Hut 8 (HUT) and CleanSpark (CLSK) have accumulated 10,171 BTC and 10,097 BTC, respectively.
Shifting Strategies in the Mining Industry
However, not every mining company is jumping on the HODL bandwagon.
Some, including IREN (IREN), TeraWulf (WULF), and Core Scientific (CORZ), have either minimal or nonexistent Bitcoin holdings.
In a competitive landscape, these companies are pivoting their focus towards artificial intelligence (AI) and high-performance computing (HPC) rather than accumulating cryptocurrency.
Despite Bitcoin’s rising value, many mining firms have seen their stock prices lag behind, failing to keep pace with the cryptocurrency’s gains.
On average, the mining sector has underperformed relative to Bitcoin and other related stocks, including MicroStrategy.
However, Core Scientific and TeraWulf stand out as exceptions, each achieving remarkable returns exceeding 300% by redirecting their strategies toward AI ventures.
Future Outlook for Cryptocurrency Miners
Looking ahead to 2025, the outlook seems bright for miners adhering to the HODL philosophy, with companies like RIOT, HUT, and CLSK showing better performance than Bitcoin itself.
Conversely, Bitdeer (BTDR) has struggled after a strong showing in 2024, presenting negative returns in stark contrast to its earlier successes.
In this evolving landscape, it’s clear that the strategies employed by these mining companies can make all the difference amid the volatile cryptocurrency market.
Source: Coindesk
