Well I am trying something this year as I did have moisture issues last year. I am leaving the bottom open.
First, the hives are elevated 8" off the ground to allow for air circulation in summer. But this winter what I did was make a box out of 1" foam board that slides loosely over the outside of the hive, leaving the exit area open, but all the way from the ground to the telescoping top other than the bottom opening insulated. I note this year the bees are flying at 40 degrees, whereas last year 50 was pretty much the magic number.
Again, this is an experiment, I went into winter with two strong, one moderate and one weak hive. Spring will tell me how it worked.