Riot Platforms sold 3,778 Bitcoin during the first quarter as mining profitability faced pressure from rising operating costs and market volatility. The company reported that the Bitcoin was sold at an average price of $76,626, generating about $289.5 million in total proceeds.
During the same period, Riot produced 1,473 Bitcoin and held 15,680 Bitcoin on its balance sheet at the end of Q1. Blockchain intelligence platform Arkham also flagged a 500 Bitcoin outflow from a wallet linked to Riot on Thursday, indicating continued movement of funds. Bitcoin traded near $66,867 on Friday, below the average level at which Riot sold its holdings.
Mining Firms Increase Bitcoin Sales as Energy Costs Rise
Riot’s sales add to a broader wave of selling across the mining sector. In the past week, MARA Holdings, Genius Group, and Nakamoto Holdings reported combined Bitcoin sales totaling 15,501 BTC, with most of the volume coming from MARA.
Industry participants attribute the trend to rising energy costs linked to higher oil prices following escalating conflict in the Middle East, forcing miners to sell Bitcoin to cover operational expenses.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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