Riot Platforms Sells 475 Bitcoin for $38.8 Million Amid Narrowing Profits

Riot Platforms sold 475 Bitcoin for $38.8 million in December, averaging $81,731 per coin. This sale reflects tightening profit margins in the mining sector following Bitcoin's fourth halving event, which reduced mining rewards to 3.125 Bitcoin per block.

Key Points

Riot mined 463 Bitcoin in April, a 13% decrease from March, despite stable computing power.
The firm used 12 Bitcoin from reserves to complete the sale.
CEO Jason Les stated that selling Bitcoin helps avoid shareholder dilution through new share issuance.
Riot retains 19,211 Bitcoin, valued at approximately $1.8 billion.
Mining difficulty increased by 35% year-over-year, reaching nearly 120 trillion hashes.
Bitcoin's value has risen 45% in the past year but remains below its January peak of $109,000.

This situation illustrates the challenges miners face in balancing immediate cash needs with long-term price speculation on Bitcoin.