Sale Details and Impact

Riot reported an average Bitcoin sale price of $88,870, representing an approximate 8% decline compared to November’s average price of $96,560. Despite the lower price, total revenue from Bitcoin sales increased by 337% month-over-month, rising from $37 million in the previous period. The company emphasized that this sale marked only the third net reduction in its Bitcoin treasury for 2025 and represented its largest single monthly sale to date. Monthly Bitcoin production was reported at 460 BTC, reflecting an 8% increase compared to November’s 428 BTC, but an 11% decrease versus December 2024’s 516 BTC.

Hash Prices and Mining Profitability

The sale took place during a period of heightened pressure across the mining sector. Hash price—the expected daily revenue per terahash of mining power—remained near cycle lows for much of the quarter, creating a challenging profitability and risk environment for miners.

Despite this, Riot continued to expand its operational capacity. In December, utilized hashrate averaged 38.5 EH/s, up 5% from November’s 36.6 EH/s and 22% higher than December of the previous year at 31.5 EH/s. Average operating hashrate reached 34.9 EH/s. The company also reported using $6.2 million in power credits during December. These credits helped offset costs during periods of high grid stress by supporting demand response and energy curtailment programs in Riot’s operating regions.

Capital Strategy and Share Program

The Bitcoin sales coincided with changes in Riot’s broader capital strategy. The company restarted its at-the-market equity offering program, increasing the remaining capacity from approximately $150 million to as much as $500 million in potential share sales. Riot also announced that the December update would be its final monthly disclosure, with future operational and financial updates to be provided on a quarterly basis.

Other major miners pursued similar treasury management strategies in December. For example, CleanSpark sold 577 BTC, generating roughly $51.5 million in revenue. The Nevada-based company produced 622 BTC during the same period and held 13,099 BTC in its treasury as of December 31.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Riot Platforms Announces Bitcoin Sale! appeared first on Coin Engineer.

On December 13, 2024, Riot Platforms, Inc. (the company) announced that it had purchased approximately 5,117 Bitcoin between December 10, 2024, and December 12, 2024, for a total of around $510 million.

The acquisitions were made at an average price of $99,669 USD/BTC, inclusive of transaction fees and expenses.

As of December 12, 2024, the company’s total Bitcoin holdings have increased to 16,728 BTC.

The Bitcoin purchases were funded through a portion of the net proceeds from the issuance of 0.75% convertible senior notes maturing in 2030, as well as existing cash reserves.

What Is Riot Platforms (RIOT)?

Riot’s sision is to become the world’s leading Bitcoin-Focused infrastructure platform Riot is a Bitcoin mining and digital infrastructure company dedicated to a vertically integrated strategy.

The company operates Bitcoin mining data centers located in Texas and Kentucky, along with power switchgear engineering and manufacturing operations based in Denver, Colorado.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Riot Platforms Purchased $510 Million Worth of BTC! appeared first on Coin Engineer.

As Bitcoin inches closer to its all-time high of just over $69,000, major players in the crypto ecosystem are seeing positive pre-market movements. Cryptocurrency exchange Coinbase (COIN) jumped over 6%, while software company MicroStrategy (MSTR), a prominent Bitcoin holder with over 190,000 BTC on its balance sheet, surged by 8.2%.

Bitcoin mining companies are also experiencing significant gains. CleanSpark (CLSK) leads the pack with an 8% increase, followed by Marathon Digital (MARA), Iris Energy (IREN), and Riot Platforms (RIOT) with pre-market gains of 6.6%, 6.8%, and 4.7%, respectively.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Crypto-Related Stocks Soar as Bitcoin Nears All-Time High appeared first on Coin Engineer.