Riot Platforms Shatters Records: Dumps 475 BTC in Historic Sell-Off!

Second Largest Bitcoin Mining Giant Cashes in Big

Riot Platforms just pulled off the biggest single-month BTC dump in their history, offloading a whopping 475 BTC in April alone!

Massive $38.8 Million Haul from April's Bitcoin Bonanza

These mining maestros, the second biggest in the game by market cap, announced on Monday they sold those 475 BTC at a sweet average of $81,731 each, raking in a cool $38.8 million in net proceeds.

Newly Mined and From the Vault: The Breakdown of the Big Sell

According to Riot's latest monthly scoop on production and operations, this massive sell-off is their record-breaking moment. Out of the 475 BTC, 463 were freshly mined in April, while the other 12 were pulled straight from Riot's treasure chest.

Strategic Sell-Off Fuels Riot's Ambitious Growth Plans

"We decided to cash in our April haul to fuel our growth and keep the wheels turning," declared Riot CEO Jason Les. "We're always on the hunt for the best ways to fund our operations, keeping our balance sheet rock solid. Selling our BTC means less need to hit up investors, keeping our stock from getting watered down."

Holding Strong: Riot's Bitcoin Reserves Soar Despite Sell-Off

Even after this mega sale, Riot's still sitting pretty with a hefty 19,211 BTC in their reserves as of April 30, including 1,900 restricted coins. That's a jaw-dropping 117% jump from last year!

Mining Challenges Push Riot to Strategic BTC Dump

This bold move to sell BTC came after Riot faced two tough months in a row, thanks to the network difficulty cranking up. It's been a brutal grind to mine BTC, with the increased difficulty making it more energy-sucking than ever, leading to a 13% drop in production from March.

Despite Dips, Riot's Production and Efficiency Remain Top-Notch

Even with that 13% dip from March, Riot's still crushing it, with a 23% boost from last year's April. They're keeping their game strong with a deployed hash rate of 33.7 EH/s and a fleet efficiency of 21.0 joules per terahash, making them one of the fiercest competitors in the Bitcoin mining arena.