Riot Platforms Sells 4,300 BTC to Fund Operations Amid Rising Mining Costs

Riot Platforms, one of the largest publicly traded Bitcoin miners, has sold 4,300 BTC to help fund its operations and expanding data center business.

The sale occurred during the second quarter, with Riot still holding a substantial Bitcoin treasury of 11,380 BTC, worth close to $666 million at the June 30 price of $58,527 per BTC.

Riot's mining output rose in Q2, increasing by 12% year over year to 1,587 BTC. However, revenue fell 19.3% year over year to $113.7 million due to lower average Bitcoin prices and a rising global network hash rate.

The company attributed the increase in its mining costs to higher power costs and ongoing expansion at its Kentucky facilities. The total cost to mine one Bitcoin reached $90,631, exceeding the production value of each coin mined during the quarter by 126.5%.