Riot Platforms executed a Bitcoin sale of 162 million dollars.

In the cryptocurrency world, attention has focused on the substantial transaction of Bitcoin miner Riot Platforms, which sold 1,818 Bitcoin in December for a noteworthy $162 million. The recent drop in mining profitability, indicated by hashprice nearing its bottom levels, led the company to decide to convert its Bitcoin holdings into cash. This situation has resulted in heightened concerns regarding mining profitability in the cryptocurrency markets.

By selling 1,818 Bitcoin in December, Riot Platforms generated a total revenue of $161.6 million. The company’s total Bitcoin reserves decreased from 19,368 Bitcoin at the end of November to 18,005 Bitcoin following this sale. The average sale price fell from $96,560 in November to $88,870, reflecting market volatility. Nevertheless, the revenue generated from this sale represented a 337% increase compared to the previous month.

The increase in profitability pressure in the mining sector has led many miners to follow a similar path by executing Bitcoin sales. Hashprice, or daily dollar-based revenue per unit hash power, has remained at consistently low levels in the last quarter, causing miners to seek ways to preserve their cash flow. Riot’s Bitcoin production in December increased by 8% month-over-month to 460 Bitcoin, although it recorded an 11% decrease year-over-year.

Riot Platforms has also continued to increase its production capacity by raising its installed hash power to 38.5 EH/s during the same period. Additionally, the $6.2 million electricity credit obtained from demand management and energy curtailment programs is helping to partially balance energy costs.

The company has altered its capital strategy; it decided to terminate the previous share sale program of approximately $150 million and launch a new 'at-the-market' program of up to $500 million. Riot announced that the reports in December would be the last and that it would subsequently provide quarterly operational updates.