Crypto News Today: Riot Platforms Sells 4,300 BTC to Fund Operations

Riot Platforms, one of the largest publicly traded Bitcoin miners, sold 4,300 $BTC during the second quarter to help fund operations and its expanding data center business, according to the company’s latest earnings report.

What Riot Still Holds

Despite the sale, Riot still holds a substantial Bitcoin treasury. Riot still holds 11,380 $BTC, worth close to $666 million at the June 30 price, based on Bitcoin’s closing price of $58,527 that day. Of that total, 5,821 $BTC is currently pledged as collateral. The company ended the quarter with more than $1.2 billion in total liquid assets, including $548.9 million in cash, of which $77.5 million remains restricted.

Mining Output Rose, But Revenue Fell

Riot mined 1,587 $BTC in Q2, up from 1,426 $BTC during the same quarter last year, showing continued growth in the company’s mining output. Despite that increase, Bitcoin mining revenue fell 19.3% year over year to $113.7 million this quarter, a decline the company attributed to lower average Bitcoin prices and a rising global network hash rate, only partially offset by growth in Riot’s own operating hash rate.

Mining Costs Climbed Too

The average cost to mine one Bitcoin, excluding depreciation, came in at $49,912 for the quarter, up from $48,992 during the same period last year. Riot attributed the increase primarily to higher power costs and ongoing expansion at its Kentucky facilities.