Riot Blockchain Sells More Bitcoin, Trims Hashrate Guidance

Riot Blockchain (RIOT) continued to boost money through the sale of bitcoin (BTC), unloading greater than half of the bitcoin it mined in Might.

One of many largest of the publicly traded bitcoin miners, Riot in Might mined 466 bitcoins, about 8% fewer than April however greater than double the year-ago stage.. The corporate bought 250 bitcoins in Might, elevating about $7.5 million, or an implied value of roughly $30,000 every.

It’s the third-consecutive month of bitcoin gross sales for the beforehand confirmed hodler, as the corporate additionally bought 250 bitcoins in April and 200 in March. Reflecting the close to steady decline within the value of bitcoin of late, these gross sales raised $10 million and $9.4 million, respectively, versus the $7.5 million raised in Might.

As of the top of Might, Riot nonetheless held about 6,536 bitcoin on its stability sheet.

With the bear market nonetheless in pressure in each conventional finance and crypto, capital markets are turning unfriendly, and Riot is hardly the one miner elevating money from the sale of its mined bitcoin.

Turning to manufacturing particulars, Riot mentioned it at present has about 43,458 miners on-line, with a hash price capability of 4.6 exahash per second (EH/s), and expects to quickly attain 5.4 EH/s after deploying about one other 7,000 rigs..

The corporate trimmed its 2023 hashrate steering to 12.6 EH/s, which assumes deployment of 116,150 mining rigs. That’s down from the earlier outlook of 12.8 EH/s, and 120,150 rigs.

Riot shares are down 70% this yr, in-line with friends corresponding to Marathon Digital (MARA) and Core Scientific (CORZ).

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