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Prominent bitcoin miner Riot blockchain has been seen selling its bitcoin consistently for a while now.
In order to raise cash and maintain liquidity, bitcoin miner Riot Blockchain (RIOT) went on to raise cash continuously through its sale of bitcoin (BTC) from its crypto reserve. Until now, Riot has sold more than half of those bitcoins that it mined in May month.
For now, Riot Blockchain (RIOT) is one of the largest bitcoin mining publicly trading companies. In May, Riot mined about 466 bitcoin that is about 8% less that that mined in April but it’s about more than twice that it mined a year ago. The bitcoin mining company has sold about 250 bitcoins in May that helped Riot to raise about $7.5 million that makes an implied price of each bitcoin to be $30,000.
Including this month’s bitcoin sales, this is the third consecutive month for the company to sell its bitcoins. Earlier Riot had sold 250 bitcoins and 200 bitcoin in April and March respectively. This reflects the almost continuous decline in price of bitcoin leads for the company to release more bitcoins in order to cater the similar amounts requirement. Sales in March raised $10 million while in April the company raised $9.4 million. In the month of May, instead of selling almost the same amount of bitcoin Riot has raised only $7.5 million.
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After all sales, the balance sheet of Riot Blockchain shows holdings of 6,536 bitcoin by the end of May. The bear market is still in force in terms of both traditional finance and cryptocurrencies making capital markets unfriendly. Amidst such situations, Riot is among several miners which is hardly raising cash from their sales on mined bitcoin.
While going through its production details, Riot said that it currently has 43,458 miners online that currently holds a hash rate capacity of approx 4.6 exhash per second (EH/s) and it expects it to reach 5.4 (EH/s) soon after deploying more mining rigs that accounts for about 7,000 rigs.
Previously, Riot had an outlook for next year to deploy 120,150 mining rigs to reach 12.8 EH/s. The company has cut down its hashrate guidance for the year 2023 to 12.6 EH/s that assumes it will deploy about 116,150 mining rigs.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
