Riot Blockchain Sold More Than Half of Bitcoin It Mined in May
Riot Blockchain secured roughly $7.5 million from Bitcoin sales after offloading more than half of the BTC it mined last month.
Riot, one of the largest Bitcoin mining companies, said it sold 250 of 466 bitcoins it mined in May at about $30,000 per BTC. The 466 bitcoins it mined is 8% less than it mined in April but more than double the number it mined in May 2021.
Before this, the company sold 250 Bitcoins in April and 200 in March, marking the third straight month the company sold its BTC holdings. Riot secured $10 million and $9.4 million from its bitcoin sales in April and March, respectively.
The miner owned around 6,536 bitcoin at the end of May after making the latest sale.
Riot is one of the few mining companies that managed to secure capital from sales of its mined bitcoin as crypto and traditional markets continue to struggle amid a volatile macro environment.
The Castle Rock, Colorado-based company said it has around 43,458 miners online, with a hash rate capacity of 4.6 exahash per second (EH/s). Riot hopes to reach a hash rate capacity of 5.4 EH/s after adding an additional 7,000 mining rigs.
The miner recently reduced its hashrate forecast for 2023 to 12.6 EH/s and 116,150 mining rigs, from its previous guidance of 12.8 EH/s, and 120,150 rigs.
On Thursday, Riot Blockchain announced it has appointed Colin Yee as a new CFO, who will replace the current finance chief Jeff McGonegal on August 15.
“We are pleased that Riot’s current operational momentum will continue unabated as Colin Yee steps in as our new CFO to help the company achieve and exceed its strategic goals,”said Jason Les, CEO of Riot Blockchain.
Shares of Riot Blockchain are down nearly 70% this year, similar to the slump seen in its rivals Core Scientific (CORZ) and Marathon Digital (MARA).