Riot Platforms sold 3,778 Bitcoin in the first quarter as miners and crypto firms continue liquidating holdings amid tough market conditions. According to Riot’s Q1 operational update, the company disposed of the coins at an average price of $76,626, bringing in roughly $289.5 million. For context, Bitcoin was trading near $66,867 on Friday.
During the quarter Riot produced 1,473 Bitcoin and finished Q1 holding 15,680 coins. Blockchain intelligence firm Arkham also flagged a separate 500-Bitcoin outflow on Thursday from a wallet it attributed to Riot.
Riot’s sales come amid a broader wave of miner liquidations. Over the past week MARA Holdings, Genius Group and Nakamoto Holdings reported combined sales of 15,501 Bitcoin, with most of that amount coming from MARA.
Blockchain developer and investor Kadan Stadelmann said rising energy costs—heightened by the Middle East conflict and higher oil prices—are pressuring miners to sell to cover operating expenses. He noted that less efficient operations are switching off rigs as costs mount, which lowers network hashrate and mining difficulty and can improve profitability for the miners that remain online.
CoinWarz data shows mining difficulty dropped around March 20, from roughly 145 trillion to about 133 trillion, while network hashrate fell from approximately 1,160 exahash to about 990 exahash since the start of the month.
Stadelmann added that a fall in energy prices or an uptick in Bitcoin’s price could coax some marginal miners back into operation. If conditions recover, efficient miners might expand capacity or pursue acquisitions of struggling competitors.