Riot is one of the largest publicly traded bitcoin miners. In May it mined 466 bitcoins. That’s 8% more than April, but still more than twice as much as the year-ago level. The company sold 250 bitcoins to raise $7.5 million or an implied value of $30,000 per unit.
It’s the third consecutive month of bitcoin sales for the previously confirmed hodler, as the company also sold 250 bitcoins in April and 200 in March. Due to the rapid decline in bitcoin prices, these sales brought in $10 million and $9.4million, respectively. This is in contrast to the $7.5 million raised last May.
Riot had 6,536 bitcoin left on its balance sheet at the end of May.
With the bear market still in force in both traditional finance and crypto, capital markets are turning unfriendly, and Riot is hardly the only miner raising cash from the sale of its mined bitcoin.
Riot stated that it currently has 43,458 miners online with a hashrate capacity of 4.6 exahash/second (EH/s). It expects to reach 5.4 EH/s soon after it deploys another 7,000 rigs.
The company has lowered its 2023 havehrate guidance to 12.6EH/s. This assumes the deployment of 116.150 mining rigs. That’s down from the previous outlook of 12.8 EH/s, and 120,150 rigs.
Riot shares fell 70% in 2014, in line to peers Marathon Digital (MARA), and Core Scientific(CORZ).