Riot Sells $38.8M in Bitcoin Amid Halving Pressure and Rising Costs

Riot Platforms, one of the largest publicly traded Bitcoin miners in the U.S., cashed out $38.8 million worth of Bitcoin in April as mining margins tighten across the sector.

Facing rising operational costs and post-halving pressures, the Colorado-based firm sold 475 BTC at an average price of $81,731 per coin—most of which came from newly mined tokens that month, with a small portion drawn from reserves.

Despite the selloff, Riot still holds over 19,000 BTC on its books, currently valued at around $1.8 billion. CEO Jason Les explained that the sale was a strategic decision to fund ongoing operations without relying heavily on equity financing, helping avoid further shareholder dilution.

The move comes as Bitcoin miners adjust to the effects of the latest halving, which slashed block rewards by half in April of last year. Though halving events typically drive long-term price appreciation, they also squeeze miners’ short-term profitability. Riot’s Bitcoin production in April declined by 13% compared to the previous month, despite a steady hash rate. At the same time, mining difficulty has jumped 35% year-over-year, reaching over 119 trillion hashes—making it increasingly expensive to earn rewards.

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To reinforce its liquidity position, Riot recently secured a $100 million Bitcoin-backed credit line from Coinbase Credit. The loan provides flexible funding tied to Riot’s BTC holdings and will support key strategic initiatives. Les called it a “non-dilutive” financing option with favorable terms.

Riot’s move reflects a broader trend among miners, many of whom are being forced to part with more of their Bitcoin reserves to stay afloat. On April 7, the sector saw a massive selloff—15,000 BTC were unloaded in a single day, making it one of the largest daily outflows this year, according to CryptoQuant. The combination of higher energy costs, increased competition, and recent price fluctuations near $94,000 continues to test the durability of mining firms, many of which rely on consistently high BTC prices to maintain profitability.

Alexander Stefanov