Riot Platforms has sold a significant portion of its bitcoin holdings as pressure mounts across the crypto mining industry, where profitability has been squeezed by falling hashprice levels.
In its latest monthly production update, the Colorado-based miner said it sold 1,818 bitcoin in December, generating $161.6 million in proceeds. The sale reduced Riot’s bitcoin treasury to 18,005 BTC, down from 19,368 BTC at the end of November. The company realized an average sale price of $88,870 per bitcoin, an 8% decline from November’s average of $96,560.
Despite the lower per-bitcoin price, Riot’s total proceeds from bitcoin sales jumped sharply, rising 337% from $37 million in November. December’s transaction marked the company’s largest single-month bitcoin sale on record and only the third time in 2025 that Riot has reduced its overall bitcoin holdings.
Production rises, but margins remain under strain
Riot produced 460 BTC in December, up 8% from November’s output of 428 BTC. However, production was still 11% lower than the 516 BTC mined in December 2024, highlighting the broader challenges facing miners following the latest bitcoin halving and ongoing network difficulty increases.
The company continued to expand its mining capacity during the month. Deployed hashrate averaged 38.5 exahashes per second (EH/s), up 5% from November and 22% higher than a year earlier. Average operating hashrate reached 34.9 EH/s, reflecting modest month-over-month growth and a 27% increase year over year.
These gains came as mining economics deteriorated across the sector. Hashprice, a key metric that estimates daily revenue per unit of mining power, hovered near cycle lows for much of the past quarter, compressing margins even for large, well-capitalized operators.
Power credits help offset energy costs
Riot reported $6.2 million in power credits for December, a 171% increase from $2.3 million in November. The credits were earned through demand response and power curtailment programs across its operating regions and helped offset energy costs during periods of grid stress.
Such programs have become increasingly important for large-scale miners, particularly during times of low hashprice, when energy efficiency and flexible power arrangements can make a material difference to cash flow.
Capital strategy shifts as reporting changes
The bitcoin sales also coincided with adjustments to Riot’s capital strategy. Earlier this month, the company replaced its existing at-the-market equity offering, which had roughly $150 million in remaining capacity, with a new program allowing for up to $500 million in potential share sales.
Riot also confirmed that December’s report will be its final monthly production update. Going forward, the company plans to provide quarterly operational and financial disclosures, aligning its mining updates with broader corporate reporting practices.
Peers take similar approach
CleanSpark, Inc.
Riot is not alone in actively managing its bitcoin treasury. CleanSpark disclosed this week that it sold 577 BTC in December for $51.5 million at an average price of $89,210 per bitcoin. The Nevada-based miner produced 622 BTC during the month and held 13,099 BTC in its treasury as of December 31.
