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Riot Platforms Sells 4,300 Bitcoin To Fund Operations

Cryptocurrency miner Riot Platforms (NASDAQ: $RIOT) sold 4,300 Bitcoin (CRYPTO: $BTC) during the second quarter to help fund its ongoing operations.

In its latest earnings report, Riot Platforms said that the Bitcoin sale was also used to help fund its growing artificial intelligence (A.I.) data centre business.

Despite the sale, Riot Platforms continues to hold 11,380 BTC worth $717.65 million U.S based on the current market price of the cryptocurrency.

Management at the company said they ended the year’s second quarter with more than $1.2 billion U.S. in liquid assets, including $548.9 million U.S. of cash.

Riot Platforms mined 1,587 Bitcoin in Q2, up from 1,426 mined a year earlier. Despite that increase, Bitcoin mining revenue fell 19% year-over-year to $113.7 million U.S. in Q2.

The company’s total cost to mine one Bitcoin reached $90,631 U.S., equal to 126.5% of the $71,667 U.S. production value of each coin mined during the quarter.

Riot Platforms said the cost to mine Bitcoin is rising due to higher power costs and the ongoing expansion of its Kentucky mining facility.

RIOT stock has risen 69% over the last 12 months to trade at $19.58 U.S. per share.