Riot Platforms Holds 9,084 BTC, No Sales in April and May
CryptoNewsTerminal Staff04 Jun, 2024
Riot Platforms Holds 9,084 BTC, No Sales in April and May
Riot Platforms (Nasdaq: RIOT), a publicly traded Bitcoin miner, did not sell any BTC in April or May, according to crypto analyst HODL15Capital. This marks a significant change from previous months, as Riot has been a regular seller of its mined Bitcoin. In May, Riot mined 215 BTC, a 43% decrease from the previous month and a 68% decrease from the previous year. Despite the decline in mining output, Riot Platforms currently holds 9,084 BTC, indicating that the company is holding onto its mined coins rather than selling them. The reasons for Riot's change in sales strategy are unclear, but it could be due to a number of factors, including the recent decline in the price of Bitcoin. Riot may also be holding onto its BTC in anticipation of a future price increase. Regardless of the reasons, Riot's decision to hold onto its BTC is a positive sign for the long-term health of the Bitcoin ecosystem. It suggests that miners are increasingly confident in the future of Bitcoin and are willing to hold onto their coins rather than selling them at a loss.
