Riot, the mining company, sold more than 10,000 coins in a single quarter. The numbers in its third-quarter report make for interesting reading.
It sold 10,599 coins in Q3, cutting its holdings from 11,380 at the end of June to 2,418 at the end of September—a drop of nearly 80%. It sold 20,264 coins in the first nine months of the year, bringing in roughly $1.5 billion. Most of the money went toward building AI data centers, and it also signed a 15-year lease for 910 MW of capacity.
The timing is worth clarifying: all the sales happened in Q3, but the report only laid out the figures yesterday. That’s a substantial amount, in my view. While $BTC is still hovering around 80,000, miners are turning their coins into computing infrastructure. That contrast is more interesting than the price itself.
#BTC #Market Analysis
It sold 10,599 coins in Q3, cutting its holdings from 11,380 at the end of June to 2,418 at the end of September—a drop of nearly 80%. It sold 20,264 coins in the first nine months of the year, bringing in roughly $1.5 billion. Most of the money went toward building AI data centers, and it also signed a 15-year lease for 910 MW of capacity.
The timing is worth clarifying: all the sales happened in Q3, but the report only laid out the figures yesterday. That’s a substantial amount, in my view. While $BTC is still hovering around 80,000, miners are turning their coins into computing infrastructure. That contrast is more interesting than the price itself.
#BTC #Market Analysis