Riot Platforms has sent another 500 BTC to an NYDIG deposit address, according to on-chain data cited by Lookonchain. The transfer was worth about $39 million at the time of reporting.
Summary
- Riot Platforms transferred 500 BTC worth about $39 million to an NYDIG deposit address.
- The miner sold 3,778 BTC in Q1 2026, generating $289.5 million in proceeds.
- Post-halving pressure and rising mining difficulty have pushed more public miners to sell Bitcoin.
The latest move adds to a series of Bitcoin transfers from Riot over the past two weeks. The miner has reportedly sent regular batches of 60 BTC to 125 BTC to NYDIG execution wallets almost daily.
Riot also made another 500 BTC deposit two weeks earlier. The repeated transfers show that the company has continued to reduce part of its Bitcoin reserves through institutional trading channels.
Q1 report showed large Bitcoin sales
Riot had already disclosed Bitcoin sales in its first-quarter 2026 operational report. The company sold 3,778 BTC during the quarter and generated $289.5 million in proceeds.
The firm reported an average sale price of $76,626 per Bitcoin. These sales placed Riot among the major public miners using Bitcoin reserves to support business needs.
Riot remains one of the largest listed Bitcoin mining companies. Its recent activity comes as miners manage tighter margins after the latest Bitcoin halving.
Moreover, the Bitcoin halving cut miner block rewards by 50%, reducing the amount of new BTC miners receive for each block. This has raised pressure on companies with high energy and infrastructure costs.
Mining difficulty has also continued to rise. Higher difficulty means miners need stronger and more efficient machines to produce the same amount of Bitcoin.
Many firms are upgrading ASIC fleets and expanding facilities to stay competitive. These costs can push miners to sell Bitcoin, especially when they need cash for operations, debt, or equipment.
Other public miners also sell BTC
Riot is not the only miner selling Bitcoin this year. MARA has sold more than 15,000 BTC for about $1.1 billion after revising its 2026 treasury policy to allow ongoing sales for operational needs.
CleanSpark also sold 405 BTC at spot prices and another 500 BTC. Core Scientific announced the sale of 1,900 BTC earlier this year and said it planned to exit its Bitcoin holdings by the end of the first quarter.
The sales show a broader shift among miners after years of holding Bitcoin reserves. Public mining firms now appear more willing to convert BTC into cash as market and operating conditions change.
