Riot Blockchain, the world’s largest publicly traded Bitcoin mining company, launched 250 bitcoin (BTC) It announced that it made $10 million in revenue by selling it. It is known that the company has large-scale expansion plans in the coming period.
The company also sold Bitcoin last month
Thus, Riot Blockchain has sold BTC for two months in a row. The company sold 200 BTC for $9.4 million last month.
However, it should not be forgotten that these sales are a small part of the BTC reserve owned by Riot Blockchain. The amount of BTC the company holds has increased from 6,062 last month to 6,320 this month.
Trystine Payfer, Riot’s director of communications, said in an email statement:
“Riot constantly monitors its balance sheet, assessing the level of Bitcoin generated from our monthly production, taking into account the operational and expansion cash needs. The company remains committed to its long-term view of BTC holdings, and we believe it is in the interests of our shareholders to have strong BTC holdings on our balance sheet.”
Company Generated 508 BTC In April
Along with its mining operations, Riot produced 508 BTC in April, 511 in March, and 203 BTC in April of last year.
It looks like the company will continue to accumulate BTC on its balance sheet with its aggressive expansion plans. Recently, the company said it plans to develop a 1 gigawatt project in Navarro County, Texas. According to Riot’s statement, the first phase of this project will cost $333 million and will be invested over the next two years.
In addition, the company is running a 400 megawatt infrastructure expansion project at its Whinstone facility in Rockdale, Texas.
In April, Riot also reported on a $500 million stock sale.
*Not investment advice.