Bitcoin miner Riot Platforms sold 3,778 Bitcoin in the first quarter of 2026, generating approximately $289.5 million. The sale is part of a broader trend of miners offloading assets, with several other firms selling a combined 15,501 Bitcoin recently, as rising energy costs pressure operations amid a declining market.
Riot Platforms disclosed it sold 3,778 Bitcoin at an average price of $76,626 in Q1 2026, according to its operational update. The miner produced 1,473 Bitcoin during the quarter and held 15,680 coins on its balance sheet by the end of March.
This follows significant sales from other crypto firms, including MARA Holdings, Genius Group, and Nakamoto Holdings. Those companies collectively sold 15,501 Bitcoin in the prior week, with MARA accounting for the majority.
Blockchain developer Kadan Stadelmann linked the sales to escalating operational expenses. “Miners are selling off Bitcoin due to increasing energy costs, highlighted by the ongoing oil price shock, which represents one of the main costs of mining Bitcoin,” he stated.
Rising energy prices, exacerbated by Middle East conflict, are forcing less efficient miners offline. Stadelmann noted this capitulation leads to a drop in Bitcoin’s network hashrate and mining difficulty.
Data from CoinWarz shows Bitcoin’s mining difficulty fell from around 145 trillion to 133 trillion on March 20. The network hash rate also declined from 1.16 zettahash to roughly 990 exahash in early April.
Stadelmann suggested a reversal is possible if conditions improve. He said a drop in energy prices or a rise in Bitcoin’s value could see sidelined miners return to the network.
