Riot Platforms Sells 3,778 BTC in Q1 2026, Generates $289.5 Million in Net Proceeds
In its latest quarterly update, released on April 2, 2026, Riot Platforms revealed a significant increase in its operational capacity, alongside a notable reduction in power costs. The company, a leading Bitcoin mining firm listed on Nasdaq, disclosed that it had sold 3,778 Bitcoins during the first quarter of 2026, resulting in net proceeds of approximately $289.5 million. This translates to an average sale price of $76,626 per Bitcoin, marking a notable development in the company's sales strategy compared to the same period in 2025.
As of the end of the first quarter, Riot Platforms' total Bitcoin holdings stood at 15,680, representing an 18% decrease from the 19,223 Bitcoins held in the same period last year. Of these, 5,802 Bitcoins were categorized as restricted. The company's Bitcoin production for the quarter amounted to 1,473, which, although slightly lower than the 1,530 produced in the first quarter of 2025, reflects the company's ability to maintain steady operational output amidst broader network adjustments.
Riot Platforms' decision to sell a significant portion of its Bitcoin holdings aligns with a broader trend among publicly traded mining companies, which have collectively sold over 15,000 Bitcoins in recent months. This trend appears to be linked to the movement of Bitcoin's price above the $70,000 mark. The company is currently expanding its operations and is in the process of recruiting for various positions across different departments. Additionally, Riot Platforms is scheduled to participate in several investor conferences in May 2026, including events in New York, Hong Kong, and Los Angeles, providing opportunities to update the investment community on its progress.
In terms of operational capacity, Riot Platforms achieved a deployed hash rate of 42.5 EH/s by the end of the first quarter, representing a 26% increase from the 33.7 EH/s recorded in the same period last year. The average operating hash rate for the quarter reached 36.4 EH/s, up 23% year-over-year, while fleet efficiency improved to 20.2 J/TH from 21.0 J/TH in the year-ago quarter. Furthermore, the company's all-in power cost decreased by 21% to 3.0 cents per kWh, down from 3.8 cents in the first quarter of 2025, driven in part by a significant increase in power credits, which rose to $21.0 million, a 171% increase from $7.8 million in the same period last year.
The reduction in power costs is a result of the company's effective energy management strategy, which includes participating in demand response and curtailment programs. These programs contributed $7.5 million and $13.5 million, respectively, to the company's power savings in the first quarter of 2026, representing a 134% increase in curtailment credits compared to the same period last year. Overall, Riot Platforms' ability to optimize its operations and manage energy expenses has been instrumental in reducing its cost structure and maintaining its position as a leading player in the Bitcoin mining industry.