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Homepage > News > Business > Are block reward miners selling more BTC than they’re mining? Block reward miners appear increasingly unconvinced that the BTC they produce will rise in value over time, putting additional downward pressure on the token’s fiat price. Riot Platforms (NASDAQ: RIOT) released its FY25 earnings report on Monday, showing record revenue of $647.7 million, up 72% from 2024. Mining revenue soared nearly 80% to $576.3 million thanks to Riot’s growing hash rate and BTC’s price surge through most of last year. Engineering revenue rose 68% to $64.7 million. Despite these rosy sums, Riot booked a net loss of $663.2 million, a whiplash-worthy turnaround from the $110 million profit Riot reported in 2024. The loss came courtesy of significant increases in mining costs, depreciation of Riot’s ASIC mining rigs, nearly $126 million in stock-based compensation expenses, and a $158.1 million loss from Riot’s unwinding of its ties to fellow miner Rhodium Enterprises, which filed for bankruptcy protection in August 2024. Another contributor to 2025’s losses was the decline in the value of the BTC Riot held on its balance sheet at the end of 2025. While BTC soared over the first nine months of the year, it tanked in the final quarter and has continued its downward trajectory over the first two months of 2026. Riot sold 1,800 BTC in December, a significant uptick from its previous monthly sales, and sold another 1,080 in January. The proceeds from that latter sale were used to acquire land in Texas to host a new AI/high-performance computing (HPC) data center, with Advanced Micro Devices (NASDAQ: AMD) as the new site’s first client. Asked on the earnings call how future sales of some or all of Riot’s remaining 18,005 BTC would factor into capex funding going forward, CFO Jason Chung…

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Filed under: News - @ March 4, 2026 12:24 pm