Майнинговые компании в декабре значительно сократили свои запасы на 1818 биткоинов, реализовав на сумму 160 миллионов долларов: рыночная логика за этим

【Chain Article】Bitcoin mining listed company Riot Platforms’ recent monthly report has attracted considerable attention. This company’s moves in December were indeed quite significant—they sold 1,818 bitcoins in one go, converting them into $161.6 million.

From a holdings perspective, their bitcoin reserves dropped from 19,368 BTC at the end of November to 18,005 BTC. The scale of this reduction represents the largest single-month position reduction in the company’s history. However, there’s an interesting contrast: although December’s average bitcoin selling price was $88,870, down 8% from November’s $96,560, total proceeds actually increased by 337%—surging from $37 million to $161.6 million. What does this indicate? Volume compensated for the price decline.

Looking at production, December saw the mining of 460 bitcoins, up 8% month-over-month, but down 11% year-over-year from December last year’s 516 BTC. Behind this contradictory data lies the reality of the industry: although hashpower is increasing, per-unit productivity is being diluted. Particularly during most of last quarter, hash prices hovered at low levels, which directly squeezed mining profitability margins.

Interestingly, Riot’s reduction move perfectly aligns timing-wise with their capital plan adjustments. The company adjusted its equity issuance plan early this month, changing from the original remaining $150 million quota to a new plan allowing up to $500 million in issuance. This appears to be preparation for potential M&A, miner upgrades, or other strategic investments. Against the backdrop of compressed profitability, selling off some bitcoins to rebalance asset allocation can both lock in current price risks and enhance corporate cash flow flexibility. This operational logic is quite pragmatic.