Công ty khai thác mỏ giảm mạnh 1.818 Bitcoin vào tháng 12, lý do thị trường đằng sau việc rút tiền mặt 160 triệu USD

【Chain Article】Bitcoin mining listed company Riot Platforms’ recent monthly report has attracted considerable attention. The company’s actions in December were quite bold — it sold 1,818 bitcoins in one go, exchanging them for $161.6 million.

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

Looking at the production side, 460 bitcoins were mined in December, a month-over-month increase of 8%, but a year-over-year decline of 11% compared to December of last year with 516 coins. Behind this contradictory data lies the industry’s current situation: although hash rate is increasing, unit productivity is being diluted. Particularly during most of last quarter, hash prices remained at low levels, directly compressing mining profitability margins.

Interestingly, Riot’s reduction move aligns perfectly in timing with adjustments to their capital plans. The company just adjusted its equity issuance plan at the beginning of this month, changing from the previously remaining $150 million quota to a new scheme with a maximum of $500 million in issuances. This appears to be preparation for potential mergers and acquisitions, mining equipment upgrades, or other strategic investments. Against the backdrop of compressed profitability, selling off some bitcoins to adjust asset allocation can both lock in current price risks and enhance the company’s cash flow flexibility. This operational logic is quite pragmatic.