Riot Platforms, Inc. (NASDAQ:RIOT) shares are trading lower Monday following the release of its April 2025 production and operations update.
What Happened: Riot Platforms, Inc. said it mined 463 Bitcoin in April, a 13% decrease from the 533 Bitcoin mined in March. The daily average production also decreased from 17.2 Bitcoin to 15.4 Bitcoin, a 10% decrease. The company attributed the decrease in production to two consecutive network difficulty adjustments during the month.
Compared to the same period last year, there was a 23% increase in both total and daily average Bitcoin mined. In April 2024, the company mined 378 Bitcoin and had an average daily production of 12.6 Bitcoin.
Riot Platforms sold all 475 Bitcoin it produced in April, generating $38.8 million in net proceeds at an average price of $81,731. The company said it is making a conscious effort to sell its Bitcoin to fund growth and operations, aiming to limit dilution from equity fundraising.
The company’s deployed hash rate remained at 33.7 EH/s, and average operating hash rate was 29.3 EH/s, a 3% decrease from the previous month. Power credits totaled $2 million, more than double the amount in the previous month.
During April, Riot Platforms completed the acquisition of Rhodium's assets at the Rockdale Facility and exited its last remaining hosting agreement. This move marks the company's complete withdrawal from the Bitcoin hosting business.
What's Next: Riot Platforms is planning to start a new 12-month period of institutional investor relations activity. The company will be hosting small groups of investors at its Rockdale facility in Texas and will participate in industry conferences throughout the year.
See More: Top 40 Biggest Bitcoin (BTC) Holdings Among Companies in 2023
RIOT Price Action: Riot Platforms shares are down 7.37% at $7.395 at the time of writing, according to Benzinga Pro.
