Crypto Miner RIOT Blockchain Dumps 250 Bitcoin As Prices Drop

The world’s largest cryptocurrency, Bitcoin (BTC) has been trading under heavy pressure since the beginning of the year. The recent data suggested that miners started dumping their BTC holding in the market. The Riot Blockchain (RIOT) has released its lot of mined BTC to raise cash.

RIOT sells 250 BTCs

The RIOT dropped its report of production and operations for the month of May. The update mentioned that they have sold more than half of the mined Bitcoins this month. The blockchain firm produced 466 BTC over the past month. It registered an increase of around 104% compared to the production in May 2021. However, it is still approx 8% less than April’s production.

The mining giant sold have sold 250 Bitcoins for around $7.5 million. However, it mentioned that as of May 31, 2022, they held almost 6,536 BTCs which are all produced by the company. RIOT is holding $193.5 million worth of Bitcoins. The world’s largest crypto is trading at an average price of $29,819, at the press time. The token is down by over 24% in the last 30 days. BTC has a total circulating supply of 19.057 million.

Company aims to have 51,313 miners

The report added that the company has established a fleet of almost 43,458 miners. It carries a hash rate capacity of 4.6 exahash per second (EH/s). In the last month, Riot received a large amount of mining equipment to increase production. The list included 1,701 new S19j Pros out of which they have deployed 1,086 with an additional 7,855 miners. However, the company expects to have a total of 51,313 miners deployed with a hash rate capacity of over 5.4 EH/s.

Riot mentioned that anticipating to take self mining hash rate capacity to 12.6 EH/s by January 2023. It added that their fleet will be consuming 370 MW of energy. Meanwhile, there has been a raises in demand to cut down the energy consumption and emissions by crypto mining. The White House has taken its first step in drafting policy recommendations over it.