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The American mining firm Riot Platforms announced the sale of 3,778 BTC for a total of $289.5 million in the first quarter of 2026. The average transaction price was approximately $76,600 per coin.
At the end of the quarter, the company’s reserves decreased to 15,680 BTC, placing it seventh among the largest corporate holders of bitcoin. During the same period, Riot mined 1,473 BTC. The total hash rate reached 42.5 EH/s, with the average electricity cost around 3 cents per kWh.
Several major industry players have also reduced their cryptocurrency holdings. In the past week, MARA Holdings, Genius Group, and Nakamoto Holdings collectively sold 15,501 BTC, with the majority attributed to MARA Holdings.
Kadan Stadelmann, a blockchain technology developer and co-founder of Compance, linked this trend to rising energy costs amid geopolitical tensions in the Middle East.
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“Miners are selling bitcoins due to the increase in energy prices, which has intensified because of the oil crisis, as energy remains one of the primary expenses in mining. As costs rise, they are compelled to liquidate assets to cover operational expenses,” Stadelmann noted.
He added that the increase in costs could lead to the shutdown of less efficient mining operations and a market share redistribution favoring larger players.
“This results in a decrease in hash rate and alters mining conditions. Consequently, mining becomes more profitable for those participants who continue to operate,” he stated.
The expert suggested that if energy prices decline and the bitcoin price increases, some mining capacities may return to the network.
Previously, MARA Holdings sold 15,133 BTC for approximately $1.1 billion to settle obligations related to convertible bonds.
