Riot Platforms, Inc. (NASDAQ:RIOT) shares are trading lower Monday following the release of its April 2025 production and operations update.
What To Know: The company mined 463 Bitcoin in April, down 13% from March's 533. The daily average production also declined from 17.2 BTC to 15.4 BTC, a 10% decrease month-over-month. Riot attributed the drop to two consecutive network difficulty adjustments during the month.
Despite the decline in production, year-over-year figures showed improvement, with a 23% increase in both total and daily average Bitcoin mined compared to April 2024. The company sold all 475 Bitcoin produced in April, generating $38.8 million in net proceeds at an average price of $81,731 per coin. Riot stated it chose to sell its Bitcoin to fund growth and operations, aiming to limit dilution from equity fundraising.
Hash rate metrics were flat or slightly down. The deployed hash rate remained unchanged at 33.7 EH/s, while the average operating hash rate slipped 3% from March to 29.3 EH/s. Power credits rose to $2 million, more than doubling from the previous month. Riot also completed its acquisition of Rhodium's assets at the Rockdale Facility during April, ending its last remaining hosting agreement and fully exiting the Bitcoin hosting business.
RIOT Price Action: Riot shares were down 7.37% at $7.795 at the time of writing, according to Benzinga Pro.
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