Riot sells half of bitcoin mined in April after 150% month-over-month production increase

Bitcoin miner Riot announced Tuesday that it sold about half of the bitcoin it mined in April, generating a total of $10 million in net proceeds. 

The company has recently shared an ambitious expansion plan which includes two new facilities in Texas.

Riot produced a total of 508 bitcoin in April, which is a 150% increase compared to the previous month.

Typically, Riot tends to hold on to its bitcoin, as it "believes it is in the best interest of shareholders to have strong Bitcoin holdings on its balance sheet," per a statement from March.

Last week, Riot announced plans to expand its mining capacity by up to 1 gigawatt (GW) in a new facility located in Navarro County, Texas. In addition to its growing Whinstone center, the company expects to reach 1.7 GW.

Ultimately, Riot wants to expand its self-mining hashrate to 12.8 EH/s by January 2023, per the statement.

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Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).