Key Highlights
- Riot Platforms liquidated 3,778 BTC throughout Q1 2026, securing net proceeds of $289.5 million at an average sale price of $76,626 per coin.
- Mining output reached 1,473 BTC during the quarter, representing a 4% decline compared to the previous year, with holdings at 15,680 BTC by March 31.
- The company’s deployed hash rate reached 42.5 EH/s, marking a 26% annual increase, while comprehensive power costs decreased 21% to 3.0 cents per kWh.
- Power credit revenues totaled $21 million in Q1, representing a 171% surge from the corresponding quarter in 2025.
- Several Wall Street firms reduced their price targets after reviewing Q4 2025 financial results, though most continue recommending the stock as a buy.
Riot Platforms liquidated a larger volume of Bitcoin during Q1 2026 than its mining operations generated, selling 3,778 BTC while producing only 1,473 coins. The liquidation occurred at an average price of $76,626 per unit, generating $289.5 million in net proceeds. Bitcoin was valued near $66,867 when the company reported these figures on Friday.
The miner concluded the quarter holding 15,680 BTC on its balance sheet, representing an 18% reduction from the 19,223 coins held twelve months prior. This figure encompasses 5,802 in restricted Bitcoin. Blockchain intelligence platform Arkham identified an additional 500 BTC transfer from a wallet linked to Riot on Thursday.
The trend extends beyond Riot. MARA Holdings, Genius Group, and Nakamoto Holdings combined to sell 15,501 BTC over the past week, with MARA responsible for the majority. Energy expenditures represent a primary catalyst. Analyst Kadan Stadelmann identified the oil price surge connected to Middle East tensions — which intensified in February — as a significant element driving operational expenses upward.
“Miners are forced to sell off their Bitcoin in an attempt to cover their operational costs,” Stadelmann said.
Infrastructure Expansion Continues Amid Cost Reductions
Despite selling pressure, Riot’s mining capabilities expanded substantially. Deployed hash rate climbed to 42.5 exahashes per second by quarter’s end, representing a 26% increase from 33.7 EH/s in Q1 2025. The average operational hash rate throughout the quarter measured 36.4 EH/s, marking a 23% annual gain.
Operational efficiency metrics improved to 20.2 joules per terahash, compared to 21.0 J/TH twelve months earlier. Comprehensive power expenditures totaled 3.0 cents per kilowatt-hour, down 21% from 3.8 cents in Q1 2025.
The company accumulated $21 million in aggregate power credits throughout the quarter. This comprises $13.5 million from curtailment credits and $7.5 million through ERCOT and MISO demand response initiatives — representing a 171% annual increase.
Wall Street Adjusts Projections Following Q4 Results
After reviewing Q4 2025 financial data, multiple analysts revised their price projections downward. Cantor Fitzgerald reduced its target to $29 from $31 while maintaining an Overweight rating. Needham adjusted to $24 from $30, pointing to underperformance in mining operations and elevated costs. H.C. Wainwright shifted to $23 from $26 based on below-expectation annual performance.
Citizens maintained its Market Outperform designation with a $25 target, emphasizing Riot’s Texas power infrastructure as a valuable asset for potential future lease agreements.
Stadelmann noted that less competitive miners have begun shutting down operations, contributing to the Bitcoin network’s hashrate declining from 1,160 EH/s to approximately 990 EH/s since early March. Network difficulty also decreased on March 20 from 145 trillion to 133 trillion.
Riot initiated AMD lease monetization in January as part of its broader HPC/AI data center development strategy.
