Core Insights - Riot Platforms, Inc. sold 1,818 BTC in December 2025, marking its largest single-month Bitcoin sale to date [1] - The total value of Bitcoin sold in December amounted to $161.6 million, with an average price per BTC of $88,870, down from $96,560 in November [2][5] - The company produced 460 BTC in December, an increase from 428 BTC in November, averaging 14.8 BTC per day [7][8] Sales and Production - The December sale represented a significant increase of 375% compared to the 383 BTC sold in November [6] - Riot currently holds 18,005 BTC, reflecting a 7% decrease in holdings over the month [9] Market Context - The decline in the hash price over the last three months indicates a challenging environment for Bitcoin miners, impacting profitability [4] - The slump in the crypto market is evident in Riot's record Bitcoin sale, suggesting broader market trends affecting mining operations [4]

Core Insights - Bitcoin miners are experiencing severe economic challenges, with mining revenue dropping to unsustainable levels due to falling Bitcoin prices and high network difficulty [1][4][6] - A significant number of miners are transitioning from Bitcoin mining to AI compute hubs, driven by better return profiles [2][8] Industry Overview - Bitcoin's hashprice has reached an all-time low, falling below $35 per petahash, indicating a critical profitability crisis for miners [3][10] - The profitability of Bitcoin mining has plummeted, leading many operators to shut down their rigs or repurpose their facilities for AI [4][5] Market Dynamics - Despite a decrease in Bitcoin prices, mining difficulty remains high, resulting in miners expending more energy for reduced rewards, creating a historic profitability crunch [6][7] - Miners have been liquidating their Bitcoin reserves rapidly, with 30,000 BTC sold in just 48 hours, marking one of the fastest liquidation events of the year [6] Strategic Shifts - Major mining firms, such as Bitfarms, are pivoting towards AI, with plans to convert significant portions of their mining capacity into AI infrastructure by 2027 [9] - AI workloads are reported to generate 2–5 times more revenue per kilowatt-hour compared to Bitcoin mining, making the transition appealing [11]