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Bitcoin Miner Riot Platforms Sells $750M in BTC as Hut 8 Dumps $250M

By Andrew Hayward

Bitcoin mining companies Riot Platforms and Hut 8 disclosed substantial bitcoin sales in their respective third-quarter earnings reports on Wednesday, with Riot liquidating more than 10,000 BTC during the quarter to finance its data center expansion and Hut 8 selling cryptocurrency to fund share repurchases. Bitcoin…

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Bitcoin

The first and largest cryptocurrency, created in 2009, with a fixed maximum supply and no central issuer.

Its price swings and adoption by funds and companies make it a bellwether for the whole crypto market.

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Quarterly results

A public company's report of its revenue, profit and outlook for a three-month period.

Results show how a business is really doing and often move its share price sharply.

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Data centre

A facility that houses large numbers of servers and networking equipment to store and process data.

Data centres use large amounts of electricity and water, which makes their location a local and climate issue.

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Cryptocurrency

A digital currency secured by cryptography and recorded on a blockchain, without a central bank issuing it.

Crypto prices are volatile, and governments are still deciding how to regulate it.

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