Update
Bitcoin Miners Sell BTC for AI Data Center Expansion
Bitcoin miners Riot Platforms and Hut 8 have sold significant amounts of Bitcoin (BTC) in their Q3 earnings reports. Riot Platforms sold 10,599 BTC worth $751.5 million in Q3, more than half of the 20,264 BTC it has dumped in 2026 (nearly $1.5 billion total). Hut 8 sold about $250 million worth of BTC across Q3 and October to buy back its own stock. The pace of sales is accelerating, with 3,778 BTC in Q1 ($289.5 million), 5,887 BTC in Q2 ($443 million), and 10,599 BTC in Q3. Riot Platforms is now selling substantially all newly mined coins, essentially acting as a sell order with a power bill. Hut 8 sold 954 BTC in Q3 and 2,148 BTC in October, totaling 3,102 BTC, or about $250.2 million. Both companies are using the proceeds to fund their AI data center projects. Riot's AI pivot includes a 15-year lease for 910 MW at Corsicana, Texas, worth approximately $28 billion over the initial term, pushing contracted data center revenue to approximately $38 billion. Riot's Q3 net income fell to about $4 million, while Hut 8's $131.1 million net income came from a noncash gain on rising digital asset prices, not from operations. The market reactions to the two reports were different, with Riot's actions seen as a signal of supply hitting the market every day.