- CryptoQuant’s Puell Multiplier fell to 0.89 on November 2, its lowest reading since September 19, indicating declining miner revenue.
- Riot Platforms sold 10,599 BTC in Q3, reducing its Bitcoin holdings by nearly 79% to 2,418 BTC by September 30.
- Riot’s data center contracts reached $38 billion in long-term revenue, supported by a 15-year, $28 billion agreement with an AI lab.
Bitcoin miners are earning less as Bitcoin revenue declines, while Riot Platforms sold 10,599 BTC during the third quarter. CryptoQuant reported that the Puell Multiplier reached 0.89 on November 2, its lowest reading since September 19. Meanwhile, Riot reduced its Bitcoin holdings by nearly 79%, primarily to finance data center construction.
CryptoQuant Tracks Declining Miner Revenue
CryptoQuant said the Puell Multiplier’s seven-day average fell from 1.11 to 1.00 within one week. This represented a 10% decline in miners’ revenue relative to its annual average. The metric compares current miner earnings with their annual average.
A reading of 1.00 means miners earn their typical daily revenue. However, CryptoQuant said the latest decline does not indicate forced selling. In 2026, the multiplier stayed below 0.60 for 11 days across February, April, June, and July. It reached its yearly low of 0.54 on June 7.
Moreover, the metric remained between 0.89 and 1.30 from August 24. CryptoQuant identified a drop below 0.89 as a break from that range. A 30-day moving average crossing below the 60-day average would also mark the first occurrence since June.
Riot Sells 10,599 BTC During Third Quarter
Riot Platforms reduced its Bitcoin holdings from 11,380 BTC at the end of June to 2,418 BTC by September 30. The sale represented a nearly 79% reduction during the quarter.
Additionally, the company sold 20,264 BTC during the first nine months of 2026. Those sales generated approximately $1.5 billion, primarily funding data center construction.
Data Center Revenue Contracts Reach $38 Billion
Riot reported third-quarter revenue of $181 million, up 1% year over year. However, net income fell to $4.03 million from $104 million in the previous year’s quarter. Bitcoin mining generated $116 million, representing a 28% annual decline.
Meanwhile, Riot signed a 15-year lease with an unnamed leading AI lab for 910 megawatts of IT capacity. The agreement carries an initial contract value of approximately $28 billion.
Riot’s total contracted data center capacity now stands at 1,151 megawatts, with long-term contract revenue reaching approximately $38 billion.
