Bitcoin miners are earning less as mining revenue declines, with the Puell Multiplier — an on-chain metric tracked by CryptoQuant — falling to 0.89 on November 2, its lowest reading since September 19.

Riot Platforms separately sold 10,599 BTC during the third quarter, reducing its Bitcoin holdings by nearly 79% to 2,418 BTC by September 30. The sales were carried out primarily to finance data center construction.

Riot's data center business now carries approximately $38 billion in long-term contracted revenue, underpinned by a 15-year, $28 billion agreement with an AI lab.

CryptoQuant Tracks Declining Miner Revenue

According to CryptoQuant, the Puell Multiplier's seven-day average fell from 1.11 to 1.00 within a single week, representing 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 indicates that miners are generating their typical daily revenue. Because the gauge tracks the sector's core income stream, it functions as a barometer of miner health — and the 0.89 floor of the post-August range, together with the positioning of the 30-day moving average against the 60-day, gives observers defined levels to track.

CryptoQuant said the latest decline does not point to forced selling. Earlier in 2026, the multiplier spent 11 days below 0.60, spread across February, April, June, and July, and registered its yearly low of 0.54 on June 7. From August 24 onward, the reading held within a range of 0.89 to 1.30, and CryptoQuant characterized a fall below 0.89 as a break from that range. A 30-day moving average crossing beneath the 60-day average would also mark the first such 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, a reduction of nearly 79% over the three-month period. The remaining balance is roughly one-fifth of the mid-year total, meaning any further drawdown would come from a treasury far smaller than the one the company relied on entering the quarter.

In total, the company sold 20,264 BTC during the first nine months of 2026. Those sales generated approximately $1.5 billion, with proceeds directed primarily toward data center construction.

Data Center Contracts Reach $38 Billion

Riot reported third-quarter revenue of $181 million, an increase of 1% year over year. Net income fell to $4.03 million from $104 million in the same quarter a year earlier. Bitcoin mining contributed $116 million in revenue, a 28% annual decline.

The company also signed a 15-year lease with an unnamed leading AI lab covering 910 megawatts of IT capacity, an agreement with an initial contract value of approximately $28 billion. With that deal in place, Riot's total contracted data center capacity stands at 1,151 megawatts, and long-term contract revenue has reached approximately $38 billion. The contrast — mining revenue down 28% year over year against a contracted backlog of roughly $38 billion — underscores the rationale behind the treasury drawdown: converting Bitcoin held on the balance sheet into buildout capital for multiyear contracted income.