Riot Platforms has reaffirmed that its strategy has shifted towards “maximizing the value of our megawatts” instead of solely focusing on Bitcoin mining, despite achieving record revenues in Q3 fueled by a surge in Bitcoin production.
During a conference call after the release of the firm’s Q3 results on Wednesday, Riot Platform’s vice president of investor relations, Josh Kane, emphasized that while the company is pleased with its Bitcoin mining efforts, the primary goal now is “monetizing megawatts.”
“As our strategy has progressed, so has our perspective on our Bitcoin mining business. We no longer view Bitcoin mining operations as the ultimate objective but rather as a means to achieve our end goal—maximizing the value of our megawatts,” he stated, further adding:
“Over time, this means reallocating the megawatts in our power portfolio for data center development. Ready-for-service power in optimal locations is becoming increasingly rare and valuable, setting the stage for significant value creation opportunities ahead.”
According to the firm’s Q3 report, Riot reported a record quarterly revenue of $180.2 million, reflecting a 112.5% increase from Q3 2024, alongside a net income of $104.5 million in contrast to a net loss of $154.4 million the previous year.
The firm recorded a 27% year-over-year increase in Bitcoin (BTC) mining production, mining 1,406 BTC in Q3, bringing its overall total to 19,287 BTC, valued at over $2.1 billion at current market prices.
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Significantly, 90% of Riot’s Q3 revenue derived from its Bitcoin mining activities, highlighting the firm’s considerable dependence on digital gold.
In this regard, Kane remarked that Riot will continue to explore opportunities in Bitcoin mining but will allocate the proceeds to foster its data center initiatives.
“We will continue to harness the potential that Bitcoin mining offers to secure power and generate strong cash flow, which we will utilize to facilitate the ongoing evolution of our overall business,” he explained.
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Riot has begun laying the foundation for a diversification strategy earlier this year, having halted further Bitcoin mining project expansions at Corsicana and instead seeking new avenues to establish high-performance infrastructure targeted at AI.
Along with the financial results, the firm announced the “initiation of the core and shell development” for the first two buildings at its Corsicana Data campus in Texas, which will provide a “combined 112 megawatts of essential IT data center capacity.”
Going forward, the Riot leadership detailed their plans to utilize every available space in Corsicana, ultimately transforming it into a “1 gigawatt utility-load data center campus.”
“Everything is focused on maximizing the value of all of the megawatts that we possess, ensuring no power goes unutilized as we aggressively expand the data center business. Our ultimate goal is to develop the entire site into a one-gigawatt utility-load data center campus,” CEO Jason Les commented.
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