Riot Platforms has reaffirmed that its strategy has shifted toward “maximizing the value of our megawatts,” rather than solely focusing on Bitcoin mining, even after posting record revenues in Q3 due to a surge in Bitcoin production.
During a conference call following the company’s Q3 results announcement on Wednesday, Riot Platform’s vice president of investor relations, Josh Kane, emphasized that while the firm is pleased with its Bitcoin mining efforts, its broader objective is now centered on “monetizing megawatts.”
“As our strategy has evolved, so has our approach to our Bitcoin mining operations. We view Bitcoin mining not as the end goal but as a means to maximize the value of our megawatts,” he stated, adding:
“Over time, this entails transitioning the megawatts in our power portfolio toward data center development. Ready-for-service power in optimal locations is becoming increasingly rare and valuable, laying the groundwork for significant value creation opportunities ahead.”
According to the firm’s Q3 report, Riot achieved a record quarterly revenue of $180.2 million, representing a 112.5% increase from Q3 2024, with a net income of $104.5 million compared to a net loss of $154.4 million the previous year.
The firm also noted a 27% rise in Bitcoin (BTC) mining production year-over-year, mining 1,406 BTC in Q3 and reaching a total of 19,287 BTC, valued at over $2.1 billion at current rates.
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Significantly, 90% of Riot’s Q3 revenue was derived from its Bitcoin mining activities, underscoring the firm’s ongoing dependence on digital gold.
Kane remarked that while Riot will continue to explore opportunities in Bitcoin mining, it will allocate those funds to bolster its data center initiatives.
“We will keep leveraging the opportunities presented by Bitcoin mining to secure power and generate robust cash flow that will facilitate the ongoing transformation of our overall business,” he said.
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Riot began laying the foundation for a diversification strategy earlier this year, halting further expansion of Bitcoin mining projects at Corsicana, and instead exploring new avenues for establishing high-performance infrastructure focused on AI.
In conjunction with its 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 critical IT data center capacity.”
Looking ahead, Riot executives shared their plans to fully utilize every bit of land at Corsicana, ultimately transforming it into a “1 gigawatt utility-load data center campus.”
“Our goal is to maximize the value of all the megawatts available to us, leaving no unutilized power while we aggressively expand the data center business. Our ultimate aim is for the entire site to become a one-gigawatt utility-load data center campus,” stated CEO Jason Les.
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