Riot Platforms has reaffirmed that its strategy has shifted towards “maximizing the value of our megawatts,” moving beyond solely mining Bitcoin, even after achieving record revenues in Q3 thanks to a surge in Bitcoin production.
During a conference call after the release of the firm’s Q3 results on Wednesday, Josh Kane, Riot Platform’s vice president of investor relations, mentioned that while the company is pleased with its Bitcoin mining efforts, its primary focus is now on “monetizing megawatts.”
“As our strategy has evolved, so has our approach to our Bitcoin mining business. We view Bitcoin mining operations not as the end goal but rather as a means to an end, which is to maximize the value of our megawatts,” he stated, adding:
“Over time, this involves transitioning the megawatts in our power portfolio towards data center development. Ready-for-service power in strategic locations is becoming increasingly scarce and valuable, which creates significant opportunities for value creation moving forward.”
According to the firm’s Q3 report, Riot reported a record quarterly revenue of $180.2 million, a 112.5% increase from Q3 2024, and a net income of $104.5 million, compared to a net loss of $154.4 million the previous year.
The firm also experienced a 27% rise in Bitcoin (BTC) mining production year-over-year, mining 1,406 BTC in Q3 and increasing its total to 19,287 BTC, valued at over $2.1 billion at current prices.
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Remarkably, 90% of Riot’s Q3 revenue was derived from its Bitcoin mining operations, highlighting the company’s continued dependence on digital gold.
Kane commented that Riot will persist in maximizing its potential in Bitcoin mining while utilizing the proceeds to support its data center-focused strategies.
“We will keep leveraging the opportunities presented by Bitcoin mining to secure power and generate strong cash flow, which we’ll use to facilitate the ongoing transformation of our overall business,” he remarked.
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Riot began laying the groundwork for a diversification strategy at the start of this year, halting further Bitcoin mining projects at Corsicana and instead pursuing new opportunities for high-performance infrastructure aimed at AI.
In conjunction with the financial results, the firm announced the “initiation of the core and shell development” of the first two buildings on 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 available space at Corsicana, ultimately transforming it into a “1 gigawatt utility-load data center campus.”
“We are focused on maximizing the value of all our megawatts, ensuring no unutilized power remains while we aggressively expand the data center business. Ultimately, our goal is to make the entire site a one-gigawatt utility-load data center campus,” stated CEO Jason Les.
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