Riot Platforms views Bitcoin mining as a “means to an end” as it pivots its power resources towards developing a 1-gigawatt AI data center campus.
During a recent conference call discussing the company’s Q3 earnings, Josh Kane, vice president of investor relations, highlighted that while the firm is pleased with its Bitcoin mining operations, it now prioritizes the “monetization of megawatts” over mining.
“As our strategy has evolved, so has our approach to our Bitcoin mining business. We no longer see Bitcoin mining operations as the end goal but instead as a means to an end, and that end is maximizing the value of our megawatts,” he stated. (Translation: Josh Kane emphasizes that Bitcoin mining is now seen as part of a larger strategy focused on utilizing energy efficiently.)
Riot recently announced record revenues of $180.2 million for Q3, a 112.5% increase from the previous year, alongside a 27% rise in Bitcoin mining production, totaling 1,406 BTC in the third quarter. The company’s total Bitcoin holdings reached 19,287 BTC, valued at over $2.1 billion.
Kane mentioned that while 90% of Riot’s revenue derives from Bitcoin mining, the firm intends to leverage this income to continue its data center plans. He remarked:
“We will continue to utilize the opportunity Bitcoin mining brings to secure power and drive strong cash flow that we will leverage to support the ongoing transformation of our overall business.”
Future Directions for Bitcoin Mining
Riot has been laying the groundwork for a shift towards AI, having halted further Bitcoin mining projects at its Corsicana facility in Texas to explore better opportunities for developing high-performance infrastructure.
The company recently commenced development on two buildings for its Corsicana Data campus, which aims to provide a total capacity of 112 megawatts for critical IT needs. Riot plans to utilize every available piece of land for further expansion, targeting a full-scale utility-load campus of 1 gigawatt.
“It’s all under the lens of maximizing the value of all of the megawatts that we have, trying to leave no unutilized power while we aggressively build out the data center business,” noted CEO Jason Les. (Translation: Jason Les outlines the commitment to fully utilize energy resources while focusing on data center growth.)
