Riot Platforms reiterated that its strategy has evolved to “maximizing the value of our megawatts” and not just mining Bitcoin, despite record revenues in the third quarter thanks to a surge in Bitcoin production.
During a conference call following the company’s third-quarter results on Wednesday, Riot Platform’s vice president of investor relations, Josh Kane, indicated that the company is pleased with its work in Bitcoin mining initiatives, but that its broader focus is now on “monetizing megawatts.”
“As our strategy has evolved, so has our approach to our Bitcoin mining business. We no longer see Bitcoin mining operations as an end goal, but as a means to an end, and that goal is maximizing the value of our megawatts,” he said, adding:
“Over time, this means shifting megawatts of our power portfolio to data center development. Ready-to-serve power in the right locations is increasingly scarce and valuable, which in turn forms the basis for the tremendous value creation opportunity that lies ahead.”
According to the company’s third quarter report, Riot published record quarterly revenue of $180.2 million, up 112.5% from Q3 2024, and net income of $104.5 million compared to a net loss of $154.4 million a year earlier.
The company also saw a 27% year-over-year increase in Bitcoin (BTC) mining production, mining 1,406 BTC in the third quarter and bringing the total to 19,287 BTC, worth over $2.1 billion at current prices.
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Notably, 90% of Riot’s revenue in the third quarter came from its Bitcoin mining ventures, indicating that the company is still heavily reliant on digital gold.
Commenting on this, Kane said that Riot will continue to maximize the potential in Bitcoin mining, but will use the funds to support its plans focused on data centers.
“We will continue to use the opportunity that Bitcoin mining brings to secure power and drive strong cash flow that we will use to support the ongoing transformation of our overall business,” he said.
Will Bitcoin Mining Just Be A Side Hustle?
Riot began laying the groundwork for a diversification strategy earlier this year, after the company paused building any further Bitcoin mining projects in Corsicana, instead looking for new opportunities to deploy high-performance AI-focused infrastructure.
Along with the financial results, the company announced the “start of core and shell development” of the first two buildings at its Corsicana Data campus in Texas, which will amount to a “combined 112 megawatts of critical IT data center capacity.”
Moving forward, Riot executives outlined their intentions to fill every vacant piece of land in Corsicana, eventually turning it into a “1 gigawatt utility load data center campus.”
“It’s all under the lens of maximizing the value of all the megawatts we have, trying not to go unused as we aggressively build out the data center business. Ultimately, our goal is for the entire site to be a one gigawatt data center campus with a utility load,” noted CEO Jason Les.
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