Riot generates revenue of $167 million in the first quarter while the data center division attracts $33 million Coinstar

Riot Platforms generated revenue of $167.2 million in the first quarter of 2026, with the newly launched data center business contributing $33.2 million.

Data center revenue helped offset a decline in Riot’s core Bitcoin mining business, which fell to $111.9 million from $142.9 million in the first quarter of 2025, driven by lower average Bitcoin prices and a 24% increase in the global network’s hash rate. Riot produced 1,473 Bitcoins during the quarter, down from 1,530 a year earlier, while the average cost to mine one coin rose to $44,629 from $43,808. according to on publication.

“The first quarter of 2026 marks the final inflection point for Riot, as we have officially transitioned into an active, revenue-generating data center operator,” CEO Jason Les said, adding that AMD’s decision to double its contracted capacity to 50 megawatts during the quarter confirmed the company’s ability to execute at an institutional level.

AMD initially contracted for 25 megawatts before exercising its expansion option, bringing the total contracted capacity to 50 megawatts of critical IT infrastructure.

Related: CoreWeave shows how the infrastructure of the crypto-era has quietly become the backbone of artificial intelligence

Riot holds $1.1 billion in Bitcoins

Riot ended the quarter holding 15,679 Bitcoins, valued at roughly $1.1 billion based on the March 31 price of $68,222, with 5,802 coins held as collateral. The company held $282.5 million in cash, of which $76.9 million was restricted. Riot also said it sold more than $250 million worth of Bitcoin during the quarter.

Meanwhile, engineering revenue, which covers infrastructure services, rose to $22.2 million from $13.9 million last year, adding another layer of diversification to the company’s revenue mix.

Riot shares rose 7.31% to $18.50 on Friday, rising after the earnings announcement. Shares slipped 0.57% in after-hours trading to $18.40.

Riot shares rose on the earnings news. Source: Yahoo! Finances

Related: Bitcoin miner Bitdeer liquidates entire treasury of BTC, holdings fall to zero

Bitcoin miners are switching to AI

Bitcoin miners are increasingly turning to AI infrastructure as shrinking mining margins force the industry to seek more stable revenue streams. As reported by Cointelegraph, Core Scientific is converting its Pecos, Texas location into a 1.5 gigawatt AI-focused data center campus, repurposing 300 megawatts of Bitcoin mining capacity and acquiring more than 200 acres of land to support construction.

Among other miners, MARA Holdings has acquired a majority stake in French AI infrastructure company Exaion, while Hive, Hut 8, TeraWulf and Iren are also converting mining facilities into data centers.

Magazine: Bitcoin won’t hit $1 million until 2030, says veteran trader Peter Brandt

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