Riot Platforms Shifts from Bitcoin Mining to 1GW Corsicana AI Data Center
Riot Platforms reported a record Q3 revenue of $180.2 million, up 112.5% year-on-year, and achieved net income of $104.5 million versus a $154.4 million loss in Q3 2022. Bitcoin mining output rose 27% to 1,406 BTC, boosting its holdings to 19,287 BTC. While mining accounted for 90% of revenue, Riot is pivoting from pure Bitcoin mining to “megawatt monetization” by converting idle power into AI infrastructure. The company has begun core and shell work on two 112 MW data halls at its Corsicana, Texas site, laying the groundwork for a 1 GW AI data center campus. CEO Jason Les and VP Josh Kane emphasize that mining serves to secure power and cash flow to fund the data center build-out. Riot will reinvest mining-generated cash flow into high-performance AI facilities, aiming to maximize the value of its power portfolio and diversify its revenue streams.
Bullish
Riot Platforms’ record Q3 revenue and positive net income signal robust cash flow from Bitcoin mining. By repurposing idle power into a 1 GW AI data center, the company diversifies its business model and enhances long-term revenue visibility. The strategic pivot reduces exposure to Bitcoin price volatility while maintaining demand for mining operations to finance the AI campus. Traders may view the news as bullish for BTC, given sustained network demand and Riot’s reinvestment strategy, which supports both short-term mining revenues and long-term institutional infrastructure adoption.