Riot Platforms reiterated that its strategy has evolved toward “maximizing the value of our megawatts,” rather than simply mining Bitcoin, despite posting record revenues in the third quarter thanks to a surge in Bitcoin production.
In a conference call following the company’s third-quarter earnings release on Wednesday, Riot Platform Vice President of Investor Relations Josh Kane indicated that while the company is pleased with its work in Bitcoin mining initiatives, its broader goal now is to “monetize megawatts.”
“As our strategy has evolved, so has our approach to our Bitcoin mining business. We no longer view Bitcoin mining operations as an end goal, but rather as a means to an end, and that goal is to maximize the value of our megawatts,” he said, adding:
“Over time, this means shifting megawatts from our energy portfolio to data center development. Plug-and-play energy in the right places is increasingly scarce and valuable, which in turn forms the basis of the enormous value creation opportunity that lies ahead.”
According to the company’s third quarter report, Riot reported record quarterly revenue of $180.2 million, up 112.5% from the third quarter of 2024, and net profit of $104.5 million, compared to a net loss of $154.4 million the year before.
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 its total to 19,287 BTC, worth over $2.1 billion at current prices.
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Notably, 90% of Riot’s third-quarter revenue came from its Bitcoin mining operations, indicating that the company still relies heavily on digital gold.
Commenting on this, Kane said Riot would continue to maximize the potential of Bitcoin mining, but would use the funds to support its data center-focused plans.
“We will continue to exploit the opportunity presented by Bitcoin mining to secure energy and generate strong cash flow that we will leverage to support the ongoing transformation of our entire business,” he said.
Will Bitcoin mining just be a sideline?
Riot began laying the groundwork for a diversification strategy earlier this year, after the company halted construction of new Bitcoin mining projects in Corsicana, instead seeking new opportunities to build high-performance AI-oriented infrastructure.
Along with the financial results, the company announced the “commencement of core and shell development” of the first two buildings at its Corsicana Data campus in Texas, which will represent “a combined 112 megawatts of critical computing data center capacity.”
Moving forward, Riot executives have stated their intention to fill every available parcel of land in Corsicana, eventually turning it into a “1 gigawatt data center campus.”
“This is all with the goal of maximizing the value of all the megawatts we have, trying to leave no energy unused as we aggressively grow the data center business. Ultimately, we aim for the entire site to become a one gigawatt utility-load data center campus,” said CEO Jason Les.
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