Riot Platforms Reports Surge in Bitcoin Output, Eyes AI Data Center Expansion in Texas

Riot Platforms (NASDAQ: RIOT) reported a strong uptick in bitcoin production for May, mining 514 BTC — an 11% increase from April and up 139% compared to May 2024. The company monetized most of its newly mined bitcoin, generating approximately $51.3 million in revenue at an average sale price of $102,591 per BTC.

Operational metrics also improved notably. Riot’s total deployed hashrate reached 35.4 EH/s, rising 5% month-over-month and 142% year-over-year. The company continued to improve efficiency, lowering its energy usage to 21.2 joules per terahash — down from 28 J/TH a year earlier.

In a strategic pivot beyond mining, Riot is advancing into the artificial intelligence and high-performance computing sectors. The company finalized the acquisition of 355 acres near its Corsicana, Texas facility, with plans to build large-scale data centers designed for enterprise and hyperscale AI applications.

CEO Jason Les emphasized that the planned infrastructure will cater to significantly more power- and space-intensive workloads than traditional bitcoin mining.

To spearhead the new initiative, Riot appointed Jonathan Gibbs as Chief Data Center Officer. Gibbs brings extensive industry experience and will lead the company’s development of AI-optimized infrastructure, signaling Riot’s intent to diversify revenue streams and capitalize on growing demand for computational power.

Shares of RIOT were up 3.4% on Tuesday following the release.