Riot Platforms Shifts Focus to AI Data Centers Despite BTC Growth
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Riot Platforms Shifts Focus to AI Data Centers Despite BTC Growth
By Decentralized Dog
2m
1h ago
ane said the company will continue to maximize Bitcoin mining potential while using generated funds to support data center-focused plans.
Riot Platforms Shifts Focus to AI Data Centers Despite BTC Growth
Table of Contents
Crypto News
Crypto News
Riot Platforms reported a record quarterly revenue of $180.2 million in Q3, up 112.5% from the same period in 2024. Net income reached $104.5 million compared to a net loss of $154.4 million the previous year. The company mined 1,406 Bitcoin during the quarter, representing a 27% year-over-year increase in Bitcoin production, bringing total holdings to 19,287 Bitcoin worth over $2.1 billion.
Vice president of investor relations Josh Kane stated during Wednesday's conference call that the firm's strategy has evolved beyond viewing Bitcoin mining as an end goal. He described mining operations as a means to an end, with the ultimate objective being to maximize the value of megawatts. Kane indicated the company no longer sees Bitcoin minin
g operations as the final destination but rather as a transitional phase.
