Riot Platforms Increases Bitcoin Mining Cap to 514 BTC as Hashrate and Expansion Plans Grow
Bitcoin mining company Riot Platforms (RIOT) reported a significant increase in production in May on Tuesday, mining 514 BTC — up 11% from April and 139% from the same month last year. The company sold almost all of its new bitcoins, generating $51.3 million in revenue at an average price of $102,591 per token.
Riot's hashrate also increased, with the total deployed computing power sitting at 35.4 exahashes per second, up 5% from April and up 142% year-over-year. Efficiency also improved, with 21.2 joules per terahash, up from 28 joules per TH in May last year.
In addition to mining, Riot is looking to expand into artificial intelligence and high-performance computing (HPC). In May, the company closed on a deal to acquire 355 acres of land adjacent to its Corsicana, Texas, facility. CEO Jason Les noted that the site will facilitate the development of data centers designed for enterprise and hyperscale customers, noting that such centers require significantly more space than traditional mining operations.
To lead these efforts, Riot has brought in industry veteran Jonathan Gibbs as its director of data centers, a move that underscores Riot’s ambitions to expand beyond Bitcoin and carve out a niche in the rapidly growing market for AI-ready infrastructure.
RIOT shares rose 3.4% in trading on Tuesday.
Source: cryptonews.net
