🟠Riot Platforms reported a 27% increase in Bitcoin production and record revenue of $180.2 million for Q3. However, the company announced a strategic pivot toward data center development. Vice President Josh Kane stated that mining will no longer be a core business but rather a tool to finance the firm’s new focus on “maximizing the value of megawatts.”
🟠The company has already paused new mining expansions in Texas and begun constructing its Corsicana Data Campus, a 112-megawatt facility that will form part of a future AI infrastructure hub. Riot plans to eventually scale the site into a gigawatt-class data center, viewing this transition as the foundation for long-term growth and diversification.