Riot Platforms signed a 15-year, $28 billion data-center lease with an unnamed leading AI lab, expanding the Bitcoin miner’s business beyond mining as it reported $181 million in third-quarter revenue.
The agreement covers 910 megawatts of IT capacity and has an initial contract value of about $28 billion. Riot now has 1,151 MW of data-center capacity under contract, tied to roughly $38 billion in long-term contracted revenue.
Riot’s third-quarter revenue increased 1% from a year earlier. Net income fell to $4.03 million from $104 million in the same quarter last year, while Bitcoin mining revenue declined about 28% to $116 million.
During the first nine months of the year, Riot sold 20,264 Bitcoin (BTC), generating about $1.5 billion. Most of the proceeds went toward data-center construction. The company held 2,418 BTC at the end of September.
The lease expands Riot’s contracted data-center business as quarterly revenue from mining declines.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to [email protected].