Reporting · technology
Riot Platforms sold 20,264 bitcoin to fund data-centre construction
Riot Platforms has leased 910 critical IT megawatts in a deal worth about $28 billion while its bitcoin mining revenue declined.
Quick take
- Riot Platforms sold 20,264 bitcoin this year to raise about $1.5 billion, mostly for data-centre construction.
- The company reported third-quarter revenue of $181.4 million, barely above the prior year, while engineering revenue climbed to $47 million.
- For crypto readers, the shift shows a major miner depending more on data-centre contracts than on bitcoin mining income.
NewsBTC reported that Riot Platforms has sold 20,264 bitcoin so far this year, raising about $1.5 billion that the company mainly directed toward data-centre construction. Riot released its third-quarter results on November 4, and the same results disclose a 15-year powered-land lease at its Corsicana campus.
According to the company, 910 critical IT megawatts have been leased under contracts worth about $28 billion, and total long-term contracted data-centre revenue is around $38 billion. Third-quarter revenue reached $181.4 million, barely above the prior year. Mining income from bitcoin dropped to $116 million, down from $160.8 million, while engineering revenue climbed to $47 million and data-centre revenue came in at $18.4 million.
The company's cash and bitcoin stood at $950.2 million at the end of September, and it has raised no equity this year, according to Riot. Average mining cost, excluding depreciation, was $39,265. The figures are drawn from Riot's quarterly results released on November 4. Taken together, these results show mining income shrinking while long-term data-centre contracts take up a bigger place in the business.
Sources
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