Riot Platforms Mines 514 BTC in May, Expands Into AI-Driven Data Centers
Riot Platforms (RIOT) reported a strong performance for May, mining 514 bitcoin — marking an 11% increase from April and a significant 139% rise year-over-year. The company sold nearly all of its mined bitcoin, generating $51.3 million in revenue at an average price of $102,591 per BTC.
The bitcoin miner also saw a boost in operational capacity, with its deployed hashrate reaching 35.4 exahashes per second. That’s a 5% increase from the previous month and a 142% jump compared to the same period last year. Riot’s energy efficiency also improved, with its fleet operating at 21.2 joules per terahash, down from 28 J/TH in May 2024.
In a strategic move beyond crypto mining, Riot is expanding into artificial intelligence (AI) and high-performance computing (HPC) infrastructure. In May, the company finalized the purchase of 355 acres near its Corsicana site in Texas. CEO Jason Les said the land will be used to build next-generation data centers designed for enterprise and hyperscale clients — which demand significantly more space than standard mining operations.
To drive this new initiative, Riot appointed Jonathan Gibbs as Chief Data Center Officer. Gibbs, an industry veteran, will oversee the development of AI-ready facilities, signaling Riot’s push to diversify into adjacent digital infrastructure markets.
Riot shares rose 3.4% in Tuesday’s trading following the announcement.
