Bitcoin not the ‘end goal’ says Riot as BTC production jumps 27%

Riot Platforms reported record Q3 revenue of $180.2 million and a net income of $104.5 million, driven by a 27% year-over-year jump in Bitcoin production to 1,406 BTC. Despite 90% of Q3 revenue coming from Bitcoin mining, VP of Investor Relations Josh Kane clarified that Bitcoin mining is no longer the "end goal." Instead, the strategy has evolved to "maximizing the value of our megawatts," which involves transitioning power capacity toward data center development, capitalizing on the scarcity of ready-for-service power. CEO Jason Les confirmed plans to develop the Corsicana campus into a "one-gigawatt utility-load data center campus," using cash flow from mining to fund this ongoing business transformation toward AI infrastructure.

(Source：Cointelegraph)