Riot Platforms reported revenue of $167.2 million in the first quarter of 2026, and its newly launched data center business generated $33.2 million.
Data center revenue helped offset the decline in Riot’s core Bitcoin mining business, which fell to $111.9 million from $142.9 million in the first quarter of 2025, driven by lower average Bitcoin prices and a 24% boost in hashrate across the global network. Riot produced 1,473 Bitcoins this quarter, up from 1,530 a year earlier, while the average mining cost per coin rose to $44,629 from $43,808. According to to be announced.
“The first quarter of 2026 marks the final inflection point for Riot as we officially become an active, revenue-generating data center operator,” said CEO Jason Les, adding that AMD’s decision to double contracted capacity to 50 megawatts this quarter validated the company’s ability to execute at an institutional scale.
AMD initially contracted for 25 megawatts of capacity before exercising an expansion option, bringing the total contracted capacity to 50 megawatts of critical IT infrastructure.
Related: CoreWeave shows how cryptocurrency-era infrastructure quietly became the basis for artificial intelligence
Riot holds $1.1 billion worth of bitcoin
Riot ended the quarter with 15,679 Bitcoins worth approximately $1.1 billion based on the March 31 price of $68,222, with 5,802 coins as collateral. The company retained $282.5 million in cash, of which $76.9 million is subject to restrictions. Riot also said it sold more than $250 million worth of Bitcoin this quarter.
Meanwhile, revenue from its engineering business, which includes infrastructure services, rose to $22.2 million from $13.9 million year-over-year, representing another level of revenue diversification for the company.
Riot shares were up 7.31% on Friday at $18.50, showing a boost following the earnings release. Shares fell 0.57% to $18.40 in after-hours trading.
Riot Stocks Rise on Earnings News. Source: Yahoo! Finances
Related: Bitcoin Miner Bitdeer liquidates the entire BTC vault, shares drop to zero
Bitcoin miners are switching to artificial intelligence
Bitcoin miners are increasingly turning to artificial intelligence infrastructure as tightening mining margins force the industry to seek more stable sources of revenue. As Cointelegraph reports, Core Scientific is transforming its Pecos, Texas headquarters into a 1.5-gigawatt AI-focused data center campus, repurposing 300 megawatts of Bitcoin mining capacity and acquiring more than 200 acres of land for expansion.
MARA Holdings has acquired a majority stake in French artificial intelligence infrastructure company Exaion, among others, and Hive, Hut 8, TeraWulf and Iren are also converting mining facilities into data centers.
Warehouse: Bitcoin won’t reach $1 million by 2030, says veteran trader Peter Brandt
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