Company eyes 1-gigawatt data center campus, calling Bitcoin “a means to an end”
October 30, 2025 — Riot Platforms, one of the largest Bitcoin mining firms in the United States, signaled a major strategic pivot this week, declaring that Bitcoin is no longer the “end goal” of its business model. Instead, the company plans to leverage its massive power portfolio to build out large-scale artificial intelligence (AI) data centers.
During the firm’s Q3 earnings call, Riot’s vice president of investor relations Josh Kane emphasized that the company’s evolution is centered on “monetizing megawatts, not just mining coins.” He explained that ready-for-service power is becoming increasingly scarce and valuable, creating a new opportunity for long-term growth.
“We no longer see Bitcoin mining as the end goal, but instead as a means to maximize the value of our megawatts,” Kane said. “Over time, this means transitioning our power resources toward data center development.”
Riot reported record quarterly revenue of $180.2 million, up 112.5% year-over-year, and net income of $104.5 million, compared to a loss of $154.4 million a year earlier. The firm mined 1,406 BTC in Q3, representing a 27% increase in Bitcoin production, bringing its total holdings to 19,287 BTC, valued at over $2.1 billion at current prices.
Despite 90% of its Q3 revenue coming from Bitcoin operations, Riot is actively diversifying. The company confirmed that construction has begun on two buildings at its Corsicana Data Campus in Texas, which together will provide 112 megawatts of critical IT capacity. The long-term vision is to transform the site into a 1-gigawatt AI and data infrastructure hub — one of the largest in North America.
“We’re committed to using Bitcoin mining to secure power and generate cash flow that will fuel our transition,” CEO Jason Les said. “Our goal is to leave no unused power as we build out this next-generation data center ecosystem.”
Riot’s pivot mirrors a broader trend among crypto miners turning to AI-driven infrastructure to capitalize on the booming demand for computing power — signaling that in the race for digital dominance, energy may prove to be the most valuable asset of all.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.