In the first quarter of 2026, Bitcoin mining company Riot Platforms achieved a significant milestone by reporting $33.2 million from data center revenue for AI infrastructure hosting—a new venture for the firm.
“This marks a definitive inflection point as we transition into an active, revenue-generating role in the data center sector,” stated CEO Jason Les. Following this announcement, Riot’s stock (RIOT) climbed nearly 9%, trading recently at $18.74. Over the past month, the stock has surged by over 49%, according to Yahoo Finance.
Despite a challenging environment for traditional Bitcoin mining—with revenues dipping from $142.9 million to $111.9 million due to lower Bitcoin prices and an increased global hash rate—the company mined 1,473 Bitcoins in Q1, slightly down from the previous year’s 1,530 units. The average cost of mining each Bitcoin, excluding depreciation, rose to $44,629 from $43,808. Earlier this April, Riot disclosed that it sold over $250 million worth of Bitcoin during the quarter.
Engineering revenue saw a jump to $22.2 million from $13.9 million year-over-year, reflecting growth in infrastructure services. At quarter’s end, Riot held 15,679 Bitcoins valued at around $1.1 billion based on a price of $68,222 each, with 5,802 coins as collateral. The firm maintained $282.5 million in cash reserves, though $76.9 million is restricted.
A significant boost came from technology giant AMD doubling its contracted capacity to 50 megawatts during the quarter. “Delivering initial capacity and AMD’s decision to expand their footprint by another 25 megawatts demonstrates our capability to meet institutional demands,” Les explained. “With 50 megawatts now secured with AMD, we’re poised to capitalize on opportunities in our substantial power portfolio.”
Les added, “We possess the necessary power, development expertise, and financial resources to leverage market demand by attracting high-quality tenants, thus enhancing shareholder value.”
The quarter’s results underscore Riot’s strategic shift from solely Bitcoin mining to a hybrid model accommodating both cryptocurrency and AI workloads. The expansion with AMD highlights the market’s interest in Riot’s diversification efforts as Bitcoin miners explore stable revenue alternatives beyond fluctuating crypto markets.