Riot sees Bitcoin mining as a “means to an end,” planning to pivot its power resources to build a 1-gigawatt AI data center campus.
Riot Platforms has reiterated its strategy has evolved to “maximizing the value of our megawatts,” rather than just mining Bitcoin, despite posting record revenues in Q3 on the back of a Bitcoin production surge.
During a conference call following the release of the firm’s Q3 results on Wednesday, Riot Platform’s vice president of investor relations, Josh Kane, indicated that while the firm is happy with its work in Bitcoin mining initiatives, its broader focus is now on “monetizing megawatts.”
“As our strategy has evolved, so has our approach to our Bitcoin mining business. We no longer see Bitcoin mining operations as the end goal, but instead as a means to an end, and that end is maximizing the value of our megawatts,” he said, adding:
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