Riot Platforms sold $289 million in Bitcoin to fund a transition to AI infrastructure, despite a drop in mining output.
Riot Platforms, a prominent mining company, has divested 3,778 BTC for approximately $289.5 million during Q1 2026, achieving an average sale price of $76,626 per Bitcoin.
Despite a 4% decline in mined Bitcoin, totaling 1,473 BTC compared to last year’s 1,530 BTC, the company still retains 15,680 BTC, currently valued at about $1.1 billion.
Riot has enhanced its mining capabilities, increasing its deployed hashrate by 26% year-over-year to 42.5 EH/s, with operational metrics also improving by 23% to 36.4 EH/s.
Strategic Move Towards AI
The firm is accelerating its transition to support infrastructure for artificial intelligence and high-performance computing, leveraging extensive energy resources in Texas to diversify beyond traditional mining practices.
Earlier this year, Riot sold 1,080 BTC for $96 million, which was used to acquire 200 acres in Rockdale for expansion. Additionally, the company has inked a ten-year licensing deal with Advanced Micro Devices to provide 25 MW of capacity, aiming to expand this to 200 MW. This partnership is projected to yield around $311 million in revenue over the decade.
As mining companies adapt to market conditions, Riot is part of a broader trend where crypto reserves are being redirected to the AI sector amid diminishing profitability in Bitcoin mining. Analysts have noted that up to 20% of miners may already be operating at a loss, with Bitcoin needing to reach at least $100,000 to restore stable profitability, while its current price hovers around $66,900.
In a recent commentary, experts from Wintermute labeled the conventional Bitcoin mining model as outdated.
