Riot Platforms has just changed dimension. The Bitcoin mining giant has signed a 9.1 billion dollar contract over twenty years to supply 191 megawatts to an artificial intelligence laboratory
Riot Platforms has just changed dimension. The Bitcoin mining giant has signed a 9.1 billion dollar contract over twenty years to supply 191 megawatts to an artificial intelligence laboratory. According to Bloomberg, the client is Anthropic. The agreement especially confirms a rapid transformation of the mining sector, now sought after for its electricity as much as for its bitcoins.
Riot already had a highly sought-after asset. Its sites have powerful electrical connections. This situation aligns with a broader trend. Indeed, Bitcoin miners’ AI contracts already represent nearly 150 billion dollars.
The new agreement concerns 191 MW of computing capacity at the Rockdale campus in Texas. Its initial duration is twenty years, until June 2048. Riot expects approximately 9.1 billion dollars in revenue over this period. Two five-year extensions could bring the total potential value to 16.1 billion.
Riot has not officially named Anthropic. Its statement simply refers to a leading AI laboratory. Bloomberg identified Anthropic as the client, according to people close to the matter. Cointelegraph then relayed this information.
The first capacities will not be immediately available. Riot plans to deliver 96 MW in December 2027. The full 191 MW is expected to be operational by June 2028. Morgan Stanley is already providing a 573 million dollar interim financing facility to support the initial work.
Your 1st cryptos with KuCoinThis link uses an affiliate program.This contract shows why Bitcoin miners now interest AI companies. Building a data center requires land, electrical connections, cooling, and sometimes several years of procedures. Riot already owns part of this infrastructure thanks to its Bitcoin activity.
The economic calculation becomes clear. Mining revenues vary with Bitcoin price, network difficulty, electricity cost, and competition among miners. A lease signed over twenty years offers much longer visibility. Riot estimates the new contract could generate between 7.3 and 8.2 billion dollars in net operating income cumulatively during its initial period.
This diversification comes as mining margins remain under pressure. Riot produced 1,587 bitcoins in the second quarter. Its average cost excluding depreciation reached 49,912 dollars per BTC. Mining revenues fell to 113.7 million dollars, down from 140.9 million a year earlier.
The sector had already begun this transformation. The shift of Bitcoin miners towards AI accelerates as tech groups look for megawatts available quickly. Riot joins TeraWulf, IREN, Hut 8, and other players who now sell computing capacity in addition to producing BTC.
Riot does not leave mining, however. The company still held 11,380 bitcoins at the end of the second quarter, valued at about 666 million dollars at the rate used in its accounts. It also operates Bitcoin infrastructures in Texas and Kentucky.
The change plays out elsewhere. Electricity becomes a second source of value. The same group can now secure the Bitcoin network and rent part of its capacity to companies able to sign multi-billion dollar contracts.
This strategy also carries risks. AI data centers require heavy investments and strict construction timelines. Each megawatt assigned to high-performance computing is no longer available for mining. Riot will therefore have to balance between two activities that use the same essential asset, energy.
The market is already beginning to value this new identity. Bitcoin miners’ stocks are increasingly benefiting from the AI boom. With Anthropic, Riot crosses a threshold. The miner no longer depends solely on Bitcoin price to justify its infrastructure. Its megawatts themselves become a product capable of generating billions over several decades.
