Riot Platforms Increases Bitcoin Mining Cap to 514 BTC as Hashrate and Expansion Plans Grow

Bitcoin mining firm Riot Platforms (RIOT) reported a significant increase in production in May on Tuesday, with 514 BTC mined, up 11% from April and 139% from the same month last year. The firm sold nearly all of its new bitcoins, generating $51.3 million in revenue at an average price of $102,591 per token.

Riot’s hashrate has also increased, with the total deployed computing power reaching 35.4 exahashes per second, up 5% from April and 142% from a year ago. Efficiency has also improved, with the fleet now running at 21.2 joules per terahash, up from 28 joules per TH in May last year.

In addition to mining, Riot is also targeting growth in the areas of artificial intelligence and high-performance computing (HPC). In May, the company closed on a deal to purchase 355 acres of land adjacent to its facility in Corsicana, Texas. CEO Jason Les noted that the site will facilitate the development of data centers aimed at enterprise and hyperscale customers, emphasizing that such centers require significantly more space than traditional mining operations.

To lead these initiatives, Riot has brought in veteran Jonathan Gibbs as its director of data centers. The move signals Riot’s ambition to expand beyond Bitcoin and into the rapidly growing market for AI-ready infrastructure.

RIOT shares rose 3.4% in trading on Tuesday.

Source: cryptonews.net