Riot (RIOT.US) bets $28 billion on AI: mining revenue still accounts for 60%

According to Woofun AI, Riot Platforms (RIOT.US) has officially used its entire campus in Corsicana (Corsicana) for artificial intelligence-related business and signed a lease agreement worth a total of 28 billion US dollars. This huge deal marks the cryptocurrency mining giant's aggressive expansion into the AI infrastructure sector in an attempt to find a second growth curve through asset reuse.

Judging from the financial structure, the transformation did not happen overnight. To support data center construction, Riot (RIOT.US) has sold a total of 20,264 BTC this year. However, the traditional mining business is still its core revenue pillar, and the mining business still brought about 64% of the company's revenue in the third quarter.

According to data compiled by Woofun AI, this revenue dependency shows that although capital expenditure is being skewed towards AI, cash flow from existing computing power assets is still the key to maintaining operations. Notably, in a context where the industry is generally seeking diversification, Riot (RIOT.US) chose to retain most of its mining capacity to support capital requirements during the transition period rather than completely divesting its old business.

This shift in strategy reflects crypto mining companies' response to the risk of idle computing power after the Bitcoin halving cycle. Transforming power and land advantages into AI computing power services has become a consensus path for leading mining companies. With the execution of the $28 billion contract, Riot (RIOT.US)'s valuation logic may shift from simply linking BTC production to data center operating efficiency. This is a key attempt by another major mining company to restructure its balance sheet after Core Scientific.