PANews reported on May 1 that, according to The Block, Riot Platforms released its Q1 2026 financial results, showing that the company achieved $33.2 million in revenue from its data center business for the first time, accounting for approximately 20% of its total revenue. This marks a significant step forward in its transformation from Bitcoin mining to AI, data centers, and hyperscale customer service.
The financial report shows that Riot's total revenue in the first quarter was $167.2 million, of which its core Bitcoin mining business contributed $111.9 million, a year-on-year decline due to lower Bitcoin production and average price. The company sold 3,778 BTC in the quarter and currently still holds 15,679 BTC, worth nearly $1.2 billion at current prices, making it the seventh largest publicly traded Bitcoin holder in the world.
Data center revenue primarily comes from a long-term lease agreement with Advanced Micro Devices (AMD). AMD opted to add 25 megawatts of contracted capacity this quarter, bringing its total contracted capacity to 50 megawatts, with an option to expand to a maximum of 200 megawatts in the future. Riot stated that deployments are underway at its Rockdale, Texas campus, with the remaining initial capacity expected to come online and generate revenue in the second quarter.
