Riot Platforms Sees Bitcoin Output Climb in May, Sets Sights on AI-Focused Expansion
Riot Platforms (RIOT) continued its upward trajectory in May, mining 514 BTC — marking an 11% monthly increase and a substantial 139% surge from the same month last year. The company sold nearly all of its mined bitcoin, generating $51.3 million in proceeds at an average price of $102,591 per coin.
Alongside its production gains, Riot improved its operational footprint. The company’s deployed hashrate reached 35.4 exahashes per second, up 5% from April and more than double the level seen a year ago. Power efficiency also advanced, with the mining fleet operating at 21.2 joules per terahash, down sharply from 28 J/TH in May 2024.
But Riot’s ambitions are now expanding beyond bitcoin. In a significant strategic move, the company completed the acquisition of 355 acres of land near its Corsicana, Texas facility, with plans to build AI-optimized data centers. According to CEO Jason Les, these hyperscale centers are designed to serve enterprise and large-scale computing clients — far beyond the infrastructure needs of crypto mining.
To lead this new vertical, Riot tapped industry expert Jonathan Gibbs as Chief Data Center Officer. His appointment signals Riot’s commitment to establishing a foothold in the fast-evolving AI and high-performance computing sector.
Following the update, RIOT shares gained 3.4% in Tuesday’s trading, reflecting market optimism about the company’s broader growth vision.
