Riot Platforms (RIOT) showcased robust production growth in May, demonstrating an impressive mining output of 514 BTC. This marks an 11% increase from April and a staggering 139% surge in comparison to the same period last year. The company effectively capitalized on this growth by selling nearly all of the newly mined bitcoin, generating proceeds of $51.3 million at an average price of $102,591 per token.
In conjunction with this production increase, Riot’s hashrate also experienced significant gains. The company’s total deployed computing power reached 35.4 exahashes per second, reflecting a 5% rise over the prior month and a remarkable 142% year-on-year improvement. Additionally, operational efficiency is on the upswing, with the fleet now running at 21.2 joules per terahash, a notable decrease from the 28 J/TH recorded last May.
Looking beyond its core bitcoin mining operations, Riot is strategically positioning itself for growth in the artificial intelligence (AI) and high-performance computing (HPC) sectors. In May, the company expanded its footprint by acquiring 355 acres of land near its Corsicana facility in Texas. CEO Jason Les emphasized that this new site will facilitate the development of data centers designed specifically for enterprise and hyperscale clients—operations that require a significantly larger footprint than conventional mining activities.
To spearhead this initiative, Riot has appointed industry veteran Jonathan Gibbs as Chief Data Center Officer. This strategic hire underscores Riot’s ambition to diversify its offerings beyond bitcoin and tap into the rapidly expanding market for AI-ready infrastructure.
In Tuesday trading, RIOT shares saw a 3.4% uptick, reflecting positive investor sentiment around the company’s strategic developments and growth potential.
