Riot Diversifies Away From Bitcoin Mining Amid Data Center Build
Riot Platforms' revenue has diversified away from Bitcoin mining in recent quarters.
In Q2 2025, Bitcoin mining generated about 92% of Riot's segment revenue, but by Q2 2026 that share had fallen to around 65%, as mining revenue dropped 19% year over year to $113.7 million.
Riot has secured approximately $9.8 billion in contracted data center revenue with AMD and a leading frontier AI lab, which management estimates will generate about $520 million in average annual revenue once both projects are fully deployed in June 2028.
The company has been selling Bitcoin to fund operations and the equity portion of its data-center build rather than raising new debt or common equity, and total debt has stayed broadly flat for five straight quarters while free cash flow remained negative.