Riot Platforms Shifts Focus from Bitcoin Mining to AI Data Centers
Riot Platforms, Inc. (NASDAQ:RIOT) is making a significant pivot in its business strategy by shifting focus from Bitcoin mining to AI data centers.
The company has signed a 20-year deal with Anthropic to supply 191 MW of power at the Rockdale site, with partial delivery expected by December 2027 and full delivery by June 2028. This marks a major change in direction for Riot Platforms, which had previously been focused on Bitcoin mining.
The decision comes as the cryptocurrency market has seen declining revenues, lower BTC prices, and rising power costs, making it less viable for Riot Platforms to continue its focus on Bitcoin mining.
Despite this shift, the company still plans to maintain some mining operations. Additionally, Morgan Stanley has raised its price target for RIOT to $43.00 per share from $36.00, maintaining its Overweight rating on the stock.