Bitcoin mining firm Riot is shifting more resources to AI infrastructure. As mining revenues declined and electricity costs rose, the company sold 4300 bitcoins to finance the construction of data centres.
Revenue from mining
Reports indicate that revenues from mining in Riot in the second quarter declined by 19.3 per cent on a year-on-year basis, mainly as a result of higher electricity prices and low Internet-wide Hashprice. During the same period, the price of bitcoin fluctuated between $6.35 million and $6.37 million, while the average cost of mining a single bitcoin given by the industry model increased to $76,000 to $78,000.
Against this background, the profit-making space for miners continues to shrink. Internet-wide Hashprice has been reduced to a low of $30 to $35 per PH/s per day, and only very low electricity prices and faster equipment upgrades can sustain better profits.
Riot sells bitcoin for financing
Riot's business data, though better than some of its peers, is under the same pressure. The company disclosed that the cost of its single bitcoin direct mining had risen to $49912, owing to, inter alia, higher energy prices and increased costs associated with the expansion of capacity in Kentucky.
Under pressure from mining operations, the company chose to partially liquidate the warehouse. The report mentions that Riot sold some of the previously accumulated bitcoin while mining revenues were $113.7 million.
- Sale: 4300 BTC
- Cash reserve: $548.9 million
- Bitcoin reserve: 11380 BTC
Turning to more stable computing operations
Riot still has more liquidity. The company had access to some $1.2 billion of current assets, including cash and Bitcoin reserves. This provides a financial buffer for the continuation of its new operations.
The company is gradually shifting its focus to more stable data centres and computing leases. It was reported that Riot had delivered the first capacity to AMD and that its long-term project was a 20-year lease for AI laboratory facilities, which was expected to generate $9.1 billion in revenue.
Riot's adjustment is not an example. Since 2026, a number of mining companies have begun to shift their resources from mines, electricity and machinery to AI-related infrastructure. MARA Holdings, Core Scientific and Bitdeer had also previously sold, in part or in full, an encrypted asset reserve for the construction of an AI computing facility.