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▲ Bitcoin (BTC) Mining
Bitcoin (BTC) mining company Riot Platforms highlighted the limitations of its mining-centric structure in its first-quarter earnings, emphasizing the expansion of its data center business.
Bitcoinist reported on May 1 (local time) that Riot recorded $167.2 million in revenue in the first quarter of 2026. During the same period, the data center business segment generated $33.2 million in revenue, accounting for a significant portion of the overall performance. Mining segment revenue was tallied at $111.9 million. Riot explained that the profitability of mining was pressured by a combination of rising global network hashrate, increased mining difficulty, and a decrease in the average Bitcoin price.
Actual mining performance also decreased. First-quarter mining volume was 1,473 BTC, a decrease from the previous year, and the average cost to mine one Bitcoin rose to $44,629. The deterioration of the mining environment directly burdened profitability.
As of the end of the quarter, Riot held 15,679 BTC, of which 5,802 BTC were pledged as collateral. The company sold over $250 million worth of Bitcoin during the quarter to secure liquidity, and its cash reserves were tallied at $282.5 million.
Jason Les, CEO of Riot Platforms, stated, “This quarter marks Riot's official transition to a data center operator,” adding, “We have established a new business foundation that generates revenue beyond the traditional mining-centric structure.”
The company is accelerating the attraction of external customers based on its existing data center infrastructure. AMD expanded its contract with Riot, increasing data center power capacity from the original 25 megawatts to 50 megawatts. Riot emphasized that this strengthens its ability to meet high-performance computing demands.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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