Bitcoin Miner Riot Platforms Deepens AI/HPC Push with Texas Land Deal

Riot said the agreement for an initial 10-year term could generate about $311 million in revenue for the company, with the potential for $1 billion if three five-year extensions were exercised. The companys shares on the Nasdaq under the ticker symbol RIOT surged to $18.80 amid the announcement, marking an 11% increase in the previous 24 hours.

The Texas deal followed Riot announcing last week that it had sold 1,818 BTC in December as part of a strategy shift from mining the cryptocurrency to using its data center infrastructure for other applications, including artificial intelligence. The company reported holding 18,005 BTC as of Dec. 31, worth more than $17 billion at the time of publication.

CleanSpark is also expanding Texas operations with AI and high-performance computing

CleanSpark announced a move similar to Riots on Wednesday after the Bitcoin mining company reached an agreement to buy 447 acres of land in Brazoria County, Texas. The miner said it planned to develop a 300 MW data center, which could be “designed for artificial intelligence and high-performance computing workloads.”

Riot and CleanSpark are just two of many companies focused on mining and crypto mining infrastructure to broaden their services amid increasing BTC difficulty. MARA Holdings, Core Scientific, Hut 8 and TeraWulf have also announced plans aligned with AI and high-performance computing.

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