Riot Platforms Sells Bitcoins for AI Infrastructure

The largest public miner, Riot Platforms, sold more than a quarter of its Bitcoin holdings to fund the construction of data centers focused on artificial intelligence.

In its second-quarter report, the company disclosed the sale of 4,300 BTC. The proceeds were directed toward covering operating expenses and launching a new large-scale project.

Cryptocurrency mining economics are facing headwinds: the cost per coin stands at $49,912 against a market price of approximately $58,527. This has squeezed margins and driven mining revenue down by 19.3% year-over-year.

The company's strategic pivot is tied to signing a long-term contract for building data center capacity. The project spans 20 years and is valued at roughly $9.1 billion.

Riot secured 191 megawatts of power for a leading AI lab. While the client remains confidential, the deal signals an industry shift from pure mining to infrastructure services.

The company's remaining assets include 11,380 BTC, worth around $666 million. However, half of this volume is already pledged as collateral, limiting financial flexibility.