Riot Platforms reported a significant revenue of $167.2 million for the first quarter of 2026, indicating a shift towards diversification with its new data center segment generating $33.2 million. This growth in data center revenue comes as the company’s primary Bitcoin mining operations experienced a downturn, with earnings decreasing to $111.9 million from $142.9 million in the same period last year.
During the first quarter, Riot produced 1,473 Bitcoin, a decline from 1,530 coins a year earlier. The average cost of mining each Bitcoin rose to $44,629, up from $43,808. The company’s CEO, Jason Les, highlighted the transition into a revenue-generating data center operator, underscored by AMD’s decision to increase its contracted capacity to 50 megawatts.
As of March 31, Riot held 15,679 Bitcoin, valued at approximately $1.1 billion, alongside maintaining $282.5 million in cash. Following the earnings announcement, Riot's stock saw a rise of 7.31% to close at $18.50, although it slightly dipped to $18.40 in after-hours trading.