Riot Platforms provides update on strategic actions

Riot Platforms (RIOT) provided an update on strategic actions it is taking to maximize the value of its asset in Navarro County, Texas. Riot is launching a formal process to evaluate the feasibility of developing the approximately 600 megawatts of remaining power capacity at the company’s Corsicana Facility for artificial intelligence/high-performance computing uses. To support the assessment of the feasibility of this site for AI/HPC, Riot has engaged Altman Solon, a consultant to the data center industry, and other industry experts. The company currently utilizes 400 MW of capacity for Bitcoin mining at the Corsicana Facility and has up to one gigawatt of total capacity at the site approved by the Electric Reliability Council of Texas. As previously disclosed, Riot has been engaged in preliminary discussions with potential AI/HPC counterparties for a number of months. The company is now expanding and accelerating outreach to potential partners in the AI/HPC sector in parallel with this feasibility analysis. In connection with its evaluation of AI/HPC opportunities, Riot is halting the development of its previously announced 600 MW Phase II Bitcoin mining expansion at the Corsicana Facility. Existing mining operations, constituting the first 400 MW Phase I development at the Corsicana Facility and Riot’s Rockdale and Kentucky Facilities – as well as associated expansion plans at these locations – remain in place. As a result of this action, Riot is reducing its previously announced total self-mining hash rate capacity growth and associated capital expenditures for 2025 and will provide additional updates as this review process progresses further. Previously, the company expected to end 2025 with a total hash rate capacity of 46.7 EH/s, but in connection with this halt of the expansion of Bitcoin mining operations at the Corsicana Facility, Riot now expects to end the year at 38.4 EH/s. The company will continue developing the substation to support the additional 600 MW of power capacity at the Corsicana Facility, but now projects capital expenditures at the Corsicana Facility in 2025 will be reduced by $245M.