Riot Platforms has just changed dimension. The bitcoin mining giant has signed a twenty-year, $9.1 billion contract to provide 191 megawatts to an artificial intelligence laboratory. According to Bloomberg, the client is Anthropic. Above all, the agreement confirms a rapid change in the mining sector, now courted for its electricity as much as for its bitcoins.
In brief
- Riot signs a 9.1 billion dollar contract over twenty years.
- Bloomberg identifies Anthropic as the customer for the 191 MW planned in Texas.
- Riot retains its Bitcoin business while ramping up sharply in AI data centers.
Bitcoin and AI find themselves at the heart of a 9.1 billion contract
Riot already had an asset that had become extremely sought after. Its sites have powerful electrical connections. This situation joins a broader trend. Indeed, Bitcoin miners’ AI contracts already represent nearly $150 billion.
The new agreement covers 191 MW of computing capacity at the Rockdale, Texas, campus. Its initial duration reaches twenty years, until June 2048. Riot expects approximately $9.1 billion in revenue over this period. Two five-year extensions could bring the total potential value to 16.1 billion.
Riot has not officially named Anthropic. His press release simply talks about a leading AI lab. Bloomberg identified Anthropic as the client, according to people familiar with the matter. Cointelegraph then relayed this information.
The first abilities will not be available immediately. Riot plans to deliver 96 MW in December 2027. All 191 MW is scheduled to be operational by June 2028. Morgan Stanley is already providing a $573 million interim financing facility to support early work.
The economic model of Bitcoin mining is changing
This contract shows why bitcoin miners are now of interest to AI companies. Building a data center requires land, electrical connections, cooling and sometimes several years of procedures. Riot already owns some of this infrastructure through its Bitcoin business.
The economic calculation becomes obvious. Mining revenue varies with the price of bitcoin, network difficulty, electricity cost, and competition between miners. A lease signed for twenty years offers much longer visibility. Riot estimates that the new contract could generate between $7.3 billion and $8.2 billion in cumulative net operating income during its initial period.
This diversification comes as mining margins remain under pressure. Riot produced 1,587 bitcoins in the second quarter. Its average cost excluding depreciation reached $49,912 per BTC. Mining revenue fell to $113.7 million, compared to $140.9 million a year earlier.
The sector had already started this transformation. Bitcoin miners’ shift to AI is accelerating as tech groups seek quickly available megawatts. Riot joins TeraWulf, IREN, Hut 8 and others who now sell computing capacity in addition to producing BTC.
Riot keeps Bitcoin while selling its megawatts to AI
Riot is not leaving mining, however. The company still held 11,380 bitcoins at the end of the second quarter, worth approximately $666 million at the price used in its accounts. It also operates Bitcoin infrastructure in Texas and Kentucky.
The change is happening elsewhere. Electricity becomes a second source of value. The same group can now secure the Bitcoin network and rent part of its capacities to companies capable of signing contracts worth several billions.
This strategy also carries risks. AI data centers require heavy investments and strict construction deadlines. Every megawatt allocated to high-performance computing is no longer available for mining. Riot will therefore have to decide between two activities that use the same essential asset, energy.
The market is already starting to value this new identity. Bitcoin miner stocks are increasingly benefiting from the AI boom. With Anthropic, Riot is reaching a milestone. The miner no longer depends solely on the price of Bitcoin to justify its infrastructure. Its megawatts themselves become a product capable of generating billions over several decades.
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