Riot Platforms, the Texas-based bitcoin mining giant, is doubling down on its industrial-scale operations even as its closest competitors pivot toward artificial intelligence. While firms such as Core Scientific and MARA are increasingly allocating capital to high-performance computing, Riot’s annual report for 2025 indicates a steadfast commitment to the original cryptocurrency.
Riot Platforms Maintains Bitcoin Focus as Infrastructure Costs Surge
3 March 2026 - 20:50 CET
By Stu Clelland
The focal point of the firm's growth is its Corsicana facility, which is being developed to reach a total capacity of 1 GW. The company has already energized the first 400 MW of this site and is continuing build-out through 2026. To maintain its competitive edge, the company has entered into extensive purchase agreements with MicroBT for its latest generation of miners. Unlike other industry players that have liquidated their treasuries to fund similar expansions, Riot continues to hold a significant portion of its mined assets. As of 31 Dec, the company held 18,005 bitcoins, representing a substantial reserve with a fair market value exceeding $1.6bn at the time of the filing.
Power arbitrage as a strategic hedge
According to its 10-K filing, the company reported a net loss of $663mn for the year despite revenue growing 72% year-on-year to $647mn. A critical component of the firm's revenue boost is its participation in demand response programs with the Electric Reliability Council of Texas (ERCOT). Riot effectively acts as a flexible load manager for the Texas grid, receiving "Power Credits" for reducing consumption during periods of peak demand. In 2025, these credits amounted to $56.7mn, or the equivalent of $9,977 per BTC mined, providing a significant subsidy that lowers the overall cost of production for its mining fleet.
Riot’s business model is increasingly defined by its ability to navigate the complexities of the energy market. By utilizing its power credits, the firm can continue to operate even during periods of high network difficulty or lower asset prices. This "power arbitrage" strategy allows the company to operate as a low-cost producer while avoiding the high costs associated with converting facilities for AI or other non-mining purposes. While the industry at large appears to be fragmenting, Riot’s path suggests a belief that scale and energy efficiency will be the deciding factors in the next market cycle.
Shares in Riot (RIOT) fell as much as 7.8% in Tuesday trading and were down 5.1% by 19:12UTC, or 13:12 in New York where the stock is listed on the Nasdaq exchange.
