Bitcoin Miner’s Riot Platform (Riot) reported strong production growth rates for Tuesday in May, mining 514 BTC. This is an 11% increase from April, a jump of 139% compared to the previous year. The company sold almost all new Bitcoin, generating revenue of $51.3 million with an average price of $102,591 per token.
Riot’s Hashrate has also risen, with the total deployed computing power reaching 35.4 exahash per second, up 5% in April, an increase of 142% from the previous year. Sales efficiency has also improved, with the fleet running at 21.2 Jours per Terrahash, a decrease since May 28th last year.
Beyond mining, Riot positions itself for the growth of the AI and high performance computing (HPC) sector. In May, the company closed the acquisition of 355 acres of land near the Corsicana facility in Texas. CEO Jason Les said the site supports the development of coordinated data centers for enterprise and hyperscale clients, noting that these centers require a much larger footprint than traditional mining operations.
To lead this effort, Riot hired industry veteran Jonathan Gibbs as the top data center executive. The move illustrates the riot ambition to diversify beyond Bitcoin and into a rapidly growing market for AI-Reaid infrastructure.
Riot stocks are up 3.4% in Tuesday’s trading.