Riot Halts 600MW Bitcoin Mining Expansion for AI and HPC

Bitcoin mining giant Riot Platforms (NASDAQ: RIOT) has paused its planned 600 MW hashrate expansion, reserving that capacity for potential AI and high-performance computing (HPC) diversification instead.

In a release on Wednesday, Riot announced that it has engaged data center consultants to formally explore AI and HPC expansion opportunities at its Corsicana site, joining a growing list of public mining companies seeking revenue diversification through AI.

Riot said it holds approval from the Electric Reliability Council of Texas (ERCOT) for up to 1 gigawatt of total capacity at the Corsicana site. Of that, 400 MW has already been energized as part of Phase 1 for Bitcoin mining. The company’s ongoing Bitcoin mining operations in Corsicana, Rockdale, along with its recently acquired facility in Kentucky, will continue as planned.

With the 600 MW Phase II Bitcoin mining expansion in Corsicana now on hold, Riot has revised its 2025 hashrate guidance, lowering its previous target of 46.7 EH/s to 38.4 EH/s.

As of December, Riot’s deployed hashrate stood at 31.5 EH/s, with a realized hashrate of 27.96 EH/s, according to estimates by TheEnergyMag. The company also projected a $245 million reduction in capital expenses for the Corsicana site in 2025.

“While we continue to believe in the significant upside of our Bitcoin mining operations, we have long recognized the value of securing long-term, predictable cash flows from a well-capitalized AI/HPC counterparty,” Riot’s executive chairman, Benjamin Yi, said in explaining the strategic shift.

Riot’s stock price rose 3% in pre-market trading on Wednesday following the announcement. Last year, one of Riot’s largest competitors, Core Scientific (NASDAQ: CORZ), diversified into HPC hosting, securing contracts with CoreWeave, which fueled a sustained rally in Core Scientific’s stock price.