Riot Platforms is primarily a bitcoin miner that is pivoting toward large-scale data center development. Riot mines bitcoin at facilities in Texas (Rockdale and Corsicana) and Kentucky, deploying specialized ASIC computers that compete to earn bitcoin block rewards on the Bitcoin network. As of year-end 2025, Riot had 38.5 EH/s of deployed hash rate and mined 5,686 bitcoin during the year. Riot's core competitive asset is its portfolio of roughly 1.8 GW of pre-approved utility-scale power capacity, the majority of which sits in the Dallas and Austin corridors — interconnection approvals that can take 3-5 years to obtain, making the portfolio difficult to replicate. Riot actively curtails mining during high-price periods, selling power back to grid operators to generate credits that reduce net power costs. Beyond mining, Riot owns ESS Metron and E4A Solutions, which manufacture switchgear, substations, and power distribution equipment — providing vertical integration in electrical infrastructure that Riot argues reduces data center build costs. Riot's longer-term strategy is to convert its power portfolio into build-to-suit data centers serving hyperscalers and AI compute customers. Corsicana (up to 1 GW of approved power, 60 miles from Dallas) is the near-term focus, with Core & Shell construction underway on two 56 MW buildings. In January 2026, Riot signed a 10-year lease with AMD for 25 MW at Rockdale, with expansion options up to 175 MW. The data center business is still in early stages with limited leases signed to date.