Bitcoin miner Riot Platforms (RIOT) reported on Tuesday strong production growth in May, mining 514 BTC — an 11% increase from April and a 139% jump compared to the year-ago level. The company sold nearly all the new bitcoin, generating $51.3 million in proceeds at an average price of $102,591 per token.
Riot’s hashrate also climbed, with total deployed computing power reaching 35.4 exahashes per second, a 5% increase over April and 142% higher than the previous year. Operating efficiency improved as well, with the fleet running at 21.2 joules per terahash — down from 28 J/TH last May.
Beyond mining, Riot is positioning itself for growth in the AI and high-performance computing (HPC) sectors. In May, the company closed the acquisition of 355 acres of land near its Corsicana facility in Texas. CEO Jason Les said the site will support the development of data centers tailored for enterprise and hyperscale clients, noting that these centers require significantly larger footprints than traditional mining operations.
To lead this effort, Riot hired industry veteran Jonathan Gibbs as Chief Data Center Officer. The move signals Riot’s ambition to diversify beyond bitcoin and into the fast-growing market for AI-ready infrastructure.
RIOT shares are higher by 3.4% in Tuesday trading.