Riot Platforms attracting ‘blue-chip’ partners for AI ventures amid Q3 losses
Riot Platforms CEO Jason Les reported significant interest from major companies seeking partnerships in AI and high-performance computing (HPC) during the Oct. 30 earnings call. The company received numerous offers for large-scale power capacity from financially stable organizations, attributed to Riot's strong reputation and extensive energy resources. Les noted the inquiries involve hundreds of megawatts, indicating substantial demand. Riot's facilities, including the 750-megawatt Rockdale and one-gigawatt Corsicana sites, position the company favorably for AI ventures. Riot's Q3 report showed a net loss of $154.4 million, an increase from $80 million the previous year, despite a 65% rise in revenue to $80 million due to higher Bitcoin prices. The average Bitcoin mining cost was $35,376 per coin, influenced by reduced power credits and a rising global network hash rate.
