Riot Platforms offloads $161M in Bitcoin in December amid strategy shift

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Riot Platforms sold 1,818 Bitcoin successful December for $161.6 cardinal astatine an mean nett terms of $88,870, arsenic portion of a strategy displacement from Bitcoin mining to monetizing its powerfulness and information halfway infrastructure, including enactment for artificial quality workloads, the institution said Tuesday.

As of Dec. 31, the institution held 18,005 Bitcoin (BTC), including 3,977 restricted BTC, down from 19,368 Bitcoin astatine the extremity of November, portion producing 460 Bitcoin during the month.

Restricted Bitcoin refers to BTC that the institution owns but has pledged arsenic collateral nether its indebtedness facilities and holds successful a segregated custody account, according to its regulatory filings.

Riot besides said the December study volition beryllium its last monthly accumulation and operations update arsenic the institution shifts to quarterly disclosures focused connected wide concern performance, information halfway strategy and progress, and Bitcoin mining.

In October, the institution said Bitcoin mining was no longer its extremity goal, outlining plans to repurpose its powerfulness infrastructure to enactment a projected 1-gigawatt AI information halfway campus.

According to information from Bitcointreasuries.net, Riot ranks seventh among publically listed companies by Bitcoin holdings.

AI, exertion companies deepen ties with Bitcoin miners

As the outgo of mining Bitcoin has risen pursuing the April 2024 halving, which chopped artifact rewards successful half, miners person progressively looked beyond BTC accumulation for further revenue. One of the astir important areas of involvement has been artificial quality computing.

Because Bitcoin miners run energy-dense information centers and large-scale powerfulness infrastructure, the assemblage has attracted increasing attraction from AI and exertion companies seeking entree to energy and high-performance computing capacity.

In August, Google became the largest shareholder of TeraWulf, holding about 14% of outstanding shares, aft expanding a fiscal backstop tied to the miner. The backstop supports a 10-year colocation lease with Fluidstack, nether which TeraWulf volition proviso information halfway capableness for artificial quality workloads.

A period later, Google acquired a 5.4% involvement successful Cipher Mining arsenic portion of a $3 billion, multi-year information halfway statement involving Fluidstack, with Google guaranteeing $1.4 cardinal of Fluidstack’s obligations nether a 10-year declaration to lease computing capableness from Cipher.

In November, IREN signed a five-year, $9.7 cardinal GPU unreality services statement with Microsoft to big Nvidia GB300 GPUs successful its information centers. The aforesaid month, the apical Bitcoin miner by marketplace headdress announced a $5.8 cardinal woody with Dell Technologies to get GPUs and related instrumentality to enactment the deployment.

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