Riot Platforms, a Bitcoin mining company, has signed a landmark agreement worth $9.1 billion with AI firm Anthropic. This deal, finalized on [insert date], will provide AI compute capacity at Riot’s facility in Rockdale, Texas, over an initial term of 20 years, with potential extensions adding another $7 billion to the contract. The capacity covered by this agreement is 191 megawatts (MW), and it follows a previous deal earlier this year where Riot leased 25 megawatts to Advanced Micro Devices, potentially expanding to 200 MW.
As Bitcoin’s value has dropped nearly 28% this year, transitioning from crypto mining to AI data services presents a significant opportunity for Riot. The company’s revenue from its data center division was only $23 million in Q2, but the new agreement is expected to significantly increase annual revenues up to approximately $450 million. Riot Platforms currently holds a market cap of $7.1 billion and has a total of 1.7 gigawatts of approved compute capacity.
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