Riot Platforms recently released its latest 10-Q report. Riot Platforms, Inc. operates in the United States as a Bitcoin mining company and also runs an engineering business that designs and manufactures power distribution equipment and engineered electrical products. The company says its operations are organized around Bitcoin Mining and Engineering, with its facilities also supporting data center services and related infrastructure work.
In Item 2, Management’s Discussion and Analysis, Riot says it is a vertically integrated digital infrastructure company focused on developing and optimizing large-scale power assets. It describes its strategy as using its electrical infrastructure across two platforms: bitcoin mining and scalable data center solutions for non-mining workloads. The company says it operates three reportable segments: Bitcoin Mining, Data Center, and Engineering.
Riot’s Rockdale Facility in Texas has up to about 700 MW of developed capacity for Bitcoin Mining and Data Center leasing. Its Corsicana Facility has about 400 MW of developed capacity completed, and Riot expects that site to reach about 1 GW at full build-out. In Kentucky, developed power capacity rose to 162 MW from 65 MW a year earlier.
As of March 31, 2026, Riot reported deployed hash rate capacity of 42.5 EH/s, up from 38.5 EH/s at December 31, 2025. Average operating hash rate for the quarter was 36.4 EH/s, compared with 29.7 EH/s in the prior-year quarter. By facility, average operating hash rate was 14.1 EH/s at Rockdale, 15.4 EH/s at Corsicana, and 7.0 EH/s in Kentucky.
Riot mined 1,473 bitcoin in the first quarter of 2026, down from 1,530 bitcoin a year earlier. Bitcoin Mining revenue was $111.9 million, compared with $142.9 million in the first quarter of 2025. The company said the decline reflected lower average bitcoin prices of $68,223 versus $82,535, along with a 3.7% drop in bitcoin production, partly offset by a 22.6% increase in average operating hash rate.
The company’s combined all-in power cost was 3.0 cents per kilowatt-hour, down from 3.8 cents in the prior-year quarter. By site, all-in power cost was 3.1 cents at Rockdale, 2.7 cents at Corsicana, and 3.8 cents in Kentucky. Riot said power curtailment credits totaled $21.0 million in the quarter, compared with $7.8 million a year earlier.
Riot’s cost to mine one bitcoin, excluding miner depreciation, was $44,629 in the quarter, versus $43,808 a year earlier. Including miner depreciation, the cost was $96,283 per bitcoin, up from $81,109. Riot’s production value per bitcoin mined was $75,964, down from $93,385.
The company also said it had 15,679 bitcoin on hand at March 31, 2026, valued at $1.07 billion. That was down from 18,005 bitcoin at January 1, 2026. During the quarter, Riot sold 3,778 bitcoin for $289.5 million and exchanged 18 bitcoin for employee compensation. The fair value change in bitcoin reduced the carrying amount by $326.7 million during the quarter. Following these announcements, the company's shares moved 2.2%, and are now trading at a price of $18.61. For more information, read the company's full 10-Q submission here.
