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Riot Platforms earns most of its revenue from bitcoin mining at facilities in Texas and Kentucky. Its specialized computers contribute processing power to a third-party mining pool, whose operator pays Riot in bitcoin under a formula based mainly on its share of the Bitcoin network’s computing power. Riot is entitled to payment even when the pool does not solve a block. One pool supplies the vast majority of its revenue. Riot keeps some of the bitcoin it earns and sells some on the market to fund operations.
Mining economics depend heavily on bitcoin’s price, Riot’s computing power relative to competing miners, and electricity costs. Bitcoin’s protocol periodically halves the reward for adding a block, reducing the new bitcoin available to miners. Power is Riot’s largest marginal mining cost, and credits for curtailing electricity use help reduce that cost. In Texas, grid operator ERCOT can require Riot to reduce or stop power use to protect grid reliability.
A smaller Engineering business designs, manufactures and installs custom power-distribution equipment for large industrial and government customers, which pay under fixed-price contracts. It also supports Riot’s own facilities. Alongside mining, Riot is developing data centers at Rockdale and Corsicana, potentially for artificial intelligence and high-performance computing. This strategy is still at an early stage and depends on securing customers and partners, power and permits.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Riot Platforms’ mining results hinge on Bitcoin prices, network difficulty and electricity costs, while equipment supply depends on MicroBT, its sole miner supplier in 2024 and 2025.
CleanSpark and Riot Platforms use large mining fleets to earn Bitcoin from the same pool of network rewards, so CleanSpark’s expansion puts pressure on Riot’s share. Watch CleanSpark’s operating computing power and miners’ electricity efficiency to gauge that competitive pressure.
MARA Holdings and Riot Platforms compete to validate Bitcoin transactions and earn block rewards and transaction fees, so MARA’s fleet growth makes Riot’s reward share harder to maintain. MARA’s energized computing power is the measure to watch, rather than its rig count alone.
Cipher Digital overlaps Riot Platforms in Texas Bitcoin mining and in developing powered sites for computing beyond mining. Cipher earned its revenue from mining through December 31, 2025; progress on facilities for large cloud-company tenants offers a comparison for Riot’s effort to turn power assets into non-mining revenue.
American Bitcoin’s mining fleet competes with Riot Platforms for Bitcoin rewards, but it owns the miners and leaves facility management to Hut 8. Watch whether its newly purchased rigs enter operation: mining pools pay it according to the computing power it actually contributes.
Bitdeer and Riot Platforms mine Bitcoin for themselves, with fleet electricity efficiency and their share of network computing power shaping what they earn relative to costs. Bitdeer’s deployment of its own SEALMINER rigs is worth watching as a benchmark for the equipment efficiency Riot must compete against.
HIVE Digital Technologies Ltd. and Riot Platforms run specialized Bitcoin-mining equipment and receive payments from mining pools for contributed computing power. HIVE’s revenue from selling that computing power offers a comparison for Riot’s mining business, while access to low-cost electricity matters to both.
Core Scientific and Riot Platforms both seek to use mining infrastructure for AI and other power-intensive computing. Core Scientific’s work converting facilities to house customers’ computing equipment offers a practical comparison for Riot’s non-mining plans, particularly in electrical systems and cooling.
Hut 8 overlaps Riot Platforms by developing powered computing infrastructure and managing American Bitcoin’s mining facilities. Watch how Hut 8 turns powered sites into managed-service revenue and selects their computing uses; that provides a comparison for Riot’s mining and data-center platform.
IREN is a named rival to Riot Platforms in Bitcoin mining and power-backed computing development, but its current disclosures emphasize selling an integrated AI cloud service to customers. Its operating AI cloud capacity helps distinguish computing already serving customers from power secured for future development—a useful distinction when assessing Riot’s non-mining plans.
Keel Infrastructure Corp. and Riot Platforms earn Bitcoin-mining revenue while pursuing income from non-mining data centers on their power infrastructure. Keel had no revenue from its high-performance computing infrastructure at December 31, 2025 and expects initial data-center revenue in 2027, making the start of payments from cloud and AI tenants the milestone to watch.
TeraWulf’s business leasing data-center capacity to large cloud and enterprise customers provides a benchmark for Riot Platforms’ plans beyond mining. Watch delivery of TeraWulf’s contracted AI and high-performance computing capacity: its long-term hosting leases show how secured power can become customer-backed income.
Applied Digital competes with Riot Platforms’ expanding non-mining business by leasing purpose-built AI computing facilities to large cloud companies and other compute customers. Watch its progress securing grid connections and bringing leased capacity online, since it identifies power access as the main constraint on new high-performance computing facilities.
Ionic Digital Inc. and Riot Platforms both operate Texas mining assets while pursuing non-mining income from powered infrastructure. Ionic’s lease of its Ward County property to Nscale makes fixed monthly lease payments, scheduled to begin in August 2026, a concrete milestone for comparing that transition with Riot’s plans.
Coinbase Global and Riot Platforms share exposure to crypto-market conditions, but Coinbase collects trading fees from customers while Riot mines and holds Bitcoin; Coinbase also safeguards Riot’s Bitcoin and lends to it. Coinbase’s consumer trading-fee revenue is worth watching for crypto investor activity, rather than as a direct measure of Riot’s mining profitability.
Fed Interest Rate Decision
The Fed’s rate decision affects the benchmark rates that feed into SOFR, the rate used to price Riot’s revolving loans, and can change what Riot pays to service its debt.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates can raise interest expense on Riot’s SOFR-linked revolving loans, leaving less cash for mining operations, facilities and other needs; new borrowing may also cost more.
If it comes in below expectations
Lower rates can reduce interest expense on Riot’s SOFR-linked revolving loans, leaving more cash for operations and investment; new borrowing may also cost less.
Riot Platforms, Inc. earningsThis company
Riot Platforms’ report shows whether its miners are producing more bitcoin at supportable costs and whether its Engineering business is adding customer revenue.
Read average operating hash rate beside bitcoin mined, then compare the cost to mine each bitcoin with that bitcoin’s production value. Deployed hash rate is the potential capacity of miners in place; average operating hash rate reflects what ran, and the gap can come from curtailments, repairs, or maintenance. More output from operating capacity, with mining cost taking a smaller share of production value, would show that expansion is translating into stronger mining economics; added equipment without matching output, or a rising cost share, would point the other way. Then check whether Engineering reports revenue from customer products and services: growth would show that the non-mining business is contributing too, while weak revenue would mean it has yet to add much beyond mining.
MARA Holdings, Inc. earningsMARA
MARA Holdings’ report will show how much computing power it has energized, revealing the pressure it adds to Riot Platforms’ competition for bitcoin block rewards.
Watch MARA Holdings’ energized computing power, not just how many miners it has bought or installed; computing power measures the machines’ ability to do the work. Miners compete for the same network block rewards, so fast growth in MARA’s operating capacity would make it harder for Riot Platforms to maintain its share of the competition; limited growth would add less pressure. Compare MARA’s growth with Riot’s own average operating hash rate to see which company is expanding its actual capacity faster.
Core Scientific, Inc. earningsCORZ
Core Scientific’s report will show its progress converting mining sites to house customer computing equipment, a practical check on the electrical and cooling work in Riot Platforms’ data-center plans.
Watch whether Core Scientific is converting existing mining sites so they can house customers’ computing equipment, including the electrical and cooling work. Smooth conversions with customer equipment operating in the facilities would show how existing infrastructure can be turned toward non-mining business; delays or problems with power systems and cooling would point to execution hurdles Riot Platforms may also face. This is a comparison of the work involved, not evidence that the two companies have the same contracts or progress.
TeraWulf Inc. earningsWULF
TeraWulf’s report will show whether it can deliver contracted data-center capacity, revealing how powered sites can become customer revenue for a business like Riot Platforms.
Watch whether TeraWulf delivers its contracted AI and high-performance computing capacity on schedule and whether customers’ leased capacity is generating revenue. Delivery would show that power and facilities can turn into customer-backed hosting income, a useful comparison for Riot Platforms’ plans to earn from data centers; delays would show that contracts alone do not make power and facilities productive. TeraWulf’s results are a benchmark, not evidence that Riot has signed similar customers or contracts.
Applied Digital Corporation earningsAPLD
Applied Digital’s report will show whether it can secure grid connections and bring leased AI facilities online, a check on the power bottleneck facing Riot Platforms’ data-center expansion.
Watch whether Applied Digital secures grid connections and brings leased AI facilities into operation. Progress would show that new computing sites can clear the power-access hurdle; delays would show that even leased capacity may not be usable until power is connected. Riot Platforms also needs reliable power to expand its data centers, so this indicates a constraint facing similar build-outs, but it does not establish Riot’s own connection progress.
