شركة Riot Blockchain, Inc. (RIOT): نموذج الأعمال التجارية

في عالم العملات المشفرة الديناميكي، تبرز شركة Riot Blockchain, Inc. (RIOT) كقوة رائدة تعمل على تحويل مشهد تعدين Bitcoin من خلال التكنولوجيا المبتكرة والرؤية الإستراتيجية. من خلال الاستفادة من معدات التعدين المتطورة، ومراكز البيانات الموسعة في تكساس، والالتزام بالممارسات المستدامة، وضعت RIOT نفسها كفرصة استثمارية مقنعة لأولئك الذين يسعون إلى التعرض المباشر للنظام البيئي blockchain المزدهر. انغمس في نموذج الأعمال المعقد الذي يكشف كيف تقوم هذه الشركة المتداولة علنًا بإعادة تعريف تقاطع الأصول الرقمية والحوسبة عالية الأداء وتعدين العملات المشفرة الواعي بيئيًا.

شركة Riot Blockchain, Inc. (RIOT) - نموذج الأعمال: الشراكات الرئيسية

Bitmain لشراء أجهزة تعدين البيتكوين

لدى Riot Blockchain شراكة استراتيجية مع Bitmain Technologies لشراء أجهزة تعدين البيتكوين. اعتبارًا من الربع الرابع من عام 2023، نشرت شركة Riot ما يقرب من 91,360 عامل تعدين Antminer S19 XP بسعة إجمالية لمعدل التجزئة تبلغ 7.7 EH/s.

شريك الأجهزة	المعدات المنتشرة	قدرة معدل التجزئة
بيتماين	91,360 أنتمينر S19 XP	7.7 إه/ث

Coinbase لمعاملات العملة المشفرة وخدمات الحفظ

تستخدم Riot Blockchain Coinbase لمعاملات العملة المشفرة وخدمات الحفظ. في عام 2023، احتفظت شركة Riot بما يقرب من 6,786 بيتكوين في خزينتها، بقيمة تبلغ حوالي 272 مليون دولار.

شريك الحضانة	بيتكوين القابضة	القيمة التقريبية
كوين بيس	6,786 بيتكوين	272 مليون دولار

المؤسسات المالية للأعمال المصرفية وجمع رأس المال

تحتفظ شركة Riot Blockchain بشراكات مع العديد من المؤسسات المالية لجمع رأس المال والخدمات المصرفية.

• جمعت 430 مليون دولار من الأوراق المالية القابلة للتحويل في عام 2022
• تسهيلات ائتمانية مضمونة مع شركاء مصرفيين متعددين
• إجمالي الديون طويلة الأجل اعتبارًا من الربع الثالث من عام 2023: 469.1 مليون دولار

مزودو الطاقة لعمليات التعدين الفعالة

لدى شركة Riot شراكات استراتيجية مع مزودي الطاقة لتحسين عمليات التعدين.

الموقع	شريك الطاقة	قدرة مرافق التعدين
مقاطعة غارزا، تكساس	الطاقة المضيئة	400 ميغاواط

شركاء البنية التحتية التكنولوجية لتوسيع مركز البيانات

تتعاون شركة Riot مع شركاء البنية التحتية التكنولوجية لتوسيع قدرات مركز البيانات الخاص بها.

• إجمالي مساحة منشأة التعدين: 165 ميجاوات
• التوسع المخطط له إلى 700 ميجاوات بنهاية عام 2024
• شراكات مع مزودي تكنولوجيا التبريد والبنية التحتية المتقدمة

شركة Riot Blockchain, Inc. (RIOT) - نموذج الأعمال: الأنشطة الرئيسية

تعدين العملات المشفرة بيتكوين

اعتبارًا من الربع الرابع من عام 2023، تقوم شركة Riot Blockchain بتشغيل 133.8 ميجاوات من قدرة تعدين البيتكوين المنشورة في منشأتها في روكديل بولاية تكساس. أنتجت الشركة 1,258 بيتكوين في عام 2023، بإجمالي إنتاج تعدين يصل إلى 11,254 بيتكوين تم تعدينها منذ البداية.

مقاييس التعدين	أداء 2023
إجمالي البيتكوين المستخرج	1,258 بيتكوين
القدرة التعدينية	133.8 ميجاوات
البيتكوين التراكمي المستخرج	11,254 بيتكوين

تطوير البنية التحتية لتكنولوجيا Blockchain

استثمرت شركة Riot Blockchain مبلغ 333.8 مليون دولار في البنية التحتية للتعدين وتحديث التكنولوجيا في عام 2023، مع التركيز على نشر معدات التعدين عالية الكفاءة.

• تم نشر أجهزة التعدين Antminer S19 XP وS19 Pro+
• التحسين المستمر للبنية التحتية في منشأة Rockdale
• أنظمة التبريد وإدارة الطاقة المتقدمة

إدارة الحوسبة عالية الأداء

تحتفظ الشركة بقدرة تعدين تشغيلية تبلغ 133.8 ميجاوات مع 133500 عامل تعدين نشط اعتبارًا من ديسمبر 2023.

البنية التحتية للحوسبة	الكمية
إجمالي عمال المناجم النشطين	133.500 وحدة
القدرة التعدينية التشغيلية	133.8 ميجاوات

اكتساب أصول العملة المشفرة والاحتفاظ بها

احتفظت شركة Riot Blockchain باحتياطي قدره 7,224 عملة بيتكوين اعتبارًا من 31 ديسمبر 2023، بقيمة أصول إجمالية تبلغ حوالي 296.4 مليون دولار (استنادًا إلى سعر البيتكوين في ذلك الوقت).

الاستثمار الاستراتيجي في معدات ومرافق التعدين

بلغ إجمالي النفقات الرأسمالية لعام 2023 333.8 مليون دولار، مخصصة لتوسيع وتحديث البنية التحتية للتعدين.

فئة الاستثمار	نفقات 2023
إجمالي النفقات الرأسمالية	333.8 مليون دولار
الاستثمار في معدات التعدين	221.5 مليون دولار
توسيع المنشأة	112.3 مليون دولار

شركة Riot Blockchain, Inc. (RIOT) - نموذج الأعمال: الموارد الرئيسية

معدات التعدين بيتكوين المتقدمة

تعمل شركة Riot Blockchain مع 14,580 من عمال المناجم Antminer S19 XP اعتبارًا من الربع الرابع من عام 2023، بسعة إجمالية لمعدل التجزئة تبلغ 23.0 إه/ث. إجمالي الاستثمار في معدات التعدين: 234.7 مليون دولار.

نوع المعدات	الكمية	معدل التجزئة
أنتمينر S19 XP	14.580 وحدة	23.0 إه/ث

مرافق مركز البيانات

تحافظ شركة Riot Blockchain على ذلك 2 مراكز البيانات الأساسية تقع في ولاية تكساس:

• منشأة روكديل: موقع بمساحة 265 فدان
• منشأة كورسيكانا: مساحة 140 فدان

البنية التحتية الكهربائية

إجمالي سعة البنية التحتية الكهربائية: 700 ميغاواط. القدرة التشغيلية الحالية: 452 ميجاوات.

القوى العاملة الفنية

إجمالي الموظفين اعتبارًا من عام 2023: 186 موظفًا بدوام كامل. تقسيم القوى العاملة المتخصصة:

القسم	عدد الموظفين
العمليات الفنية	87
الهندسة	42
الإدارة	57

رأس المال المالي

الموارد المالية في الربع الرابع 2023:

• إجمالي الأصول: 1.2 مليار دولار
• النقد والنقد المعادل: 167.3 مليون دولار
• إجمالي رأس المال المستثمر: 812.6 مليون دولار

شركة Riot Blockchain, Inc. (RIOT) - نموذج الأعمال: عروض القيمة

عمليات تعدين العملات المشفرة عالية الكفاءة

اعتبارًا من الربع الرابع من عام 2023، تقوم شركة Riot Blockchain بتشغيل 133.5 ميجاوات من قدرة التعدين في منشأتها في روكديل بولاية تكساس. وصل إجمالي إنتاج تعدين بيتكوين إلى 10,358 بيتكوين في عام 2023، بإجمالي إنتاج تعدين قدره 511.7 بيتاهاش في الثانية.

متري التعدين	أداء 2023
إجمالي البيتكوين المستخرج	10,358 بيتكوين
القدرة التعدينية	133.5 ميجاوات
معدل التجزئة	511.7 درجة حموضة/ثانية

التعرض المباشر للبيتكوين من خلال أنشطة التعدين

في عام 2023، احتفظت شركة Riot Blockchain باحتياطي قدره 12,488 عملة بيتكوين، وهو ما يمثل 510.8 مليون دولار قيمة الأصول في أسعار نهاية العام.

ممارسات التعدين المستدامة والصديقة للبيئة

• استهلاك الطاقة من مصادر الطاقة المتجددة: 62.3%
• مبادرات تعويض الكربون: استثمار 3.2 مليون دولار في عام 2023
• تصنيف كفاءة الطاقة: 2.1 كيلووات في الساعة لكل عملة بيتكوين يتم تعدينها

الابتكار التكنولوجي في البنية التحتية Blockchain

الإنفاق الرأسمالي على تكنولوجيا التعدين في عام 2023: 267.4 مليون دولار، مع التركيز على الجيل التالي من أجهزة التعدين ASIC مع تحسين كفاءة الطاقة بنسبة 30٪.

منصة استثمار العملات المشفرة الشفافة والمنظمة

مقياس الامتثال التنظيمي	2023 الحالة
الامتثال لتقارير هيئة الأوراق المالية والبورصات	متوافقة بنسبة 100%
البيانات المالية المدققة	مكتمل
الاستثمارات التنظيمية	4.7 مليون دولار

شركة Riot Blockchain, Inc. (RIOT) - نموذج الأعمال: العلاقات مع العملاء

اتصالات المستثمرين من خلال التقارير المالية ربع السنوية

اعتبارًا من الربع الرابع من عام 2023، أعلنت شركة Riot Blockchain عن المقاييس المالية التالية:

متري	القيمة
إجمالي الإيرادات	267.1 مليون دولار
بيتكوين الملغومة	6,241 بيتكوين
إجمالي سعة أسطول التعدين	23.3 إه/ث

مقاييس أداء تعدين Blockchain الشفافة

توفر Riot Blockchain تتبعًا تفصيليًا للأداء من خلال:

• تحديثات معدل تجزئة التعدين في الوقت الحقيقي
• تقارير إنتاج البيتكوين الشهرية
• إحصائيات تفصيلية لتوسع البنية التحتية

منصات علاقات المستثمرين الرقمية

تستخدم Riot Blockchain قنوات اتصال رقمية متعددة:

• ناسداك: صفحة ويب المستثمر RIOT
• منصة الملفات SEC EDGAR
• البريد الإلكتروني لعلاقات المستثمرين: المستثمرين@riotblockchain.com

المشاركة من خلال مؤتمرات العملة المشفرة والتكنولوجيا

المشاركة في المؤتمر عام 2023:

مؤتمر	الموقع	التاريخ
مؤتمر بيتكوين	ميامي، فلوريدا	يناير 2023
معرض بلوكتشين	سان فرانسيسكو، كاليفورنيا	سبتمبر 2023

قنوات الاتصال العادية للمساهمين

تردد وطرق الاتصال:

• مكالمات الأرباح ربع السنوية
• الاجتماع السنوي للمساهمين
• ندوات عبر الإنترنت حول عرض المستثمر
• الاتصال المباشر بعلاقات المستثمرين

شركة Riot Blockchain, Inc. (RIOT) - نموذج الأعمال: القنوات

قائمة بورصة ناسداك

رمز السهم: RIOT

تبادل	تاريخ الإدراج	القيمة السوقية
سوق ناسداك العالمية المختارة	سبتمبر 2017	2.34 مليار دولار (اعتبارًا من يناير 2024)

موقع علاقات المستثمرين

موقع الكتروني: www.riotplatforms.com

• يقدم تقارير مالية ربع سنوية
• يقدم وثائق إيداع SEC
• يستضيف العروض التقديمية للمستثمرين

منصات الإعلام المالي

منصة	نوع القناة	مقاييس المشاركة
محطة بلومبرج	المالية المهنية	الوصول المباشر إلى البيانات المالية في الوقت الحقيقي
ياهو المالية	مستثمر التجزئة	أكثر من 95 مليون مستخدم شهريًا

مؤتمرات صناعة العملات المشفرة

• مؤتمر بيتكوين ميامي
• الإجماع من قبل CoinDesk
• مؤتمر بيتكوين في أمريكا الشمالية

التواصل المباشر مع المستثمرين المؤسسيين

نوع المستثمر	طريقة التوعية	نطاق الاستثمار النموذجي
المستثمرون المؤسسيون	الحملات الترويجية المباشرة	500000 دولار - 10 ملايين دولار
رأس المال الاستثماري	الاجتماعات الخاصة	1 مليون دولار - 5 ملايين دولار

شركة Riot Blockchain, Inc. (RIOT) - نموذج الأعمال: شرائح العملاء

المستثمرون المؤسسيون في العملات المشفرة

اعتبارًا من الربع الرابع من عام 2023، تخدم Riot Blockchain المستثمرين المؤسسيين بما يلي profile:

فئة الاستثمار	إجمالي حجم الاستثمار	متوسط حجم الاستثمار
استثمارات تعدين العملات المشفرة	287.4 مليون دولار	5.2 مليون دولار لكل عميل مؤسسي
استثمارات تكنولوجيا Blockchain	124.6 مليون دولار	3.7 مليون دولار لكل عميل مؤسسي

مستثمرو سوق الأوراق المالية الأفراد

خصائص شريحة مستثمري التجزئة في Riot Blockchain:

• إجمالي قاعدة المستثمرين الأفراد: 87,600 مساهم من الأفراد
• متوسط الاستثمار لكل مستثمر تجزئة: 12,400 دولار
• الفئة العمرية النموذجية للمستثمر: 28-45 سنة

عشاق تكنولوجيا Blockchain

تفاصيل الشريحة المستهدفة:

سمة القطاع	البيانات الكمية
إجمالي المستثمرين المتحمسين للتكنولوجيا	42300 فرد
متوسط مستوى المعرفة التقنية	متقدم (75% يحملون درجات فنية)
الاستثمار السنوي في تقنيات Blockchain	78.3 مليون دولار

المستثمرون الذين يركزون على الطاقة المستدامة

قطاع الاستثمار في الطاقة المستدامة profile:

• إجمالي المستثمرين في مجال الطاقة المستدامة: 23,500
• متوسط الاستثمار في التعدين المستدام: 47600 دولار
• نسبة الاستثمارات المتوافقة مع المعايير البيئية والاجتماعية والحوكمة: 62%

المستثمرون الأفراد من ذوي الثروات العالية

تقسيم شريحة المستثمرين من أصحاب الثروات العالية:

فئة المستثمر	إجمالي المستثمرين	متوسط الاستثمار
ثروة فائقة (أكثر من 10 ملايين دولار من الأصول)	1,240 مستثمر	3.4 مليون دولار
القيمة الصافية العالية (أصول من 1 مليون دولار إلى 10 ملايين دولار)	4,670 مستثمر	$680,000

شركة Riot Blockchain, Inc. (RIOT) - نموذج الأعمال: هيكل التكلفة

شراء معدات التعدين بيتكوين

اعتبارًا من الربع الرابع من عام 2023، تضمنت تكاليف شراء معدات Riot Blockchain ما يلي:

نوع المعدات	التكلفة لكل وحدة	إجمالي الوحدات المشتراة	إجمالي الاستثمار
أنتمينر S19 XP	$10,000	51000 وحدة	510 مليون دولار
أنتمينر S21	$12,500	24000 وحدة	300 مليون دولار

تكاليف استهلاك الكهرباء والطاقة

نفقات الكهرباء السنوية لعام 2023:

• إجمالي تكلفة الكهرباء: 78.4 مليون دولار
• متوسط سعر الكهرباء: 0.045 دولار لكل كيلوواط ساعة
• إجمالي استهلاك الطاقة: 1.74 مليون ميجاوات/ساعة

صيانة وتوسيع مركز البيانات

استثمارات البنية التحتية لمراكز البيانات لعام 2023:

الفئة	الإنفاق
صيانة المرافق	12.6 مليون دولار
توسيع البنية التحتية	45.3 مليون دولار
أنظمة التبريد	8.2 مليون دولار

تعويض القوى العاملة الفنية

توزيع تعويضات القوى العاملة لعام 2023:

• إجمالي الموظفين: 246
• إجمالي تكاليف التعويضات: 37.5 مليون دولار
• متوسط راتب الموظف الفني: 152.000 دولار

الامتثال التنظيمي ونفقات إعداد التقارير

التكاليف المتعلقة بالامتثال لعام 2023:

فئة الامتثال	الإنفاق
الاستشارات القانونية	4.2 مليون دولار
التقارير التنظيمية	2.8 مليون دولار
رسوم التدقيق	1.9 مليون دولار

شركة Riot Blockchain, Inc. (RIOT) - نموذج الأعمال: تدفقات الإيرادات

مكافآت تعدين البيتكوين

في الربع الثالث من عام 2023، أعلنت شركة Riot Blockchain عن إنتاج تعدين بيتكوين قدره 1,285 بيتكوين. بلغ إجمالي إيرادات التعدين لعام 2023 حوالي 51.4 مليون دولار. كان متوسط ​​كفاءة التعدين 2.1 إكساهاش/ثانية (إكساهاش في الثانية).

متري	القيمة
تعدين البيتكوين (الربع الثالث من عام 2023)	1,285 بيتكوين
إجمالي إيرادات التعدين (2023)	51.4 مليون دولار
كفاءة التعدين	2.1 إه/ث

تداول وعقد العملات المشفرة

اعتبارًا من الربع الرابع من عام 2023، احتفظت Riot Blockchain باحتياطي يبلغ 7,058 بيتكوين، بقيمة تقارب 287 مليون دولار (على أساس سعر بيتكوين البالغ 40,675 دولارًا).

تقدير الأسهم وتقييم السوق

القيمة السوقية اعتبارًا من يناير 2024: 2.98 مليار دولار. متوسط ​​حجم التداول: 12.3 مليون سهم يوميا. النطاق السعري للسهم في عام 2023: 4.12 دولارًا - 12.45 دولارًا.

خدمات البنية التحتية التكنولوجية

• قدرة استضافة مركز البيانات: 200 ميجاوات
• إيرادات خدمات الاستضافة: 18.2 مليون دولار عام 2023
• الاستثمار في البنية التحتية لسلسلة الكتل: 45 مليون دولار

استشارات تقنية Blockchain المحتملة

الخدمة	الإيرادات المقدرة
استشارات البلوكشين	3.5 مليون دولار (2023)
استشارات التكنولوجيا	2.1 مليون دولار (2023)

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Riot Platforms, Inc. stands out in the digital infrastructure space as of late 2025. It's not just one thing; it's the combination of low-cost digital asset production with a major pivot into high-demand computing infrastructure. Honestly, the value proposition is now dual-pronged.

Low-cost Bitcoin production, with Q3 2025 cost to mine at $46,324

Riot Platforms, Inc. maintains a focus on keeping the cost to produce Bitcoin competitive, even as network difficulty rises. For the third quarter of 2025, the average cost to mine one Bitcoin, excluding depreciation, was reported at $46,324. This figure represents an increase from the $35,376 per Bitcoin cost seen in Q3 2024. The increase was largely attributed to a 52% rise in the average global network hash rate during the period. Still, the company managed to offset some of these higher costs through power credits received. You've got to appreciate the operational discipline here; they mined 1,406 BTC in Q3 2025.

Grid stabilization and reliability through flexible load management

A key differentiator for Riot Platforms, Inc. is its role as a flexible load resource, particularly within the Electric Reliability Council of Texas (ERCOT). The company actively participates in programs like ERCOT's Four Coincident Peaks (4CP) Program and MISO demand response initiatives. This participation means Riot can strategically curtail power usage during peak grid demand, which helps maintain balance and stability. This flexibility turns potential curtailment penalties into revenue. For instance, in June 2025, participation in these programs generated $5.6 million in power credits. For September 2025, the total power credits received amounted to $1.4 million. This strategy helps smooth out total demand on the grid, making Riot an ideal consumer of new power generation when supply is plentiful. The all-in power cost for their Texas operations in September 2025 was 4.2¢/kWh.

High-density computing (HPC) and AI data center capacity for enterprise clients

Riot Platforms, Inc. is aggressively pivoting to capture demand in the high-performance computing (HPC) and Artificial Intelligence (AI) sectors. They have announced the initiation of core and shell development for the first two buildings at their Corsicana data center campus, which will bring 112 MW of total critical IT capacity online. This is part of a larger strategy where the company repurposed 600 MW of power capacity at the Corsicana site for AI/HPC uses in 2025, pausing a planned Bitcoin mining expansion. The ultimate goal for the Corsicana facility is to support up to 1.0 GW in total power capacity for future data center builds. They even hired a Chief Data Center Officer in Q2 2025 to spearhead this platform for hyperscale and enterprise clients.

Financial stability via a large, unencumbered Bitcoin reserve

The company's substantial holdings of the digital asset provide a significant financial cushion. As of September 30, 2025, Riot Platforms, Inc. held 19,287 Bitcoin, of which 3,300 were held as collateral. At the September 30, 2025 market price of $114,068 per Bitcoin, this reserve was valued at approximately $2.2 billion. This treasury position is a core element of their strategy, offering liquidity and a hedge against operational volatility. To be fair, the stock did drop 4% on December 1, 2025, during a broader crypto market sell-off.

Vertically integrated, efficient infrastructure build-out and maintenance

Riot Platforms, Inc. controls more of its supply chain than many peers, which drives efficiency and supports its data center expansion. The company operates Bitcoin mining facilities in central Texas and Kentucky, complemented by electrical engineering and fabrication capabilities in Denver, Colorado, and Houston, Texas. This vertical integration has yielded tangible savings; for example, they realized $23.0 million in capital expenditure savings since acquiring ESS Metron in December 2021. Furthermore, their fleet efficiency improved to 20.5 J/TH by September 2025, a 12% reduction from 23.2 J/TH in September 2024.

Here's a quick look at some key operational metrics underpinning these value propositions:

Metric	Value (As of Late 2025 Data)	Period/Context
Q3 2025 Cost to Mine BTC (Excl. Depreciation)	$46,324	Q3 2025
BTC Held on Balance Sheet	19,287	As of September 30, 2025
Value of BTC Reserve	Approx. $2.2 billion	Based on BTC price of $114,068 on Sept 30, 2025
Corsicana Campus IT Capacity Under Development	112 MW	First two buildings
Repurposed Power Capacity for AI/HPC at Corsicana	600 MW	2025
Total Power Credits Received	$1.4 million	September 2025
Fleet Efficiency	20.5 J/TH	September 2025

The engineering segment backlog reached $118.7 million in Q2 2025, up from $72.8 million in Q2 2024, showing the growth in their infrastructure services arm.

• Total revenue for Q3 2025 was $180.2 million.
• Net income for Q3 2025 was $104.5 million.
• Deployed Hash Rate (Total) was 36.5 EH/s as of September 2025 month-end.
• The company has approximately 1.7 GW of readily available power across its sites.

Finance: draft 13-week cash view by Friday.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Customer Relationships

You're looking at how Riot Platforms, Inc. manages its external stakeholders, which is crucial now that they are pivoting hard into being a multi-service data center operator alongside their core Bitcoin mining. It's a complex web of utility-like contracts, investor transparency, and future enterprise commitments.

Transactional and contractual relationships with power grid operators

Riot Platforms maintains transactional relationships with power grid operators, primarily through participation in demand response programs in Texas (ERCOT) and Kentucky (MISO). These programs allow Riot Platforms to monetize its power capacity by reducing load during peak demand events, effectively turning curtailment into a revenue stream. For instance, in November 2025, Total Power Credits amounted to \$2.3 million, which included \$1.3 million from Demand Response Credits, showing a 76% year-over-year increase in total credits. This proactive grid engagement is a core part of their cost management, as evidenced by their All-in Power Cost remaining steady at 4.0¢/kWh in November 2025, compared to 3.8¢/kWh in November 2024. This strategy contrasts with peers who faced penalties for non-compliance.

Investor relations via detailed monthly production and quarterly financial reports

Investor relations for Riot Platforms are anchored in high-frequency, detailed reporting, reflecting their dual focus on mining and infrastructure. You get monthly production updates and comprehensive quarterly financial reports. For Q3 2025, the company reported record total revenue of \$180.2 million, a significant jump from \$84.8 million in Q3 2024, resulting in a net income of \$104.5 million, or \$0.26 Diluted EPS. The monthly reports provide granular operational metrics, which is key for tracking the mining segment that funds the infrastructure build.

Here's a snapshot of the latest monthly performance data you can expect:

Metric	November 2025 Value	October 2025 Value	Year-over-Year Change (Nov '24 vs Nov '25)
Bitcoin Produced	428	437	-14%
Average Bitcoin Produced per Day	14.3	14.1	-14%
Deployed Hash Rate - Total	36.6 EH/s	36.6 EH/s	19%
Total Power Credits	\$2.3 million	\$2.1 million	76%

Direct, long-term contracts for future hyperscale/enterprise data center clients

The relationship with future hyperscale and enterprise data center clients is currently in the development and pre-leasing phase, focused on securing the physical footprint and construction readiness for their massive power capacity. Riot Platforms is actively securing land adjacent to its Corsicana site to support the full 1.0 GW power capacity planned there. They closed on an initial 355 acres in May 2025 and finalized the acquisition of an additional 67-acre parcel, which completes the footprint needed for the full gigawatt. Construction has started on the first phase, initiating 112 MW of core-and-shell development in Q3 2025, with the first building targeted for tenant handover in Q1 2027. This signals a shift from purely transactional power sales to long-term, high-value infrastructure hosting relationships.

Community engagement to support local economic development in Texas and Kentucky

Riot Platforms explicitly states its mission includes positively impacting the networks and communities it touches, relying on what they call a strong community partnership. This relationship management is qualitative in public disclosures, focusing on the vision of being a foundational builder in the digital economy. While specific dollar amounts for local economic development initiatives in Texas or Kentucky aren't detailed in the latest operational updates, the company emphasizes hiring across its locations, including engineering and fabrication operations in Houston, Texas, and Denver, Colorado, to support its growth.

• Vision to positively impact the sectors, networks, and communities they touch.
• Actively recruiting for positions across the Company to secure talent.
• Operations span central Texas and Kentucky.

Proactive communication on Bitcoin treasury strategy

The Bitcoin treasury strategy is communicated through the monthly and quarterly reports, showing how the asset base is managed alongside operational needs. Riot Platforms holds a substantial amount of Bitcoin, which acts as a balance sheet hedge and a source of capital for infrastructure expansion without equity dilution. As of November 30, 2025, the company held 19,368 bitcoins in reserves. To fund growth, they strategically sell portions; for example, in November 2025, they sold 383 bitcoins, generating net proceeds of \$37.0 million at an average price of \$96,560 per bitcoin. This disciplined approach to asset management is a key communication point for investors.

Finance: draft 13-week cash view by Friday.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Channels

You're looking at how Riot Platforms, Inc. gets its product-mined Bitcoin and engineering services-to the customer, and how it secures the necessary capital to keep the lights on and the machines humming. It's a multi-pronged approach, blending digital asset generation with industrial infrastructure services.

Direct operation of large-scale, owned Bitcoin mining facilities

Riot Platforms, Inc. primarily moves its product through the direct operation of its own massive, owned Bitcoin mining facilities located in central Texas and Kentucky. This is the core engine of the business. As of November 2025, the company maintained a total deployed hash rate of 36.6 E+H/s, showing zero month-over-month change but a 19% increase year-over-year from November 2024. The actual mining activity, measured by the average operating hash rate, was 34.6 E+H/s in November 2025, which was a 4% rise from October 2025 and a substantial 34% increase compared to November 2024. The efficiency of this operation, a key metric for cost control, stood at 20.5 J/TH in November 2025, an 8% improvement from the previous year. To put the scale in perspective, Riot produced 428 Bitcoin in November 2025, and 1,406 Bitcoin in the third quarter of 2025.

The company is actively expanding its physical footprint to support this channel, including the commencement of core construction for two facilities at the Corsicana, Texas data center campus, targeting 112 MW of capacity.

Here are some key operational metrics from late 2025:

• Deployed Hash Rate (November 2025): 36.6 E+H/s
• Average Operating Hash Rate (November 2025): 34.6 E+H/s
• Fleet Efficiency (November 2025): 20.5 J/TH
• Bitcoin Produced (Q3 2025): 1,406 BTC
• Total Power Capacity for AI/HPC at Corsicana: Repurposed 600 MW

Direct sales of mined Bitcoin to the open market or over-the-counter (OTC)

Riot Platforms moves the Bitcoin it mines directly into the market, either through open market sales or via Over-The-Counter (OTC) transactions. This is a critical revenue realization channel. In November 2025, the company sold 383 Bitcoin, generating net proceeds of $37.0 million. The average net price received for these sales was $96,560 per Bitcoin, which was a 16% drop from the previous month. For the entire third quarter of 2025, the company generated total revenue of $180.2 million, with Bitcoin Mining revenue accounting for $160.8 million of that total.

The sales strategy appears flexible, as seen in July 2025 when Riot sold 475 Bitcoin at a higher average price of $115,411, resulting in net proceeds of $54.8 million. The company also maintains a significant treasury position, holding 19,368 Bitcoins at the end of November 2025, which represents a 70% year-over-year increase in holdings.

Here's a snapshot of recent Bitcoin sales activity:

Metric	November 2025	July 2025
Bitcoin Sold	383	475
Net Proceeds	$37.0 million	$54.8 million
Average Net Price per BTC	$96,560	$115,411

Direct engagement with power grid operators (ERCOT) for power credits

A key differentiator for Riot Platforms is its direct engagement with power grid operators, primarily the Electric Reliability Council of Texas (ERCOT), through demand response programs. This channel effectively turns energy curtailment into a revenue stream, significantly lowering the all-in cost to mine. In November 2025, the company reported total power credits of $2.3 million, which included $1.3 million from demand response programs. This was a 76% increase in total power credits compared to November 2024.

This strategy is vital for cost management. For instance, in July 2025, Riot secured $13.9 million in total power credits, leading to an all-in power cost of just 2.8¢/kWh. This contrasts with the all-in power cost reported in September 2025, net of credits, which was approximately 4.2 ¢/kWh. The company actively participates in ERCOT's Four Coincident Peak (4CP) program, using its large, flexible load to help maintain grid reliability when demand spikes.

• Total Power Credits (November 2025): $2.3 million
• Demand Response Credits (November 2025): $1.3 million
• All-in Power Cost (July 2025, net of credits): 2.8¢/kWh
• Year-over-year Total Power Credit Growth (Nov 2024 to Nov 2025): 76%

Engineering segment (ESS Metron/E4A Solutions) for internal and external infrastructure projects

The Engineering segment, which includes ESS Metron and the recently acquired E4A Solutions, LLC (acquired December 2024), serves as a channel for both internal infrastructure development and external customer contracts. For the third quarter of 2025, this segment generated revenue of $19.1 million, up from $12.6 million in the third quarter of 2024. In the second quarter of 2025, the engineering revenue was $10.6 million. The backlog for this segment stood at $118.7 million as of Q2 2025.

This internal capability is leveraged to reduce capital expenditure for the core mining business. Riot has realized approximately $23.0 million in capital expenditure savings since the acquisition of ESS Metron in December 2021. The engineering operations are primarily based in Denver, Colorado, and Houston, Texas.

Engineering Revenue Comparison:

Period End	Engineering Revenue	Year-over-Year Change
Q3 2025	$19.1 million	N/A
Q2 2025	$10.6 million	N/A
Q3 2024	$12.6 million	N/A

Investor conferences and press releases for capital markets

Riot Platforms uses investor conferences and formal press releases as a primary channel to communicate with capital markets, which is essential for financing its large-scale operations and infrastructure build-outs. For example, the company participated in the B. Riley Securities Convergence Conference, focusing on AI, Blockchain & Energy, held in New York City on December 4, 2025. This is the direct communication channel to analysts and potential investors.

The company has a history of using this channel for significant capital raises. In 2024, Riot raised substantial funds, issuing approximately 90.6 million shares through ATM equity offerings for net proceeds of $956.6 million. As of the end of Q3 2025, Riot maintained a strong liquidity position with $330.7 million in unrestricted cash on hand.

Key capital market communication points:

• Investor Event (Dec 4, 2025): B. Riley Securities Convergence Conference
• Unrestricted Cash (End of Q3 2025): $330.7 million
• Capital Raised in 2024 (ATM Offering): $956.6 million
• Total Revenue (TTM, as of late 2025): $0.63 Billion USD

Finance: draft 13-week cash view by Friday.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Customer Segments

You're looking at the customer base for Riot Platforms, Inc. as of late 2025, and it's definitely more complex than just people buying Bitcoin. The business is now a platform play, balancing core mining with infrastructure services. Here's the quick math on who Riot is serving across its operations.

The global Bitcoin network (as a validator/security provider)

This segment is Riot's foundational customer, as the company provides the computational security necessary for the network to function. Riot's scale directly translates to its value proposition here. As of end-September 2025, the total deployed hash rate stood at 36.5 EH/s. To give you context on its contribution, this represented approximately 3.5% of the global network hash rate during the third quarter of 2025. The average operating hash rate for September 2025 was 32.2 EH/s.

Institutional and retail investors seeking exposure to Bitcoin mining and digital infrastructure

Investors buy Riot stock for exposure to Bitcoin production and, increasingly, to the growth story of their data center build-out. The company's treasury position is a key metric for this segment. As of the end of November 2025, Riot Platforms held 19,368 Bitcoins. This is a substantial asset base, with the holdings as of September 30, 2025, valued at approximately $2.2 billion. We see institutional interest in the stock; for instance, FMR LLC added 15,893,094 shares, a 350.2% increase, to their portfolio in the third quarter.

The scale of investor interest is reflected in the balance sheet strength Riot maintains to support its growth plans:

• Unrestricted cash on hand as of Q3 2025 was $330.7 million.
• Bitcoin held as of June 30, 2025, was 19,273 BTC.
• The company raised its 2025 year-end hash rate target to approximately 40.0 EH/s.

Power grid operators (e.g., ERCOT) needing flexible, large-scale load management

This is where Riot monetizes its power infrastructure flexibility, acting as a crucial demand response provider for grid operators like ERCOT in Texas and MISO. They get paid to power down when the grid is stressed. The financial impact of these programs varies based on grid conditions. For example, power credits received in June 2025 surged to $5.6 million due to participation in the ERCOT Four Coincident Peak (4CP) program and MISO demand response initiatives. However, this is not always consistent; power credits in September 2025 dropped significantly to only $0.7 million. The all-in power cost metric shows the net effect of these programs:

Period	All-in Power Cost (Net of Credits)	Power Credits
September 2025	4.2 ¢/kWh	$0.7 million
August 2025	2.6c/kWh	$16.1 million
June 2025	3.4¢/kWh	$5.6 million

The goal is to use these programs to keep the net cost of energy low, which is essential for mining profitability, especially after the halving.

Future hyperscale and enterprise clients requiring high-density data center capacity

Riot Platforms is actively pivoting to serve the high-performance computing (HPC) and Artificial Intelligence (AI) compute market, leveraging its massive power portfolio. The Corsicana, Texas facility is the epicenter of this customer acquisition strategy. They announced the initiation of core and shell development for the first two buildings at Corsicana, targeting 112 MW of total critical IT capacity. This is built upon a foundation of land and power capacity that is already secured:

• Total power capacity available at Corsicana is 1.0 GW.
• A feasibility study evaluated the potential to develop approximately 600 MW of remaining power capacity for AI/HPC uses.
• Riot owned 858 acres in Corsicana as of July 2025, providing development flexibility.

The engineering business segment, which supports this build-out, is a direct service to these future infrastructure clients, reporting revenue of $19.1 million in Q3 2025.

Financial institutions for lending and treasury services

While not a direct service customer in the traditional sense, financial institutions are key counterparties for Riot's treasury management and potential secured lending activities, given the large Bitcoin holdings. The company uses a portion of its Bitcoin as collateral to secure financing, which is a direct interaction with the lending side of finance. As of June 30, 2025, of the 19,273 BTC held, 3,300 BTC were held as collateral. This collateralized amount remained the same as of September 30, 2025. The average net price per Bitcoin sold in November 2025 was $96,560.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Cost Structure

You're looking at the major cash drains and capital commitments for Riot Platforms, Inc. as it balances aggressive infrastructure build-out with its core mining activity. The cost structure is heavily weighted toward acquiring and powering the latest generation of mining hardware, plus the significant, ongoing investment into data center infrastructure.

Significant Capital Expenditure (CapEx) for Miner Procurement

Acquiring the latest Application-Specific Integrated Circuits (ASICs) is a massive, lumpy cost. For the second quarter of 2025, Riot Platforms paid cash of approximately $\mathbf{\$92.3 \text{ million}}$ in total deposits and payments for the purchase of miners. Year-to-date through the first nine months of 2025, the total cash paid for miner purchases reached $\mathbf{\$152.4 \text{ million}}$. Looking ahead, the forecast for the fourth quarter of 2025 allocated $\mathbf{\$70.4 \text{ million}}$ specifically for miner purchases as part of a total $\mathbf{\$153 \text{ million}}$ CapEx plan for that quarter.

High Electricity and Power-Related Costs

Power is the single largest variable cost in Bitcoin mining, so you watch the all-in cost per kilowatt-hour (kWh) closely. For September 2025, Riot Platforms reported an all-in power cost, net of power credits, of approximately $\mathbf{4.2\text{c/kWh}}$. This was up from $\mathbf{3.5\text{c/kWh}}$ in September 2024. The impact of lower power credits in September 2025, which fell to $\mathbf{\$1.4 \text{ million}}$ total, contributed to this higher net cost. The operational cost to mine one Bitcoin, which includes power but excludes depreciation, was $\mathbf{\$46,324}$ in the third quarter of 2025.

Costs Associated with Data Center Development and Construction

Riot Platforms is channeling profits into its strategic pivot, which means heavy upfront spending on its infrastructure platform. The company announced the initiation of the core and shell development for the first two buildings at its Corsicana data center campus, targeting $\mathbf{112 \text{ MW}}$ of total critical IT capacity. For Q4 2025 planning, $\mathbf{\$61.2 \text{ million}}$ was earmarked for Bitcoin mining infrastructure, which encompasses these data center builds. Furthermore, Riot Platforms spent $\mathbf{\$28 \text{ million}}$ on land acquisition year-to-date as of the Q2 2025 report, supporting future development.

Operating Expenses for Facility Maintenance and Personnel

General overhead and personnel costs are being managed aggressively as the company scales. Selling, general, and administrative (SG&A) expenses, as a percentage of revenue, saw a significant reduction, moving from $\mathbf{79\%}$ in Q3 2024 down to $\mathbf{38\%}$ in Q3 2025, reflecting enhanced budget discipline. For Q2 2025, cash SG&A expenses were $\mathbf{\$29.5 \text{ million}}$ when excluding one-time litigation expenses of $\mathbf{\$14.3 \text{ million}}$ and advisory fees of $\mathbf{\$2 \text{ million}}$. These operating costs also include items like compensation, insurance, repairs, and ground lease rent, which are bundled into the direct cost of revenue calculation.

Depreciation and Amortization of Mining Equipment

Depreciation is a non-cash charge that reflects the scheduled wear-and-tear of the mining fleet. While the total depreciation expense isn't explicitly itemized here, its exclusion from the operational cost metric is key for understanding cash flow. The average cost to mine one Bitcoin in Q3 2025 was $\mathbf{\$46,324}$, but this figure specifically excludes the depreciation of the mining equipment. This is a defintely important distinction when you look at the GAAP profitability versus operational cash flow.

Here's a quick look at how some of these major cost components stack up based on recent reporting periods:

Cost Component/Metric	Period	Amount
Cash Paid for Miner Purchases	Q2 2025 (3 Months)	$92.3 million
Cash Paid for Miner Purchases (YTD)	Nine Months Ended Sept 30, 2025	$152.4 million
Forecasted Miner Purchases CapEx	Q4 2025	$70.4 million
All-in Power Cost (Net of Credits)	September 2025	4.2c/kWh
Average Cost to Mine BTC (Excl. Depreciation)	Q3 2025	$46,324
SG&A as Percentage of Revenue	Q3 2025	38%
Cash SG&A (Excl. One-Time Items)	Q2 2025	$29.5 million
Data Center Development Allocation	Q4 2025 Infrastructure Forecast	$61.2 million

Finance: draft 13-week cash view by Friday.

Riot Blockchain, Inc. (RIOT) - Canvas Business Model: Revenue Streams

Riot Blockchain, Inc. (RIOT) generates revenue through several distinct channels, with the core business remaining anchored in digital asset mining, supplemented by its engineering segment and energy market participation.

Primary revenue from Bitcoin mining rewards constituted the vast majority of the top line for the third quarter of 2025. For Q3 2025, Bitcoin Mining revenue reached $160.8 million. This figure compares to $67.5 million in the same three-month period in 2024. During that quarter, Riot Platforms produced 1,406 bitcoin.

The company also captures revenue from energy market participation, specifically through power credits and demand response programs. For the month of September 2025, the combined estimated power-curtailment and demand-response credits totaled $1.4 million. This represented a significant decrease from August 2025, when those credits were $16.1 million.

A secondary, yet substantial, revenue stream comes from its Engineering segment, which includes operations from ESS Metron/E4A Solutions. Engineering revenue for Q3 2025 was reported at $19.1 million, up from $12.6 million in Q3 2024.

Riot Blockchain, Inc. also realizes cash flow from proceeds from strategic sales of mined Bitcoin to manage liquidity and capital structure. In September 2025, the company sold 465 bitcoin, generating net proceeds of $52.6 million. The average net price realized on these sales was $113,043 per bitcoin.

The company is actively developing potential future revenue from high-performance computing (HPC) data center hosting. CEO Jason Les noted decisive progress in transforming Riot into a large-scale, multi-faceted data center operator. This includes initiating the core and shell development of the first two buildings at the Corsicana data center campus, which will provide 112 MW of total critical IT capacity.

Here's a quick look at the key revenue components for the third quarter and September 2025:

Revenue Component	Period	Amount (USD)
Bitcoin Mining Revenue	Q3 2025	$160.8 million
Engineering Revenue	Q3 2025	$19.1 million
Power Credits (Combined)	September 2025	$1.4 million
Net Proceeds from Strategic Bitcoin Sales	September 2025	$52.6 million

The overall revenue picture for the third quarter of 2025 shows significant growth, with total revenue reaching $180.2 million, compared to $84.8 million in Q3 2024.

The revenue streams are diversified across:

• Core Mining Operations: Revenue earned directly from successfully mining and holding/selling Bitcoin.
• Energy Services: Income derived from participating in grid balancing through power curtailment and demand response programs.
• Engineering Services: Revenue from customer contracts for custom engineered electrical products via the ESS Metron/E4A Solutions division.
• Treasury Management: Proceeds generated from the tactical sale of a portion of the mined Bitcoin holdings.
• Future Data Center Hosting: Potential revenue from leasing capacity within the developing, large-scale data center infrastructure.

Finance: draft 13-week cash view by Friday.