Riot Blockchain, Inc. (Riot): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la crypto-monnaie, Riot Blockchain, Inc. (Riot) apparaît comme une force pionnière, transformant le paysage de l'exploitation bitcoin grâce à une technologie innovante et à une vision stratégique. En tirant parti de l'équipement minière de pointe, de vastes centres de données au Texas et d'un engagement envers les pratiques durables, Riot s'est positionné comme une opportunité d'investissement convaincante pour ceux qui recherchent une exposition directe à l'écosystème de la blockchain en plein essor. Plongez dans la toile du modèle commercial complexe qui révèle comment cette entreprise cotée en bourse redéfinit l'intersection des actifs numériques, de l'informatique haute performance et de l'exploitation de crypto-monnaie respectueuse de l'environnement.

Riot Blockchain, Inc. (Riot) - Modèle d'entreprise: partenariats clés

Bitmain pour l'approvisionnement en matériel d'extraction de Bitcoin

Riot Blockchain a un partenariat stratégique avec Bitmain Technologies pour se procurer du matériel d'extraction de Bitcoin. Depuis le quatrième trimestre 2023, Riot avait déployé environ 91 360 mineurs Antmin S19 XP avec une capacité de taux de hachage totale de 7,7 EH / s.

Partenaire matériel	Équipement déployé	Capacité de taux de hachage
Bitmain	91 360 Antmin S19 XP	7.7 eh / s

Coinbase pour les services de transaction et de garde de crypto-monnaie

Riot Blockchain utilise Coinbase pour les services de transaction de crypto-monnaie et de garde. En 2023, Riot a détenu environ 6 786 Bitcoin dans son Trésor, d'une valeur d'environ 272 millions de dollars.

Partenaire de garde	Bitcoin Holdings	Valeur approximative
Coincement	6 786 BTC	272 millions de dollars

Institutions financières pour la banque et la levée de capitaux

Riot Blockchain entretient des partenariats avec plusieurs institutions financières pour la relance et les services bancaires.

• A collecté 430 millions de dollars en billets pour senior convertibles en 2022
• Facilités de crédit garanties avec plusieurs partenaires bancaires
• Dette totale à long terme au troisième trimestre 2023: 469,1 millions de dollars

Fournisseurs d'énergie pour des opérations minières efficaces

Riot a des partenariats stratégiques avec des fournisseurs d'énergie pour optimiser les opérations minières.

Emplacement	Partenaire énergétique	Capacité de l'installation minière
Comté de Garza, Texas	Énergie luminante	400 MW

Partenaires de l'infrastructure technologique pour l'extension du centre de données

Riot collabore avec les partenaires de l'infrastructure technologique pour étendre ses capacités de centre de données.

• Empreinte totale de l'installation minière: 165 MW
• Extension planifiée à 700 MW d'ici la fin de 2024
• Partenariats avec des fournisseurs de technologie de refroidissement et d'infrastructure avancés

Riot Blockchain, Inc. (Riot) - Modèle d'entreprise: Activités clés

Extraction de crypto-monnaie Bitcoin

Au quatrième trimestre 2023, Riot Blockchain exploite 133,8 MW de capacité d'extraction de Bitcoin déployée dans son installation de Rockdale, au Texas. L'entreprise a produit 1 258 Bitcoin en 2023, avec une production minière totale de 11 254 bitcoins exploités depuis la création.

Métriques minières	Performance de 2023
Bitcoin total exploité	1 258 Bitcoin
Capacité minière	133,8 MW
Bitcoin cumulatif miné	11 254 Bitcoin

Développement d'infrastructures technologiques de la blockchain

Riot Blockchain a investi 333,8 millions de dollars dans les mises à niveau des infrastructures et des technologies minières en 2023, en se concentrant sur le déploiement des équipements d'extraction à haute efficacité.

• Antmin S19 XP et S19 PRO +
• Optimisation continue des infrastructures à Rockdale Facility
• Systèmes avancés de refroidissement et de gestion de l'énergie

Gestion informatique haute performance

La société maintient 133,8 MW de capacité minière opérationnelle avec 133 500 mineurs actifs en décembre 2023.

Infrastructure informatique	Quantité
Mineurs actifs totaux	133 500 unités
Capacité d'exploitation opérationnelle	133,8 MW

Acquisition et tenue des actifs de crypto-monnaie

Riot Blockchain détenait 7 224 Bitcoin en réserve au 31 décembre 2023, avec une valeur totale d'actifs d'environ 296,4 millions de dollars (basé sur le prix du bitcoin à ce moment-là).

Investissement stratégique dans l'équipement et les installations minières

Les dépenses en capital pour 2023 ont totalisé 333,8 millions de dollars, dédiée à l'expansion et à la mise à niveau des infrastructures minières.

Catégorie d'investissement	2023 dépenses
Dépenses en capital total	333,8 millions de dollars
Investissement d'équipement minier	221,5 millions de dollars
Extension des installations	112,3 millions de dollars

Riot Blockchain, Inc. (Riot) - Modèle d'entreprise: Ressources clés

Équipement d'extraction de Bitcoin avancé

Blockchain émeute fonctionne avec 14 580 mineurs XP Antmin S19 au quatrième trimestre 2023, avec une capacité totale de taux de hachage de 23.0 eh / s. Investissement total d'équipement minière: 234,7 millions de dollars.

Type d'équipement	Quantité	Taux de hachage
Antmin S19 XP	14 580 unités	23.0 eh / s

Centre de données

Blockchain anti-émeute maintient 2 centres de données primaires Situé au Texas:

• Installation de Rockdale: site de 265 acres
• Corsicana Installation: site de 140 acres

Infrastructure électrique

Capacité totale des infrastructures électriques: 700 MW. Capacité opérationnelle actuelle: 452 MW.

Main-d'œuvre technique

Total des employés à partir de 2023: 186 Personnel à temps plein. Répartition spécialisée de la main-d'œuvre:

Département	Effectif
Opérations techniques	87
Ingénierie	42
Gestion	57

Capital financier

Ressources financières au quatrième trimestre 2023:

• Actifs totaux: 1,2 milliard de dollars
• Equivalents en espèces et en espèces: 167,3 millions de dollars
• Capital total investi: 812,6 millions de dollars

Riot Blockchain, Inc. (Riot) - Modèle d'entreprise: propositions de valeur

Opérations d'exploration de crypto-monnaie à haute efficacité

Au quatrième trimestre 2023, Riot Blockchain exploite 133,5 MW de capacité minière dans son installation de Rockdale, au Texas. La production totale d'exploitation minière de Bitcoin a atteint 10 358 Bitcoins en 2023, avec une production minière totale de 511,7 Petahashes par seconde.

Métrique minière	Performance de 2023
Bitcoin total exploité	10 358 BTC
Capacité minière	133,5 MW
Taux de hachage	511,7 Ph / s

Exposition directe au bitcoin par le biais d'activités minières

En 2023, Blockchain Riot a détenu 12 488 Bitcoins en réserve, représentant un Valeur d'actifs de 510,8 millions de dollars au prix de fin d'année.

Pratiques minières durables et soucieuses de l'environnement

• Consommation d'énergie provenant des sources d'énergie renouvelables: 62,3%
• Initiatives de compensation de carbone: 3,2 millions de dollars investis en 2023
• Évaluation de l'efficacité énergétique: 2,1 kWh par bitcoin exploité

Innovation technologique dans les infrastructures de la blockchain

Dépenses en capital pour la technologie minière en 2023: 267,4 millions de dollars, en se concentrant sur le matériel minière ASIC de nouvelle génération avec une efficacité énergétique améliorée de 30%.

Plateforme d'investissement de crypto-monnaie transparente et réglementée

Métrique de la conformité réglementaire	Statut 2023
SEC Reporting Compliance	100% conforme
États financiers audités	Complété
Investissements réglementaires	4,7 millions de dollars

Riot Blockchain, Inc. (Riot) - Modèle d'entreprise: relations avec les clients

Communications des investisseurs par le biais de rapports financiers trimestriels

Depuis le quatrième trimestre 2023, Riot Blockchain a signalé les mesures financières suivantes:

Métrique	Valeur
Revenus totaux	267,1 millions de dollars
Bitcoin exploité	6 241 BTC
Capacité totale de la flotte minière	23.3 eh / s

Métriques de performance d'exploration de blockchain transparente

Riot Blockchain fournit un suivi détaillé des performances:

• Mises à jour de hachat minier en temps réel
• Rapports de production mensuels de Bitcoin
• Statistiques détaillées de l'extension des infrastructures

Plateformes de relations avec les investisseurs numériques

Riot Blockchain utilise plusieurs canaux de communication numériques:

• NASDAQ: Page Web d'investisseur Riot
• Plateforme de classement Sec Edgar
• Courriel des relations avec les investisseurs: investisseurs@riotblockchain.com

Engagement par le biais de conférences de crypto-monnaie et de technologie

Participation de la conférence en 2023:

Conférence	Emplacement	Date
Bitcoin Conference	Miami, FL	Janvier 2023
Blockchain Expo	San Francisco, CA	Septembre 2023

Canaux de communication des actionnaires réguliers

Fréquence et méthodes de communication:

• Appels de résultats trimestriels
• Réunion des actionnaires annuelle
• Webinaires de présentation des investisseurs
• Contact des relations avec les investisseurs directs

Riot Blockchain, Inc. (Riot) - Modèle d'entreprise: canaux

Inscription de bourses du NASDAQ

Symbole de ticker: émeute

Échange	Date d'inscription	Capitalisation boursière
NASDAQ Global Select Market	Septembre 2017	2,34 milliards de dollars (à partir de janvier 2024)

Site Web de relations avec les investisseurs

Site Web: www.riotplatforms.com

• Fournit des rapports financiers trimestriels
• Offre une documentation de classement SEC
• Hôte des présentations d'investisseurs

Plateformes de médias financiers

Plate-forme	Type de canal	Métriques d'engagement
Bloomberg Terminal	Financière professionnel	Accès des données financières en temps réel direct
Yahoo Finance	Investisseur de détail	Plus de 95 millions d'utilisateurs mensuels

Conférences de l'industrie des crypto-monnaies

• Conférence Bitcoin Miami
• Consensus par Coindesk
• Conférence nord-américaine Bitcoin

Sensibilisation directe des investisseurs institutionnels

Type d'investisseur	Méthode de sensibilisation	Gamme d'investissement typique
Investisseurs institutionnels	Salles de routes directes	500 000 $ - 10 millions de dollars
Capital-risque	Réunions privées	1 million de dollars - 5 millions de dollars

Riot Blockchain, Inc. (Riot) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels de crypto-monnaie

Au Q4 2023, Blockchain Riot sert les investisseurs institutionnels avec les éléments suivants profile:

Catégorie d'investissement	Volume total d'investissement	Taille moyenne de l'investissement
Investissements miniers de la crypto-monnaie	287,4 millions de dollars	5,2 millions de dollars par client institutionnel
Investissements technologiques de la blockchain	124,6 millions de dollars	3,7 millions de dollars par client institutionnel

Investisseurs boursiers de détail

Caractéristiques du segment des investisseurs de détail de Riot Blockchain:

• Base totale des investisseurs de détail: 87 600 actionnaires individuels
• Investissement moyen par investisseur de détail: 12 400 $
• Tranche d'âge des investisseurs typiques: 28 à 45 ans

Antariens de la technologie de la blockchain

Détails du segment cible:

Caractéristique du segment	Données quantitatives
Investisseurs de passionnés de technologie totale	42 300 individus
Niveau de connaissance technique moyen	Advanced (75% titulaire de diplômes techniques)
Investissement annuel dans les technologies de la blockchain	78,3 millions de dollars

Investisseurs axés sur l'énergie durable

Segment d'investissement énergétique durable profile:

• Investisseurs énergétiques durables totaux: 23 500
• Investissement moyen dans l'exploitation durable: 47 600 $
• Pourcentage d'investissements alignés par ESG: 62%

Investisseurs individuels à haute nette

Réflexion du segment des investisseurs à forte valeur élevée:

Catégorie d'investisseurs	Investisseurs totaux	Investissement moyen
Ultra High-Net-Dorth (10 millions de dollars + actifs)	1 240 investisseurs	3,4 millions de dollars
High-Net-Dorth (1 M $ à 10 millions de dollars)	4 670 investisseurs	$680,000

Riot Blockchain, Inc. (Riot) - Modèle d'entreprise: Structure des coûts

Bitcoin Mining Equipment Procurement

Au quatrième trimestre 2023, les coûts d'approvisionnement en équipement de la blockchain anti-émeute comprenaient:

Type d'équipement	Coût par unité	Unités totales achetées	Investissement total
Antmin S19 XP	$10,000	51 000 unités	510 millions de dollars
Antmin S21	$12,500	24 000 unités	300 millions de dollars

Coûts de consommation d'électricité et d'énergie

Dépenses d'électricité annuelles pour 2023:

• Coût total d'électricité: 78,4 millions de dollars
• Taux d'électricité moyen: 0,045 $ par kWh
• Consommation totale d'énergie: 1,74 million de MWh

Maintenance et expansion du centre de données

2023 Investissements d'infrastructure du centre de données:

Catégorie	Dépense
Entretien d'installation	12,6 millions de dollars
Expansion des infrastructures	45,3 millions de dollars
Systèmes de refroidissement	8,2 millions de dollars

Compensation technique de la main-d'œuvre

2023 Répartition de l'indemnisation de la main-d'œuvre:

• Total des employés: 246
• Coûts totaux de rémunération: 37,5 millions de dollars
• Salaire technique moyen des employés: 152 000 $

Compliance réglementaire et dépenses de déclaration

2023 Coûts liés à la conformité:

Catégorie de conformité	Dépense
Conseil juridique	4,2 millions de dollars
Représentation réglementaire	2,8 millions de dollars
Frais d'audit	1,9 million de dollars

Riot Blockchain, Inc. (Riot) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Au troisième trimestre 2023, Riot Blockchain a signalé une production d'exploitation bitcoin de 1 285 BTC. Le chiffre d'affaires total des mines pour 2023 était d'environ 51,4 millions de dollars. L'efficacité minière moyenne était de 2,1 eh / s (exahashes par seconde).

Métrique	Valeur
Bitcoin miné (Q3 2023)	1 285 BTC
Revenus minières totaux (2023)	51,4 millions de dollars
Efficacité minière	2.1 eh / s

Trading et tenue des crypto-monnaies

Au quatrième trimestre 2023, Riot Blockchain détenait 7 058 Bitcoin en réserve, d'une valeur d'environ 287 millions de dollars (en fonction du prix du bitcoin de 40 675 $).

Appréciation des stocks et évaluation du marché

Capitalisation boursière en janvier 2024: 2,98 milliards de dollars. Moyenne de volume de négociation: 12,3 millions d'actions par jour. Gamme de cours des actions en 2023: 4,12 $ - 12,45 $.

Services d'infrastructure technologique

• Capacité d'hébergement du centre de données: 200 MW
• Revenus de services d'hébergement: 18,2 millions de dollars en 2023
• Investissement d'infrastructure de blockchain: 45 millions de dollars

Conseil de technologie de la blockchain potentiel

Service	Revenus estimés
Blockchain Consulting	3,5 millions de dollars (2023)
Avis technologique	2,1 millions de dollars (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.