Riot Blockchain, Inc. (Riot): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da criptomoeda, a Riot Blockchain, Inc. (Riot) surge como uma força pioneira, transformando a paisagem da mineração de bitcoin por meio de tecnologia inovadora e visão estratégica. Ao alavancar equipamentos de mineração de ponta, data centers expansivos no Texas e um compromisso com práticas sustentáveis, o Riot se posicionou como uma oportunidade de investimento atraente para aqueles que buscam exposição direta ao crescente ecossistema de blockchain. Mergulhe na intrincada tela do modelo de negócios que revela como essa empresa de capital aberto está redefinindo a interseção de ativos digitais, computação de alto desempenho e mineração de criptomoeda consciente do meio ambiente.

Riot Blockchain, Inc. (Riot) - Modelo de negócios: Parcerias -chave

Bitmain para compras de hardware de mineração de bitcoin

A Riot Blockchain tem uma parceria estratégica com as tecnologias Bitmain para a aquisição de hardware de mineração de Bitcoin. A partir do quarto trimestre 2023, o Riot havia implantado aproximadamente 91.360 mineradores de Antminer S19 XP com uma capacidade total de hash de 7,7 EH/S.

Parceiro de hardware	Equipamento implantado	Capacidade da taxa de hash
Bitmain	91.360 Antminer S19 XP	7.7 EH/S.

Coinbase para transações de criptomoeda e serviços de custódia

A Blockchain Riot utiliza moeda de moeda para serviços de transação de criptomoeda e custódia. Em 2023, a Riot possuía aproximadamente 6.786 bitcoin em seu tesouro, avaliado em aproximadamente US $ 272 milhões.

Parceiro de custódia	Bitcoin Holdings	Valor aproximado
Coinbase	6.786 BTC	US $ 272 milhões

Instituições financeiras para o capital bancário e capital

A Riot Blockchain mantém parcerias com várias instituições financeiras para serviços de captação de capital e serviços bancários.

• Levantou US $ 430 milhões em notas seniores conversíveis em 2022
• Linhas de crédito garantidas com vários parceiros bancários
• Dívida total de longo prazo a partir do terceiro trimestre de 2023: US $ 469,1 milhões

Provedores de energia para operações de mineração eficientes

A Riot possui parcerias estratégicas com provedores de energia para otimizar as operações de mineração.

Localização	Parceiro de energia	Capacidade da instalação de mineração
Garza County, Texas	Energia da luminante	400 MW

Parceiros de infraestrutura de tecnologia para expansão do data center

A Riot colabora com os parceiros de infraestrutura de tecnologia para expandir seus recursos de data center.

• Pegada total da instalação de mineração: 165 MW
• Expansão planejada para 700 MW até o final de 2024
• Parcerias com fornecedores avançados de tecnologia de resfriamento e infraestrutura

Riot Blockchain, Inc. (Riot) - Modelo de negócios: Atividades -chave

Mineração de criptomoeda de bitcoin

A partir do quarto trimestre 2023, o Riot Blockchain opera 133,8 MW de capacidade de mineração de Bitcoin implantada em sua instalação de Rockdale, Texas. A empresa produziu 1.258 bitcoin em 2023, com uma produção total de mineração de 11.254 bitcoin extraída desde o início.

Métricas de mineração	2023 desempenho
Bitcoin total extraído	1.258 Bitcoin
Capacidade de mineração	133.8 MW
Bitcoin cumulativo extraído	11.254 Bitcoin

Desenvolvimento de infraestrutura de tecnologia blockchain

A Riot Blockchain investiu US $ 333,8 milhões em atualizações de infraestrutura de mineração e tecnologia em 2023, com foco na implantação de equipamentos de mineração de alta eficiência.

• Antminer implantado S19 XP e S19 Pro+ Hardware de Mineração
• Otimização de infraestrutura contínua na instalação de Rockdale
• Sistemas avançados de refrigeração e gerenciamento de energia

Gerenciamento de computação de alto desempenho

A empresa mantém 133,8 MW de capacidade de mineração operacional com 133.500 mineradores ativos em dezembro de 2023.

Infraestrutura de computação	Quantidade
Mineiros ativos totais	133.500 unidades
Capacidade de mineração operacional	133.8 MW

Aquisição e retenção de ativos de criptomoeda

A Riot Blockchain detinha 7.224 Bitcoin em Reserva em 31 de dezembro de 2023, com um valor total de ativos de aproximadamente US $ 296,4 milhões (com base no preço do Bitcoin naquele momento).

Investimento estratégico em equipamentos e instalações de mineração

As despesas de capital para 2023 totalizaram US $ 333,8 milhões, dedicadas a expandir e atualizar a infraestrutura de mineração.

Categoria de investimento	2023 Despesas
Gasto total de capital	US $ 333,8 milhões
Investimento em equipamentos de mineração	US $ 221,5 milhões
Expansão da instalação	US $ 112,3 milhões

Riot Blockchain, Inc. (Riot) - Modelo de negócios: Recursos -chave

Equipamento avançado de mineração de Bitcoin

Blockchain Riot opera com 14.580 Mineiros de Antminer S19 XP a partir do quarto trimestre 2023, com uma capacidade total de hash de capacidade de 23.0 EH/S.. Investimento total de equipamentos de mineração: US $ 234,7 milhões.

Tipo de equipamento	Quantidade	Taxa de hash
Antminer S19 XP	14.580 unidades	23.0 EH/S.

Instalações de data center

A Blockchain Riot mantém 2 data centers primários Localizado no Texas:

• Facilidade Rockdale: site de 265 acres
• Instalação da Corsicana: site de 140 acres

Infraestrutura elétrica

Capacidade total de infraestrutura elétrica: 700 MW. Capacidade operacional atual: 452 MW.

Força de trabalho técnica

Total de funcionários a partir de 2023: 186 Pessoal em tempo integral. Avaria especializada da força de trabalho:

Departamento	Headcount
Operações técnicas	87
Engenharia	42
Gerenciamento	57

Capital financeiro

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de ativos: US $ 1,2 bilhão
• Caixa e equivalentes em dinheiro: US $ 167,3 milhões
• Total Invested Capital: US $ 812,6 milhões

Riot Blockchain, Inc. (Riot) - Modelo de negócios: proposições de valor

Operações de mineração de criptomoedas de alta eficiência

A partir do quarto trimestre 2023, o Riot Blockchain opera 133,5 MW de capacidade de mineração em sua instalação de Rockdale, Texas. A produção total de mineração de Bitcoin atingiu 10.358 Bitcoins em 2023, com uma produção total de mineração de 511,7 petahashes por segundo.

Métrica de mineração	2023 desempenho
Bitcoin total extraído	10.358 BTC
Capacidade de mineração	133,5 MW
Taxa de hash	511,7 PH/S.

Exposição direta ao Bitcoin por meio de atividades de mineração

Em 2023, o blockchain de tumulto possuía 12.488 bitcoins em reserva, representando um US $ 510,8 milhões de valor do ativo no preço do final do ano.

Práticas de mineração sustentáveis ​​e ambientalmente conscientes

• Consumo de energia de fontes de energia renovável: 62,3%
• Iniciativas de compensação de carbono: US $ 3,2 milhões investidos em 2023
• Classificação de eficiência energética: 2,1 kWh por bitcoin extraído

Inovação tecnológica em infraestrutura de blockchain

Despesas de capital em tecnologia de mineração em 2023: US $ 267,4 milhões, concentrando-se no hardware de mineração ASIC de próxima geração com 30% de eficiência energética melhorada.

Plataforma de investimento de criptomoeda transparente e regulamentada

Métrica de conformidade regulatória	2023 Status
SEC Relatórios conformidade	100% compatível
Demonstrações financeiras auditadas	Concluído
Investimentos regulatórios	US $ 4,7 milhões

Riot Blockchain, Inc. (Riot) - Modelo de Negócios: Relacionamentos do Cliente

Comunicações de investidores através de relatórios financeiros trimestrais

A partir do quarto trimestre de 2023, o Riot Blockchain relatou as seguintes métricas financeiras:

Métrica	Valor
Receita total	US $ 267,1 milhões
Bitcoin extraiu	6.241 BTC
Capacidade total da frota de mineração	23.3 EH/S.

Métricas transparentes de desempenho de mineração de blockchain

O Riot Blockchain fornece rastreamento detalhado de desempenho por meio de:

• Atualizações de hash de mineração em tempo real
• Relatórios mensais de produção de bitcoin
• Estatísticas detalhadas de expansão de infraestrutura

Plataformas de relações com investidores digitais

O Riot Blockchain utiliza vários canais de comunicação digital:

• NASDAQ: Página da Web do Riot Investor
• Plataforma de arquivamento da SEC Edgar
• Relações com investidores E -mail: investores@riotblockchain.com

Engajamento por meio de conferências de criptomoeda e tecnologia

Participação da conferência em 2023:

Conferência	Localização	Data
Conferência de Bitcoin	Miami, FL	Janeiro de 2023
Blockchain Expo	San Francisco, CA.	Setembro de 2023

Canais regulares de comunicação de acionistas

Frequência e métodos de comunicação:

• Chamadas de ganhos trimestrais
• Reunião Anual dos Acionistas
• Webinars de apresentação de investidores
• Contato de relações com investidores diretos

Riot Blockchain, Inc. (Riot) - Modelo de Negócios: Canais

Listagem da Bolsa de Valores da NASDAQ

Símbolo do ticker: Riot

Intercâmbio	Data de listagem	Capitalização de mercado
Nasdaq Global Select Market	Setembro de 2017	US $ 2,34 bilhões (em janeiro de 2024)

Site de Relações com Investidores

Site: www.riotplatforms.com

• Fornece relatórios financeiros trimestrais
• Oferece documentação de arquivamento da SEC
• Anfitriões de apresentações de investidores

Plataformas de mídia financeira

Plataforma	Tipo de canal	Métricas de engajamento
Terminal Bloomberg	Financeiro profissional	Acesso direto em dados financeiros em tempo real
Finanças do Yahoo	Investidor de varejo	Mais de 95 milhões de usuários mensais

Conferências da indústria de criptomoedas

• Conferência Bitcoin Miami
• Consenso por Coindesk
• Conferência de Bitcoin da América do Norte

Direcção de investidores institucionais diretos

Tipo de investidor	Método de divulgação	Faixa de investimento típica
Investidores institucionais	Roadshows diretos	US $ 500.000 - US $ 10 milhões
Capital de risco	Reuniões privadas	US $ 1 milhão - US $ 5 milhões

Riot Blockchain, Inc. (Riot) - Modelo de negócios: segmentos de clientes

Investidores institucionais de criptomoeda

A partir do quarto trimestre 2023, o blockchain de tumulto serve investidores institucionais com o seguinte profile:

Categoria de investimento	Volume total de investimento	Tamanho médio de investimento
Investimentos de mineração de criptomoedas	US $ 287,4 milhões	US $ 5,2 milhões por cliente institucional
Blockchain Technology Investments	US $ 124,6 milhões	US $ 3,7 milhões por cliente institucional

Investidores do mercado de ações de varejo

Riot Blockchain Características do segmento de investidores de varejo:

• Base total de investidores de varejo: 87.600 acionistas individuais
• Investimento médio por investidor de varejo: US $ 12.400
• Faixa de idade típica do investidor: 28-45 anos

Entusiastas da tecnologia blockchain

Detalhes do segmento de destino:

Característica do segmento	Dados quantitativos
Investidores de entusiastas de tecnologia total	42.300 indivíduos
Nível médio de conhecimento técnico	Avançado (75% possuem graus técnicos)
Investimento anual em tecnologias de blockchain	US $ 78,3 milhões

Investidores sustentáveis ​​focados em energia

Segmento de investimento em energia sustentável profile:

• Total de investidores de energia sustentável: 23.500
• Investimento médio em mineração sustentável: US $ 47.600
• Porcentagem de investimentos alinhados a ESG: 62%

Investidores individuais de alta rede

Aparelhamento do segmento de investidores de alta rede:

Categoria de investidores	Total de investidores	Investimento médio
Ultra de alta rede (US $ 10 milhões+ ativos)	1.240 investidores	US $ 3,4 milhões
ATENÇÃO DE RETIMENTO DE RETIMENTO (US $ 1 milhão a US $ 10 milhões)	4.670 investidores	$680,000

Riot Blockchain, Inc. (Riot) - Modelo de negócios: estrutura de custos

Aquisição de equipamentos de mineração de Bitcoin

A partir do quarto trimestre 2023, os custos de aquisição de equipamentos da Riot Blockchain incluíram:

Tipo de equipamento	Custo por unidade	Unidades totais compradas	Investimento total
Antminer S19 XP	$10,000	51.000 unidades	US $ 510 milhões
Antminer S21	$12,500	24.000 unidades	US $ 300 milhões

Custos de eletricidade e consumo de energia

Despesas anuais de eletricidade para 2023:

• Custo total da eletricidade: US $ 78,4 milhões
• Taxa média de eletricidade: US $ 0,045 por kWh
• Consumo total de energia: 1,74 milhão de mwh

Manutenção e expansão do data center

2023 Investimentos de infraestrutura de data center:

Categoria	Gasto
Manutenção da instalação	US $ 12,6 milhões
Expansão da infraestrutura	US $ 45,3 milhões
Sistemas de resfriamento	US $ 8,2 milhões

Compensação técnica da força de trabalho

2023 Remutação de compensação da força de trabalho:

• Total de funcionários: 246
• Custos totais de compensação: US $ 37,5 milhões
• Salário médio de funcionários técnicos: US $ 152.000

Despesas de conformidade regulatória e relatórios

2023 Custos relacionados à conformidade:

Categoria de conformidade	Gasto
Consultoria legal	US $ 4,2 milhões
Relatórios regulatórios	US $ 2,8 milhões
Taxas de auditoria	US $ 1,9 milhão

Riot Blockchain, Inc. (Riot) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

No terceiro trimestre de 2023, o Blockchain Riot relatou a produção de mineração de bitcoin de 1.285 BTC. A receita total de mineração para 2023 foi de aproximadamente US $ 51,4 milhões. A eficiência média da mineração foi de 2,1 EH/S (Exahashes por segundo).

Métrica	Valor
Bitcoin Minerado (Q3 2023)	1.285 BTC
Receita total de mineração (2023)	US $ 51,4 milhões
Eficiência de mineração	2.1 eh/s

Negociação de criptomoedas e segurando

A partir do quarto trimestre de 2023, a Blockchain Riot detinha 7.058 Bitcoin em reserva, avaliada em aproximadamente US $ 287 milhões (com base no preço do Bitcoin de US $ 40.675).

Apreciação de ações e avaliação de mercado

Capitalização de mercado em janeiro de 2024: US $ 2,98 bilhões. Volume de negociação Média: 12,3 milhões de ações por dia. Faixa de preço das ações em 2023: US $ 4,12 - US $ 12,45.

Serviços de infraestrutura de tecnologia

• Capacidade de hospedagem de data center: 200 MW
• Receita de serviços de hospedagem: US $ 18,2 milhões em 2023
• Investimento de infraestrutura de blockchain: US $ 45 milhões

Potencial consultoria de tecnologia blockchain

Serviço	Receita estimada
Blockchain Consulting	US $ 3,5 milhões (2023)
Aviso de tecnologia	US $ 2,1 milhões (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.