Riot Platforms is expanding with a new partnership with semiconductor giant AMD, joining other Bitcoin miners in pivoting towards AI infrastructure to diversify revenue streams. Miners like Riot and Core Scientific are repurposing data centers for AI, signing long-term deals for stable revenue. Some, like Applied Digital, are moving away from Bitcoin mining entirely.

Riot Platforms signed a $311 million agreement with AMD for 25MW of IT load in Texas, adding $1 billion in potential contract value. The Bitcoin mining company acquired land in Milam County, Texas, for $96 million, funded by selling BTC from its balance sheet. Riot now manages 1,100 acres and 1.7GW of power capacity in Texas.

Riot surged 16.02% on Jan. 16, reaching $19.22. The company now holds a leading position in the ‘Texas Triangle’ with major power capacity and data center infrastructure. Bitcoin miners like Riot are adapting to AI infrastructure demands, securing long-term revenue streams for the future.

Read more at Yahoo Finance: Riot Platforms stock jumps after $1B AMD AI deal