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Riot Platforms has reported financial results for the first quarter of 2026, posting revenue of $167.2 million. The company said the quarter marked a shift in its business model, with its newly launched data center operations becoming an increasingly important part of its revenue mix.
Riot Platforms’ core Bitcoin mining business generated $111.9 million in Q1 2026, down from $142.9 million in the same quarter a year earlier—an approximately 21.7% decline.
At the same time, Riot’s data center operations contributed $33.2 million to total revenue in the quarter, helping offset the decline in mining-related revenue.
The company attributed the mining revenue weakness to the decline in Bitcoin’s price. The article notes that BTC fell to as low as $62,000 during February 2026. It also compares this to the first quarter of 2025, when BTC dipped to around $80,000 by March.
Riot also pointed to network conditions affecting mining economics. The Bitcoin network’s hashrate was described as relatively higher in Q1 2025 than in Q1 2026, with mining difficulty cited as a factor that pressured margins. The article further states that Riot produced 57 fewer BTC in Q1 2026 than in the same period in 2025.
Riot Platforms CEO Jason Les said the quarter represented a turning point for the company, describing the transition into an active, revenue-generating data center operator. He also referenced delivery of initial capacity to AMD and AMD’s decision to expand by 25 megawatts, stating that it validates Riot’s ability to execute at institutional scale with demanding tenants.
The article reports that Riot Platforms’ stock (ticker RIOT) rose by nearly 20%—from $16 to above $19—over the last two trading days of the previous week, following the Q1 performance disclosure.
The growing contribution from Riot’s data center operations reflects a wider shift among Bitcoin miners toward diversified infrastructure and technology-related revenue streams. The article notes that MARA Holdings (formerly Marathon Digital Holdings) is also pursuing diversification tied to artificial intelligence (AI) and data center infrastructure.
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