Riot Platforms Q2 2025: Unpacking Contradictions in Data Center Demand, Bitcoin Strategy, and Power Availability

Data center demand and leasing strategy, Bitcoin mining strategy and token sales, Bitcoin mining strategy and cash flow management, and power availability and demand for data centers are the key contradictions discussed in Riot Platforms' latest 2025Q2 earnings call.



Bitcoin Mining and Hash Rate Growth:
- Riot's self-mining hash rate increased from 33.7 EH/s to 35.4 EH/s (5% increase) in Q2 2025, while the global hash rate rose by 9%.
- The increase in Riot's hash rate was influenced by its strategic focus on improving mining efficiency and maintaining a disciplined capital allocation strategy.

Financial Performance and Revenue Trends:
- Riot produced 1,426 Bitcoin in Q2 2025, a decrease from 1,530 in Q1 2025, due to the global network hash rate growing faster than Riot's deployed hash rate.
- Total revenue for Q2 2025 was $153 million, down 5% quarter-over-quarter, primarily due to lower Bitcoin production.

Data Center Development and Strategic Pursuits:
- Riot hired Jonathan Gibbs as Chief Data Center Officer to oversee the development of high-performance compute data centers.
- The company aims to transition a significant portion of its power portfolio from Bitcoin mining to data centers, influenced by attractive economic returns and higher valuation multiples associated with data center leases.

Engineering Business and Strategic Acquisitions:
- Riot's engineering business achieved a record in order bookings with a backlog of $118.7 million, setting the stage for a strong second half of 2025.
- The acquisition of Rhodium's assets added 125 megawatts of power capacity at Rockdale, which Riot plans to upgrade for enhanced Bitcoin mining use.