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Riot Platforms did something counterintuitive this quarter - it mined less bitcoin while getting better at mining.
The company that once chased every computational megawatt is now playing a longer game.
Riot mined 1,473 bitcoins in Q1 2026, down from 1,530 a year earlier. The company didn't stumble into this drop - it chose it.
Riot is using its bitcoin reserves to fund a bet on AI and computing power. The company sold 3,778 bitcoins for $289.5 million during the quarter - roughly $76,600 per coin.
In January, Riot signed a deal with AMD to convert its Rockdale facility from bitcoin mining into AI infrastructure. That's not panic selling - that's repositioning.
Power consumption fell 21% to 3 cents per kilowatt-hour while fleet efficiency jumped from 21.0 joules per terahash to 20.2. Yet bitcoin reserves fell 18% year-over-year to 15,680 coins.
The company went from hoarding bitcoin to spending it.
Riot's power credits jumped 171% to $21 million in Q1 - government subsidy is the real margin engine.
The AMD deal will determine whether Riot generates meaningful AI revenue, because the company is betting its crypto identity on it.
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