Riot Platforms (Nasdaq: RIOT) is one of the largest publicly traded Bitcoin mining companies in North America. Formerly known as Riot Blockchain, the company rebranded to Riot Platforms in January 2023 to reflect its expanded scope. Riot is headquartered in Castle Rock, Colorado, and operates large-scale mining facilities in Texas.
Riot's flagship facility is its Rockdale, Texas site, one of the largest Bitcoin mining operations in North America by capacity. The company has also developed a massive 1-gigawatt mining facility in Corsicana, Texas, which when fully operational represents one of the largest single-site mining installations in the world. Riot's Texas locations benefit from competitive electricity rates and participation in the state's demand-response programs, through which Riot earns credits by curtailing mining operations during periods of peak grid demand.
In addition to self-mining, Riot operates a hosting business through its subsidiary Whinstone US (acquired in 2021), providing data center infrastructure and hosting services for third-party Bitcoin miners. This diversified revenue model provides income beyond Riot's own mining production.
Riot has focused on maintaining a strong balance sheet with significant Bitcoin holdings and low debt. The company has taken a measured approach to expansion, investing in next-generation mining hardware and infrastructure upgrades to improve efficiency following the 2024 Bitcoin halving. Riot is led by CEO Jason Les.
Key Facts
- Ticker: Nasdaq: RIOT
- Headquarters: Castle Rock, Colorado
- CEO: Jason Les
- Key facilities: Rockdale, TX (operating); Corsicana, TX (1 GW expansion)
- Business model: Self-mining, hosting services, demand-response energy programs