If you're wondering what's going on with the former $BTC (-1,93 %) miners who work in data centers today, here is the answer.😉
I'm still waiting for a deal at $BITF (-4,61 %) as has already been rumored with $AMZN (-0,87 %) 🤑
The shares of Riot Platforms (NASDAQ:RIOT) rose by over 7% on Friday morning after the Bitcoin mining company announced the conclusion of a data center lease agreement with Advanced Micro Devices (NASDAQ:AMD)had announced.
The company announced the signing of a ten-year data center lease and services agreement with AMD at its Rockdale, Texas location. The agreement includes an initial deployment of 25 MW of critical IT load capacity to be delivered in phases from January 2026 through May 2026, with a potential expansion to 200 MW.
Riot expects the agreement to generate approximately $311 million in contract revenue over the initial term. Should AMD exercise all three five-year renewal options, total contract revenue could increase to approximately USD 1 billion.
"This partnership is a validation of our infrastructure, development capabilities, the attractiveness of our sites, our readily available power capacity and our ability to provide innovative solutions to meet the needs of world-class tenants," said Jason Les, CEO of Riot.
In conjunction with the lease, Riot also announced the closing of the unrestricted purchase of 200 acres of land at its Rockdale site for $96 million. The purchase was financed entirely through the sale of approximately 1,080 Bitcoin from the company's balance sheet.
The Rockdale site has a 700 MW grid connection, a dedicated water supply and fiber optic connections. With this acquisition, Riot now owns and manages over 1,100 acres of land and 1.7 GW of power capacity at its two sites in Texas.
Hasmukh Ranjan, CIO of AMD, commented: "At AMD, advancing high-performance computing and AI requires partners that can keep up with our pace and scale. We look forward to working with Riot, whose capabilities, power availability and high-density solutions align with our infrastructure roadmap."
The initial deployment will utilize Riot's existing infrastructure, with the company starting with the retrofit of an existing building at a cost of $89.8 million.
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