We break down Riot’s record Q3 and the strategy shift that turns low-cost power into high-value data centers. Jason Les explains how Corsicana scales to one gigawatt, why Rockdale stays productive, and how mining funds and balances the move into AI-grade colocation. • record revenue and margin drivers across mining and engineering • rising network difficulty versus low all-in power cost • the case for data centers as the highest return use of power • Rockdale’s bridge role and planned hash rate growth • Corsicana Core and Shell Plus and 56 MW data halls • leasing readiness without a signed anchor tenant • ERCOT hedges, pass-through power, and uptime needs • substation expansion timelines to 1 GW • PUE baseline targets and thermal strategy • mining as flexible load to cut stranded power • ESS Metron backlog and switchgear supply advantage • SG&A leverage and stock comp roll-off after Q3 2026 • capital allocation, Bitfarms exit, and liquidity mix • project financing tied to tenant creditworthiness • valuation per megawatt and expected re-rating Stay tuned as Riot executes on the strategy here! Sign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletter Anthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email -
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