The Riot Platforms statistics below capture a hinge quarter for the NASDAQ-listed bitcoin miner. According to filings with the U.S. Securities and Exchange Commission, Riot Platforms (NASDAQ: RIOT) ended the first quarter of 2026 with 42.5 EH/s of deployed mining capacity and 1,473 bitcoin mined during the three months ended March 31, 2026. AMD and MicroBT also appear in the quarter’s filings as critical commercial counterparties. The numbers below trace the pivot, the mining economics, and the gap between contracted hashrate and what is running, with DeFi market data sitting separately.
Key Takeaways
- 42.5 EH/s deployed, 42.5 EH/s of total hash rate capacity as of March 31, 2026, compared to 38.5 EH/s as of December 31, 2025, an increase of 10.4%.
- 1,473 BTC mined in Q1 2026, mined 1,473 bitcoin during the three months ended March 31, 2026, a decrease of 57 bitcoin compared to the 1,530 bitcoin mined during the three months ended March 31, 2025.
- 15,679 bitcoin on the balance sheet, 15,679 bitcoin (of which 5,802 were held as collateral), equating to approximately $1.1 billion based on a market price for one bitcoin on March 31, 2026, of $68,222.
- $44,629 to mine one BTC, average cost to mine bitcoin, excluding depreciation, was $44,629 in the quarter, as compared to $43,808 per bitcoin in the same three-month period in 2025.
- AMD signed 50 MW of capacity, exercised an option for an additional 25 MW, bringing total contracted capacity to 50 MW of critical IT capacity at the Rockdale Facility.
- $167.2 million in quarterly revenue, quarterly revenue of $167.2 million, including $33.2 million in Data Center revenue, its first Data Center segment quarter.
- 5,686 BTC in full-year 2025 production, 5,686 bitcoin, an increase of 17.8% compared to the 4,828 bitcoin mined in 2024.
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- $167.2 million quarterly revenue, Quarterly revenue of $167.2 million in Q1 2026, with Data Center revenue comprised of $0.9 million in operating lease revenue and $32.2 million in tenant fit-out services revenue.
- 49.2 EH/s MicroBT order book at $779.5 million, Purchase orders under the Master Agreement to acquire miners with a total hash rate of 49.2 EH/s, for a total purchase price of approximately $779.5 million from MicroBT.
- $21.0 million in power curtailment credits, Riot’s power strategy generated significant power curtailment credits of $21.0 million in Q1 2026, driving an all-in cost of power of 3.0c/kWh.
- 3,778 BTC sold in Q1 2026, Proceeds from the sale of bitcoin (3,778) ($289,484) thousand in Q1 2026. Riot monetized roughly one-fifth of its opening BTC stack through the quarter.
- Global network hashrate hit 994 EH/s. Average global network hash rate down 7% in Q1 2026 vs Q4 2025. Global network hash rate avg. 994 EH/s in Q1 2026 versus 1,071 EH/s in Q4 2025.
- 3.0c/kWh all-in power cost. Q1 2026 cost of power equaled Cost of Power (c/kWh) $3.0 (Q1 2026), down from Cost of Power (c/kWh) $4.0 (Q1 2025) in Q1 2025.
Recent Developments
- April 30, 2026: The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator, said Jason Les, CEO of Riot. Q1 results landed alongside the AMD lease expansion announcement.
- April 30, 2026: Riot filed its Q1 2026 Form 10-Q with the SEC, disclosing the total deployed hash rate capacity of 42.5 EH/s as of quarter-end.
- March 2, 2026: Riot filed its FY 2025 Form 10-K, disclosing full-year revenue of Total revenue $647,435 (2025), $376,658 (2024), $280,678 (2023), and $647.4 million in 2025 versus $376.7 million in 2024.
- January 2026: the Company announced the execution of a long-term data center lease agreement (the AMD Lease) with Advanced Micro Devices, Inc., to initially provide 25 MW of critical IT load capacity at the Rockdale Facility.
- Q1 2026: Riot recorded The Company’s first quarter of Data Center revenue of $33.2 million, the first segment revenue from the data center business line.
Riot Platforms Hashrate and Mining Capacity
- Riot’s deployed hashrate sits at 42.5 EH/s as of quarter-end. Riot reported a total deployed hash rate capacity of 42.5 EH/s, as compared to 38.5 EH/s as of December 31, 2025, an increase of 10.4% as of March 31, 2026. A year earlier, the deployed footprint stood at a total deployed hash rate of 31.5 EH/s as of December 31, 2024, giving a 35% lift over five quarters.
Where does that capacity go from here? Riot has executed purchase orders under the Master Agreement to acquire miners with a total hash rate of 49.2 EH/s, for a total purchase price of approximately $779.5 million from MicroBT. The gap between the 49.2 EH/s contracted ceiling and the 42.5 EH/s deployed at quarter-end is 6.7 EH/s of MicroBT miners still pending delivery.
Delivery of the MicroBT miners initially began in the fourth quarter of 2023 and will be completed in monthly batches according to the delivery schedules specified under the applicable purchase orders, with the remaining batches scheduled to ship through Q2 2026.
| Period | Deployed Hashrate (EH/s) | Change |
|---|---|---|
| 2024-12-31 | 31.5 | baseline |
| 2025-12-31 | 38.5 | +22.1% YoY |
| 2026-03-31 | 42.5 | +10.4% QoQ |
| Contracted ceiling (MicroBT) | 49.2 | +6.7 EH/s pending |
Source: Riot Platforms Q1 2026 10-Q and FY 2025 10-K (SEC EDGAR)
Bitcoin Production: Quarterly and Annual Trend
- Riot produced 1,473 BTC in Q1 2026, a slight dip even as hashrate grew. The company mined 1,473 bitcoin, reflecting a decrease of 57 bitcoin compared to the 1,530 bitcoin mined during the three months ended March 31, 2025. The Q1 2026 10-Q attributes the dip to increases in the global network hash rate, partially offset by our increase in deployed hash rate and significantly improved operational efficiency.
The quarterly cadence over the past five quarters paints the underlying trajectory.
| Quarter | Bitcoin Mined |
|---|---|
| Q1 2025 | 1,530 |
| Q2 2025 | 1,426 |
| Q3 2025 | 1,406 |
| Q4 2025 | 1,324 |
| Q1 2026 | 1,473 |
Source: Riot Platforms Q1 2026 Earnings Deck reconciliation tables
On a full-year basis, in 2025, we mined 5,686 bitcoin, an increase of 17.8% compared to the 4,828 bitcoin we mined in 2024. Q1 2026 output of 1,473 BTC averages roughly 491 BTC per month across January, February, and March, a useful benchmark for readers tracking Riot against monthly peer production updates.
How much Bitcoin does Riot Platforms mine per month?
Riot does not publish formal monthly operations updates inside its SEC filings; the most recent monthly cadence available in primary disclosures is the quarterly aggregate. At the Q1 2026 quarterly rate of 1,473 BTC, average monthly production was approximately 491 BTC. That sits below the FY 2025 monthly average of approximately 474 BTC, reflecting the Q1 hashrate ramp from 38.5 EH/s to 42.5 EH/s mid-quarter.
Cost to Mine One Bitcoin
- Cost per BTC, excluding depreciation, came in at $44,629 in Q1 2026.
- This is where the math gets uncomfortable for the mining segment. The average cost to mine bitcoin, excluding depreciation, was $44,629 in the quarter, as compared to $43,808 per bitcoin in the same three-month period in 2025, a $821 per-coin increase. Add bitcoin miner depreciation back in, and the picture changes materially: the Cost to mine one Bitcoin, including Bitcoin miner depreciation, as a percentage of production value: 86.9% (Q1 2025), 92.4% (Q2 2025), 77.9% (Q3 2025), 106.6% (Q4 2025), 126.7% (Q1 2026).
- This is Riot’s first quarter on the public record where mining costs exceeded production value. The Q1 2026 10-Q frames it differently; lower bitcoin prices during the 2026 period, which averaged $68,223 per bitcoin, drove the inversion as much as cost increases did.
By the numbers: Q1 2026 fully-loaded cost-to-mine of $96,283 per BTC exceeded the $75,964 production value for the first time on Riot’s public record. The ratio jumped roughly forty points from the prior-year reading, and the inversion was driven by lower bitcoin prices rather than runaway production costs.
The full-year picture from the FY2025 10-K: Cost to mine one bitcoin, excluding bitcoin miner depreciation $49,645 (2025), $32,216 (2024); Cost to mine one bitcoin, including bitcoin miner depreciation $91,427 (2025), $64,421 (2024).
Power Capacity and Facility Footprint
- Combined developed capacity reaches 1,262 MW across three facilities. Where does Riot run all this hardware? Three sites, all in the United States.
- The Rockdale Facility currently provides up to approximately 700 megawatts (MW) of developed capacity for Bitcoin Mining and data center leasing. The Corsicana Facility is currently equipped to provide up to 400 MW of developed capacity for Bitcoin Mining, and upon completion, is expected to have a total of approximately one gigawatt (GW) of developed capacity available for high-density compute workloads. The Kentucky Facility currently provides 162 MW of developed capacity.
- Combined developed capacity across all three Riot facilities is approximately 1,262 MW, or 1.26 GW. At Corsicana’s full completion, the addressable footprint expands by roughly 600 MW to a total in the 1.8-2.0 GW range.
Power cost is where Riot’s ERCOT positioning earns its keep. The Company earned credits against future power costs in exchange for power resold of approximately $21.0 million and $7.8 million, respectively, in Q1 2026 and Q1 2025. That is a 169% year-over-year increase in ERCOT demand-response curtailment credits. Net all-in power cost in Q1 2026 came in at Cost of Power (c/kWh) $3.0 (Q1 2026).
Bitcoin Treasury and Sales
Riot exited Q1 2026 holding 15,679 BTC. Riot’s bitcoin holdings tell a different story than the pure HODL profile some Bitcoin treasury companies maintain. The Q1 2026 reconciliation table on the 10-Q reads: Balance as of January 1, 2026, 18,005 $1,575,441 thousand; Revenue recognized from bitcoin mined 1,473 $111,895 thousand; Proceeds from sale of bitcoin (3,778) ($289,484) thousand; Balance as of March 31, 2026, 15,679 $1,069,695 thousand.
The 3,778 BTC sold for $289,484 thousand in proceeds, an average realized price well above the quarterly bitcoin average. That sits above the averaged $68,223 per bitcoin quarter-average reference price, suggesting Riot’s sale execution beat the volume-weighted average for the period.
Of the 15,679 BTC remaining at quarter-end, the breakdown matters for liquidity analysis. The reconciliation shows Bitcoin 9,877 $673,885; Restricted Bitcoin 5,802 $395,810; Total 15,679 $1,069,695. The restricted bitcoin sits as collateral against Riot’s BTC-backed credit facility, encumbering roughly 37% of the treasury against debt.
The cash position closed Q1 2026 at $282.5 million of cash on hand (of which $76.9 million is restricted). For broader Bitcoin price statistics, the underlying market context sits in a separate dataset.
Revenue and Segment Performance
Total Q1 2026 revenue landed at $167.2 million. Q1 2026 total revenue came in at $167.2 million, or 167,219 thousand, or $167.2 million, against $161.4 million in Q1 2025, a $5.8 million year-over-year lift driven entirely by the new Data Center segment. The three-segment breakdown:
Bitcoin Mining revenue fell because of the price, not volume. The Q1 2026 10-Q attributes the decrease of $31.0 million to lower bitcoin prices during the 2026 period, which averaged $68,223 per bitcoin. On a full-year basis, the multi-year revenue trajectory is more bullish: Bitcoin Mining $576,276 (2025), $321,002 (2024), $188,996 (2023) in thousands, $188.9 million in 2023, $321.0 million in 2024, $576.3 million in 2025.
Is Riot Platforms profitable?
Not yet, on a fully-loaded GAAP basis. The Q1 2026 deck reconciles a Bitcoin Mining segment Fully Costed Gross Profit of Fully Costed Gross Profit – Bitcoin Mining $10,979 (Q1 2025), $2,462 (Q2 2025), $4,921 (Q3 2025), ($18,671) (Q4 2025), ($50,953) (Q1 2026). The Q1 2026 segment number reflects the cost-to-mine inversion at the segment level. Data Centers contributed a positive Fully Costed Gross Profit – Data Centers $2,165 thousand in Q1 2026, small in absolute terms, but the first positive print from the new segment.
Mining Hardware Fleet
The MicroBT order book stands at 49.2 EH/s for $779.5 million. Riot’s risk-factor disclosure in the FY 2025 10-K confirms the fleet composition: We currently deploy Bitmain Technologies Limited (Bitmain) Antminer and MicroBT WhatsMiner type miners. The active expansion is on the MicroBT side; the long-term master purchase and sales agreement (the Master Agreement) with MicroBT Electronics Technology Co., LTD is delivering the 49.2 EH/s order book in monthly batches.
Of the $779.5 million total contract value, $54.0 million of deposits made to MicroBT remained outstanding as of March 31, 2026, the running balance on miner purchases not yet fully invoiced and accepted into the fleet. The MicroBT delivery cadence and the cost-to-mine trajectory are tightly coupled: each batch of newer immersion-cooled rigs replaces older, less efficient stock, which is why Riot’s Q1 2026 10-Q references significantly improved operational efficiency even as production dipped year over year.
The legacy Riot Blockchain identity, the company traded as Riot Blockchain until renaming to Riot Platforms in January 2023, explains the GSC keyword cluster around “riot blockchain hashrate 2026” still picking up impressions on the rebranded entity.
AMD Data Center Lease and the AI/HPC Pivot
AMD’s contracted footprint scaled from 25 MW at signing to 50 MW inside one quarter.
Why it matters: AMD’s quick expansion validates Rockdale as institutional-grade AI/HPC infrastructure and seeds Riot’s second revenue stream against the cost-to-mine inversion in the mining segment. Total potential AMD footprint reaches 225 MW via expansion options and ROFR mechanisms, a meaningful share of Rockdale’s 700 MW developed capacity if exercised over the lease’s ten-year initial term.
The Data Center segment’s Q1 debut is anchored on a single tenant: AMD. In January 2026, we announced the execution of a long-term data center lease agreement (the AMD Lease) with Advanced Micro Devices, Inc., to initially provide 25 MW of critical IT load capacity at the Rockdale Facility. The economic structure: The AMD Lease has an initial term of ten years and provides for expansion options for up to an additional 75 MW of critical IT load capacity, and a right of first refusal of up to an additional 100 MW.
AMD moved faster than Riot’s initial filing implied. By the Q1 2026 earnings call, Announces AMD exercise of option for an additional 25 MW, bringing total contracted capacity to 50 MW of critical IT capacity. Total potential AMD footprint via existing lease mechanisms is 50 MW contracted plus 75 MW expansion options plus 100 MW ROFR, up to 225 MW at the Rockdale Facility, a meaningful chunk of the 700 MW Rockdale developed capacity.
The Q1 revenue decomposition shows how data center revenue accrues differently from mining revenue: Data Center revenue was comprised of $0.9 million in operating lease revenue and $32.2 million in tenant fit-out services revenue. The tenant fit-out portion is largely non-recurring capex, while the operating lease portion is the steady-state run-rate.
CEO Jason Les framed Q1 2026 as the pivot’s beginning: The first quarter of 2026 marks a definitive inflection point for Riot, as we officially transitioned into an active, revenue-generating data center operator.
Riot Platforms vs Global Network Hashrate Share
Network share works out to roughly 4.3% of global hashrate. Sizing 42.5 EH/s against the network requires the latest network estimate. Riot’s Q1 2026 deck cites: Average global network hash rate down 7% in Q1 2026 vs Q4 2025. Global network hash rate avg. 994 EH/s in Q1 2026 versus 1,071 EH/s in Q4 2025.
Riot’s 42.5 EH/s deployed against the Q1 2026 average global network hashrate of 994 EH/s implies roughly a four-and-a-quarter percent share at quarter-end. That share calculation uses the global network average for the period rather than a point-in-time end-of-quarter figure, so the actual share at March 31 likely sits in a similar band given Riot’s mid-quarter ramp from 38.5 to 42.5 EH/s.
The longer trajectory is harder to compare cleanly because the global network hashrate compounds with new fleet additions across the entire industry. The Q1 2026 press release notes the 24% increase in the average global network hash rate as compared to the same period in 2025, which means Riot’s deployed-capacity growth modestly outpaced the network on a relative basis. The crypto exchange market data ties into Riot’s BTC monetization economics. Riot’s quarterly BTC sales route through institutional exchange counterparties.
Engineering Segment and Corporate Structure
Engineering revenue grew to $22.2 million in Q1 2026, up 59% year over year, the smallest of Riot’s three revenue legs but the fastest growing. The Q1 2026 result of Engineering $22,174 thousand ($22.2 million) is up from the prior-year comparison: Engineering revenue of $22.2 million for the quarter, as compared to $13.9 million for the same three-month period in 2025. Full year 2025 Engineering revenue reached Engineering $64,688 (2025), $38,491 (2024), $64,303 (2023), $64.7 million in 2025 versus $38.5 million in 2024.
On the corporate identity side, the SEC EDGAR record confirms the formal entity profile. Name: Riot Platforms, Inc. Tickers: [RIOT]. SIC Description: Finance Services. The CIK number 0001167419 routes all SEC searches to the rebranded entity, with historical Riot Blockchain filings folded into the same CIK.
Conclusion
Q1 2026 closed with 42.5 EH/s deployed, 15,679 BTC in treasury, and AMD’s 50 MW of contracted critical IT capacity, the cleanest data point on Riot’s pivot from a single-segment bitcoin miner. The Bitcoin Mining segment carried a Fully Costed Gross Profit – Bitcoin Mining ($50,953) thousand in the quarter against the cost-to-mine inversion, while the Data Center segment posted its first $33.2 million revenue quarter, and AMD doubled its contracted capacity within 90 days.
