Just saw Riot Platforms' 2025 numbers and they're pretty impressive. The mining company pulled in $647.4M in revenue last year, nearly double their 2024 figure of $376.7M. What caught my attention though is they're sitting on over 18,000 Bitcoin right now - that's a serious position in the market.

They mined 5,686 BTC throughout 2025, which is solid output. The interesting part is their strategy shift. CEO Jason Les mentioned they're pivoting their 2-gigawatt power portfolio toward AI and high-performance computing infrastructure. Already started collaborating with AMD's data centers as of January 2026. This kind of infrastructure flexibility is probably the future for major mining operations.

Costs did climb though - mining expenses went from $32,216 per BTC in 2024 to $49,645 in 2025. But here's the thing, mining revenue still jumped to $576.3M because Bitcoin's price movement more than compensated for the higher production costs. That's the dynamic everyone's watching right now.

What's wild is that activist investor Starboard Value is valuing this strategic transition at potentially $21 billion. Makes you think about the long-term economics of Bitcoin mining when you factor in the AI infrastructure angle.

This also ties into the bigger question everyone keeps asking - when will the last bitcoin be mined? With companies like Riot holding massive positions and adapting their infrastructure for the long haul, it seems like major players are betting on Bitcoin's relevance extending well into the future. The halvings and supply dynamics are baked into their planning. Definitely worth keeping an eye on how this transition plays out over the next couple years.