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Riot Platforms Reports $33.2 Million Data Center Revenue in Q1
On May 1, Riot Platforms released its financial report, revealing that the company recorded $33.2 million in data center revenue for the first quarter. Most of this revenue comes from lower-margin tenant improvement services, which involve procuring and installing specific equipment for clients. Notably, AMD has chosen to exercise its option to double its contract capacity from 25 MW to 50 MW, with the possibility of increasing it to 200 MW in the future. Currently, 5 MW of capacity related to the AMD deal has been delivered and generated revenue, with the remaining initial capacity expected to go live in the second quarter. Additionally, Riot Platforms reported total revenue of $167.2 million for the first quarter, with its core Bitcoin mining operations contributing $111.9 million. The company currently holds 15,679 Bitcoins, valued at approximately $1.2 billion, making it the seventh largest publicly held Bitcoin holder in the world.