Riot Platforms signs Anthropic deal as miners shift to AI infrastructure
Bitcoin miner Riot Platforms has signed a 20-year, $9 billion deal to lease power capacity to AI company Anthropic. This move signals a broader industry trend where crypto miners are pivoting to become AI infrastructure providers to capitalize on high demand for computing power.
Why it matters
The shift highlights the growing intersection between energy-intensive crypto mining and the massive power requirements of the AI industry.
Bitcoin miner Riot Platform has struck a $9 billion, 20-year compute deal with Anthropic, CNBC's David Faber has confirmed.
The agreement would lease 191 megawatts at Riot's Rockdale, Texas computer campus, giving Anthropic access to scarce, grid-connected power as demand surges for computing power that can be used to provide artificial intelligence – and transitioning Riot from bitcoin miner to AI infrastructure landlord. Shares initially soared more than 20% in reaction before giving up almost the entire gain.
The agreement is expected to generate $9.1 billion in revenue over its 20-year term, rising to roughly $16.1 billion if the agreement is extended for two additional five-year periods. It follows Riot's existing agreement with Advanced Micro Devices , meaning Riot now has a "two-tenant campus carrying $9.8 [billion] of contracted data center revenue," Compass Point analyst Michael Donovan said in a note Tuesday.
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