Riot Platforms is pivoting from Bitcoin mining to AI data centers, signaling a broader compute-play trend. MARA Holdings is also hinting at AI/HPC deals, fueling talk that crypto miners could rebrand as infrastructure companies [1][2].
RIOT's Pivot — Riot Platforms has been converting part of its footprint toward AI-ready hosting, after pausing a planned Bitcoin expansion to reassess how to use the same capacity for AI and HPC data centers. The Corsicana, Texas campus spans up to 1 gigawatt of power in a project already backed by land, power, and in-place infrastructure. Management even hired a senior data center executive to lead the new division and began constructing two buildings totaling about 112 MW of IT capacity [1].
MARA's AI/HPC Move — MARA closes AI/HPC deal, a signal that it’s chasing AI compute growth as a complement to Bitcoin exposure. Over the past 16 months, MARA has boosted key metrics: Bitcoin Per Share +124%, Live Exahash +91.7%, Institutional Ownership +111.5% while Bitcoin itself rose about 75.8%, MARA stock trading down ~8% in that span [2].
Market chatter & signals — Some observers argue RIOT is still valued as a mining play rather than AI, and management is shifting optics toward AI to unlock a broader multiple [5]. Others hype upside even as earnings chatter and big bets around AI/HPC drive the narrative, with posts suggesting a renewed “AI pivot” could re-rate these names overnight [4][3].
Closing thought: if the compute-infrastructure thesis sticks, crypto miners may become broader AI/HPC infrastructure providers rather than single-asset miners. Watch Corsicana’s tenancy and MARA’s AI partnerships for clues.
References
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