We break down Riot’s record Q3 and the strategy shift that turns low-cost power into high-value data centers. Jason Les explains how Corsicana scales to one gigawatt, why Rockdale stays productive, and how mining funds and balances the move into AI-grade colocation.• record revenue and margin drivers across mining and engineering• rising network difficulty versus low all-in power cost• the case for data centers as the highest return use of power• Rockdale’s bridge role and planned hash rate growth• Corsicana Core and Shell Plus and 56 MW data halls• leasing readiness without a signed anchor tenant• ERCOT hedges, pass-through power, and uptime needs• substation expansion timelines to 1 GW• PUE baseline targets and thermal strategy• mining as flexible load to cut stranded power• ESS Metron backlog and switchgear supply advantage• SG&A leverage and stock comp roll-off after Q3 2026• capital allocation, Bitfarms exit, and liquidity mix• project financing tied to tenant creditworthiness• valuation per megawatt and expected re-ratingStay tuned as Riot executes on the strategy here!Sign Up for Our Free Weekly Newsletter: https://www.powermininganalysis.com/newsletterAnthonys Info: Website: https://www.powermininganalysis.com X: https://twitter.com/cazenove_uk Patreon: https://www.patreon.com/Cazenove_UK Bryce's Info: X: https://twitter.com/McnallieM Patreon: https://www.patreon.com/McNallieMoney Merch: https://shop.mcnalliemoney.com/ Website: https://www.mcnalliemoney.com Business Inquiries: Email - [email protected]

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