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Bitcoin mining company Riot invests thousands of BTC, spending $96 million, and secures a ten-year deal with AMD
【BlockBeats】Bitcoin mining company Riot Platforms announced a significant business move recently. The company spent $96 million to purchase 200 acres of land in Rockdale, Texas—paid for with approximately 1,080 Bitcoins, which is not a low price.
More interestingly, Riot also finalized a data center leasing and service agreement with semiconductor giant AMD. In the initial phase, AMD will deploy 25 MW of critical IT load capacity for Riot. This agreement has a term of 10 years, and according to Riot’s calculations, just the initial phase could generate about $311 million in revenue. If the subsequent three renewals go smoothly, the overall revenue potential could exceed $1 billion.
The market responded enthusiastically to this news. Riot’s stock listed on NASDAQ (trading code RIOT) rose accordingly, soaring to $18.80 in the past 24 hours, an increase of 11%. This surge indicates strong investor confidence in the strategic expansion of mining companies.