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New Texas power grid allocation framework could lift bitcoin miners turned data center operators
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Shares of several bitcoin miners with large Texas campuses that are expanding into AI and data center infrastructure gained on Thursday as state regulators approved a new framework for connecting large electricity users to the grid.
Key facts
- Cipher Digital (CIFR) reached a new all-time high of $30 today and is up over 10% 's equities price page, while Core Scientific (CORZ) and Riot Platforms (RIOT) were up 3% and 2.2%, respectively
- Riot Platforms reported its data center revenue debut earlier this year, generating $33 million while expanding AMD's lease agreement to 50 megawatts
- Cipher Digital has signed multiple hyperscaler AI agreements across its Texas facilities, including a $5.5 billion Amazon Web Services lease at its Black Pearl campus and an earlier Barber Lake deal
- Meanwhile, Core Scientific generated $78 million in colocation revenue in the first quarter, more than double the revenue from its bitcoin mining operations
Summary
Cipher Digital (CIFR) reached a new all-time high of $30 today and is up over 10% 's equities price page, while Core Scientific (CORZ) and Riot Platforms (RIOT) were up 3% and 2.2%, respectively. This comes as the Public Utility Commission of Texas approved ERCOT's new "Batch Zero" process for allocating grid capacity power to large-scale electricity users. Texas is grappling with a massive wave of power demand from the AI data center sector. The Electric Reliability Council of Texas developed the new system after realizing its older approach of evaluating power requests one by one was becoming too slow.