Anthropic · Bitcoin · CNBC Technology
Riot Platforms strikes deal with Anthropic as bitcoin miners shift focus to AI infrastructure
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Bitcoin miner Riot Platform has struck a $9 billion, 20-year compute deal with Anthropic, CNBC's David Faber has confirmed.
Key facts
- Bitcoin miner Riot Platform has struck a $9 billion, 20-year compute deal with Anthropic, CNBC's David Faber has confirmed
- 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
- Therefore, they reiterate their Buy rating and maintain their $29 price target" on Riot shares, he wrote
- Cipher Mining, Hut 8 and Terawulf are among what has become known as the hybrid bitcoin miners
Summary
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. 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. Bitcoin mining stocks once looked like a way to gain leveraged exposure to the price of bitcoin.