Riot Platforms, Inc. (NASDAQ: RIOT)

Riot Platforms, Inc., known by its stock symbol RIOT, operates in the digital asset industry as a vertically integrated Bitcoin mining company. The company's primary business activities revolve around enhancing its capabilities to mine Bitcoin in support of the Bitcoin blockchain. Riot Platforms boasts a significant presence in the Bitcoin mining space, with its Rockdale Facility being the largest single Bitcoin mining facility in North America, measured by developed capacity.

Revenue for Riot Platforms is generated through three business segments: Bitcoin Mining, Data Center Hosting, and Engineering. The Bitcoin Mining segment serves as the primary source of revenue, with the company operating 112,944 miners, as of December 31, 2023, capable of a total hash rate of 12.4 exahash per second (EH/s). In 2023, Riot Platforms mined 6,626 Bitcoin, marking a 19.3% increase over the 5,554 Bitcoin mined in 2022.

The company's primary product is its immersion-cooled Bitcoin miners, which provide a more stable environment for miner operation and can dissipate heat effectively. This allows for sustained higher productivity rates for extended periods. Riot Platforms has secured a long-term master purchase and sales agreement with MicroBT Electronics Technology Co., Ltd. to ensure the supply of state-of-the-art immersion miners.

Riot Platforms' Data Center Hosting segment offers co-location services for institutional-scale Bitcoin mining companies at its Rockdale Facility. The company has expanded the Rockdale Facility, more than doubling its developed capacity since its acquisition in May 2021. This expansion provides the necessary infrastructure and workforce for institutional-scale miners to deploy and operate their miners.

The Engineering segment designs and manufactures power distribution equipment and custom-engineered electrical products. This capability allows Riot Platforms to vertically integrate many of the critical electrical components and engineering services necessary for its Corsicana Facility development and Rockdale Facility expansion.

Riot Platforms operates in a highly competitive industry, facing competition from other large Bitcoin mining companies, both publicly listed and private, as well as other Bitcoin miners who participate in mining pools. The company's competitive advantages include its vertically integrated business model, large-scale mining operations, and strategic partnerships with key suppliers.

Riot Platforms serves a diverse customer base, primarily focused on the digital asset industry and with a strong presence in the United States. The company's customers utilize its Data Center Hosting services, including institutional-scale Bitcoin mining companies.

Among the brand names and trade names of its products and services are the immersion-cooled Bitcoin miners and the Data Center Hosting services provided at the Rockdale Facility. These services are integral to the company's operations and revenue generation.