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Riot Platforms signs $9 billion AI compute deal with Anthropic
The agreement covers Riot's Rockdale, Texas, campus for an initial 20-year term, with two five-year extensions that could add up to $7 billion in revenue at Anthropic's option.
Riot Platforms has signed an agreement to provide AI compute to Anthropic, a deal valued at $9 billion, as the company looks to repurpose its Bitcoin mining infrastructure amid a difficult crypto environment, according to The Motley Fool via Yahoo Finance.
The report notes that Bitcoin has fallen nearly 28% this year, a move that has weighed on miners whose valuations depend heavily on their Bitcoin holdings.
Under the terms described, the contract covers an initial 20-year period at Riot's Rockdale, Texas, campus, with two additional five-year extensions available at Anthropic's option. The outlet says those extensions could translate into as much as an additional $7 billion of revenue.
Riot will need to make a technology transition because Bitcoin mining hardware does not run AI workloads, the report adds. It also highlights that the shift may require new GPUs, additional staffing, and potentially new permits, given differences in software and infrastructure needs as well as power management for AI data centers.
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