Riot Platforms CEO Jason Less joins us to discuss their record-breaking Q1 2025 earnings despite Bitcoin's halving and discusses their strategic pivot toward AI data centers.

• Record Q1 revenue of $161.4 million, more than doubling year-over-year despite halving
• Improved operational efficiency with nearly 90% hash rate utilization
• Settlement with Rhodium eliminates $15 million annual losses and recaptures 125 megawatts
• Current Bitcoin mining cost of $43,808 per coin with power costs at $35,313
• Immersion cooling at Corsicana showing advantages in maintenance and machine stability
• Feasibility study confirms Corsicana's 1 gigawatt facility ideal for AI/HPC data centers
• Enhanced site appeal through additional land acquisition, fiber routes, and water access
• Engineering segment growing with ESS Metron and E4A Solutions integration
• Strategic shift to selling monthly Bitcoin production to fund growth with minimal dilution
• Focus on "Bitcoin yield" metric - growing Bitcoin per share by 39% in 2024

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