Riot Platforms Inc. announced a potential $1 billion lease and services agreement with AMD (Advanced Micro Devices) at what used to be the former Alcoa Corp site in Milam County, northeast of Austin. Riot is a cryptocurrency mining company and data center developer. Riot acquired the 200 acres for $96 million. The company said it financed the acquisition with approximately 1,080 bitcoin from its balance sheet.
The Austin Business Journal reports the current 10-year lease is expected to generate $311 million in revenue and includes three five-year extension options that would bring the total value to $1 billion. It’s initially for 25 megawatts that will be delivered in phases through March, and the expansion could be for up to 200 megawatts of capacity in the future.
Riot has 700 megawatts of interconnection to the grid, a dedicated water supply and fiber connectivity, with room to grow…