{
  "id": 18166436,
  "title": "Riot shares surge on $28B AI lease as Hut 8 sinks on revenue miss",
  "url": "https://urgent.news/2026/11/04/riot-shares-surge-on-28b-ai-lease-as-hut-8-sinks-on-revenue-miss",
  "topic": "ai",
  "section": "AI",
  "published": "2026-11-04T18:47:56.000Z",
  "source": {
    "name": "Cointelegraph",
    "slug": "cointelegraph",
    "url": "https://cointelegraph.com/news/riots-28b-ai-deal-lifts-shares-as-hut-8-faces-transition-costs"
  },
  "original_language": "en",
  "account": "Riot Platforms saw its shares surge over 13% after announcing a $28 billion AI data center lease, its largest agreement to date. This 15-year deal covers 910 megawatts at its Corsicana, Texas facility and brings its total future contracted data center revenue to approximately $38 billion. The agreement signifies a shift away from Bitcoin mining revenue for Riot, as CEO Jason Les stated that nearly all cash flow will be generated from long-term leases with AI ecosystem players by full deployment. Hut 8, another Bitcoin miner, reported a 15% drop in third-quarter revenue to $71.1 million, missing analysts' estimates of $75.8 million. Hut 8's CFO, Sean Glennan, attributed the decline to asset sales and lower revenue per Bitcoin mined. The company has secured $7.5 billion in project bonds for two major AI data center projects, although they have yet to generate revenue. Hut 8 CEO Asher Genoot highlighted the complexity and expense of traditional AI data center construction as the company aims for larger-scale projects.",
  "summary": "Bitcoin miner Riot sold BTC to finance its AI expansion, while Hut 8 reported falling revenue and rising costs before its major data center leases generate income.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Investing.com",
        "title": "Earnings call transcript: Riot Platforms tops Q3 2026 estimates, stock jumps on ai lease deal",
        "url": "https://urgent.news/2026/11/04/earnings-call-transcript-riot-platforms-tops-q3-2026-estimates-stock",
        "published": "2026-11-04T14:21:02.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}