Riot secures a $9.1 billion, 20-year computing power hosting deal with Anthropic. AI is rewriting the valuation logic for mining companies. In the past, mining companies relied on BTC prices and mining difficulty to survive. Now, they’re turning electricity, land, and data centers into long-term leases. For Riot, this transformation could boost revenue efficiency per megawatt by 1–3x, while also stabilizing cash flow. Mining companies are evolving from 'crypto miners' to 'computing power landlords' in the AI era.