The $9.1 Billion Is Revenue, Not Upfront CashThe base lease runs through June 2048 and is expected to produce $9.1 billion over its initial term. Rockdale Is Moving From Hashrate to RentRiot described Rockdale as a 700-megawatt bitcoin mining facility in its 2025 filings. Bitcoin mining revenue fell to $113.7 million from $140.9 million a year earlier as bitcoin prices weakened and network hashrate rose, while the cost to mine one bitcoin increased to $49,912. Mining and AI hosting both depend on power, land and computing facilities, but the valuation basis is changing again. Monday’s gain suggests investors now see Rockdale less as a bitcoin mine and more as a power asset with an AI tenant.