Every megawatt contractually committed to a 20-year AI lease is power that cannot be redirected to Bitcoin mining if hashprice recovers. For context on Riot's mining trajectory: Q1 2026 mining revenue was $111.9 million, down from $142.9 million in Q1 2025. Every megawatt now locked into a 20-year AI lease is a megawatt that cannot be retooled for Bitcoin mining even if hashprice surges. The broader miner-to-AI transition reflects the same post-halving economics: long-duration data center lease revenue is structurally more attractive than marginal mining revenue at current hashprice. The Thesis and What Would Break ItThe falsifiable read: Riot is not diversifying Bitcoin mining, it is rationing it.