Multiple Bitcoin mining companies disclose cost risks of AI data centers: Cipher incurs an overspend of $359 million, Riot introduces a price cap contract

As Bitcoin mining companies accelerate their shift to AI data center businesses, construction cost overruns and risk allocation have become the focus of market attention. In the latest earnings season, Cipher disclosed that, according to the revised leasing arrangements, the company will bear the first cost overrun of $359.3 million beyond the original budget for the Barber Lake project.

Riot expects that about 70% of its Rockdale project budget will be included in a Guaranteed Maximum Price (GMP) contract to control cost risks. Core Scientific stated that tariffs have increased the costs of some equipment and materials. In addition, Riot pointed out that lenders are more strictly reviewing tenant credit status, power supply facility energization, and project delivery records.