Bitcoin Miner Riot Adds New Board Member to Push AI Pivot

Key Points

  • Riot Platforms, a Bitcoin miner, has appointed three new directors to its board to explore opportunities in AI and high-performance computing (HPC).
  • The new directors include Michael Turner, Jaime Leverton, and Doug Mouton, bringing expertise from real estate, mining, and data center development respectively.
  • Riot is considering repurposing its mining infrastructure, particularly the Corsicana Facility in Texas, for AI workloads.
  • The company has engaged investment banks Evercore and Northland Capital Markets to assist with this strategic shift.
  • This move aligns with a broader industry trend where miners are seeking new revenue streams due to rising energy costs and lower mining rewards post-Bitcoin halving.

Summary

Riot Platforms, a Bitcoin mining company, is expanding its strategic focus by appointing three new directors to its board, aiming to delve into artificial intelligence (AI) and high-performance computing (HPC). The new board members include Michael Turner, previously with OMERS, Jaime Leverton, former CEO of Hut 8 Mining, and Doug Mouton, with experience from Microsoft and Meta. This strategic pivot comes as Riot explores repurposing its mining infrastructure, notably its Corsicana Facility in Texas, for AI workloads. The company has enlisted the help of investment banks Evercore and Northland Capital Markets to navigate this transition. This move reflects a wider industry trend where Bitcoin miners are seeking alternative revenue sources due to increased energy costs and reduced mining rewards following the recent Bitcoin halving. Riot's competitor, Core Scientific, has also been preparing for this shift since 2019, indicating a growing trend in the sector towards diversification into AI and HPC.

coindesk
February 13, 2025
Crypto
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