Riot Platforms has appointed three new directors with significant experience in converting Bitcoin mining assets towards artificial intelligence and high-performance computing uses.
Appointment of New Directors
The newly appointed Riot Platforms board members include Jaime Leverton, Doug Mouton, and Michael Turner. Their experience involves overseeing the conversion of Bitcoin mining assets for potential AI and HPC use, along with expertise in data center management and real estate.
Experience and Achievements of the New Leadership
Jaime Leverton, formerly CEO of Hut 8 Mining Corp, was instrumental in expanding into the HPC space by acquiring TeraGo’s data center business. Doug Mouton, a member of Fidelis New Energy's advisory board, previously served as senior engineering lead for data center design at Meta. Michael Turner, former president of Oxford Properties Group, brings in-depth real asset investment and capital allocation experience.
Opportunities for Income Diversification
Following the halving of mining rewards in April 2020, companies have begun exploring diversification of income streams. Reports suggest that shifting 20% of energy to AI and HPC could potentially add $13.9 billion in profits over 13 years.
Riot Platforms is actively exploring the integration of AI and HPC technologies into its operations. However, the company acknowledges the risks associated with asset conversion and the uncertainty of successful implementation.
