Riot Platforms, North America's largest mining company, is making significant strides towards AI and high-performance computing by adding three new members to its board of directors.
Appointments in Riot Platforms Leadership
According to reports, former CEO Eryn Leverton joined the board to oversee Bitcoin mining infrastructure as the company integrated AI into its operations. Michael Turner, former President of Oxford Properties, and Doug Mouton, with key positions held at Microsoft and Meta, joined the board. These appointments bring Riot's AI and HPC board to six members, including existing members Hannah Cho and Hubert Marleau.
AI in Riot's Strategy
Riot's latest move comes as Bitcoin miners, including the company itself, seek new revenue streams amid declining mining profitability. With the rising demand for AI server hosting, the company and other industry players are shifting focus to capitalize on this emerging opportunity. This strategy is supported by lower energy costs and the recent Bitcoin halving, emphasizing the company's need to adapt to changing economic conditions.
Plans for Power Asset Use
Riot is looking into using its power assets in Texas for AI and high-performance computing (HPC). To assist with this, the company has hired financial advisors from Evercore and Northland Capital Markets, along with data center experts from Altman Solon. The company is receiving interest from potential partners, but notes that its assets may not be suitable for AI or HPC conversion, and favorable terms for a transition are not guaranteed.
Riot Platforms' strategic moves towards AI and HPC underscore the company's adaptation to the changing landscape of the digital economy, strengthening its market position.
