Riot Platforms, a Bitcoin mining company, has appointed three new board members. These appointments aim to assist the company's potential transition towards artificial intelligence and high-performance computing.
New Board Member Appointments
The newly appointed board members—Jaime Leverton, Doug Mouton, and Michael Turner—bring significant experience in Bitcoin mining asset conversion, data center operations, and real estate investment. Jaime Leverton, former CEO of Hut 8, played a key role in expanding into HPC. Doug Mouton, with advisory experience at Fidelis New Energy, has extensive data center design and construction expertise. Michael Turner, former president of Oxford Properties Group, offers knowledge in capital allocation and asset investment.
Anticipated Changes in Company Strategy
Riot's executive chairman, Benjamin Yi, emphasized the immediate impact of the new members' expertise on optimizing the company's existing infrastructure. CEO Jason Les highlighted the company's dedication to exploring AI and HPC opportunities to enhance their asset portfolio. However, Riot acknowledges that the current infrastructure might not be suitable for AI and HPC conversion, posing uncertainty to the success of transition.
Financial Standing of Riot Platforms
Riot Platforms reported $70 million in revenue for Q2 2024, a drop from last year's performance. Despite the decline in revenue, the company maintained strong gross margins, earning $13.9 million through power credits and demand response programs.
Riot Platforms' board member appointments underscore the company's commitment to innovation and strategic pursuits in AI and computing amidst economic challenges.
