Riot Platforms Expands Board to Explore AI and HPC Opportunities
In a strategic move to leverage emerging technologies, Bitcoin (BTC) miner Riot Platforms has appointed three new directors to its board. This addition comes as the company seeks to explore potential opportunities in artificial intelligence (AI) and high-performance computing (HPC).
The newly appointed directors include Michael Turner, who previously served as the president of Oxford Properties and held the position of global head of real estate at OMERS, one of Canada’s largest pension funds. Alongside him are Jaime Leverton, the former CEO of Hut 8 Mining (HUT), and Doug Mouton, a seasoned veteran in data center development who has worked with major tech giants such as Microsoft and Meta.
This strategic board expansion aligns with Riot’s plans to repurpose its existing mining infrastructure, particularly at its Corsicana Facility located in Texas, to accommodate AI workloads. To facilitate this transition, the company has engaged the services of investment banks Evercore and Northland Capital Markets.
Riot’s shift towards AI and HPC is part of a larger trend within the cryptocurrency mining industry, as miners increasingly seek new revenue streams in light of rising energy costs and diminishing mining rewards following the recent Bitcoin halving. Notably, Core Scientific (CORZ), one of Riot’s competitors, has been proactively building AI-focused infrastructure since 2019, underscoring the growing significance of these technological advancements in the sector.
