In a significant move aimed at exploring new frontiers, Bitcoin (BTC) miner Riot Platforms has appointed three new directors to its board. This strategic decision aligns with the company’s intentions to tap into the burgeoning fields of artificial intelligence (AI) and high-performance computing (HPC).
The newly appointed board members include Michael Turner, former president of Oxford Properties and the global head of real estate at OMERS, one of Canada’s largest pension funds. Alongside him are Jaime Leverton, the ex-CEO of Hut 8 Mining, and Doug Mouton, a veteran of data center development with experience at Microsoft and Meta. This diverse mix of expertise is expected to guide Riot as it pivots towards innovative computing solutions.
Riot is currently considering repurposing its mining infrastructure, particularly the Corsicana Facility in Texas, to accommodate AI workloads. To facilitate this transition, the company has engaged investment banks Evercore and Northland Capital Markets, signaling its commitment to leveraging existing resources for emerging technologies.
This shift comes amid a broader industry trend where cryptocurrency miners are actively seeking new revenue streams due to escalating energy costs and the reduced rewards from Bitcoin mining following the recent Bitcoin halving. As illustrated by a report by CoinDesk in October, Core Scientific, a competitor to Riot, has been laying the groundwork for AI-focused infrastructure since 2019, demonstrating the urgency and necessity for miners to adapt in a rapidly changing market.
As Riot Platforms embraces this new direction, the company’s efforts to integrate AI capabilities alongside its cryptocurrency mining operations could redefine its role in the industry and pave the way for future growth.
