Riot Platforms has announced a significant expansion of its operations in the artificial intelligence (AI) and high-performance computing (HPC) sector, with the addition of three new members to the board of directors.
This move reflects the growing trend among BTC miners to diversify their revenue, leveraging the increasing demand for AI infrastructure.
Riot Platforms and the new AI strategy
The increasing difficulty in Bitcoin mining and the reduction in profitability are pushing many companies in the sector to explore new opportunities.
Riot Platforms has decided to invest in the development of data centers dedicated to AI and HPC, sectors experiencing strong growth due to the increasing need for computing power for advanced machine learning models and other AI applications.
To facilitate this transition, Riot has hired the investment banks Evercore and Northland Capital Markets to explore potential strategic partnerships in the AI sector.
These financial institutions will help the company identify and negotiate collaborations with prominent tech companies, accelerating Riot’s entry into the AI market.
In support of this transformation, Riot Platforms has appointed three new members to the board of directors, each with significant experience in the technology and infrastructure sector:
- Michael Turner, former president of Oxford Properties and global head of real estate at OMERS, one of the largest pension funds in Canada.
- Jaime Leverton, former CEO of Hut 8 Mining, with extensive experience in managing critical infrastructure for mining and cloud computing.
- Doug Mouton, veteran of data center development at Microsoft and Meta, with a deep understanding of expansion strategies in the tech sector.
The addition of these professionals strengthens Riot’s position in the AI sector, ensuring the company fundamental strategic skills for the integration of new technologies in its data centers.
The evolution of mining towards AI computing
With the halving of Bitcoin expected in 2024 and the increase in energy costs, miners are seeking alternative solutions to improve the profitability of their operations. Hosting AI servers and offering high-performance computing services represent a significant opportunity.
Similar solutions have also been adopted by other Bitcoin miners, who are repurposing part of their facilities to support the needs of large artificial intelligence models.
The increase in the demand for computing power by companies like OpenAI, Google, and Nvidia makes this transition particularly strategic.
Riot Platforms is positioning itself as a key player in the convergence between cryptocurrency mining and artificial intelligence.
The combination of the computational power required for mining and the demands of AI could generate new earning opportunities and reduce the company’s dependence on the trend of Bitcoin’s price.
The expansion towards artificial intelligence and HPC represents a strategic move for Riot, which aims to become a reference point in the digital infrastructure sector. With the new appointments and the support of investment banks, the company is ready to make the most of this new growth opportunity.
Source: https://en.cryptonomist.ch/2025/02/13/riot-accelerates-development-towards-artificial-intelligence-ai-new-members-on-the-board-and-expansion-strategies/