Riot Platforms Welcomes New Board Members to Advance AI Initiatives
Riot Platforms has appointed new directors to facilitate its entry into artificial intelligence and high-performance computing sectors.
Key Highlights:
- Bitcoin miner Riot Platforms has appointed three directors to bolster its expansion into AI and HPC sectors.
- The new appointments come as the company pivots its infrastructure from bitcoin mining towards artificial intelligence.
Overview
Riot Platforms has announced the addition of three new members to its board, including Michael Turner, the ex-president of Oxford Properties, Jaime Leverton, the former CEO of Hut 8, and Doug Mouton, who has extensive experience in data center development at Microsoft and Meta. This strategic shift aims to explore opportunities within AI and high-performance computing (HPC).
Riot is also working with investment banks Evercore and Northland Capital Markets to lead discussions regarding partnerships in these fields. The company sees this as a crucial move as the profitability of bitcoin mining decreases.
Industry Context
As shedding mining costs are affecting revenues, Riot Platforms is following a growing industry trend of pivoting to AI resources. This aligns with similar moves by other miners, such as Core Scientific, which has cultivated AI infrastructure since 2019. The transition is viewed as essential for maintaining revenue amidst rising energy costs.
