Riot Platforms Expands Board With AI and HPC Expertise

According to Cointelegraph, Bitcoin mining company Riot Platforms has announced the appointment of three new directors to its board, aiming to enhance its capabilities in artificial intelligence (AI) and high-performance computing (HPC). The new board members, Jaime Leverton, Doug Mouton, and Michael Turner, bring a wealth of experience in converting Bitcoin mining assets for AI and HPC applications, as well as expertise in data centers and real estate. Riot Platforms' executive chairman, Benjamin Yi, expressed confidence that the new directors will provide "immediately applicable" expertise to help the company maximize the value of its unique assets. Jaime Leverton, formerly the CEO of Hut 8 Mining Corp, played a pivotal role in the firm's expansion into the HPC sector through the acquisition of TeraGo’s data center business. Doug Mouton, who serves on the advisory board for Fidelis New Energy, has a background in zero-carbon power facilities and previously led data center design and construction at Meta. Michael Turner, the former president of Oxford Properties Group, brings significant experience in real asset investment and capital allocation. The recent halving event on April 20 reduced Bitcoin mining rewards from 6.25 BTC to 3.125 BTC per 210,000 blocks, prompting mining companies to explore diversification strategies. An October report from CoinShares suggested that the trend of diversifying income streams to include AI could be linked to the decreasing profitability of Bitcoin mining. Additionally, an August report by asset manager VanEck estimated that if publicly traded Bitcoin mining companies redirected 20% of their energy capacity to AI and HPC by 2027, they could potentially generate an additional $13.9 billion in profits over 13 years. Riot CEO Jason Les emphasized the company's commitment to advancing its AI and HPC evaluation process to maximize asset value. Despite the strategic board appointments, Riot acknowledged that there is no certainty its existing assets are suitable for AI and HPC conversion, nor that such a transition would be financially beneficial or lead to successful partnerships. Meanwhile, investment firm D.E. Shaw has reportedly acquired a stake in Riot, with Reuters reporting last month that the firm plans to advocate for changes within the company, according to sources familiar with the situation.