Riot Platforms Expands Board Amid AI And HPC Exploration

According to CoinDesk, Bitcoin miner Riot Platforms has appointed three new directors to its board as it seeks to explore opportunities in artificial intelligence (AI) and high-performance computing (HPC). The new board members include Michael Turner, who previously served as the president of Oxford Properties and global head of real estate at OMERS, one of Canada's largest pension funds. Joining him is Jaime Leverton, the former CEO of Hut 8 Mining, and Doug Mouton, a seasoned expert in data center development with experience at Microsoft and Meta. These appointments are part of Riot's strategic initiative to potentially repurpose its existing mining infrastructure, particularly the Corsicana Facility in Texas, for AI workloads. To facilitate this transition, Riot has engaged investment banks Evercore and Northland Capital Markets. This move aligns with a broader industry trend where miners are diversifying their revenue streams in response to rising energy costs and reduced mining rewards following the recent Bitcoin halving. The shift towards AI and HPC is not unique to Riot Platforms. In October, CoinDesk reported that Core Scientific, a competitor of Riot, has been developing AI-focused infrastructure since 2019. This trend highlights the evolving landscape of the cryptocurrency mining industry as companies adapt to changing economic conditions and technological advancements.