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Riot Platforms (NASDAQ:RIOT), a prominent Bitcoin (BTC) mining company, announced the appointment of three new directors to its board, signaling a strategic pivot towards artificial intelligence (AI) and high-performance computing (HPC) amid the challenges facing the cryptocurrency mining industry.
The new board members bring a wealth of experience from various sectors, including real estate, technology, and data center development.
The company’s expansion into AI data center operations is underscored by the appointments of Michael Turner, Jaime Leverton, and Doug Mouton. Turner is the former president of Oxford Properties and served as the global head of real estate at OMERS, one of Canada’s largest pension funds.
Leverton, the former CEO of Hut 8 Mining, brings expertise from another major player in the BTC mining space. Mouton’s background includes significant experience in data center development, having worked for technology giants Microsoft (NASDAQ:MSFT) and Meta (NASDAQ:META).
Riot Platforms is exploring the repurposing of its mining infrastructure to accommodate AI workloads, with a particular focus on its Corsicana Facility in Texas. To assist with this strategic transition, the company has engaged investment banks Evercore and Northland Capital Markets.
According to CoinDesk, move by Riot Platforms reflects a broader shift in the BTC mining industry, as companies seek alternative revenue sources in response to rising energy costs and decreased profitability from mining activities. This trend was highlighted by the recent Bitcoin halving, which reduced mining rewards, prompting miners to diversify their business models.
Competitor Core Scientific has been proactive in this area, having started to build AI-focused infrastructure back in 2019, according to an October report by CoinDesk. Riot Platforms’ decision to strengthen its board with experts in AI and data center operations is a step towards positioning the company at the forefront of this evolving industry landscape.
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