Bitcoin Miner Riot Adds New Board Member to Push AI Pivot

Bitcoin mining giant Riot Platforms has appointed three new members to its board of directors, including former Hut 8 CEO Jaime Leverton, as the Texas-based company explores a potential pivot into high-performance computing (HPC) hosting. The move comes as Riot seeks to maximize value across its asset portfolio and capitalize on the growing demand for AI computing resources.

Riot's board expansion includes the appointment of Leverton, who brings extensive experience in data center operations, real estate management, and converting Bitcoin mining assets for AI and HPC applications. During her tenure at Hut 8 Mining, Leverton led the company's diversification into HPC hosting through the acquisition of TeraGo's data center business. Her expertise in transitioning crypto-mining operations to AI applications will be invaluable in helping Riot evaluate and potentially convert its existing assets for AI and HPC use.



In addition to Leverton, Riot has appointed Doug Mouton and Michael Turner to its board. Mouton, a former senior engineer at Meta, brings expertise in data center design and construction, while Turner, the former president of global real estate investor Oxford Properties Group, adds deep real asset investment and capital allocation experience.

Riot's strategic pivot towards AI and HPC is part of its initiatives to "maximize value" for its "entire portfolio of assets," according to Riot CEO Jason Les. The company has engaged investment banks Evercore and Northland Capital Markets to lead discussions with potential AI and HPC partners, particularly at its Texas-based Corsicana Facility. Riot's exploration of AI computing capabilities aligns with a growing trend among Bitcoin miners to leverage their substantial power infrastructure and data center expertise for additional revenue opportunities beyond crypto mining.

Riot's appointment of Leverton and other experts in data centers, real estate, and mining operations signals the company's commitment to exploring AI and HPC opportunities. As Bitcoin mining revenues decline due to increasing difficulty and decreasing hardware revenue, Riot is positioning itself to tap into new revenue streams and reduce its dependence on Bitcoin price fluctuations. By leveraging its existing power infrastructure and data center expertise, Riot aims to capitalize on the growing demand for AI computing resources and create new value for its shareholders.

In conclusion, Riot Platforms' appointment of new board members with expertise in AI and HPC, along with its exploration of AI computing capabilities, reflects a strategic pivot towards new revenue opportunities. As Bitcoin mining revenues decline, Riot is positioning itself to tap into the growing demand for AI computing resources and create new value for its shareholders. With its substantial power infrastructure and data center expertise, Riot is well-positioned to succeed in this new venture.