Riot Platforms Taps AI Experts for Board, Eyes Infrastructure Shift

Bitcoin miner Riot Platforms has announced the appointment of three new directors to its board, marking a significant step in the company's exploration of opportunities in artificial intelligence (AI) and high-performance computing (HPC). The additions include Michael Turner, a former president of Oxford Properties and global head of real estate at OMERS, one of Canada's largest pension funds. Also joining the board are Jaime Leverton, the former CEO of Hut 8 Mining (HUT), and Doug Mouton, a data center development veteran from Microsoft and Meta.

Riot's strategic move comes as the company considers repurposing its mining infrastructure, particularly its Corsicana Facility in Texas, for AI workloads. To facilitate this transition, Riot has engaged investment banks Evercore and Northland Capital Markets for assistance. This shift aligns with a broader industry trend, as miners seek new revenue streams in response to rising energy costs and lower mining rewards following the recent Bitcoin halving.

Riot's pivot towards AI is not an isolated incident. In October, CoinDesk reported that Core Scientific (CORZ), one of Riot's rivals, has been building AI-focused infrastructure since 2019. As the cryptocurrency mining landscape evolves, companies are increasingly exploring alternative revenue streams to maintain profitability and adapt to changing market conditions.