Riot Platforms Shifts Focus to AI, Appoints New Board Members

Riot Platforms, a prominent Bitcoin mining company, is shifting its focus towards artificial intelligence (AI) and high-performance computing (HPC) as it faces declining revenues in traditional mining. The company has appointed three new board members—Jaime Leverton, Doug Mouton, and Michael Turner—who bring expertise in data centers, real estate, and cryptocurrency infrastructure to guide this transformation. Riot plans to utilize its Corsicana Facility in Texas for AI workloads and has engaged investment banks Evercore and Northland Capital Markets to explore partnerships in these emerging sectors. This strategic pivot reflects broader industry trends, as other miners like Core Scientific are also diversifying into AI to create new revenue streams amid rising energy costs and lower mining rewards. CEO Jason Les emphasized the commitment to maximizing shareholder value through this evaluation process. The move signifies a growing convergence between cryptocurrency mining and AI computing, as miners seek to adapt to changing market conditions.