Bitcoin mining firm Riot Platforms has welcomed three new board members with expertise in artificial intelligence (AI), high-performance computing (HPC), and data center management, signaling a potential shift in strategy. The appointments come as Bitcoin miners explore alternative revenue streams following the latest Bitcoin halving event that reduced mining rewards.
The newly appointed directors—Jaime Leverton, Doug Mouton, and Michael Turner—bring experience that could be valuable if Riot decides to diversify its operations beyond Bitcoin mining. Leverton previously served as CEO of Hut 8 Mining Corp, where she played a key role in the company’s expansion into HPC through the acquisition of TeraGo’s data center business.
Mouton, with a background in data center construction at Meta, currently sits on the advisory board of Fidelis New Energy, a firm specializing in zero-carbon power facilities. Meanwhile, Turner, the former president of Oxford Properties Group, is expected to contribute real asset investment and capital allocation expertise.
Bitcoin Miners Eye AI and HPC for Future Growth
The addition of these directors aligns with an industry-wide trend where Bitcoin miners are repositioning their operations to capitalize on AI-driven demand for computational power. The April Bitcoin halving saw mining rewards drop from 6.25 BTC to 3.125 BTC per block, prompting firms to reassess their revenue models.
A CoinShares report from October highlighted how mining companies are increasingly diversifying their income streams, with AI being a primary area of focus. Similarly, VanEck’s August report projected that publicly traded miners shifting 20% of their energy capacity to AI and HPC by 2027 could generate an additional $13.9 billion in profits over 13 years.
Despite these projections, Riot remains cautious about making any immediate moves. The company stated that while AI and HPC conversion is being explored, there is no guarantee that existing assets are suitable, nor that any potential partnerships or financial benefits will materialize.
Activist Investors Push for Change
Riot’s strategic direction has been under increased scrutiny from investors, particularly D.E. Shaw, a prominent investment firm that has built an undisclosed stake in the company. Reports suggest that D.E. Shaw may push for operational changes, further increasing speculation about Riot’s future in AI and HPC.
CEO Jason Les confirmed that Riot is actively evaluating its AI and HPC potential, but emphasized that any future decisions will be based on maximizing asset value.
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