Bitcoin miner Riot Platforms has appointed three new directors to its board, including Jaime Leverton, former Hut 8 CEO, who has experience converting Bitcoin mining assets for artificial intelligence (AI) and high-performance computing (HPC).
The new board members — Leverton, Doug Mouton, and Michael Turner —bring expertise in data centers, real estate, and AI/HPC conversions, Riot announced on Feb. 13. Mouton, formerly of Meta, specializes in data center design, while Turner, a former president at Oxford Properties Group, has deep investment and capital allocation experience.
As Bitcoin mining becomes less profitable following the April 2024 halving, many mining companies are exploring AI and HPC diversification. A VanEck report estimated that if publicly traded miners shifted 20% of their energy capacity to AI/HPC by 2027, they could generate an additional $13.9 billion in annual profits over 13 years.
Despite these new hires, Riot CEO Jason Les stated that while the firm is evaluating AI and HPC opportunities, there’s no guarantee that its assets are suitable for conversion or that a transition would be financially viable.
Additionally, investment firm D.E. Shaw has reportedly built a stake in Riot and may push for strategic changes, according to Reuters.
Source: Cointelegraph
