Riot
Platforms, a publicly listed Bitcoin miner from Wall Street (NASDAQ: RIOT), is
strengthening its leadership team and accelerating its push into artificial
intelligence computing. It has appointed three new board members with extensive data
center and AI infrastructure experience. More importantly, it is neither the first nor the last company looking to diversify its services amid the increasingly challenging and margin-tight cryptocurrency mining industry.
The
NASDAQ-listed company named Jaime Leverton, Doug Mouton, and Michael Turner to
its board of directors, bringing expertise in converting cryptocurrency mining
operations to AI applications and managing large-scale data centers. The
appointments come as Riot intensifies its exploration of repurposing some of
its Bitcoin mining facilities for artificial intelligence and high-performance
computing (HPC) operations.
Jason Les, CEO of Riot Blockchain
“We are
excited to continue to advance our AI/HPC evaluation process as we seek to
maximize value for our entire portfolio of assets,” said Jason Les, CEO of Riot.
“We believe there is an opportunity to deliver substantial value to our
shareholders and are confident we have the right team in place that will be
able to help us conduct this process as efficiently and effectively as
possible.”
The company
has also retained investment bank Evercore and Northland Capital Markets to
guide its evaluation of AI and high-performance computing possibilities,
particularly at its Texas-based Corsicana Facility. This follows earlier
engagement of data center consultant Altman Solon.
The Bitcoin Mining Company
Adds Three Directors
Leverton,
who previously led Hut 8 Mining Corp.’s expansion into high-performance
computing, brings particularly relevant experience in transitioning crypto-mining
operations to AI applications.
Mouton, a
former senior engineer at Meta and Microsoft, contributes expertise in data
center design and construction, while Turner adds real estate investment
experience from his tenure as President of Oxford Properties Group.
Riot Platforms Announces Changes to Its Board of Directors and Provides Update on Formal Evaluation of AI/HPC Uses.
Jaime Leverton, Doug Mouton and Michael Turner to Join the Board and Bring Directly Applicable AI/HPC Conversion, Data Center and Real Estate Experience.
Retains…
— Riot Platforms, Inc. (@RiotPlatforms) February 13, 2025
The board
restructuring, which received input from major shareholders Starboard Value LP
and The D.E. Shaw Group, reduces the board to six members. Hannah Cho and
Hubert Marleau will retire.
However,
Riot emphasized that there’s no guarantee its assets will be suitable for AI
computing conversion or that partnerships will materialize on favorable terms.
Riot Platforms Eyes $38B
Opportunity
Publicly listed
Bitcoin miners from Wall Street are increasingly exploring new revenue
opportunities, particularly in HPC and AI. According
to a recent analysis by investment management firm VanEck, this shift is
driven by miners’ efforts to diversify their operations and meet the growing
demand for computational power in the AI sector.
Matthew
Sigel, VanEck’s head of digital assets research, estimates that this transition
could generate up to $38 billion in additional value for mining firms by 2027.
VanEck’s head of digital assets research, Matthew Sigel
“AI
companies need energy, and bitcoin miners have it,” commented
Sigel. “As the
market values the growing AI/HPC data center market, access to power—especially
in the near term—is commanding a premium.”
The
connection between Bitcoin mining and AI computing lies in miners’ access to energy
resources and existing data center infrastructure. As AI development
accelerates, the demand for power-intensive computing facilities has risen,
making these operations well-positioned to support AI workloads.
Some mining
firms have already adapted their business strategies. For example, HIVE
Blockchain rebranded
as HIVE Digital to reflect its broader focus beyond BTC mining. Meanwhile, at the end of January, Bitfarms hired
consultants to assess how the company could enter the HPC and AI sectors.
MARA, the
largest publicly traded Bitcoin miner on Wall Street, announced a strategic
shift, pausing its planned 600 MW Phase II Bitcoin mining expansion to
explore opportunities in AI and HPC.
Riot
Platforms, a publicly listed Bitcoin miner from Wall Street (NASDAQ: RIOT), is
strengthening its leadership team and accelerating its push into artificial
intelligence computing. It has appointed three new board members with extensive data
center and AI infrastructure experience. More importantly, it is neither the first nor the last company looking to diversify its services amid the increasingly challenging and margin-tight cryptocurrency mining industry.
The
NASDAQ-listed company named Jaime Leverton, Doug Mouton, and Michael Turner to
its board of directors, bringing expertise in converting cryptocurrency mining
operations to AI applications and managing large-scale data centers. The
appointments come as Riot intensifies its exploration of repurposing some of
its Bitcoin mining facilities for artificial intelligence and high-performance
computing (HPC) operations.
Jason Les, CEO of Riot Blockchain
“We are
excited to continue to advance our AI/HPC evaluation process as we seek to
maximize value for our entire portfolio of assets,” said Jason Les, CEO of Riot.
“We believe there is an opportunity to deliver substantial value to our
shareholders and are confident we have the right team in place that will be
able to help us conduct this process as efficiently and effectively as
possible.”
The company
has also retained investment bank Evercore and Northland Capital Markets to
guide its evaluation of AI and high-performance computing possibilities,
particularly at its Texas-based Corsicana Facility. This follows earlier
engagement of data center consultant Altman Solon.
The Bitcoin Mining Company
Adds Three Directors
Leverton,
who previously led Hut 8 Mining Corp.’s expansion into high-performance
computing, brings particularly relevant experience in transitioning crypto-mining
operations to AI applications.
Mouton, a
former senior engineer at Meta and Microsoft, contributes expertise in data
center design and construction, while Turner adds real estate investment
experience from his tenure as President of Oxford Properties Group.
Riot Platforms Announces Changes to Its Board of Directors and Provides Update on Formal Evaluation of AI/HPC Uses.
Jaime Leverton, Doug Mouton and Michael Turner to Join the Board and Bring Directly Applicable AI/HPC Conversion, Data Center and Real Estate Experience.
Retains…
— Riot Platforms, Inc. (@RiotPlatforms) February 13, 2025
The board
restructuring, which received input from major shareholders Starboard Value LP
and The D.E. Shaw Group, reduces the board to six members. Hannah Cho and
Hubert Marleau will retire.
However,
Riot emphasized that there’s no guarantee its assets will be suitable for AI
computing conversion or that partnerships will materialize on favorable terms.
Riot Platforms Eyes $38B
Opportunity
Publicly listed
Bitcoin miners from Wall Street are increasingly exploring new revenue
opportunities, particularly in HPC and AI. According
to a recent analysis by investment management firm VanEck, this shift is
driven by miners’ efforts to diversify their operations and meet the growing
demand for computational power in the AI sector.
Matthew
Sigel, VanEck’s head of digital assets research, estimates that this transition
could generate up to $38 billion in additional value for mining firms by 2027.
VanEck’s head of digital assets research, Matthew Sigel
“AI
companies need energy, and bitcoin miners have it,” commented
Sigel. “As the
market values the growing AI/HPC data center market, access to power—especially
in the near term—is commanding a premium.”
The
connection between Bitcoin mining and AI computing lies in miners’ access to energy
resources and existing data center infrastructure. As AI development
accelerates, the demand for power-intensive computing facilities has risen,
making these operations well-positioned to support AI workloads.
Some mining
firms have already adapted their business strategies. For example, HIVE
Blockchain rebranded
as HIVE Digital to reflect its broader focus beyond BTC mining. Meanwhile, at the end of January, Bitfarms hired
consultants to assess how the company could enter the HPC and AI sectors.
MARA, the
largest publicly traded Bitcoin miner on Wall Street, announced a strategic
shift, pausing its planned 600 MW Phase II Bitcoin mining expansion to
explore opportunities in AI and HPC.
