Bitcoin Miners Turn to AI as Energy Costs Surge

Riot Platforms Eyes AI Boom with New Board Appointments
AI Takes Over: Riot Platforms Reimagines Its Mining Business

Bitcoin (BTC) mining firm Riot Platforms has appointed three new directors to its board as it explores new opportunities in artificial intelligence (AI) and high-performance computing (HPC).

The newly appointed members include Michael Turner, former president of Oxford Properties and global head of real estate at OMERS, one of Canada’s largest pension funds; Jaime Leverton, former CEO of Hut 8 Mining (HUT); and Doug Mouton, a data center development expert who has worked with Microsoft and Meta, the company announced on Thursday.

Shifting Gears: AI Infrastructure in Focus
Riot is considering repurposing its mining facilities, particularly its Corsicana Facility in Texas, to support AI workloads. To facilitate this transition, the company has enlisted investment banks Evercore and Northland Capital Markets for guidance.

A Growing Trend in the Mining Industry
Riot’s strategic shift aligns with a broader industry movement, as Bitcoin miners seek alternative revenue streams amid rising energy costs and lower mining rewards following the recent Bitcoin halving.

In October, CoinDesk reported that Riot’s competitor, Core Scientific (CORZ), has been developing AI-focused infrastructure since 2019.

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