Riot has appointed an adviser with expertise in transitioning Bitcoin mining assets to artificial intelligence.

Riot Platforms Appoints Three New Directors, Including Former Hut 8 CEO Jaime Leverton

Riot Platforms, a leading Bitcoin mining company, has announced the appointment of three new directors to its board, including Jaime Leverton, the former CEO of Hut 8, who brings valuable experience in transitioning Bitcoin mining assets towards artificial intelligence (AI) and high-performance computing (HPC).

The newly appointed directors are Jaime Leverton, Doug Mouton, and Michael Turner. Riot stated in a February 13 update that these individuals collectively bring expertise in overseeing the conversion of Bitcoin mining assets for AI and HPC applications, as well as experience in data centers and real estate. These strategic appointments reflect Riot’s ongoing efforts to diversify its operations and explore new growth opportunities in the tech sector.

iot Platforms Appoints New Directors with Expertise in AI, HPC, and Real Estate

Riot Platforms executive chairman Benjamin Yi expressed confidence that the company’s newly appointed board members will bring “immediately applicable” expertise to help maximize the value of Riot’s unique assets. The latest additions include Jaime Leverton, Doug Mouton, and Michael Turner, each bringing extensive experience in diverse sectors such as Bitcoin mining, artificial intelligence (AI), high-performance computing (HPC), and real estate investment.

Jaime Leverton is the former CEO of Hut 8 Mining Corp, a prominent Bitcoin mining firm. Leverton was at the helm when Hut 8 expanded into the HPC space by acquiring TeraGo’s data center business in Canada. Her experience in the conversion of Bitcoin mining assets to HPC and AI technologies will play a crucial role in Riot’s ongoing strategic shift.

Doug Mouton serves on the advisory board of Fidelis New Energy, a company focused on developing zero-carbon power facilities. Mouton also brings expertise as a former senior engineering lead for datacenter design and construction at Meta, the parent company of Facebook, positioning him well to contribute to Riot’s data center expansion efforts.

Michael Turner is the former president of Oxford Properties Group, a global real estate investment firm. Turner brings valuable insight into real asset investment and capital allocation, which Riot believes will be instrumental in optimizing their asset portfolio.

Diversification into AI and HPC

Following the Bitcoin halving event on April 20, where mining rewards were reduced from 6.25 BTC to 3.125 BTC, the trend of Bitcoin mining companies diversifying into sectors like AI and HPC has gained momentum. CoinShares reported in October that the reduction in mining rewards might be a driving factor behind this shift, while VanEck estimated in August that Bitcoin miners could increase profits by $13.9 billion over 13 years if they allocated 20% of their energy capacity to AI and HPC by 2027.

Riot’s AI and HPC Strategy

Riot CEO Jason Les emphasized the company’s commitment to advancing its AI and HPC evaluation process to extract maximum value from its portfolio. However, Riot acknowledged that there is no guarantee that its existing Bitcoin mining assets are suitable for AI/HPC conversion, nor that such a transition would be financially advantageous. Additionally, the company has yet to secure any AI/HPC partnerships.

Notable Investor Activity

Investment firm D.E. Shaw has reportedly taken an undisclosed position in Riot Platforms. Recent reports from Reuters indicate that D.E. Shaw plans to influence changes at the company, citing sources familiar with the situation.