Riot Platforms, a major Bitcoin mining company, has appointed three new members to its board of directors.
These additions will provide expertise to assist the company’s potential shift towards artificial intelligence (AI) and high-performance computing (HPC).
The newly appointed directors Jaime Leverton, Doug Mouton, and Michael Turner bring significant experience in Bitcoin mining asset conversion, data centre operations, and real estate investment, Riot stated in a February 13 press release. Riot’s executive chairman, Benjamin Yi, emphasized that their expertise will have an “immediately applicable” impact as the company seeks to optimize its existing infrastructure.
Jaime Leverton, the former CEO of Bitcoin mining firm Hut 8, played a key role in expanding the company’s operations into the HPC space, notably by acquiring Canadian software company TeraGo’s data centre business.
Doug Mouton, who currently serves as an advisory board member for Fidelis New Energy—a company focused on zero-carbon power facilities—has extensive experience in data centre design and construction, having previously held a senior engineering role at Meta. Meanwhile, Michael Turner, the former president of global real estate investment firm Oxford Properties Group, brings a wealth of knowledge in capital allocation and asset investment.
Meanwhile, Riot Platforms reported $70.0 million in revenue for Q2 2024, down from $76.7 million the previous year, primarily due to the Bitcoin halving event in April that reduced miners’ block rewards. Despite the revenue decline, Riot maintained strong gross margins. They earned $13.9 million in power credits, with $4.4 million from demand response programs, reducing their average energy costs. As a result, their average direct cost to mine a Bitcoin was $25,327. CEO Jason Les emphasized the company’s dedication to exploring AI and HPC opportunities to enhance their asset portfolio. However, Riot admitted that the current infrastructure may not be compatible with AI and HPC conversion, and there are no assurances that the transition would be financially feasible or successful.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
