Riot Platforms Considers AI Revenue Diversification as Bitcoin Transaction Activity Declines
Date: 2025-02-13 Author: Gabriel Deangelo Categories: BUSINESS
On February 13, Riot Platforms announced plans to pursue potential partnerships in the AI and HPC space, including plans to increase research in the space at its Corsicana facility in Navarro County, Texas. “We are excited to continue evaluating AI and HPC opportunities to maximize the value of our asset portfolio,” said Riot CEO Jason Les.
As part of the new strategy, the company has strengthened its board of directors with three new additions: Hut 8 Mining CEO Jaime Leverton, former Meta senior engineer Doug Mouton, and real estate investment expert Michael Turner. Riot Executive Chairman Benjamin Yi said, “Jaime, Doug, and Michael have the expertise to immediately help us evaluate the best ways to utilize our assets.”
However, Riot Platforms acknowledges that not all of its current capacity may be suitable for AI and HPC work. The company also emphasizes that potential partnerships may be difficult to negotiate financially, and there are risks that investments in AI and HPC will not yield significant returns.
Riot’s move is part of a larger trend among mining companies looking to expand beyond traditional cryptocurrency mining. Bitcoin activity has slowed in recent months, with transactions at their lowest in a year, according to The Block. In response, miners are looking for new revenue streams.
Some major players have already begun adapting their infrastructure for AI-related tasks. According to a report from Digital Mining Solutions and BitcoinMiningStock.io, several Bitcoin miners with a market cap of $100 million or more are already generating significant revenue from AI and HPC. For example, Hut 8 Mining reported that revenue from these areas amounted to about 8% of the company's total revenue for the first three quarters of 2024.
