On Wednesday, bitcoin mining company Riot Platforms said it is exploring partnerships in the artificial intelligence and high-performance computing sector as it aims to shore up its business and generate sustainable revenue streams.
The NASDAQ-listed company said it would ramp up evaluations for potential AI and high-performance computing (HPC) uses at its Corsicana Facility in Navarro County, Texas, citing increased interest from multiple potential partners.
Riot’s exploration of AI computing capabilities reflects a growing trend among Bitcoin miners to leverage their substantial power infrastructure and data center expertise for additional revenue opportunities beyond crypto mining.
The move comes as mining difficulty on the Bitcoin network has reached a historic high, peaking at 114.7 terahashes when it arrived at block height 883,502 on February 10, data from CoinWarz shows.
Meanwhile, revenue from Bitcoin mining hardware has significantly dropped over the year, to as low as $10.4 a day over an operating margin of 60% for an average ASIC unit like the Antminer S21+ Hydro, according to data from Hashrate Index.
Alongside its AI explorations, Riot appointed three new directors with relevant expertise: Hut 8 Mining CEO Jaime Leverton, former Meta senior engineer Doug Mouton, and real estate investment veteran Michael Turner.
Moving in to explore AI and high-performance computing is part of Riot’s initiatives to “maximize value” for its “entire portfolio of assets,” Riot CEO Jason Les said in a statement to Decrypt.
Similar strategic shifts by other major crypto mining operators are at play. Leverton, who just joined Riot’s board, previously led her company’s expansion into HPC by acquiring TeraGo’s data center business.
Companies such as Hut 8 and Core Scientific are repurposing their infrastructure for AI workloads, leveraging existing power access and data centers.
These diversification moves are also aimed at reducing dependence on Bitcoin’s price fluctuations while capitalizing on the growing demand for AI computing resources.
However, the company cautioned there’s no guarantee its assets are suitable for AI/HPC conversion or that partnerships can be negotiated on favorable terms.
Still, Bitcoin mining and other public crypto firms are beating the market, with their overall market cap expanding by 14% to bring their valuations to $108 billion, according to JPMorgan.
Riot also operates Bitcoin mining facilities in Rockdale, Texas, and Kentucky, along with electrical switchgear engineering operations in Colorado.
The company’s stock, which trades on the NASDAQ under the ticker RIOT, is up 0.2% on the day to $11.16, Google Finance data shows.
Edited by Sebastian Sinclair
12 Comments
great articleSEO BACKLINKS, CROSS-LINKS, HACKED WP-ADMIN – TELEGRAM @SEO_ANOMALY bokep
I couldn’t resist commenting
Thanks for sharing superb informations. Your website is very cool. I’m impressed by the details that you’ve on this site. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for extra articles. You, my pal, ROCK! I found just the information I already searched all over the place and just couldn’t come across. What a great site.
Thank you for another informative blog. Where else could I get that kind of info written in such an ideal way? I have a project that I’m just now working on, and I have been on the look out for such info.
Do you have a spam problem on this blog; I also am a blogger, and I was wondering your situation; many of us have developed some nice procedures and we are looking to exchange strategies with others, be sure to shoot me an e-mail if interested.
Hello! I know this is kinda off topic but I was wondering if you knew where I could locate a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having difficulty finding one? Thanks a lot!
I love it when people come together and share opinions, great blog, keep it up.
Hey! Do you know if they make any plugins to help with SEO? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good results. If you know of any please share. Thanks!
Nice read, I just passed this onto a colleague who was doing a little research on that. And he just bought me lunch since I found it for him smile So let me rephrase that: Thanks for lunch! “Bill Dickey is learning me his experience.” by Lawrence Peter Berra.
Howdy just wanted to give you a brief heads up and let you know a few of the pictures aren’t loading properly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same outcome.
Excellent blog right here! Additionally your site lots up very fast! What web host are you the usage of? Can I am getting your affiliate link for your host? I want my web site loaded up as quickly as yours lol
Would love to always get updated outstanding blog! .