Riot Platforms Explores AI Revenue Amid Bitcoin Transaction Slump
2025-02-13
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Bitcoin miner Riot Platforms is exploring revenue diversification into artificial intelligence (AI) and high-performance computing (HPC), joining the growing trend of miners adapting their infrastructure for AI applications as Bitcoin network transactions hit a 12-month low.
On February 13, Riot Platforms that it is actively pursuing potential partnerships within the AI and HPC sectors. 
The company is intensifying evaluations for AI and HPC applications at its Corsicana Facility in Navarro County, Texas. Riot’s CEO Jason Les emphasized the strategic importance of this shift, stating, 
“We are excited to continue to advance our AI/HPC evaluation process as we seek to maximize value for our entire portfolio of assets.” Bitcoin Miners Turn to AI Amid Transaction Decline
Notably, Riot has restructured its board of directors to advance this initiative by appointing three new members: Jaime Leverton, CEO of Hut 8 Mining; Doug Mouton, a former senior engineer at Meta; and Michael Turner, a real estate investment expert.
Riot Platforms Announces Changes to Its Board of Directors and Provides Update on Formal Evaluation of AI/HPC Uses.Jaime Leverton, Doug Mouton and Michael Turner to Join the Board and Bring Directly Applicable AI/HPC Conversion, Data Center and Real Estate Experience.Retains…— Riot Platforms, Inc. (@RiotPlatforms) 
Executive Chairman Benjamin Yi highlighted the significance of these additions, stating, 
“Jaime, Doug, and Michael bring complementary expertise to the Board that will be immediately applicable as we continue to assess how best to maximize the value of our unique assets.”
However, Riot acknowledged that its existing assets may not be suitable for AI or HPC conversion, and securing financially favorable partnerships remains challenging. Despite these uncertainties, the company sees significant potential in diversifying its business model beyond Bitcoin mining.
Riot’s strategic pivot comes at a time when Bitcoin network activity has significantly slowed, reducing transaction fees and overall mining profitability. 
According to , Bitcoin transactions are currently at their lowest levels in a year, prompting mining firms to seek alternative revenue streams.Source: 
Several Bitcoin mining companies have already begun repurposing their high-powered computing infrastructure for AI applications. 
For instance, Hut 8 Mining that AI and HPC services contributed nearly 8% of its total revenues in the first three quarters of 2024.
Riot has taken a similar approach by engaging financial advisors Evercore and Northland Capital to explore AI/HPC opportunities at its Corsicana Facility. 
The company previously hired Altman Solon, a leading data center consultancy, to assess the potential value of its power assets for AI and HPC applications. 
Since announcing its evaluation process, Riot has received increased inbound interest from multiple potential partners, indicating a strong market demand for AI-focused infrastructure.Challenges and Opportunities Amid Market Volatility
Despite the optimism, Riot faces hurdles in transitioning from Bitcoin mining to AI and HPC services. The company has acknowledged that its power assets cannot be efficiently converted to AI applications. 
Moreover, Riot must determine the financial feasibility of such a transition and ensure that any new partnerships align with shareholder interests.
Additionally, Riot is entering an increasingly competitive market dominated by established AI cloud providers. Unlike traditional mining, AI and HPC services require computational power and significant expertise in AI model training and data center optimization. 
Notably, this decline in profit does not seem to be affecting solo miners. A report from February 11 shows that a solo Bitcoin miner achieved the rare feat of mining an entire Bitcoin block on January 30, 2025, earning a $300,000 reward. 
The miner reportedly secured the block independently using a BitAXE miner, a low-cost home mining device. Some speculate they used CKPOOL, a mining pool designed for solo miners.
While solo mining allows individuals to keep the entire block reward, the increasing difficulty of Bitcoin’s network makes such achievements rare, even for companies with higher resources.