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Bitcoin mining company Riot Platforms has announced that it is actively exploring partnerships in the artificial intelligence (AI) and high-performance computing (HPC) sectors.
The move comes as the firm aims to leverage its power infrastructure to diversify revenue streams. Riot will ramp up evaluations of AI and HPC applications at its Corsicana Facility in Navarro County, Texas.
Riot’s CEO, Jason Les, described the company’s shift towards AI and HPC as part of its broader strategy to “maximize value” across its “entire portfolio of assets.”
Last month, Riot paused its Phase II Bitcoin mining expansion at its Corsicana site, which was originally expected to add another 600 MW of mining capacity. The move fits with the company's broader strategy to expand its operations beyond Bitcoin mining and tap into the growing AI/HPC sector, which it believes can strengthen cash flows.
Blockhead
Data from CoinWaz shows that mining difficulty on the Bitcoin network has reached a historic high, peaking at 114.7 terahashes when it arrived at block height 883,502.
Furthermore, Hashrate Index data shows that revenue from Bitcoin mining hardware has dropped to as low as $10.4 per day, even with an operating margin of 60% for an average ASIC unit like the Antminer S21+ Hydro.
Riot has purchased 5,117 Bitcoin for $510 million following a $525 million private senior convertible notes offering. The funds were raised specifically to acquire more Bitcoin and support general corporate purposes.
Blockhead
To achieve theses goals, Riot has hired three new directors - Hut 8 Mining CEO Jaime Leverton, former Meta senior engineer Doug Mouton, and real estate investment veteran Michael Turner - each bringing expertise relevant to AI and HPC.
Other major crypto mining firms, such as Hut 8 and Core Scientific, have also been repurposing their infrastructure to accommodate AI workloads. Leverton, who recently joined Riot’s board, previously led Hut 8’s expansion into HPC by acquiring TeraGo’s data centre business.
By diversifying their revenue streams, Riot aims to reduce its dependence on Bitcoin price volatility while capitalising on the growing demand for AI computing. However, the company cautioned that there is no guarantee its assets will be suitable for AI or HPC conversion, nor that favorable partnerships can be secured.
Riot’s board appointments follow pressure from activist investors Starboard Value and D.E. Shaw. In January, D.E. Shaw, known for its quantitative investment strategies, had taken a position in Riot and could push for changes.
Starboard Value, which also holds an undisclosed stake in Riot, had previously encouraged the company to consider allocating some of its power capacity to AI-related applications.
Riot has also engaged financial advisors Evercore and Northland Capital to evaluate further opportunities at its Corsicana facility.
So far in 2025, the firm's stock price has outperformed crypto miner competitor Marathon Digital (MARA). Year to date, RIOT is up 9.3% compared to MARA's 3.16% decline.
