Bitcoin Miner Riot platform is diversifying its revenue stream via AI and HPC. According to the platform’s official announcement, Riot Platforms, a Bitcoin miner, is looking into diversifying their revenue streams into AI and HPC due to Bitcoin network transactions hitting a 12-month low.
The trend is not exclusive to Riot platform and has rather been a story for all miners alike, with many increasingly modifying their infrastructure for AI applications.
Riot Platforms Adapts to AI and HPC Market
Riot Platforms announced that it is investigating possible collaborations in the fields of high-performance computing and artificial intelligence. At its Corsicana Facility in Navarro County, Texas, the corporation intends to increase assessments for AI and HPC applications.
“As we work to optimize value across our whole asset portfolio, we are thrilled to keep improving our AI/HPC assessment process,” CEO Jason Les stated in a statement.
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Riot Makes Management Change For AI Shift
Riot has added three additional directors to its board in order to support the new AI strategy. Michael Turner, a real estate investment specialist; Doug Mouton, a former senior engineer at Meta; and Jaime Leverton, CEO of Hut 8 Mining.
“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,” said Riot Executive Chairman Benjamin Yi.
Riot did concede, though, that there is no assurance that its present assets are even appropriate for transformation into HPC or AI infrastructure. The business added that it might be difficult to negotiate advantageous terms for any future collaborations or to get a good return on investments in AI and HPC.
Crypto Miners Face Revenue Difficulties
Traditional mining operations have become less profitable in the current scenario as Bitcoin transaction volumes drop and mining payouts become less alluring, cryptocurrency miners are shifting their sources of income to artificial intelligence.
In order to stay profitable, many miners are looking for other sources of income as Bitcoin network transactions are at a 12-month low. High-performance computing (HPC) and artificial intelligence (AI) offer the perfect answer because these fields demand a lot of processing power, which mining infrastructure can supply.
Miners may capitalize on the quickly increasing need for data processing, AI research, and machine learning by repurposing their hardware to support AI applications. This change puts miners in a position to profit from future technological advances and generate new revenue streams in addition to helping them protect themselves against the volatility of cryptocurrency markets.
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