With Bitcoin mining revenue declining and network difficulty rising, Bitcoin mining company Riot Platforms is looking for opportunities to collaborate in the fields of artificial intelligence (AI) and high-performance computing (HPC) to create a more stable source of revenue.

🔍 Why did Riot change direction?

  • Bitcoin mining difficulty hits record high, causing financial hardship for miners.

  • Revenue from mining hardware has plummeted, to around $10.40 per day for a typical #asic machine.

  • Riot wants to take advantage of its existing energy infrastructure and data centers to diversify its revenue streams, avoiding dependence on Bitcoin price fluctuations.

🚀 Riot's New Strategy

  • Explore AI and HPC applications at Corsicana campus in Texas with interest from many potential partners.

  • Appointment of three new directors with experience in this field, including:

    • Jaime Leverton, CEO #Hut8 Mining, who led the company's expansion into HPC.

    • Doug Mouton, former senior engineer at Meta.

    • Michael Turner, real estate investment expert.

  • Not only Riot, other large mining companies such as Hut 8 and Core Scientific are also converting their infrastructure to serve AI to reduce dependence on Bitcoin price and take advantage of the increasing demand for AI computation.

  • The market value of public mining companies has increased 14% to $108 billion, according to JPMorgan.

⚠️ Risk warning:

While the AI ​​transition plan is promising, #RIOT cautions that there is no guarantee that current assets are suitable for AI/HPC applications or that beneficial partnership agreements can be reached.

🔔 Conclusion:

Riot’s move into AI reflects a shift in strategy in the Bitcoin mining industry amid rising mining difficulty and unpredictable Bitcoin price volatility, and could be an important step in helping Riot stabilize its long-term revenue.