Jason Les, CEO of bitcoin miner Riot Platforms, mentioned that the company is open to exploring AI opportunities if the right partner and deal structure emerges. In a recent interview with analysts at research and brokerage firm Bernstein, Les highlighted Core Scientific’s hosting deal with AI Hyperscaler CoreWeave as an example, a deal expected to generate more than $3.5 billion in revenue over 12 years. However, he expressed doubt that many similar opportunities would present themselves.
Les pointed out the potential of Riot’s Texas-based facilities, including its 750MW capacity site in Rockdale and its 1GW capacity bitcoin mining operation in Corsicana—the largest in the world. These sites are strategically located near urban centers like Austin and Dallas, offering access to talent and infrastructure advantages like low-cost power and optimal network latency.
While Riot is open to AI-related ventures, Les clarified that the firm is not planning a sudden shift towards AI just to capitalize on market trends. He noted that for Riot to enter the AI space effectively, it might need to host AI-specific machines using GPUs, as its existing ASIC machines for bitcoin mining are not suitable for AI training tasks.
Les emphasized that although Riot remains open to exploring these opportunities, the company is not announcing any immediate changes. He stressed that Riot has valuable assets and has already received interest from various parties regarding potential AI collaborations.
This openness to AI comes at a time when the mining industry is split between those focused on Bitcoin mining and others considering AI data center hosting services.