In a recent interview with Bernstein, Jason Les, CEO of Riot Platforms, expressed openness to exploring artificial intelligence (AI) opportunities. However, this can happen if the right deal and partner align with the company’s strategic goals. Les emphasized that while Riot Platforms acknowledges the potential of AI, the company will not hastily dive into the AI sector simply to capitalize on the current hype.
Riot Platform to Exercise Caution
He underscored the need for caution and focus on long-term value rather than short-term trends. Les pointed to the recent deal between Core Scientific and CoreWeave as an example of how blockchain companies leverage to diversify their operations. Les mentioned that while the company is open to AI-related deals, the partnership must align with its broader mission of building robust infrastructure for Bitcoin mining and blockchain technology.
Les’s comments come amid increasing interest in AI across various industries. Many companies look to integrate AI into their operations to enhance efficiency and unlock new revenue streams. However, Riot’s careful stance reflects a growing awareness of the risks of jumping on emerging technology trends without a clear strategic plan.
Riot Platforms Acquires Block Mining Company
The North American mining company, announced its recent acquisition of its rival BTC mining firm, Block Mining, a Kentucky-based mining outfit. The firm revealed it funded the acquisition with $18.5 million in cash and $74 million in Riot common stock, totaling $92.5 million. Also, the company mentioned that the acquisition could immediately increase its current operational capacity by 60 megawatts.
Les, emphasized the essentials of the deal. He said the deal would pave the way for the company to diversify operations nationwide. Majorly, it will speed up Block Mining’s growth in Kentucky. The big move will also boost its mining capabilities and expand operational reach.
Riot Plans to Dominate The Crypto Mining Industry
Notably, the latest purchase by Riot Platforms pushed its ranking to be the second-largest mining company in the United States. This development emerges amidst the ongoing strife between the firm and its counterpart Bitfarms. It was reported that Riot has been mulling to take over Bitfarms in a hostile attempt.
The crypto community and mining experts are shocked at the company’s latest achievement. This surprise stemmed from the growth of its energization facility established in Corsicana, Texas recently. Interestingly, many industry experts support Riot’s bold steps and progress. Specifically, Bernstein highlighted in a report from May that Riot was the ideal candidate to lead the consolidation of the Bitcoin mining sector.
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