Bitcoin mining companies have the ability to convert their equipment and facilities to serve artificial intelligence, which gives them a competitive advantage and the ability to modify their work to suit the requirements of the era.
In this regard, Bitcoin mining company “Riot Platforms” seeks to expand its business by entering the world of artificial intelligence, targeting a market estimated at $ 38 billion.
The company has strengthened its board of directors with three new members who are experts in data centers and artificial intelligence, including a former engineer at “Meta” and “Microsoft”.
“Riot” is focusing on re-employing some of its facilities, especially in Texas, to support high-performance computing (HPC) and artificial intelligence operations, with the help of financial advisors such as “Evercore” and “Northland Capital Markets”.
Despite these steps, the company has not yet ensured the compatibility of its assets with the requirements of artificial intelligence or the success of potential partnerships.
This shift comes amid a growing trend among Bitcoin mining companies listed on Wall Street towards artificial intelligence, in light of the rising demand for energy-intensive data centers.
According to VanEck’s analysis, this trend could add up to $38 billion to the mining sector by 2027.
Other companies like HIVE, Bitfarms, and MARA have already begun adopting similar strategies, with MARA halting its Bitcoin mining expansion to explore AI opportunities.
As the energy needs in this sector increase, Bitcoin miners could become a major player in the advanced computing market.
Posted using Tribaldex Blog