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Cryptocurrency News Articles
Riot Platforms CEO Jason Les Expresses Interest in AI Opportunities, Contingent on Favorable Deal
Oct 08, 2024 at 12:11 am
In a recent interview with Bernstein analysts, Les highlighted Core Scientific's collaboration with AI Hyperscaler CoreWeave as a potential model for such ventures.
Riot Platforms Inc (NASDAQ:RIOT) expressed interest in artificial intelligence opportunities, provided a favorable deal emerges.
In an interview with Bernstein analysts, Riot Platforms CEO Jason Les mentioned Core Scientific's collaboration with AI Hyperscaler CoreWeave as a potential model for such ventures, according to The Block.
Les stated that while Riot is open to AI, its primary business focus is still bitcoin mining. He highlighted the strategic benefits of Riot's Texas-based facilities, which have significant power capacity and are close to major urban centers like Austin and Dallas. These locations could accommodate AI-specific machines if a suitable partnership materializes.
Despite the interest in AI, Les clarified that Riot is not planning a strategic pivot solely to capitalize on AI trends.
The company remains dedicated to bitcoin mining, especially as new competitors such as Block Inc (NYSE:SQ), Bitdeer (NASDAQ:BTDR) and Auradine are making the sector more competitive.
According to Bernstein, Riot Platforms' stock has increased by 17.3% over the past month. However, it is still down 54% year-to-date.
The firm holds approximately 10,000 BTC, currently valued at around $630 million, showing its commitment to Bitcoin's long-term potential. Riot's recent attempt to acquire rival Bitfarms (NASDAQ:BITF) concluded with a settlement that limits its acquisition capacity.
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Bernstein recently raised Riot Platforms' price target to $22, maintaining an “Outperform” rating.
This optimistic outlook is based on Riot's strategic focus on Bitcoin mining, extensive power capacity and positioning in the cryptocurrency market. Riot is currently constructing the world's largest Bitcoin mining data center in Corsicana, Texas, with a planned 1-gigawatt power capacity.
The news comes as rival miner Core Scientific released its operations update for September, showing it mined 345 bitcoin, which brings its year-to-date total to 5,621.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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