Crypto miners are accelerating a shift away from pure bitcoin operations and doubling down on AI and high-performance computing infrastructure.
HIVE Digital raised $115 million through a zero-interest convertible note offering, announcing the proceeds will fund expansion of its global data-center footprint and GPU capacity. The company has been building out Tier III-class facilities in Canada, Sweden and Paraguay to handle bitcoin mining alongside AI and HPC workloads. HIVE’s financing includes capped-call protection designed to limit shareholder dilution as it accelerates that buildout.
Keel Infrastructure (formerly Bitfarms) is taking a different route to the same goal: shrinking to refocus. Keel completed the sale of its 70 MW Paraguay site for roughly $13 million — below initial expectations — citing deteriorating bitcoin-mining economics. The disposal finalizes its exit from Latin America as the company repositions itself toward North American AI infrastructure. CEO Ben Gagnon described the move as “a clean exit from Latin America,” adding that the proceeds effectively bring forward “two to three years” of expected cash flow to redeploy into Keel’s HPC and AI pipeline.
Investors responded positively: shares of both companies climbed about 7% after the announcements. The moves underscore a broader industry trend of mining firms pivoting capital and assets toward the booming demand for GPU-driven AI and high-performance computing services.
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