Mining companies HIVE Digital (HIVE) and Keel Infrastructure (KEEL) are doubling down on artificial intelligence (AI) infrastructure, continuing the theme of a broader shift in the sector away from bitcoin. exclusively mining.
HIVE raised $115 million through a zero-interest convertible note offering, with proceeds intended to expand its global data center footprint and GPU capacity, according to an announcement Wednesday.
The company is increasingly leveraging Tier III data centers in Canada, Sweden and Paraguay, positioning them for both bitcoin mining, AI and high-performance computing (HPC) workloads. The capital increase, associated with capped purchase protection to limit dilution, aims to accelerate this construction.
Keel, meanwhile, is financing his transition by shrinking. The company completed the sale of its 70 MW site in Paraguay for approximately $13 million, below initial expectations, due to the deteriorating Bitcoin mining economy. The move finalizes its exit from Latin America and follows its recent name change from Bitfarms to Keel Infrastructure.
“This is a clear exit from Latin America,” CEO Ben Gagnon said. “We are focused and committed to building the foundational infrastructure to support the AI economy in North America. »
Gagnon added that the proceeds from the transaction effectively provide “two to three years” of expected cash flow, which will now be redeployed into Keel’s HPC and AI pipeline.
Shares of both companies rose about 7%, following the announcements.
