Mining corporations HIVE Digital (HIVE) and Keel Infrastructure (KEEL) are doubling down on synthetic intelligence (AI) infrastructure, persevering with the theme of a broader sector-wide shift away from bitcoin mining completely.
HIVE raised $115 million via an interest-free convertible notice providing, with the proceeds going towards increasing its world knowledge middle footprint and GPU capability, in keeping with a Wednesday announcement.
The corporate has more and more leaned towards Tier III knowledge facilities in Canada, Sweden and Paraguay, positioning them for bitcoin mining, synthetic intelligence and high-performance computing (HPC) workloads. The capital elevate, together with restricted name safety to restrict dilution, is meant to speed up that buildout.
In the meantime, Keel is financing his transition by downsizing. The corporate accomplished the sale of its 70 MW web site in Paraguay for about $13 million, beneath preliminary expectations, citing the deteriorating economics of bitcoin mining. The transfer finalizes its exit from Latin America and follows its current rebranding from Bitfarms to Keel Infrastructure.
“It is a clear exit from Latin America,” stated CEO Ben Gagnon. “We’re centered and dedicated to constructing the core infrastructure to help the AI economic system in North America.”
Gagnon added that the earnings successfully convey ahead “two to a few years” of anticipated money circulation, which is able to now be redeployed throughout Keel’s HPC and AI portfolio.
Shares of each corporations have risen roughly 7% following the bulletins.
