HIVE and Keel Boost AI Data Center Presence with New Funding and Asset Divestment

As the mining sector continues to shift its focus away from exclusive bitcoin mining, HIVE Digital and Keel Infrastructure are investing heavily in artificial intelligence infrastructure. HIVE has raised $115 million through a convertible note offering to enhance its global data center presence and increase GPU capacity. The company is developing Tier III data centers in Canada, Sweden, and Paraguay, designed to support bitcoin mining, AI, and high-performance computing workloads. The recent funding, combined with measures to mitigate dilution, is expected to accelerate this expansion. Keel, on the other hand, is streamlining its operations by selling its 70 MW site in Paraguay for approximately $13 million, below initial projections, due to declining bitcoin mining profitability. This move marks the company's exit from Latin America and follows its rebranding from Bitfarms to Keel Infrastructure. According to CEO Ben Gagnon, 'This is a strategic exit from Latin America,' and the company is now focused on 'building the infrastructure backbone to support the AI economy in North America.' The sale proceeds will be reinvested into Keel's HPC and AI pipeline, effectively bringing forward two to three years of anticipated cash flow. Both companies have seen their shares rise by approximately 7% following these announcements.