Miners Pivot to AI Infrastructure
On April 14, 2026, shares of Hive Digital (HIVE) and Bitfarms (now rebranded as Keel Infrastructure, KEEL) surged more than 10%, leading a broader rally among bitcoin mining companies pivoting to AI and high-performance computing (HPC) data centers. The move came as Bitcoin (BTC) climbed above $76,100 to a two-month high, while U.S. equities recovered losses tied to the U.S.-Iran conflict.
HIVE rose nearly 12% to $2.42, and Keel Infrastructure gained over 10% to $2.35, marking its highest price since January, according to The Block price data.
HIVE Scales GPU Capacity
HIVE has moved beyond pilots and is now running live AI workloads. The company is leveraging its hydro-powered infrastructure in Paraguay (roughly 300 MW of capacity) as a foundation for AI expansion through 2027. It has also begun phasing down legacy bitcoin mining operations in Sweden to redirect capital toward GPU-powered data centers in Canada.
Bitfarms Rebrands and Builds AI Pipeline
Bitfarms, now operating as Keel Infrastructure, is adopting a landlord-style model by leasing power-secured data center capacity to hyperscalers and large compute customers. The company has outlined a massive 2.2 GW development pipeline across the U.S. and Canada, with initial AI-related revenue expected as early as 2027. Management is funding this transition with $520 million in available liquidity
Broader Sector Movement
Other bitcoin mining peers also posted solid gains:
- Canaan, Bitdeer, and IREN rose between 7% and 10%.
- The rally reflects growing investor confidence in miners’ ability to repurpose energy-intensive infrastructure for the surging demand for AI compute power.
VanEck analyst Matthew Sigel noted last month that these companies “were early to identify they were sitting on a gold mine” in terms of cost of capital for AI pivots, and they still trade at a significant discount to traditional data center peers on a market-cap-to-megawatt basis.
What This Means for Investors
The shift from pure bitcoin mining to AI/HPC infrastructure is gaining traction as electricity and cooling capacity become strategic assets in the AI boom. While bitcoin mining remains core for many, the ability to monetize power infrastructure for higher-margin AI workloads is becoming a key differentiator.
BTC holding above $76,000 provided tailwinds, but the real driver appears to be the narrative around long-term diversification into AI.
