Bitcoin mining company HIVE is building a 320MW AI superfactory in Toronto, with its stock price soaring 35% in a single day. The significance of this event goes far beyond a company's transformation.

Miners are shifting from "selling computing power on the chain" to "selling electricity to AI." HIVE is not an isolated case—former OpenAI researcher Aschenbrenner is betting $1.36 billion to short Nvidia and buy mining stocks, arguing that miners have ready electricity and data centers that can directly serve AI training.
This means two things: first, the supply side of the Bitcoin hash rate market is being diverted by AI. If miners find that selling electricity to AI yields a higher ROI than mining, they will reduce their self-use hash power, which could long-term impact the growth rate of the entire network's hash rate. Second, AI capital is viewing miners as "energy infrastructure" rather than "cryptocurrency infrastructure," shifting miners' valuation logic from being tied to Bitcoin prices to AI electricity contracts.
Counter risk: miners operating on two fronts may dilute capital efficiency. HIVE's 320MW project involves a total investment of $2.55 billion, but what is its current market value? If AI demand growth falls short of expectations, miners could end up empty-handed on both sides.
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