HIVE conversionHIVE Digital Technologies LtdBATS:HIVESOLMARVENSATBetting that BTC miners will convert to AI companies. Since March, i have been talking about, the almost broken industry of BTC miners, conversion to AI play.... The thesis is that HIVE is becoming a hybrid AI infrastructure + Bitcoin mining company, and the market may still be valuing it primarily as a crypto miner. If management executes successfully, investors could eventually assign a much higher valuation multiple to its AI business. -over-year. expected to contribute recurring revenue as deployments come online. than 35 EH/s of capacity. what management calls a "dual-engine" model: Bitcoin upside during crypto bull markets. AI/HPC growth regardless of Bitcoin prices. margins over time. centers and expanding HPC capacity in Canada. bulls are really betting on. an AI infrastructure company and less like a cyclical crypto miner. begin valuing HIVE as an AI infrastructure company rather than solely a miner as , IREN and TeraWulf.