Introduction: Same Type of Mining Company, Different Directions

In the same market on the same day, Canaan disclosed that it mined 89 bitcoins at an electricity price of $0.044 per kilowatt-hour, while the cheapest power in Texas was already in hand; HIVE announced financing for its AI data center using zero-interest bonds, marking its transition from a mining company to a computing infrastructure platform. Both companies are evolving, but their paths are distinctly different: one maintains a cost advantage in mining, while the other reconstructs the capital market pricing logic.

1. Canaan: Building Dual Token Accumulation with Electricity Cost as a Moat

Canaan's March monthly report reveals a clear operational logic: based on an extremely low electricity cost, it converts mining revenues into a dual treasury holding of BTC and ETH, rather than cashing out immediately. The treasury scale of 1,808 BTC plus 3,952 ETH is the result of systematic accumulation rather than a single large purchase.

The acquisition of Texas ABC Projects deserves special attention: Canaan completed a $39.75 million deal in shares rather than cash, expanding its computing power assets without depleting cash reserves. Access to the ERCOT grid, a contract price below $0.03 per kilowatt-hour, 120 MW of installed capacity, and 4.4 EH/s of power further strengthen Canaan's competitive electricity cost. For a company operating both its own mining machine manufacturing (Avalon series) and self-mining business, this vertical integration brings a marginal cost advantage that other pure mining companies find hard to replicate. The management's public market purchase of ADS aligns with the company's disclosed direction.

2. HIVE: Zero-Interest Bonds, AI Contracts, and TSX Main Board - A Complete "Value Reconstruction"

HIVE is simultaneously doing three things: financing GPU expansion with zero-interest notes to avoid interest expenses; replacing uncertain mining revenues with predictable ARR through BUZZ HPC fixed-term customer contracts; and elevating its listing to the TSX main board to broaden access for institutional investors and reduce capital costs. Collectively, these initiatives form a complete valuation reconstruction strategy - aiming to shift market pricing of HIVE from a "mining company framework" to an "AI infrastructure platform framework."

The clever structure of zero-interest exchangeable notes lies in: no need to pay interest, reducing operational cash flow pressure; the exchangeable stock terms provide upside participation for investors, maintaining financing competitiveness in the current interest rate environment. The elevation to the TSX main board is a key signal for institutional investor access thresholds - many Canadian and international institutions have allocation restrictions on TSX venture stocks, and moving to the main board will directly expand the potential holder base.

By April 2026, Canaan continues to accumulate digital assets based on low-cost electricity, while HIVE reconstructs valuation logic with zero-interest financing and an AI platform, representing two viable paths for mining companies amid declining BTC prices and intensified competition in computing power. What both share is: they provide empirical evidence of their business logic using verifiable documents and numbers, rather than just narratives.

Data Source: https://bbx.com/ Crypto concept stock information repository, compiled from yesterday's global listed company announcements and SEC/TSE disclosure documents.

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