Keel Infrastructure Corp., formerly Bitfarms, announced in its Q2 earnings that it has closed all of its US Bitcoin mining operations, preparing to convert mining sites into AI and high-performance computing data centers. The company sold 1,085 BTC between April 1 and August 7, raising $75 million, while still holding 1,861 BTC. The CEO cited power as the key constraint, noting that three priority sites are nearing full permitting and multiple potential tenants are in talks. Keel has $819 million in liquidity and unused 2027 power capacity. Shares fell over 11% on Monday after Q2 revenue dropped 50% year-over-year, flipping from an $110 million profit in Q2 last year to a $141 million loss.
ChainCatcher reports, citing The Block, that Keel Infrastructure Corp. (formerly Bitfarms) has closed all of its US Bitcoin mining operations, according to its second-quarter earnings announcement. The company is preparing to convert its mining sites into data centers for AI and high-performance computing.
Between April 1 and August 7, Keel sold 1,085 BTC, generating $75 million in proceeds. The company still holds 1,861 BTC.
Keel's CEO said power is the limiting factor. Three priority sites are close to receiving full permits, and multiple potential tenants are in discussions. The company holds $819 million in liquidity and has unused power capacity for 2027.
The market reaction was negative. Keel shares fell more than 11% on Monday. Second-quarter revenue came in at $300 million, down 50% year-over-year, and the company swung from an $110 million profit in Q2 of last year to a $141 million loss this quarter.
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