Keel Shuts Down US Bitcoin Mining, Pivots Sites to AI Data Centers

Keel Infrastructure, formerly Bitfarms, said in its latest quarterly report that it has closed all US bitcoin mining operations and is converting those sites into AI and high-performance computing data centers. Between April 1 and August 7, the company sold 1,085 BTC for $75 million and still holds 1,861 BTC on its balance sheet as it continues to wind down its bitcoin position. Revenue for the quarter came in at $30 million, down 50% year over year, hurt by lower bitcoin prices and the closure of the Moses Lake crypto mine. Net income swung from roughly $11 million in Q2 2025 to a loss of $141 million. Shares fell more than 11% in Monday trading. CEO Ben Gagnon said power is the limiting factor and that the company's three priority sites are close to full permitting, with multiple potential tenants in talks. Keel holds $819 million in liquidity and uncontracted 2027 capacity in PJM and Washington state.