- Keel has shut down all of its U.S. Bitcoin mining operations as it prepares to turn the sites into AI and high-performance computing data centers.
- The company sold 1,085 BTC for $75 million, leaving it with 1,861 BTC.
- Keel is shifting its business toward AI infrastructure as demand for data center power continues to grow.
Keel Infrastructure, formerly known as Bitfarms, has shut down all of its U.S. Bitcoin mining operations as it continues its shift toward artificial intelligence and high-performance computing infrastructure.
The company said it sold 1,085 BTC for $75 million between April 1 and August 7, leaving it with 1,861 BTC on its balance sheet.
Keel has been moving away from Bitcoin mining as it looks to convert its mining sites into AI and high-performance computing data centers. The company became the parent company of Bitfarms in April and subsequently rebranded as Keel.
The company reported $30 million in revenue for the quarter, down 50% year-over-year. It also swung from nearly $11 million in profit during Q2 2025 to a $141 million loss.
Keel CEO Ben Gagnon said the company is increasingly focused on securing power and developing its data center infrastructure.
“Power is the constraint,” Gagnon said, arguing that the company's existing power capacity gives it an advantage as demand for AI infrastructure grows.
Keel said its three priority sites are nearing full permitting, with multiple potential tenants negotiating for space.
The company reported $819 million in liquidity and additional uncommitted capacity for 2027 across the PJM power market and Washington.
The move reflects a broader trend among Bitcoin miners, many of which are selling or reducing their BTC holdings while converting mining facilities into AI data centers.
