Keel shutters all US bitcoin mining operations amid continuing AI pivot

Keel Infrastructure Corp., formerly known as Bitfarms, said Monday in its latest quarterly earnings report that it had decommissioned all of its U.S. bitcoin mining operations as it prepares the sites for artificial intelligence and high-performance computing data centers.

The company also said it sold a large portion of its bitcoin as it continued to "wind down" its bitcoin position. Keel (KEEL) said it sold 1,085 BTC for $75 million during the period starting April 1 and ending Aug. 7, leaving it with 1,861 BTC still on its balance sheet.

Like many other Bitcoin miners, Keel has been shifting its focus from mining in favor of becoming a supplier of high-performance computing and artificial intelligence infrastructure. New York-based Keel became the parent company of Bitfarms Ltd. in April, which led to the rebranding.

Keel's shares dropped over 11% on Monday, trading at 12:28 p.m. EST.

Keel posted $30 million, a 50% decline year-over-year. The company cited Bitcoin's lower price and the shutdown of its Moses Lake cryptocurrency mining operations as factors. 

The company also swung dramatically from nearly $11 million in income during the second quarter of 2025 to a $141 million loss.

Keel CEO Ben Gagnon struck an upbeat tone in the earnings statement.

"Power is the constraint," he said. "Everything else is downstream of it. Eighteen months ago, we positioned the Company around this thesis, and today all three of our priority sites are nearing full permitting with multiple prospective tenants negotiating for each one."

"With $819 million of liquidity and uncommitted 2027 capacity across PJM and Washington, we are negotiating from a position of strength," Gagnon added.