Keel Infrastructure Corp., the Nasdaq-listed company formerly known as Bitfarms, has shut down all of its U.S. Bitcoin mining operations as part of a major strategic pivot to artificial intelligence and high-performance computing (HPC) data centers. The decision, announced in the company's latest quarterly earnings report, marks a definitive end to its presence in American Bitcoin mining.
During the period from April 1 to August 7, Keel sold 1,085 BTC for approximately $75 million, reducing its Bitcoin balance to 1,861 BTC. This sell-off supported the company's ongoing effort to “wind down” its Bitcoin position. The move comes as the miner reported a dramatic financial turnaround: second-quarter revenue came in at $30 million, a 50% decline year-over-year, while the bottom line swung from a $11 million profit in Q2 2025 to a $141 million net loss. The company attributed the downturn to lower Bitcoin prices and the closure of its Moses Lake mining site.
Despite the steep loss, CEO Ben Gagnon struck an optimistic tone, emphasizing the firm's strategic positioning: “Power is the constraint. 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.” Gagnon highlighted Keel’s $819 million in liquidity and uncommitted 2027 capacity across the PJM and Washington markets as foundations for the AI/HPC transition.
The pivot reflects a broader trend among crypto miners seeking more predictable revenue streams away from the volatile Bitcoin market. By repurposing existing energy infrastructure for AI and HPC workloads, Keel aims to leverage its operational expertise while exiting a sector squeezed by rising energy costs, increased mining difficulty, and the aftermath of halving events. The announcement sent Keel’s shares down over 11% on Monday.
