Keel (formerly Bitfarms) shuts all US bitcoin mining operations and completes a major pivot to AI compute, selling 1,085 BTC to fund transition.
Keel Infrastructure has shut down all of its US bitcoin mining operations and sold 1,085 BTC for $75 million between April 1 and August 7, according to the company's second-quarter earnings announced on August 10. The sale and decommissioning are part of a broader strategic pivot to repurpose the sites as data centers for artificial intelligence and high-performance computing.
The company reported $30 million in revenue for Q2 2026, representing a 50% year-over-year decline attributed to softer bitcoin prices and the closure of its Moses Lake mining facility in April. Keel took over Bitfarms in April and rebranded shortly after; it now trades on the Nasdaq and TSX under the ticker KEEL.
Financial results reveal significant losses during the transition. The company recorded a $141 million operating loss for the quarter, including $84 million in non-cash depreciation, with a loss from continuing operations of $64 million, or 11 cents per share. Adjusted EBITDA came in at negative $24 million. General and administrative expenses rose to $31 million from $19 million year-over-year, driven by senior staff hiring for the buildout. Shares fell over 11% on August 10.
The bitcoin sale leaves 1,861 BTC on Keel's balance sheet worth approximately $121 million in unencumbered coins as of August 7. The company maintains strong liquidity of $819 million, comprising about $698 million in unrestricted cash and $121 million in bitcoin, boosted by a $458 million convertible note offering raised during the quarter.
"Power is the constraint. Everything else is downstream of it," said CEO Ben Gagnon in the earnings statement, noting that Keel designed its strategy around this principle 18 months ago. The company now has three priority sites near full permitting with tenants in active negotiations. CFO Jonathan Mir stated that Keel is "better capitalized today than at any point in our Company's history."
Recent operational milestones include securing zoning approvals at Panther Creek and Sharon sites, appointing Ganesh Aiyer as president, receiving the first Vertiv modules at Moses Lake, and securing 96 MW of capacity for a data center in Sherbrooke, Québec.
Keel's exit from mining reflects a broader industry trend. Listed miners have collectively sold over 15,000 BTC as their treasuries peaked, with more than $70 billion in AI and HPC contracts announced across the sector. The weighted-average cash cost to mine a single bitcoin reached approximately $79,995 in Q4 2025, while prices ranged between $68,000 and $70,000, leaving miners losing roughly $19,000 per coin. Other major players have followed suit: Bitdeer eliminated its bitcoin holdings in February, Empery Digital sold 1,400 BTC in July, and MARA Holdings, IREN, Cipher Digital, and DMG Blockchain have all begun repurposing capacity for AI customers. MARA agreed to purchase a 505 MW gas plant in Ohio for $1.5 billion, while IREN signed a five-year, $3.4 billion cloud deal with Nvidia for Blackwell GPUs.