Bitcoin Miners Ditch Mining for AI as Electricity Becomes More Valuable

Keel Infrastructure, formerly known as Bitfarms, has made a significant shift in its business strategy by shutting down its U.S. Bitcoin mining operations to focus on building high-performance computing (HPC) data centers for AI workloads.

The decision was driven by the changing economics of electricity usage, with Keel concluding that power used for HPC infrastructure is worth more than when used for Bitcoin mining.

Keel still maintains legacy Bitcoin mining operations in Canada but has cleared the way for a broader push into HPC and AI data centers. The company's development pipeline includes 2.2 GW of capacity across Pennsylvania, Washington, and Québec.