Keel Infrastructure Abandons US Mining Sites for AI-Focused Infrastructure

Keel Infrastructure has made a significant shift in its business strategy by decommissioning all of its US Bitcoin mining sites. The company, formerly Bitfarms, is repurposing these locations for AI and high-performance computing workloads.

The move comes as Keel reported a $65 million net loss in its August 2026 Form 10-Q filing, while holding $121 million in Bitcoin reserves. Despite this, the company still operates mining sites in Canada and maintains its presence in the crypto market.

This shift towards AI-focused infrastructure is part of a broader trend in the mining sector, where power assets are being revalued beyond their use for Bitcoin mining. Companies like Keel are recognizing that these assets can be redirected towards more lucrative opportunities, such as hosting machines, providing grid flexibility, or building AI compute capacity.

The company's pivot to AI is driven by the increasing demand for high-performance computing and the potential for more predictable revenue streams through long-term customer contracts. As the mining industry continues to evolve, Keel's decision highlights the importance of adaptability and diversification in the face of changing market conditions.