Keel Infrastructure Ditches Bitcoin Mining for AI Data Centers

Keel Infrastructure has officially exited the Bitcoin mining business and is pivoting to AI data centers. The company, formerly known as Bitfarms, has fully halted its mining operations and will repurpose its existing facilities into high-performance computing facilities tailored for artificial intelligence workloads.

The move is a strategic shift for one of the industry's earlier players and aligns with a broader trend among crypto miners diversifying into AI hosting. Keel Infrastructure sold 1,085 BTC between April 1 and August 7, generating approximately $75 million in proceeds. The company currently holds 1,861 BTC on its balance sheet.

The funds raised from the sale of Bitcoin will support the conversion of its mining sites into AI data centers, which can offer more stable revenue streams compared to the volatile rewards of mining. Industry analysts note that such transitions require significant capital investment and technical expertise, which may not be feasible for all miners.