Keel Infrastructure Ditches Bitcoin Mining for AI Data Centers
Keel Infrastructure has announced it is leaving its U.S. Bitcoin mining operations behind and pivoting to focus on Artificial Intelligence (AI) and High-Performance Computing (HPC) data centers. The North American digital infrastructure company, formerly known as Bitfarms, posted a $64 million Q2 loss due to the halving of revenue to $30 million year-over-year.
The company has idled all its U.S. mining facilities for retrofitting and sold 1,085 Bitcoin to generate approximately $75 million in cash. CEO Ben Gagnon emphasized that power is the core constraint driving this decision, as the company seeks to capture the long-term windfall from AI computing demand.
This marks another major strategic pivot for the crypto mining industry, which is facing rising costs and shrinking revenues. Keel Infrastructure currently holds approximately $819 million in liquidity, providing a buffer for the transition, but its stock price still fell over 11% following the announcement.