Keel Infrastructure Ditches Bitcoin Mining for AI Data Centers

Keel Infrastructure has abandoned its remaining US Bitcoin mining operations to focus on artificial intelligence infrastructure. The company is converting its mining sites into data centers designed for high-performance computing, with a strong emphasis on securing permits and attracting tenants.

CEO Ben Gagnon highlighted the importance of access to electricity in this new strategy, stating 'Power is the constraint. Everything else is downstream of it.'

Keel's revenue fell 50% as the company transitioned away from Bitcoin mining, with the company reporting $30 million in second-quarter revenue.

The company has secured zoning approvals for two sites and continues to work on environmental permits for the planned conversions. Keel also raised $458 million through convertible notes during the quarter and sold 1,085 Bitcoin for $75 million as part of its exit from Bitcoin mining.