Keel Infrastructure Ditches Bitcoin Mining, Shifts Focus to AI Data Centers

Keel Infrastructure has abandoned its remaining US Bitcoin mining operations and is refocusing on artificial intelligence infrastructure. The company plans to convert its existing mining sites into high-performance computing data centers.

To achieve this, Keel needs access to electricity, as CEO Ben Gagnon emphasized: 'Power is the constraint. Everything else is downstream of it.'

The company has secured zoning approvals for two sites and is working on environmental permits for the conversions. Keel also raised $458 million through convertible notes during the quarter, which it used in part to sell 1,085 Bitcoin for $75 million.

As a result of its shift away from Bitcoin mining, Keel's revenue fell by 50% year-over-year, and the company reported a $64 million loss from continuing operations. Despite this, Keel has maintained $819 million in liquidity as of August 7.