Keel Infrastructure Ditches Mining for AI, Focusing on High-Performance Computing

Keel Infrastructure, formerly known as Bitfarms, has undergone a significant transformation in recent months. The company's rebranding and divestment from Bitcoin mining to AI-focused data centers is a strategic shift aimed at navigating challenging market conditions.

As of April 1, 2026, Keel completed its US redomiciliation and exited the Bitcoin mining sector entirely. By the end of June 2026, it had sold off its Argentine and Paraguayan assets, marking a substantial departure from its previous operations in Latin America.

The company's new focus on high-performance computing and AI-centered data infrastructure is a growing trend within the industry, with other miners like Core Scientific and Iris Energy also exploring similar transformations. Keel retains 2,469 Bitcoin worth approximately $168.5 million, indicating it still maintains a presence in the cryptocurrency market.

Despite holding substantial cash reserves of $715.5 million, Keel reported a steep revenue drop in Q2 2026, generating $30.4 million and total revenue for the first half reaching $67.4 million. The company's losses totaled $65.0 million in that quarter and $210.3 million for the first half, primarily due to non-cash charges from decommissioning mining equipment.

The company's cost basis for its remaining Bitcoin holdings has surged to $205,946, nearly doubling from a year earlier. This increase impacts profitability as higher average purchase prices require more substantial price gains for Keel to realize reasonable profits from its existing assets.