Keel Closes All US Bitcoin Mining Operations, Accelerates Shift to AI Data Centers

August 11th, Keel Infrastructure (formerly Bitfarms) announced in its latest quarterly report that it has shut down all its U.S. Bitcoin mining operations and is beginning to repurpose the sites into AI and high-performance computing data centers. The company completed a restructuring in April this year, with Keel becoming the parent company of Bitfarms Ltd., and has been actively shifting its focus from Bitcoin mining to compute infrastructure.

Meanwhile, the company continues to reduce its BTC holdings. From April 1st to August 7th, Keel has sold a total of 1085 BTC for $75 million, currently holding 1861 BTC on its balance sheet. The company stated that it is continuing to "gradually exit" its Bitcoin holdings.

Keel reported a quarterly revenue of $30 million, a 50% year-on-year decrease, mainly due to the decline in Bitcoin prices and the closure of the Moses Lake mining facility; the net profit has shifted from nearly $11 million in Q2 2025 to a loss of $141 million. The company's stock price dropped over 11% during Monday's trading.

Keel CEO Ben Gagnon stated: "Power is the limiting factor, everything else builds upon that." He mentioned that all three key sites of the company are close to completing full permits, with multiple potential tenants in negotiations; the company currently holds $819 million in liquidity, and has uncommitted 2027 capacity in PJM and Washington.