Keel Infrastructure Ends Bitcoin Mining, Pivots to AI Data

• Keel shuts down Bitcoin mining as it shifts its focus to AI data centers.
• The company is converting mining sites while seeking permits and new tenants.
• Keel’s revenue fell 50% as the company moved away from Bitcoin mining.

Keel Infrastructure has shut down its remaining US Bitcoin mining operations as the company shifts its focus to artificial intelligence infrastructure.

The former Bitfarms plans to convert its mining sites into data centers designed for high-performance computing. It is now focused on securing permits and attracting tenants for the facilities.

“Power is the constraint. Everything else is downstream of it,” CEO Ben Gagnon said, underscoring the importance of access to electricity as the company pursues the new strategy.

Keel had $819 million in liquidity as of Aug. 7.

Keel Prepares Sites for HPC

Keel has secured zoning approvals for its Panther Creek and Sharon sites while continuing work on environmental permits for the planned conversions.

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The company also received equipment at its Moses Lake site and continued fiber work across three locations as it develops its data-center plans.

Keel raised $458 million through convertible notes during the quarter. As part of its planned exit from Bitcoin mining, the company sold 1,085 Bitcoin for $75 million.

Financial Results Show Cost of Shift

Keel reported $30 million in second-quarter revenue, down 50% from a year earlier. The company also posted a $64 million loss from continuing operations.

The company held 1,861 Bitcoin as of Aug. 7 and continued development of a 96-megawatt data center project in Quebec.

Keel also appointed Ganesh Aiyer as president, giving him responsibility for expanding the company’s commercial operations as it builds out its data-center business.

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