Keel shuts down all its U.S. bitcoin mining operations, accelerating its shift to AI data centers.

Keel Infrastructure (formerly Bitfarms) announced in its latest quarterly financial report that it has shut down all its U.S. bitcoin mining operations and begun converting related sites into AI and high-performance computing data centers. The company completed a restructuring in April this year, making Keel the parent entity of Bitfarms Ltd., and has been shifting its business focus from bitcoin mining to computing power infrastructure while continuing to reduce its BTC holdings. Between April 1 and August 7, Keel sold a total of 1,085 BTC, generating $75 million in proceeds, and currently holds 1,861 BTC on its balance sheet. The company said it is continuing to "phase out" its bitcoin holdings. Its quarterly revenue reached $30 million, down 50% year-over-year, primarily due to falling bitcoin prices and the closure of the Moses Lake crypto mine. Net income shifted from nearly $11 million in Q2 2025 to a net loss of $141 million. The company’s stock price dropped more than 11% during Monday’s trading session. Keel CEO Ben Gagnon stated: "Power is the limiting factor. Everything else is built on top of that." He noted that the company’s three key sites are nearly fully permitted, with multiple potential tenants in negotiations. Currently, Keel holds $819 million in liquidity, plus uncommitted 2027 capacity in the PJM grid and Washington state.