Keel Shuts All US Bitcoin Mining Operations in AI Pivot

Keel Infrastructure, formerly Bitfarms, was founded in 2017 and completed its U.S. redomiciliation and rebrand on April 1, 2026. The company is recasting itself from a Bitcoin miner into a developer and owner of high-performance computing and AI data centers. Its 2.2-gigawatt development pipeline and existing grid interconnections are central to that strategy, reflecting a broader industry shift as miners seek to monetize scarce power, land and cooling infrastructure for AI workloads.

On Aug. 10, Keel said it had completed the decommissioning of all U.S. Bitcoin mining operations to prepare the sites for HPC construction. Second-quarter revenue fell 50% from a year earlier to $30 million, while the company recorded an operating loss of $141 million. Liquidity stood at $819 million on Aug. 7, including $698 million in unrestricted cash. Keel sold 1,085 Bitcoin for $75 million between April 1 and Aug. 7, leaving it with 1,861 Bitcoin.