Keel Halts US Bitcoin Mining for AI Shift, Sold 1,085 BTC

Keel Infrastructure Corp. ceased US Bitcoin mining to pivot to AI data centers, selling 1,085 BTC for $75M. Q2 revenue fell 50% to $300M, resulting in a $141M loss.

Woofun AI reports that Keel Infrastructure Corp. (formerly Bitfarms) announced the cessation of all United States Bitcoin mining operations during its second-quarter earnings release, aiming to repurpose facilities for AI and high-performance computing. The firm sold 1,085 BTC between April 1 and August 7, generating $75 million, while retaining a balance of 1,861 BTC. CEO cited electricity costs as a limiting factor, noting that three priority sites are finalizing permits with potential tenants in negotiations. The company holds $819 million in cash and unused power capacity through 2027.

Keel's share price declined more than 11% on Monday. Second-quarter revenue totaled $300 million, marking a 50% year-over-year decrease, and the firm recorded a $141 million net loss, contrasting with an $110 million profit in the same period last year.