Keel shuts all US bitcoin mines, sells 1,085 BTC in AI pivot

Keel Infrastructure, formerly known as Bitfarms, powered down all of its US bitcoin mining sites and sold 1,085 BTC for $75 million.

The company disclosed both in Monday’s second-quarter earnings as it retools the properties into data centers for artificial intelligence.

Bitfarms becomes Keel and the bitcoin pile shrinks

According to its August 10 results, Keel said it finished decommissioning its US mining fleet to make way for high-performance computing construction.

The 1,085 BTC sold between April 1 and August 7 were sold for $75 million. That leaves 1,861 BTC on the balance sheet worth ~$121 million in unencumbered coins as of August 7.

Keel took over Bitfarms in April and rebranded shortly after. It trades on the Nasdaq and the TSX under KEEL. The company calls itself a North American digital infrastructure and energy company with a 2.2-gigawatt development pipeline across Pennsylvania, Washington State, and Québec.

Keel reported $30 million in revenue from its continuing legacy operations. This figure is half of what it recorded a year ago, attributed to a weaker bitcoin price and the closure of its Moses Lake mining facility in April.

For the second quarter of 2025, Keel’s ongoing business had $11 million of operating income, but this year reported a $141 million operating loss. That figure included $84 million in non-cash depreciation.

Loss from continuing operations was $64 million, or 11 cents per share, and adjusted EBITDA was negative $24 million. General and administrative expenses increased to $31 million from $19 million in the prior year, which the company attributed to hiring senior staff for its build-out. Shares of KEEL fell over 11% on Monday.

“Power is the constraint. Everything else is downstream of it,” said CEO Ben Gagnon in the earnings statement.

He stated that Keel set up around that idea 18 months ago and now has all three priority sites near full permitting with tenants in negotiations on each.

The company is “negotiating from a position of strength,” Gagnon said, citing $819 million of liquidity and uncommitted 2027 capacity across the PJM grid and Washington.

Keel joins a sector-wide exodus from mining

CFO Jonathan Mir said Keel is “better capitalized today than at any point in our Company’s history.”

That liquidity figure includes about $698 million in unrestricted cash and $121 million in bitcoin, boosted by a $458 million convertible note offering raised during the quarter.

Keel also disclosed that it secured zoning approvals at its Panther Creek and Sharon sites, appointed Ganesh Aiyer as its president, received its first Vertiv modules at Moses Lake, and agreed to take over 96 MW of capacity for a data center in Sherbrooke, Québec.

Public miners have sold over 15,000 BTC since their treasuries peaked, as earlier reported by Cryptopolitan. The weighted-average cash cost to mine a single bitcoin was about $79,995 in the fourth quarter of 2025, with the price ranging between $68,000 and $70,000. Miners were losing around $19,000 on each coin mined.

More than $70 billion in AI and HPC contracts have been announced across the listed mining sector. Bitdeer reduced its holdings to zero in February. Empery Digital sold 1,400 BTC in July. MARA Holdings, IREN, Cipher Digital, and DMG Blockchain have all moved to repurpose power capacity or hardware for AI customers.

MARA has agreed to buy a 505 MW gas plant in Ohio for $1.5 billion, and IREN has signed a five-year, $3.4 billion cloud deal with Nvidia for Blackwell GPUs.