Keel Infrastructure, the company formerly known as Bitfarms, has shut down all of its U.S. bitcoin mining operations as it repositions its power infrastructure toward artificial intelligence (AI) and high-performance computing (HPC). Bitfarms, a Toronto-headquartered miner publicly listed in Canada and the United States, began operating under the Keel name in 2025 as it redirected its strategy toward AI and HPC. The strategic pivot weighed heavily on the company's second-quarter 2026 results.

Mining decommissioning completed

Keel said it has completed the decommissioning of its remaining U.S. mining operations in order to prepare the sites for HPC data-center development. The company's mining footprint historically spanned Canada, the United States, Paraguay and Argentina.

Q2 revenue falls 50.8% year-on-year

The financial impact of the transition was clearly visible in the second quarter. Keel's revenue fell 50.8% year-on-year to $30.4 million, down from approximately $61 million in the same period a year earlier. The decline reflected the wind-down of mining activity as well as weaker bitcoin prices.

The company reported a net loss of $65 million for the quarter. Its operating loss came in at roughly $141 million, a sharp reversal from the operating income of approximately $11 million recorded in the year-earlier period.

Bitcoin sales strengthen the balance sheet

Keel has also been selling bitcoin to strengthen its balance sheet during the transition. Between April 1 and August 7, the company sold 1,085 BTC for approximately $75 million. The sales leave Keel holding 1,861 BTC, with total liquidity of about $819 million, a figure that includes cash and unencumbered bitcoin.

Three priority AI and HPC projects in permitting

Keel is now seeking to convert its power-rich U.S. sites into AI and HPC facilities. According to its second-quarter update, three priority projects are currently moving through permitting, while the company is in discussions with prospective tenants. Such sites are attractive to AI developers because they already hold large power allocations and grid connections, which have become scarce amid surging data-center demand.

A broader industry shift

Keel's move highlights a broader shift among bitcoin miners, which are increasingly looking to monetize scarce electricity and data-center capacity by serving the rapidly growing AI infrastructure market rather than relying solely on cryptocurrency mining. Other large miners, including Core Scientific, Hut 8, TeraWulf, Cipher Mining and IREN, have announced multi-year AI or HPC hosting contracts in recent years, several of them with major cloud and AI computing providers. The appeal is twofold: long-term hosting contracts offer steadier revenue than mining, whose profitability swings with bitcoin prices and network competition, while miners' energized sites provide the power capacity that AI developers often cannot secure quickly.

For Keel, the strategy carries a clear near-term cost: mining revenue has fallen sharply, while its replacement AI infrastructure business has yet to generate material revenue. The company's ability to secure tenants and convert its power capacity into long-term AI contracts will therefore be central to determining whether the pivot can offset the decline of its legacy mining business.

Source: BitcoinKE