Keel Infrastructure has shut down all of its U.S. bitcoin mining operations as it retools those sites for artificial intelligence and high-performance computing data centers. The move marks a sharper turn in the company’s transition away from mining after it became the parent company of Bitfarms in April and adopted the Keel name.

As part of that shift, the company said it sold 1,085 BTC for $75 million between April 1 and Aug. 7 while reducing its bitcoin exposure. Keel said it still held 1,861 BTC on its balance sheet after those sales.

Mining operations wound down

The company said all of its U.S. mining activity has now been decommissioned. Keel linked the closures directly to plans to convert those locations into infrastructure for AI and high-performance computing customers rather than continue using them for bitcoin production.

Management also pointed to the shutdown of its Moses Lake mining operation as one of the factors affecting recent results. The company said the wind-down took place alongside a broader reduction in its BTC position.

Revenue falls as transition continues

Keel reported $30 million in revenue for the period, a decline of 50% from a year earlier. The company said weaker bitcoin prices and the Moses Lake shutdown contributed to that drop.

The market reaction was negative following the update, with Keel shares falling more than 11% intraday. The decline came as investors assessed both the lost mining revenue and the company’s effort to reposition itself around data center infrastructure.

Company leans into AI infrastructure strategy

Keel described its new focus as becoming a supplier of infrastructure for high-performance computing and AI workloads. That strategy has become more visible since April, when the company became Bitfarms’ parent and rebranded.

Chief executive Ben Gagnon said access to power remains the key constraint in the sector. He said Keel’s priority sites are nearing full permitting and that prospective tenants are in negotiations for each location, indicating the company is trying to convert its former mining footprint into contracted data center capacity.

What management says comes next

According to management, Keel’s position in those talks is supported by $819 million of liquidity and available capacity in 2027 across PJM and Washington. The company presented those resources as important advantages as it negotiates with potential tenants for the redeveloped sites.

The next confirmed step is the continued permitting and tenant discussions at those priority locations. For now, Keel has fully exited U.S. bitcoin mining operations while it works to turn those assets into AI and high-performance computing facilities.

Source: www.theblock.co