Keel Infrastructure Exits U.S. Bitcoin Mining to Pivot Toward AI Data Centers
The former Bitfarms operator is repurposing its Washington and Pennsylvania sites for high-performance computing following a sharp revenue decline.
Keel Infrastructure has completely shut down its Bitcoin mining operations across the United States to transition into the artificial intelligence sector. The company is now repurposing its existing sites in Washington and Pennsylvania—including its Moses Lake facility—into data centers dedicated to AI and high-performance computing (HPC).
This strategic pivot follows a difficult second quarter in 2026, where Keel reported revenue of approximately $30 million from its continuing legacy operations, representing a 50% decrease compared to the previous year. To support its transition and maintain liquidity, the company sold 1,085 BTC between April 1 and August 7, 2026, generating $75 million. Despite the revenue drop, Keel reports total liquidity of $819 million, consisting of unrestricted cash and bitcoin, and maintains a substantial 2.2-gigawatt development pipeline spanning Québec, Washington, and Pennsylvania.
The Shift from Bitfarms to Keel
The company's transformation began in April 2026, when it rebranded from Bitfarms to Keel Infrastructure. This change in identity coincided with a broader industry trend where public mining firms are abandoning the volatile rewards of Bitcoin in favor of the more stable, high-demand contracts associated with AI infrastructure. Other major industry players, including IREN, Cipher Digital, and MARA Holdings, have similarly begun repurposing their power capacity for AI customers as mining profitability declines for smaller operators.
Power as the Primary Asset
This transition underscores a fundamental realignment in the digital infrastructure market, where access to electrical power has become the most valuable constraint. By shifting away from the unpredictability of cryptocurrency mining, Keel aims to stabilize its revenue streams by capitalizing on the global AI boom. Ben Gagnon, CEO of Keel, emphasized the criticality of energy access in this new strategy, stating, "Power is the constraint. Everything else is downstream of it."
Future Outlook
Keel is now focused on deploying its gigawatt-scale pipeline to attract HPC and AI clients. While the company has exited the U.S. mining space, its financial position remains a key point of focus for investors. CFO Jonathan Mir noted that the company is "better capitalized today than at any point in our Company’s history," suggesting that the current liquidity is intended to fund the expensive build-out of AI-ready facilities. The industry will be watching to see if Keel can successfully convert its power pipeline into operational AI revenue to offset the loss of its mining income.