REALITY CHECK | Keel, Formerly BitFarms, Shuts Down U.S Bitcoin Mining Operations After Q2 2026 Revenue Drops Over 50% YoY

Keel Infrastructure has shut down all of its U.S. bitcoin mining operations as the company shifts its power infrastructure toward artificial intelligence and high-performance computing, a strategic pivot that weighed heavily on its second-quarter results.

The company, formerly known as Bitfarms, said it completed the decommissioning of its remaining U.S. mining operations to prepare the sites for HPC data-center development.

Keel’s second-quarter revenue fell 50.8% year-on-year to $30.4 million, from about $61 million a year earlier, as the company wound down mining activity and faced weaker bitcoin prices.

It reported a $65 million net loss and an operating loss of about $141 million, compared with operating income of roughly $11 million in the year-earlier period.

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The company has also been selling bitcoin to strengthen its balance sheet during the transition. Keel sold 1,085 BTC for about $75 million between April 1 and Aug. 7, leaving it with 1,861 BTC and about $819 million in liquidity, including cash and unencumbered bitcoin.

Keel is now seeking to convert its power-rich U.S. sites into AI and HPC facilities. Three priority projects are moving through permitting, while the company is in discussions with prospective tenants, according to its second-quarter update.