Keel Infrastructure Exits Bitcoin Mining for AI: Posts $64 Million Q2 Loss, Sells 1,085 Bitcoin to Overhaul Data Centers

North American digital infrastructure and energy company Keel Infrastructure (KEEL.US) has officially announced a complete exit from its U.S. Bitcoin mining operations, shifting its strategic focus to Artificial Intelligence (AI) and High-Performance Computing (HPC) data centers. The company, formerly known as prominent miner Bitfarms (BITF.US), disclosed alongside its second-quarter earnings the details of its asset disposal, having sold 1,085 Bitcoin for approximately $75 million in cash, and has idled all its U.S. mining sites to pave the way for retrofitting.

This decision marks another major strategic pivot for the crypto mining industry, which is facing the dual pressures of rising costs and shrinking revenues. Keel Infrastructure CEO Ben Gagnon stated bluntly in the earnings release: "Power is the core constraint; everything else derives from that." The company is attempting to leverage its existing power infrastructure and industrial sites to capture the long-term windfall from the explosion in AI computing demand.

Financial Deterioration as the Core Driver of Transformation

According to Keel Infrastructure's second-quarter earnings report released on August 10, the company's financial condition deteriorated sharply over the past year, becoming the key catalyst for this strategic gamble. Data shows that Keel Infrastructure's revenue from continuing operations was just $30 million, a 50% plunge compared to the same period last year. The halving of revenue was primarily attributed to relatively weak Bitcoin prices and the company's closure of its mining facility in Moses Lake, Washington, in April.