Keel shuts down all US Bitcoin mining operations to transform into AI data centers, having sold 1,085 BTC since April

According to The Block, Keel Infrastructure Corp. (formerly Bitfarms) announced in its second-quarter financial report that it has shut down all of its Bitcoin mining operations in the United States in preparation for transforming its mining sites into AI and high-performance computing data centers.

The company sold 1,085 BTC between April 1 and August 7, generating $75 million, and currently holds 1,861 BTC. Keel's CEO stated that power is a limiting factor, and the three priority sites are close to obtaining full permits, with multiple potential tenants in negotiations. The company has $819 million in liquid assets and unused power capacity for 2027.

Keel's stock price fell over 11% on Monday, with second-quarter revenue of $300 million, a 50% year-over-year decline, turning from a profit of $110 million in last year's Q2 to a loss of $141 million.