Keel shutters all US bitcoin mining operations amid continuing AI pivot

Keel Infrastructure Corp. (formerly Bitfarms) reported a major strategic retreat from U.S. bitcoin mining as it prepares its sites for AI and high-performance computing data centers. The company decommissioned all U.S. mining operations and continues to reduce its bitcoin treasury, selling 1,085 BTC for $75 million between April 1 and Aug. 7. Keel now holds 1,861 BTC. Financially, the quarter was pressured by lower bitcoin prices and the Moses Lake shutdown, with revenue down 50% year over year to $30 million and a swing from nearly $11 million in income in Q2 2025 to a $141 million loss. Shares fell more than 11% on Monday, reflecting investor concern over the declining mining business, though management framed the pivot as a long-term strength given $819 million of liquidity and site permitting progress.