Keel closes all US Bitcoin mining operations to transform AI data centers, selling 1,085 BTC since April

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

The company sold 1,085 BTC between April 1 and August 7, receiving $75 million, and currently holds 1,861 BTC. CEO Keel said electricity is a limiting factor. Three of its priority sites are close to receiving full permits, and several potential tenants are in negotiations. The company has $819 million in working capital and unused 2027 electricity capacity.

Keel's stock price fell more than 11% on Monday, and second-quarter revenue of $30,000 million fell 50% year over year, shifting from a profit of $110 million in Q2 last year to a loss of $141 million.