Keel Infrastructure shifts from Bitcoin mining to AI and HPC

Keel Infrastructure exited U.S. Bitcoin mining, saw Q2 2026 revenue drop 50%, and shifted to AI and HPC, repurposing mining sites for new tech infrastructure.

Keel Infrastructure, previously known as Bitfarms, has fully exited the U.S. Bitcoin mining sector, shutting down all American operations by mid-2026, including the Moses Lake facility. In April 2026, the company rebranded and shifted its strategic focus to artificial intelligence (AI) and high-performance computing (HPC) infrastructure. During Q2 2026, Keel reported a 50% year-over-year revenue decline to about $30 million, missing expectations, and posted a net loss between $64 million and $141 million, reversing prior profitability. Adjusted EBITDA was negative $24 million. As part of its exit, Keel sold over 1,000 BTC for $75 million, retaining 1,861 BTC and maintaining total liquidity of $819 million. The company secured regulatory approval to convert three Quebec sites into a 96 MW AI and HPC campus and is developing a 2.2 GW pipeline across Pennsylvania, Washington, and Quebec. This strategic pivot reflects a broader industry trend as mining profitability declines and power supply becomes the main growth constraint. Several tenants are currently negotiating for space at the new HPC facilities.