Keel exits U.S. Bitcoin mining after $65M loss, shifts to AI
Keel Infrastructure (Nasdaq: KEEL) shut down all U.S. Bitcoin mining at sites in Washington and Pennsylvania, citing a shift to AI and high performance computing data centers. In Q2, revenue fell 50% to $30.4M and net loss was about $65M. Keel sold 1,085 BTC for about $75M since April 1 and plans to liquidate its remaining BTC position in 2026.
How this was made
The 30-second read
Why it matters
Traders should focus on the earnings drag from reduced mining revenue, the pace of HPC tenant contracting, and the credibility of converting secured utility capacity into revenue-generating data-center operations.
Market read
This is a concrete operational pivot with quantified Q2 financial impact and explicit U.S. shutdown milestones, but HPC revenue is not yet recognized, keeping near-term uncertainty elevated.
What to watch
Key gating items are unbooked HPC revenue, permitting timelines (earliest 2027 for Panther Creek), and whether prospective tenants convert into signed leases with credible economics.
Background
Keel, formerly Bitfarms, is transitioning power assets from Bitcoin mining to AI/HPC data centers after a U.S. redomiciliation and ongoing BTC treasury liquidation.
Ticker impact
Keel shut down all U.S. Bitcoin mining, reported Q2 net loss of about $65M, and outlined a pivot to AI/HPC data centers.
Near-term downside risk from continued losses and revenue decline, with upside only if tenant contracting and permitting progress becomes visible.
The article provides concrete operational shutdown dates, Q2 revenue and loss impacts, and that HPC revenue is not yet recognized, making the transition execution-dependent.
Market effects
Reinforces the broader miner-to-AI power reallocation trend, potentially affecting investor expectations for U.S. power utilization and mining economics.
U.S. power infrastructure in Washington and Pennsylvania is being repurposed toward HPC, shifting local demand profiles from mining to data centers.
Highlights ongoing capital rotation away from BTC mining toward AI compute, which can influence global sentiment on crypto mining profitability and data-center buildout pipelines.
Counterpoint
The U.S. shutdown could be value-preserving if it reduces exposure to BTC price and difficulty volatility, while preserving power assets for higher-margin contracted HPC demand.
Key entities
- companyKeel Infrastructure
Delaware-based company that ended U.S. Bitcoin mining and is converting sites to AI/HPC data centers.
- executiveBen Gagnon
CEO quoted saying multiple prospective tenants are negotiating for Keel’s priority sites.
