Bitfarms successor powers down every US mine as $141 million loss funds the AI buildout
Keel Infrastructure, formerly known as Bitfarms, powered down all of its US bitcoin mining sites and sold 1,085 BTC for $75 million.
The company disclosed both in Monday’s second-quarter earnings as it retools the properties into data centers for artificial intelligence.
Bitfarms becomes Keel and the bitcoin pile shrinks
According to its August 10 results, Keel said it finished decommissioning its US mining fleet to make way for high-performance computing construction.
The 1,085 BTC sold between April 1 and August 7 were sold for $75 million. That leaves 1,861 BTC on the balance sheet worth ~$121 million in unencumbered coins as of August 7.
Keel took over Bitfarms in April and rebranded shortly after. It trades on the Nasdaq and the TSX under KEEL. The company calls itself a North American digital infrastructure and energy company with a 2.2-gigawatt development pipeline across Pennsylvania, Washington State, and Québec.
Keel reported $30 million in revenue from its continuing legacy operations. This figure is half of what it recorded a year ago, attributed to a weaker bitcoin price and the closure of its Moses Lake mining facility in April.
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