Keel Exits U.S. Bitcoin Mining Entirely as AI Strategy Takes Center Stage
Keel Infrastructure said Monday that it has decommissioned all of its U.S. Bitcoin mining operations as the company accelerates its transition toward artificial intelligence and high-performance computing infrastructure, according to its second-quarter 2026 results.
The former Bitfarms parent also reported selling 1,085 BTC for approximately $75 million between April 1 and August 7, leaving 1,861 BTC on its balance sheet. The shift affects sites being prepared for HPC data centers, while Keel said its infrastructure portfolio includes a 2.2-gigawatt power pipeline, positioning existing energy capacity for the growing demand from AI workloads.
Keel CEO Ben Gagnon said the company sees power availability as the key constraint for data-center expansion. Management reported $819 million in liquidity and said all three priority sites are nearing full permitting, with prospective tenants negotiating capacity. The move illustrates how Bitcoin mining infrastructure can be repurposed for broader digital infrastructure while Bitcoin remains part of Keel’s asset history.
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