Keel Shuts Down U.S. Bitcoin Mining, Sells 1,085 BTC for AI Pivot

Keel Infrastructure has shut down all of its U.S. bitcoin mining operations and sold 1,085 BTC for $75 million as the company accelerates its pivot toward artificial intelligence and high-performance computing data centers. The moves were disclosed in the company's second-quarter 2026 earnings report released on August 10, 2026.

The former Bitfarms, which rebranded after being acquired in April, reported that it finished decommissioning its U.S. mining fleet to prepare the sites for HPC construction. The bitcoin sales occurred between April 1 and August 7, 2026. As of August 7, Keel held 1,861 BTC on its balance sheet, valued at approximately $121 million in unencumbered coins. The company stated it intends to liquidate its remaining bitcoin position during 2026.

The financial results reflected the transition. Revenue from continuing legacy operations was $30 million, down 50% year-over-year. The decline was attributed to a weaker bitcoin price and the closure of the Moses Lake mining facility in April. Keel reported an operating loss of $141 million, compared to operating income of $11 million in the second quarter of 2025. The loss included $84 million in noncash depreciation....