Keel Exits U.S. Bitcoin Mining, Shifts Sites to AI and High-Performance Computing

Keel Infrastructure (formerly Bitfarms) has fully shut down its U.S. Bitcoin mining operations and is converting those locations into facilities designed for AI and high-performance computing (HPC), according to the company's August 2026 Form 10-Q filed with the U.S. Securities and Exchange Commission. The filing shows the company posted a net loss of $65 million and reported $819 million in total liquidity. Keel also disclosed roughly $121 million in Bitcoin reserves. While the company is exiting mining in the U.S., it continues to operate mining activities in Canada, framing the move as a regional repositioning rather than a full departure from crypto. The shift reflects a growing trend across the sector: miners are increasingly treating energy-heavy sites as flexible infrastructure assets. Grid access, long-term power arrangements, large footprints, cooling capabilities, and data-center operating experience can be redeployed to support AI compute instead of being dedicated solely to hashing. From a business perspective, Bitcoin mining revenues remain highly cyclical, driven by BTC price, network difficulty, energy costs, hardware efficiency and halving events. AI/HPC arrangements can often be structured around longer-term contracts, which may offer more predictable cash flow. When mining margins are squeezed by power costs, competition, capital upgrade needs, or post-halving economics, operators may see better returns by hosting or selling AI compute capacity. Keel's reported $65 million net loss likely increased the urgency to extract stronger returns from capital-intensive assets. In markets where demand for AI compute is robust, redirecting megawatts to HPC can be more compelling than continuing to mine. For investors, the move adds to a broader repricing of power assets in the mining industry. Publicly traded miners may increasingly be assessed not only as Bitcoin-linked plays, but as power-and-compute infrastructure businesses. Companies that secure AI/HPC customers could ultimately trade at different valuation multiples than miners tied primarily to Bitcoin economics. Execution remains the key risk. Converting a mining site to support AI workloads typically requires different hardware, higher reliability standards, upgraded networking, refined cooling systems, and service-level commitments. The market will be watching how quickly Keel completes conversions, signs customers, and turns its infrastructure into durable revenue. Source: Keel Infrastructure Form 10-Q (August 2026), filed with the SEC. Article prepared by the News Desk; edited by Samuel Rae.