Via ts2.tech
The company formerly known as Bitfarms has decommissioned all American mining sites, sold 269 BTC, and is betting its future on AI data centers
The company that used to be Bitfarms Ltd. has officially left bitcoin mining in the US behind. Keel Infrastructure Corp., which rebranded on April 1, 2026, has shut down every one of its American mining operations and is funneling those resources into AI and high-performance computing infrastructure instead.
The pivot included selling 269 BTC for roughly $20M earlier this year, though the company is still sitting on approximately $197M worth of bitcoin.
From pickaxes to processors #
Keel decommissioned all US bitcoin mining operations by mid-2026, including shuttering the Moses Lake site in Washington state back in April. The company’s shares now trade under the ticker KEEL on both Nasdaq and the TSX.
Keel reported a net loss of $145M on just $37M in revenue for Q1 2026. The stock took a hit after Q2 updates came out in August.
In July 2026, Keel received regulatory approval to convert three former mining facilities in Quebec into a 96 MW AI and HPC campus without requesting any additional power allocation.
Beyond those Quebec sites, Keel has a 2.2 GW development pipeline across Pennsylvania, Washington, and Quebec.
The balance sheet balancing act #
Keel’s decision to sell only 269 BTC while retaining roughly $197M in bitcoin holdings reveals a hedged approach to the transition. The company clearly needed some liquidity to fund its infrastructure conversion, but it wasn’t willing to dump its entire crypto treasury to get there.
A 96 MW approved campus in Quebec is a start, but 96 MW is a relatively modest footprint in a market where Microsoft, Google, and Amazon are each planning to add gigawatts of data center capacity over the next few years.
Getting approval to repurpose existing mining sites without requesting new power is a genuine competitive advantage in a market where new power interconnection requests can face multi-year queues. In Quebec, where hydroelectric power is abundant and relatively inexpensive, that advantage is compounded.
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