Keel Infrastructure Shuts Down All US Bitcoin Mining Facilities, Sells Over 1,000 BTC to Pivot to AI Data Centers

TechFlow news, August 11, according to Cryptopolitan, Bitcoin mining company Keel Infrastructure (formerly Bitfarms) released its Q2 2026 financial report this Monday, disclosing that the company has completed the shutdown of all its U.S. Bitcoin mining farms, and sold 1,085 BTC between April 1 and August 7, realizing approximately $75 million, and currently holds 1,861 BTC on the balance sheet, valued at approximately $121 million.

In terms of finance, Keel's Q2 revenue was $30 million, down 50% year-over-year, mainly impacted by weak Bitcoin prices and the shutdown of the Moses Lake mining farm; operating loss reached $141 million (including $84 million in non-cash depreciation), net loss from continuing operations was $64 million, and adjusted EBITDA was negative $24 million. After the news was announced, KEEL stock price fell over 11% in a single day.

In terms of strategic transformation, Keel is repurposing its core sites in Pennsylvania, Washington, and Quebec into high-performance computing data centers. Currently, permit approvals for the three priority sites are nearing completion, and negotiations with potential tenants are underway. The company's current liquidity stands at approximately $819 million, including $698 million in unrestricted cash and $121 million in Bitcoin, and it also raised $458 million through convertible notes during the quarter.