Keel Infrastructure is completely winding down bitcoin mining in the US: betting on AI and HPC
Keel Infrastructure, formerly known as Bitfarms, has finally decommissioned all of its mining capacity in the United States. This strategic decision is part of a large-scale rebranding and shift in focus toward high-performance computing (HPC) and infrastructure for artificial intelligence. In effect, we are witnessing the end of the era of traditional mining for this giant.
In parallel with winding down mining operations, the company is actively offloading its accumulated reserves of the leading cryptocurrency. Between April 1 and August 7, it sold 1,085 BTC for approximately $75 million. The organization retains 1,861 BTC on its balance sheet. Total liquidity stands at an impressive $819 million, of which $698 million is in free cash, with the remainder comprising digital assets.
Quarterly financial results demonstrate the expected transformation. Revenue fell to $30.4 million, half of the figure from a year ago. This is directly linked to the halt of mining at the Moses Lake facility in Washington back in April and overall market volatility. Meanwhile, administrative expenses rose from $19 million to $31 million — the company is investing in attracting specialized talent to manage AI projects.
Key metrics have turned negative: operating loss amounted to $141 million (including $84 million in non-cash depreciation), while net loss reached $65 million, compared to a profit of $5.5 million a year earlier. Adjusted EBITDA also turned negative, coming in at minus $24 million.
CEO Ben Gagnon clearly outlined the strategic direction: "Power capacity is the main constraint. Everything else is derived from it." He emphasizes that the company is already in talks with several potential tenants across all three priority sites, although no signed agreements have been presented yet. Nevertheless, Keel already holds uncontracted capacity for 2027 within the influence zone of the largest U.S. grid operator, PJM.
While Keel undergoes a painful transformation, Bitdeer demonstrates impressive growth in a hybrid model. The company increased mining output nearly fivefold — to 2,694 BTC for the quarter, with average hash rate reaching 69.5 EH/s. Revenue grew by 47% to $228.8 million, while the cloud AI division boosted income from $1.3 million to $14 million. Bitdeer is also actively repurposing its capacity, including the giant Rockdale site (563 MW) in Texas, signing long-term contracts, such as the recent 16-year deal in Norway worth $4.7 billion.
Market reaction to these fundamental changes is mixed: Keel shares fell 12%, while Bitdeer dropped 20% in the latest trading session.
My view: We are witnessing a tectonic shift in the industry. Miners are no longer just cryptocurrency extractors — they are transforming into energy brokers and operators of high-tech infrastructure. However, the market is not yet ready to value these companies as AI giants, which creates an interesting entry point for long-term investors who believe in the synergy of these sectors.