Keel Exits U.S. Mining as Losses Hit $141 Million

Keel Infrastructure, formerly known as Bitfarms, has completed the decommissioning of all its Bitcoin mining sites in the United States. This move marks the final step in a strategy shift that began 18 months ago. The company is now focusing its efforts on converting these locations into data centers designed for artificial intelligence and high performance computing.

Financial results for the second quarter highlight the cost of this transition. Revenue dropped 50 percent to $30 million compared to the same time last year, driven by a lower Bitcoin price and the closure of the Moses Lake facility. The company reported an operating loss of $141 million, a stark contrast to the $11 million operating income recorded one year ago. Shares reacted to the news by falling more than 12 percent.

Despite the immediate losses, the company maintains a strong cash position with about $819 million in total liquidity as of August 7. Management claims they are currently in negotiations with multiple potential tenants for their primary sites in Pennsylvania and Washington. CEO Ben Gagnon emphasized that power availability remains the key constraint in the market, allowing the firm to negotiate from a position of strength as it seeks tenants for its upcoming data center capacity.