Keel Infrastructure Decommissions All US Bitcoin Mining Sites to Accelerate AI and HPC Data Center Pivot

Keel Infrastructure, the company formerly known as Bitfarms, has decommissioned all four of its Bitcoin mining facilities in the United States as part of a strategic shift toward AI and high-performance computing (HPC) data centers. The move marks a definitive break from the firm's crypto-mining roots and signals the accelerating industry-wide transition from proof-of-work operations to energy-intensive compute infrastructure.

The company ceased mining operations at its 18MW Moses Lake facility in Washington on April 28, followed by the shutdown of its Panther Creek, Scrubgrass, and Sharon sites in Pennsylvania on June 29, according to its second-quarter results. While mining has ended, Panther Creek and Scrubgrass continue to generate revenue through the sale of electricity, softening the financial impact of the closures.

Keel is now advancing three priority data center developments in the US with a combined gross capacity of 478MW. Moses Lake is expected to be the first to come online, with revenue generation projected to begin in 2027. Zoning approvals are in place, the former mining building has been demolished, and land development and environmental permits are still in progress. In Pennsylvania, the company is developing a 110MW data center in Sharon and a 350MW hyperscale campus at its Panther Creek site. The Sharon project has received zoning and land development approvals, with transformers already delivered to the site. Panther Creek has secured zoning and conditional land development approval, and Keel has indicated the 336-acre campus could eventually be expanded beyond 500MW.

Ben Gagnon, CEO of Keel Infrastructure, said all three priority sites were nearing full permitting, with multiple prospective tenants currently negotiating for capacity at each location. The company is also advancing plans for a 96MW data center in Sherbrooke, Quebec, where it has secured local approval to consolidate power allocated to three existing Canadian Bitcoin mining sites into a single campus and repurpose it for HPC and AI workloads, subject to provincial approval.

The transition has come at a significant financial cost. Keel reported second-quarter revenue of $30.4 million, down 50 percent from $60.9 million in the same period last year, attributing the decline to weaker Bitcoin mining economics and the closure of Moses Lake. The company recorded an operating loss of $140.8 million, including $84.1 million in depreciation and amortisation, compared with operating income of $10.8 million a year earlier. Its net loss widened to $65 million.

To fund the pivot, Keel raised $458 million through a convertible note offering during the quarter. As of August 7, the company held approximately $819 million in liquidity, comprising $698 million in unrestricted cash and $121 million in Bitcoin. Between April 1 and August 7, it sold 1,085 Bitcoin for $75 million, leaving it with 1,861 Bitcoin. The company also completed the sale of its final Paraguayan facility in April, while its Argentinian operation was abandoned after losing its power supply.

Keel rebranded from Bitfarms and moved its corporate domicile from Canada to the US in April. The company now claims an overall data center development pipeline of 2.2GW, positioning itself among a growing cohort of former crypto miners repurposing their energy assets and land holdings for the AI infrastructure boom. The decommissioning underscores a broader industry trend where power access and existing substations are becoming as valuable as the compute itself, as hyperscale demand continues to outpace traditional data center supply.