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Keel Infrastructure has shut down all U.S. Bitcoin mining operations as the former Bitfarms redirects its power portfolio toward AI and high-performance computing data centers.
Keel reported second-quarter revenue of $30.4 million, down 50% from $60.9 million a year earlier. The company said the decline largely reflected lower average Bitcoin prices and the April shutdown of mining at Moses Lake.
Keel Posts $141M Operating Loss During Mining Wind-Down
Keel completed the decommissioning of all U.S. Bitcoin mining operations during the quarter in preparation for HPC construction.
The company reported a $140.8 million operating loss, compared with $10.8 million in operating income a year earlier. The quarter included $84.1 million of depreciation and amortization, up from $26.4 million in Q2 2025. Adjusted EBITDA from continuing operations fell to negative $23.7 million from positive $6.6 million.
Keel also continued unwinding its Bitcoin treasury. It sold 1,085 BTC for $75 million between April 1 and August 7, leaving 1,861 BTC. Management said it intends to liquidate the remaining Bitcoin position during 2026.
The company’s financial planning assumes no cash contribution from its remaining Bitcoin operations for the rest of 2026.
Three Priority US Sites Total 478MW of Gross Capacity
Keel is concentrating its near-term development work on Moses Lake in Washington and Sharon and Panther Creek in Pennsylvania. Moses Lake has 18 MW of gross capacity, Sharon has 110 MW and Panther Creek has 350 MW. Management said Panther Creek could eventually expand to 500 MW or more.
Keel said all three priority sites are nearing full permitting and have multiple prospective tenants in negotiations. Environmental permitting remains underway, and the company has not announced a signed HPC lease. Moses Lake is expected to become Keel’s first fully online data center and begin generating HPC revenue in 2027.
$819M Liquidity Supports Data Center Development
Keel raised $458 million through a convertible note offering during the quarter. As of August 7, it reported approximately $819 million of liquidity, including $698 million in unrestricted cash and $121 million in unencumbered Bitcoin.
The company is also advancing a 96 MW project in Sherbrooke, Quebec, while Scrubgrass in Pennsylvania remains a longer-term development opportunity with more than 1 GW of potential capacity still in the energy application stage.
Keel’s U.S. Bitcoin mining operations are now fully decommissioned. Its next commercial milestone is securing tenants for the converted sites, with Moses Lake targeted to begin generating data center revenue in 2027.
