Keel Infrastructure, formerly known as Bitfarms, has powered down all its bitcoin mining sites in the U.S. and sold 1085 $BTC for $75 million.
The company disclosed both details on Monday in its second-quarter earnings report as it retrofits those facilities into artificial intelligence data centers.
Bitfarms transforms into Keel, and on-chain bitcoin supply decreases
According to the results released on August 10, Keel reported the completion of decommissioning its U.S. mining fleet to construct high-performance computing facilities.
The 1085 $BTC sold between April 1 and August 7 were sold for $75 million. Thus, as of August 7, 1861 $BTC remained on the balance sheet, valued at approximately $121 million in unencumbered coins.
In April, Keel acquired Bitfarms and rebranded shortly after. The company's shares trade on the Nasdaq and TSX under the ticker KEEL. The company positions itself as a North American digital infrastructure and energy company, with a development project portfolio of 2.2 gigawatts in Pennsylvania, Washington state, and Quebec.
Keel reported $30 million in revenue from its ongoing operations. This figure is half of last year's figure and is explained by the decline in the bitcoin price and the closure of the Moses Lake mining station in April.
In Q2 2025, Keel's operating income from ongoing operations was $11 million, but an operating loss of $141 million was recorded this year. This amount included $84 million in cash depreciation.
The loss from ongoing operations was $64 million, or 11 cents per share, while adjusted EBITDA turned negative at $24 million. General and administrative expenses increased to $31 million from $19 million the previous year, which the company explained by hiring highly qualified staff to build the new facility. KEEL shares fell more than 11% on Monday.
"Power is the limiting factor. Everything else depends on it," CEO Ben Gagnon stated in the earnings report.
He stated that Keel began working on this idea 18 months ago, and now all three priority sites have nearly full permits, with tenants in negotiations for each.
The company "is negotiating from a position of strength," said Gagnon, citing $819 million in liquidity and uncontracted capacity for 2027 in the PJM grid and in Washington.
Keel joins the mass exodus of mining representatives from the mining industry
CFO Jonathan Meer stated that Keel "has the best capitalization level today that we've ever had in our company's history."
This liquidity amount includes about $698 million in unrestricted cash and $121 million in bitcoin, facilitated by the placement of $458 million in convertible bonds during the quarter.
Keel also reported obtaining zoning permits for its Panther Creek and Sharon sites, appointing Ganesh Iyer as president, receiving the first Vertiv modules at Moses Lake, and an agreement to transfer 96 MW of power for a data center in Sherbrooke, Quebec.
As previously reported by Cryptopolitan, the cash cost of one bitcoin in Q4 2025 was about $79,995, while the price ranged between $68,000 and $70,000. Miners were losing about $19,000 on each coin mined. Since peaking the value of their treasury bonds, public miners have sold over 15,000 $BTC.
In the listed mining sector, contracts worth over $70 billion have been announced in AI and high-performance computing. Bitdeer reduced its assets to zero in February. Empery Digital sold 1400 $BTC in July. MARA Holdings, IREN, Cipher Digital, and DMG Blockchain have repurposed power capacity or equipment for AI-using clients.
MARA agreed to acquire a 505 MW gas power plant in Ohio for $1.5 billion, and IREN entered into a five-year, $3.4 billion agreement with Nvidia to provide cloud services, including Blackwell GPUs.
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