Keel switches off every U.S. bitcoin mine for an AI future
The former Bitfarms parent has ended U.S. mining and is converting sites for AI and high-performance computing.
What happened
Keel completed the shutdown of its U.S. bitcoin-mining operations, sold 1,085 BTC for $75 million and retained 1,861 BTC while converting sites for AI and high-performance computing. Quarterly revenue fell to $30 million and operating loss reached $141 million.
Why it matters
The pivot shows where infrastructure operators now see stronger margins—and what they are willing to leave behind.
Watch next
Signed AI and high-performance-computing contracts, not announcements, will show whether the replacement revenue is real.