Keel Infrastructure (formerly Bitfarms) is completely demolishing its Bitcoin mining farms in the United States to rebuild them as AI data centers. In the second quarter of 2026, the company’s revenue fell 50% year-over-year to $30 million, with an operating loss of $141 million. Keel sold 1,085 BTC for $75 million between April and August, leaving it with only 1,861 BTC. CEO Ben Gagnon justified the pivot by the far greater opportunity offered by high-performance computing and AI, monetizing the energy portfolios built up by miners. Other players such as MARA, Hut 8, CleanSpark, and Bit Digital are undergoing the same conversion.
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