Keel Infrastructure pivots from Bitcoin mining to AI data centers

Keel Infrastructure is transitioning its business model from Bitcoin mining to the development of high-performance computing and artificial intelligence data centers. The company reported a second-quarter revenue of $30 million, a decrease from $61 million in the previous year, and an operating loss of $141 million. This loss included $63 million in accelerated depreciation following the shutdown of mining operations at the Panther Creek and Scrubgrass locations.

CEO Ben Gagnon stated that the company has spent 18 months repositioning itself around power-constrained data center development, which involved exiting Latin American operations and U.S. Bitcoin mining. Keel is currently in commercial discussions with potential tenants for its sites in Moses Lake, Washington, and Sharon and Panther Creek, Pennsylvania. The company aims to secure three major AI and high-performance computing lease agreements by 2026.

To fund these developments, Keel recently closed a $458 million convertible senior notes offering. Regarding its remaining cryptocurrency holdings, the company has expressed intentions to liquidate its Bitcoin position during 2026.