The former Bitfarms has no operating U.S. mining business and no signed data center tenant, leaving $819 million of liquidity riding on three sets of lease talks.
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Posted August 11, 2026 at 6:12 am EST.
Keel Infrastructure, the digital infrastructure company formerly known as Bitfarms, has finished decommissioning all of its U.S. bitcoin mining operations, it said Monday in second quarter results. The sites are being cleared for artificial intelligence and high performance computing data centers, completing a pivot management says it set in motion 18 months ago.
The cost of that transition dominated the quarter. Revenue fell 50% year over year to $30 million, which the company tied to a lower average bitcoin price and the April shutdown of mining at Moses Lake in Washington. The operating loss reached $141 million, including $84 million of non-cash depreciation, against $11 million of operating income a year earlier. Adjusted EBITDA swung to negative $24 million from positive $7 million in Q2 2025, and the first-half net loss came to $210.3 million. Shares fell more than 12% on Monday.
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Keel is now a data center developer with no operating bitcoin business in the United States and no signed tenant, which puts the entire equity story on lease negotiations. Management says three priority sites, Panther Creek and Sharon in Pennsylvania plus Moses Lake, are nearing full permitting with multiple prospective tenants bidding for each. “Power is the constraint,” CEO Ben Gagnon said in the release, arguing that uncommitted 2027 capacity across PJM and Washington lets the company negotiate from strength.
There is cash to wait with. Keel raised $458 million in a convertible note offering during the quarter and reported about $819 million of total liquidity as of Aug. 7, split between roughly $698 million of unrestricted cash and $121 million of unencumbered bitcoin. That coin pile keeps shrinking as the wind-down proceeds. The company also named Ganesh Aiyer president to run commercial and expansion work, and struck an agreement with Hydro-Sherbrooke covering the conditional transfer of 96 MW of existing capacity in Quebec.
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AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
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