Keel Completes Shutdown of All U. S. Bitcoin Mining as Revenue Halves and Operating Loss Hits $141 Million - Unchained
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. Posted August 11, 2026 at 6:12 am EST. Keel. . .
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. Posted August 11, 2026 at 6:12 am EST. Keel Infrastructure, the digital infrastructure company formerly known asBitfarms, 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 fell50%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 millionof non-cash depreciation, against$11 millionof operating income a year earlier. Adjusted EBITDA swung to negative$24 millionfrom positive$7 millionin Q2 2025, and the first-half net loss came to$210. 3 million. Shares fell more than12%on Monday. This story is an excerpt from theUnchained Daily newsletter. Subscribe here to get these updates in your email for freeKeel 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,” CEOBen Gagnonsaid 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 millionin a convertible note offering during the quarter and reported about$819 millionof total liquidity as of Aug. 7, split between roughly$698 millionof unrestricted cash and$121 millionof unencumbered bitcoin. That coin pile keeps shrinking as the wind-down proceeds. The company also namedGanesh Aiyerpresident to run commercial and expansion work, and struck an agreement with Hydro-Sherbrooke covering the conditional transfer of96 MWof existing capacity in Quebec. Related Listen:How China May Be Interfering in Local US Politics to Block AI Data Center ProgressAI-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.