Keel Infrastructure (Nasdaq: KEEL), formerly known as Bitcoin miner Bitfarms, reported another loss-making quarter as it completes its exit from Bitcoin mining and redirects its infrastructur
Keel Infrastructure (Nasdaq: KEEL), formerly known as Bitcoin miner Bitfarms, reported another loss-making quarter as it completes its exit from Bitcoin mining and redirects its infrastructure toward AI and high-performance computing (HPC).
The company reported a $64 million loss from continuing operations in Q2 2026, reversing a $13 million profit a year earlier, according to its Aug. 10 earnings report.
Revenue fell 50% year over year to $30 million, while adjusted EBITDA swung to negative $24 million.
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The results followed an equally difficult first quarter, when Keel recorded a $145.4 million net loss and $37 million in revenue.
The company said at the time that its rebrand marked the completion of a nearly two-year transformation away from Bitcoin mining and toward AI infrastructure.
Keel has now decommissioned all of its U.S. Bitcoin mining operations “in preparation for HPC site construction.”
It also sold 1,085 Bitcoin (BTC) for $75 million between April 1 and Aug. 7 as part of the wind-down, leaving it with 1,861 BTC.
Public Bitcoin miners have increasingly turned their power and data center infrastructure toward AI and HPC as mining profitability has come under pressure.
The weighted average cash cost for publicly traded miners to produce one Bitcoin reached about $79,995 in Q4 2025, according to a CoinShares report.
More than $70 billion in AI and HPC contracts had already been announced across the public mining sector.
Core Scientific, TeraWulf, Hut 8 and Cipher Digital are among miners that have secured multibillion-dollar AI or HPC agreements.
Bitcoin sales have also helped fund the transition. Public miners had collectively reduced their BTC reserves by more than 15,000 BTC from their peaks, with Core Scientific, Bitdeer and Riot Platforms among those selling.
Keel is betting that access to power will give it an advantage in the same race.
“Power is the constraint. Everything else is downstream of it,” CEO Ben Gagnon said, adding that its three priority sites were nearing full permitting.
KEEL shares were trading at about $3.45 at the time of writing, down roughly 11% on the day.
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