TheBlock
Keel Infrastructure CEO Ben Gagnon is overseeing what he called the "complete demolition" of the company's bitcoin mining facilities, redirecting capital and grid capacity into AI and high-performance computing data centers. The publicly traded miner, rebranded from Bitfarms in April, sold 1,085 BTC for $75 million between April 1 and August 7 as part of the wind-down, leaving 1,861 BTC on the balance sheet. Shares fell more than 11% on Monday after the company reported quarterly revenue from continuing operations had dropped 50% year over year to $30 million.
Why it matters
The shift is the clearest public expression yet of a thesis miners have been building since the HPC wave broke in 2024: the energy contracts and grid positions they accumulated for bitcoin hashing now carry more value serving AI compute customers than running SHA-256 silicon. Bitcoin was above $110,000 in May 2025, when Gagnon last called mining economics "strong". It now trades around $64,000, a roughly 42% compression that has flipped the opportunity-cost calculation for several large operators at the same moment AI compute demand accelerated.
Market impact
MARA, Hut 8, and CleanSpark are all running the same math, and Keel's willingness to publicly demolish functioning facilities rather than idle them sets a marker for how aggressively the larger public miners may pursue the pivot. The 1,085 BTC sale adds incremental supply to a market where public miners have otherwise been slowing their treasury accumulation, while the 11% share-price drop signals investors are repricing Keel as an HPC build-out story rather than a bitcoin proxy.
Frequently asked questions
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Why is Keel Infrastructure demolishing its bitcoin mining facilities?
CEO Ben Gagnon said the company is winding down its bitcoin business to redirect capital and grid capacity into AI and HPC data centers, citing greater value in serving AI compute customers than running SHA-256 mining equipment.
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How much bitcoin did Keel sell during the wind-down?
Keel sold 1,085 BTC for $75 million between April 1 and August 7 as part of the previously announced wind-down, leaving 1,861 BTC on its balance sheet.
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What was Keel's quarterly revenue from continuing operations?
Keel reported $30 million in quarterly revenue from continuing operations, down 50% year over year, which sent shares down more than 11% on the day of the report.
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How does Keel's pivot compare to other public bitcoin miners?
MARA, Hut 8, and CleanSpark are all facing the same opportunity-cost calculation as AI compute demand rises, but Keel's willingness to publicly demolish functioning facilities rather than idle them sets a marker for how aggressively the larger miners may pursue the pivot.
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What is the broader AI pivot thesis among bitcoin miners?
Miners spent years building large energy portfolios for bitcoin hashing, but the HPC wave that broke in 2024 revealed a larger opportunity in converting those energy and grid assets into AI compute capacity, which several large operators are now pursuing.
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