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Keel Infrastructure — the rebranded former bitcoin miner Bitfarms — reported a $145 million net loss for Q1 2026, with revenue sliding 23% year-over-year to $37 million as the company works through its transition from BTC mining to AI infrastructure.
Why it matters
The loss lands in a quarter where Bitfarms is shedding its mining identity for the Keel brand, explicitly reorienting its power-and-site portfolio toward high-density compute for AI workloads. Revenue compression of this magnitude is the expected cost of that pivot: mining rigs get decommissioned or sold, hash-rate contracts unwind, and the new AI pipeline is not yet revenue-bearing at scale. The $145M figure bakes in both operational drag and likely impairment charges tied to the legacy mining fleet.
Market impact
The company ended the quarter with $533 million in total liquidity, which it says is sufficient to fund the North American infrastructure buildout — the meaningful line for investors is not the loss itself but whether AI-tenant contracts materialize on the timeline management has previously guided. Bitcoin-mining peers making similar pivots (Hive, Core Scientific, TeraWulf) are tracking the same playbook, so Keel's execution will read as a read-through for the sector. Watch for GPU-deployment milestones and any power-purchase-agreement updates in subsequent quarters.
Keel Infrastructure was previously listed on Nasdaq and Toronto as Bitfarms before completing the rebrand earlier in 2026.
Frequently asked questions
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Why did Bitfarms rebrand to Keel Infrastructure?
The rebrand reflects the company's strategic shift away from bitcoin mining toward AI and high-density compute infrastructure, with the Keel name and identity replacing the Bitfarms name on its Nasdaq and Toronto listings in 2026.
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What was Keel Infrastructure's Q1 2026 revenue?
Revenue for Q1 2026 came in at $37 million, down 23% year-over-year, as legacy mining operations wound down during the AI transition.
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How much liquidity does Keel Infrastructure have?
The company reported $533 million in total liquidity at quarter-end, which it says is sufficient to fund the North American AI infrastructure buildout.
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Which other bitcoin miners are pivoting to AI?
Several mining peers — including Hive, Core Scientific, and TeraWulf — are pursuing similar pivots from hash-rate to high-density AI compute, making Keel's execution a read-through for the broader sector.
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What should investors watch next from Keel?
Key signals are GPU deployment milestones, AI-tenant contract announcements, and updates to power-purchase agreements as the new infrastructure build progresses through 2026.
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