Bitcoin miners turn to AI as Keel shuts down US mining sites

Keel Infrastructure, formerly known as Bitfarms, has shut down all of its bitcoin mining facilities in the United States as it prepares to convert them into data centres for artificial intelligence (AI) and high-performance computing.

The company made the announcement in its second-quarter results, Caliber.Az reports via foreign media.

It is part of a wider shift among cryptocurrency miners, which are increasingly using their large electricity supplies and data-centre infrastructure for AI computing.

Keel also continued selling bitcoin from its reserves. Between April 1 and August 7, the company sold 1,085 BTC for about $75 million, leaving it with 1,861 BTC. Its total liquidity stood at $819 million, including $698 million in cash.

Keel's second-quarter revenue fell to $30.4 million, roughly half the level recorded a year earlier. The company reported an operating loss of $141 million and a net loss of $65 million, compared with a net loss of $5.5 million in the same quarter of 2025.

Chief executive Ben Gagnon said access to electricity was the company's main priority as it develops AI data centres. However, Keel has not yet announced any signed lease agreements with customers.

Meanwhile, fellow bitcoin miner Bitdeer sharply increased its mining output. It produced 2,694 BTC in the second quarter, compared with 565 BTC a year earlier, while revenue rose 47% to $228.8 million.

Bitdeer is also moving into AI infrastructure. It has signed a 16-year agreement for a data centre in Norway expected to provide 121 megawatts of capacity for Nvidia GPU-based systems. In the US, it plans to convert its 563-megawatt Rockdale facility from bitcoin mining to AI and colocation services.

Despite the expansion of both companies' AI businesses, their shares fell sharply in recent trading. Keel's stock dropped more than 12%, while Bitdeer's fell about 20%.

The developments highlight a growing transformation in the crypto-mining industry, as companies seek to turn energy-intensive mining facilities into infrastructure for the rapidly expanding AI sector.

By Aghakazim Guliyev